David Oliver: Hard Work Personified

David Oliver: Hard Work Personified

Client David Oliver talks about his journey from struggling college grad to Olympic bronze medalist to fastest American ever in the 110m hurdles.

MORNING COFFEE

Large Banks Get Downgrades. In an expected move 15 of the largest banks had their rating downgrades by 1 to 3 notches by the rating agency Moody’s (MCO).  The only bank to receive a 3 notch downgrade was Credit Suisse (CSGN).  In the U.S. 5 of the largest banks received a downgrade.  They included Bank of America (BAC) cut one notch, to BAA2 from BAA1, Citigroup (C) cut two notches, to BAA2 from A3, Goldman Sachs (GS) cut by two notches, to A3 from A1, JPMorgan Chase (JPM) cut by two notches, to AA3 from A2,  Morgan Stanley (MS) cut by two notches, to BAA1 from A2. The downgrades will make it even harder for individuals and businesses to get loans and slow down an already slowing an economy.  Other banks downgraded included: Barclays (BCS), BNP Paribas (BNPQY), Credit Agricole, Deutsche Bank (DB),  HSBC (HSBC),  Royal Bank of Canada (RBKDF), Royal Bank of Scotland (RBS) and Societe Generale (SCGLY)

Upgrades

Watson Pharmaceuticals (WPI): Berstein raised their rating from Market Perform to Outperform and raised their target price from $80.00 to $82.00.

Coverage Initiated

PPG Industries (PPG): Robert W. Baird initiated coverage with an Outperform rating and target price of $120.00.

Sherwin-Williams (SHW): Robert W. Baird initiated coverage with a Neutral rating and target price of $13.00.

Cardinal Health (CAH): Mizuho Baird initiated coverage with a Neutral rating and target price of $99.00.

Facebook (FB): Nomura initiated coverage with a Buy rating and target price of $40.00. Pre-market: 32.33 +0.49 (1.54%)

Polo Ralph Lauren (RL): JPMorgan initiated coverage with a Neutral rating and target price of $155.00.

VF Corp (VFC): JPMorgan initiated coverage with a Overweight rating and target price of $167.00.

Downgrades

ITT Corp. (ITT): FBR Capital lowered their rating from Market Perform to Underperform and placed a target price of $15.50 on the company.

Ryder Systems (R): Wells Fargo lowered their rating from Outperform to Market Perform to and lowered their target range from $62.00-$65.00 to $41.00-$45.00. Pre-market: 36.70 -4.05 (-9.94%)

Coverage Reiterated/Price Target Changed

Celgene (CELG): Cantor Fitzgerald reiterated their Buy rating and lowered their target price from $90.00 to $73.00. Pre-market: 60.30 +0.86 (1.44%)

Celgene (CELG): The Benchmark Company reiterated their Buy rating and lowered their target price from $90.00 to $73.00. Pre-market: 60.30 +0.86 (1.44%)

Earning Reports

Darden Restaurants (DRI): Reported EPS of  $1.16 in-line with estimates. Pre-market: 48.90 -1.49 (-2.96%)

Markets:
Futures at 7:02: Dow +0.40%. S&P +0.49%. Nasdaq +0.42%. Crude +0.60% to $78.67. Gold +0.26% to $1569.50.

Europe: London -0.77%. Paris -0.39%. Frankfurt -0.58%. 

Asia: Japan -0.29%. Hong Kong -1.40%. China -1.40%. India -0.35%. 

American Exports: Gatt grabs assist in Molde's Cup win

American Exports: Gatt grabs assist in Molde's Cup win

Clients in the news: AMSTERDAM – Josh Gatt set up the opener as Norwegian champs Molde FK advanced to the NM Cupen round of 16 with a 3-2 victory over visiting Ham-Kam on Wednesday night....

U.S. women’s 100-meter hurdles contenders Kellie Wells, Joanna Hayes and Ginnie Crawford meet with media

U.S. women’s 100-meter hurdles contenders Kellie Wells, Joanna Hayes and Ginnie Crawford meet with media

Three of the fastest women in the 100m hurdles event sat down with media Wednesday afternoon to talk about how they are preparing for their race here in Track Town, as the start of the 2012 Olympic Trials is just days away.... 

Giving Away a Silver Medal

Clients in the News: This was sportsmanship at its finest, I am very proud of Shawn 
Giving Away a Silver Medal

Coca-Cola Invites Consumers to Get "On the Go with D.O."

You may have already seen David Oliver’s TD Ameritrade commercials or his Coca-Cola commericals and posters. Now he has a coke can with his image on it and a new "On the Go with D.O." promotion.

Coca-Cola Invites Consumers to Get "On the Go with D.O."

MORNING COFFEE

Microsoft Mobile 8 gains traction. Microsoft (MSFT) seems to be gaining traction within the industry after getting positive reviews of its new mobile OS Windows Phone 8.  AT&T (T), T-Mobile (DTEGF), and Verizon (VZ) will support the new OS. Additionally manufactures Huawei, HTC, Nokia (NOK) and Samsung (SSNFL) will produce new phone using the Windows Phone 8 OS. The questions remain whether consumers will leave their iPhones and Droids for a Windows phone. Pre-market: 30.97 +0.04 (0.13%)

Upgrades

Xylem (XYL): Janney Capital raised their rating from Neutral to Buy and placed a target price of $32.00 on the company.

TJX Cos. (TJX): Wells Fargo raised their rating from Market Perform to Outperform and raised their target range from $42.00-$45.00 to $48.00-$51.00. Pre-market: 43.51 +0.40 (0.93%)

Coverage Initiated

Automatic Data Processing (ADP): Susquehanna initiated coverage with a Positive rating and target price of $67.00.

Facebook (FB): Argus initiated coverage with a Hold rating. Pre-market: 31.60 0.00 (0.00%)

National Oilwell (NOV): HSBC Securities initiated coverage with an Overweight rating and target price of $97.00. Pre-market: 67.10 +0.05 (0.07%)

Southwest Air (LUV): Imperial Capital initiated coverage with an In-line rating and target price of $10.00. Pre-market: 9.39 +0.08 (0.86%)

Invesco (IVZ): Argus initiated coverage with a Buy rating and target price of $28.00.

Downgrades

Zumiez (ZUMZ): Roth Capital lowered their rating from Buy to Neutral and placed a target price of $44.00 on the company.

Under Armour (AU): UBS lowered their rating from Buy to Neutral and placed a target price of $105.00 on the company. Pre-market: 102.00 -3.18 (-3.02%)

Quicksilver (ZQK): Roth Capital lowered their rating from Buy to Neutral and placed a target price of $3.00 on the company.

Earning Reports

Bed Bath & Beyond (BBBY): Reported EPS of $0.89 beating estimates by +$0.05. Pre-market: 65.75 -7.92 (-10.75%)

Micron (MU): Reported EPS of -$0.32 missing estimates by -$0.12. Pre-market: 6.02 -0.10 (-1.63%)

CarMax (KMX): Reported EPS of $0.52 missing estimates by $0.01. After Hours: 28.00 +0.10 (0.36%)

ConAgra (CAG): Reported EPS of $0.51 beating estimates by $0.01. Pre-market: 24.88 +0.28 (1.14%)

Rite Aid (RAD): Reported EPS 0f -$0.03 in-line with estimates. Pre-market: 1.23 +0.06 (5.13%)

Markets: 
Futures at 7:36: Dow +0.02%. S&P +0.06%. Nasdaq -0.02%. Crude -0.72% to $80.86. Gold -1.11% to $1597.90.

Europe: London -0.36%. Paris +0.10%. Frankfurt +0.20%. 

Asia: Japan +0.82%. Hong Kong -1.30%. China -1.40%. India +0.80%. 

NEWS FLASH

NEWS FLASH: President Obama has granted Attorney General Eric Holder executive privilege on the documents requested in the Fast & Furious investigation.

NEWS FLASH

Attorney General Eric Holder has just delivered a letter to President Obama requesting "Executive Privilege" on the requested documents relating to the illegal Fast & Furious investigation.  If granted it would prevent Contempt of Congress charges due to be voted on at 10:00AM today.

MORNING COFFEE

Attorney General Eric Holder to Face Contempt Vote. After over a year of stonewalling, Attorney General Eric Holder had one last meeting with Rep. Darrell Issa, Chairman of the House Committee on Oversight and Government Reform and once again he didn’t produce the documents subpoenaed by the committee.  Prior to the meeting Rep. Issa also requested a list of the documents that the Justice Departed didn’t want to produce, saying that they were not relevant to the investigation.  Eric Hold also refused to produce a list of those documents.

The committee has been investigating Fast & Furious which allowed guns to be purchased illegally and then allowed the drug cartels to bring the guns illegally into Mexico be used in their war against the Mexican government.  Many of the weapons from Fast & Furious have found at some of the bloodiest crime scenes.

The entire program was reviled after a whistleblower from Bureau of Alcohol, Tobacco, Firearms and Explosives came forward when one of the Fast & Furious guns was used to kill U.S. Border Patrol Agent Brian Terry.

Some believe that the Fast & Furious was designed by the White House as a way to sway public opinion against guns so the government could ban or severely change the current gun laws. To back their opinion, those that believe this point out that Attorney General Eric Holder in a speech said we need to “brainwash people into thinking about guns in a vastly different way”. President Obama also told Sarah Brady from the Brady Campaign, an anti-gun organization, that he was working “under the radar” on gun control.  Additionally, President Obama used Fast & Furious to force what some believe is an illegal gun registration scheme upon U.S. citizens in Texas, California, Arizona and New Mexico do to their proximity to Mexico.

Rep. Darrell Issa and the House Committee on Oversight and Government Reform will meet today at 10:00AM ET.  Barring a last-minute document dump from Attorney General Eric Holder, lawmakers will vote on contempt of Congress charges following debate.  


Lockheed Martin Fears Tax/Spending Cut Bomb. 

Lockheed Martin (LMT) CEO Bob Stevens warned that Lockheed may face hundreds of millions of dollars in business claims from suppliers if the defense spending cuts take effect in January. He went on to say that the near-term industry horizon is "completely obscured by a fog of uncertainty," calling it a "fiction" that the U.S. defense industry could survive the cuts.

Recently even defense secretary Leon Panetta testified before the Senate referring to the $500 billion in defense spending cuts said "It was designed as a meat ax. It was designed to be a disaster. Because the hope was, because it's such a disaster, that Congress would respond and do what was right. And so I'm just here to tell you, yes, it would be a disaster," Panetta said. In prior testimony he also said that the sweeping cuts could weaken the military substantially, and invite "aggression" abroad which could lead to war. 

Upgrades

Choice Hotels (CHH): Robert W. Baird raised their rating from Underperform to Neutral and raised their target price from $36.00 to $38.00.

Downgrades

Cirrus Logic (CRUS): Needham lowered their rating from Strong Buy to Buy and maintained their target price of $35.00. Pre-market: 30.12 -0.22 (-0.73%)

Coverage Initiated

United Health (UNH): Cantor Fitzgerald initiated coverage with a Buy rating and target price of $70.00. After Hours: 60.24 -0.02 (-0.04%)

Coverage Reiterated/Price Target Changed

Google (GOOG): The Benchmark Company reiterated their Hold rating and lowered their target price from $650.00 to $615.00. Pre-market: 579.00 -2.53 (-0.44%)

Earning Reports

Adobe Systems (ADBE): Reported EPS of $0.60 beating estimates by $0.01. Pre-market: 31.00 -1.89 (-5.75%)

Jabil Circuit (JBL): Reported EPS of $0.64 in-line with estimates. After Hours: 19.80 +0.38 (1.96%)

La-Z-Boy (LZB): Reported EPS of $0.37 beating estimates by +$0.11. After Hours: 13.70 +0.57 (4.34%)

Markets: 
Futures at 7:30: Dow +0.24%. S&P +0.24%. Nasdaq +0.38%. Crude -0.01% at to $84.02. Gold -0.60% to $1613.50.

Europe: London +0.58%. Paris -0.04%. Frankfurt +0.23%.

Asia: Japan +1.11%. Hong Kong +0.53%. China -0.34%. India +0.22%. 

Williams named USATF Athlete of the Week

INDIANAPOLIS - RL Paler client Jesse Williams has been named USA Track & Field’s Athlete of the Week after winning the high jump and establishing a meet record over the weekend at the Adidas Grand Prix in New York.

Williams’ jump of 2.36m/7-8.75 is the second highest jump in the world this year and....

Williams named USATF Athlete of the Week

The Quest For London: Erica McLain

RL Paler client and Stanford 2008 grad has overcome a devastating injury to have a great shot at her second Olympics.

STANFORD, Calif. -- Erica McLain ('08) was a three-time NCAA Champion for the Cardinal and an Olympian in Beijing following her senior year. She was developing into the top triple jumper in the U.S. and one of the best in the world

The Quest For London: Erica McLain

MORNING COFFEE

Microsoft Announces New Tablet.  In a hastily announced press conference yesterday, Microsoft announced that they would produce their first tablet computer line called Surface.

The device will run Microsoft’s new Windows 8 operating system and be 9.3mm thick, weigh 1.5 lbs, have a 10.6" display, and will come with Office built-in. The tablet will also have a cover that acts as a keyboard with a touchpad. 

This will be a test for the company that has lost ground against both Apple (AAPL) and Google (GOOG) in the tablet and mobile phone wars.  It’s also a risky move, since this will be the first time Microsoft will compete directly against other PC / tablet manufactures that plan on using Windows 8 in their devices.

Upgrades

Watson Pharmaceuticals (WPI): Goldman Sachs raised their rating from Buy to Conviction Buy and placed a target price of $87.00 on the company.

Baxter International (BAX): Goldman Sachs raised their rating from Buy to Conviction Buy and placed a target price of $64.00 on the company.

Nokia Corp (NOK): Avian raised their rating from Neutral to Positive.

Oracle (ORCL): CLSA raised their rating from Underperform to Outperform and placed a target price of $32.00 on the company.

Coverage Initiated

Motorola Solutions (MSI): Northcoast initiated coverage with a Buy rating and target price of $58.00.

Expeditors International (EXPD): Avondale initiated coverage with a Market Perform rating and target price of $42.00.

Forward Air (FWRD): Avondale initiated coverage with a Market Perform rating and target price of $35.00.

Downgrades

Expedia (EXPE): Piper Jaffray lowered their rating from Overweight to Neutral and maintained their target price of $53.00 on the company.

Volvo (VOLVY): HSBC Securities lowered their rating from Overweight to Neutral.

Brinker International (EAT): Raymond James lowered their rating from Strong Buy to Outperform and placed a target price of $35.00 on the company.

Earning Reports

Oracle (ORCL): Reported EPS of $0.82 beating estimates by +$0.04.

FedEx (FDX): Reported EPS of $1.99 beating estimates by +$0.05.

Walgreen’s (WAG): Reported EPS of $0.62 missing estimates by -$0.01.

Markets: 
Futures at 7:29: Dow +0.19%. S&P +0.38%. Nasdaq +0.50%. Crude +0.45% to $83.62. Gold +0.25% to $1630.50. 

Europe: London +6.27%. Paris +0.63%. Frankfurt +0.92%. 

Asia: Japan -0.75%. Hong Kong -0.06%. China -0.66%. India +0.92%. 

MORNING COFFEE

Greek Rally Short Lived. Over the weekend the world waited as Greek citizens went to the poles.  In the end, Greece's New Democracy party won 129 seats in the 300-seat parliament.  Now they need to attempt to form a coalition.  After the election the two pro-bailout parties hold 162 seats, providing a majority of 24 over the anti-austerity and anti-bailout party, that many feared would cause Greece to leave the EU if they gained a majority.

Markets initially rose on the news, but the party was short lived as yields on Spain's 10-year bonds rose +24 bps to an unsustainable 7.11%.  The jump in yields was caused by a report that showed that non-performing loans held by the Spain's banks hit an 18-year high of 8.72% in April. In Italy yields are up +10.6 bps to 6.03%.

Upgrades

International Game Technology (IGT): CLSA raised their rating from Outperform to Buy and raised their target price from $18.00 to $18.40.

St Jude Medical (STJ): Lazard Capital raised their rating from Neutral to Buy. Pre-market: 35.99 +0.44 (1.24%)

KeyCorp (KEY): Evercore raised their rating from Underweight to Equal Weight.

Regions Financial (RF): Evercore raised their rating from Equal Weight to Overweight.

EOG Resources (EOG): UBS raised their rating from Neutral to Buy and raised their target price from $115.00 to $120.00.

Coverage Initiated

Fastenal Co. (FAST): Longbow initiated coverage with a Neutral rating.

eBay Inc. (EBAY): Keefe Bruyette initiated coverage with an Outperform rating and target price of $50.00. Pre-market: 40.86 +0.19 (0.47%)

Downgrades

Noble Corp (NE): Raymond James lowered their rating from Strong Buy to Outperform and lowered their target price from $46.00 to $40.00.

ENSCO PLC (ESV): Raymond James lowered their rating from Strong Buy to Outperform and lowered their target price from $65.00 to $56.00. Pre-market: 43.50 -0.35 (-0.80%)

City National Corp (CYN): Evercore lowered their rating from Overweight to Equal Weight.

Tractor Supply (TSCO): KeyBanc lowered their rating from Buy to Hold.

Celgene (CELG): RBC Capital lowered their rating from Outperform to Sector Perform and lowered their target price from $74.00 to $72.00.

Markets: 
Futures at 7:19: Dow -0.27%. S&P -0.37%. Nasdaq -0.04%. Crude -0.88% to $83.29. Gold -0.26% to $1623.90. 

Europe: London +0.28%. Paris -0.10%. Frankfurt +0.61%. 

Asia: Japan +1.77%. Hong Kong +1.01%. China +0.40%. India -1.44%. 

MORNING COFFEE

Market Futures Higher Prior to Greek Elections.  U.S. stock futures are higher as the whole world holds its breath prior to the Greek elections on Sunday.  In what may be called Europe’s Lehman Brothers moment, a negative outcome could cause Greece to withdrawal from the EU and send Europe into chaos.  To prevent this from occurring World Central banks are preparing for coordinated action to provide liquidity if needed.   In a move sure to upset U.S. voters, word has it the U.S. tax payers will also be helping out with Europe’s bailout.  The massive bailout could put off any contagion, but would not solve the debt problem. 

It appears that it’s now a no win situation.  If Europe implodes the effect will certainly hurt the world economy and some are even saying it would cause a worldwide depression.  If the elections go well and more austerity measures are put into place it would also slow down the economy.  In a nutshell neither option is going to stimulate world economies.

Upgrades

International Game Technology (IGT): Bank of America / Merrill Lynch raised their rating from Underperform to Neutral and raised their target price from $14.00 to $16.00. Pre-market: 15.27 +0.15 (0.99%)

Oracle (ORCL): ThinkEquity raised their rating from Hold to Buy and raised their target price from $28.00 to $32.00. Pre-market: 27.09 +0.18 (0.67%)

Coverage Initiated

Kinder Morgan (KMI): Goldman Sachs initiated a Buy rating and target price of $37.00 on the company. After Hours: 31.41 -0.06 (-0.18%)

Agilent Technologies (A): Citigroup initiated a Buy rating and target price of $46.00 on the company.

Downgrades

Exelon Corp (EXC): Atlantic Equities lowered their rating from Overweight to Neutral and lowered their target price from $59.00 to $37.00. After Hours: 37.65 -0.14 (-0.38%)

Nokia (NOK): Credit Suisse lowered their rating from Outperform to Neutral and lowered their target price from $4.50 to $2.00. Pre-market: 2.41 +0.06 (2.55%)

Nokia (NOK): Oppenheimer lowered their rating from Perform to Underperform. Pre-market: 2.41 +0.06 (2.55%)

Nokia (NOK): Citigroup lowered their rating from Neutral to Sell. Pre-market: 2.41 +0.06 (2.55%)

Markets: 
Futures at 7:08: Dow +0.45%. S&P +0.20%. Nasdaq +0.39%. Crude +0.46% to $84.33. Gold +0.31% to $1624.70. 

Europe: London +0.40%. Paris +1.60%. Frankfurt +1.36%. 

Asia: Japan +0.01% to 8569. Hong Kong +2.26% to 19234. China +0.47% to 2307. India +1.63% to 16950.