MORNING COFFEE

J&J to buy Crucell. Johnson & Johnson (JNJ) announced that they are in advanced talks to buy the remaining shares of Crucell (CRXL) the company doesn’t already own. J&J currently owns 18% of the company and the purchase would strengthen J&J's ability to discover, make and sell vaccines. The deal is valued around €1.75B ($2.3B) in cash, or €24.75/share.

Upgrades

Oshkosh Truck (OSK): Robert W. Baird raised their rating from Neutral to Outperform and placed a target price of $42.00 on the company.

Downgrades

BHP Billiton (BHP): HSBC Securities lowered their rating from Overweight to Neutral.

Coverage Reiterated/Price Target Changed

Massey Energy (MEE): Howard Weil reiterated their Market Perform rating and lowered their target price from $50.00 to $40.00.

Oracle (ORCL): RBC Capital Markets reiterated their Outperform rating and raised their target price from $28.00 to $32.00.

Oracle (ORCL): FBR Capital reiterated their Outperform rating and raised their target price from $30.00 to $32.00.

Research In Motion (RIMM): Wedbush reiterated their Market Perform rating and lowered their target price from $57.00 to $51.00.

Microsoft (MSFT): Oppenheimer reiterated their Market Perform rating and lowered their target price from $35.00 to $30.00.

Nike (NKE): FBR Capital reiterated their Outperform rating and raised their target price from $79.00 to $80.00.

Earning Reports

Oracle (ORCL): Reported FQ1 EPS of $0.42 beating estimates by +$0.05 on revenue of $7.6 billion. 

Research In Motion (RIMM): Reported Q2 EPS of $1.46 beating estimates by +0.11 on revenue of $4.6 billion. 

·         Futures: Dow +0.7%. S&P +0.6%. Nasdaq +0.5%. Crude +0.8% to $75.17. Gold +0.6% to $1281.50.

·         Asia: Japan +1.2% to 9626. Hong Kong +1.3% to 21971. China -0.1% to 2599. India +0.9% to 19595.

·         Europe: London +0.9%. Paris +1.0%. Frankfurt +0.8%.