Financial Breakfast: Morning News Summary for December 1, 2011

• The NYSE trading area is nearly 2/3 the size of a football field.

Benzinga's Top News

• Euro-zone manufacturing sector dropped in November. The index declined to 46.4 versus 47.1 in October and versus a 46.4 estimate.
• Talbots TLB reports Q3 EPS $(0.22) vs $(0.16) Est; Revenues $279.50M vs $271.47M Est
• lululemon athletica LULU reports Q3 EPS $0.27 vs $0.25 Est; Revenues $230.20M vs $235.94M Est

Domestic Pre-Market Trading

• U.S. Equity Markets trade higher with Dow Futures up about 2 points.
• U.S. Dollar trades about 0.25% lower.

Overseas Trading

• European markets are mixed in afternoon trading. Britain's FTSE 100 added 0.5%, Germany's DAX lost 0.4% and France's CAC 40 slid 0.37% on the session.
• Asian stocks ended the session higher. China's Shanghai added 2.28%, Japan's Nikkei 225 gained 1.9% and Hong Kong's Hang Seng Index jumped 5.6%.

Upgrades/Downgrades

• Pacific Crest upgrades HomeAway AWAY to Outperform
• Barclays upgrades US Airways LCC to Overweight

• Disclosure Insight downgrades Quicksilver Resources KWK to High Risk
• Wunderlich downgrades Bank of the Ozarks OZRK to Hold, Maintains $28 Target

On the Economic Calendar

• Initial and Continuing Jobless Claims is set to be reported at 8:30 a.m. ET
• ISM Manufacturing, Prices Paid and Construction Spending is due at 10:00 a.m.
• Vehicle and Retail sales will report throughout the day.
• Euro-zone manufacturing sector dropped in November. The index declined to 46.4 versus 47.1 in October and versus a 46.4 estimate.

Earnings

• Talbots TLB reports Q3 EPS $(0.22) vs $(0.16) Est; Revenues $279.50M vs $271.47M Est
• lululemon athletica LULU reports Q3 EPS $0.27 vs $0.25 Est; Revenues $230.20M vs $235.94M Est
• Movado Group MOV reports Q3 EPS $0.52 vs $0.43 Est; Revenues $142.60M vs $133.40M Est
• Gildan Activewear GIL reports Q4 EPS $0.42 vs $0.40 Est; Revenues $481.8M vs $497.83M Est
• Toronto-Dominion Bank TD reports Q4 EPS $1.77 vs $1.55 Est; Revenues C$5.67B

Corporate News

• Western Refining WNR announced that it has entered into agreements for the divestiture of its Yorktown, Virginia facilities and an underutilized segment of its crude oil pipeline in southeast New Mexico for $220 million.
• Costco Wholesale Corp COST reported a 9% rise in its November same-store sales.

Commodities

• Precious metals are trading higher, with silver posting gains of about 1.2%
• Energy futures are trading flat, with crude oil posting losses of about 0.05%
• Natural Gas futures are higher by about 1% and copper is trading lower by about 0.5%

Benzinga's Morning Radar

Technical Levels for Futures and Forex

Name	Resistance-2	Resistance-1	Mid Pivot	Support-1	Support-2
E-Mini Dow	12421	12222	11836	11637	11251
E-Mini S&P500	1288	1266	1224	1202	1161
Gold	1787	1770	1737	1720	1686
Crude	103.22	101.86	100.30	99.03	97.56
Natural Gas	3.68	3.62	3.58	3.52	3.48
EUR/USD	1.3685	1.3565	1.3411	1.3291	1.3138
USD/JPY	78.53	78.07	77.68	77.21	76.82
US Dollar Index	80.16	79.30	78.65	77.79	77.15

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