Eurozone PMI Rises as China’s Falls

Eurozone PMI Rises as China’s Falls. The Eurozone manufacturing PMI rose to a 32-month high of 54 in January up from a prior reading of 52.7 in December. The data is consistent with GDP growth of just 0.4-0.5% in Q1. While, China's PMI fell to a six-month low of 50.5 in January, down from 51 in December. Non-manufacturing print fell to the lowest level since December 2008, falling to 53.4 from 54.6. This is just the latest indicator showing that China’s economy is slowing.

Upgrades:

Baker Hughes (BHI): ResearchTeam raised their rating from Reduce to Hold.

Goldman Sachs (GS): Guggenheim raised their rating from Neutral to Buy and placed a target price of $200.00 on the company. Pre-market: 165.70 +1.58 (0.96%)

MasterCard (MA): Susquehanna raised their rating from Positive to Neutral and raised their target price from $70.00 to $91.00. Pre-market: 76.15 +0.47 (0.62%)

Microsoft (MSFT): ResearchTeam raised their rating from Reduce to Hold. Pre-market: 37.63 -0.21 (-0.55%)

Northrop Grumman (NOC): Drexel Hamilton raised their rating from Hold to Buy.

Downgrades:

Abbott Labs (ABT): ReseachTeam lowered their rating from Hold to Reduce.

Apple (AAPL): ReseachTeam lowered their rating from Hold to Reduce. Pre-market: 503.00 +2.40 (0.48%)

Celgene (CELG): ReseachTeam lowered their rating from Hold to Reduce. Pre-market: 152.19 +0.26 (0.17%)

ENSCO (ESV): Raymond James lowered their rating from Outperform to Market Perform.

International Paper (IP): ResearchTeam lowered their rating from Accumulate to Hold.

Lear Corp. (LEA): CRT Capital lowered their rating from Buy to Fair Value. Pre-market: 72.33 0.00 (0.00%)

Mattel (MAT): Longbow lowered their rating from Buy to Neutral. Pre-market: 37.59 -0.25 (-0.66%)

Mattel (MAT): B. Riley lowered their rating from Buy to Neutral and lowered their target price from $55.00 to $41.00. Pre-market: 37.59 -0.25 (-0.66%)

Mattel (MAT): SunTrust lowered their rating from Buy to Neutral and lowered their target price from $50.00 to $40.00. Pre-market: 37.59 -0.25 (-0.66%)

Noble Corp. (NE): Raymond James lowered their rating from Outperform to Market Perform. Pre-market: 30.88 -0.15 (-0.48%)

Praxair (PX): ReseachTeam lowered their rating from Hold to Reduce.

Earning Reports:

Sysco (SYY): Reported EPS of $0.48 in-line with estimates. Pre-market: 35.10 +0.02 (0.06%)

Markets: 
Futures at 8:20: Dow +0.20%. S&P +0.21%. Nasdaq +0.16%. Crude +0.04% to $97.54. Gold +0.56% to $1246.80. U.S. 10 Year -6/32 to 2.672%.

Europe: London -0.43%. Paris -0.34%. Frankfurt -0.71%. 

Asia: Japan -1.98% to 14619, Hong Kong -0.48% to 22035, China +0.56% to 2050. India -0.48% at 20415. 

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Morning Coffee Pre-Market Wall Street News

Eurozone PMI Continues to Rise. The Eurozone continues to recover as the composite PMI increased to a 27-month high of 52.1 from 51.5. Economists had been looking for a reading of only 51.9. Services exceeded expectations, but manufacturing unexpectedly fell. Economists say that the current reading is consistent with GDP growth of 0.2%.

Upgrades:

Copart (CPRT): RW Baird raised their rating from Neutral to Outperform and raised their target price from $38.00 to $42.00. Pre-market: 34.50 +0.75 (2.22%)

Darden Restaurants (DRI): Buckingham raised their rating from Underperform to Neutral and placed a target price of $44.00 on the company.

Maxim Integrated Products (MXIM): Goldman Sachs raised their rating from Neutral to Conviction Buy and raised their target price from $30.00 to $34.00. Pre-market: 30.48 +0.80 (2.70%)

Nokia (NOK): HSBC raised their rating from Underweight to Neutral. Pre-market: 6.56 -0.02 (-0.30%)

Walgreen (WAG): Morgan Stanley raised their rating from Equal Weight to Overweight and placed a target price of $70.00 on the company. Pre-market: 56.00 +0.48 (0.86%)

Zimmer Holdings (ZMH): RBC Capital raised their rating from Sector Perform to Outperform.

Downgrades:

BlackBerry (BBRY): RBC Capital lowered their rating from Sector Perform to Underperform. Pre-market: 8.43 -0.30 (-3.38%)

BlackBerry (BBRY): RW Baird lowered their rating from Neutral to Underperform and lowered their target price from $9.00 to $8.00. Pre-market: 8.43 -0.30 (-3.38%)

Darden Restaurants (DRI): Stephens lowered their rating from Overweight to Equal Weight and lowered their target price from $55.00 to $52.00.

DreamWorks Animation (DWA): B. Riley lowered their rating from Buy to Neutral.

FedEx (FDX): Stifel lowered their rating from Buy to Hold. Pre-market: 115.50 -1.33 (-1.14%)

ING Groep (ING): BNP Paribas lowered their rating from Outperform to Neutral. Pre-market: 11.40 -0.14 (-1.21%)

Oceaneering Intl (OII): Global Hunter lowered their rating from Buy to Neutral and lowered their target price from $92.00 to $81.00.

Coverage Initiated:

Nokia (NOK): Deutsche Bank initiated coverage with a Buy rating. Pre-market: 6.56 -0.02 (-0.30%)

Markets: 
Futures at 6:20: Dow +0.1%. S&P +0.2%. Nasdaq +0.3%. Crude +0.2% to $104.95. Gold -0.8% to $1322. U.S. 10 Year 0/32 2.736%

Europe: London -0.2%. Paris +0.1%. Frankfurt 0.0%. 

Asia: Japan closed. Hong Kong -0.6% to 23372. China +1.3% to 2221. India -1.8% to 19901.