IMF Worries About Emerging Markets Economic Growth

IMF Worries About Emerging Markets Economic Growth. The International Monetary Fund has lowered their world economic outlook mostly due to slower projected growth in Brazil and Russia. The IMF now projects that world economic activity will grow by 3.6% in 2014 and 3.7% in 2015. The U.S. economy is expected to grow at a modest 2.8% in 2014 and 3% in 2015.

Upgrades:

Eli Lilly (LLY): BMO Capital raised their rating from Underperform to Market Perform and placed a target price of $62.00 on the company. Pre-market: 57.99 -0.63 (-1.07%)

Google (GOOGL): S&P raised their rating from 3 Stars to 4 Stars. Pre-market: 545.04 +4.41 (0.82%)

Nike (NKE): Stifel Nicolaus raised their rating from Hold to Buy and placed a target price of $87.00 on the company. Pre-market: 72.24 +1.41 (1.99%)

Downgrades:

American Eagle Outfitters (AEO): Janney Capital lowered their rating from Buy to Neutral and placed a target price of $10.00 on the company. Pre-market: 11.60 -0.08 (-0.68%)

Canadian Imperial Bank (CM): First Call lowered their rating from Buy to Hold.

Cisco Systems (CSCO): Wunderlich lowered their rating from Buy to Hold and lowered their target price from $25.00 to $24.00. Pre-market: 22.75 -0.10 (-0.44%)

Dr Pepper Snapple (DPS): Wells Fargo lowered their rating from Market Perform to Underperform.

Royal Caribbean (RCL): Pareto lowered their rating from Buy to Hold. Pre-market: 52.73 -0.03 (-0.06%)

Coverage Initiated:

Pinnacle Foods (PF): Deutsche Bank initiated coverage with a Buy and placed a target price of $32.00 on the company.

Earning Reports:

Intl Speedway (ISCA): Reported EPS of $0.33 missing estimates by -$0.01.

Markets: 
Futures at 8:38: Dow +0.03%. S&P +0.05%. Nasdaq +0.23%. Crude +0.85% to $101.33. Gold +1.18% to $1313.80. US 10 Year -2/32 to 2.712%

Europe: London -0.85%. Paris -0.71%. Frankfurt -0.66%. 

Asia: Japan -1.36% to 14607. Hong Kong +0.98% to 22597. China +1.92% to 2098. India closed. 

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Fannie and Freddie Share Continue Selloff

Fannie and Freddie Share Continue Selloff. Both Fannie Mae (FNMA) and Freddie Mac (FMCC) shares are poised to continue their selloff which began yesterday. Shares sold off yesterday after the Senate introduced a bill that would continue government backing of mortgages, but would wind down the companies. Shares of Fannie fell -31%, while shares of Freddie fell -27%. The proposal has the backing of President Obama. FNMA Pre-market: 3.67 -0.36 (-8.93%) FMCC Pre-market: 3.51 -0.53 (-13.12%)

Upgrades:

Rite Aid (RAD): Goldman Sachs raised their rating from Neutral to Buy and raised their target price from $5.00 to $8.00.

Downgrades:

Airgas (ARG): BGC Financial lowered their rating from Buy to Hold.

American Eagle Outfitters (AEO): Morgan Stanley lowered their rating from Equal Weight to Underweight and placed a target price of $11.00 on the company. Pre-market: 12.70 -0.40 (-3.05%)

American International Group (AIG): Deutsche Bank lowered their rating from Buy to Hold and lowered their target price from $58.00 to $55.00.

Church & Dwight (CHD): Credit Suisse lowered their rating from Outperform to Neutral and lowered their target price from $66.00 to $63.00.

Clean Harbors (CLH): RBC Capital lowered their rating from Top Pick to Outperform and lowered their target price from $58.00 to $54.00.

Forest Labs (FRX): Piper Jaffrey lowered their rating from Overweight to Neutral and lowered their target price from $96.00 to $91.00.

Pulte Group (PHM): Credit Suisse lowered their rating from Outperform to Neutral and placed a target price of $20.00 on the company. Pre-market: 19.47 -0.46 (-2.31%)

Toll Brothers (TOLL): Credit Suisse lowered their rating from Outperform to Neutral and placed a target price of $39.00 on the company.

Earning Reports:

Caesars Entertainment (CZR): Reported EPS of -$12.83 missing estimates by -$11.34. Pre-market: 24.95 -0.62 (-2.42%)

Diamond Foods (DMND): Reported EPS of $0.09 beating estimates by +$0.01. Pre-market: 31.19 +1.24 (4.14%)

Express (EXPR): Reported EPS of $0.57 missing estimates by -$0.02. Pre-market: 16.09 -2.15 (-11.79%)

Men's Wearhouse (MW): Reported EPS of -$0.38 missing estimates by -$0.26. Pre-market: 56.50 -0.64 (-1.12%)

Markets: 
Futures at 8:44: Dow -0.33%. S&P -0.38%. Nasdaq -0.41%. Crude -1.61% to $98.42. Gold +1.18% to $1362.80. U.S. 10 Year +6/32 to 2.746%.

Europe: London -1.17%. Paris -1.54%. Frankfurt -1.45%.

Asia: Japan -2.59% to 14830. Hong Kong -1.65% to 21902. China -0.17% to 1998. India +0.14% to 21856. 

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JCPenny Received Inquiry From Regulators.

JCPenney Received Inquiry From Regulators. Troubled retailer J.C. Penney (JCP) has received a letter of inquiry from the SEC according to reports. The request is for information about the company’s "liquidity, cash position, and debt and equity financing." Regulators are also requesting information about the company’s recent stock offering. Pre-market: 8.65 -0.20 (-2.26%)

Upgrades:

Boston Scientific (BSX): Cowen raised their rating from Market Perform to Outperform. Pre-market: 11.48 +0.14 (1.23%)

Dollar General (DG): Goldman Sachs raised their rating from Neutral to Conviction Buy and raised their target price from $64.00 to $71.00.

Infosys (INFY): Cowen raised their rating from Market Perform to Outperform and raised their target price from $55.00 to $65.00. Pre-market: 54.95 +1.08 (2.00%)

Intel (INTC): Drexel Hamilton raised their rating from Hold to Buy and raised their target price from $26.00 to $30.00. Pre-market: 24.93 +0.67 (2.76%)

Intel (INTC): Citigroup raised their rating from Neutral to Buy. Pre-market: 24.93 +0.67 (2.76%)

Downgrades:

Accenture (ACN): Cowen lowered their rating from Outperform to Market Perform and lowered their target price from $92.00 to $72.00. Pre-market: 75.66 -0.13 (-0.17%)

Family Dollar (FDO): Sterne Agee lowered their rating from Neutral to Underperform and placed a target price of $56.00 on the company. Pre-market: 67.30 -0.30 (-0.44%)

IBM (IBM): Cowen lowered their rating from Outperform to Market Perform and lowered their target price from $234.00 to $165.00. Pre-market: 176.79 +0.71 (0.40%)

Tyco Intl (TYC): Argus lowered their rating from Buy to Hold. Pre-market: 37.40 +0.15 (0.40%)

Coverage Initiated:

Chevron (CVX): HSBC initiated coverage with an Overweight rating and target price of $138.00. Pre-market: 122.15 +1.05 (0.87%)

Ensco (ESV): FBR Capital initiated coverage with a Market Perform rating and target price of $62.00.

Exxon Mobil (XOM): HSBC initiated coverage with an Underweight rating and target price of $92.00. 

Pre-market: 94.95 +0.82 (0.87%)

National Oilwell (NOV): FBR Capital initiated coverage with an Outperform rating and target price of $100.00.

Nokia (NOK): JPMorgan initiated coverage with an Overweight rating and target price of $10.80. Pre-market: 7.84 +0.11 (1.42%)

Earning Reports:

American Eagle (AEO): Reported EPS of $0.19 beating estimates by +$0.01. Pre-market: 15.75 -0.65 (-3.96%)

Big Lots (BIG): Reported EPS of -$0.16 missing estimates by -$0.08. Pre-market: 33.80 -3.33 (-8.97%)

Diamond Foods (DMND): Reported EPS of $0.18 beating estimates by +$0.01. Pre-market: 23.00 -1.14 (-4.72%)

Five Below (FIVE): Reported EPS of $0.05 beating estimates by +$0.01. Pre-market: 45.25 -2.50 (-5.24%)

Pacific Sunwear (PSUN): Reported EPS of -$0.05 in-line with estimates. Pre-market: 3.20 +0.44 (15.94%)

Ulta Salon (ULTA): Reported EPS of $0.72 missing estimates by -$0.02. Pre-market: 96.26 -21.74 (-18.42%)

Zumiez (ZUMZ): Reported EPS of -$0.46 in-line with estimates. Pre-market: 25.20 -1.04 (-3.96%)

Markets: 
Futures at 6:20: Dow +0.3%. S&P +0.4%. Nasdaq +0.3%. Crude to $97.24. Gold -0.2% to $1229.60. 

Europe: London +0.4%. Paris +0.1%. Frankfurt +0.5%. 

Asia: Japan +0.8% to 15300. Hong Kong +0.1% to 23743. China -0.4% to 2237. India +0.15% to 20989. 

#RLPaler #WallStreet #PreMarket #WealthManagement#EarningReports #AnalystsRatings

Morning Coffee Pre-Market Wall Street News

IBM Furloughs Workers. IBM (IBM) announced that it will have a majority of its U.S. hardware workers to take a week off at lower pay.  This announcement comes as the company tries to slash costs in the face of weak sales. IBM's hardware sales slumped 17% year-over-year in Q1 and 12% in Q2. The company’s sales have been hurt by falling UNIX server demand as companies shift their IT hardware spending towards cloud-service companies.

Upgrades:

Fiserv (FISV): First Analysts raised their rating from Equal Weight to Overweight.

Old Dominion Freight (ODFL): RBC Capital raised their rating from Sector Perform to Outperform.

Downgrades:

American Eagle Outfitters (AEO): B. Riley lowered their rating from Buy to Neutral and lowered their target price from $26.00 to $17.50.

American Eagle Outfitters (AEO): Brean Capital lowered their rating from Buy to Hold.

IBM (IBM): Credit Suisse lowered their rating from Neutral to Underperform and lowered their target price from $200.00 to $175.00.

Sony (SNE): Hudson Square lowered their rating from Buy to Hold.

Unilever (UN/UL): JPMorgan lowered their rating from Overweight to Neutral.

Coverage Initiated:

CDW Corp (CDW): William Blair initiated coverage with an Outperform rating.

CDW Corp (CDW): Raymond James initiated coverage with an Outperform rating.

CDW Corp (CDW): Stifel initiated coverage with a Buy rating and target price of $24.00.

Earning Reports:

Cognizant Tech (CTSH): Reported EPS of $1.07 beating estimates by +$0.02.

CVS Caremark (CVS): Reported EPS of $0.97 beating estimates by +$0.01.

DISH Network (DISH): Reported EPS of -$0.02 missing estimates by -$0.56.

Emerson (EMR): Reported EPS of $1.04 beating estimates by +$0.06.

Fossil (FOSL): Reported EPS of $1.10 beating estimates by +$0.16.

Henry Schein (HSIC): Reported EPS of $1.23 missing estimates by -$0.01.

MGM Resorts (MGM): Reported EPS of $0.04 beating estimates by +$0.01.

Tenet Healthcare (THC): Reported EPS of $0.66 missing estimates by -$0.05.

Tidewater (TDW): Reported EPS of $0.68 missing estimates by -$0.09.

Markets: 
Futures at 8:37: Dow -0.14%. S&P -0.16%. Nasdaq +0.04%. Crude +1.00% to $106.87. Gold -1.08% to $1288.30. U.S. 10 Year -4/32 2.657%

Europe: London -0.01%. Paris +0.15%. Frankfurt -0.11%. 

Asia, Japan +1.00% to 14401. Hong Kong -1.34% to 21924. China +0.49% to 2061. India -2.34% to 18,736. 

Morning Coffee Pre-Market Wall Street News

Wall Street Awaits Fed Decision. The FOMC will be wrapping up their two day policy meeting today and Wall Street will be watching closely. Economists are now more confident now that the Fed won't signal the end of its QE program, but their policy statement will be analyzed closely for any hints that the Fed may end their QE program in the future or begin to raise interest rates.

Upgrades:

Adobe Systems (ADBE): BofA Merrill Lynch raised their rating from Neutral to Buy and raised their target price from $47.00 to $57.00. Pre-market: 46.57 +3.21 (7.40%)

Ball Corp (BLL): RW Baird raised their rating from Neutral to Outperform and raised their target price from $48.00 to $50.00.

Toll Brothers (TOLL): Argus raised their rating from Hold to Buy and placed a target price of $42.00 on the company. Pre-market: 34.49 +0.45 (1.32%)

Downgrades:

American Eagle (AEO): Citigroup lowered their rating from Buy to Neutral and lowered their target price from $23.00 to $21.00. Pre-market: 18.75 -0.41 (-2.14%)

Brown & Brown (BRO): William Blair lowered their rating from Outperform to Market Perform.

News Corp (NWSA): BTIG lowered their rating from Outperform to Neutral. Pre-market: 31.75 +0.19 (0.60%)

Research in Motion (BBRY): Bernstein lowered their rating from Market Perform to Underperform and lowered their target price from $15.00 to $10.00. Pre-market: 14.51 -0.33 (-2.22%)

Sprint Nextel (S): Macquarie lowered their rating from Outperform to Neutral and placed a target price of $8.00 on the company. Pre-market: 7.11 -0.21 (-2.87%)

Coverage Initiated:

Coca-Cola (KO): Credit Suisse initiated coverage with a Outperform rating and target price of $48.00. Pre-market: 41.05 +0.12 (0.29%)

Dr Pepper Snapple (DPS): Credit Suisse initiated coverage with a Neutral rating and target price of $50.00.

PepsiCo (PEP): Credit Suisse initiated coverage with a Neutral rating and target price of $87.00.

Teva Pharm (TEVA): Maxim initiated coverage with a Buy rating and target price of $56.00.

Earning Reports:

Actuant (ATU): Reported EPS of $0.62 beating estimates by $0.04. Pre-market: 33.70 +0.62 (1.87%)

Adobe Systems (ADBE): Reported EPS of $0.36 beating estimates by $0.02. Pre-market: 46.40 +3.04 (7.01%)

FedEx (FDX): Reported EPS of $2.13 beating estimates by $0.18. Pre-market: 98.99 -0.49 (-0.49%)

La-Z-Boy (LZB): Reported EPS of $0.30 beating estimates by $0.02. After Hours: 19.91 -0.37 (-1.82%)

Markets: 
Futures at 7:31: Dow +0.10%. S&P -0.05%. Nasdaq +0.13%. Crude +0.17% to $98.62. Gold +0.31 at $1371.20.

Europe: London -0.53%. Paris -0.71%. Frankfurt -0.29%. 

Asia: Japan +1.83% to 13245. Hong Kong -1.13% to 20987. China-0.73% to 2143. India +0.12% to 19246.