MORNING COFFEE

BP Sues Transocean and Cameron. BP (BP) has filed a lawsuit against Transocean (RIG) one year after the Deepwater Horizon disaster.  The suit claims negligence on the part of Transocean making the rig “unseaworthy” seeks $40 billion in damages.  BP is also suing Cameron (CAM) for negligence, claiming that their blowout preventer was faulty and caused the oil to spill into the Gulf. BP Pre-market: 46.41 +0.50 (1.09%) RIG Pre-market: 73.15 -2.46 (-3.25%)

Earning Reports

Air Products and Chemicals (APD): Reported FQ2 EPS of $1.41 beating estimates by +$0.03 on revenue of $2.50 billion, beating estimates by +$0.07 billion. Pre-market: 93.70 -0.02 (-0.02%)

American Express (AXP): Reported Q1 EPS of $0.97 41 beating estimates by +$0.04 on revenue of $7.03 billion, 41 beating estimates by +$50 million. Pre-market: 46.40 -0.60 (-1.28%)

Amgen (AMGN): Reported Q1 EPS of $1.34 41 beating estimates by +$0.05 on revenue of $3.7 billion in-line. Pre-market: 56.21 +0.03 (0.05%)

Apple (AAPL): Reported FQ2 EPS of $6.40 41 beating estimates by +$1.04 on revenue of $24.67 billion, 41 beating estimates by +$1.33 billion. Sees FQ3 EPS of $5.03. Pre-market: 359.01 +16.60 

(4.85%)

Boston Scientific (BSX): Reported Q1 EPS of $0.01 missing estimates by -$0.03 on revenue of $1.92 billion, in-line. After Hours: 7.35 +0.27 (3.81%)

Chipotle Mexican Grill (CMG): Reported Q1 EPS of $1.46 beating estimates by +$0.02 on revenue of $509 million, 41 beating estimates by +$14 million. After Hours: 278.88 -9.22 (-3.20%)

DuPont (DD): Reported Q1 EPS of $1.52 41 beating estimates by +$0.16 on revenue of $10.03 billion, 41 beating estimates by +$0.84 billion. Pre-market: 57.00 +1.63 (2.94%)

GE (GE): Reported Q1 EPS of $0.31 41 beating estimates by +$0.03 on revenue of $38.44 billion, 41 beating estimates by +$3.8 billion. Pre-market: 21.00 +0.60 (2.94%)

Newmont Mining (NEM): Reported Q1 EPS of $1.04 41 beating estimates by +$0.05 on revenue of $2.46 billion, 41 beating estimates by +$0.02 billion. After Hours: 59.29 +0.44 (0.75%)

Noble Corp. (NE): Reported Q1 EPS of $0.15 missing estimates by -$0.02 on revenue of $579 million, beating estimates by +$21 million. After Hours: 42.90 -0.53 (-1.22%)

Qualcomm (QCOM): Reported FQ2 EPS of $0.86 beating estimates by +$0.06 on revenue of $3.87 billion, beating estimates by +$250 million. Pre-market: 58.00 +2.73 (4.94%)

Schlumberger (SLB): Reported Q1 EPS of $0.71 missing estimates by -$0.05 on revenue of $8.71 billion, missing estimates by -$0.11 billion. Pre-market: 87.00 -0.89 (-1.01%)

UnitedHealth (UNH): Reported Q1 EPS of $1.22 beating estimates by +$0.33 on revenue of $25.43 billion, 41 beating estimates by +$0.48 billion. Pre-market: 46.50 +2.26 (5.11%)

Western Digital (WDC): Reported FQ3 EPS of $0.66 in-line on revenue of $2.25 billion, in-line. After Hours: 40.00 -0.65 (-1.60%)

Yum! Brands (YUM): Reported Q1 EPS of $0.63 missing estimates by -$0.01 on revenue of $2.42 million, beating estimates by +$20 million. Pre-market: 54.25 +2.70 (5.24%)

Upgrades

KBR Inc. (KBR): KeyBanc Capital Markets raised their rating from Hold to Buy and placed a target price of $43.00 on the company.

Charles Schwab (SCHW): Ticonderoga raised their rating from Neutral to Buy and placed a target price of $22.00 on the company.

IDEX Corp (IEX): Brean Murray raised their rating from Hold to Buy and placed a target price of $53.00 on the company.

Downgrades

Polaris Inds (PII): Robert W. Baird lowered their rating from Outperform to Neutral.

Coverage Reiterated/Price Target Changed

Apple (AAPL): Ticonderoga reiterated their Buy rating and raised their target price from $550.00 to $612.00.

Apple (AAPL): Oppenheimer reiterated their Outperform rating and raised their target price from $425.00 to $465.00.

Apple (AAPL): ISI Group reiterated their Buy rating and raised their target price from $400.00 to $425.00.

Albemarle (ALB): Longbow reiterated their Buy rating and raised their target price from $65.00 to $80.00.

Wells Fargo (WFC): Oppenheimer reiterated their Outperform rating and lowered their target price from $41.00 to $38.00.

Qualcomm (QCOM): FBR Capital Oppenheimer reiterated their Outperform rating and raised their target price from $62.00 to $65.00.

• Futures at 7:00: Dow +0.5%. S&P +0.7%. Nasdaq +1.1%. Crude +0.6% to $112.13. Gold +0.6% to $1508.30.
• Europe: London +0.2%. Paris +0.7%. Frankfurt +0.7%.
• Asia: Japan +0.8% to 9686. Hong Kong +1.0% to 24138. China +0.7% to 3027. India +0.7% to 19602.