Market Overview

Financial Breakfast: Morning News Summary for May 2, 2012

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Wednesday, May 2, 2012

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

Benzinga's Top News

Ascena Retail Group (NASDAQ: ASNA) Reaches Agreement to Acquire Charming Shoppes (NASDAQ: CHRS) for $890M or $7.35/Share</li> Microchip Technology (NASDAQ: MCHP) to Acquire Standard Microsystems (NASDAQ: SMSC) for $37 per Share Totaling $939M</li> </ul>

Domestic Pre-Market Trading

  • U.S. Equity Markets trade lower as Dow futures trade down about 25 points.
  • U.S. Dollar trades about 0.49% higher.
To see more pre-market news, click here.

Overseas Trading

  • European markets are mixed in afternoon trading. Britain's FTSE 100 lost 0.64%, Germany's DAX gained 0.15% and France's CAC 40 added 0.58% on the session.
  • Asian stocks ended the session higher. China's Shanghai added 1.75%, Japan's Nikkei 225 gained 0.31%, and Hong Kong's Hang Seng jumped 1.02%.
  • German Unemployment Rises In April
To see more overseas news, click here.

Upgrades/Downgrades

  • Bank of America Upgrades Genworth Financial (NYSE: GNW) from Underperform to Neutral, Maintains PO at $8
  • Bank of America Upgrades Flextronics (NASDAQ: FLEX) from Underperform to Neutral, Raises PO from $6.5 to $7.5
To see more of today's upgrades, click here.
  • Brean Murray Carret & Co. Downgrades EQT (NYSE: EQT) from Buy to Hold, Removes PT of $77
  • Cantor Fitzgerald Downgrades Endo Pharmaceuticals (NASDAQ: ENDP) from Buy to Hold, Lowers PT from $50 to $39
To see more of today's downgrades, click here.

On the Economic Calendar

  • 08:15 a.m. ET - ADP Nonfarm Employment Change
  • 09:45 - New York NAPM
  • 10:00 - Factory Orders (MoM)
  • 10:30 - Gasoline Inventories
  • 10:30 - Crude Oil Inventories
To see more economic news, click here

Earnings

  • CVS Caremark (NYSE: CVS) Reports Q1 EPS $0.65 vs $0.63 Est; Revenues $30.8B vs $30.31B Est
  • Comcast (NASDAQ: CMCSA) Reports Q1 EPS $0.45 vs $0.42 Est; Revenues $14.88B vs $14.43B Est
  • Time Warner (NYSE: TWX) Reports Q1 EPS $0.67 vs $0.64 Est; Revenues $7B vs $6.81B Est
  • Barrick Gold (NYSE: ABX) Reports Q1 EPS $1.09 vs $1.11 Est; Revenues $3.64B vs $3.76B Est
  • Garmin (NASDAQ: GRMN) Reports Q1 EPS $0.45 vs $0.41 Est; Revenues $557M vs $520.18M Est
To see more earnings announcements, click here.

Corporate News

  • Ascena Retail Group (NASDAQ: ASNA) Reaches Agreement to Acquire Charming Shoppes (NASDAQ: CHRS) for $890M or $7.35/Share
  • Microchip Technology (NASDAQ: MCHP) to Acquire Standard Microsystems (NASDAQ: SMSC) for $37 per Share Totaling $939M
To see more corporate news, click here.

Commodities

  • Precious metals are trading lower, with gold posting early losses of about 0.62%
  • Energy futures are trading lower, with crude oil posting early losses of about 0.42%
  • Natural Gas futures are trading 1.0% lower and copper is trading lower by about 1.26%
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 S&P 500 1421 1411 1401 1390 1380
Gold 1678 1670 1664 1656 1649
Crude 107.64 106.80 105.50 104.76 103.56
Natural Gas 2.43 2.39 2.35 2.30 2.25
EUR/USD 1.3320 1.3278 1.3240 1.3198 1.3161
US Dollar Index 79.25 79.08 78.87 78.69 78.48

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