MORNING COFFEE

Disney Post mixed Results.  

Walt Disney's (DIS) reported FQ2 earnings that missing estimates.  Earnings at the company were hurt by the poor box-office numbers for Mars Needs Moms, The acquisition of Playdom and the closure of their theme park in Japan following the earthquake.  On the plus side revenues grew 6% to $9.08 billion and advertizing revenue at ESPN and ABC continue to grow. Pre-market: 42.22 -1.69 (-3.85%)

Upgrades

Learning Tree (LTRE): Stifel Nicolaus raised their rating from Hold to Buy and placed a target price of $15.00 on the company.

NetApp (NTAP): RBC Capital Markets raised their rating from Sector Perform to Outperform and raised their target price from $55.00 to $70.00.

Downgrades

Warner Music Group (WMG): Needham lowered their rating from Buy to Hold.

Sunpower (SPWRA): Brigantine lowered their rating from Buy to Hold.

National Semi (NSM): FBR Capital lowered their rating from Outperform to Market Perform. Pre-market: 24.37 -0.02 (-0.08%)

Coverage Reiterated/Price Target Changed

Illinois Tool (ITW): Barrington Research reiterated their Outperform rating and raised their target price from $60.00 to $80.00.

TJX (TJX): RBC Capital Markets reiterated their Outperform rating and raised their target price from $56.00 to $60.00.

Intl Flavors (IFF): RBC Capital Markets reiterated their Outperform rating and raised their target price from $68.00 to $71.00. Pre-market: 65.23 -0.01 (-0.02%)

Fossil (FOSL): The Benchmark Company Markets reiterated their Hold rating and raised their target price from $87.00 to $100.00. Pre-market: 106.48 +0.51 (0.48%)

Earning Reports

Teva Pharma (TEVA): Reported Q1 EPS of $1.04 beating estimates by +$0.01 on revenue of $4.1 billion, in-line. Pre-market: 46.90 -0.24 (-0.51%)

Disney (DIS): Reported FQ2 EPS of $0.49 missing estimates by -$0.07 on revenue of $9.1 billion, in-line. Pre-market: 42.22 -1.69 (-3.85%)

MBIA (MBI): Reported Q1 EPS of -$5.68 missing estimates by -$5.47. Pre-market: 9.90 -0.13 (-1.30%)

McDermott International (MDR): Reported Q1 EPS of $0.29 beating estimates by +$0.01 on revenue of $899 million, beating estimates by +$160 million. Pre-market: 23.10 +0.52 (2.30%)

Molycorp (MCP): Reported Q1 EPS of $0.01 missing estimates by -$0.09 on revenue of $26.3 million, missing estimates by -$15.4 million. Pre-market: 64.25 -2.22 (-3.34%)

·         Futures at 7:00: Dow +0.2%. S&P +0.15%. Nasdaq +0.1%. Crude -0.3% to $103.58. Gold +0.4% to $1523.30

·         Europe: London +0.1%. Paris +0.4%. Frankfurt +0.7%.

·         Asia: Japan +0.5% to 9864. Hong Kong -0.2% to 23292. China -0.2% to 2884. India +0.4% to 18585.