MORNING COFFEE

Bank Probes for Wrong Doings Expands. Reports say that New York Attorney General Eric Scheiderman has expanded his investigations into mortgage practices at some of the largest banks, including JPMorgan Chase (JPM), Deutsche Bank (DB), Royal Bank of Scotland (RBS), and UBS (UBS). Additionally California Attorney General Kamala Harris has created a task force to investigate corporate fraud, scams and lending practices.  Meanwhile the SEC is looking at Bank of New York Mellon (BK) and State Street (STT) to determine if they fairly charged pension-fund clients for currency trading.  The Justice Department and three state attorney generals are already investigating the banks. 

Upgrades

Mylan Labs (MYL): Argus raised their rating from Hold to Buy and placed at target price of $29.00 on the company.

Salesforce.com (CRM): JPMorgan raised their rating from Equal Weight to Overweight and placed a target price of $200.00 on the company.

Mosaic (MOS): Credit Suisse raised their rating from Neutral to Outperform and raised their target price from $81.00 to $85.00.

Downgrades

CBOE Holdings (CBOE): Stifel Nicolaus lowered their rating from Hold to Sell.

Research In Motion (RIMM): Wunderlich lowered their rating from Buy to Hold and lowered their target price from $76.00 to $46.00.

Coverage Initiated

AutoNation (AN): Davenport initiated coverage with a Neutral rating.

CONSOL Energy (CNX): Davenport initiated coverage with a Buy rating and target price of $59.00.

Earning Reports

AutoZone (AZO): Reported FQ3 EPS of $5.29 beating estimates by +$0.31 on revenue of $1.98 billion, beating estimates by +$0.07 billion. Pre-market: 288.00 +11.22 (4.05%)

·         Futures at 7:00: Dow +0.3%. S&P +0.2%. Nasdaq +0.2%. Crude +1.3% to $98.99. Gold +0.5% to $1522.90.

·         Europe: London +0.5%. Paris +0.1%. Frankfurt +0.9%.

·         Asia: Japan +0.2% to 9477. Hong Kong +0.1% to 22731. China -0.3% to 2768. India +0.1% to 18012.