MORNING COFFEE

Jefferson Could File For Bankruptcy. The Jefferson Alabama County Commission is scheduled to meet today to discuss whether to file for bankruptcy.  If done it would become the biggest municipal bankruptcy in U.S. history. The county is hoping that that creditors including JPMorgan, which holds most of the bonds, will agree to reduce the debt to about $2 billion.

Upgrades

Symantec (SYMC): Wunderlich raised their rating from Hold to Buy and raised their target price from $21.00 to $22.00. Pre-market: 19.20 +0.78 (4.26%)

Sketchers (SKX): BB&T raised their rating from Hold to Buy and placed a target price of $18.00 on the company. Pre-market: 15.40 +1.10 (7.69%)

Gap (GPS): Jefferies raised their rating from Hold to Buy and placed a target price of $25.00 on the company. Pre-market: 19.02 +0.06 (0.32%)

JCPenney (JCP): CRT Capital raised their rating from Fair Value to Buy and maintained a target price of $38.00 on the company.

Cisco Systems (CSCO): Goldman Sachs raised their rating from Neutral to Buy and placed a target price of $21.00 on the company. Pre-market: 15.95 +0.26 (1.66%)

Downgrades

Flagstar Bancorp (FBC): FBR Capital lowered their rating from Outperform to Market Perform and lowered their target price from $2.00 to $1.00.

Corning (GLW): CLSA lowered their rating from Buy to Outperform and lowered their target price from $21.00 to $16.00. Pre-market: 16.05 +0.01 (0.06%)

Coverage Initiated

Tiffany & Co. (TIF): Merriman initiated coverage with a Neutral rating.

Coverage Reiterated/Price Target Changed

3M (MMM): FBR Capital reiterated their Outperform rating and lowered their target price from $105.00 to $103.00. Pre-market: 87.88 -0.20 (-0.23%)

Earning Reports

Airgas (ARG): Reported EPS of $0.99 beating estimates by +$0.03.

Automatic Data (ADP): Reported EPS of $0.48 missing estimates by -$0.01. Pre-market: 52.09 -0.29 (-0.55%)

Ball Corp (BLL): Reported EPS of $0.85 missing estimates by -$0.01. Pre-market: 38.24 -1.04 (-2.65%)

Bristol-Myers (BMY): Reported EPS of $0.56 beating estimates by +$0.01. Pre-market: 29.00 +0.39 (1.36%)

Celgene (CELG): Reported EPS of $0.99 beating estimates by +$0.04. Pre-market: 61.74 +2.26 (3.80%)

Colgate-Palmolive (CL): Reported EPS of $1.26 beating estimates by +$0.01. Pre-market: 85.03 -0.46 (-0.54%)

DuPont (DD): Reported EPS of $1.37 beating estimates by +$0.02. Pre-market: 53.00 +0.72 (1.38%)

Kellogg (K): Reported EPS of $0.94 beating estimates by +$0.03. Pre-market: 55.10 -0.45 (-0.81%)

Tyco (TYC): Reported EPS of $0.85 beating estimates by +$0.12.

·         Futures at 7:56: Dow +0.09%. S&P +0.13%. Nasdaq +0.24%. Crude +0.12% to $97.53. Gold +0.15% at $1617.60. 

·         Europe: London -0.74%. Paris -1.34%. Frankfurt -1.6%. 

·         Asia: Japan -1.45% to 9901. Hong Kong +0.13% to 22571. China -0.54% to 2709. India -1.21% to 18210.