Morning Coffee Pre-Market Wall Street News

Apple Reports Earnings After Close.

Wall Street traders will be waiting for Apple (AAPL) to report their latest earnings after the close today. The company’s shares are well off their all time highs as many see the company’s sales hurting due to the increasing popularity of android based phones and tablets.  Wall Street analysts are expecting that the company will report EPS of $7.28 down from year ago earnings of $9.32. Other companies reporting after the bell today include AT&T (T), International Gaming Tech (IGT), Panera Bread (PNRA), VMware (VMW).

Upgrades:

Barrick Gold (ABX): Macquarie raised their rating from Underperform to Neutral. Pre-market: 17.61 +0.05 (0.28%)

Baker Hughes (BHI): Macquarie raised their rating from Neutral to Outperform and raised their target price from $48.00 to $54.00. Pre-market: 48.20 +0.69 (1.45%)

Baker Hughes (BHI): Cowen raised their rating from Market Perform to Outperform. Pre-market: 48.20 +0.69 (1.45%)

Hasbro (HAS): Needham raised their rating from Hold to Buy and placed a target price of $52.00 on the company.

Texas Instrument (TXN): SunTrust raised their rating from Reduce to Neutral and placed a target price of $40.00 on the company.

Downgrades:

Broadcom (BRCM): Pacific Crest lowered their rating from Outperform to Sector Perform. Pre-market: 32.50 -0.75 (-2.26%)

JDS Uniphase (JDSU): MKM Partners lowered their rating from Buy to Neutral and lowered their target price from $24.00 to $15.00. Pre-market: 14.90 -0.25 (-1.65%)

Yahoo! (YHOO): Needham lowered their rating from Buy to Hold.

Netflix (NFLX): Pacific Crest lowered their rating from Outperform to Sector Perform. Pre-market: 252.76 -9.20 (-3.51%)

Netflix (NFLX): Cantor Fitzgerald lowered their rating from Buy to Hold and placed a target price of $260.00 on the company. Pre-market: 252.76 -9.20 (-3.51%)

Coverage Initiated:

Aetna (AET): Stifel Buckingham initiated coverage with a Buy rating and target price of $80.00.

Alaska Air (ALK): Buckingham initiated coverage with a Buy rating and target price of $75.00. Pre-market: 62.32 +0.16 (0.26%)

BJ’s Restaurants (BJRI): Wunderlich initiated coverage with a Hold rating and target price of $42.00.

Buffalo Wild Wings (BWLD): Wunderlich initiated coverage with a Buy rating and target price of $117.00.

Cheesecake Factory (CAKE): Wunderlich initiated coverage with a Hold rating and target price of $46.00.

Chipotle Mexican Grill (CMG): Wunderlich initiated coverage with a Hold rating and target price of $430.00.

Panera Bread (PNRA): Wunderlich initiated coverage with a Hold rating and target price of $200.00.

Earning Reports:

Altria (MO): Reported EPS of $0.62 missing estimates by -$0.01.

CIT Group (CIT): Reported EPS of $0.91 in-line with estimates.

DuPont (DD): Reported EPS of $1.28 beating estimates by +$0.01.

Forest Labs (FRX): Reported EPS of $2.64 beating estimates by +$0.01.

Lockheed Martin (LMT): Reported EPS of $0.09 beating estimates by +$0.43.

Netflix (NFLX): Reported EPS of $0.49 beating estimates by +$0.10.

Ryder System (R): Reported EPS of $1.25 beating estimates by +$0.03.

Texas Instruments (TXN): Reported EPS of $0.42 beating estimates by +$0.01.

Wendy's (WEN): Reported EPS of $0.08 beating estimates by +$0.02.

Markets: 
Futures at 8:20: Dow +0.15%. S&P +0.2%. Nasdaq +0.23%. Crude -1.00% to $105.87. Gold -0.31% to $1331.60. U.S 10 Ten Year -10/32 2.523%

Europe: London +0.21%. Paris +0.20%. Frankfurt +0.26%.

Asia: Japan +0.82% to 14779. Hong Kong +2.33% to 21915. China +1.95% to 2044. India +0.71% to 20,302. 

Morning Coffee Pre-Market Wall Street News

Home Prices Rise. Home prices in May rose the most in seven years according to CoreLogic. Prices were up +12.2% compared to May of last year and up +2.6% from April. This was the largest increase since February 2006. Excluding distressed sales, which include foreclosures and short sales, prices were up +11.6% on a yearly basis. The analysts on Wall Street forecast prices will rise by another +2.9% in June for a yearly gain of +13.2%. Nevada saw the biggest price increases, followed by Arizona , California,  Hawaii and Oregon.

Upgrades:

JPMorgan Chase (JPM): Raymond James raised their rating from Outperform to Strong Buy and raised their target price from $55.00 to $64.00. Pre-market: 52.65 +0.16 (0.30%)

Las Vegas Sands (LVS): ISI Group raised their rating from Neutral to Buy.

Quicksilver (ZQK): B. Riley raised their rating from Neutral to Buy and placed a target price of $9.25 on the company.

Downgrades:

Accenture (ACN): Argus lowered their rating from Buy to Hold. Pre-market: 71.21 -0.89 (-1.23%)

Barrick Gold (ABX): Jefferies lowered their rating from Buy to Hold and lowered their target price from $30.00 to $14.00.

Newmont Mining (NEM): Jefferies lowered their rating from Hold to Underperform and lowered their target price from $30.00 to $18.00.

Pfizer (PFE): Standpoint Research lowered their rating from Hold to Sell. Pre-market: 27.56 -0.22 (-0.79%)

Tractor Supply Co (TSCO): Nomura lowered their rating from Buy to Neutral. Pre-market: 114.89 -1.49 (-1.28%)

Coverage Initiated:

Groupon (GRPN): Wunderlich initiated coverage with a Buy rating and target price of $11.00.

Ryder Systems (R): Wunderlich initiated coverage with a Buy rating and target price of $72.00.

Earning Reports:

Acuity Brands (AYI): Reported EPS of $0.97 beating estimates by +$0.10. Pre-market: 79.00 +3.07 (4.04%)

Constellation Brands (STZ): Reported EPS of $0.38 missing estimates by -0.03. Pre-market: 52.38 -0.77 (-1.45%)     

      

Markets: 
Futures at 8:18: Dow +0.01%. S&P -0.07%. Nasdaq +0.14%. Crude +0.35% to $98.33. Gold -0.14% to $1254.00.

Europe: London -0.45%. Paris -0.74%. Frankfurt -1.05%. 

Asia: Japan +1.78% to 14099. Hong Kong -0.70% to 20659. China +0.57% to 2007. India -0.58% to 19464. 

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.