MORNING COFFEE

Apple’s Profits Soar. Apple's (AAPL) FQ3 results blew away analysts expectations as net profit soared to $7.31 billion from year-ago results of only $3.25 billion.  Revenues at the company also soared 82% to $28.6 billion. Sales of the iPhone and iPad remain strong and no details were revealed about the release of the new iPhone 5.  Sales in China were particularly strong. Pre-market: 397.56 +20.71 (5.50%)

Upgrades

Cintas (CTAS): Barrington Research raised their rating from Market Perform to Outperform. Pre-market: 33.51 +2.65 (8.59%)

Express Scripts (ESRX): Citadel raised their rating from Reduce to Neutral and placed a target price of $53.00 on the company. Pre-market: 51.91 +0.06 (0.12%)

Downgrades

Bank of America (BAC): CLSA lowered their rating from Outperform to Buy and lowered their target price from $14.00 to $11.00. Pre-market: 9.68 +0.11 (1.15%)

Coverage Reiterated/Price Target Changed

Apple (AAPL): Oppenheimer reiterated their Outperform rating and raised their target price from $420.00 to $460.00. Pre-market: 397.56 +20.71 (5.50%)

Apple (AAPL): Ticonderoga reiterated their Buy perform rating and raised their target price from $612.00 to $666.00. Pre-market: 397.56 +20.71 (5.50%)

Apple (AAPL): ISI Group reiterated their Buy rating and raised their target price from $425.00 to $480.00. Pre-market: 397.56 +20.71 (5.50%)

Halliburton (HAL): Dahlman Rose reiterated their Buy rating and raised their target price from $74.00 to $92.00. Pre-market: 55.70 +0.32 (0.58%)

Goldman Sachs (GS): FBR Capital reiterated their Outperform rating and lowered their target price from $170.00 to $155.00. Pre-market: 128.85 +0.36 (0.28%)

Earning Reports

EMC (EMC): Reported Q2 EPS of $0.35 beating estimates by +$0.01 on revenue of $4.85 billion. Pre-market: 28.35 +0.97 (3.54%) 

Altria (MO): Reported Q2 EPS of $0.53 in-line with estimates on revenue of $4 billion. Pre-market: 27.00 -0.02 (-0.07%) 

Textron (TXT): Reported Q2 EPS of $0.29 beating estimates by +$0.05 on revenue of $2.7 billion. FY'11 EPS guidance of $1.00-1.15. Pre-market: 23.05 +0.93 (4.20%)

Apple (AAPL): Reported FQ3 EPS of $7.79 beating estimates by +$1.95 on revenue of $28.5 billion. Pre-market: 397.56 +20.71 (5.50%) 

CSX (CSX): Reported Q2 EPS of $0.46 beating estimates by +$0.02 on revenue of $3.01 billion. Pre-market: 26.17 +0.69 (2.71%) 

Stryker (SYK): Reported Q2 EPS of $0.90 in-line with estimates on revenue of $2.05 billion. Pre-market: 59.96 +0.80 (1.35%) 

VMware (VMW): Reported Q2 EPS of $0.51 beating estimates by +$0.04 on revenue of $921 million. Pre-market: 111.59 +5.57 (5.25%) 

·         Futures at 8:12: Dow +0.42%. S&P +0.44%. Nasdaq +0.84%. Crude+1.22% to $98.69. Gold -0.79% to $1588.30.

·         Europe: London +1.06%. Paris +1.46%. Frankfurt +0.35%.

·         Asia: Japan +1.17% to 10005.9. Hong Kong +0.46% to 22004. China -0.10% to 2794. India -0.81% to 18502.

·