MORNING COFFEE

EU Debt Deal Set. Global markets are higher on the news that last night EU leaders agreed to an outline of a deal that they believe will solve the debt crisis. The deal has Private-sector holders of Greek debt taking a "voluntary" 50% cut.  If the deal was not accepted by the banks Luxembourg Prime Minister Jean-Claude Juncker said the leaders "wouldn't resist for one second to move toward a scenario of the total insolvency of Greece." Additional, the EU also agreed to increase the eurozone rescue fund to €1 trillion ($1.4 trillion) up from  €440 billion, and banks will be forced to raise another €106 billion to boost their Tier 1 capital.

Upgrades

Owens Corning (OC): Stifel Nicolaus raised their rating from Hold to Buy and placed a target price of $36.00 on the company.

Cisco Systems (CSCO): UBS raised their rating from Neutral to Buy and raised their target price from $17.00 to $19.75.

Downgrades

Visa (V): FBR Capital lowered their rating from Outperform to Market Perform.

Advanced Micro Devices (AMD): Avian lowered their rating from Positive to Neutral.

Lockheed Martin (LMT): SunTrust lowered their rating from Buy to Neutral.

Coverage Reiterated/Price Target Changed

TJX (TJX): Stifel Nicolaus reiterated their Buy rating and lowered their target price from $25.00 to $21.00.

Norfolk Southern (NSC): Stifel Nicolaus reiterated their Buy rating and raised their target price from $85.00 to $88.00.

Earning Reports

AFLAC (AFL): Reported EPS of $1.59 missing estimates by -$0.01

Airgas (ARG): Reported EPS of $1.03 beating estimates by +$0.01.

Ball Corp (BLL): Reported EPS of $0.79 in-line with estimates.

Bristol-Myers (BYM): Reported EPS of $0.61 beating estimates by +$0.03.

Celgene (CELG): Reported EPS of $1.02 beating estimates by +$0.07.

Colgate-Palmolive (CL): Reported EPS of $1.31 beating estimates by +$0.01.

Dow Chemical (DOW): Reported EPS of $0.62 missing estimates by -$0.02.

Exxon Mobil (XOM): Reported EPS of $2.13 in-line with estimates.

Proctor & Gamble (PG): Reported EPS of $1.03 in-line with estimates.

Markets: 
Futures at 7:00: Dow +1.75%. S&P +2.1%. Nasdaq +2.0%. Crude +2.6% to $92.56. Gold -0.5% to $1715.30. 

Europe: London +2.5%. Paris +4.8%. Frankfurt +4.4%. 

Asia: Japan +2.0% to 8927. Hong Kong +3.3% to 19689. China +0.3% to 2436. India +0.2% to 17289.