Market Overview

Financial Breakfast: Morning News Summary for May 8, 2012

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Tuesday, May 8, 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

  • OfficeMax (NYSE: OMX) Reports Q1 EPS $0.23 vs $0.16 Est; Revenues $1.87B vs $1.87B Est
  • Wendys/Arbys Group (NYSE: WEN) Reports Q1 EPS $0.01 vs $0.03 Est; Revenues $593.2M vs $608.42M Est
  • FactSet Research Systems (NYSE: FDS) Raises Dividend by 15% to $0.31
  • Domestic Pre-Market Trading

    • U.S. Equity Markets trade lower as Dow futures trade down about 69 points.
    • U.S. Dollar trades about 0.15% higher.
    To see more pre-market news, click here.

    Overseas Trading

    • European markets are lower in afternoon trading. Britain's FTSE 100 slid 0.31%, Germany's DAX fell 0.95% and France's CAC 40 dropped 1.8% on the session.
    • Asian stocks ended the session mixed. China's Shanghai slid 0.13%, Japan's Nikkei 225 added 0.69%, and Hong Kong's Hang Seng dropped 0.25%.
    To see more overseas news, click here.

    Upgrades/Downgrades

    • Deutsche Bank Upgrades Louisiana-Pacific (NYSE: LPX) from Hold to Buy, Raises PT from $10 to $12
    • Morgan Stanley Upgrades Vertex Pharmaceuticals (NASDAQ: VRTX) from Underweight to Equal-weight, Raises PT from $28 to $51
    To see more of today's upgrades, click here.

    • Bank of America Downgrades FX Alliance (NYSE: FX) from Neutral to Underperform, Maintains PO at $17
    • Bank of America Downgrades Aecom Technology (NYSE: ACM) from Buy to Underperform, Lowers PO from $35 to $20
    To see more of today's downgrades, click here.

    On the Economic Calendar

    • 07:30 a.m. ET - NFIB Small Business Optimism
    • 08:55 - Redbook (MoM)
    • 10:00 - IBD/TIPP Economic Optimism
    • 11:30 - 4-Week Bill Auction
    • 11:45 - FOMC Member Fisher Speaks
    • 13:00 - 3-Year Note Auction
    To see more economic news, click here

    Earnings

    • OfficeMax (NYSE: OMX) Reports Q1 EPS $0.23 vs $0.16 Est; Revenues $1.87B vs $1.87B Est
    • Wendys/Arbys Group (NYSE: WEN) Reports Q1 EPS $0.01 vs $0.03 Est; Revenues $593.2M vs $608.42M Est
    • Henry Schein (NASDAQ: HSIC) Reports Q1 EPS $0.98 vs $0.91 Est; Revenues $2.1B vs $2.03B Est
    • Fossil (NASDAQ: FOSL) Reports Q1 EPS $0.93 vs $0.92 Est; Revenues $589.5M vs $617.64M EstEst
    To see more earnings announcements, click here.

    Corporate News

    To see more corporate news, click here.

    Commodities

    • Precious metals are trading lower, with gold posting early losses of about 0.60%
    • Energy futures are trading lower, with crude oil posting early losses of about 0.84%
    • Natural Gas futures are trading 0.47% lower and copper is trading lower by about 1.82%
    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 1384 1375 1361 1351 1337
    Gold 1648 1643 1637 1632 1627
    Crude 99.31 98.64 97.53 96.86 95.75
    Natural Gas 2.38 2.34 2.32 2.28 2.25
    EUR/USD 1.3117 1.3083 1.3030 1.2995 1.2942
    US Dollar Index 80.20 79.94 79.79 79.52 79.36


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