King Obama Uses His Pen

King Obama Uses His Pen. During the State of the Union speech President Obama said that “We’re not just going to be waiting for legislation, or plans, or any logical idea of what will actually result in order to make sure that we’re providing Americans the kind of help I’ve decided they need,” He went on to say “I’ve got a pen, I’ve got paper, scotch tape, a fax machine, a copier, a phone, and a whole box of those binder clips.”  Working around Congress the President used his pen and changed his Obamacare law once again. The latest law change will delay the part of Obamacare, saying that businesses with 50-99 full-time workers won't have to provide health insurance to their workers until 2016. Which analysts say is a political move designed to put off the requirement until after the election. Larger companies will have to cover at least 70% of employees by 2015 and 95% buy 2016. The original law states that companies had to offer health coverage this year.

Upgrades:

Allscripts (MDRX): Maxim raised their rating from Hold to Buy and placed a target price of $20.00 on the company.

Eastman Chemical (EMN): ResearchTeam lowered their rating from Reduce to Hold.

Ralph Lauren (RL): Atlantic Equities raised their rating from Neutral to Overweight and placed a target price of $187.00 on the company.

Tata Motors (TTM): Nomura raised their rating from Neutral to Buy. Pre-market: 30.14 -0.48 (-1.57%)

Downgrades:

CVS Caremark (CVS): ResearchTeam lowered their rating from Hold to Reduce. Pre-market: 68.29 +1.35 (2.02%)

KB Homes (KBH): Raymond James lowered their rating from Market Perform to Underperform. Pre-market: 18.57 -0.31 (-1.64%)

Lennar (LEN): Raymond James lowered their rating from Outperform to Strong Buy and placed a target price of $46.00 on the company. Pre-market: 40.64 -0.25 (-0.61%)

United States Steel (X): Citigroup lowered their rating from Neutral to Sell and lowered their target price from $28.00 to $23.00.

Coverage Initiated:

AT&T (T): Drexel Hamilton initiated coverage with a Buy rating and target price of $40.00. Pre-market: 32.60 +0.16 (0.49%)

Thermo Fisher (TMO): JPMorgan initiated coverage with an Overweight rating and target price of $135.00.

Earning Reports:

CVS Caremark (CVS): Reported EPS of $1.12 beating estimates by +$0.01. Pre-market: 68.29 +1.35 (2.02%)

Dean Foods (DF): Reported EPS of $0.18 missing estimates by -$0.01. Pre-market: 13.40 -1.80 (-11.84%)

Health Net (HNT): Reported EPS of $0.24 missing estimates by -$0.04. Pre-market: 33.50 +0.75 (2.29%)

Marsh McLennan (MMC): Reported EPS of $0.54 missing estimates by -$0.02.

Mosaic (MOS): Reported EPS of $0.36 missing estimates by -$0.06. Pre-market: 47.35 +0.53 (1.13%)

Reynolds American (RAI): Reported EPS of $0.77 missing estimates by -$0.04. Pre-market: 48.50 -0.31 (-0.64%)

Sprint (S): Reported EPS of -$0.26 beating estimates by +$0.07. Pre-market: 8.25 +0.56 (7.28%)

Markets: 
Futures at 8:17: Dow +0.40%. S&P +0.36%. Nasdaq +0.43%. Crude +0.14% to $100.20. Gold +0.93% to $1286.50. U.S. 10 Year -8/32 to 2.70%.

Europe: London +0.83%. Paris +0.63%. Frankfurt +1.48%. 

Asia: Japan closed. Hong Kong +1.78% to 21963. China +0.84% to 2104. India +0.14% to 20363. 

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Morning Coffee Pre-Market Wall Street News

BlackBerry to be Acquired. Troubled cell phone maker BlackBerry (BBRY) has agreed to be acquired for $4.7 billion. A consortium led by Fairfax Financial will pay $9.00 share in cash and roll over its existing 9.9% stake into its buyout offer.  Fairfax Financial will rely on other investors to finance the rest of the deal via equity and debt. BlackBerry can look at competing bids up until the due diligence is completed. Pre-market: 8.79 -0.03 (-0.34%)

Upgrades:

Apple (AAPL): Susquehanna raised their rating from Neutral to Positive and raised their target price from $440.00 to $625.00. Pre-market: 495.60 +4.96 (1.01%)

BlackBerry (BBRY): Cowen raised their rating from Underperform to Market Perform and raised their target price from $8.00 to $9.00. Pre-market: 8.79 -0.03 (-0.34%)

BlackBerry (BBRY): Canaccord raised their rating from Sell to Hold and placed a target price of $9.00 on the company. Pre-market: 8.79 -0.03 (-0.34%)

Microchip Tech (MCHP): Goldman Sachs raised their rating from Neutral to Buy and raised their target price from $42.00 to $46.00. Pre-market: 40.84 +0.51 (1.26%)

Downgrades:

Automatic Data Processing (ADP): RBC Capital lowered their rating from Outperform to Sector Perform.

DirecTV (DTV): Moffett Research lowered their rating from Buy to Neutral.

Equifax (EFX): RBC Capital lowered their rating from Outperform to Sector Perform.

Red Hat (RHT): Pacific Crest lowered their rating from Outperform to Sector Perform. Pre-market: 47.55 -5.38 (-10.16%)

Coverage Initiated:

Automatic Data Processing (ADP): UBS initiated coverage with a Neutral rating and target price of $110.00.

Sturm Ruger & Company (RGR): Dougherty initiated coverage with a Neutral rating.

Tata Motors (TTM): Bernstein initiated coverage with an Outperform rating.

Earning Reports:

CarMax (KMX): Reported EPS of $0.62 beating estimates by +$0.07. Pre-market: 52.22 +2.21 (4.42%)

KB Home (KBH): Reported EPS of $0.28 beating estimates by +$0.07. Pre-market: 16.86 -0.17 (-1.00%)

Lennar (LEN): Reported EPS of $0.54 beating estimates by +$0.08. Pre-market: 35.10 +0.56 (1.62%)

Red Hat (RHT): Reported EPS of $0.35 beating estimates by +$0.02. Pre-market: 47.55 -5.38 (-10.16%)

Markets: 
Futures at 8:14: Dow +0.02%. S&P -0.02%. Nasdaq +0.09%. Crude -0.60% to $102.96. Gold -0.93% to $1315.00. U.S. 10 Year +5/32 2.688%

Europe: London +0.27%. Paris +0.69%. Frankfurt +0.25%. 

Asia: Japan -0.07% to 14732. Hong Kong -0.82% to 23179. China -0.61% to 2207. India +0.10% to 19911.