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.