MORNING COFFEE

Sanofi Gets Antitrust Approval. U.S. antitrust regulators have approved Sanofi-Aventis' (SNY) acquisition of Genzyme (GENZ). Sanofi in a hostile takeover bid has offered Genzyme shareholders $69.00 per share.  Additionally, a judge ruled that Apotex Corp. has to pay Sanofi $442.2 million in damages for violating Sanofi’s patent on Plavix.

Downgrades

Bank of America (BAC): Stifel Nicolaus lowered their rating from Buy to Hold.

Bank of America (BAC): Oppenheimer lowered their rating from Outperform to Perform.

Coverage Reiterated/Price Target Changed

Western Digital (WDC): Wedbush reiterated their Neutral rating and lowered their target price from $36.00 to $34.00.

Western Digital (WDC): Brean Murray reiterated their Buy rating and lowered their target price from $37.00 to $35.00.

Yahoo! (YHOO): Wedbush reiterated their Underperform rating and raised their target price from $13.25 to $15.50.

Gilead Sciences (GILD): Wedbush reiterated their Underperform rating and raised their target price from $38.00 to $40.00.

Altera (ALTR): Stifel Nicolaus reiterated their Buy rating and raised their target price from $33.00 to $36.00.

Goldman Sachs (GS): FBR Capital reiterated their Outperform rating and raised their target price from $170.00 to $180.00.

Goldman Sachs (GS): Ticonderoga reiterated their Buy rating and raised their target price from $185.00 to $190.00.

Earnings

Check Point Software (CHKP): Reported Q3 EPS of $0.63 beating estimates by +$0.04 on revenue of $273.2 million.

Comerica (CMA): Reported Q3 EPS of $0.33 missing estimates by -$0.08.

Quest Diagnostics (DGX): Reported Q3 EPS of $1.13 beating estimates by +$0.13 on revenue of $1.86 billion.

Altera (ALTR): Reported Q3 EPS of $0.69 beating estimates by +$0.04 on revenue of $528 million.

Boston Scientific (BSX): Reported Q3 EPS of $0.12 beating estimates by +$0.06 on revenue of $1.9 billion.

Stryker (SYK): Reported Q3 EPS of $0.80 beating estimates by +$0.03 on revenue of $1.8 billion.

Cree (CREE): Reported FQ1 EPS of $0.60 beating estimates by +$0.02 on revenue of $268 million.

Yahoo (YHOO): Reported Q3 EPS of $0.17 beating estimates by +$0.02 on revenue of $1.6 billion.

·         Futures: Dow +0.2%. S&P +0.4%. Nasdaq +0.5%. Crude +1.1% to $80.39. Gold +0.4% to $1341.30.

·         Asia: Japan -1.6% to 9381.6. Hong Kong -0.9% to 23557. China +0.1% to 3004. India -0.6% to 19872.

·         Europe: London +0.3%. Paris +0.6%. Frankfurt +0.2%.