MORNING COFFEE

The Recession Is Over. The National Bureau of Economic Research, which is responsible for calling when recessions begin and end, has determined that The Great Recession ended in June 2009.  The recession which began December, was the longest downturn since World War II. The decision also eliminates that possibility of a double dip recession, any future downturn in the economy would be considered a new recession.

Microsoft Pushing Zune In Europe. Microsoft (MSFT) said it is rolling out new software that will enhance its Zune music and movie download service to Europe. The strategy is that the Zune will catch on with current Xbox users and tie in its new smartphone operating system, Windows Phone 7.

Economic News

Housing starts and Building permits for August both came in higher than economists estimates.  Housing starts for August came in at 598,000 versus the estimates for 550,000 new homes being built.  Additionally, Building permits, which forecast future housing starts came in at 569,000 beating estimates of only 560,000.

Downgrades

Micron (MU): Sterne Agee lowered their rating from Buy to Neural.

SanDisk (SNDK): Sterne Agee lowered their rating from Buy to Neural.

Coverage Initiated

Boston Scientific (BSX): Maxim Group initiated coverage with a Sell rating and a target price of $4.50.

Zimmer Holdings (ZMH): Maxim Group initiated coverage with a Hold rating.

IRobot (IRBT): The Benchmark Company initiated coverage with a Hold rating and a target price of $20.00.

Coverage Reiterated/Price Target Changed 

Coca-Cola (KO): Stifel Nicolaus reiterated their Buy rating and raised their target price from $59.00 to $65.00.

Wells Fargo (WFC): Oppenheimer reiterated their Outperform rating and lowered their target price from $38.00 to $37.00.

Morgan Stanley (MS): Oppenheimer reiterated their Outperform rating and lowered their target price from $35.00 to $32.00.

JP Morgan Chase (JPM): Oppenheimer reiterated their Outperform rating and lowered their target price from $52.00 to $50.00.

Goldman Sachs (GS): Oppenheimer reiterated their Outperform rating and lowered their target price from $200.00 to $185.00.

Cognizant Tech (CTSH): Oppenheimer reiterated their Buy rating and raised their target price from $67.00 to $70.00.

Qualcomm (QCOM): FBR Capital reiterated their Outperform rating and raised their target price from $47.00 to $49.00.

·         Futures: Dow -0.09%. S&P -0.07%. Nasdaq +0.05%. Crude -0.85% to $74.22. Gold +0.22% to $1283.60.

·         Asia: Japan -0.25% to 9602. Hong Kong +0.11% to 22003. China +0.11% to 2592. India +0.48% to 20002.

·         Europe: London +0.30%. Paris +0.45%. Frankfurt +0.39%.