MORNING COFFEE

·    McDonald’s Sales Beat Estimates.  McDonald’s (MCD) reported that their same store sales rose +7% beating analysts’ expectations.  The company saw heavy customer traffic around the world and driven by the popularity of beverages such as McCafe Real Fruit Smoothies and Frappe coffee drinks and dollar-menu meals in the U.S.

Earning Reports

DISH Network (DISH): Reported Q2 EPS of $0.57 beating estimates by +$0.04 on revenue of $3.17 billion.

Upgrades

Procter & Gamble (PG): Argus raised their rating from Hold to Buy and placed a target price of $66.00 on the company.

Downgrades

Anadarko Petro (APC): FBR Capital lowered their rating from Outperform to Market Perform.

Coverage Reiterated/Price Target Changed

MetroPCS (PCS): RBC Capital Markets reiterated their Sector Perform rating and raised their target price from $9.00 to $11.00.

Hewlett-Packard (HPQ): RBC Capital Markets reiterated their Outperform rating and lowered their target price from $61.00 to $55.00.

Hewlett-Packard (HPQ): Stifel Nicolaus reiterated their Buy rating and lowered their target price from $62.00 to $53.00.

Con Edison (ED): Oppenheimer reiterated their Perform rating and raised their target price from $43.00 to $45.00.

·         Futures: Dow +0.3%. S&P +0.4%. Nasdaq +0.3%. Crude +1.1% to $81.60. Gold +0.2% to $1208.20.

·         Asia: Japan -0.7% to 9572. Hong Kong +0.6% to 21802. China +0.5% to 2673. India +0.8% to 18288.

·         Europe: London +1.4%. Paris +1.5%. Frankfurt +1.2%.