Financial Breakfast: Morning News Summary for July 18, 2012

Benzinga's Top News

Bank of America BAC Reports Q2 EPS $0.19 vs $0.14 Est; Revenues $21.97B vs $22.87B Est

Stanley Black and DeckerSWK Reports Q2 EPS $1.32 vs $1.52 Est; Revenues $2.81B vs $2.90B Est; Announces 20% Dividend Increase and 20M Share Repurchase Authorization

Domestic Pre-Market Trading

• U.S. Equity Markets trade down as Dow futures trade lower about 35 points.
• U.S. Dollar trades about 0.31% higher.

Overseas Trading

• European markets are higher in afternoon trading. Britain's FTSE 100 added 0.05%, Germany's DAX advanced 0.13% and France's CAC 40 gained 0.58% on the session.
• Asian stocks ended the session mixed. China's Shanghai added 0.37%, Japan's Nikkei 225 slid 0.32%, and the Hong Kong's Hang Seng Market fell 1.11%.

Upgrades/Downgrades

• Jefferies & Company Upgrades Oshkosh OSK from Hold to Buy

• Wunderlich Securities Downgrades Tesla Motors TSLA from Buy to Sell, Lowers PT from $49 to $28

On the Economic Calendar

• 08:30 ET - Housing Starts
• 08:30 - Building Permits
• 10:00 - Fed Chairman Bernanke Testifies
• 10:30 - Crude Oil Inventories
• 14:00 - Beige Book

Earnings

• Bank of America BAC Reports Q2 EPS $0.19 vs $0.14 Est; Revenues $21.97B vs $22.87B Est
• Bank of New York BK Reports Q2 EPS $0.57 vs $0.53 Est; Revenues $3.62B vs $3.62B Est
• Stanley Black and DeckerSWK Reports Q2 EPS $1.32 vs $1.52 Est; Revenues $2.81B vs $2.90B Est; Announces 20% Dividend Increase and 20M Share Repurchase Authorization
• Yesterday, Intel INTC reported upbeat Q2 adjusted earnings. However, lowered its quarterly sales forecast.

Corporate News

• Check Point Software CHKP Increases Share Repurchase Program to $1B
• AMAG Pharmaceuticals AMAG Announces Positive Preliminary Results from its Phase III Study Evaluating Feraheme
• China BAK CBAK Announces New Contract to Supply Cylindrical Battery Cells to AC Propulsion

Commodities

• Precious metals are trading lower, with gold posting early losses of about 0.79%
• Energy futures are trading lower, with crude oil posting early losses of about 0.59%
• Natural Gas futures are trading 0.07% lower and copper is trading down by about 0.30%

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