MORNING COFFEE

Saudi Arabia To Increase Oil Rigs By 28%. Reports say that Saudi Arabia, the world's top oil producer, is looking to increase the number of oil rigs it has by 28% to 118.  Saudi run Saudi Aramco met with Halliburton (HAL) and other oil service companies over the weekend to discuss the plan.

Wal-Mart Moves To Block Lawsuit. Wal-Mart (WMT) will be going to court today in an attempt to prevent a sex discrimination lawsuit from becoming a class-action case.  At the Supreme Court hearing today a small group of female employees who are suing for sex discrimination in pay and promotions are seeking represent a nationwide suit that could include up to 1.5 million.   Wal-Mart analysts say that if the judges allow the case to become a class action suit a title wave of cases could swamp companies.

Coverage Reiterated/Price Target Changed 

Phillips-Van Heusen (PVH): Brean Murray reiterated their Buy rating and raised their target price from $70.00 to $80.00.

Earning Reports

Apollo Group (APOL): Reported FQ2 EPS of $0.83 beating estimates by +$0.14 on revenue of $1.05 billion, beating estimates by +$0.03 billion. Sees FY'11 revenue of $4.65-4.75. Pre-market: 39.01 -3.34 (-7.89%)

Lennar (LEN): Reported FQ1 EPS of $0.14 beating estimates by +$0.19 on revenue of $557.9 million, beating estimates by +$50 million. Pre-market: 20.25 +0.50 (2.53%)

McCormick (MKC): Reported Q1 EPS of $0.57 beating estimates by +$0.03 on revenue of $803 million.  Pre-market: 49.89 +0.28 (0.56%)

Phillips-Van Heusen (PVH): Reported Q4 EPS of $0.93 beating estimates by +$0.11 on revenue of $1.4 billion, beating estimates by +$0.03 billion. Pre-market: 62.00 +1.83 (3.04%)

·         Futures at 7:00: Dow +0.1%. S&P +0.1%. Nasdaq +0.2%. Crude -0.7% to $103.29. Gold -0.5% to $1412.90.

·         Europe: London -0.3%. Paris -0.6%. Frankfurt -0.8%.

·         Asia: Japan -0.2% to 9459. Hong Kong 0.0% to 23060. China -0.9% to 2958. India +0.9% to 19121.