MORNING COFFEE

Johnny Appleseed Would Be Happy. If Johnny Appleseed were alive today he would be jumping for joy, as Apple products seem to be sprouting up everywhere.  Apple (AAPL) easily beat their earnings estimates (see below). The company said it experienced "a phenomenal quarter," with "the most successful product launch in Apple's history with iPhone 4." Other quarter information: 3.27 million iPads sold in its first quarter on the market; iPhone unit sales +61% over the year-ago quarter; Mac unit sales +33%; Apple also forecast higher-than-expected Q4 sales.

Upgrades

Stryker (SYK): Maxim Group raised their rating from Hold to Buy and placed a target price of $59.00.

State Street (STT): Stifel Nicolaus raised their rating from Hold to Buy and placed a target price of $47.00.

Cintas (CTAS): Robert W. Baird raised their rating from Underperform to Hold and raised their target price from $22.00 to $28.00.

Downgrades

Seagate Tech (STK): Brean Murray lowered their rating from Buy to Hold.

Coverage Reiterated/Price Target Changed

Apple (AAPL): Stifel Nicolaus reiterated their Buy rating and raised their target price from $340.00 to $350.00.

Apple (AAPL): Kaufman Bros reiterated their Buy rating and raised their target price from $349.00 to $350.00.

Yahoo! (YHOO): The Benchmark Company reiterated their Hold rating and lowered their target price from $18.00 to $16.00.

Yahoo! (YHOO): Oppenheimer reiterated their Perform rating and lowered their target price from $19.00 to $18.00.

Earnings Reports:

Check Point Software (CHKP): Reported Q2 EPS of $0.58 beating estimates by +$0.02 on revenue of $261.1 million.

Comerica (CMA): Reported Q2 EPS of $0.39 beating estimates by +$0.16.

Textron (TXT): Reported Q2 EPS of $0.29 beating estimates by +$0.20 on revenue of $2.7 billion.

Altera (ALTR): Reported Q2 EPS of $0.58 beating estimates by +$0.05 on revenue of $469 million.

Apple (AAPL): Reported FQ3 EPS of $3.51 beating estimates by +0.40 on revenue of $15.7 billion.

Cintas (CTAS): Reported FQ4 EPS of $0.35 beating estimates by +$0.02 on revenue of $909 million.

Stryker (SYK): Reported Q2 EPS of $0.80 in-line on revenue of $1.8 billion.

Yahoo (YHOO): Reported Q2 EPS of $0.15 Beating estimates by +$0.01 on revenue of $1.1 billion.

·         Futures: Dow +0.1%. S&P +0.2%. Nasdaq +0.5%. Crude +0.5% to $77.94. Gold -0.1% to $1191.

·         Asia: Japan  -0.2% to 9279. Hong Kong +1.1% to 20487. China +0.3% to 2535. India +0.6% to 17977.

·         Europe: London +1.6%. Paris +1.6%. Frankfurt +1.0%.