MORNING COFFEE

Markets Lower On Greek Debt Concerns. World markets included U.S. futures are lower on fears the Greece will not meet conditions to receive their next round of funding to prevent default.  Over the weekend the Greek cabinet approved the draft 2012 budget and will present it to parliament today.  The new budget calls for the agreed upon €6.6B ($8.8illion) in austerity measures but will not meet its deficit target this year.

IMF Sees Economic Risk Increase.  IMF Deputy Managing Director Zhu Min commenting on the global economy said that downside risks have increased "as of late."  The risks include the possibility that the U.S. economy could further weaken and that the Eurozone debt crisis could spin out of control. Additionally he said that countries need to begin "significant deficit reduction."

Upgrades

Procter & Gamble (PG): JP Morgan raised their rating from Neutral to Overweight and raised their target price from $70.00 to $75.00. Pre-market: 63.33 +0.15 (0.24%)

Freeport McMoRan (FCX): Deutsche Bank raised their rating from Hold to Buy and raised their target price from $48.00 to $60.00. Pre-market: 30.35 -0.10 (-0.33%)

Amazon.com (AMZN): Stifel Nicolaus raised their rating from Hold to Buy and placed a target price of $280.00 on  the company. Pre-market: 216.70 +0.47 (0.22%)

Time Warner (TWX): Goldman Sachs raised their rating from Neutral to Buy and placed a target price of $37.00 on the company. Pre-market: 30.01 +0.04 (0.13%)

Downgrades

Alcoa (AA): Deutsche Bank lowered their rating from Buy to Hold and lowered their rating from $20.00 to $14.00. Pre-market: 9.40 -0.17 (-1.78%)

Gap (GPS): KeyBanc Capital Markets lowered their rating from Buy to Hold.

Coca-Cola (KO): JP Morgan lowered their rating from Overweight to Neutral and lowered their target price from $80.00 to $76.00. Pre-market: 66.94 -0.62 (-0.92%)

Coverage Initiated

MetroPCS (PCS): BTIG Research initiated coverage with a Buy rating and target price of $12.00.

Leap Wireless (LEAP): BTIG Research initiated coverage with a Sell rating and target price of $4.00. Pre-market: 6.90 -0.01 (-0.14%)

EOG Resources (EOG): Brean Murray initiated coverage with a Buy rating and target price of $130.00. Pre-market: 70.32 -0.69 (-0.97%)

Markets
Futures at 7:54: Dow -0.29%. S&P -0.63%. Nasdaq -0.86%. Crude -1.45% to $78.05. Gold +2.29% to $1659.49.

Europe: London -1.80%. Paris -2.40%. Frankfurt -2.92%.

Asia: Japan -1.78%. Hong Kong -4.38%. China closed. India -1.84%.