MORNING COFFEE

Retail Sales Rise. Sales at retail chains rose +9.1% in March, the largest monthly jump in at least 10 years.  Economist had forecasted a gain of only +6.3%. More than 90% of all retailers beat expectations department stores were the strongest performers, but discounters and teen apparel chains also exceeded projections.

Greece Bankruptcy Shakes Nerves. Rates on 10-year Greek bonds spiked as high as 7.5% on Thursday, up from 6.5% just three days ago as investors fear bankruptcy.  ECB chief Trichet said the joint EU/IMF aid proposal is a "very, very serious commitment," but it did little to calm investors as they continued to withdraw funds from Greek banks.

Upgrades

Williams-Sonoma (WSM): Oppenheimer raised their rating from Perform to Outperform and raised their target price from $26.00 to $40.00.

DISH Network (DISH): UBS raised their rating from Neutral to Buy.

Downgrades

Netflix (NFLX): Wedbush lowered their rating from Neutral to Underperform.

MGM Mirage (MGM): Soleil lowered their rating from Hold to Sell and placed a target price of $11.00 on the company.

Alcoa (AA): JP Morgan lowered their rating from Overweight to Neutral and lowered their target price from $21.50 to $16.50.

Celgene (CELG): Jefferies lowered their rating from Buy to Hold and placed a target price of $65.00 on the company.

Coverage Reiterated/Price Target Changed 

ConocoPhillips (COP): Deutsche Bank reiterated their Buy rating and raised their target price from $60.00 to $66.00.

Target (TGT): Piper Jaffray reiterated their Overweight rating and raised their target price from $58.00 to $62.00.

Walt Disney (DIS): Jefferies reiterated their Buy rating and raised their target price from $36.00 to $41.00.

·         Futures at 7:00: Dow +0.25% to 10911. S&P +0.25% to 1186.75. Nasdaq +0.23%.
Crude +0.9% to $86.12. Gold +0.5% to $1158.
30-year Tsy +0.24% to 115-22. 10-year +0.09%.
Euro +0.36% vs. dollar. Yen +0.2%. Pound +0.65%.

·         Asia: Nikkei +0.3% to 11204. Hang Seng +1.6% to 22209. Shanghai +0.8% to 3145. BSE +1.2% to 17933.

·         Europe: London +0.8% to 5756. CAC +1.2% to 4025. Frankfurt +0.9% to 6225.