MORNING COFFEE

Seed Shortage Could Hit Farmers. Corn seed production may have fallen 25%-50% according to analyst. The shortfall could hurt the 2012 planting season and bring a second year of volatility to corn prices. Although, DuPont’s (DD) Pioneer Hi-Bred unit, Monsanto (MON) and other large seed companies are currently remaining optimistic about meeting demand. DD Pre-market: 46.34 -0.68 (-1.45%), MON Pre-market: 73.20 +0.53 (0.73%)

Eastman Kodak Bankrupt? According to The Wall Street Journal, Eastman Kodak (EK) plans to file for bankruptcy protection in the next few weeks if they fall to sell their many digital patents.  Pre-market: 0.455 -0.015 (-3.17%)

Upgrades

Pacific Sunwear (PSUN): Janney Montgomery Scott raised their rating from Neutral to Buy and placed a target price of $4.00 on the company. Pre-market: 1.82 +0.16 (9.64%)

Nokia (NOK): Credit Suisse raised their rating from Underperform to Outperform. Pre-market: 5.23 +0.15 (2.95%)

Downgrades

Google (GOOG): The Benchmark Company lowered their rating from Buy to Hold and placed a target price of $700.00 on the company. Pre-market: 666.50 -1.78 (-0.27%)

UPS (UPS): HSBC Securities lowered their rating from Overweight to Neutral and lowered their target price from $80.00 to $75.00.

Yahoo! (YHOO): Jefferies lowered their rating from Buy to Hold. Pre-market: 15.68 -0.10 (-0.63%)

BlackRock (BLK): Sterne Agee lowered their rating from Buy to Neutral. Pre-market: 178.97 -0.99 (-0.55%)

Sanofi SA (SNY): JP Morgan lowered their rating from Overweight to Neutral. Pre-market: 35.52 -0.98 (-2.68%)

Coverage Initiated

Steve Madden (SHOO): KeyBanc Capital Markets initiated coverage with a Hold rating.

Fossil (FOSL): KeyBanc Capital Markets initiated coverage with a Buy rating and target price of $105.00 Pre-market: 79.30 +1.22 (1.56%)

Apple (AAPL): Auriga initiated coverage with a Buy rating and target price of $550.00. Pre-market: 414.95 +1.51 (0.37%)

Diamond Offshore Drilling (DO): Global Hunter initiated coverage with a Neutral rating and target price of $58.00.

ENSCO (ESV): Global Hunter initiated coverage with a Buy rating and target price of $66.00.

Earning Reports

Mosaic (MOS): Reported EPS of $1.40 beating estimates by +0.12. Pre-market: 53.10 +0.80 (1.53%)

Constellation Brands (STZ): Reported EPS of $0.50 missing estimates by -$0.02.

Helen of Troy (HELE): Reported EPS of $1.04 beating estimates by +0.02.

Markets: 
Futures at 8:15: Dow -0.45%. S&P -0.24%. Nasdaq -0.40%. Crude -0.54% to $102.65. Gold -0.11% to $1611.00. 

Europe: London -0.27%. Paris -0.86%. Frankfurt -0.30%. 

Asia: Japan -0.83% to 8489. Hong Kong +0.46% to 18813. China -0.96% to 2148. India -0.16% to 15857.