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BP Shares Boosted by Gulf Payout

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    FBN’s Diane Macedo breaks down the stories moving the markets.

  • Duration 5:03
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This is this Imus in the morning.

On the -- Good morning everyone -- breaking news for you now the US Geological Survey is reporting that an earthquake with a magnitude of four point low hit about fifteen miles outside of San Francisco this morning.

That was originally reported as two separate quakes but the US GS now says it was just one and that there are no signs of immediate damage at this time.

Meanwhile China's prime minister is taking steps to tackle concerns -- slower growth for the country.

Speaking to -- -- parliament today went about cut China's growth target for this year.

Seven and a half percent -- that's the first time the rate has dropped below 8%.

Since 2004.

That move is aimed at giving the economy more room to slow down if needed.

Wen says China faces downward pressure on economic growth and prices remain high and that expanding consumer demand will be his first priority for this year.

-- along with President Hu Jintao are preparing to step down later this year after nearly a decade in power.

With thirty minutes away from the opening bell on Wall Street taking a look at futures they've been to the downside on morning.

Dow futures are down by two point -- -- down by three the nasdaq's down by four that's largely due to that information -- -- China.

But let's get a preview of the trade and -- to come now from nickel that a -- is on the.

Floor of the new York stock detainee -- hey good morning Diane good morning everybody wow we're not that -- thirteen thousand mark anymore but we -- In a very narrow trading range for the most part the trend.

For the most part still remains to -- upside here.

We have key factors coming into play you were just talking a lot about what we were seeing in China cutting their economic growth targets also.

Greece is very much in focus between now and Thursday's deadline for the debt swap.

And -- it's going to be a very big deal today we have the Euro higher the dollar is lower.

And so that should help things along folks right now you see the Dow was just.

About nineteen points the fugitives are lower.

But earlier today was more than forty points -- we -- already recouped some losses the banks are already lower this morning slightly.

Names like Citigroup and Bank of America as I noted we've been a fairly narrow trading range so.

It really could go one way or another there were days last week where we went over the -- change July 28 times in one day which is.

Not unusual when you're trying to -- it bounce in around in a trading range some -- means to watch pandora -- right here.

To my last this'll be one that I'll be watching it's about 5% this morning getting an -- over -- Stiefel Nicholas on the downside.

We're watching yelled everybody remembers -- that big crowd it was a crazy -- On Friday out of but -- the now they're going to retreat a little bit.

After 64% rally on the last Friday it was an unbelievable day for yelled -- that another all of these write all social gaming content these are all hot topics -- -- IPOs.

That continue and Zynga getting a downgrade this morning so and we know they're working -- launching their own Zynga.

What area of website in order to play those games that everybody often plays on FaceBook so watch that.

As most of those engineer hot topics well higher -- -- -- back to you.

Well thanks -- it's.

And AIG is selling shares in its Asian life insurance unit in an effort to pay back part of its 2008 bail out the company's offering one point seven billion shares of it I eight.

At -- IA rather groups that at that.

Which are valued at about six billion dollars on the -- represents a 14% stake in A -- -- less than half of what AIG holes in the company.

That's sail along with the sale of other assets will allow AIG to pay off eight point four billion dollars.

Of the fifty billion is still -- US taxpayers.

And shares of BP are higher in the premarket after that company reached a settlement.

With thousands of residents and businesses in the Gulf of Mexico over the 2010 oil spill.

BP agreed to pay seven point eight billion dollars to settle claims for economic losses property damage and injuries related to this bill.

But the company still faces lawsuits from the US government along with five states whose coastlines were damaged by it.

Eleven people were killed when the deep water horizon rig exploded.

Causing the worst offshore oil spill in US history.

Now let's get the latest on weather from meteorologist Maria Molina and our Fox Business weather -- -- Maria.

He good morning -- and a good morning everyone -- today across northeast we're expecting generally quiet weather with sunshine from boss and out of Philadelphia.

And temperatures are a little bit on the cool side for the time of the year but not too bad New York City looking at a high.

At 42 degrees across the southeast were also gonna be seeing some sunshine a few isolated flurries and snow showers.

In this city of Detroit but I don't really think that should be enough to cause some travel delays or we could see a slow -- early today will be across parts of Virginia.

Also North Carolina in two parts -- West Virginia and eastern Kentucky where we do have an area of low pressure.

-- see some light snow for North Carolina and not looking -- really any accumulation it's gonna be across parts of Virginia.

Where we could see a 2123 inches of snow and -- and of course when you get into higher elevations you get some more.

Our Andrea thanks -- for the -- out there yet.

Now let's take a look at commodities oil has reversed direction isn't -- now by about 36 cents gold still down at 1708.

An -- Imus in the morning continues right now.

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