MORNING COFFEE

U.S. Steelworks Complain About China. The U.S. Steelworkers union has requested that the U.S. government investigate China's policies supporting its green tech sector.  They would ultimately like it brought before the World Trade Organization. The union accuses China's government of providing hundreds of billions of dollars in subsidies to provide an unfair advantage to Chinese firms. 

Apple Opens Up Apps. Apple (AAPL) announced that they will allow companies that make apps for its iPhone, iPod’s and iPad to use any code-authoring tools they prefer.  Apple had restricted developers to using Apple’s own tools, to write programs. Adobe (ADBE) shares rose more than +12%, as some believe that Adobe’s Flash and related tools may become available on Apples iOS.

Coverage Initiated

Anheuser-Busch InBev (BUD): Jefferies initiated coverage with a Buy rating.

Stanley Black & Decker (SWK): KeyBanc Capital Markets initiated coverage with a Buy rating and target price of $68.00.

Owens Corning (OC): KeyBanc Capital Markets initiated coverage with a Hold rating.

Coverage Reiterated/Price Target Changed

National Semi (NSM): FBR Capital reiterated their Market Perform rating and lowered their target price from $19.00 to $17.50.

Xcel Energy (XEL): Oppenheimer reiterated their Outperform rating and raised their target price from $24.00 to $26.00.

PG&E (PCG): Oppenheimer reiterated their Outperform rating and raised their target price from $49.00 to $55.00.

Duke Energy (DUK): Oppenheimer reiterated their Perform rating and raised their target price from $17.00 to $18.00.

Con Edison (ED): Oppenheimer reiterated their Perform rating and raised their target price from $45.00 to $48.00.

Earning Reports

National Semiconductor (NSM): Reported FQ1 EPS of $0.36 beating estimates by +$0.02 on revenue of $412 million. 

Smith & Wesson (SWHC): Reported EPS of $0.06 beating estimates by +$0.01.

·         Futures: S&P +0.3%. Euro +0.3% vs. dollar. Crude +2.24% to $75.91. Gold +0.04% to $1251.40.

·         Asia: Japan +1.6%. Hong Kong +0.4%. China +0.3%. India closed.

·         Europe: London -0.1%. Paris -0.3%. Frankfurt -0.4%.