News Summary for July 25, 2011
This is your Benzinga news summary and traders' outlook for Monday, July 25, 2011, covering headlines from overnight and Monday's pre-market session.
Today in domestic pre-market trading, U.S. equity futures are trading lower after Congress failed to work out a deal to raise the debt ceiling over the weekend. The U.S. dollar and the Euro are both flat this morning.
Citigroup initiates Pandora Media (NYSE: P) at Speculative Buy, BMC raised Xerox's (NYSE: WHR) price target to $14 from $13, and Goldman Sachs lowered PepsiCo's (NYSE: PEP) price target to $74 from $83. View all other analyst ratings here.
Overseas, European markets were slightly lower this morning. Britain's FTSE 100 fell about 0.1% and France's CAC 40 slipped 0.2% on the session. Asian stocks were lower on the session as well. China's Shanghai Index dropped 3%, Japan's Nikkei 225 fell 0.8%, and Hong Kong's Hang Seng Index lost 0.7%.
On the economic calendar, the Chicago Fed Activity Index is set to be reported at 8:30 a.m. and the Dallas Fed Manufacturing Index is due at 10:30 a.m.
On the commodity front, gold and silver futures are positive in pre-market trading, with gold over the $1615 per ounce level, hitting new all-time highs earlier this morning. Energy futures are lower with crude oil dropping over $1 dollar per barrel, currently near the $98.90 level, and gasoline futures are trading near the 3.062 level; however, natural gas futures are up over 0.5%. Finally, copper futures are lower by about 0.5%.
On the earnings front, Kimberly-Clark (NYSE: KMB) reported Q2 EPS of $1.18 on revenues of $5.26 billion; The Street was looking for $1.15 per share on revenues of $5.13 billion.
Bank of Hawaii (NYSE: BOH) reported Q2 EPS of $0.74; The Street was looking for $0.78 per share. The company also authorized an increase in its buyback program by $120 million.
Lorillard (NYSE: LO) reported Q2 EPS of $2.05 on revenues of $1.69 billion; The Street was looking for $2.02 per share on revenues of $1.15 billion.
Also, United Natural Foods (Nasdaq: UNFI) today announced that it has signed a three-year distribution agreement with Safeway (NYSE: SWY).
This concludes your news summary for July 25, 2011.
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