MORNING COFFEE

Greek Government Shaken. As world leaders meet today in Cannes, they will be meeting with Prime Minister George Papandreou to discuss the Greek debt crisis. European stocks are higher after Greece's ruling PASOK party said that that Prime Minister Papandreou may withdraw his referendum proposal. But reports are now coming in that say he may be asked to resign today.  Even if he doesn’t resign he may lose a confidence vote on Friday.  If he loses the bailout referendum vote will be delayed as elections for a new government are scheduled.

Downgrades

Sony Corp. ADS (SNE): JP Morgan lowered their rating from Overweight to Neutral. Pre-market: 18.90 +0.37 (2.00%)

Tidewater (TDW): Argus lowered their rating from Buy to Hold.

Transocean (RIG): Global Hunter lowered their rating from Accumulate to Sell. Pre-market: 51.83 -4.16 (-7.43%)

Darden Restaurants (DRI): Janney Capital lowered their rating from Buy to Neutral.

Earning Reports

CVS Caremark (CVS): Reported EPS of $0.70 beating estimates by +$0.02.

DIRECTV (DTV): Reported EPS of $0.70 missing estimates by -$0.02. Pre-market: 45.60 +0.74 (1.65%)

Eastman Kodak (EK): Reported EPS of -$0.83 missing estimates by -$0.41. Pre-market: 1.17 -0.03 (-2.50%)

Ensco (ESV): Reported EPS of $0.88 beating estimates by +$0.02.

Estee Lauder (EL): Reported EPS of $1.41 beating estimates by +$0.23. Pre-market: 111.00 +10.17 (10.09%)

Kellogg (K): Reported EPS of $0.80 missing estimates by -$0.09. Pre-market: 50.20 -3.84 (-7.11%)

Kraft Foods (KFT): Reported EPS of $0.58 beating estimates by +$0.03. Pre-market: 35.40 +0.76 (2.19%)

Qualcomm (QCOM): Reported EPS of $0.80 beating estimates by +$0.02. Pre-market: 57.35 +5.17 (9.91%)

TE Connectivity (TEL): Reported EPS of $0.89 beating estimates by +$0.04. Pre-market: 35.45 -0.06 (-0.17%)

Markets: 
Futures at 8:35: Dow +0.76%. S&P +0.66%. Nasdaq +0.28%. Crude +0.78% to $92.23. Gold +1.29% to $1751.90. 

Europe: London +1.18%. Paris +2.19%. Frankfurt +2.20%. 

Asia: Japan -2.21% to 8640. Hong Kong -2.49% to 19243. China +0.16% to 2508. India +0.10% to 17482.