MORNING COFFEE

World Markets Rally.  Global markets continue to rally after the Federal Reserve announced that they would buy $40 billion of mortgage-backed securities a month until unemployment improves. The Fed is also printing $85 billion a month in new dollars. The news immediately sent the dollar lower and hurt the Treasury market and sent commodity prices higher.  The Feds QE3 asset purchase program is open-ended, which means it could last for a long time.  The question remains will QE3 work, or will there be a QE4 in the future?

Downgrades

Comerica (CMA): Stifel Nicolaus lowered their rating from Hold to Sell. Pre-market: 32.77 -0.33 (-1.00%)

Verizon (VZ): Stifel Nicolaus lowered their rating from Buy to Hold. Pre-market: 45.43 -0.15 (-0.33%)

AT&T (T): Stifel Nicolaus lowered their rating from Buy to Hold. Pre-market: 38.05 -0.10 (-0.26%)

Western Digital (WDC): FBN Securities lowered their rating from Outperform to Sector Perform and maintained their target price of $45.00. Pre-market: 43.60 +1.02 (2.40%)

Synaptics (SYNA): Lazard Capital lowered their rating from Buy to Neutral. Pre-market: 26.31 -0.49 (-1.83%)

Viacom (VIAB): Evercore lowered their rating from Overweight to Equal Weight. Pre-market: 51.75 -0.51 (-0.98%)

Coverge Initiated

Autodesk (ADSK): Wedbush initiated coverage with a Neutral rating and target price of $36.00.

Laboratory Corp (LH): Credit Suisse initiated coverage with a Neutral rating and target price of $95.00.

Cognizant Technology (CTSH): Credit Suisse initiated coverage with a Neutral rating and placed a target price of $75.00 on the company.

Markets: 
Futures at 6:45: Dow +0.44%. S&P +0.32%. Nasdaq +0.35%. Crude +1.22% to $99.48. Gold +0.02% to $1772.20.

Europe: London +1.32%. Paris +1.80%. Frankfurt +1.16%. 

Asia: Japan +1.83%. Hong Kong +2.90%. China +0.64%. India +2.46%.