MORNING COFFEE

Nike Post Better Than Expected EPS. Nike (NKE) posted better than expected earnings of $1.20, beating street estimates of $1.17. EPS at the company rose 11% and revenues climbed 15% to $5.8 billion. Futures orders for delivery between March and July also increased 15%. Nike also gave a positive outlook for the coming months due to the Olympics and soccer's European Championships.

Upgrades

Mosaic (MOS): JP Morgan raised their rating from Neutral to Overweight and raised their target price from $57.00 to $68.00.

Dollar General (DG): MKM Partners raised their rating from Neutral to Buy.

Dollar General (DG): Nomura raised their rating from Neutral to Buy and placed a target price of $54.00 on the company.

Goldman Sachs (GS): RBC Capital raised their rating from Underperform to Sector Perform and raised their target price from $102.00 to $130.00.

Morgan Stanley (MS): RBC Capital raised their rating from Underperform to Sector Perform and raised their target price from $17.00 to $21.00.

Downgrades

Bank of America (BAC): Evercore lowered their rating from Overweight to Equal Weight.

Xlinix (XLNX): Auriga lowered their rating from Buy to Hold and placed a target price of $39.00 on the company.

Accenture (ACN): BB&T lowered their rating from Buy to Hold.

Coverage Initiated

Cree (CREE): B. Riley initiated coverage with a Buy rating and target price of $39.00.

Coverage Reiterated/Price Target Changed

Halliburton (HAL): FBR Capital reiterated their Outperform rating and lowered their target price from $60.00 to $55.00.

Earning Reports

Nike (NKE): Reported EPS of $1.20 beating estimates by +$0.03.

Accenture (ACN): Reported EPS of $0.97 beating estimates by +$0.09.

Micron (MU): Reported EPS of -$0.23 missing estimates by -$0.03.

Darden Restaurants (DRI): Reported EPS of $1.25 beating estimates by +$0.02.

KN Homes (KBH): Reported EPS of -$0.59 missing estimates by -$0.36.

Markets: 
Futures at 8:53: Dow -0.12%. S&P -0.06%. Nasdaq 0.00%. Crude +0.42% to $105.79. Gold +0.87% to $1657.00

Europe: London -0.43%. Paris -0.82%. Frankfurt -0.55%. 

Asia: Japan -1.14% to 10011. Hong Kong -1.11% to 20669. China -1.10% to 2350. India +0.96% to 17362. 

MORNING COFFEE

McDonald’s CEO Steps Down. McDonald's (MCD) CEO Jim Skinner announced that he will retire at the end of June.  Skinner had been with the company for 41 years.  President and COO Don Thompson will replace him as CEO. Pre-market: 96.30 -0.42 (-0.43%)

China and Eurozone Factory Activity Falls. The most recent PMI data for China and the Eurozone shows that the contraction in factory activity has gotten worse in March. HSBC's early estimate of China's PMI indicate that it fell to 48.1 from 49.7.  Markit early estimate shows that the Eurozone PMI dropped to 48.7 from 49.3. The estimate indicates that the Eurozone has slipped back into a technical recession. A reading under 50 represents a contraction, while a reading above 50 indicate expansion.  The news has sent overseas markets lower and U.S. futures lower.

Upgrades

PVH Corp. (PVH): Deutsche Bank raised their rating from Hold to Buy and raised their target price from $69.00 to $100.00. Pre-market: 90.00 +0.47 (0.52%)

ExxonMobil (XOM): JPMorgan raised their rating from Underweight to Neutral and placed a target price of $92.00 on the company. Pre-market: 85.65 -0.36 (-0.42%)

TASER International (TASR): JPMorgan raised their rating from Underweight to Neutral and placed a target price of $5.00 on the company. Pre-market: 4.19 0.00 (0.00%)

Emerson Electric (EMR): Nomura raised their rating from Neutral to Buy and raised their target price from $60.00 to $64.00. Pre-market: 52.05 +0.10 (0.19%)

Coverage Initiated

McGraw-Hill Cos.  (MHP): Jefferies initiated coverage with a Buy rating and target price of $54.00.

Coverage Reiterated/Price Target Changed

Apple (AAPL): Hilliard Lyons reiterated their Buy rating and raised their target price from $575.00 to $660.00. Pre-market: 598.50 -4.00 (-0.66%)

Earning Reports

ConAgra (CAG): Reported EPS of $0.51 beating estimates by +$0.01.

Dollar General (DG): Reported EPS of $0.87 beating estimates by +$0.05. Pre-market: 46.00 +1.25 (2.79%)

FedEx (FDX): Reported EPS of $1.55 beating estimates by +$0.20. Pre-market: 93.25 -2.57 (-2.68%)

Markets: 
Futures at 8:22: Dow -0.47%. S&P -0.57%. Nasdaq -0.47%. Crude -1.14% to $106.05. Gold -0.84% to $1636.10. 

Europe: London -0.67%. Paris -1.39%. Frankfurt -1.32%. 

Asia: Japan +0.40% to 10127. Hong Kong +0.22% to 20902. China -0.10% to 2376. India -2.30% to 17196. 

MORNING COFFEE

Obama To Make Announcement About Keystone Pipeline. Reports say that tomorrow President Obama will announce fast-track approval of the southern half of TransCanada's (TRP) Keystone XL pipeline.

Upgrades

News Corp (NWSA): Macquarie raised their rating from Underperform to Neutral.

Capital One Financial (COF): Guggenheim raised their rating from Neutral to Buy and raised their target price from $54.00 to $67.00.

LinkedIn (LNKD): Goldman Sachs raised their rating from Neutral to Buy and raised their target price from $80.00 to $135.00. Pre-market: 97.23 +5.39 (5.87%)

Silicon Labs (SLAB): UBS raised their rating from Neutral to Buy and raised their target price from $48.00 to $50.00.

Accenture (ACN): Societe Generale raised their rating from Sell to Hold. Pre-market: 63.12 +0.04 (0.06%)

Downgrades

BB&T Corp (BBT): Guggenheim lowered their rating from Buy to Neutral and placed a target price of $34.00 on the company. Pre-market: 31.26 -0.11 (-0.35%)

Allscripts Healthcare Services (MDRX): JP Morgan lowered their rating from Overweight to Neutral and lowered their target price from $25.00 to $22.00.

Cintas (CTAS): Robert W. Baird lowered their rating from Outperform to Neutral. Pre-market: 40.85 +0.38 (0.94%)

Coverage Initiated

Micron Tech (MU): RBC Capital initiated coverage with an Outperform rating and target price of $11.00. Pre-market: 8.66 +0.09 (1.05%)

Earning Reports

Cintas (CTAS): Reported EPS of $0.58 beating estimates by +$0.06. Pre-market: 40.85 +0.38 (0.94%)

Jabil Circuit (JBL): Reported EPS of $0.58 beating estimates by +$0.01. Pre-market: 25.93 -0.56 (-2.11%)

Oracle (ORCL): Reported EPS of $0.62 beating estimates by +$0.06. Pre-market: 30.72 +0.62 (2.06%)  

General Mills (GIS): Reported EPS of $0.55 in-line with estimates. Pre-market: 38.50 -0.26 (-0.67%)

Markets: 
Futures at 8:26: Dow +0.09%. S&P 0.0%. Nasdaq -0.08%. Crude +0.43% to $106.53. Gold +0.12% to $1649.00. 

Europe: London -0.08%. Paris -0.13%. Frankfurt -0.19%. 

Asia: Japan -0.55% to 10086. Hong Kong -0.15% to 20857. China +0.06% to 2378. India +1.65% to 17602. 

MORNING COFFEE

Apple Sells 3 Million iPads. Apple (AAPL) has announced that it has sold 3 million new iPads since the device was launched on Friday.

Microsoft To Launch Windows 8. Bloomberg has reported that the first PC’s and tablets running Microsoft’s (MSFT) Windows 8 will arrive in October. The initial hardware will include ARM-based (ARMH) processors with x86 Intel (INTC) chips.

Upgrades

Harley-Davidson (HOG): BMO Capital raised their rating from Market Perform to Outperform and raised their target price from $39.00 to $60.00.

Adobe Systems (ADBE): RBC Capital Markets raised their rating from Underperform to Sector Perform and raised their target price from $32.00 to $34.00.

Lamar Advertising (LAMR): Caris & Company raised their rating from Average to Above Average and raised their target price from $30.00 to $38.00.

Clear Channel Outdoor (CCO): Caris & Company raised their rating from Average to Above Average and placed a target price of $11.00 on the company.

OmniVision (OVTI): Needham raised their rating from Hold to Buy and placed a target price of $11.00 on the company.

Downgrades

UPS (UPS): Stifel Nicolaus lowered their rating from Buy to Hold.

Coverage Reiterated/Price Target Changed

Apple (AAPL): FBR Capital reiterated their Outperform rating and raised their target price from $525.00 to $675.00.

Walt Disney (DIS): Wunderlich reiterated their Hold rating and raised their target price from $43.00 to $46.00.

Earning Reports

Adobe Systems (ADBE): Reported EPS of $0.57 in-line with estimates.

Jefferies Group (JEF): Reported EPS of $0.33 beating estimates by +$0.05.

Tiffany & Co. (TIF): Reported EPS of $1.39 missing estimates by -$0.03.

Markets: 
Futures at 7:00: Dow -0.5%. S&P -0.6%. Nasdaq -0.5%. Crude -0.8% to $107.21. Gold -1.1% to $1648.60. 

Europe: London -1.1%. Paris -1.3%. Frankfurt -1.4%. 

Asia: Japan closed. Hong Kong -1.1% to 20888. China -1.4% to 2377. India +0.3% to 17316. 

MORNING COFFEE

Apple To Discuss Cash Holdings. Apple (AAPL) will hold a conference call this morning to discuss what to do with its cash balance, which exceeds $100 billion. Many are speculating that a dividend and/or buyback may be announced. Pre-market: 600.31 +14.74 (2.52%)

UPS Buys TNT Express. UPS (UPS) and TNT Express (TNTE) have finally reached a deal were UPS will purchase the company for €5.16B ($6.8B), or €9.50 a share, up from an original bid of €9. The acquisition price is a 54% premium over TNT's prior close of €6.18. Pre-market: 79.60 +1.19 (1.52%)

Upgrades

Colgate-Palmolive (CL): CLSA raised their rating from Underperform to Outperform and placed a target price of $105.00 on the company. Pre-market: 95.20 +0.41 (0.43%)

Abbott Labs (ABT): Deutsche Bank raised their rating from Hold to Buy and raised their target price from $58.00 to $70.00. Pre-market: 59.72 +0.30 (0.50%)

Ensco (ESV): JP Morgan raised their rating from Neutral to Overweight and raised their target price from $70.00 to $78.00. Pre-market: 58.29 +0.64 (1.11%)

Sony Corp (SNE): CLSA raised their rating from Underperform to Outperform. Pre-market: 21.55 -0.26 (-1.19%)

Gap Inc (GPS): BMO Capital raised their rating from Market Perform to Outperform and raised their target price from $24.00 to $34.00.

Downgrades

Sprint Nextel (S): Bernstein lowered their rating from Market Perform to Underperform and lowered their target price from $2.50 to $1.75. Pre-market: 2.76 -0.13 (-4.50%)

Coverage Initiated

YUM! Brands (YUM): Oppenheimer initiated coverage with an Outperform rating and target price of $82.00.

Pandora Media (P): Credit Suisse initiated coverage with a Neutral rating and target price of $12.00. Pre-market: 10.30 -0.02 (-0.19%)

Markets: 
Futures at 8:04: Dow -0.13%. S&P -0.13%. Nasdaq +0.22%. Crude +0.19% to $107.28. Gold -0.07% to $1654.50. 

Europe: London -0.01%. Paris -0.60%. Frankfurt -0.63%. 

Asia: Japan +0.12% to 10142. Hong Kong -0.95% to 21115. China +0.23% to 2410. India -1.10% to 17466.