MORNING COFFEE

iPad 3 Pre-orders Sell Out. Apple (APPL) announced over the weekend that it has sold out of all the new iPad 3’s it had set aside for pre-order. The company also said that pre-orders would be shipped on Friday, the official launch date. Previously customers were told pre-ordered iPads would be received the same day the tablet goes on sale in stores. Pre-market: 548.35 +3.18 (0.58%)

Upgrades

Walt Disney (DIS): Janney Capital raised their rating from Neutral to Buy. Pre-market: 42.28 +0.04 (0.09%)

China Mobile (CHL): HSBC Securities raised their rating from Neutral to Overweight. Pre-market: 56.14 +0.79 (1.43%)

Hershey (HSY): Goldman Sachs raised their rating from Neutral to Buy and placed a target price of $69.00 on the company. Pre-market: 60.10 +0.61 (1.03%)

Downgrades

Time Warner (TWX): Janney Capital lowered their rating from Buy to Neutral. Pre-market: 36.40 -0.32 (-0.87%)

General Mills (GIS): Goldman Sachs lowered their rating from Conviction Buy to Neutral and placed a target price of $42.00 on the company. Pre-market: 38.19 -0.39 (-1.01%)

J.M. Smucker (SJM): Goldman Sachs lowered their rating from Buy to Neutral and placed a target price of $83.00 on the company. Pre-market: 75.44 0.00 (0.00%)

Oracle (ORCL): Jefferies lowered their rating from Buy to Hold and lowered their target price from $35.00 to $32.00. Pre-market: 29.72 -0.41 (-1.36%)

Nike (NKE): McAdams Wright Ragen lowered their rating from Hold to Sell. Pre-market: 109.10 -0.88 (-0.80%)

Coverage Initiated

United Parcel Services (UPS): Atlantic Equities initiated coverage with an Overweight rating and placed a target price of $98.00.

Allscripts (MDRX): Credit Suisse initiated coverage with an Outperform rating and placed a target price of $23.00 on the company. Pre-market: 18.61 0.00 (0.00%)

FedEx (FDX): Atlantic Equities initiated coverage with a Neutral rating and placed a target price of $107.00.

Sherwin-Williams (SHW): Nomura initiated coverage with a Buy rating and placed a target price of $137.00.

Coverage Reiterated/Price Target Changed

Nike (NKE): Stifel Nicolaus reiterated their Buy rating and raised their target price from $108.00 to $123.00. Pre-market: 109.10 -0.88 (-0.80%)

Guess? (GES): Brean Murray reiterated their Buy rating and raised their target price from $39.00 to $50.00.

Markets: 
Futures at 8:37: Dow +0.02%. S&P -0.27%. Nasdaq -0.22%. Crude -1.38% to $105.93. Gold -0.87% to $1696.87. 

Europe: London -0.23%. Paris -0.31%. Frankfurt -0.16%. 

Asia: Japan -0.40% to 9890. Hong Kong +0.23% to 21134. China -0.19% to 2435. India +0.48 at 17588.