Morning Coffee - Pre-Market Wall Street News

Overseas Growth Slows. Overseas economic growth has unexpectedly slowed. Economic growth slowed in Japan during Q3. Capex growth rose just +0.2% for Q3, far below consensus estimates. Economic growth in the eurozone came in at just +0.1% for Q3 also missing economists estimates.  Germany’s economy expanded by 0.3% in Q3, which was in-line with economists’ estimates but must slower than the +0.7% growth posted in Q2. France’s economy turned negative as their economy contracted -0.1% in Q3. Finance Minister Pierre Moscovici said France should still report a modest expansion for the full year.

Upgrades:

Office Depot (ODP): BofA Merrill Lynch raised their rating from Neutral to Buy and placed a target price of $6.50 on the company. Pre-market: 5.51 +0.13 (2.42%)

Downgrades:

Cisco Systems (CSCO): Wedbush lowered their rating from Outperform to Neutral and lowered their target price from $26.00 top $23.00. Pre-market: 5.51 +0.13 (2.42%)

Cisco Systems (CSCO): Goldman Sachs lowered their rating from Conviction Buy to Buy and lowered their target price from $30.00 top $25.00. Pre-market: 5.51 +0.13 (2.42%)

Cisco Systems (CSCO): Deutsche Bank lowered their rating from Buy to Hold and lowered their target price from $28.00 top $25.00. Pre-market: 5.51 +0.13 (2.42%)

PNC Financial (PNC): Oppenheimer lowered their rating from Outperform to Perform.

Coverage Initiated:

BP (BP): Credit Suisse initiated coverage with a Neutral rating.

Royal Dutch Shell (RDS.A): Credit Suisse initiated coverage with an Outperform rating.

Total S.A. (TOT): Credit Suisse initiated coverage with an Outperform rating.

Earning Reports:

Cisco Systems (CSCO): Reported EPS of $0.53 beating estimates by +$0.02. Pre-market: 20.93 -3.07 (-12.77%)

Dillard's (DDS): Reported EPS of $1.13 beating estimates by +$0.07. Pre-market: 90.87 +1.32 (1.47%)

Kolh’s (KSS): Reported EPS of $0.81 missing estimates by -$0.05. Pre-market: 54.10 -4.16 (-7.14%)

Sally Beauty (SBH): Reported EPS of $0.38 missing estimates by -$0.01. Pre-market: 27.50 -0.14 (-0.51%)

Tyco (TYC): Reported EPS of $0.52 in-line with estimates. Pre-market: 37.00 +0.27 (0.74%)

Viacom (VIAB): Reported EPS of $1.55 beating estimates by +$0.11. Pre-market: 82.00 -1.13 (-1.36%)

Wal-Mart (WMT): Reported EPS of $1.14 beating estimates by +$0.01. Pre-market: 77.60 -1.30 (-1.65%)

Markets: 

Futures at 8:12: Dow +0.07%. S&P +0.17%. Nasdaq -0.12%. Crude -0.61% to $93.30. Gold +1.34% to $1285.30. U.S. 10 Year +1/32 2.720%.

Europe: London +0.32%. Paris +0.62%. Frankfurt +0.65%. 

Asia: Japan +2.12% to 14876. Hong Kong +0.82% to 22649. China +0.60% to 2100. India -0.43% to 20399. 

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