MORNING COFFEE

Payrolls Show Growth. Nonfarm payrolls rose by 162,000 in March, the biggest monthly advance in three years.  Job creation was spread across industries, suggesting the uptick reflects broad economic momentum. Still, the duration of unemployment remains near record highs, and the number of long-term unemployed (+27 weeks) rose by 414,000 to 6.5 million.

Lines at Apple Stores. Apple (AAPL) had lines at their stores on Saturday morning as people bought the new iPad.  Some stores reported sellouts, but others said they were well stocked. Estimates are that over 300,000 iPad were sold the first day.

Upgrades

Juniper Networks (JNPR): Wells Fargo raised their rating from Market Perform to Outperform.

Downgrades

TASER (TASR): Dougherty & Company lowered their rating from Buy to Neutral and lowered their target price from $10.00 to $5.00.

TASER (TASR): JP Morgan lowered their rating from Neutral to Underweight and lowered their target price from $7.50 to $6.00.

Alcoa (AA): Deutsche Bank lowered their rating from Buy to Hold lowered their target price from $25.00 to $18.00.

Coverage Reiterated/Price Target Changed

Apple (AAPL): Kaufman Bros reiterated their Buy rating and changed their target price from $253.00 to $295.00.

·         Futures: S&P +0.23%. 10-yr -0.05%. Euro -0.21% vs. dollar. Crude+0.57% to $85.35. Gold +0.04% to $1126.60.

·         Asia: Japan +0.5%. Hong Kong closed. China closed. India +1.3%.

·         Europe:  London closed. Paris closed. Frankfurt +1.3%.