MORNING COFFEE

Apple’s Steve Jobs Steps Down. After quitting Stanford in 1976 Steve Jobs started Apple in his parent’s garage.  Jobs left Apple only to return and save the company from collapse, while building it into a powerhouse known for its innovative products such as the iPod, iPhone, and iPad not to mention the company’s sleek computers.  Yesterday Mr. Jobs announced that he would be leaving the company since he was unable to perform his duties.  Jobs has been ill with pancreatic cancer.  His successor will be COO Tim Cook who has been acting as chief executive for more than a year. Cook has been with Apple for the past 13 years and analysts call him a “capable” successor.  Jobs will remain as Chairman of the Board. Pre-market: 366.07 -10.11 (-2.69%)

Upgrades

BHP Billiton (BHP): Societe Generale raised their rating from Hold to Buy. Pre-market: 81.64 +0.69 (0.85%)

Downgrades

Hewlett-Packard (HPQ): RBC Capital lowered their rating from Outperform to Sector Perform and lowered their target price from $35.00 to $30.00. Pre-market: 25.20 -0.01 (-0.04%)

Coverage Reiterated/Price Target Changed 

Applied Materials (AMAT): Needham reiterated their Buy rating and lowered their target price from $16.00 to $13.00. Pre-market: 10.90 -0.46 (-4.05%)

Guess? (GES): Brean Murray Needham reiterated their Buy rating and lowered their target price from $60.00 to $44.00. After Hours: 31.79 -1.50 (-4.51%)

Earning Reports

Applied Materials (AMAT): Reported EPS of $0.35 beating estimates by +$0.02. Pre-market: 10.90 -0.46 (-4.05%)

Guess? (GES): Reported EPS of $0.84 beating estimates by +$0.03. After Hours: 31.79 -1.50 (-4.51%)

Big Lots (BIG): Reported EPS of $0.50 beating estimates by +$0.06. After Hours: 32.38 0.00 (0.00%)

Hormel Foods (HRL): Reported EPS of $0.37 beating estimates by +$0.02.

Market

Futures at 7:30: Dow +0.20%. S&P +0.11%. Nasdaq -0.34%. Crude +0.55% to $85.65. Gold -2.48% to $1715.00. 

Europe: London -0.16%. Paris +0.91%. Frankfurt +0.69%.

Asia: Japan -1.54% to 8772. Hong Kong -1.47% to 19752. Shanghai +2.92% to 2615. India -0.85% to 16146.