MORNING COFFEE

China Manufacturing Jumps. China reported that their PMI rose to a six month high in October, coming in at 54.7 beating estimates of 52.90.  September’s reading was 53.8.  Chinese manufacturers continue to deplete inventories to meet rising domestic orders due to strong demand.  Some say this is good news for the global economy as the U.S. economy remains weak.

Google’s Andoid Continues To Rise In Popularity. Google's (GOOG) Android software rose to the second most popular smartphone operating system globally in the third quarter.  Nokia's (NOK) Symbian continued to lead the market with a 37%, while Androids market share has grown to 17% surpassing Research In Motion, Apple and Microsoft.  The Android software, is offered free to cell phone vendors, and has experienced huge growth since coming to market two years ago. Google said that it believe that a majority of their revenues will be generated from mobile web browsing at some point in the future.

Upgrades

Halliburton (HAL): Oppenheimer raised their rating from Perform to Outperform and raised their target price to $42.00.

Gilead Sciences (GILD): RBC Capital Markets raised their rating from Sector Perform to Outperform and raised their target price from $40.00 to $48.00.

Downgrades

Schlumberger (SLB): Oppenheimer raised their rating from Outperform to Perform.

Coverage Reiterated/Price Target Changed

Amazon.com (AMZN): Oppenheimer reiterated their Outperform rating and lowered their target price from $186.00 to $181.00.

Earnings

Baker Hughes (GHI): Reported Q3 EPS of $0.54 beating estimates by +$0.07 on revenue of $4.1 billion.

Cognizant Technology Solutions (CTSH): Reported Q3 EPS of $0.66 beating estimates by +$0.06 on revenue of $1.2 billion. 

Corning (GLW): Reported Q3 EPS of $0.51 missing estimates by -$0.01 on revenue of $1.6 billion.

Humana (HUM): Reported Q3 EPS of $1.66 beating estimates by +$0.35 on revenue of $8.4 billion.

Loews (L): Reported Q3 EPS of $0.13 beating estimates by +$0.12.  

·         Futures: 00: S&P +0.57%. 10-year Tsy +0.11%. Euro +0.13% vs. dollar. Crude +1.04% to $82.28. Gold +0.38% to $1362.70.

·         Asia: Japan -0.5%. Hong Kong +2.4%. China +2.5%. India +1.6%.

·         Europe: London +0.3%. Paris 0.0%. Frankfurt +0.3%.