Financial Breakfast: Morning News Summary for November 9, 2011

Benzinga's Top News

• General Motors GM Reports Q3 EPS $1.03 vs $0.96 Est; Revenues $36.7B vs $36.66B Est
• Italian 2-Year, 3-Year, 5-Year, and 10-Year are all Above the Dangerous 7%.
• Mylan Inc. MYL announced that it has entered into an agreement with Pfizer PFE for the exclusive worldwide rights to develop, manufacture and commercialize Pfizer's generic equivalent to GlaxoSmithKline's Advair Diskus and Seretide Diskus.

Domestic Pre-Market Trading

• U.S. Equity Markets trade lower with Dow Futures down over 215 points.
• U.S. Dollar trades about 1.24% higher.

Overseas Trading

• European markets are lower in afternoon trading. Britain's FTSE 100 lost 1.8%, Germany's DAX tumbled 2.7% and France's CAC 40 slid 2.5% on the session.
• Asian stocks ended the session higher. China's Shanghai gained 0.8%, Japan's Nikkei 225 added 1.2% and Hong Kong's Hang Seng Index jumped 1.7%.
• Italian 2-Year, 3-Year, 5-Year, and 10-Year are all Above the Dangerous 7%.

Upgrades/Downgrades

• Goldman Sachs Removes AmerisourceBergen (NYSE ABC) from CL-Buy, Adds McKesson MCK.
• Credit Suisse Upgrades Rite Aid RAD to Outperform, PT Raised to $1.50.

• Credit Suisse Downgrades Walgreen Company WAG to Neutral, PT Lowered to $31.
• Bank of America Downgrades Autodesk ADSK to Neutral, $38 PO.

On the Economic Calendar

• MBA Mortgage Applications came in at 10.3% from 0.2% prior reading.
• September Wholesale Inventories is set to report at 10:00 a.m. ET.

Earnings

• General Motors GM Reports Q3 EPS $1.03 vs $0.96 Est; Revenues $36.7B vs $36.66B Est
• Yongye International YONG Reports Q3 EPS $0.70 vs $0.37 YoY; Revenues $140.6M vs $80.35M Est; Yongye Intl Raises 2011 Revenue View $390M-$400M vs $306M Est
• A123 Systems AONE Reports Q3 EPS $(0.51) vs $(0.38) Est; Revenues $64.3M vs $66.32M Est; Company Expects to Reduce Cash Burn.
• Lions Gate Entertainment LGF Reports Q2 EPS $(0.18) May Not Compare vs $(0.13) Est; Revenues $358.1M vs $421.45M Est.

Corporate News

• Mylan Inc. MYL today announced that it has entered into an agreement with Pfizer PFE for the exclusive worldwide rights to develop, manufacture and commercialize Pfizer's generic equivalent to GlaxoSmithKline's Advair Diskus and Seretide Diskus.
• Alkermes plc ALKS presented positive results from a long-term study of VIVITROL (naltrexone for extended-release injectable suspension).
• Silvercorp Metals SVM today announced that its Board of Directors has increased the amount of its quarterly dividend by 25%.

Commodities

• Precious metals are trading lower, with gold posting losses of about 0.4%
• Energy futures are trading lower, with crude oil posting losses of about 1.5%
• Natural Gas futures are lower by about 0.3% and copper is trading lower by about 1.5%

Benzinga's Morning Radar

Technical Levels for Futures and Forex

Name	Resistance-2	Resistance-1	Mid Pivot	Support-1	Support-2
E-Mini Dow	12273	12199	12069	11995	11865
E-Mini S&P500	1292	1282	1265	1256	1238
Gold	1815	1801	1789	1775	1763
Crude	98.29	97.64	96.44	95.79	94.59
Natural Gas	3.84	3.80	3.73	3.68	3.61
EUR/USD	1.3922	1.3877	1.3800	1.3755	1.3678
USD/JPY	78.29	78.00	77.79	77.50	77.29
US Dollar Index	77.59	77.19	76.95	76.55	76.31