Morning Coffee Pre-Market Wall Street News

Apple Shares Under Pressure. Apple's (AAPL) shares are under pressure following reports that the company has reduced iPhone 5 component orders due to weaker demand. Reports say that orders for displays have been cut by 50% to 32.5 million units from 65 million units. Pre-market: 506.42 -13.88 (-2.67%)

Upgrades

Cisco Systems (CSCO): Robert W. Baird raised their rating from Neutral to Outperform and raised their target price from $21.00 to $25.00. Pre-market: 20.68 +0.20 (0.98%)

Cisco Systems (CSCO): William Blair raised their rating from Market Perform to Outperform. Pre-market: 20.68 +0.20 (0.98%)

DuPont (DD): Macquarie raised their rating from Neutral to Outperform and raised their target price from $50.000 to $55.00. Pre-market: 46.34 +0.19 (0.41%)

Deere (DE): JPMorgan raised their rating from Underweight to Neutral and raised their target price from $80.00 to $90.00. Pre-market: 90.25 +0.63 (0.70%)

MetroPCS (PCS): Raymond James raised their rating from Market Perform to Outperform and placed a target price of $12.00 on the company. Pre-market: 9.66 +0.12 (1.26%)

Facebook (FB): Deutsche Bank raised their rating from Hold to Buy. Pre-market: 32.14 +0.42 (1.32%)

Norfolk Southern (NSC): Deutsche Bank raised their rating from Hold to Buy.

Downgrades

Wells Fargo (WFC): Oppenheimer lowered their rating from Outperform to Perform. Pre-market: 34.89 -0.21 (-0.60%)

Verizon (VZ): UBS lowered their rating from Buy to Neutral and lowered their rating from $48.00 to $44.00. Pre-market: 42.90 -0.40 (-0.92%)

American Express (AXP): Goldman Sachs lowered their rating from Buy to Neutral and maintained their target price of $65.00 on the company. Pre-market: 60.65 -0.59 (-0.96%)

IBM (IBM): JPMorgan lowered their rating from Overweight to Neutral and lowered their target price from $215.00 to $197.00. Pre-market: 192.40 -2.05 (-1.05%)

Zimmer Holdings (ZMH): Lazard Capital lowered their rating from Buy to Hold. Pre-market: 70.54 -0.63 (-0.89%)

Old Dominion Freight (ODFL): Deutsche Bank lowered their rating from Buy to Hold and lowered their target price from $0.00 to $36.00.

Sprint Nextel (S): JPMorgan lowered their rating from Overweight to Neutral and maintained a target price of $6.00 on the company. Pre-market: 5.82 -0.10 (-1.69%)

Coverage Reiterated/Price Target Changed

Celgene (CELG): Cantor Fitzgerald reiterated their Buy rating and raised their target price from $96.00 to $115.00. Pre-market: 96.50 +0.20 (0.21%)

Markets: 
Futures at 7:04: Dow +0.02%. S&P -0.08%. Nasdaq -0.34%. Crude +0.44% to $93.97. Gold +0.49% to $1668.70.

Europe: London +0.02%. Paris +0.29%. Frankfurt +0.43%. 

Asia: Japan closed. Hong Kong +0.64% to 23413. China +3.06% to 2312. India +1.23% to 19906.