Morning Coffee Pre-Market Wall Street News

Oil Continues its Slide. Oil is continuing its recent slide and for the first time in nine months, Brent crude oil fell below the $100 level in London trading. The downward slide comes on worries about the EU economy along with the slowdown in China. The number of investors holding net long positions now stands at a one-year low. On Wednesday traders will be awaiting the release of the Crude inventories report. A higher than expected stockpile could send the price of oil lower. Crude Light Oil -0.07% to $88.65.

Upgrades

Dreamworks Animation (DWA): B Riley & Co raised their rating from Sell to Buy and raised their target price from $14.50 to $23.00.

Duke Energy (DUK): RBC Capital raised their rating from Sector Perform to Outperform and raised their target price from $74.00 to $78.00.

Old Dominion Freight (ODFL): JPMorgan raised their rating from Neutral to Overweight.

Owens Corning (OC): Citigroup raised their rating from Neutral to Buy and maintained their target price of $48.00.

Sprint Nextel (S): JPMorgan raised their rating from Neutral to Overweight and raised their target price from $6.00 to $8.00. Pre-market: 7.13 +0.07 (0.99%)

Thermo Fisher (TMO): Mizuho raised their rating from Neutral to Buy and raised their target price from $80.00 to $90.00. Pre-market: 80.00 +1.42 (1.81%)

Coverage Initiated

Costco (COST): UBS initiated coverage with a Buy rating and target price of $21.00.

Target (TGT): UBS initiated coverage with a Neutral rating and target price of $75.00.

Wal-Mart (WMT): UBS initiated coverage with a Buy rating and target price of $89.00.

Earning Reports

BlackRock (BLK): Reported EPS of $3.65 beating estimates by +$0.05. Pre-market: 260.44 +6.58 (2.59%)

Brown & Brown (BRO): Reported EPS of $0.41 beating estimates by +$0.02.

Coca-Cola (KO): Reported EPS of $0.46 beating estimates by +$0.01. Pre-market: 41.50 +1.41 (3.52%)

Comerica (CMA): Reported EPS of $0.70 beating estimates by +$0.02.

Goldman Sachs (GS): Reported EPS of $4.29 beating estimates by +$0.43. Pre-market: 147.75 +1.29 (0.88%)

Johnson & Johnson (JNJ): Reported EPS of $1.44 beating estimates by +$0.04. Pre-market: 82.60 +0.89 (1.09%)

Northern Trust (NTRS): Reported EPS of $0.71 missing estimates by -$0.01.

TD Ameritrade (AMTD): Reported EPS of $0.26 in-line with estimates. Pre-market: 19.62 +0.18 (0.93%)

U.S. Bancorp (USB): Reported EPS of $0.73 in-line with estimates.

W.W. Grainger (GWW): Reported EPS of $2.94 beating estimates by +$0.20.

Markets: 
Futures at 8:16: Dow +0.99%. S&P +0.89%. Nasdaq +0.94%. Crude -0.07% to $88.65. Gold +2.13% to $1390.10.

Europe: London -0.13%. Paris +0.12%. Frankfurt +0.07%. 

Asia: Japan -0.41% to 13221. Hong Kong -0.46% to 21672. China +0.59% to 2194. India +2.11% to 18747.