MORNING COFFEE

Fitch Downgrades Banks. The rating agency Fitch announced that they downgraded the credit ratings of eight major banks to A from either A+ or AA-. Banks downgraded included Bank of America (BAC), Barclays (BCS), Goldman Sachs (GS) and Morgan Stanley (MS). The downgrades were due to the fact that the banks’ are "particularly sensitive" to economic and regulatory challenges.

Upgrades

Buffalo Wild Wings (BWLD): Miller Tabak raised their rating from Hold to Buy and raised their target price from $63.00 to $78.00.

Downgrades

Research In Motion (RIMM): Brigantine lowered their rating from Buy to Hold.

Research In Motion (RIMM): Atlantic Equities lowered their rating from Neutral to Underweight and lowered their target price from $26.00 to $11.00.

Coverage Initiated

Advance Auto Parts (AAP): Piper Jaffrey initiated coverage with an Overweight rating and target price of $83.00.

O’Reilly Automotive (ORLY): Piper Jaffrey initiated coverage with an Overweight rating and target price of $94.00.

Wells Fargo (WFC): UBS initiated coverage with a Neutral rating and target price of $27.00.

Earning Reports

Accenture (ACN): Reported EPS of $0.96 beating estimates by +$0.02.

Adobe Systems (ADBE): Reported EPS of $0.67 beating estimates by +$0.07.

Darden Restaurants (DRI): Reported EPS of $0.41 missing estimates by -$0.01.

Markets: 
Futures at 7:00: Dow +0.4%. S&P +0.5%. Nasdaq +0.5%. Crude -0.2% to $93.68. Gold +1.05% to $1593.70. 

Europe: London +0.5%. Paris -0.1%. Frankfurt -0.1%. 

Asia: Japan +0.3% to 8402. Hong Kong +1.4% to 18285. China +2.0% to 2225. India -2.2% to 15491.