MORNING COFFEE

Warren Buffett Sells Intel. In a regulatory filing Warren Buffett’s company Berkshire Hathaway (BRK.A/BRK.B) reported that he made several changes to the company’s investment portfolio. The biggest change was the sale on the entire 7.7 million holding of Intel (INTC) after purchasing the shares just nine months ago. Other changes included reduced its holdings in Johnson & Johnson (JNJ), Kraft (KFT) and Procter & Gamble (PG). Additions to the portfolio included purchasing National Oilwell Varco (NOV) and Phillips 66 (PSX).

Downgrades

Sturm Ruger & Co (RGR): Keybank Capital Markets lowered their rating from Hold to Underweight and placed a target price of $40.00 on the company. Pre-market: 44.01 -4.07 (-8.47%)

Smith & Wesson (SWHC): Keybank Capital Markets lowered their rating from Buy to Hold.

Coverage Initiated

Qualcomm (QCOM): Evercore re-initiated coverage with an Overweight rating and target price of $85.00. After Hours: 62.47 +0.08 (0.13%)

Nokia (NOK): Evercore re-initiated coverage with an Equal-Weight rating and target price of $3.00. Pre-market: 2.58 +0.09 (3.61%)

Research In Motion (RIMM): Evercore re-initiated coverage with an Equal-Weight rating and target price of $8.00. After Hours: 7.61 +0.05 (0.66%)

Joy Global (JOY): SunTrust re-initiated coverage with a Buy rating and target price of $70.00. Pre-market: 54.00 -0.58 (-1.06%)

Earning Reports

Bob Evans (BOBE): Reported EPS of $0.58 missing estimates by -$0.02.

Jack Henry (JKHY): Reported EPS of $0.50 beating estimates by +$0.04.

JDS Uniphase (JDSU): Reported EPS of $0.15 beating estimates by +$0.03. Pre-market: 11.00 +0.32 (3.00%)

Abercrombie & Fitch (ANF): Reported EPS of $0.19 beating estimates by +$0.02. Pre-market: 33.33 +1.00 (3.09%)

Deere (DE): Reported EPS of 1.98 missing estimates by -$0.34. Pre-market: 76.00 -4.13 (-5.15%)

Staples (SPLS): Reported EPS of $0.22 in-line with estimates. Pre-market: 11.67 -1.78 (-13.27%)

Markets: 
Futures at 7:00: Dow -0.12%. S&P -0.21%. Nasdaq -0.14%. Crude -0.36% to $93.09. Gold -0.32% to $1597.10.

Europe: London -0.46%. Paris -0.34%. Frankfurt -0.69%. 

Asia: Japan -0.05%. Hong Kong -1.18%. China -1.10%. India +0.54%.