News Summary for August 5, 2011

This is your Benzinga news summary and traders' outlook for Friday, August 5, 2011, covering headlines from overnight and Friday's pre-market session. Today in domestic pre-market trading, U.S. equity futures are set for another weak morning as traders wait for the jobs report. At last check, Dow futures are down about 60 points and the U.S. dollar trades higher near the $75 level. Also, Credit Suisse cut the S&P 500's year end target for 2011 by 7% from $1,450 to $1,300. Earlier this morning, JP Morgan upgraded Southern Copper

to Overweight and Jefferies upgraded Sun Trust Bank

to Buy. View all of

. JP Morgan downgraded Apollo Investment

to Neutral and downgraded Pacific Biosciences

to Neutral. View all of

. Citigroup lowered Career Education's

price target to $21 from $26 and JP Morgan lowered Con-way's

price target to $35 from $40. View all other

. Overseas, European markets were lower this morning. Britain's FTSE 100 fell 2.3% and France's CAC 40 slipped 1% on the session. Asian stocks ended the session lower as well. China's Shanghai Index lost 2.2%, Japan's Nikkei 225 sank 3.7%, and Hong Kong's Hang Seng Index tumbled 4.3%. EU leaders announced they will get together to discuss the debt crisis after Japan and China called for global policy collaboration. On the economic calendar, nonfarm payrolls, manufacturing payrolls, and the unemployment rate it set to be reported at 8:30 a.m. On the commodity front,

and

futures are mixed in pre-market trading, with gold up near the $1670 per ounce level and silver down about 1%. Energy futures are flat with

near $86.50 per barrel and

futures trading slightly lower.

futures are trading flat this morning and

futures are lower by 0.3% this morning. On the earnings front, P&G

reported Q4 EPS of $0.84 on revenues of $20.9 billion; The Street was looking for $0.82 per share on revenues of $20.6 billion. Viacom

reported Q2 EPS of $0.99 on revenues of $3.77 billion; The Street was looking for $0.86 per share on revenues of $3.52 billion. Weight Watchers

reported Q2 EPS of $1.17 on revenues of $486 million; The Street was looking for $1.12 per share on revenues of $470.1 million. In corporate news, Alere (NYSE ALR) announces today

for $7.51 per share or $375 million. This concludes your news summary for August 5, 2011.