MORNING COFFEE

Barnes & Noble Up For Sale. Barnes & Noble (BKS) announced yesterday that its board is considering "strategic alternatives" to boost share value, including a possible sale of the company. Chairman Leonard Riggio, said he would consider putting together an investor group to acquire the company. Shares rose +26.2% after-hours.

BP’s Static Kill Working. BP (BP) announced that its "static kill" operation to seal the well leaking in the gulf appeared to have been successful.  The company believes they will have the first of two relief wells ready by mid-August and a relief well "remains the ultimate solution to kill and permanently cement the well."

Upgrades

Priceline.com (PCLN): Stifel Nicolaus raised their rating from Hold to Buy and placed a target price of $335.00 on the company.

Downgrades

Burger King (BKC): Robert W. Baird lowered their rating from Outperform to Neutral and lowered their target price from $24.00 to $19.00.

Coverage Initiated

Bed Bath & Beyond (BBBY): Jefferies initiated coverage with a Buy rating and target price of $48.00.

Coverage Reiterated/Price Target Changed

Priceline.com (PCLN): The Benchmark Company reiterated their Buy rating and raised their target price from $253.00 to $320.00.

Clorox (CLX): Oppenheimer reiterated their Outperform rating and raised their target price from $70.00 to $75.00.

MasterCard (MA): reiterated their Outperform rating and lowered their target price from $290.00 to $260.00.

MasterCard (MA): FBR Capital reiterated their Outperform rating and lowered their target price from $290.00 to $260.00.

Emerson (EMR): FBR Capital reiterated their Market Perform rating and raised their target price from $55.00 to $58.00.

Cognizant Tech (CTSH): Kaufman Bros reiterated their Buy rating and raised their target price from $60.00 to $70.00.

Earning Reports

AOL, Inc. (AOL): ReportedQ2 EPS of -$9.89 missing estimates buy -10.30 on revenue of $584.1 million.

R.R. Donnelley & Sons Company (RRD): Reported Q2 EPS of $0.47 beating estimates by+$0.11 on revenue of $2.41 billion. 

Anadarko (APC): Reported Q2 EPS of $0.49 beating estimates by+$0.14 on revenue of $2.6 billion.

CBS (CBS): Reported Q2 EPS of $0.25 beating estimates by+$0.04 on revenue of $3.3 billion. 

Electronic Arts (ERTS): Reported FQ1 EPS of -$0.24 beating estimates by+$0.11 on revnue of $539 million.

Priceline.com (PCLN): Reported Q2 EPS of $3.09 beating estimates by+$0.44 on revenue of $767 million.

·         Futures: Dow -0.2%. S&P -0.3%. Nasdaq -0.3%. Crude -0.7% to $81.95. Gold +0.8% to $1196.80.

·         Asia: Japan -2.1% to 9489. Hong Kong +0.4% to 21550. China +0.4% to 2639. India +0.6% to 18217.

·         Europe: London -1.1%. Paris -0.7%. Frankfurt -0.4%.