MORNING COFFEE

China Denies Google Hack. China's flatly denied hacking Google (GOOG) Gmail and described it has “completely unfounded.”' Google's claims that hackers from Jinan in China actively hacked Gmail passwords from senior U.S. government officials, Chinese political activists, military personnel, journalists and officials in other Asian countries.  Last year U.S. officials linked a previous attack to Jinan which is home to a technical reconnaissance bureau of the People's Liberation Army. Pre-market: 528.00 +2.40 (0.46%)

Upgrades

H.J. Heinz (HNZ): UBS raised their rating from Neutral to Buy and raised their target price from $47.00 to $62.00. Pre-market: 54.20 +0.48 (0.89%)

Downgrades

Zumiez (ZUMZ): Janney Montgomery Scott lowered their rating from Buy to Neutral and placed a target price of #33.00 on the company.

J.M. Smucker (SJM): Stephens lowered their rating from Overweight to Equal Weight. Pre-market: 78.38 -0.96 (-1.21%)

General Mills (GIS): UBS lowered their rating from Buy to Neutral and placed a target price of $41.00 on the company. Pre-market: 38.80 -0.42 (-1.07%)

Coverage Reiterated/Price Target Changed

Qualcomm (QCOM): FBR Capital reiterated their Outperform rating and raised their target price from $65.00 to $70.00.

Earning Reports

Joy Global (JOYG): Reported FQ2 EPS of $1.52 beating estimates by +$0.27 on revenue of $1.1 billion, beating estimates by +$0.07 billion. Pre-market: 88.60 +2.54 (2.95%)

·         Futures at 7:00: Dow +0.2%. S&P +0.3%. Nasdaq  +0.4%. Crude +0.2% to $100.47. Gold +0.1% to $1543.90.

·         Europe: London -0.8%. Paris -1.1%. Frankfurt -1.1%.

·         Asia: Japan -1.7% to 9555. Hong Kong -1.6% to 23254. China -1.4% to 2705. India -0.6% to 18494.