MORNING COFFEE

Trader Corners Copper Market. A trader has acquired 80-90% ownership of all the copper in London Metal Exchange.  This equates to around half the world's exchange-registered copper stockpile and is worth about $3 billion. Copper prices reached a record high yesterday of $4.2705 per pound, and has gained +28% this year.

Downgrades

Micron (MU): Avian lowered their rating from Positive to Neutral.

Coverage Reiterated/Price Target Changed

Nike (NKE): FBR Capital reiterated their Outperform rating and raised their target price from $90.00 to $98.00.

Wells Fargo (WFC): Oppenheimer reiterated their Outperform rating and raised their target price from $42.00 to $44.00.

US Bancorp (USB): Oppenheimer reiterated their Outperform rating and raised their target price from $29.00 to $31.00.

Morgan Stanley (MS): Oppenheimer reiterated their Outperform rating and raised their target price from $32.00 to $34.00.

JPMorgan Chase (JPM): Oppenheimer reiterated their Outperform rating and raised their target price from $60.00 to $63.00.

Citigroup (C): Oppenheimer reiterated their Outperform rating and raised their target price from $5.20 to $5.50.

Goldman Sachs (GS): Oppenheimer reiterated their Outperform rating and raised their target price from $185.00 to $207.00.

Earning Reports

Navistar International (NAV): Reported Q3 EPS of $0.54 missing estimates by -$0.06 on revenue of $3.37 billion up +2.6%. 

Cintas (CTAS): Reported FQ2 EPS of $0.38 in-line on revenue of $937 million up +5.9%.

Nike (NKE): Reported FQ2 EPS of $0.94 beating estimates by +$0.06 on revenue of $4.8 billion up +9.9%. 

Red Hat (RHT): Reported Q3 EPS of $0.20 in-line on revenue of $236 million up +21%. 

TIBCO Software (TIBX): Reported FQ4 EPS of $0.31 beating estimates by +$0.03 on revenue of $241 million up +23.3%.

·         Futures at 7:00: Dow 0.0%. S&P 0.0%. Nasdaq -0.1%. Crude +0.6% to $90.32. Gold +0.1% to $1390.

·         Asia: Japan -0.2% to 10346. Hong Kong +0.2% to 23045. China -0.9% to 2878. India -0.2% to 20016.

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