MORNING COFFEE

Google Unveils Smartphone Wallet. Google (GOOG) has unveiled a service called Google Wallet that replaces your credit cards and allows consumers to pay for items with their Smartphone’s.  The service would also allow users to store coupons and receipts on their Android phones.  PayPal which is owned by eBay (EBAY) immediately filed a lawsuit claiming that Google stole the technology.  Analysts believe that the technology could be $1 trillion opportunity.

Upgrades

Sony (SNE): Maxim raised their rating from Hold to Buy and placed a target price of $35.00 on the company.

Coverage Initiated

Hewlett-Packard (HPQ): Ticonderoga initiated coverage with a Neutral rating.

DuPont (DD): Goldman Sachs initiated coverage with a Neutral rating and target price of $63.00.

Coverage Reiterated/Price Target Change

HJ Heinz (HNZ): Stifel Nicolaus reiterated their Buy rating and raised their target price from $53.00 to $58.00.

Big Lots (BIG): The Benchmark Company reiterated their Buy rating and lowered their target price from $50.00 to $45.00.

Earning Reports

Marvell Technology Group (MRVL): Reported Q1 EPS of $0.29 missing estimates by -$0.01 on revenue of $802 million, missing estimates by -$24 million. 

OmniVision Technologies (OVTI): Reported FQ4 EPS of $0.66 beating estimates by +$0.01 on revenue of $258 million, beating estimates by -$3 million.

·         Futures at 7:00: Dow -0.1%. S&P +0.1%. Nasdaq 0.0%. Crude +0.35% to $100.58. Gold +0.3% to $1526.80.

·         Europe: London +0.8%. Paris +0.9%. Frankfurt +0.3%.

·         Asia: Japan -0.4% to 9522. Hong Kong +0.9% to 23118. China -1.0% to 2710. India +1.2% to 18266.