MORNING COFFEE

More Bidders For Potash. New reports say that Rio Tinto (RTP) and an unnamed Chinese partner are considering a joint offer to purchase Potash (POT). BHP Billiton's (BHP) has already made a $38.6B offer, while Vale (VALE), and Sinochem have expressed interest.  Other potential bidders include Agrium (AGU), privately-held Cargill Inc., Monsanto (MON), Mosaic (MOS), and some Chinese companies.

Coverage Initiated

AnnTaylor (ANN): Janney Montgomery Scott initiated coverage with a Buy rating and target price of $19.00.

Zumiez (ZUMZ): Janney Montgomery Scott initiated coverage with a Buy rating and target price of $19.00.

J. Crew (JCG): Janney Montgomery Scott initiated coverage with a Buy rating and target price of $41.00.

Coverage Reiterated/Price Target Changed 

Allscripts-Misys Healthcare (MDRX): Oppenheimer reiterated their Outperform rating and raised their target price from $20.00 to $22.00

Legg Mason (LM): Ticonderoga reiterated their Sell rating and raised their target price from $26.00 to $24.00

Earning Reports

Big Lots (BIG): Reported Q2 EPS of $0.48 beating estimates by +$0.01 on revenue of $1.14 billion.

Trina Solar (TSL): Reported Q2 EPS of $0.52 beating estimates by +$0.03 on revenue of $370.8 million.

·         Futures: Dow -0.7%. S&P -0.75%. Nasdaq -0.7%. Crude -1.2% to $72.24. Gold -0.7% to $1219.50.

·         Asia: Japan -1.3% to 8995. Hong Kong -1.1% to 20659. China +0.4% to 2650. India -0.5% to 18312.

·         Europe: London -1.1%. Paris -1.3%. Frankfurt -1.0%.