MORNING COFFEE

Apple Misses Estimates. After yesterday’s close Apple reported FQ4 net profit jumped 54% to $6.62 billion or $7.05 missing estimates by -$0.22.  Revenues at the company climbed 39% to $28.3 billion.  This was the first time in years that the company missed their estimates.  The company did give some very optimistic future projections of a record $37 billion in revenue and $9.30 in EPS. Pre-market: 400.78 -21.46 (-5.08%)

Upgrades

Coca Cola (KO): HSBC raised their rating from Neutral to Overweight. Pre-market: 67.08 +0.34 (0.51%)

Downgrades

Goldman Sachs (GS): CLSA lowered their rating from Outperform to Buy and lowered their target price from $145.00 to $130.00. Pre-market: 101.35 -0.90 (-0.88%)

Chruch Dwight (CHD): CLSA lowered their rating from Outperform to Underperform.

Coverage Initiated

Bristol-Meyers Squibb (BMY):  MKM Partners initiated coverage with a Sell rating. Pre-market: 32.54 -0.02 (-0.06%)

United States Seel (X): Wells Fargo initiated coverage with a Market Perform rating and a target price range of $23.00 to $26.00. Pre-market: 23.80 +0.05 (0.21%)

Coverage Reiterated/Price Target Changed

Intel (INTC): Stifel Nicolaus reiterated their Buy rating and raised their target price from $79.00 to $90.00. Pre-market: 24.14 +0.74 (3.16%)

Intel (INTC): FBR Capital reiterated their Market Perform rating and raised their target price from $27.00 to $29.00. Pre-market: 24.14 +0.74 (3.16%)

Cree (CREE): Kaufman Bros reiterated their Sell rating and lowered their target price from $23.00 to $19.00. Pre-market: 26.84 -0.94 (-3.38%)

Cree (CREE): Wunderlich reiterated their Sell rating and lowered their target price from $25.00 to $20.00. Pre-market: 26.84 -0.94 (-3.38%)

Earning Reports

Apple (AAPL): Reported EPS of $7.05 missing estimates by -$0.22. Pre-market: 400.78 -21.46 (-5.08%)

Abbott Labs (ABT): Reported EPS of $1.18 beating estimates by +$0.01. Pre-market: 55.95 +3.51 (6.69%)

Blackrock (BLK): Reported EPS of $2.83 beating estimates by +$0.13.

Comerica (CMA): Reported EPS of $0.51 missing estimates by -$0.04. Pre-market: 24.30 -1.55 (-6.00%)

Freeport-McMoRan (FCX): Reported EPS of $1.10 beating estimates by +$0.03. Pre-market: 35.37 -0.01 (-0.03%)

Intel (INTC): Reported EPS of $0.69 beating estimates by +$0.05. Pre-market: 24.14 +0.74 (3.16%)

Morgan Stanley (MS): Reported EPS of $1.14 beating estimates by +$0.82. Pre-market: 17.04 +0.41 (2.47%)

St. Jude Medical (STJ): Reported EPS of $0.78 beating estimates by +$0.02. Pre-market: 38.20 +0.86 (2.30%)

Textron (TXT): Reported EPS of $0.45 beating estimates by +$0.14. Pre-market: 19.00 +0.34 (1.82%)

U.S. Bancorp (USB): Reported EPS of $0.64 beating estimates by +$0.02. Pre-market: 25.00 +0.52 (2.12%)

United Tech (UTX): Reported EPS of $1.47 beating estimates by +$0.03. Pre-market: 73.30 -0.82 (-1.11%)

Markets: 
Futures at 7:56: Dow -0.23%. S&P -0.17%. Nasdaq -0.82%. Crude -0.01% to $88.33. Gold +0.12% to $1655.40. 

Europe: London +0.88%. Paris +0.84%. Frankfurt +1.20%. 

Asia: Japan +0.35% to 8773. Hong Kong +1.29% to 18309. China -0.25% to 2378. India +2.01% to 17085.