MORNING COFFEE

Google Back In China. Google (GOOG) has announced today that China has renewed its license to operate in the country. 

J&J Recall. Yet another recall was announced by Johnson & Johnson (JNJ) yesterday.  The recall includes 21 lots of over-the-counter medicine, including Benadryl and Children's Tylenol. The company said the recall is a precaution.  Since the string of recalls sales of J&J's pain reliever pills fell 56% in the four weeks ending June 13, compared to the year before. 

Upgrades

Royal Dutch Shell (RDS.A): The Benchmark Company raised their rating from Sell to Hold.

Downgrades

Best Buy (BBY): Jefferies lowered their rating from Buy to Hold.

Coverage Initiated

NetLogic (NETL): Sterne Agee initiated coverage with a Buy rating and target price of $36.00.

Stericycle (SRCL): Jefferies initiated coverage with a Buy rating.

Coverage Resumed

Baidu.com (BIDU): Kaufman Bros resumed coverage with a Buy rating and target price of $82.00.

Google (GOOG): Kaufman Bros resumed coverage with a Buy rating and target price of $640.00.

Coverage Reiterated/Price Target Changed

Hansen Natural (HANS): Stifel Nicolaus reiterated their Buy rating and raised their target price from $43.00 to $44.00.

Google (GOOG): RBC Capital Markets reiterated their Outperfrom rating and lowered their target price from $670.00 to $600.00.

·         Futures: Dow -0.2%. S&P -0.1%. Nasdaq -0.2%. Crude +0.3% to $75.68. Gold +0.1% to $1196.80.

·         Asia: Japan +0.5% to 9585. Hong Kong +1.6% to 20379. China +2.3% to 2471. India +1.0% to 17834.

·         Europe: London +0.1%. Paris +0.4%. Frankfurt +0.4%.