Morning Coffee Pre-Market Wall Street News

Pfizer Misses Earnings Estimates. Drug manufacturer Pfizer (PFE) reported Q1 earnings of $0.54 per share on revenue of $13.5B. Wall Street analysts had expected the company to report EPS of $0.55 on revenue of $14.1B. Ian Read, Chairman and CEO said “We are clearly seeing the benefits of the investments we’ve been making in our innovative core, as evidenced by recent key product launches, including Eliquis, Xeljanz and various oncology products.” Pre-market: 29.36 -1.07 (-3.52%)

Upgrades

Best Buy (BBY): Deutsche Bank raised their rating from Hold to Buy and raised their target price from $17.00 to $28.00.

Chart Industries (GTLS): Morgan Stanley raised their rating from Equal Weight to Overweight and placed a target price of $110.00 on the company.

Deutsche Bank (DB): Santander raised their rating from Underweight to Hold. Pre-market: 45.63 +1.78 (4.06%)

Deutsche Bank (DB): RBC Capital raised their rating from Sector Perform to Outperform. Pre-market: 45.63 +1.78 (4.06%)

Deutsche Bank (DB): Normura raised their rating from Reduce to Neutral. Pre-market: 45.63 +1.78 (4.06%)

Deutsche Bank (DB): JPMorgan raised their rating from Neutral to Overweight. Pre-market: 45.63 +1.78 (4.06%)

Deutsche Bank (DB): Credit Suisse raised their rating from Underperform to Neutral. Pre-market: 45.63 +1.78 (4.06%)

Occidental Petroleum (OXY): Deutsche Bank raised their rating from Hold to Buy and raised their target price from $90.00 to $112.00. Pre-market: 88.40 +0.54 (0.61%)

Downgrades

Buffalo Wild Wings (BWLD): Sterne Agee lowered their rating from Buy to Neutral. Pre-market: 92.00 -2.33 (-2.47%)

Buffalo Wild Wings (BWLD): KeyBanc lowered their rating from Buy to Hold. Pre-market: 92.00 -2.33 (-2.47%)

Plum Creek (PCL): DA Davidson lowered their rating from Neutral to Underperform and maintained their target price of $47.00. Pre-market: 53.19 -0.11 (-0.21%)

Coverage Initiated

Akamai (AKAM): MKM Partners initiated coverage with a Buy rating and target price of $60.00. After Hours: 42.95 -0.08 (-0.19%)

Pandora Media (P): RBC Capital initiated coverage with a Sector Perform rating and target price of $16.00. Pre-market: 13.90 +0.08 (0.58%)

Earning Reports

Aetna (AET): Reported EPS of $1.50 beating estimates by +$0.12.

BP (BP): Reported EPS of $1.32 beating estimates by +$0.22. Pre-market: 43.92 +1.29 (3.03%)

Buffalo Wild Wings (BWLD): Reported EPS of $0.87 missing estimates by -$0.16. Pre-market: 92.00 -2.33 (-2.47%)

Domino's Pizza (DPZ): Reported EPS of $0.59 beating estimates by +$0.04. Pre-market: 53.95 +1.00 (1.89%)

Express Scripts (ESRX): Reported EPS of $0.99 beating estimates by +$0.02. Pre-market: 59.90 +1.46 (2.50%)

Herbalife (HLF): Reported EPS of $1.27 beating estimates by +$0.21. Pre-market: 39.40 +0.65 (1.68%)

Invesco (IVZ): Reported EPS of $0.52 beating estimates by +$0.05.

Office Depot (ODP): Reported EPS of $0.00 missing estimates by -$0.05. Pre-market: 3.75 +0.05 (1.35%)

Pfizer (PFE): Reported EPS of $0.54 missing estimates by -$0.01. Pre-market: 29.36 -1.07 (-3.52%)

Plum Creek (PCL): Reported EPS of $0.35 beating estimates by +$0.03. Pre-market: 53.19 -0.11 (-0.21%)

Starwood Hotels (HOT): Reported EPS of $0.76 beating estimates by +$0.23. Pre-market: 63.80 +1.34 (2.15%)

United States Steel (X): Reported EPS of -$0.35 missing estimates by -$0.15. Pre-market: 17.25 -0.29 (-1.65%)

Vishay (VSH): Reported EPS of $0.18 beating estimates by +$0.07. Pre-market: 13.25 +0.46 (3.60%)

Markets: 
Futures at 7:06: Dow -0.01%. S&P -0.11%. Nasdaq -0.01%. Crude -0.15% to $94.35. Gold +0.34% to $1472.30.

Europe: London -0.14%. Paris -0.10%. Frankfurt +0.58%. 

Asia: Japan -0.17% to 13860. Hong Kong +0.69% to 22737. China: Closed. India +0.60% to 19504. 

Republic Services (RSG) - Rating Change

Republic Services Inc (RSG) - Rating change S&P raised their rating from 3 stars to 4 stars.

Current Price $34.31 Today's Change +1.06 (3.19%) 52 Week Range $25.15 - $34.54 Average Volume (10-day) 1.7M EPS (TTM) $1.55 P/E Ratio 22.09x Shares Outstanding 361.3M Market Cap ($) 12.4B Beta 0.8236

Walt Disney (DIS) - rating change

UBS raised their rating from Neutral to Buy and raised their target price from $55.00 to $72.00. Pre-market: 62.55 +0.68 (1.10%)

Morning Coffee Pre-Market Wall Street News

Economic Confidence Falls in Europe. For the second straight month economic confidence fell in the EU. Across the EU, sectors ranging from industry to retail trade showed falling confidence. The Economic Sentiment Indicator for the 17-country euro zone fell 1.5 percentage points to 88.6. Economist had estimated that the report would come in at 89.3. The new reading is the lowest in five months. Wall Street traders are now looking for the European Central Bank to lower the refi rate from 0.75% to 0.70%, a record low.

Upgrades

Abercrombie & Fitch (ANF): Macquarie raised their rating from Neutral to Outperform and raised their target price from $50.00 to $63.00.

Flir Systems (FLIR): JPMorgan raised their rating from Underweight to Neutral and maintained their target price of $26.50. Pre-market: 24.06 +0.31 (1.33%)

Republic Services (RSG): S&P raised their rating from 3 stars to 4 stars.

SunTrust Banks (STI): FBR Capital raised their rating from Market Perform to Outperform and raised their target price from $30.00 to $37.00.

Tenet Healthcare (THC): Robert W. Baird raised their rating from Neutral to Outperform and raised their target price from $41.00 to $51.00. Pre-market: 41.56 +0.40 (0.97%)

Walt Disney (DIS): UBS raised their rating from Neutral to Buy and raised their target price from $55.00 to $72.00. Pre-market: 62.55 +0.68 (1.10%)

Downgrades

AB InBev (BUD): Bernstein lowered their rating from Outperform to Market Perform. Pre-market: 95.39 +1.26 (1.34%)

BASF (BASFY): Credit Suisse lowered their rating from Outperform to Neutral.

Ecolab (ECL): Robert W. Baird lowered their rating from Outperform to Neutral. Pre-market: 82.90 -0.04 (-0.05%)

Eastman Chemical (EMN): JPMorgan lowered their rating from Overweight to Neutral and lowered their target price from $79.00 to $70.00.

Republic Services (RSG): Credit Suisse lowered their rating from Outperform to Neutral.

Union Pacific (UNP): TD Securities lowered their rating from Buy to Hold. Pre-market: 147.00 -0.52 (-0.35%)

WPP Group plc (WPPGY): HSBC Securities lowered their rating from Overweight to Neutral. Pre-market: 81.04 -1.30 (-1.58%)

Earning Reports

Eaton (ETN): Reported EPS of $0.84 beating estimates by +$0.05. Pre-market: 58.65 0.00 (0.00%)

Loews (L): Reported EPS of $0.62 missing estimates by -$0.28.

Penske Auto (PAG): Reported EPS of $.063 beating estimates by +$0.01. Pre-market: 30.00 +0.20 (0.67%)

Markets: 
Futures at 7:32: Dow +0.35%. S&P +0.35%. Nasdaq +0.41%. Crude +0.30% to $93.27. Gold +1.36% to $1473.20.

Europe: London +0.01%. Paris +0.82%. Frankfurt +0.34%. 

Asia: Japan: Closed. Hong Kong +0.15% to 22580. China: Closed. India +0.52% to 19387. 

Q1 GDP Misses Economists Estimates

Real gross domestic product (GDP) -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of only 2.5% in the first quarter of 2013 missing economists estimates of a growth rate of 3%.

BEA Q1 GDP Press Release

Morning Coffee Pre-Market Wall Street News

U.S. GDP Report to Be Released. The U.S. Bureau of Economic Analysis (BEA) is scheduled to release Q1 GDP data this morning. Economists expect that the U.S. expanded by a 3%, after a very disappointing Q4 report that showed the economy grew only 0.4%.  

Upgrades

AFLC (AFL): Sterne Agee raised their rating from Neutral to Buy and placed a target price of $65.00 on the company.

Bebe Stores (BEBE): Janney raised their rating from Neutral to Buy and raised their target price from $4.00 to $7.00. Pre-market: 5.04 +0.23 (4.78%)

Boeing (BA): BB&T Raised their rating from Hold to Buy. Pre-market: 92.14 +0.47 (0.51%)

Boston Scientific (BSX): Credit Suisse raised their rating from Neutral to Outperform and raised their target price from $8.50 to $8.75. Pre-market: 7.68 +0.14 (1.86%)

Daimler (DDAIF): Deutsche Bank raised their rating from Hold to Buy.

Facebook (FB): Raymond James raised their rating from Outperform to Strong Buy and maintained their target price of $37.00. Pre-market: 26.62 +0.48 (1.84%)

PulteGroup (PHM): RBC Capital raised their rating from Outperform to Top Pick and raised their target price from $28.00 to $32.00. Pre-market: 21.10 +0.31 (1.49%)

SunPower (SPWR): Robert W. Baird raised their rating from Neutral to Outperform and raised their target price from $10.00 to $16.00. Pre-market: 12.76 +0.60 (4.93%)

Unisys (UIS): Susquehanna raised their rating from Neutral to Positive and raised their target price from $19.00 to $21.00.

Downgrades

AB InBev (BUD): Goldman Sachs lowered their rating from Sell to Conviction Sell and placed a target price of $67.80 on the company. Pre-market: 94.64 -1.57 (-1.63%)

Exxon Mobil (XOM): ISI Group lowered their rating from Buy to Neutral and placed a target price of $95.00 on the company. Pre-market: 87.72 -0.35 (-0.40%)

Unilever (UN): Societe Generale lowered their rating from Hold to Sell. Pre-market: 41.47 +0.20 (0.48%)

USG (USG): RBC Capital lowered their rating from Top Pick to Outperform.

Coverage Initiated

Eaton (ETN): SunTrust initiated coverage with a Buy rating and target price of $71.00.

Coverage Reiterated/Price Target Changed

Southwest Air (LUV): Cowen reiterated their Buy rating and raised their target price from $14.00 to $16.00.

Earning Reports

Altera (ALTR): Reported EPS of $0.37 beating estimates by +$0.05. After Hours: 31.90 -1.03 (-3.13%)

Amazon.com (AMZN): Reported EPS of $0.18 beating estimates by +$0.08. Pre-market: 269.00 -5.70 (-2.07%)

Baidu.com (BIDU): Reported EPS of $0.95 missing estimates by -$0.07. Pre-market: 84.29 -8.05 (-8.72%)

Chubb (CB): Reported EPS of $2.14 beating estimates by +$0.40.

Cirrus Logic (CRUS): Reported EPS of $0.59 missing estimates by -$0.15.

Coinstar (CSTR): Reported EPS of $0.93 beating estimates by +$0.06. Pre-market: 58.81 +3.78 (6.87%)

Dolby Labs (DLB): Reported EPS of $0.74 beating estimates by +$0.06.

Intl Game Tech (IGT): Reported EPS of $0.36 beating estimates by +$0.06. Pre-market: 17.60 +0.30 (1.73%)

Republic Services (RSG): Reported EPS of $0.46 beating estimates by +$0.05.

Starbucks (SBUX): Reported EPS of $0.48 in-line with estimates. Pre-market: 59.25 -1.25 (-2.07%)

Wynn Resorts (WYNN): Reported EPS of $2.05 beating estimates by +$0.47. Pre-market: 136.30 +1.39 (1.03%)

Markets: 
Futures at 7:56: Dow -0.17%. S&P -0.28%. Nasdaq -0.35%. Crude -0.37% to $93.28. Gold +0.18% to $1464.70.

Europe: London -0.55%. Paris -0.83%. Frankfurt -0.49%. 

Asia: Japan -0.30% to 13884. Hong Kong +0.65% to 22548. China -0.97% to 2178. India -0.62% to 19287. 

Morning Coffee Pre-Market Wall Street News

Lawmakers Look to Exempt Themselves From Obamacare. Reports have surfaced that both Democratic and Republican lawmakers have been engaging in confidential talks about exempting themselves and their aides from the insurance exchanges mandated by Obamacare. The talks have been going on for months and are continuing led by Senate Majority Leader Harry Reid (D-Nev.), House Speaker John Boehner (R-Ohio), the Obama administration and other top lawmakers. Both parties fear that lower paid aides could be hit with thousands of dollars in new health care costs. Senior aides could also retire versus face a big financial penalty.  Lawmakers are concerned about what they will have to pay out of their own wallets. I guess lawmakers finally read the law and they don’t like it. “Let them eat cake.”

Upgrades

Apple (AAPL): Hilliard Lyons raised their rating from Buy to Long Term Buy and raised their target price from $540.00 to $680.00.

Lumber Liquidators (LL): Stifel raised their rating from Sell to Hold. Pre-market: 79.34 +0.66 (0.84%)

Proctor & Gamble (PG): SunTrust raised their rating from Neutral to Buy and raised their target price from $80.00 to $88.00.

WellPoint (WLP): Monness Crespi & Hardt raised their rating from Neutral to Buy and placed a target price of $90.00 on the company.

Waste Mgmt (WM): Wunderlich raised their rating from Hold to Buy and raised their target price from $35.00 to $43.00. Pre-market: 39.85 +0.30 (0.76%)

Yum! Brands (YUM): Raymond James raised their rating from Underperform to Market Perform.

Downgrades

First Solar (FSLR): Raymond James lowered their rating from Market Perform to Underperform.

Intuit (INTC): JPMorgan lowered their rating from Overweight to Neutral.

Proctor & Gamble (PG): B Riley & Co lowered their rating from Buy to Neutral and lowered their target price from $87.00 to $85.00. Pre-market: 77.50 +0.38 (0.49%)

SEI Investments (SEIC): Keefe Bruyette lowered their rating from Outperform to Market Perform and placed a target price of $30.00 on the company.

VMware (VMW): Bernstein lowered their rating from Market Perform to Underperform and lowered their target price from $75.00 to $61.00.

Western Digital (WDC): FBN Securities lowered their rating from Outperform to Sector Perform.

Western Digital (WDC): Craig-Hallum lowered their rating from Buy to Hold and placed a target price of $54.00 on the company.

Coverage Reiterated/Price Target Changed

Qualcomm (QCOM): Oppenheimer reiterated their Outperform rating and lowered their target price from $72.00 to $70.00. Pre-market: 62.81 -3.19 (-4.83%)

Earning Reports

3M (MMM): Reported EPS of $1.61 missing estimates by -$0.04. Pre-market: 104.31 -3.56 (-3.30%)

AFLAC (AFL): Reported EPS of $1.69 beating estimates by +$0.07. Pre-market: 51.00 -0.56 (-1.09%)

Altria (MO): Reported EPS of $0.54 beating estimates by +$0.01. Pre-market: 35.75 +0.22 (0.62%)

AstraZeneca (AZN): Reported EPS of $1.41 beating estimates by +$0.05. Pre-market: 51.11 -0.34 (-0.66%)

Biogen Idec (BIIB): Reported EPS of $1.80 beating estimates by +$0.19. Pre-market: 214.29 +8.11 (3.93%)

Bristol-Myers (BMY): Reported EPS of $0.41 missing estimates by -$0.01. Pre-market: 41.00 -0.45 (-1.09%)

Celgene (CELG): Reported EPS of $1.37 beating estimates by +$0.01. Pre-market: 120.75 +2.47 (2.09%)

Colgate Palmolive (CL): Reported EPS of $1.32 in-line with estimates. Pre-market: 120.16 +2.26 (1.92%)

ConocoPhillips (COP): Reported EPS of $1.42 in-line with estimates.

Dow Chemical (DOW): Reported EPS of $0.69 beating estimates by +$0.07. Pre-market: 33.22 +1.05 (3.26%)

Equifax (EFX): Reported EPS of $0.87 in-line with estimates.

Exxon Mobil (XOM): Reported EPS of $2.12 beating estimates by +$0.07. Pre-market: 88.71 -0.72 (-0.81%)

Flowserve (FLS): Reported EPS of $2.01 beating estimates by +$0.06.

Harley-Davidson (HOG): Reported EPS of $0.99 beating estimates by +$0.02. Pre-market: 53.41 +0.21 (0.39%)

Noble Energy (NBL): Reported EPS of $1.48 beating estimates by +$0.05.

Old Dominion (ODFL): Reported EPS of $0.47 beating estimates by +$0.23.

Qualcomm (QCOM): Reported EPS of $1.17 in-line with estimates. Pre-market: 63.00 -3.00 (-4.55%)

Southwest Air (LUV): Reported EPS of $0.07 beating estimates by +$0.04. Pre-market: 13.72 +0.30 (2.24%)

UPS (UPS): Reported EPS of $1.04 beating estimates by +$0.02. Pre-market: 84.67 +1.17 (1.40%)

Markets: 
Futures at 8:30: Dow +0.37%. S&P +0.48%. Nasdaq +0.67%. Crude +0.35% to $91.74. Gold +1.80% to $1449.00.

Europe: London +0.17%. Paris +0.16%. Frankfurt +0.69%. 

Asia: Japan +0.60% to 13926. Hong Kong +0.98% to 22401. China -0.86% to 2199. India +1.19% 19407.