MORNING COFFEE

Oil Rises and Stocks Tumble over Libya. Concerns over Libya's violent crackdown on protestors sent world markets lower and oil prices higher.  Benchmark crude for March delivery was up $7.88 a barrel, or 9.1 percent, to $94.08 as traders became concerned over how the crisis will end and what the impact on the North African country's oil production will be.

Upgrades

Time Warner (TWX): The Benchmark Company raised their rating from Hold to Buy and raised their target price from $39.00 to $44.00.

Coverage Reiterated/Price Target Changed

Oceaneering Intl (OII): RBC Capital Markets reiterated their Outperform rating and raised their target price from $85.00 to $89.00.

DIRECTV (DTV): Kaufman Bros reiterated their Buy rating and raised their target price from $49.00 to $54.00.

Oracle (ORCL): FBR Capital reiterated their Outperform rating and raised their target price from $36.00 to $38.00.

Earning Reports

Cracker Barrel (CBRL): Reported FQ2 EPS of $1.20 missing estimates by -$0.01 on revenue of $640.3 million.

Hormel Foods (HRL): Reported Q1 EPS of $0.55 beating estimates by +$0.12.

Medtronic (MDT): Reported EPS of $0.86 beating estimates by +$0.02.

Wal-Mart (WMT): Reported EPS of $1.34 beating estimates by +$0.03.

·         Futures at 8:36am: S&P 500 -1.18%.  NASDAQ -1.48%.  Dow -0.53%.  Gold +14.8 to $1403.40. Oil +6.78 to $92.98

·         Europe: London -0.53%. Paris -1.02%. Frankfurt +0.10%.

·         Asia: Japan -1.78%. Hong Kong -2.11%. China -2.62%.  India -0.77%.