MORNING COFFEE

Google Issues Bonds. Yesterday Google (GOOG) issued bonds for the first time in the company’s history.  Despite having $37 billion in cash, the company sold $3 billion in bonds with maturities of one-year, three-year and ten-years.  Orders for the bonds exceeded $10 billion.  Several analysts called the move a good one saying it was free money, since interest rates are so low.  Others called it a cheap insurance policy in case the economy turns negative. Pre-market: 520.49 +2.07 (0.40%)

Upgrades

Ford (F): Citigroup raised their rating from Hold to Buy and placed a target price of $18.00 on the company. Pre-market: 15.16 +0.03 (0.20%)

Forward Air (FWRD): Robert W. Baird raised their rating from Neutral to Outperform and raised their target price from $36.00 to $40.00.

Coverage Initiated

True Religion (TRLG): The Benchmark Company initiated coverage with a Buy rating and target price of $34.00.

Quaker Chemical (KWR): KeyBanc Capital Markets initiated coverage with a Buy rating and target price of $50.00.

Coverage Resumed

PMC-Sierra (PMCS): Auriga U.S.A resumed coverage with a Hold rating and placed a target price of $8.00 on the company.

Coverage Reiterated/Price Target Changed

Intel (INTC): Bank of America Merrill Lynch reiterated their Neutral rating and raised their target price from $24.00 to $26.00. Pre-market: 23.39 -0.25 (-1.06%)

Intel (INTC): Citigroup reiterated their Buy rating and placed a target price of $27.00 on the company.

Intel (INTC): Zacks Investment Research reiterated their Neutral rating and placed a target price of $23.00 on the company.

OfficeMax (OMX): Oppenheimer reiterated their Outperform rating and lowered their target price from $18.00 to $14.00.

Earning Reports

Home Depot (HD): Reported Q1 EPS of $0.50 beating estimates by +$0.01 on revenue of $16.82 bilion, missing estimates by -$0.2 billion. Pre-market: 36.90 -0.08 (-0.22%)

Urban Outfitters (URBN): Reported Q1 EPS of $0.23 missing estimates by -$0.01 on revenue of $524 million, beating estimates by +$2 million. Pre-market: 32.10 -0.19 (-0.59%)

Vodafone (VOD): Reported full year profit of £7.97 billion ($12.9B), which was down -7.8% with £6.15 billion of impairment losses on some of its European businesses. Full year revenue came in at £45.9 billion +$0.4 billion. The company gave FY'12 profit guidance of £11B-11.8 billion. Pre-market: 27.71  +0.53 (1.95%)

·         Futures at 7:59: Dow +0.04%. S&P +0.11%. Nasdaq -0.02%. Crude +0.3% to $97.65. Gold +0.2% to $1493.90.

·         Europe: London +0.3%. Paris +0.1%. Frankfurt -0.6%.

·         Asia: Japan +0.1% to 9567. Hong Kong -0.3% to 22901. China +0.1% to 2853. India -1.1% to 18137.