MORNING COFFEE

Steve Jobs to Speak at Developers Conference. Reports say that Apple’s (AAPL) Steve Jobs, who has been on medical leave since January will be the keynote speaker today at the company’s developer conference.  Along with other key executives Jobs is expected to announce iCloud.  iCloud is a new online storage service, which will enable users to store their song libraries on the Internet and then access the music using different devices. Additionally, Apple is expected to release details on the company’s next versions of its iOS and Mac OSX operating systems.  Developers are also expecting information about the iPhone 4GS or iPhone 5 product cycles. Pre-market: 346.33 +2.89 (0.84%)

Upgrades

American Eagle (AEO): Brean Murray raised their rating from Sell to Hold.

Starbucks (SBUX): BMO Capital raised their rating from Market Perform to Outperform and placed a target price of $45.00 on the company. Pre-market: 35.27 +0.11 (0.31%)

Downgrades

Wells Fargo (WFC): Rochdale lowered their rating from Neutral to Sell. Pre-market: 26.49 -0.37 

(-1.38%)

WellPoint (WLP): Citadel lowered their rating from Add to Neutral and placed a target price of $87.00 on the company. Pre-market: 74.60 -2.08 (-2.71%)

Lowe’s (LOW): JPMorgan Citadel lowered their rating from Overweight to Neutral and lowered their target price from $29 to $26.00. Pre-market: 23.02 -0.38 (-1.62%)

MetroPCS (PCS): RBC Capital lowered their rating from Outperform to Sector Perform and lowered their target price from $20 to $19.00.

Coverage Initiated

HSBC (HBC): Credit Suisse initiated coverage with a Neutral rating.

Texas Instruments (TXN): ThinkEquity initiated coverage with a Buy rating and target price of $40.00.

Coverage Reiterated/Price Target Changed

Newell Rubbermaid (NWL): Longbow reiterated their Buy rating and lowered their target price from $23.00 to $21.00. Pre-market: 14.95 -0.02 (-0.13%)

·         Futures at 8:18: Dow -0.22%. S&P -0.22%. Nasdaq -0.22%. Crude -1.24% to $98.99. Gold +0.15% to $1544.6 0.

·         Europe: London +0.16%. Paris -0.62%. Frankfurt -0.18%.

·         Asia: Japan -1.2% to 9380. Hong Kong closed. China closed. India +0.2% to 18420.