Morning Coffee Pre-Market Wall Street News

Fitch Warns of U.S. Downgrade. The rating agency Fitch has warned that if the U.S. goes off the fiscal cliff on December 31 they would strip the U.S. of its AAA rating. In a statement the company said that if a deal is not reached it "would exacerbate rather than diminish the uncertainty over fiscal policy, and tip the U.S. into an avoidable and unnecessary recession,"

Upgrades

Dunkin Brands (DNKN): Miller Tabak raised their rating from Hold to Buy and raised their target price from $34.00 to $38.00. Pre-market: 33.02 +0.20 (0.61%)

Seagate Tech (STX): Craig-Hallum raised their rating from Hold to Buy and raised their target price from $28.00 to $40.00. Pre-market: 30.00 +0.64 (2.18%)

Western Digital (WDC): Craig-Hallum raised their rating from Hold to Buy and raised their target price from $31.00 to $54.00. Pre-market: 40.10 +0.50 (1.26%)

Downgrades

Compuware (CPWR): Northland Securities lowered their rating from Outperform to Market Perform.

H & R Block (HRB): Compass Point lowered their rating from Buy to Neutral.

Wells Fargo (WFC): Evercore lowered their rating from Overweight to Equal Weight. Pre-market: 34.91 -0.05 (-0.14%)

Coverage Initiated

Baidu.com (BIDU): Maxim Group initiated coverage with a Sell rating and target price of $80.00. Pre-market: 97.21 -1.34 (-1.36%)

Target (TGT): Stifel Nicolaus initiated coverage with a Hold rating. Pre-market: 62.10 -0.18 (-0.29%)

Earning Reports

Oracle (ORCL): Reported EPS of $0.64 beating estimates by +0.03. Pre-market: 33.83 +0.95 (2.89%)

FedEx (FDX): Reported EPS of $1.50 beating estimates by +0.09. Pre-market: 93.10 +0.74 (0.80%)

General Mills (GIS): Reported EPS of $0.86 beating estimates by +0.07. Pre-market: 42.10 +0.33 

(0.79%)

Navistar (NAV): Reported EPS of -$11.54 missing estimates by -$10.46. Pre-market: 21.50 -1.35 (-5.91%)

Markets: 
Futures at 8:39: Dow +0.27%. S&P +0.33%. Nasdaq +0.35%. Crude +0.49% to $88.36. Gold -0.14% to $1668.30.

Europe: London +0.67%. Paris +0.49%. Frankfurt +0.27%. 

Asia: Japan +2.39% to 10160.4. Hong Kong +0.57% to 22623. China -0.01% at 2162. India +0.57% to 19476.