Financial Breakfast: Morning News Summary for November 7, 2011

Benzinga's Top News

• BP BP plans to sell its stake in Argentina's Pan American Energy to China's Cnooc CEO for $7.1 billion collapsed this weekend.
• Rumors circulate that Italy's Prime Minister Berlusconi may resign.
• Dish Network DISH Reported Q3 EPS $0.71 vs $0.73 Est; Revenues $3.60B vs $3.65B Est
• American Dental Partners ADPI agreed to be bought by private-equity firm JLL Partners Inc for $19 per share in cash.

Domestic Pre-Market Trading

• U.S. Equity Markets trade lower with Dow Futures down over 65 points.
• U.S. Dollar trades about 0.16% higher.

Overseas Trading

• European markets are lower in afternoon trading. Britain's FTSE 100 lost 0.6%, Germany's DAX slid 0.5% and France's CAC 40 lost 0.7% on the session.
• Asian stocks ended the session lower as well. China's Shanghai lost 0.7%, Japan's Nikkei 225 slid 0.4% and Hong Kong's Hang Seng Index lost 0.8%.
• Rumors circulate that Italy's Prime Minister Berlusconi may resign.

Upgrades/Downgrades

• Jefferies upgraded Dragonwave DRWI to Buy, PT raised to $10.
• Goldman Sachs upgraded Lumber Liquidators LL to Buy, $19 PT.

• Deutsche Bank downgraded Frontline FRO to Hold, PT lowered to $5.
• Jefferies downgraded NextEra Energy NEE to Hold, PT lowered to $57.

On the Economic Calendar

• September Consumer Credit is set to report at 3:00 p.m. ET; Survey is for $5.2B.

Earnings

• Dish Network DISH Reported Q3 EPS $0.71 vs $0.73 Est; Revenues $3.60B vs $3.65B Est
• Houston Wire & Company HWCC Reported Q3 EPS $0.28 vs $0.31 Est; Revenues $105.80M vs $107.53M Est.
• EnerNOC ENOC Reported Q3 EPS $1.96 vs $1.73 Est; Revenues $169.2M vs $161.46M Est.

Corporate News

• Disney DIS Interactive and YouTube GOOG are joining forces to bring family-friendly video entertainment to the web.
• Best Buy BBY said today that it has reached an agreement to acquire mindSHIFT Technologies, a managed service provider for small and mid-sized businesses, for $167 million.
• General Dynamics GD and Force Protection FRPT today announced that they have entered into a definitive merger agreement under which General Dynamics will acquire Force Protection for a price of $5.52 per share of common stock, or approximately $360 million.
• Netflix Inc. NFLX and Metro-Goldwyn-Mayer Studios announced a new multi-year licensing agreement that will make Netflix the exclusive subscription streaming service in the UK and Ireland for most first-run feature films from MGM.
• BP BP plans to sell its stake in Argentina's Pan American Energy to China's Cnooc CEO for $7.1 billion collapsed this weekend.
• American Dental Partners ADPI agreed to be bought by private-equity firm JLL Partners Inc for $19 per share in cash.

Commodities

• Precious metals are trading higher, with gold posting gains of about 1%
• Energy futures are trading higher, with crude oil posting gains of about 0.4%
• Natural Gas futures are lower by about 1.2% and copper is trading lower by about 0.5%

Benzinga's Morning Radar

Technical Levels for Futures and Forex

Name	Resistance-2	Resistance-1	Mid Pivot	Support-1	Support-2
E-Mini Dow	12132	12039	11914	11821	11696
E-Mini S&P500	1272	1261	1248	1237	1223
Gold	1772	1764	1756	1748	1741
Crude	96.13	95.28	94.07	93.22	92.01
Natural Gas	3.88	3.84	3.80	3.76	3.72
EUR/USD	1.3945	1.3867	1.3788	1.3710	1.3631
USD/JPY	78.42	78.32	78.15	78.05	77.89
US Dollar Index	77.85	77.48	77.12	76.75	76.39