MORNING COFFEE

Corn and Soybeans Set Record High. Earlier today in trading both corn and soybean prices reached record highs.  Corn futures hit $8.055 a bushel and benchmark soybeans hit $17.115. The central and Midwest are experiencing the worst drought since 1956 and forecast are for even higher temperatures early next week. Agriculture Secretary Tom Vilsack said "If I had a rain prayer or a rain dance I could do, I would do it." Corn (¢) 795.25 +10.00 (+1.29%), Soybeans (¢) 1620.00 +29.00 (+1.82%)

Upgrades

Dominion Resources (D): JPMorgan Chase raised their rating from Underweight to Neutral and raised their target price from $44.00 to $51.00.

News Corp (NWSA): Citigroup raised their rating from Neutral to Buy and raised their target price from $22.00 to $26.00.

Ericsson (ERIC): Societe Generale raised their rating from Sell to Neutral. Pre-market: 8.85 +0.20 (2.31%)

Downgrades

American Express (AXP): Guggenheim lowered their rating from Buy to Neutral and lowered their target price from $64.00 to $63.00. Pre-market: 57.95 -0.34 (-0.58%)

Xcel Energy (XEL): Argus lowered their rating from Buy to Hold.

U.S. Bancorp (USB): Oppenheimer lowered their rating from Outperform to Perform. Pre-market: 33.57 +0.09 (0.27%)

Earning Reports

CapitalOne (COF): Reported EPS of $0.16 missing estimates by -$1.16. Pre-market: 55.50 +0.61 (1.11%)

eBay (EBAY): Reported EPS of $0.56 beating estimates by +$0.01. Pre-market: 43.28 +2.82 (6.97%)

IBM (IBM): Reported EPS of $3.51 beating estimates by +$0.08. Pre-market: 192.81 +4.56 (2.42%)

Qualcomm (QCOM): Reported EPS of $0.85 missing estimates by -$0.01. Pre-market: 58.88 +2.83 

(5.05%)

Yum! Brands (YUM): Reported EPS of $0.67 missing estimates by +$0.03. Pre-market: 64.00 -1.55 (-2.36%)

Morgan Stanley (MS): Reported EPS of $0.28 missing estimates by -$0.05. Pre-market: 13.33 -0.66 (-4.72%)

Nokia (NOK): Reported EPS of -$0.08 beating estimates by +$0.01. Pre-market: 1.96 +0.23 (13.29%)

Novartis AG (NVS): Reported EPS of $1.38 beating estimates by +$0.05. Pre-market: 57.34 +0.98 (1.74%)

PPG Industries (PPG): Reported EPS of $2.36 beating estimates by +$0.01. Pre-market: 111.00 +6.81 (6.54%)

Union Pacific (UNP): Reported EPS of $2.10 beating estimates by +$0.14. Pre-market: 121.30 +2.70 (2.28%)

UnitedHealth (UNH): Reported EPS of $1.27 beating estimates by +$0.17. Pre-market: 57.50 +1.15 (2.04%)

Verizon (VZ): Reported EPS of $0.64 in-line with estimates. Pre-market: 45.15 -0.74 (-1.61%)

Markets: 
Futures at 7:43: Dow +0.50%. S&P +0.54%. Nasdaq +0.73%. Crude +1.42% to $91.15. Gold +0.95% to $1585.80.

Europe: London +0.30%. Paris +0.90%. Frankfurt +1.15%. 

Asia: Japan +0.79%. Hong Kong +1.66%. China +0.73%. India +0.55%.