MORNING COFFEE

Disney Selling Miramax. Disney (DIS) announced that it’s selling its Miramax film studio to Filmyard Holdings for $660 million. Disney agreed to the plan after a nonrefundable $40 million deposit and financing plan were made.

IMF Says U.S. At Risk. The IMF said that the U.S. financial system is "slowly recovering," but is still vulnerable to crisis, because of a failure to streamline the regulatory system and take bolder action. The IMF also conducted stress tests on 53 of the largest banks in the U.S. and found that 12 banks would need to raise more capital.

Downgrades

Mylan Labs (MYL): Oppenheimer lowered their rating from Outperform to Perform.

Halliburton (HAL): FBR Capital lowered their rating from Outperform to Market Perform.

Coverage Reiterated/Price Target Changed

Colgate-Palmolive (CL): RBC Capital Markets reiterated their Outperform rating and lowered their target price from $91.00 to $88.00.

Dr Pepper Snapple (DPS): Stifel Nicolaus reiterated their Buy rating and raised their target price from $40.00 to $41.00.

Synaptics (SYNA): Collins Stewart reiterated their Buy rating and raised their target price from $36.00 to $38.00.

Earning Reports

Newell Rubbermaid (NWL): Reported Q2 EPS of $0.51 beating estimates by +$0.07.

Amgen (AMGN): Reported Q2 EPS of $1.38 beating estimates by +$0.08 on revenue of $3.8 billion.

Eastman Chemical Company (EMN): Reported Q2 EPS of $2.05 beating estimates by +$0.40 on revenue of $1.7 billion

Expedia (EXPD): Reported Q2 EPS of $0.44 beating estimates by +$0.02 on revenue of $834 million. 

MetLife (MET): Reported Q2 EPS of $1.23 beating estimates by +$0.23 on revenue of $12.8 billion.

·         Futures: Dow -0.2%. S&P -0.3%. Nasdaq -0.4%. Crude -0.6% to $77.90. Gold +0.1% to $1172.80.

·         Asia: Japan -1.6% to 9537.3. Hong Kong -0.3% to 21030. China -0.4% to 2638. India -0.7% to 17868.

·         Europe: London -0.6%. Paris -0.5%. Frankfurt -0.8%.