MORNING COFFEE

Moody’s Put’s EU on Review. The rating agency Moody’s Investors Service announced that they will review the ratings of all European Union countries.  This comes after the highly visible EU summit failed to produce “decisive policy measures” to end the region’s debt turmoil. Standard & Poor’s had also previously announced that the company was reviewing the ratings of EU nations for a possible downgrade.  This included the AAA rated Germany.

Upgrades

MetroPCS (PCS): Mizuho raised their rating from Neutral to Buy and raised their target price from $8.50 to $10.50.

Leap Wireless (LEAP): Mizuho raised their rating from Neutral to Buy and raised their target price from $8.00 to $9.50.

Downgrades

First Solar (FSLR): Robert W. Baird lowered their rating from Outperform to Neutral and lowered their target price from $80.00 to $35.00. Pre-market: 33.91 +0.46 (1.38%)

E*Trade Financial (ETFC): Raymond James lowered their rating from Strong Buy to Market Perform.

Decker Outdoors (DECK): Sterne Agee lowered their rating from Buy to Underperform and placed a target price of $72.00 on the company. Pre-market: 88.80 -6.79 (-7.10%)

AT&T (T): Macquarie lowered their rating from Neutral to Underperform and placed a target price of $26.50 on the company. Pre-market: 29.01 +0.20 (0.69%)

DirecTV (DTV): Nomura lowered their rating from Neutral to Reduce and placed a target price of $32.00 on the company. Pre-market: 45.01 -0.35 (-0.77%)

Baxter International (BAX): Goldman Sachs lowered their rating from Conviction Buy to Buy and lowered their target price from $60.00 t0 $59.00. Pre-market: 48.50 +0.09 (0.19%)

Boston Scientific (BSX): Goldman Sachs lowered their rating from Neutral to Sell and lowered their target price from $60.00 t0 $59.00. Pre-market: 5.05 -0.08 (-1.56%)

Coverage Initiated

Cree (CREE): Maxim Group initiated coverage with a Buy rating and target price of $45.00. Pre-market: 22.62 +0.58 (2.63%)

Amazon.com (AMZN): Morgan Keegan initiated coverage with an Outperform rating and target price of $210.00. Pre-market: 182.10 +1.89 (1.05%)

Earning Reports

FedEx (FDX): Reported EPS of $1.57 beating estimates by +$0.04. Pre-market: 80.48 +3.19 (4.13%)

Pier 1 Imports (PIR): Reported EPS of $0.21 in line with estimates.

Rite Aid (RAD): Reported EPS of -$0.06 beating estimates by +$0.7. Pre-market: 1.22 +0.08 (7.02%)

Winnebago Inds (WGO): Reported EPS of $0.04 missing estimates by -$0.02.

Markets: 
Futures at 8:35: Dow +0.98%. S&P +1.13%. Nasdaq +0.96%. Crude +0.85% to $95.77. Gold +0.33% to $1592.20. 

Europe: London +1.20%. Paris +1.48%. Frankfurt +1.98%. 

Asia: Japan -1.66% to 8377. Hong Kong -1.78% to 18027. China -2.14% to 2181. India -0.28% to 15836.