Morning Coffee Pre-Market Wall Street News

Nike Beats Earnings Estimates. Sporting goods manufacture Nike (NKE) reported that their FQ4 earnings beat Wall Street expectations. Net profit at the company soared +22% to $668M, adjusted EPS came in at $0.76 while revenues climbed +7% to $6.7B. Sales in North American increased by +12% and revenues continued to grow in emerging markets.  The company saw a decline in both Japan and Europe, while China was flat. Pre-market: 61.10 -1.22 (-1.96%)

Upgrades:

Bed Bath & Beyond (BBBY): BofA Merrill Lynch raised their rating from Neutral to Buy and placed a target price of $82.00 on the company. After Hours: 70.15 0.00 (0.00%)

Zumiez (ZUMZ): Wedbush raised their rating from Neutral to Outperform and raised their target price from $30.00 to $36.00. Pre-market: 28.25 +0.30 (1.07%)

Pacific Sunwear (PSUN): Wedbush raised their rating from Neutral to Outperform and raised their target price from $3.75 to $4.00. Pre-market: 3.41 +0.08 (2.40%)

Downgrades:

Accenture (ACN): UBS lowered their rating from Buy to Neutral and lowered their target price from $85.00 to $77.00. Pre-market: 73.50 -6.72 (-8.38%)

BAE Systems (BAESY): Deutsche Bank lowered their rating from Buy to Hold.

Owens Corning (OC): Citigroup lowered their rating from Buy to Neutral and lowered their target price from $48.00 to $43.00.

Coverage Initiated:

Cognizant Tech (CTSH): Societe Generale initiated coverage with a Buy rating and target price of $74.00. Pre-market: 61.00 -2.10 (-3.33%)

Infosys (INFY): Societe Generale initiated coverage with a Hold rating and target price of $44.00. Pre-market: 41.50 +0.11 (0.27%)

Tesla Motors (TSLA): Wedbush initiated coverage with a Neutral rating and target price of $110.00. Pre-market: 110.02 +0.77 (0.70%)

Torchmark (TMK): RBC Capital initiated coverage with an Underperform rating and target price of $60.00. After Hours: 65.72 0.00 (0.00%)

Earning Reports:

Accenture (ACN): Reported EPS of $1.14 beating estimates by +$0.01. Pre-market: 73.50 -6.72 (-8.38%)

Finish Line (FINL): Reported EPS of $0.20 beating estimates by +$0.04. After Hours: 21.20 0.00 (0.00%)

Nike (NKE): Reported EPS of $0.76 beating estimates by +$0.01. Pre-market: 61.10 -1.22 (-1.96%)

Research in Motion (BBRY): Reported EPS of -$0.13 missing estimates by -$0.20. Pre-market: 11.91 -2.57 (-17.75%)

Markets: 

Futures at 6:25: Dow +0.19%. S&P +0.15%. Nasdaq +0.16%. Crude +0.24% to $97.27. Gold -0.65% to $1204.00. U.S. 10 Year +4/32 2.456%

Europe: London -0.05%. Paris -0.49%. Frankfurt -0.21%. 

Asia Japan +3.51% to 13677. Hong Kong +1.78% to 20803. China+1.50% to 1979. India +2.75% to 19396. 

Morning Coffee Pre-Market Wall Street News

World Markets Fall on Fed Comment. World markets are selling off after Ben Bernanke yesterday signaled that the Fed may soon stop trying to prop up the U.S. economy by printing money. Additionally, he said that the bond buying program could end by mid-2014. Some economists and traders have fear that the economy is not strong enough and needs the Fed’s stimulation to prevent another recession. They point to the weak GDP and job numbers as their evidence. U.S. futures are lower with government bond yields spiking, while gold had plunged -5.22% to $1302.40 hitting a 2 1/2 year low.

Upgrades: 

Alcatel-Lucent (ALU): UBS raised their rating from Sell to Neutral. Pre-market: 2.02 +0.09 (4.66%)

Hewlett-Packard (HQP): Wells Fargo raised Market Perform to Outperform and raised their target range from $23.00 - $25.00 to $30.00 - $32.00. Pre-market: 25.50 +0.07 (0.28%)

Plum Creek Timber (PCL): DA Davidson raised their rating from Underperform to Neutral. Pre-market: 45.15 -0.08 (-0.18%)

Wal-Mart (WMT): Raymond James raised their rating from Market Perform to Outperform and placed a target price of $84.00 on the company. Pre-market: 74.65 +0.19 (0.26%)

Weyerhaeuser (WY): BMO Capital raised their rating from Market Perform to Outperform and placed a target price of $33.00 on the company. Pre-market: 27.31 0.00 (0.00%)

Downgrades:

FedEx (FDX): JPMorgan lowered their rating from Overweight to Neutral and lowered their target price from $116.00 to $108.00. Pre-market: 98.50 -2.04 (-2.03%)

FedEx (FDX): Morgan Stanley lowered their rating from Overweight to Equal Weight. Pre-market: 98.50 -2.04 (-2.03%)

Newmont Mining (NEM): Cowen lowered their rating from Outperform to Neutral. Pre-market: 30.95 -0.95 (-2.98%)

Sprint Nextel (S): Argus lowered their rating from Buy to Hold. Pre-market: 6.97 -0.03 (-0.43%)

Walt Disney (DIS): Goldman Sachs lowered their rating from Conviction Buy to Neutral and placed a target price of $70.00 on the company. Pre-market: 63.29 -1.04 (-1.62%)

Coverage Initiated:

Owens Corning (OC): Wedbush initiated coverage with an Outperform rating and target price of $50.00.           

Earning Reports:

Jabil Circuit (JBL): Reported EPS of $0.56 beating estimates by +$0.02. Pre-market: 19.00 -0.82 (-4.14%)

Micron (MU): Reported EPS of $0.04 beating estimates by +$0.01. Pre-market: 13.66 -0.31 (-2.22%)

Pier 1 (PIR): Reported EPS of $0.19 in-line with estimates. After Hours: 24.55 +0.56 (2.33%)

Red Hat (RHT): Reported EPS of $0.32 beating estimates by +$0.01. Pre-market: 47.78 +1.56 (3.38%)

Rite Aid (RAD): Reported EPS of $0.09 in-line with estimates. Pre-market: 3.05 -0.06 (-1.93%)

Markets: 
Futures at 7:25: Dow -0.57%. S&P -0.78%. Nasdaq -0.84%. Crude -1.53% to $96.74. Gold -5.22% to $1302.40.

Europe: London -2.26%. Paris -2.51%. Frankfurt -2.49%. 

Asia: Japan -1.74% to 13015. Hong Kong -2.88% to 20383. China -2.77% to 2084. India -2.74% to 18719.