MORNING COFFEE

U.S. Economy Expected to Slow. GDP figures are due to be released this morning, with economists forecasting that Q1 growth slowed to an annual rate of 2.5% from 3% in Q4

S&P Downgrades Spain. The rating agency S&P cut Spain’s credit rating two notches to BBB+ from A.  They also put a negative outlook on the country’s debt, saying the country's "budget trajectory will likely deteriorate against a background of economic contraction in contrast with our previous projections." The unemployment rate in Spain also rose to 24.4% in Q1 from 22.9% in Q4, marking the highest rate in 18 years.

Upgrades

UPS (UPS): Raymond James raised their rating from Outperform to Strong Buy and raised their target price from $85.00 to $95.00. Pre-market: 78.50 +0.25 (0.32%)

ResMed (RMD): Feltl & Co. raised their rating from Hold to Buy and placed a target price of $38.00 on the company. Pre-market: 34.40 +2.35 (7.33%)

JetBlue Airways (JBLU): Dahlman Rose raised their rating from Sell to Hold. Pre-market: 4.65 0.00 (0.00%)

Oceaneering International (OII): Capital One raised their rating from Neutral to Add and placed a target price of $57.00 on the company. Pre-market: 51.28 +0.60 (1.18%)

Downgrades

Allscripts (MDRX): Caris lowered their rating from Buy to Average. Pre-market: 9.51 -6.51 (-40.64%)

Old Dominion (ODFL): Raymond James lowered their rating from Outperform to Market Perform. Pre-market: 45.51 0.00 (0.00%)

MetroPCS (PCS): National Securities lowered their rating from Buy to Neutral. Pre-market: 7.08 0.00 (0.00%)

MetroPCS (PCS): Argus lowered their rating from Buy to Hold. Pre-market: 7.08 0.00 (0.00%)

MetroPCS (PCS): Canaccord Genuity lowered their rating from Buy to Hold and lowered their target price from $16.00 to $9.00. Pre-market: 7.08 0.00 (0.00%)

Celgene (CELG): Bank of America / Merrill Lynch lowered their rating from Buy to Neutral and lowered their target price from $87.00 to $80.00. Pre-market: 73.01 +0.09 (0.12%)

Coverage Initiated

Dycom Industries (DY): Raymond James initiated coverage with an Outperform rating and target price of $25.00.

Las Vegas Sands (LVS): Imperial Capital initiated coverage with an In-Line rating. Pre-market: 57.10 +0.13 (0.23%)

Earning Reports

Allscripts (MDRX): Reported EPS of $0.12 missing estimates by -$0.12. Pre-market: 9.51 -6.51 (-40.64%)

Amazon.com (AMZN): Reported EPS of $0.28 beating estimates by +0.21.

Coinstar (CSTR): Reported EPS of $1.39 missing estimates by -$0.03.

Deckers Outdoor (DECK): Reported EPS of $0.20 missing estimates by -$0.05.

Eastman Chemical (EMN): Reported EPS of $1.22 beating estimates by +$0.10.

Expedia (EXPE): Reported EPS of $0.26 beating estimates by +$0.10.

MetLife (MET): Reported EPS of $1.37 beating estimates by +$0.11.

Starbucks (SBUX): Reported EPS of $0.40 beating estimates by +$0.01.

Western Digital (WDC): Reported EPS of $2.52 beating estimates by +$0.97.

Markets: 
Futures at 9:00: Dow +0.24%. S&P +0.32%. Nasdaq +0.51%. Crude -0.01% to $104.54. Gold +0.21% to $1664.10. 

Europe: London +0.61%. Paris +1.41%. Frankfurt +1.06%.

Asia: Japan -0.43% to 9520. Hong Kong -0.33% to 20741. China -0.35% to 2396. India -0.02% to 17134.