Bacon & Trades

Benzinga’s Top News

• McCormick (NYSE: MKC) Reports Q1 EPS $0.55 vs $0.53 Est; Revenues $906.7M vs $869.81M Est
• MAP Pharmaceuticals (NASDAQ: MAPP) Falls 35% Pre-Market on FDA Complete Response Letter for LEVADEX
• OTI (NASDAQ: OTIV) Files Patent Infringement Suit Against T-Mobile

Domestic Pre-Market Trading

• U.S. Equity Markets trade higher as Dow futures trade up about 3 points.
• U.S. Dollar trades about 0.09% lower.

Overseas Trading

• European markets are higher in afternoon trading. Britain’s FTSE 100 added 0.01%, Germany’s DAX gained 0.64% and France’s CAC 40 advanced 0.2% on the session.
• Asian stocks ended the session mixed. China’s Shanghai slid 0.12%, Japan’s Nikkei 225 advanced 2.36%, and Hong Kong’s Hang Seng gained 1.83%.

Upgrades/Downgrades

• Morgan Stanley Upgrades Vale (NASDAQ: VALE) from Equal-weight to Overweight, Raises PT from $29.2 to $29.6
• Sterne Agee Upgrades Hatteras Financial (NYSE: HTS) from Neutral to Buy, Announces PT of $29

• Deutsche Bank Downgrades Buffalo Wild Wings (NASDAQ: BWLD) from Buy to Hold, Raises PT from $85 to $100
• Credit Suisse Downgrades Apollo Group (NASDAQ: APOL) from Outperform to Neutral, Lowers PT from $60 to $40

On the Economic Calendar

• 09:00 a.m. ET – S&P/CS Home Price Indices Composite
• 10:00 – Richmond Manufacturing Index
• 10:00 – CB Consumer Confidence
• 12:30 – 4-Week Bill Auction
• 12:45 – Fed Chairman Bernanke Speaks
• 13:20 – FOMC Member Fisher Speaks
• 14:00 – 2-Year Note Auction

Earnings

• McCormick (NYSE: MKC) Reports Q1 EPS $0.55 vs $0.53 Est; Revenues $906.7M vs $869.81M Est
• Charming Shoppes (NASDAQ: CHRS) Reports Q1 EPS $-0.06 vs $-0.02 Est; Revenues $559.1M vs $542.27M Es

Corporate News

• MAP Pharmaceuticals (NASDAQ: MAPP) Falls 35% Pre-Market on FDA Complete Response Letter for LEVADEX
• OTI (NASDAQ: OTIV) Files Patent Infringement Suit Against T-Mobile
• Wabash National (NYSE: WNC) Will Buy Walker Group for $360M

Commodities

• Precious metals are trading higher, with gold posting early gains of about 0.3%
• Energy futures are trading higher, with crude oil posting early gains of about 0.17%
• Natural Gas futures are lower by about 0.04% and copper is trading lower by about 0.42%

Benzinga’s Morning Radar

Technical Levels for Futures and Forex 

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