Morning Coffee Pre-Market Wall Street News

The Fed Approves 14 Capital Return Plans. The Federal Reserve has approved the capital return plans of 14 banks of the largest 18 banks. The two that where rejected are Ally Bank and BB&T (BBT). The Fed also gave their conditional approval to Goldman Sachs (GS) and JPMorgan (JPM).  The two banks were told to resubmit their programs by the end of Q3 and "address weaknesses in their capital planning processes."

Upgrades

Best Buy (BBY): RBC Capital raised their rating from Sector Perform to Outperform and raised their target price from $16.00 to $27.00. Pre-market: 21.62 +0.12 (0.56%)

Novartis (NVS): JPMorgan raised their rating from Neutral to Overweight. Pre-market: 69.78 +0.83 (1.21%)

Downgrades

BB&T Corp (BBT): Sandler O’Neill lowered their rating from Buy to Hold. Pre-market: 30.90 -0.83 (-2.62%)

Charles Schwab (SCHW): Compass Point lowered their rating from Neutral to Sell and placed a target price of $15.00 on the company.

JB Hunt (JBHT): Bernstein lowered their rating from Outperform to Perform and placed a target price of $75.00 on the company. Pre-market: 73.40 -1.11 (-1.49%)

Transocean (RIG): Jefferies lowered their rating from Buy to Hold and lowered their target price from $57.00 to $54.00. Pre-market: 53.20 -0.56 (-1.04%)

Ulta Salon (ULTA): Oppenheimer lowered their rating from Outperform to Perform and placed a target price of $105.00 on the company. Pre-market: 75.51 -12.86 (-14.55%)

Coverage Initiated

Akamai Tech (AKAM): Maxim Group initiated coverage with a Buy rating and target price of $44.00. Pre-market: 35.35 +0.69 (1.99%)

Earning Reports

Aeropostale (ARO): Reported EPS of $0.24 beating estimates by +$0.01. Pre-market: 13.51 -1.00 (-6.89%)

Krispy Kreme (KKD): Reported EPS of $0.11 in-line with estimates. Pre-market: 14.20 -0.75 (-5.02%)

Molycorp (MCP): Reported EPS of -$0.45 missing estimates by -$0.15. Pre-market: 6.17 +0.18 (3.01%)

Ulta Salon (ULTA): Reported EPS of $1.00 beating estimates by +$0.02. Pre-market: 75.51 -12.86 (-14.55%)

Zumiez (ZUMZ): Reported EPS of $0.75 beating estimates by +$0.02.

Markets: 
Futures at 8:38: Dow +0.02%. S&P +0.01%. Nasdaq +0.12%. Crude +0.63% to $93.61. Gold +0.15% at $1593.10.

Europe: London -0.46%. Paris -0.70%. Frankfurt -0.11%. 

Asia: Japan +1.45% to 12561. Hong Kong -0.38% to 22533. China +0.36% to 2278. India -0.73% to 19428.