News Summary for May 26, 2011

This is your morning news summary from Benzinga for Thursday, May 26, 2011, covering overnight and pre-market news affecting today's trading session. Stock index futures were trading slightly higher this morning after the release of economic reports this morning. Equities were broadly positive on a global level as debt concern in the Euro zone has settled down slightly. S&P futures are over two points higher, Nasdaq fell over half a point and the Dow Jones Industrial average rose over 20 points. On the economic calendar, figures for the first quarter gross domestic product growth were released today at 8:30 a.m., reporting real GDP quarter over quarter at 1.8% versus the 2.2% consensus. At the same time this morning, weekly jobless claims reported unemployment claims were 424K versus the prior reading of 404K. Continuing jobless claims were 360K versus the prior figure of 370K. Earnings season is coming to a close. However, a couple companies reported earnings today, including Tiffany

reporting a higher profit for first quarter and sales up over 15%. Heinz

also reported earnings today, with a 14% gain in earnings to a record high of $990M. Overseas, the Euro has hit a one week high against the dollar. However, European indices closed for trading in a mixed session, boosted on reports of China's interest in buying Portugal "bailout bonds" but disappointed over renewed concerns of Greek debt. In Asia, markets ended slightly higher yesterday and are expected to have one of their biggest single-day gains in May due to recovering commodity prices and the euro's rebound. In Europe, the Swiss bank has been rumored to move its investment bank abroad. This investment bank division accounted for over 44% of its first quarter revenues. In commodities trading, precious metals futures are pointing to a higher open with help from a softer dollar. Gold slightly rose at $1,500 per ounce and silver was past $35.00. In corporate news, Microsoft CEO Steve Ballmer was asked to step down due to allegedly being stuck in the past while leading the company. Sony remains cautious moving forward, casting a lower-than-expected net profit for the year, while it battlea the aftermath of the March earthquakes that proceeded a series of securities breaches. Sony reported a $3.1 billion loss for the prior fiscal year.