Financial Breakfast: Morning News Summary for November 14, 2011

Benzinga's Top News

• Warren Buffett reveals he has been buying $10.7B of IBM IBM last quarter
• Mario Monti, former EU competition commissioner, takes over as Italy's Prime Minister.
• Lowe's LOW reports Q3 EPS $0.35 vs $0.33 Est; Revenues $11.85B vs $11.70B Est
• Boeing BA and Dubai-based Emirates Airline announced an $18 billion order for 50 Boeing 777-300ERs (Extended Range) plus options for an additional 20 of the popular twin-aisle commercial jetliner.

Domestic Pre-Market Trading

• U.S. Equity Markets trade slightly lower with Dow Futures down about 35 points.
• U.S. Dollar trades about 0.4% higher.

Overseas Trading

• European markets are lower in afternoon trading. Britain's FTSE 100 lost 0.9%, Germany's DAX slid 1.1% and France's CAC 40 fell 1.5% on the session.
• Asian stocks ended the session higher. China's Shanghai added 1.9%, Japan's Nikkei 225 gained 1% and Hong Kong's Hang Seng Index jumped 1.94%.
• Mario Monti, former EU competition commissioner, takes over as Italy's Prime Minister.

Upgrades/Downgrades

• Citigroup upgrades Salesforce.com CRM to Buy, PT raised to $158.
• JP Morgan upgrades Tyson Foods TSN to Overweight, PT raised to $27.

• Citigroup downgrades Eaton Vance EV to Sell, PT lowered to $22.
• Sterne Agee downgrades Kansas City Southern KSU to Neutral, $65 PT.

On the Economic Calendar

• Nothing on the calendar today.

Earnings

• Lowe's LOW reports Q3 EPS $0.35 vs $0.33 Est; Revenues $11.85B vs $11.70B Est
• Dynegy DYN reports Q3 EPS $(0.61) vs $(0.20) Est; Revenues $516.00M vs $688.62M Est

Corporate News

• Warren Buffett reveals he has been buying $10.7B of IBM IBM last quarter
• Bank of America Corporation BAC announced today that it has agreed to sell approximately 10.4 billion common shares of China Construction Bank Corporation through private transactions with a group of investors. The sales are expected to generate an after-tax gain of approximately $1.8 billion.
• Boeing BA and Dubai-based Emirates Airline announced an $18 billion order for 50 Boeing 777-300ERs (Extended Range) plus options for an additional 20 of the popular twin-aisle commercial jetliner.
• China GrenTech Corporation GRRF announced that it has received a proposal letter from its Chairman and Chief Executive Officer, Mr. Yingjie Gao, to acquire all of the outstanding shares of GrenTech not currently owned by Mr. Gao, in a going private transaction for $3.10 per American Depositary share in cash, subject to certain conditions.
• Bristol-Myers Squibb BMY and Pfizer PFE announced the results of the Phase 3 ADOPT trial, which evaluated apixaban versus enoxaparin in acutely ill medical patients, did not meet the primary efficacy outcome of superiority to enoxaparin for the endpoint of venous thromboembolism and VTE-related death at day 30.

Commodities

• Precious metals are trading lower, with gold posting losses of about 0.5%
• Energy futures are trading lower, with crude oil posting losses of about 1%
• Natural Gas futures are lower by about 1.8% and copper is trading higher by about 1.3%

Benzinga's Morning Radar

Technical Levels for Futures and Forex

Name	Resistance-2	Resistance-1	Mid Pivot	Support-1	Support-2
E-Mini Dow	12329	12222	12035	11928	11741
E-Mini S&P500	1282	1272	1254	1244	1226
Gold	1809	1799	1780	1770	1751
Crude	100.62	99.92	98.70	98.02	96.78
Natural Gas	3.69	3.62	3.59	3.52	3.49
EUR/USD	1.3906	1.3827	1.3714	1.3635	1.3522
USD/JPY	77.77	77.48	77.26	76.97	76.75
US Dollar Index	78.28	77.70	77.31	76.72	76.33