MORNING COFFEE

Nokia and Apple Settle Patent Dispute. Reports say that Nokia (NOK) and Apple (APPL) have reached an agreement to settle their two-year patent dispute.   The agreement has Apple paying Nokia a one-time undisclosed payment to Nokia and ongoing royalties. The companies will also withdraw their complaints to the U.S. International Trade Commission. AAPL Pre-market: 330.86 +4.26 (1.30%) NOK Pre-market: 6.32 +0.21 (3.44%)

Upgrades

Masco (MAS): Ticonderoga raised their rating from Sell to Neutral. Pre-market: 11.99 +0.16 (1.35%)

Downgrades

Juniper Networks (JNPR): RBC Capital Markets lowered their rating from Outperform to Sector Perform and lowered their target price from $46.00 to $37.00. Pre-market: 29.98 +0.07 (0.23%)

Sunpower (SPWRA): Kaufman Bros lowered their rating from Hold to Sell and lowered their target price from $23.25 to         $14.00. Pre-market: 20.72 -0.55 (-2.59%)

Cisco Systems (CSCO): RBC Capital lowered their rating from Outperform to Underperform and lowered their target price from $22.00 to $14.00. Pre-market: 15.14 +0.08 (0.53%)

Coverage Initiated

Morgan Stanley (MS): RBC Capital Markets initiated coverage with an Underperform rating and target price of $24.00. Pre-market: 23.50 +0.14 (0.60%)

Goldman Sachs (GS): RBC Capital Markets initiated coverage with an Underperform rating and target price of $132.00. Pre-market: 138.56 +1.03 (0.75%)

Credit Suisse (CS): RBC Capital Markets initiated coverage with a Sector Perform rating. Pre-market: 41.36 +0.18 (0.44%)

Barclays PLC (BCS): RBC Capital Markets initiated coverage with a Sector Perform rating. Pre-market: 17.52 +0.40 (2.34%)

Coverage Reiterated/Price Target Changed

National Oilwell Varco (NOV): Stifel Nicolaus reiterated their Buy rating and raised their target price from $90.00 to $95.00. Pre-market: 69.99 +0.91 (1.32%)

Earning Reports

Best Buy (BBY): Reported EPS of $0.35 beating estimates by +$0.02. Pre-market: 31.00 +2.18 (7.56%)

FactSet (FDS): Reported EPS of $0.92 missing estimates by -$0.02. Pre-market: 102.98 -1.31 (-1.26%)

·         Futures at 8:37: Dow +0.56%. S&P +1.08%. Nasdaq +0.84%. Crude -0.13% to $97.17. Gold +0.26% to $1519.40.

·         Europe: London +0.67%. Paris +1.29%. Frankfurt +1.76.

·         Asia: Japan +1.05% to 9548. Hong Kong -0.05% to 22496. China +1.10% to 2730. India +0.23% to 18309.