MORNING COFFEE

Burger King For Sale. 

Burger King (BKC) has been reported to be in talks to sell the company.  The number two hamburger restaurant has a market cap of $2.3 billion.  One company reported to be interested in the purchase is 3i Group.  Burger King is up +16.66% in pre-market trading.

Employment Data Misses Estimates.  

ADP Employer Services reported that the private sector cut jobs by -10,000 in August.  Economist had been looking for a +13,000 increase in jobs.  This is a significant decline from July’s revised reading of +37,000.

FOMC Minutes Released. 

The FOMC released the minutes from the August meeting yesterday.  The minutes indicated that GDP growth was worse than most members anticipated. Additionally, the labor market was worse than expected.  Some noted that they believe the downturn in housing prices seems over. 

Coverage Initiated

Buffalo Wild Wings (BWLD): Morgan Joseph initiated coverage with a Buy rating and target price of $56.00.

AnnTaylor (ANN): MKM Partners initiated coverage with a Buy rating and target price of $21.00.

Coverage Resumed

Cree (CREE): Kaufman Bros resumed coverage with a Hold rating and target price of $58.00.

Earning Reports

Joy Global (JOYG): Reported FQ3 EPS of $1.13 beating estimates by +$0.10 on revenue of $850 million.

HJ Heinz (HNZ): Reported FQ1 EPS of $0.75 beating estimates by +$0.02.

·         Futures: Dow +1.0%. S&P +1.19%. Nasdaq +1.37%. Crude +0.95% to $72.6. Gold +0.3% to $1254.

·         Asia: Japan +1.17% to 8927. Hong Kong +0.43% to 20624. China -0.6% to 2623. India +1.31% to 18206.

·         Europe: London +1.5%. Paris +1.63%. Frankfurt +1.18%.