MORNING COFFEE

Greek Prime Minister To Face Wrath of EU Leaders.  Greek Prime Minister George Papandreou will meet today with France’s Nicolas Sarkozy and Germany’s Angela Merkel.  Yesterday the Greek leader sent world market into a freefall after he said that his country would have to have a referendum before accepting the proposed EU bailout package.  The Greek population is against the EU mandated austerity measures that are a condition of the loan package and some analysts believe the final vote will be “No”.  Additionally, it leaves the EU in limbo until December or January when the vote will take place.  The news also sent Italian and Spanish yield higher as the possibility of multiple countries defaulting increases.

Upgrades

Gap (GPS): Susquehanna raised their rating from Neutral to Positive.

Boston Bear Co, (SAM): CLSA raised their rating from Underperform to Buy and raised their target price from $91.00 to $109.00.

Downgrades

Corning (GLW): JP Morgan lowered their rating from Neutral to Underweight and lowered their target price from $13.00 to $11.50.

Diamond Foods (DMND): Northland Securities lowered their rating from Outperform to Market Perform and lowered their target price from $100.00 to $57.00.

Diamond Foods (DMND): Janney Capital lowered their rating from Buy to Neutral.

Expeditors International (EXPD): Sun Trust lowered their rating from Buy to Neutral.

Coverage Initiated

Under Armour (AU): WJB Capital initiated coverage with a Hold rating and target price of $84.00.

Adidas AG ADS (ADDYY): WJB Capital initiated coverage with a Hold rating.

Sysco Corp (SYY): BMO Capital initiated coverage with a Market Perform rating.

Monsanto (MON): UBS initiated coverage with a Neutral rating and target price of $72.00.

Earning Reports

AOL (AOL): Reported EPS of -$0.02 beating estimates by +$0.02.

Clorox (CLX): Reported EPS of $1.04 beating estimates by +$0.11.

MasterCard (MA): Reported EPS of $5.63 beating estimates by +$0.82.

Molson Coors Brewing (TAP): Reported EPS of $1.14 missing estimates by -$0.10.

Boston Bear Co, (SAM): Reported EPS of $1.19 beating estimates by +$0.11.

Sony (SNE): Reported EPS of -$26.88 missing estimates by -$44.28.

Time Warner (TWX): Reported EPS of $0.79 beating estimates by +$0.03.

Markets: 
Futures at 7:00: Dow +0.1%. S&P +0.3%. Nasdaq +0.15%. Crude +0.1% to $92.29. Gold +1.2% to $1732.90. 

Europe: London -0.4%. Paris +0.3%. Frankfurt +0.8%. 

Asia: Japan -2.2% to 8640. Hong Kong +1.9% to 19734. China +1.4% to 2504. India -0.1% to 17465.