BlackRock Inc (BLK) - Reaches new 52 week High

BlackRock Inc (BLK)
Reaches new 52 week High 

Last Price: $207.29 at 9:38am ET. 

Open: $206.02 Previous Close: $209.29 Volume: 258,872

Today's Change  2.00 (0.96%) Bid (at 9:38am ET) -- Ask (at 9:38am ET) -- B/A Size -- EPS (TTM) $12.86 Shares Outstanding 169.5M Market Cap 35.1B Beta 1.498		Day Range $206.02 - $209.91 52 Week Range $160.25 - $209.91 P/E Ratio 16.11x P/Sales Ratio (TTM) 3.93x Declared Dividend $6.00 Dividend Yield 2.87% Ex-Dividend Date 11/29/12 Dividend Payable Date 12/24/12
		Market Summary NASDAQ: 3,005.96   44.43 (1.46%) S&P 500: 1,429.48   14.21 (0.98%) DJIA: 13,196.90   114.82 (0.86%)

Eaton Corp PLC (ETN) - Reaches new 52 week High

Eaton Corp PLC (ETN)

Reaches new 52 week High 

Last Price: $54.73 at 9:53am ET. 

Open: $53.94 Previous Close: $54.66 Volume: 1,412,949

Today's Change  0.07 (0.13%) Bid (at 9:53am ET) -- Ask (at 9:53am ET) -- B/A Size -- EPS (TTM) $4.13 Shares Outstanding 465.3M Market Cap 25.5B Beta 1.543		Day Range $53.76 - $54.73 52 Week Range $36.38 - $54.73 P/E Ratio 13.26x P/Sales Ratio (TTM) 1.59x Declared Dividend $1.52 Dividend Yield 2.78% Ex-Dividend Date 10/4/12 Dividend Payable Date 10/19/12
		Market Summary NASDAQ: 3,010.16   40.23 (1.32%) S&P 500: 1,429.68   14.01 (0.97%) DJIA: 13,201.49   110.23 (0.83%)

Magna International Inc (MGA) Reaches new 52 week High

Magna International Inc (MGA)

Reaches new 52 week High 

Last Price: $49.62 at 10:19am ET. 

Open: $49.18 Previous Close: $49.36 Volume: 172,578

Today's Change  0.26 (0.53%) Bid (at 10:19am ET) -- Ask (at 10:19am ET) -- B/A Size -- EPS (TTM) $5.92 Shares Outstanding 232.9M Market Cap 11.6B Beta 1.4111		Day Range $48.49 - $49.62 52 Week Range $31.83 - $49.62 P/E Ratio 8.39x P/Sales Ratio (TTM) 0.38x Declared Dividend $1.10 Dividend Yield 2.23% Ex-Dividend Date 11/28/12 Dividend Payable Date 12/14/12
		Market Summary NASDAQ: 3,020.91   29.48 (0.97%) S&P 500: 1,432.99   10.70 (0.74%) DJIA: 13,223.58   88.14 (0.66%)

Abbott Labs Coverage Initiated

Abbott Lab (ABT): Williams Blair initiated coverage with an Overweight rating.

Last Trade: $65.58 +0.03 (0.05%)

BlackRock coverage Initiated

BlackRock (BLK): JPMorgan initiated coverage with an Overweight rating and target price of $231.00.

Last Trade: $206.27 -3.02 (-1.44%)

Morning Coffee Pre-Market Wall Street News

Stock Futures Fall as Plan B Fails. Yesterday the House was to vote on Speaker John Boehner (R) tax plan dubbed “Plan B” that would have raised taxes on those making over $1 million a year. But at the last moment Speaker Boehner canceled the vote after it became evident that the proposal would fail. With  President Obama, the Republicans and the Democrats standing firm on their beliefs on taxes and spending cuts, global markets fell as traders became nervous that the U.S. would fall off the fiscal cliff. The House will recess until after Christmas and President Obama is scheduled to leave for Hawaii for the holidays leaving little time when they return to work out a deal.

Upgrades

Brinker (EAT): Sterne Agee raised their rating from Hold to Buy. Pre-market: 31.51 -0.08 (-0.25%)

Downgrades

Allscripts-Misys Healthcare (MDRX): Argus lowered their rating from Buy to Hold. Pre-market: 9.08 -0.06 (-0.66%)

Herbalife (HLF): Argus lowered their rating from Buy to Hold. Pre-market: 33.58 -0.12 (-0.36%)

Nike (NKE): Janney Capital lowered their rating from Buy to Neutral. Pre-market: 102.21 +3.21 (3.24%)

Discover Financial Services (DFS): FBR Capital lowered their rating from Outperform to Market Perform and lowered their target price from $44.00 to $42.00. Pre-market: 37.71 -0.70 (-1.82%)

Coverage Initiated

Yum! Brands (YUM): Wells Fargo initiated coverage with a Market Perform rating. Pre-market: 65.41 -1.08 (-1.62%)

McDonalds (MCD): Wells Fargo initiated coverage with an Outperform rating. Pre-market: 89.22 -0.82 (-0.91%)

Magna Intl (MGA): Guggenheim initiated coverage with a Neutral rating and target price of $48.00.

IBM (IBM): Topeka initiated coverage with a Buyrating and target price of $245.00. Pre-market: 192.33 -2.44 (-1.25%)

Coverage Reiterated/Price Target Changed

Nike (NKE): Canaccord Genuity reiterated their Hold rating and raised their target price from $94.00 to $100.00. Pre-market: 102.21 +3.21 (3.24%)

Earning Reports

Cintas (CTAS): Reported EPS of $0.63 beating estimates by +$0.01. Pre-market: 42.40 -0.39 (-0.91%)

Micron (MU): Reported EPS of -$0.27 missing estimates by -$0.07. Pre-market: 6.47 -0.32 (-4.71%)

Nike (NKE): Reported EPS of $1.14 beating estimates by +$0.14. Pre-market: 102.21 +3.21 (3.24%)

Research In Motion (RIMM): Reported EPS of -$0.22 beating estimates by +$0.13. Pre-market: 102.25 +3.25 (3.28%)

Wallgreen (WAG): Reported EPS of $0.58 missing estimates by -$0.10. Pre-market: 36.85 -0.70 (-1.86%)

Markets: 
Futures at 7:52: Dow -1.24%. S&P -1.35%. Nasdaq -1.25%. Crude -1.09% to $89.15. Gold +0.25 to $1650.

Europe: London -0.68%. Paris -0.45%. Frankfurt -0.65%. 

Asia: Japan -0.99% to 9940. Hong Kong -0.68% to 22506. China -0.69% to 2153. India -1.09% at 19242. 

Fiscal Cliff

Fiscal Cliff

The fiscal cliff is a combination of expiring tax cuts and government spending cuts scheduled to become effective Dec. 31, 2012. The fiscal cliff was put in place the last time the debt limit was raised.  The thought was that the combination of both across the board tax cuts expiring and cuts in government spending would be so detrimental to the already fragile economy that Congress and the President would address the issue to prevent the economy from falling into a recession. The fiscal cliff will cut household incomes, increase unemployment, and weaken consumer and investors confidence.

GDP increases 3.1%

The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 3.1 percent in the third quarter of 2012 (that is, from the second quarter to the third quarter), according to the "third" estimate released by the Bureau of Economic Analysis.  In the second quarter, real GDP increased 1.3 percent.   The full text of the release on BEA's Web site can be found at www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm

Morning Coffee Pre-Market Wall Street News

The House Moves Ahead to Prevent Fiscal Cliff. The House which is controlled by Republicans will vote today on John Boehner's (R) "Plan B" budget. The vote comes after President Obama rejected the plan and negotiations on spending cuts and taxes came to an impasse. The plan would raise taxes on households earning over $1 million a year, while maintaining the current tax rates for the middle class. President Obama has already said he'll veto the measure if it reaches his desk. The president wants to raise taxes on those making over $250,000 and is refusing to cut spending. All three rating agencies have said they could lower the U.S.A.’s credit rating due to the out of control debt.

Upgrades

PPG Industries (PPG): RBC Capital raised their rating from Sector Perform to Outperform and raised their target price from $130.00 to $160.00.

Flir Systems (FLIR): Sterne Agee raised their rating from Neutral to Buy and placed a target price of $30.00 on the company.

Diageo PLC (DEO): JPMorgan raised their rating from Underweight to Neutral. Pre-market: 120.81 +1.88 (1.58%)

Downgrades

Research In Motion (RIMM): Hudson Securities lowered their rating from Buy to Hold. Pre-market: 13.59 -0.04 (-0.29%)

Coverage Initiated

Blackrock (BLK): JPMorgan initiated coverage with an Overweight rating and target price of $231.00.

Abbott Lab (ABT): Williams Blair initiated coverage with an Overweight rating.

Patterson Cos (PDCO): Stifel Nicolaus initiated coverage with a Buy rating and target price of $39.00.

Earning Reports

Accenture (ACN): Reported EPS of $1.06 beating estimates by +$0.02. Pre-market: 66.50 -3.90 (-5.54%)

Bed Bath & Beyond (BBBY): Reported EPS of $1.03 beating estimates by +$0.01. Pre-market: 57.10 -3.18 (-5.28%).

Paychex (PAYX): Reported EPS of $0.41 in-line with estimates. Pre-market: 32.97 -0.08 (-0.24%)

ConAgra (CAG): Reported EPS of $0.57 beating estimates by +$0.02. Pre-market: 31.00 +1.04 (3.47%)

Darden Restaurants (DRI): Reported EPS of $0.26 missing estimates by -$0.01.

KB Home (KBH): Reported EPS of $0.10 beating estimates by +$0.04. Pre-market: 15.85 -0.81 (-4.86%)

Rite Aid (RAD): Reported EPS of $0.10 beating estimates by +$0.09. Pre-market: 1.16 +0.12 (11.54%)

Markets: 
Futures at 7:44: Dow +0.05%. S&P -0.03%. Nasdaq +0.06%. Crude +0.06% to $90.03. Gold +0.51% to $1668.50.

Europe: London +0.06%. Paris +0.15%. Frankfurt +0.03%. 

Asia: Japan -1.19% to 10039. Hong Kong +0.16% to 22660. China+0.28% to 2168. India -0.11% at 19454.