MORNING COFFEE

Market Points to Opening Higher.  After yesterday’s losses U.S stock futures point to a higher opening.  Yesterday, the Dow Jones Industrial loss -634 points to fall -5.5%.  The S&P fell -79.92 points losing -6.6% and the Nasdaq was the big loser falling -174.72 points or -6.9%.  The sectors that got hit the hardest were Energy -8.3% and Financials -10%.  Bank of America (BAC) shares were down -20.32% yesterday and year-to-date are down -51.2%. The uncertainty about the global economy should continue today and volatility could remain high.  European stocks have been down most of the day but are now trading in mixed fashion. Asian stocks finished lower.

Upgrades

McDolalds (MCD): Goldman Sachs raised their rating from Neutral to Buy and raised their target price to $96.00. Pre-market: 83.30 +1.19 (1.45%)

Pfizer (PFE): Goldman Sachs raised their rating from Buy to Conviction Buy and placed a target price of $22.00 on the company. Pre-market: 16.95 +0.29 (1.74%)

Aeropostale (ARO): Brean Murray raised their rating from Hold to Buy and placed a target price of $16.00 on the company. Pre-market: 11.85 +0.06 (0.51%)

Corning (GLW): Ticonderoga raised their rating from Sell to Neutral. Pre-market: 13.49 +0.10 (0.75%)

Wells Fargo (WFC): FBR Capital raised their rating from Market Perform to Outperform and placed a target price of $24.00 on the company. Pre-market: 23.60 +0.67 (2.92%)

Under Armor (UA): Needham raised their rating from Hold to Buy and placed a target price of $71.00 on the company. Pre-market: 60.00 +4.07 (7.28%)

Downgrades

Oshkosh Corp. (OSK): Goldman Sachs lowered their rating from Neutral to Sell and lowered their target price from $26.50 to $17.00. Pre-market: 18.79 -0.10 (-0.53%)

Medtronic (MDT): Goldman Sachs lowered their rating from Buy to Neutral and placed a target price of $37.00 on the company.

Coverage Reiterated/Price Target Changed

Cree (CREE): Kaufman Bros reiterated their Sell rating and lowered their target price from $29.00 to $24.00. Pre-market: 27.90 +1.25 (4.69%)

Earning Reports

AOL (AOL): Reported EPS of -$0.11 missing estimates by -$0.20.

DISH Network (DISH): Reported EPS of $0.75 missing estimates by -$0.02

Intl Flavors (IFF): Reported EPS of $0.97 beating estimates by +$0.02. Pre-market: 52.50 -0.32 (-0.61%)

Markets

Futures at 8:29: Dow +1.06%. S&P +1.13%. Nasdaq +1.45%. Crude -0.28% to $81.12. Gold +2.39% to $1754.20.

Europe: London +0.31%. Paris +0.08%. Frankfurt -1.82%. 

Asia: Japan -1.68% to 8944. Hong Kong -5.66% to 19331. China -0.03% at 2526. India -0.78% to 16858.