MORNING COFFEE

Apple To Report EPS After Close. Apple (AAPL) is scheduled to release their earnings after the close today.  Analysts’ estimates are for the company to report EPS of $5.36 and revenues of $23.3 billion, a 61% and 73% increase respectively over year ago results. Analysts will also be looking to see at how the Japanese earthquake may have affected their supply chain and demand for its products in the country going forward.  Reports also say that Apple will begin shipping its next generation iPhone in September. Pre-market: 342.36 +4.50 (1.33%)

Earning Reports

Altria (MO): Reported Q1 EPS of $0.44 in-line on revenue of $3.94 billion, beating estimates by +$).05 billion. Pre-market: 26.50 +0.12 (0.45%)

Autoliv (ALV): Reported Q1 EPS of $1.92 Beating estimates by +$0.16 on revenue of $2.10 billion, beating estimates by +$0.08 billion. Pre-market: 77.62 +5.00 (6.89%)

Cree (CREE): Reported FQ3 EPS of $0.27 missing estimates by -$0.02 on revenue of $219 million, beating estimates by +$1.8 million. Pre-market: 38.30 -2.51 (-6.15%)

CSX (CSX): Reported Q1 EPS of $1.06 beating estimates by +$0.02 on revenue of $2.8 billion, beating estimates by +$0.06 billion. Pre-market: 76.51 +0.47 (0.62%)

Eaton (ETN): Reported Q1 EPS of $0.84 beating estimates by +$0.04 on revenue of $2.10 billion, beating estimates by +$0.08 billion. Pre-market: 53.50 +0.87 (1.65%)

Elan (ELN): Reported Q1 EPS of -$0.01 beating estimates by +$0.04 on revenue of $310 million, beating estimates by +$13 million. Pre-market: 8.34 +0.17 (2.08%)

IBM (IBM): Reported Q1 EPS of $2.41 beating estimates by +$0.11 on revenue of $24.6 billion, in-line with estimates. Pre-market: 163.50 -1.90 (-1.15%)

Intel (INTC): Reported Q1 EPS of $0.56 beating estimates by +$0.10 on revenue of $12.8 billion, beating estimates by +$0.8 billion. Pre-market: 21.06 +1.20 (6.04%)

Juniper Networks (JNPR): Reported Q1 EPS of $0.32 in-line with estimates on revenue of $1.1 billion, in-line with estimates. Pre-market: 39.42 +0.95 (2.47%)

Nasdaq (NDAQ): Reported Q1 EPS of $0.61 in-line on revenue of $415 million, beating estimates by +$6 million. After Hours: 27.76 +0.36 (1.31%)

United Technologies (UTX): Reported Q1 EPS of $1.13 beating estimates by +$0.06 on revenue of $13.34 billion, beating estimates by +$490 million.

Stryker (SYK): Reported Q1 EPS of $0.90 in-line on revenue of $2 billion, in-line with estimates. Pre-market: 61.20 +0.10 (0.16%)

VMware (VMW): Reported Q1 EPS of $0.48 Beating estimates by +$0.06 on revenue of $844 million, beating estimates by +$28 million. Pre-market: 97.00 +11.03 (12.83%)

Wynn Resorts (WYNN): Reported Q1 EPS of $1.38 beating estimates by +$0.65 on revenue of $1.26 billion, beating estimates by +$0.1 billion. Pre-market: 145.02 +6.09 (4.38%)

Yahoo (YHOO)): Reported Q1 EPS of $0.17 beating estimates by +$0.01 on revenue of $1.06 billion, in-line with estimates. Pre-market: 16.69 +0.57 (3.54%)

Upgrades

Intel (INTC): FBR Capital raised their rating from Market Perform to Outperform and raised their target price from $25.00 to $27.00.

Downgrades

Adobe Systems (ADBE): FBR Capital lowered their rating from Market Perform to Underperform and lowered their target price from $33.00 to $28.00.

Juniper Networks (JNPR): Ticonderoga lowered their rating from Buy to Neutral.

Cree (CREE): Kaufman Bros lowered their rating from Hold to Sell and lowered their target price from $40.00 to $29.00.

Cree (CREE): Wunderlich lowered their rating from Buy to Hold and lowered their target price from $80.00 to $40.00.

Coverage Reiterated/Price Target Changed

Juniper Networks (JNPR): Auriga U.S.A reiterated their Buy rating and lowered their target price from $54.00 to $50.00.

Seagate Tech (STX): Brean Murray reiterated their Buy rating and raised their target price from $18.00 to $22.00.

VMware (VMW): FBR Capital reiterated their Market Perform rating and raised their target price from $83.00 to $97.00.

VMware (VMW): ISI Group reiterated their Buy rating and raised their target price from $110.00 to $115.00.

·         Futures at 7:00: Dow +1.1%. S&P +1.3%. Nasdaq +1.2%. Crude +1.1% to $109.50. Gold +0.6% to $1503.90.

·         Europe: London +2.3%. Paris +2.3%. Frankfurt +2.8%.

·         Asia: Japan +1.8% to 9607. Hong Kong +1.6% to 23896. China +0.3% to 3008. India +1.8% to 19471.