MORNING COFFEE

Google To Launch Cloud Music App. Due to a leak, it has become known that Google (GOOG) will introduce a service that will allow consumers to store music on the Internet. The service will compete against Amazon's (AMZN) Cloud Drive, which was introduced just last week. Reports also say that Google will overhaul YouTube in response to T.V. that have internet access and allow people watch videos online.  The new format will have “channels” on its home page, and will offer some professionally produced original programming. The changes to YouTube will roll out before the end of the year. GOOG Pre-market: 575.25 +1.07 (0.19%), AMZN Pre-market: 183.00 +0.24 (0.13%)

Upgrades

Elan (ELN): RBC Capital Markets raised their rating from Sector Perform to Outperform and raised their target price from $8.00 to $10.00.

Salesforce.com (CRM): FBR Capital raised their rating from Market Perform to Outperform and raised their target price from $155.00 to $170.00.

Downgrades

DISH Network (DISH): Wunderlich lowered their rating from Hold to Sell and lowered their target price from $24.00 to $21.00.

Travelzoo (TZOO): The Benchmark Company lowered their rating from Buy to Hold.

Allscripts-Misys Healthcare (MDRX): Auriga U.S.A lowered their rating from Buy to Hold and lowered their target price from $25.00 to $24.00.

Coverage Reiterated/Price Target Changed

Clean Harbors (CLH): RBC Capital Markets reiterated their Top Pick rating and raised their target price from $107.00 to $120.00.

Bed Bath & Beyond (BBBY): Argus reiterated their Buy rating and raised their target price from $55.00 to $60.00.

Bed Bath & Beyond (BBBY): FBR Capital reiterated their Market Perform rating and raised their target price from $45.00 to $57.00.

Bed Bath & Beyond (BBBY): Oppenheimer reiterated their Perform rating and raised their target price from $51.00 to $58.00.

Earning Reports

Bed Bath & Beyond (BBBY): Reported Q4 EPS of $1.12 beating estimates by +$0.15 on revenue of $2.5 billion, beating estimates by +$0.1 billion. Pre-market: 54.40 +5.01 (10.14%)

Pier 1 Imports (PIR): Reported FQ4 EPS of $0.48 beating estimates by +$0.01 on revenue of $426.6 million, beating estimates by +$1.1 million. Pre-market: 11.15 +0.61 (5.79%)

Movado Group (MOV): reported EPS of $0.05 beating estimates by +$0.04.

Rite Aid (RAD): Reported EPS of -$0.24 in-line with estimates. Pre-market: 1.11 +0.05 (4.72%)

·         Futures at 9:07: Dow +0.16%. S&P +0.02%. Nasdaq +0.03%. Crude +0.22% at $108.81. Gold +0.4% to $1457.90.

·         Europe: London -0.13%. Paris +0.08%. Frankfurt -0.09%.

·         Asia: Japan +0.1% to 9591. Hong Kong -0.01% to 24282. China +0.2% to 3008. India -0.1% to 19591.