MORNING COFFEE

Fallout From the Oil Spill. As the oil spill in the gulf continues other companies other than BP (BP) may be on the hook for the cleanup cost.  The oil rig was owned by Transocean (RIG) and Cameron International (CAM), which made the blowout preventers for the rig that caught fire and sank. Additionally, Halliburton (HAL) had done equipment and cement work on the rig. All these companies could be held liable and are bracing for lawsuits. In yesterday's trading, RIG -7.45%, BP -8.3%, CAM -13%, HAL -5.25%.

Warren Buffett Meeting. Berkshire Hathaway (BRK.A/BRK.B) will hold its annual meeting on Saturday. Over 40,000 shareholders expected to attend.

Upgrades

El Paso (EP): Jefferies raised their rating from Hold to Buy and raised their target price from $22.5 to $25.00.

ValueClick (VCLK): Merriman raised their rating from Neutral to Buy.

Downgrades

Transocean (RIG): Jefferies lowered their rating from Buy to Hold and lowered their target price from $21.00 to $20.00.

Halliburton (HAL): FBR Capital lowered their rating from Outperform to Market Perform and lowered their target price from $44.00 to $35.00.

Newell Rubbermaid (NWL): Reported Q1 EPS of $0.25 beating estimates by +$0.07 on revenue of $1.3 billion.

Expedia (EXPE): Reported Q1 EPS of $0.20 missing estimates by -$0.02 on revenue of $718 million.

Fiserv (FISV): Reported Q1 EPS of $0.95 missing estimates by -$0.02 on revenue of $1 billion. 

McAfee (MFE): Reported Q1 EPS of $0.60 missing estimates by -$0.03 on revenue of $503 million.

·         Futures: Dow 0.0%. S&P 0.0%. Nasdaq +0.2%. Crude +0.6% to $85.65. Gold +0.5% to $1174.90.

·         Asia: Japan +1.2% to 11057.4. Hong Kong +1.6% to 21109. China +0.1% to 2871. India +0.3% to 17559.

·         Europe: London -0.4%. Paris -0.5%. Frankfurt +0.3%.