MORNING COFFEE

Jobless Claims Beat Estimates.  The Labor Department reported the initial jobless claims for the week of Sept.4^th came in at 451,000 beating estimates.  Economists had expected that 470,000 jobs would be lost.  Continuing claims came in at 4,478 million, which was higher than estimated.  Jobless claims seem to be stuck in a range of 450,000 and 500,000 without any signs of relief.

3M To Buy Arizant. 3M (MMM) announced yesterday that they would purchase privately held Arizant Inc for $810 million.   Arizant is a manufacturer of patient-warming equipment with 375 employees.

Upgrades

Teva Pharma (TEVA): Oppenheimer raised their rating from Perform to Outperform and placed a target price of $65.00 on the company.

Downgrades

Sunoco (SUN): Argus lowered their rating from Hold to Sell.

Coverage Initiated

BB&T Corp (BBT): Rodman & Renshaw initiated coverage with a Market Outperform rating and target price of $28.00.

Human Genome (HGSI): Stifel Nicolaus initiated coverage with a Buy rating and target price of $43.00.

Celgene (CELG): Stifel Nicolaus initiated coverage with a Buy rating and target price of $71.00.

Biogen Idec (BIIB): Stifel Nicolaus initiated coverage with a Sell rating.

Amgen (AMGN): Stifel Nicolaus initiated coverage with a Buy rating and target price of $68.00.

Earning Reports

Men's Wearhouse (MW): Reported EPS of $0.83 beating estimates by +$0.06.

Korn/Ferry (KFY): Reported EPS of $0.24 beating estimates by +$0.04.

·          Futures: Dow +0.33%. S&P +0.34%. Nasdaq +0.39%. Crude +0.54% to $75.07. Gold -0.16% to $1255.50.

·         Asia: Japan +0.82% to 9098.4. Hong Kong +0.37% to 21167. China -1.44% to 2656. India +0.71% to 18799.66.

·         Europe: London +0.81. Paris +0.60%. Frankfurt +0.47%.