MORNING COFFEE

The U.S. Files Complaints Against China. The U.S. has files two complaints China to the WTO.  One complaint was on payment-processing companies and the other on steel duties. The complaints if upheld by the WTO could benefits U.S. credit card companies and steel companies. Additionally, yesterday congress demanded that action be taken to push China on accelerating yuan reform.  Fed Chairman Timothy Geithner, will testify before lawmakers today on China's trade and currency.

Abbott Drug Weight Loss Drug In Question. An FDA advisory panel voted 8-8 on whether to recommend that Abbott Laboratories' (ABT) Meridia diet pill stay on the market.  A recent study had linked the pill to more heart attacks, strokes and deaths. Of the eight FDA panel members who voted against a ban, six urged restricted sales along with a strong "black box" warning. The FDA will make its final decision on the drug later this year.

Coverage Initiated

Intl Game Tech (IGT): Jefferies initiated coverage with a Hold rating and target price of $16.00.

Bally Technologies (BYI): Jefferies initiated coverage with a Buy rating and target price of $45.00.

Coverage Reiterated/Price Target Changed

Amazon.com (AMZN): The Benchmark Company reiterated their Buy rating and raised their target price of $148.00 to $165.00.

Discover Financial Services (DFS): RBC Capital Markets reiterated their Outperform rating and raised their target price of $17.00 to $19.00.

Research In Motion (RIMM): Stifel Nicolaus reiterated their Buy rating and lowered their target price of $80.00 to $65.00.

Amazon.com (AMZN): The Benchmark Company reiterated their Buy rating and raised their target price of $145.00 to $165.00.

·         Futures: Dow -0.1%. S&P -0.1%. Nasdaq -0.2%. Crude -1.0% to $75.27. Gold +0.4% to $1274.20.

·         Asia: Japan -0.1% to 9509.5. Hong Kong -0.2% to 21691. China -1.9% to 2602. India -0.4% to 19417.

·         Europe: London -0.1%. Paris -0.2%. Frankfurt 0.0%.