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Financial News Network
July 10, 2012 AT 9:19 PM
Good morning, welcome to the Financial News Network, your source for the latest business news. Here's a few things to watch for in the financial world today June 22.Moody's making a big splash in the financial world. The credit ratings firm downgraded fifteen banks on Thursday, cutting ratings by one to three notches citing the risk of losses from volatile capital markets. Banks include Morgan Stanley, Goldman Sachs, and Bank of America to name a few. For Morgan Stanley, the downgrade was actually a good thing, its rating one notch higher than previous expected. Financial markets have been bracing for this since Moody's announced it would be starting reviews back in February. However, investors are not fazed by the firm's cuts, saying the downgrades have come years too late. Financial stocks will be something to look out for in today's trading session though.Darden Restaurants released its fourth quarter earnings on Friday, with earnings per share in line with estimates. The casual dining company posted an EPS of $1.15 per share on revenue of $2.07 billion, just below estimates on revenue of $2.11 billion. This is relatively good news but looking ahead, the company said it sees restaurant sales growth of one to three percent, below Darden's projected long term range. Their stock might be going lower this morning on this news, but keep an eye on it during the session.Finally, two companies in the pharmaceutical sector will most likely continue to move in the coming session. Onyx Pharmaceuticals soared yesterday, up 43% on news that the Food and Drug Administration backed Kyprolis, the company's myeloma drug. In sharp contrast, Celgene plunged 11.5% after the company said it would withdraw submission in Europe of its drug Revlimid. Each will most likely move some more in today's trading session in the same trend so we will definitely keep an eye on where they go next. Those were a few things to watch out for here on the Financial News Network. For more coverage and analysis of the business world check us out at fnno.com or follow us on twitter @FNNOnline. I'm Geoffrey Parrish, thanks for watching.