MORNING COFFEE

Netflix Shares Crash. Shares of Netflix (NFLX) shares crashed -38% in pre-market trading after the company announced worse-than-expected subscriber losses and gave a profit warning. The company did report Q3 EPS of $1.16 beating estimates of $0.94. Shares topped $300 just three and a half months ago but were $73.65 before the bell.

Downgrades

ResMed (RMD): Felt lowered their rating from Strong Buy to Buy.

3M (MMM): Sterne Agee lowered their rating from Buy to Neutral.

3M (MMM): William Blair lowered their rating from Outperform to Market Perform.

Netflix (NFLX):Goldman Sachs lowered their rating from Buy to Neutral.

Netflix (NFLX):Citigroup lowered their rating from Buy to Neutral.

Netflix (NFLX):JP Morgan lowered their rating from Overweight to Neutral.

Coverage Initiated

Dycom Industries (DY): WJB Capital initiated coverage with a Hold rating and target price of $19.00.

Nike (NKE): Auriga initiated coverage with a Buy rating and target price of $110.00.

Xilinx (XLNX): Piper Jeffray initiated coverage with an Overweight rating.

Arctic Cat (ACAT): Feltl & Co. initiated coverage with a Buy rating and target price of $21.00.

Earning Reports

3M (MMM): Reported EPS of $1.52 missing estimates by -$0.09.

Autoliv (ALV): Reported EPS of $1.48 beating estimates by +$0.01.

BP (BP): Reported EPS of $0.26 beating estimates by +$0.01.

Coach (COH): Reported EPS of $0.73 beating estimates by +$0.03.

DuPont (DD): Reported EPS of $0.69 beating estimates by +$0.13.

Molex (MOLX): Reported EPS of $0.46 beating estimates by +$0.04.

National Oilwell (NOV): Reported EPS of $1.26 beating estimates by +$0.10.

Netflix (NFLX): Reported EPS of $1.16 beating estimates by +$0.22.

TD Ameitrade (AMTD): Reported EPS of $0.29 missing estimates by -$0.02.

U.S. Steal (X): Reported EPS of $0.72 beating estimates by +$0.17.

Markets: 
Futures at 7:00: Dow +0.3%. S&P +0.5%. Nasdaq +0.3%. Crude +2.4% to $93.49. Gold +0.6% to $1662.50. 

Europe: London +0.3%. Paris -0.3%. Frankfurt +1.1%. 

Asia: Japan -0.9% to 8762. Hong Kong +1.1% to 18968. China +1.7% to 2410. India +1.9% to 17255.