MORNING COFFEE

Google Computers Hit The Market. The long awaited Laptops that use Google's (GOOG) Chrome operating system will hit the shelves in June.  Acer and Samsung will be the first to release laptops using the new OS.  The Chrome OS uses cloud computing to steer users to applications such as email and spreadsheets on the internet rather than storing Outlook and other software on the computer.

Google also released a new version of Android 3.1 "Honeycomb." Honeycomb is their operating system for tablet computer and will support Google TV and the upgrade due out later this year.

The company also said its next Android smartphone OS, code-named Ice Cream Sandwich, will include Honeycomb features. The new system will also have a holographic user interface, improved multitasking, and richer widgets. Pre-market: 533.51 -1.94 (-0.36%)

Upgrades

Hershey Foods (HSY): Argus raised their rating from Hold to Buy. Pre-market: 53.15 -3.08 (-5.48%)

Downgrades

Choice Hotels (CHH): Argus lowered their rating from Buy to Hold.

Cisco Systems (CSCO): Robert W. Baird lowered their rating from Outperform to Neutral and lowered their target price from $22.00 to $20.00. Pre-market: 17.02 -0.76 (-4.27%)

Coverage Initiated

Dell (DELL): Auriga U.S.A initiated coverage with a Buy rating and target price of $25.00.    Pre-market: 16.61 -0.12 (-0.72%)

Seagate Tech (STX): Auriga U.S.A initiated coverage with a Buy rating and target price of $29.00.

Western Digital (WDC): Auriga U.S.A initiated coverage with a Buy rating and target price of $51.00. Pre-market: 38.41 -0.03 (-0.08%)

Coverage Reiterated/Price Target Changed

Cisco Systems (CSCO): Oppenheimer reiterated their Outperform rating and lowered their target price from $24.00 to $22.00. Pre-market: 17.02 -0.76 (-4.27%)

Macy's (M): FBR Capital reiterated their Outperform rating and raised their target price from $31.00 to $34.00. Pre-market: 28.11 -0.25 (-0.88%)

Symantec (SYMC): FBR Capital reiterated their Market Perform rating and raised their target price from $18.00 to $21.00. Pre-market: 19.70 +0.29 (1.49%)

Earning Reports

Kohl's (KSS): Reported FQ1 EPS of $0.73 in-line with estimates on revenue of $4.2 billion, also  in-line. Pre-market: 52.70 -0.91 (-1.70%)

Cisco Systems (CSCO): Reported FQ3 EPS of $0.42 beating estimates by +$0.05 on revenue of $10.9 billion, in-line. Pre-market: 17.02 -0.76 (-4.27%)

Symantec (SYMC): Reported FQ4 EPS of $0.38 beating estimates by +$0.02 on revenue of $1.7 billion, beating estimates by +$0.1 billion. Pre-market: 19.70 +0.29 (1.49%)

·         Futures at 8:44: Dow -0.45%. S&P -0.48%. Nasdaq -0.56%. Crude -2.2% to $96.08. Gold -1.3% to $1482.50.

·         Europe: London -1.3%. Paris -1.4%. Frankfurt -1.6%.

·         Asia: Japan -1.5% to 9717. Hong Kong -0.9% to 23074. China -1.3% to 2845. India -1.3% to 18336.