MORNING COFFEE

Oil Prices Rise As Airstrikes Hit Libya. A coalition of countries which include the   U.S., U.K., France, Canada, Qatar and several other nations have set up a  no-fly zone over Libya pounding government military sites with cruise missiles and bombs.  The offensive led to concerns about oil supply disruptions in Libya sending crude futures +2.1% to $103.17 (7:00 ET). Shokri Ghanem, chairman of Libya’s National Oil Co., announced that the country's oil production has fallen to less than 400,000 barrels per day, down from 1.6 million barrels per day in January.

AT&T To Buy T-Mobile. AT&T (T) announced that it would buy T-Mobile USA from Deutsche Telekom (DTEGY) for $39 billion in cash and stock.  The deal if approved by regulators would create America's largest mobile-phone company and ahead of Verizon Wireless (VZ).

Upgrades

AT&T (T): HSBC Securities raised their rating from Neutral to Overweight and raised their target price from $30.00 to $32.00.

Autodesk (ADSK): Robert W. Baird raised their rating from Neutral to Outperform and placed a target price of $46.00 on the company.

Bed Bath & Beyond (BBBY): FBR Capital raised their rating from Underperform to Market Perform and placed a target price of $45.00 on the company.

Deutsche Telekom (DTEGY): HSBC Securities raised their rating from Underweight to Overweight.

Qualcomm (QCOM): Sterne Agee raised their rating from Neutral to Buy and placed a target price of $62.00 on the company.

Textron (TXT): Stifel Nicolaus raised their rating from Hold to Buy and placed a target price of $32.00 on the company.

Earning Reports

Tiffany (TIF): Reported Q4 EPS of $1.44 beating estimates by +$0.05 on revenue of $1.1 billion, in-line with estimates. 

·         Futures at 7:00: Dow +1.0%. S&P +1.1%. Nasdaq +1.2%. Crude +2.1% to $103.17. Gold +0.8% to $1427.80

·         Europe: London +1.3%. Paris +1.9%. Frankfurt +2.2%.

·         Asia: Japan closed. Hong Kong +1.7% to 22685. China +0.1% to 2910. India -0.2% to 17839.