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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Panic for people with Bitcoins

Panic for people with Bitcoins. One of the largest Bitcoin exchanges has disappeared causing the price of Bitcoins to tank. One of the world’s largest Bitcoin exchanges Mt Gox website is gone. Reports say that the company may have experienced a major security breach and is about to go bankrupt. A leaked document shows that 744,400 bitcoins worth $350M have been stolen from the company.

Upgrades:

Canadian Imperial Bank (CM): ResearchTeam raised their rating from Reduce to Hold.

Ensco PLC (ESV): ResearchTeam raised their rating from Reduce to Hold.

Hormel Foods (HRL): ResearchTeam raised their rating from Reduce to Hold.

McDonalds (MCD): ResearchTeam raised their rating from Reduce to Hold.

Nike (NKE): ResearchTeam raised their rating from Reduce to Hold.

Royal Bank of Canada (RY): ResearchTeam raised their rating from Reduce to Hold.

UnitedHealth (UNH): ResearchTeam raised their rating from Reduce to Hold.

Verizon (VZ): JPMorgan raised their rating from Neutral to Overweight and raised their target price from $54.00 to $57.00. Pre-market: 46.06 -0.17 (-0.37%)

Downgrades:

Sonoco Products (SON): S&P lowered their rating from 3 stars to 1 star.

Tenet Healthcare (THC): CRT Capital lowered their rating from Buy to Fair Value and lowered their rating from $51.00 to $41.50. Pre-market: 47.63 -0.70 (-1.45%)

Coverage Initiated:

Adobe Systems (ADBE): Susquehanna initiated coverage with a Positive rating and target price of $83.00. Pre-market: 68.83 +0.07 (0.09%)

Alaska Air (ALK): Stifel initiated coverage with a Buy rating and target price of $100.00.

Delta Air Lines (DAL): Stifel initiated coverage with a Buy rating and target price of $40.00.

Spirit Airlines (SAVE): Stifel initiated coverage with a Buy rating and target price of $65.00. Pre-market: 56.00 +0.71 (1.28%)

Southwest Airlines (LUV): Stifel initiated coverage with a Hold rating.

United Continental (UAL): Stifel initiated coverage with a Buy rating and target price of $60.00. Pre-market: 46.12 +0.02 (0.04%)

Earning Reports:

EOG Resources (EOG): Reported EPS of $2.00 beating estimates by +$0.05. Pre-market: 183.10 +2.70 (1.50%)

Home Depot (HD): Reported EPS of $0.73 beating estimates by +$0.03. Pre-market: 79.70 +1.83 (2.35%)

Macy’s (M): Reported EPS of $2.31 beating estimates by +$0.14. Pre-market: 51.64 -1.42 (-2.68%)

Office Depot (ODP): Reported EPS of -$0.03 missing estimates by -$0.07. Pre-market: 4.34 -1.01 (-18.88%)

Toll Brothers (TOLL): Reported EPS of $0.25 beating estimates by +$0.06. Pre-market: 38.30 -0.04 (-0.10%)

Markets: 
Futures at 7:43: Dow -0.13%. S&P -0.22%. Nasdaq -0.17%. Crude -0.89% to $101.90. Gold -0.38% to $1332.90. U.S. 10 Year 0/32 to 2.738%.

Europe: London -1.05%. Paris -0.53%. Frankfurt -0.50%. 

Asia: Japan +1.44% to 15051.6. Hong Kong -0.32% to 22317. China -2.05% to 2034. India +0.20% to 20844. 

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New Year, New “Dogs of the Dow.”

New Year, New “Dogs of the Dow.” With the New Year comes a list of the new “Dogs of the Dow.” This year’s list of the 10 “Dogs of the Dow” looks a lot like the list from 2013. The list consists of the 10 highest yielding stocks in the Dow Jones Index. This year the top honor goes to AT&T (T) with a yield of 5.3%, followed by Verizon (VZ) with a dividend yield of 4.4%. Other companies making the Dog list this year include Merck (MRK), Intel (INTC), Pfizer (PFE), McDonald’s (MCD), Chevron (CVX), General Electric (GE), Cisco (CSCO) and Microsoft (MSFT). Collectively, this year’s “Dogs of the Dow” have a dividend yield of near 4%. Last year the “Dogs” outperform the market with a return of 33%.

Upgrades:

Cadence Design Systems (CDNS): Needham raised their rating from Hold to Buy and placed a target price of $16.00 on the company. Pre-market: 14.51 +0.50 (3.57%)

Infosys Ltd (INFY): HSBC raised their rating from Neutral to Overweight.

Metlife (MET): Janney Capital raised their rating from Neutral to Buy. Pre-market: 53.19 0.00 (0.00%)

Downgrades:

Chubb (CB): Janney Capital lowered their rating from Buy to Neutral.

General Electric (GE): Oppenheimer lowered their rating from Outperform to Perform.

Joy Global (JOY): Goldman Sachs lowered their rating from Neutral to Sell and placed a target price of $52.00 on the company. Pre-market: 55.00 -1.36 (-2.41%)

Micron Tech (MU): RBC Capital lowered their rating from Outperform to Sector Perform and maintained their target price of $19.00. Pre-market: 21.19 -0.47 (-2.17%)

Prudential Financial (PRU): Janney Capital lowered their rating from Buy to Neutral. Pre-market: 90.76 0.00 (0.00%)

Sprint (S): Stifel lowered their rating from Hold to Sell. Pre-market: 10.08 -0.32 (-3.08%)

Coverage Initiated:

Bank of Montreal (BMO): RBC Capital initiated coverage with an Outperform rating.

Bank of Nova Scotia (BNS): RBC Capital initiated coverage with an Outperform rating.

Canadian Imperial Bank (CM): RBC Capital initiated coverage with a Sector Perform rating.

Toronto Dominion Bank (TD): RBC Capital initiated coverage with an Outperform rating.

Markets: 

Futures at 8:38: Dow +0.20%. S&P +0.20%. Nasdaq +0.06%. Crude -0.31% to $95.13. Gold +0.24% to $1228.20. U.S. 10 Year -3/32 to 3.004%.

Europe: London +0.28%. Paris +0.66%. Frankfurt +0.41%. 

Asia: Japan +0.69% to 16291. Hong Kong -2.25% to 22817. China -0.31% to 2083. India -0.18% to 20851. 

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