MORNING COFFEE

Oracle to Sue Google.  Oracle (ORCL) has filed court papers saying that Google (GOOG) infringed on Oracle’s Java patents and copyrights with their Android software.  Oracle is seeking billions in damages.  Google responded by saying that Oracle’s method of calculating damages "is based on fundamental legal errors and improperly inflates their estimates,” and that their patents are not infringed.  Additionally, they said that Android users have a license to any patents.

Upgrades

Ensco (ESV): Goldman Sachs raised their rating from Not Rated to Neutral and placed a target price of $68.00 on the company. Pre-market: 51.60 +0.21 (0.41%)

Coverage Initiated

Medtronic (MDT): Morgan Keegan initiated coverage with a Market Perform rating and target price of $43.00.

Johnson & Johnson (JNJ): Morgan Keegan initiated coverage with a Market Perform rating and target price of $70.00. Pre-market: 66.66 +0.34 (0.51%)

Abbott Labs (ABT): Morgan Keegan initiated coverage with an Outperform rating and target price of $61.00. Pre-market: 51.70 +0.39 (0.76%)

ITT Corp (ITT): William Blair initiated coverage with a Market Perform rating.

Coverage Reiterated/Price Target Changed

Research In Motion (RIMM): Wedbush reiterated their Neutral rating and lowered their target price from $42.00 to $35.00. Pre-market: 29.61 -5.72 (-16.19%)

Research In Motion (RIMM): Canaccord Genuity reiterated their Hold rating and lowered their target price from $40.00 to $35.00.

Research In Motion (RIMM): Wunderlich reiterated their Hold rating and lowered their target price from $46.00 to $35.00.

Research In Motion (RIMM): Wunderlich reiterated their Hold rating and lowered their target price from $46.00 to $35.00.

Research In Motion (RIMM): ISI Group reiterated their Hold rating and lowered their target price from $50.00 to $40.00.

Transocean (RIG): Canaccord Genuity reiterated their Hold rating and lowered their target price from $85.00 to $82.00. Pre-market: 62.46 +0.71 (1.15%)

Earning Reports

Research In Motion (RIMM): Reported Q1 EPS of $1.33 beating estimates by +$0.01 on revenue of $4.9 billion, missing estimates by -$0.2 billion. Pre-market: 29.61 -5.72 (-16.19%)

·         Futures at 9:10: Dow +0.69%. S&P +0.86%. Nasdaq +0.73%. Crude -1.1% to $93.92. Gold +0.03% to $1530.20    .

·         Europe: London +0.36%. Paris +1.2%. Frankfurt +1.36%.

·         Asia: Japan -0.6% to 9351.4. Hong Kong -1.2% to 21695. China -0.8% to 2,643.65. India -0.6% to 17871.