Morning Coffee Pre-Market Wall Street News

S&P 500 Trading Closest to Estimates in Seven Years. Shares of companies that make up the S&P 500 index are now trading at just 5% below Wall Street estimates. Shares that make up the index typically trade at 14% discount and the current level is the closest level in 7 years.  The bulls on Wall Street believe that analysis will be raising estimates giving room for the rally to continue.  While market bears are pointing to the current level as an indication that stocks have gotten ahead of themselves.

Upgrades

Clean Harbors (CLH): Oppenheimer raised their rating from Perform to Outperform and placed a target price of $72.00 on the company. Pre-market: 21.70 -0.13 (-0.62%)

eBay (EBAY): Canaccord raised their rating from Hold to Buy and raised their target price from $56.00 to $67.00. Pre-market: 55.75 +1.53 (2.82%)

Molson Coors (TAP): Goldman Sachs raised their rating from neutral to Buy and raised their rating from $47.00 to $63.00.

News Corp (NWSA): Credit Suisse raised their rating from Neutral to Outperform and raised their target price from $28.00 to $36.00.

Potash (POT): JPMorgan raised their rating from Neutral to Outperform and raised their target price from $43.00 to $45.00. Pre-market: 39.93 +0.68 (1.73%)

RF Micro Devices (RFMD): Canaccord raised their rating from Hold to Buy and raised their target price from $5.50 to $7.00.

Downgrades

AbbVie (ABBV): BMO Capital lowered their rating from Outperform to Market Perform and lowered their target price from $42.00 to $41.00.

Intel (INTC): JMP Securities lowered their rating from Outperform to Market Perform.

Yahoo! (YHOO): Pivotal Research lowered their rating from Buy to Hold and lowered their target price from $26.00 to $23.00. Pre-market: 23.32 -0.21 (-0.89%)

Coverage Initiated

E.I. DuPont (DD): Credit Suisse initiated coverage with a Neutral rating and target price of $53.00.

MoneyGram Intl (MGI): Macquarie initiated coverage with an Outperform rating and target price of $21.00.

Earning Reports

Cal-Maine Foods (CALM): Reported EPS of $1.27 beating estimates by +$0.01.

Markets: 
Futures at 7:37: Dow +0.10%. S&P +0.02%. Nasdaq +0.11%. Crude -0.56% to $96.69. Gold +0.18% to $1598.50.

Europe: London Closed, Paris Closed, Frankfurt Closed

Asia: Japan -2.12% to 12135. Hong Kong closed. China -0.10% to 2234. India +0.34% to 18871.