Financial Breakfast: Morning News Summary for November 8, 2011

Tuesday, November 8, 2011

This is your Benzinga news summary and trader's outlook covering headlines from overnight and today's pre-market session.


Benzinga's Top News

  • Toyota TM Reports Q2 Net Income 80.4B Yen vs 103.5B Yen Est; Toyota Withdraws Full Year Forecasts on Thailand Flooding
  • Rumors continue to circulate that Italy's Prime Minister Berlusconi may resign or forced from his position.
  • AstraZeneca AZN and Targacept TRGT announced that patients did not respond adequately in top-line results.

Domestic Pre-Market Trading

  • U.S. Equity Markets trade higher with Dow Futures up over 55 points.
  • U.S. Dollar trades about 0.09% lower.
To see more pre-market news, click here.

Overseas Trading

  • European markets are higher in afternoon trading. Britain's FTSE 100 gained 1.3%, Germany's DAX added 1.5% and France's CAC 40 gained 1.4% on the session.
  • Asian stocks ended the session lower. China's Shanghai lost 0.2%, Japan's Nikkei 225 slid 1.3% and Hong Kong's Hang Seng Index was unchanged.
  • Rumors continue to circulate that Italy's Prime Minister Berlusconi may resign or forced from his position.
To see more overseas news, click here.

Upgrades/Downgrades

  • Citigroup upgrades Team Health Holdings TMH to Buy, PT raised to $24.
  • Rodman & Renshaw upgrades RAM Energy Resources RAM to Market Outperform, $1.50 PT.
To see more of today's upgrades, click here.

  • Morgan Stanley downgrades Expedia EXPE to Underweight, $25 PT.
  • JP Morgan lowers PT on Integra LifeSciences IART to $37 from $53.
To see more of today's downgrades, click here.

On the Economic Calendar

  • NFIB Small Business Optimism Index came in at 90.2 versus a 90.0 estimate.
  • IBD/TIPP Economic Optimism Index is set to report at 10:00 a.m. ET.
To see more economic news, click here

Earnings

  • Toyota TM Reports Q2 Net Income 80.4B Yen vs 103.5B Yen Est; Toyota Withdraws Full Year Forecasts on Thailand Flooding
  • Scotts Miracle-Gro SMG Reports Q4 EPS $(0.46) vs $(0.44) Est; Revenues $417.2M vs $414.60M Est; Will not have EPS Guidance until February's Analyst Meeting.
  • Fossil FOSL Reports Q3 EPS $1.09 vs $1.03 Est; Revenues $642.90M vs $640.56M Est.
  • Rockwell Automation ROK Reports Q4 EPS $1.39 vs $1.21 Est; Sales $1.65B vs $1.55B Est.
  • HollyFrontier HFC Reports Q3 EPS $2.48 vs $2.38 Est; Revenues $5.17B vs $4.56B Est.
To see more earnings announcements, click here.

Corporate News

  • AstraZeneca AZN and Targacept TRGT announced that patients did not respond adequately in top-line results from the first of four RENAISSANCE Phase 3 studies investigating the efficacy and tolerability of TC-5214 as an adjunct therapy to an antidepressant in patients with major depressive disorder.
  • GigaMedia Limited GIGM announced today that President and Chief Operating Officer Thomas Hui has tendered his resignation; his term of office will end on December 31, 2011.
To see more corporate news, click here.

Commodities

  • Precious metals are trading lower, with gold posting losses of about 0.2%
  • Energy futures are trading higher, with crude oil posting gains of about 0.6%
  • Natural Gas futures are lower by about 0.7% and copper is trading higher by about 0.5%
To see more commodities news, click here.

Benzinga's Morning Radar

Technical Levels for Futures and Forex
Name Resistance-2 Resistance-1 Mid Pivot Support-1 Support-2
E-Mini Dow 12176 12091 11939 11854 11702
E-Mini S&P500 1277 1267 1249 1239 1222
Gold 1829 1813 1783 1767 1737
Crude 97.98 96.97 95.10 94.09 92.22
Natural Gas 3.81 3.76 3.70 3.64 3.59
EUR/USD 1.3910 1.3842 1.3760 1.3693 1.3612
USD/JPY 78.26 78.15 78.06 77.94 77.86
US Dollar Index 77.83 77.47 77.23 76.87 76.63

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Posted In: EarningsNewsGuidanceUpgradesDowngradesFuturesPrice TargetTechnicalsCommoditiesForexFDAEventsGlobalEcon #sEconomicsPre-Market OutlookMarketsAnalyst RatingsTrading IdeasGeneral
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