MORNING COFFEE

Nokia To Announce Major Shakeup. In a leaked memo Nokia (NOK) CEO Stephen Elop compares Nokia to a man trapped on a burning platform, and the intense heat its feeling from competitors Apple (AAPL) and Google (GOOG).  The memo also says "We fell behind, we missed big trends, and we lost time. At that time, we thought we were making the right decisions; but, with the benefit of hindsight, we now find ourselves years behind." Elop is expected to announce a major management and strategy shake-up on Friday during the company’s analyst meeting.

Upgrades

Walt Disney (DIS): Wunderlich raised their rating from Hold to Buy and raised their target price from $41.00 to $50.00.

UBS AG (UBS): Canaccord Genuity raised their rating from Sell to Hold.

Coverage Reiterated/Price Target Changed

Take-Two (TTWO): Wedbush reiterated their Outperform rating and raised their target price from $15.00 to $20.00.

EMC (EMC): Wedbush reiterated their Outperform rating and raised their target price from $27.00 to $29.00.

EMC (EMC): FBR Capital reiterated their Outperform rating and raised their target price from $27.00 to $29.00.

NETGEAR (NTGR): Wedbush reiterated their Neutral rating and raised their target price from $36.00 to $40.00.

Earning Reports

Disney (DIS): Reported FQ1 EPS of $0.68 beating estimates by +$0.12 on revenue of $10.7 billion, beating estimates by +$0.2 billion.  Shares are up +3.28% in the premarket.

Coca-Cola (KO): Reported EPS of $0.72 in-line with estimates on revenue of $35.12 billion, shares are up +1.94% in the premarket.

Northrop Grumman (NOC): Reported EPS of $1.27 beating estimates by +$0.26 on revenue of $8.61 billion.

Polo Ralph Lauren (RL): Reported FQ3 EPS of $1.72 beating estimates by +0.63 on revenue of $1.55 billion.  The company also raised their 2011 profit outlook and raised their dividend to $0.20 from $0.10. Shares are +3.48% higher in the premarket.

Wyndham (WYN): Reported Q4 EPS of $0.46 beating estimates by +$0.02 on revenue of $937 million, missing estimates by -$4.98 million.

American Axle & Manufacturing (AXL): Reported Q4 EPS of $0.47 beating estimates by +$0.08 on revenue of $583 million, missing estimates by -$5 million.

Take-Two Interactive Software (TTWO): FQ3 EPS of $0.52 beating estimates by +$0.18 on revenue of $334 million, beating estimates by +$25 million.

·         Futures at 7:00: Dow -0.2%. S&P -0.4%. Nasdaq -0.3%. Crude +0.3% to $87.24. Gold 0.0% at $1363.50.

·         Europe: London -0.3%. Paris -0.1%. Frankfurt 0.0%.

·         In Asia, Japan -0.2% to 10618. Hong Kong -1.4% to 23164. China -0.9% to 2773. India -1.0% to 17593.