MORNING COFFEE

More Questionable Loans Went To Solar Firms.   Two House committees are requesting details about loans given to First Solar (FSLR), SunPower Corp (SPWRA), and ProLogis (PLD).   SunPower received a $1.2 billion loan to build a project in San Luis Obispo.  The project will create 15 permanent jobs, which equates to $80 million in taxpayer money for each job.  The company had posted losses of $150 million during the first half of this year and has debt equaling almost 80% higher than of all the company’s outstanding shares.  FSLR Pre-market: 56.05 -1.03 (-1.80%)

Upgrades

Broadcom (BRCM): Robert W. Baird raised their rating from Neutral to Outperform and raised their target price from $36.00 to $46.00. Pre-market: 36.51 +0.32 (0.88%)

Downgrades

Altera (ALTR): Robert W. Baird lowered their rating from Outperform to Neutral and lowered their target price from $46.00 to $36.00.

Intel (INTC): Avian lowered their rating from Positive to Neutral.

Coverage Reiterated/Price Target Changed 

Xilinx (XLNX): Robert W. Baird reiterated their Neutral rating and lowered their target price from $35.00 to $33.00.

Tiffany &Co. (TIF): HSBC Securities reiterated their Neutral rating and lowered their target price from $77.00 to $69.00.

Coach (COH): HSBC Securities reiterated their Neutral rating and lowered their target price from $67.00 to $59.00. Pre-market: 60.47 -0.61 (-1.00%)

Earning Reports

Fastenal (FAST): Reported EPS of $0.33 in line with estimates. Pre-market: 34.00 -0.62 (-1.79%)

JPMorgan Chase (JPM): Reported EPS of $1.02 beating estimates by +$0.08. Pre-market: 32.75 -0.45 (-1.36%)

Safeway (SWY): Reported EPS of $0.38 beating estimates by +$0.03. Pre-market: 18.68 +0.71 (3.95%)

Google (GOOG): Is scheduled to report earnings after the bell.  Wall Street estimates are for the company to report EPS of $8.77. Pre-market: 550.33 +1.83 (0.33%)

Markets: 
Futures at 8:59: Dow -0.18%. S&P -0.40%. Nasdaq -0.05%. Crude -1.23% to $84.50. Gold -0.81% to $1668.70.

Europe: London -0.77%. Paris -0.78%. Frankfurt -0.98%.

Asia: Japan +0.97% to 8823. Hong Kong +2.34% to 18758. China +0.78% to 2555. India -0.44% to 16951.