Sanofi SA (SNY) - Upgrade

ResearchTeam raised their rating from Hold to Accumulate.

Last Price $52.43 Today's Change -0.19 (0.36%) Open $52.15 Prev Close $52.62 Day Range $51.75 - $52.43 P/E Ratio 21.34x Volume 1,062,618 Rating Accuracy(TTM) 66.67%
	Quote data as of 4:02pm ET 4/12/2013

Morning Coffee Pre-Market Wall Street News

U.S. Stock Futures Point Lower.  U.S. markets are set to open lower on news coming from Cyprus and a disappointing U.S. retail sales report. European markets are selling off after reports surfaced that Cyprus was asking for additional assistance from the EU to help bail out the country. In the U.S. March retail sales posted its biggest decline in nine months as consumers continue to cut back their spending. Sales fell a seasonally adjusted 0.4%, well below economists’ forecasts of a 0.1% decline.

Upgrades

Bankrate (RATE): Stifel raised their rating from Hold to Buy and placed a target price of $17.00 on the company.

Norfolk Southern (NSC): FBR Capital raised their rating from Market Perform to Outperform.

CSX (CSX): FBR Capital raised their rating from Market Perform to Outperform.

Downgrades

C.H. Robinson (CHRW): FBR Capital lowered their rating from Outperform to Underperform and lowered their target price from $80.00 to $55.00.

Coca Cola (KO): Davenport lowered their rating from Buy to Neutral.

Dr Pepper Snapple Group (DPS): Davenport lowered their rating from Buy to Neutral.

Laboratory Corp (LH): WallachBeth lowered their rating from Buy to Hold and placed a target price of $97.00 on the company.

MasterCard (MA): Sterne Agee lowered their rating from Buy to Neutral.

Microsoft (MSFT): CLSA lowered their rating from Outperform to Buy and lowered their target price from $36.00 to $34.00.

PepsiCo (PEP): Davenport lowered their rating from Buy to Neutral.

Visa (V): Sterne Agee lowered their rating from Buy to Neutral.

Coverage Initiated

Abbott Labs (ABT): Credit Suisse initiated coverage with a Neutral rating and target price of $40.00.

Alaska Air (ALK): Imperial Capital initiated coverage with an In-line rating and target price of $63.00.

Clean Harbors (CLH): Stifel initiated coverage with a Buy rating and target price of $68.00.

Waste Connections (WCN): Stifel initiated coverage with a Buy rating and target price of $42.00.

Waste Management (WM): Stifel initiated coverage with a Hold rating.

Republic Services (RSG): Stifel initiated coverage with a Hold rating.

Tata Motors (TTM): Oppenheimer initiated coverage with an Outperform rating and target price of $31.00.

Coverage Reiterated/Price Target Changed 

Apple (AAPL): RBC Capital Markets reiterated their Outperform rating and lowered their target price from $600.00 to $550.00.

Earning Reports

JB Hunt (JBHT): Reported EPS of $0.61 missing estimates by -$0.03.

JPMorgan Chase (JPM): Reported EPS of $1.59 beating estimates by +$0.19.

Shaw Comms (SJR): Reported EPS of $0.38 beating estimates by +$0.02.

Wells Fargo (WFC): Reported EPS of $0.92 beating estimates by +$0.04.

Markets: 
Futures at 8:52: Dow -0.27%. S&P -0.38%. Nasdaq -0.50%. Crude -1.75% to $91.91. Gold -1.76% to $1537.40.

Europe: London -0.35%. Paris -1.13%. Frankfurt -1.45%. 

Asia: Japan -0.47% to 13485. Hong Kong -0.06% to 22089. China -0.58% to 2207. India -1.62% to 18243. 

Morning Coffee Pre-Market Wall Street News

PC Shipments Free Fall. According to IDC global PC shipments fell to 76.9M units in Q1, a 13.9% fee fall from year ago levels. Some analysts are pointing to Microsoft’s (MSFT) Window 8 operating system for the drop. Analysts had expected the new operating system to spur sales as consumers upgraded their computers, yet consumers are not feeling any need to upgrade. IDC said that Hewlett-Packard (HPQ) was the sales leader followed by Lenovo (LNVGY) and Dell (DELL). MSFT Pre-market: 29.10 -1.18 (-3.90%), LNVGY Close 19.60 +0.42 (2.19%),  DELL Pre-market: 14.17 -0.04 (-0.28%)

Upgrades

Adobe Systems (ADBE): Goldman Sachs raised their rating from Sell to Neutral and raised their target price from $34.00 to $48.00.

Boyd Gaming (BYD): Morgan Stanley raised their rating from Equal Weight to Overweight and placed a target price of $12.00 on the company. Pre-market: 8.45 +0.25 (3.05%)

Toll Brothers (TOLL): Susquehanna raised their rating from Negative to Neutral and raised their target price from $25.00 to $33.00. After Hours: 31.97 -0.01 (-0.03%)

Downgrades

Barrick Gold (ABX): TD Securities lowered their rating from Buy to Hold. Pre-market: 24.61 +0.15 (0.61%)

Family Dollar (FDO): Goldman Sachs lowered their rating from Buy to Neutral and lowered their target price from $69.00 to $65.00. After Hours: 60.25 -0.19 (-0.31%)

Microsoft (MSFT): Goldman Sachs lowered their rating from Neutral to Sell and lowered their target price from $30.00 to $27.00. Pre-market: 29.10 -1.18 (-3.90%)

Microsoft (MSFT): Nomura lowered their rating from Buy to Neutral and placed a target price of $32.00 on the company. Pre-market: 29.10 -1.18 (-3.90%)

Coverage Initiated

Abercrombie & Fitch (ANF): Topeka initiated coverage with a Hold rating. After Hours: 49.40 +0.22 (0.45%)

Adobe Systems (ADBE): Evercore initiated coverage with an Overweight rating and target price of $52.00.

American Eagle (AEO): Topeka initiated coverage with a Buy rating and target price of $24.00.

Aeropostale (ARO): Topeka initiated coverage with a Hold rating. After Hours: 13.38 -0.23 (-1.69%)

Gap Inc (GPS): Topeka initiated coverage with a Buy rating and target price of $44.00. After Hours: 37.38 +0.19 (0.51%)

Pacific Sunwear (PSUN): Topeka initiated coverage with a Hold rating.

National Oilwell (NOV): Guggenheim initiated coverage with a Buy rating and target price of $85.00. After Hours: 69.31 +0.15 (0.21%)

Nordstrom (JWN): Topeka initiated coverage with a Buy rating and target price of $63.00.

Tiffany & Co (TIF): Topeka initiated coverage with a Buy rating and target price of $84.00.

Zumiez (ZUMZ): Topeka initiated coverage with a Buy rating and target price of $30.00. Pre-market: 27.00 +2.10 (8.43%)

Earning Reports

Pier 1 Imports (PIR): Reported EPS of $0.60 in-line with estimates. Pre-market: 23.00 -0.34 (-1.46%)

Rite Aid (RAD): Reported EPS of $0.13 beating estimates by +$0.12. Pre-market: 2.02 +0.23 (12.85%)

Markets: 
Futures at 7:00: Dow +0.1%. S&P +0.05%. Nasdaq -0.1%. Crude -0.1% to $94.55. Gold -0.1% to $1558.80.

Europe: London +0.3%. Paris +0.5%. Frankfurt +0.5%. 

Asia: Japan +2% to 13549. Hong Kong +0.3% to 22101. China -0.3% to 2220. India +0.7% to 18542. 

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Morning Coffee Pre-Market Wall Street News

President Obama Unveils Budget. President Obama unveiled his budget proposal which calls for more spending, more taxes and cuts to entitlement programs. President Obama’s budget which is over two months late, calls for $3.77 trillion in spending for the fiscal year that begins in October, which is a 6% increase over this year’s projected spending levels.

The higher spending comes from canceling the across-the-board spending cuts, known as the sequester, that began just a few weeks ago. In addition to canceling the sequester, his budget would spend more on education and infrastructure.

The President’s plan also calls for cuts which have angered his liberal base, retirees, union members and Republicans. His plan calls for cuts to Social Security, Medicare and other government programs in addition to more cuts to the military.

In the area of taxes the President’s budget plan calls for the elimination of tax breaks for higher income families. For businesses, he proposes lowering corporate tax rates while eliminating deductions.  Analysts believe that the net effect on the tax that businesses pay would be the same or possibly more.  The U.S. currently has the highest corporate tax rate in the world.

Economists estimate that the overall effect of the budget would be a $744 billion budget deficit and put the 2014 deficit at roughly 4.4% of gross domestic. The Congressional Budget Office had estimated that the deficit would be 3.7% of the GDP if the sequester cuts remained in place.

http://www.whitehouse.gov/omb/budget

Upgrades

American Eagle (AEO): Piper Jaffray raised their rating from Neutral to Overweight and raised their target price from $23.00 to $24.00.

IBM (IBM): UBS raised their rating from Neutral to Buy and raised their target price from $210.00 to $235.00. Pre-market: 211.62 +2.40 (1.15%)

Downgrades

Aeropostale (ARO): Goldman Sachs lowered their rating from Neutral to Sell and lowered their target price from $11.00 to $10.00.

Expeditors International (EXPD): Goldman Sachs lowered their rating from Conviction Buy to Buy and lowered their target price from $50.00 to $47.00.

France Telecom (FTE): Goldman Sachs lowered their rating from Sell to Conviction Sell. Pre-market: 10.06 -0.07 (-0.69%)

NetApp (NTAP): UBS lowered their rating from Buy to Neutral and lowered their target price from $40.50 to $37.00.

Tenet Healthcare (THC): Deutsche Bank lowered their rating from Buy to Hold and maintained their target price of $46.00. Pre-market: 42.00 -1.52 (-3.49%)

Coverage Initiated

H&R Block (HRB): Wedbush initiated coverage with an Outperform rating and target price of $33.00. After Hours: 28.44 +0.14 (0.49%)

Netflix (NFLX): Evercore initiated coverage with an Underweight rating and target price of $115.00. Pre-market: 169.00 -0.36 (-0.21%)

Panasonic (PC): JPMorgan initiated coverage with an Overweight rating.

Sony (SNE): JPMorgan initiated coverage with an Neutral rating.

Coverage Reiterated/Price Target Changed 

Walt Disney (DIS): B. Riley & Co. reiterated their Buy rating and raised their target price from $63.00 to $65.00. After Hours: 59.14 0.00 (0.00%)

Earning Reports

CarMax (KMX): Reported EPS of $0.46 in-line with estimates. Pre-market: 41.83 +0.15 (0.36%)

Constellation Brands (STZ): Reported EPS of $0.47 beating estimates by +$0.02. Pre-market: 48.60 -0.03 (-0.06%)       

    

Family Dollar (FDO): Reported EPS of $1.21 missing estimates by -$0.01. Pre-market: 57.00 -2.80 (-4.68%)

Fastenal (FAST): Reported EPS of $0.37 in-line with estimates. Pre-market: 49.50 -1.38 (-2.71%)

PriceSmart (PSMT): Reported EPS of $0.82 beating estimates by +$0.06. After Hours: 83.00 +2.79 (3.48%)

Markets: 
Futures at 7:00: Dow +0.29%. S&P +0.28%. Nasdaq +0.37%. Crude +0.90% to $94.20. Gold -0.37% to $1580.90.

Europe: London +0.80%. Paris +1.11%. Frankfurt +1.07%. 

Asia: Japan +0.73% to 13288. Hong Kong +0.75% to 22035. China +0.02% at 2226. India +1.03% to 18414. 

Morning Coffee Pre-Market Wall Street News

Alcoa Kicks Off Earnings Season. At the close of trading yesterday Alcoa (AA) kicked off Q1 earnings season with a decent report. Net profits at the company rose 58% to $149 million with EPS beating Wall Street Estimates by over 37% at $0.11.  Revenues at the company fell 3% to $5.83 billion, missing consensus estimates due to falling aluminum prices and lower production at Alcoa's European operations. The company did see strong demand from both the aviation and auto sectors. Pre-market: 8.31 -0.08 (-0.95%)

Upgrades

BB&T Corp. (BBT): Compass Point raised their rating from Neutral to Buy and raised their target price from $34.00 to $38.00. Pre-market: 30.51 +0.13 (0.43%)

Dominion Resources (D): Atlantic Equities raised their rating from Neutral to Overweight.

Downgrades

Bank of Hawaii (BOH): RBC Capital Markets lowered their rating from Outperform to Sector Perform.

Patterson Cos. (PDCO): Piper Jaffray lowered their rating from Overweight to Neutral and lowered their target price from $39.00 to $36.00.

St. Jude Medical (STJ): RBC Capital Markets lowered their rating from Sector Perform to Underperform. Pre-market: 41.50 -0.44 (-1.05%)

Coverage Initiated

Hyatt Hotels (H): Macquarie initiated coverage with a Neutral rating and target price of $46.00.

Lions Gate Entertainment (LGF): Argus initiated coverage with a Buy rating and target price of $31.00. Pre-market: 23.66 +0.23 (0.98%)

Marriott (MAR): Macquarie initiated coverage with an Outperform rating and target price of $48.00.

Monsanto (MON): Stifel initiated coverage with a Hold rating. Pre-market: 105.21 +0.01 (0.01%)

Starwood Hotels (HOT): Macquarie initiated coverage with an Outperform rating and target price of $73.00. Pre-market: 62.25 +0.27 (0.44%)

Earning Reports

Alcoa (AA): Reported EPS of $0.11 beating estimates by +$0.03. Pre-market: 8.31 -0.08 (-0.95%)

Markets: 

Futures at 8:40: Dow +0.09%. S&P +0.22%. Nasdaq +0.40%. Crude +0.15% to $93.50. Gold +0.14% at $1574.70.

Europe: London +0.52%. Paris +0.50%. Frankfurt +0.25%. 

Asia: Japan 0.00% at 13192. Hong Kong +0.70% to 21870. China +0.64% to 2226. India -1.15% to 18226.