MORNING COFFEE

Senate Passes Bill To Place Duties On Chinese Goods. The Democratic controlled Senate passed a bill that calls for new duties on goods from China and other countries that manipulate their currencies. The bill is an attempt to balance the playing field for goods imported and exported in the U.S. The bill faces an uphill challenge in the Republican controlled House that opposes the bill.  Also opposing the bill are unions, which believe it would hurt U.S. union jobs.

Senate Blocks Jobs Bill.  The Senate blocked consideration of President Obama's $447B jobs plan yesterday as it fell well short of the 60 votes needed.  Democrats will now try to pass individual components of the plan.

Upgrades

Humana (HUM): Oppenheimer raised their rating from Perform to Outperform and raised their target price from $83.00 to $87.00. Pre-market: 72.92 +1.11 (1.55%)

Downgrades

First Solar (FSLR): Ticonderoga lowered their rating from Neutral to Sell and placed a target price of $40.00 on the company. Pre-market: 54.35 -1.56 (-2.79%)

Earning Reports

Alcoa (AA): Reported EPS of $0.15 missing estimates by -$0.08. Pre-market: 9.93 -0.37 (-3.59%)

Infosys (INFY): Reported EPS of $33.36 beating estimates by +$0.06. Pre-market: 56.00 +3.34 (6.34%)

PepsiCo (PEP): Reported EPS of $1.31 beating estimates by +$0.02. Pre-market: 62.10 +1.15 (1.89%)

Progressive (PGR): Reported EPS of $0.24 missing estimates by -$0.04. Pre-market: 18.34 -0.04 (-0.22%)

Coverage Reiterated/Price Target Changed 

Intel (INTC): Sterne Agee reiterated their Buy rating and lowered their target price from $28.00 to $26.00. Pre-market: 23.10 +0.11 (0.48%)

Markets: 
Futures at 7:41: Dow +0.93%. S&P +0.98%. Nasdaq +1.22%. Crude +0.36% to $86.14. Gold +1.77% to $1690.40. 

Europe: London +0.82%. Paris +2.36%. Frankfurt +1.86%. 

Asia: Japan -0.40% to 8738.9. Hong Kong +1.04% to 18329. China+3.04% to 2420. India +2.55% to 16958.