MORNING COFFEE

GM’s Volt is Out of Juice. Reports say that General Motors (GM) will halt production of its highly hyped all-electric Chevy Volt.  At this time it is unclear if it will be permanently halted. For now production will stop for about four weeks in September and October. Sales of the Volt haven't met expectations, barely hitting 10,000 in the U.S. versus expectations of 45,000. Consumers don’t like the 25-40 mile real world range of the car and are concerned about reports that the battery can catch fire. Pre-market: 21.02 -0.20 (-0.94%)

Upgrades

Eli Lilly (LLY): Atlantic Equities raised their rating from Underweight to Overweight.

Downgrades

GlaxoSmithKline (GSK): UBS lowered their rating from Buy to Neutral. Pre-market: 45.80 -0.69 (-1.48%)

Coverage Initiated

Ford Motor Co. (F): CSLA initiated coverage with an Outperform rating. Pre-market: 9.37 -0.02 (-0.21%)

Toronto-Dominion Bank (TD): Stifel Nicolaus initiated coverage with a Hold rating.

MGM Resorts (MGM): Brean Murray initiated coverage with a Hold rating. Pre-market: 10.07 -0.03 (-0.30%)

Earning Reports

PVH (PVH): Reported EPS of $1.25 beating estimates by $0.05. Pre-market: 93.35 +4.86 (5.49%)

Movado Group (MOV): Reported EPS of $0.32 beating estimates by $0.14. Pre-market: 34.64 +4.53 (15.04%)

Markets: 
Futures at 8:32 Dow -0.13%. S&P -0.23%. Nasdaq -0.13%. Crude +0.70% to $96.14. Gold -0.48% to $1667.60.

Europe: London -0.39%. Paris -1.12%. Frankfurt -0.93%. 

Asia: Japan -0.57%. Hong Kong +0.07%. China +0.85%. India -0.27%.