MORNING COFFEE

Intel Releases Tablet Chips. Intel (INTC) announced that it has new chips designed for tablet computers.  The new chips manage functions important for tablets, such as extending  battery life. The new chips have been selected for 35 products, including those from Fujitsu (FJTSY), Lenovo (LNVGY) and other companies. INTC Pre-market: 20.03 -0.09 (-0.45%)

Downgrades

Abercrombie & Fitch (ANF): Argus lowered their rating from Buy to Hold.

Coverage Initiated

Diageo PLC (DEO): Jefferies initiated coverage with a Buy rating and target price of $91.00.

British American Tobacco (BTI): Jefferies initiated coverage with a Buy rating.

Imperial Tobacco (ITYBY): Jefferies initiated coverage with a Hold rating.

Coverage Reiterated/Price Target Changed

Halliburton (HAL): Argus reiterated their Buy rating and raised their target price from $48.00 to $56.00.

Earning Reports

Alcoa (AA): Reported Q1 EPS of $0.28 beating estimates by +$0.01 on revenue of $6.0 billion, missing estimates by -$0.1 billion. Pre-market: 17.08 -0.69 (-3.88%)

Fastenal (FAST): Reported EPS of $0.54 beating estimates by +$0.02. Pre-market: 66.63 -0.87 (-1.29%)

·         Futures at 8:27: Dow -0.45%. S&P -0.48%. Nasdaq -0.48%. Crude 0.0% at $109.73. Gold -0.3% to $1464.00.

·         Europe: London -1.0%. Paris -1.1%. Frankfurt -1.0%.

·         Asia: Japan -1.7% to 9555. Hong Kong -1.3% to 23976. China+0.0% to 3023. India closed.