MORNING COFFEE

China Voices Concern Over Potash. The Ministry of Commerce in China has voiced its concerns over BHP Billiton's (BHP) $39 billion hostile bid for Potash (POT).  The Chinese government said it could negatively impact both the global potash industry and China's domestic industry. The ministry said it would open an anti-monopoly probe of the bid if BHP goes though with their offer.

Downgrades

Sonic (SONC): KeyBanc Capital Markets lowered their rating from Buy to Hold.

Coverage Initiated

Quiksilver  (ZQK): Jefferies initiated coverage with a Hold rating and target price of $3.50.

Volcom (VLCM): Jefferies initiated coverage with a Buy rating and target price of $22.00.

Symantec (SYMC): MKM Partners initiated coverage with a Neutral rating and target price of $17.00.

Compuware (CPWR): MKM Partners initiated coverage with a Neutral rating and target price of $10.00.

Coverage Reiterated/Price Target Changed

Sonic  (SONC): RBC Capital Markets reiterated their Sector Perform rating and lowered their target price from $11.00 to $10.00.

·         Futures: Dow -0.2%. S&P -0.3%. Nasdaq -0.1%. Crude -1.4% to $75.75. Gold -0.1% to $1270.60.

·         Asia: Japan +2.3% to 9517. Hong Kong +0.1% to 21726. China -1.3% to 2653. India +0.8% to 19502.

·         Europe: London -0.2%. Paris -0.4%. Frankfurt -0.4%.