Financial Breakfast: Morning News Summary for October 7, 2011

This is your Benzinga news summary and traders' outlook for Friday, October 7, 2011, covering headlines from overnight and Friday's pre-market session. Today in domestic pre-market trading, U.S equity futures are trading lower. At last check, Dow futures are lower by about 12 points or 0.1% and the U.S. dollar trades lower near the $79.91 level. Earlier this morning, Oppenheimer upgraded Advanced Micro Devices AMD to Perform and Credit Suisse upgraded Wynn Resorts WYNN to Outperform. View all of today's upgrades here. Bank of America downgraded Legg Mason LM to Underperform and Benchmark downgraded Harris Corp HRS to Hold. View all of today's downgrades here. Morgan Keegan lowered NeoPhotonics NPTN price target to $7.75 from $8.50. View all other of today's analyst ratings here. Overseas, European markets are higher in afternoon trading. Britain's FTSE 100 lost 0.35%, Germany's DAX moved down 0.4% and France's CAC 40 slid 0.57% on the session. Asian stocks ended the session higher. Japan's Nikkei 225 added 1% and Hong Kong's Hang Seng Index jumped 3.11%. On the economic calendar, Payrolls and the Unemployment rate is set to be reported at 8:30 a.m. Wholesale Inventories is to report at 10:00 a.m. On the commodity front, gold and silver futures are mixed in pre-market trading, with gold trading higher by about 0.15%. Energy futures are lower with crude oil down over 0.6% near the $82.12 level and gasoline futures are trading lower by about 1%. Natural Gas futures are down by about 1.3% and copper futures are trading over 1.5% higher this morning. In corporate news, Eli Lilly and Company LLY announced today that the U.S. Food and Drug Administration has approved Cialis (tadalafil) tablets for once daily use for the treatment of men who have both erectile dysfunction and the signs and symptoms of benign prostatic hyperplasia. Nidec Corporation NJ announced a share repurchase plan, increases the number of own shares purchasable under the plan from 3,000,000 shares to 6,000,000 shares, raising the total authorized amount from 25 billion yen to 47 billion yen. This concludes your news summary for October 7, 2011. Want to receive the morning news summary to you inbox every morning? Click here to subscribe now.