Morning Coffee Pre-Market Wall Street News

Gold & Silver Tarnished. Better than expected U.S. economic data yesterday, has sent gold and silver prices lower. Gold prices have dropped to their lowest since August 2010, and are down -3.55% this morning to $1229.80. Shares of SPDR Gold Trust (GLD) have fallen -23.79% year-to-date, while shares of iShares Silver Trust (SLV) have fallen -35.61% year-to-date. This morning spot prices for silver are off another -5.4% at $18.58. (GLD) Pre-market: 119.21 -4.26 (-3.45%) (SLV) Pre-market: 18.03 -0.88 (-4.65%)

Upgrades:

Adobe Systems (ADBE): Jefferies raised their rating from Hold to Buy and raised their target price from $45.00 to $57.00. Pre-market: 45.35 +0.98 (2.21%)

KeyCorp (KEY): BMO Capital raised their rating from Market Perform to Outperform and raised their target price from $10.00 to $13.00. Pre-market: 11.00 +0.28 (2.61%)

Pandora Media (P): Cowen raised their rating from Neutral to Outperform. Pre-market: 17.20 +0.79 (4.81%)

Downgrades:

Barrick Gold (ABX): Credit Suisse lowered their rating from Outperform to Neutral and lowered their target price from $36.00 to $20.00. Pre-market: 15.39 -0.72 (-4.47%)

Mosaic (MOS): Citigroup lowered their rating from Buy to Neutral and lowered their target price from $69.00 to $57.00. After Hours: 55.75 -0.16 (-0.29%)

NETGEAR (NTGR): Goldman Sachs lowered their rating from Neutral to Sell and lowered their target price from $33.00 to $28.00.

Southwest Airlines (LUV): Morgan Stanley lowered their rating from Equal Weight to Underweight and maintained a target price of $13.00. After Hours: 13.38 +0.03 (0.22%)

Coverage Initiated:

Google (GOOG): Janney Capital initiated coverage with a Buy rating and target price of $1050.00. Pre-market: 870.51 +4.31 (0.50%)

Orbitz Worldwide (OWW): Ascendiant initiated coverage with a Buy rating and target price of $10.00.

Earning Reports:

General Mills (GIS): Reported EPS of $0.53 in-line with estimates. Pre-market: 48.00 -0.33 (-0.68%)

Smith & Wesson (SWHC): Reported EPS of $0.44 beating estimates by +$0.01. Pre-market: 10.16 +0.17 (1.70%)

Markets: 
Futures at 7:34: Dow +0.40%. S&P +0.52%. Nasdaq +0.64%. Crude -0.21% to $95.13. Gold -3.55% to $1229.80.

Europe: London +0.97%. Paris +1.91%. Frankfurt +1.70%. 

Asia: Japan -1.04% to 12834. Hong Kong +2.43% to 20339. China -0.41% to 1952. India -0.41% to 18552.