MORNING COFFEE

eBooks Outsell Hardcover’s. Amazon said that over the last three months, it has sold more e-books than hardcovers, which is "astonishing when you consider that we’ve been selling hardcover books for 15 years, and Kindle books for 33 months." Additionally, sales of Amazon’s (AMZN) e-reader have tripled since the company lowered its price last month fro, $259.00 to $189.00.

Upgrades

ProLogis (PLD): RBC Capital Markets raised their rating from Sector Perform to Outperform and place a target price of $15.00 on the company.

Downgrades

Sybase (SY): The Benchmark Company lowered their rating from Buy to Hold.

Coverage Initiated

Vodafone PLC (VOD): Davenport initiated coverage with a Strong Buy and target price of $27.00.

Shoe Carnival (SCVL): Phoenix Partners Group initiated coverage with a Buy and target price of $23.00.

Coverage Reiterated/Price Target Changed

Texas Instruments (TXN): Caris & Company reiterated their Average rating and lowered their target price from $28.00 to $26.00.

Halliburton (HAL): RBC Capital Markets reiterated their Outperform rating and raised their target price from $35.00 to $45.00.

Exxon Mobil (XOM): RBC Capital Markets reiterated their Outperform rating and lowered their target price from $80.00 to $78.00.

ConocoPhillips (COP): RBC Capital Markets reiterated their Outperform rating and lowered their target price from $70.00 to $67.00.

Chevron (CVX): RBC Capital Markets reiterated their Top Pick rating and lowered their target price from $100.00 to $95.00.

Apple (AAPL): Oppenheimer reiterated their Outperform rating and lowered their target price from $345.00 to $330.00.

Earning Reports:

Harley-Davidson (HOG): Reported Q2 EPS of $0.59 beating estimates by +$0.18 on revenue of $1.1 billion (-0.1%) in-line.

Pepsico (PEP): Reported Q2 EPS of $1.1 beating estimates by +$0.02 on revenue of $14.8 billion. 

UnitedHealth (UNH): Reported Q2 EPS of $0.99 beating estimates by +$0.24 on revenue of $23.3 billion. 

IBM (IBM): Reported Q2 EPS of $2.61 beating estimates by +$0.03 on revenue of $23.7 billion. 

Texas Instruments (TXN): Reported Q2 EPS of $0.62 in-line on revenue of $3.5 billion in-line. The company said it sees Q3 EPS of $0.64 to $0.74 vs. consensus of $0.64. 

·         Futures: Dow -0.7%. S&P -0.8%. Nasdaq -0.8%. Crude -0.1% to $76.46. Gold -0.3% to $1178.10.

·         Asia: Japan -1.1% to 9300. Hong Kong +0.9% to 20265. China +2.1% to 2529. India -0.3% to 17878.

·         Europe: London -0.7%. Paris -1.2%. Frankfurt -1.1%.