Financial Breakfast: Morning News Summary for July 26, 2012

Benzinga's Top News

Draghi Says ECB Will Do Whatever Needed to Preserve Euro

Colgate-Palmolive CL Reports Q2 EPS $1.33 vs $1.33 Est; Revenues $4.27B vs $4.25B Est

Dow Chemical DOW Reports Q2 EPS $0.55 vs $0.64 Est; Revenues $14.51B vs $15.70B Est

Domestic Pre-Market Trading

• U.S. Equity Markets trade up as Dow futures trade higher about 123 points.
• U.S. Dollar trades about 0.77% lower.

Overseas Trading

• European markets are higher in afternoon trading. Britain's FTSE 100 added 1.06%, Germany's DAX gained 1.21% and France's CAC 40 advanced 2.09% on the session.
• Asian stocks ended the session mixed. China's Shanghai fell 0.47%, Japan's Nikkei 225 added 0.92%, and the Hong Kong's Hang Seng Market gained 0.08%.
• Draghi Says ECB Will Do Whatever Needed to Preserve Euro
Read more: http://www.benzinga.com/markets/bonds/12/07/2768212/benzinga-market-primer-tuesday-july-24#ixzz21XQMVPkh

Upgrades/Downgrades

• BMO Capital Markets Upgrades Canadian Pacific Railway CP from Market Perform to Outperform, Raises PT from $81 to $90

• Citigroup Downgrades Zynga ZNGA from Buy to Neutral, Lowers PT from $12 to $4

On the Economic Calendar

• 08:30 ET - Initial Jobless Claims
• 08:30 - Durable Goods Orders (MoM)
• 10:00 - Treasury Secretary Geithner Speaks
• 10:00 - Pending Home Sales (MoM)
• 10:30 - Natural Gas Storage
• 11:00 - KC Fed Manufacturing
• 13:00 - 7-Year Note Auction

Earnings

• Colgate-Palmolive CL Reports Q2 EPS $1.33 vs $1.33 Est; Revenues $4.27B vs $4.25B Est
• Dow Chemical DOW Reports Q2 EPS $0.55 vs $0.64 Est; Revenues $14.51B vs $15.70B Est
• L-3 Communications LLL Reports Q2 EPS $1.92 vs $1.88 Est; Revenues $3.6B vs $3.20B Est
• Raytheon RTN Reports Q2 EPS $1.55 vs $1.22 Est; Revs $5.99B vs $6.03B Est

Corporate News

• Gentiva Health Services GTIV today announced the acquisition of Advocate Hospice, located in Danville, Indiana. To read the full news, click here.
• iBio IBIO, and GE Healthcare, the healthcare business of GE GE, announced today a new global alliance to commercialize plant-based technologies for the manufacture of biopharmaceuticals and vaccines. To read the full news, click here.
• Biodel BIOD announced today that the Small Business Innovation Research (SBIR) program of the National Institutes of Health (NIH) has awarded Biodel a grant for the development of concentrated ultra-rapid-acting insulin formulations for use in an artificial pancreas, also known as a closed loop pump system. To read the full news, click here.
• US Airways LCC has renewed its agreement with GuestLogix Inc. To read the full news, click here.

Commodities

• Precious metals are trading higher, with gold posting early gains of about 0.53%
• Energy futures are trading higher, with crude oil posting early gains of about 0.92%
• Natural Gas futures are trading up about 0.88% and copper is trading up by about 1.16%

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