MORNING COFFEE

Dell Unveils iPad Competitor.  Dell (DELL) has unveiled the Streak, a tablet computer with a 5-inch screen running Google's (GOOG) Android operating system. The tablet will go on sale in the U.K. in June, and in the U.S. later this summer.

Toyota Stops Lexus Sales.  Toyota (TM) has suspended sales of Lexus LS vehicles in the U.S. following a worldwide recall of the model.  Toyota recalled about 3,800 Lexus LS cars in the U.S. due to a steering wheel problem, with 11,500 cars recalled globally.

Upgrades

Nike (NKE): Argus raised their rating from Hold to Buy and placed a target price of $82.00 on the company.

Gilead Sciences (GILD): Morgan Joseph raised their rating from Sell to Hold.

Murphy Oil (MUR): Benchmark raised their rating from Sell to Hold.

Coverage Initiated

Bank of NY (BK): Jefferies initiated coverage with a Buy rating and target price of $35.00.

State Street (STT): Jefferies initiated coverage with a Hold rating and target price of $42.00.

Northern Trust (NTRS): Jefferies initiated coverage with a Hold rating and target price of $53.00.

Earning Reports

Phillips-Van Heusen (PVH): Reported Q1 EPS of $0.83 beating estimates by +$0.04 on revenue of $619 million.

Medtronic (MDT): Reported Q4 EPS of $0.90 beating estimates by +$0.02 on revenue of $986 million.

AutoZone (AZO): Reported Q3 EPS of $4.12 beating estimates by +$0.53 on revenue of $1.82 billion.

·         Futures: Dow -2.1%. S&P -2.5%. Nasdaq -2.2%. Crude -3.7% to $67.64. Gold -0.5% to $1187.50.

·         Asia: Japan -3.1% to 9460. Hong Kong -3.5% to 18986. China -1.9% to 2623. India -2.7% to 16022.

·         Europe: London -2.7%. Paris -3.3%. Frankfurt -2.7%.