MORNING COFFEE

Chevron Gives EPS Warning. Chevron (CVX) announced that the company expects its Q4 earnings to be "significantly below" Q3, due to its downstream business operating near breakeven. The company blamed the weakness on lower margins and refinery input volumes. Chevron is expected to report earnings on Jan. 27. 

Upgrades

Cree (CREE): Kaufman Bros raised their rating from Sell to Hold and raised their target price from $19.00 to $24.00.

Ball Corp. (BLL): JP Morgan raised their rating from Neutral to Overweight and placed a target price of $42.00 on the company.

Downgrades

Taubman Centers (TCO): KeyBanc Capital Markets lowered their rating from Hold to Underweight and placed a target price of $57.00 on the company.

Juniper Networks (JNPR): Argus lowered their rating from Buy to Hold.

ConocoPhillips (COP): Jefferies lowered their rating from Buy to Hold and lowered their target price from $85.00 to $75.00.

Coverage Initiated

BlackRock (BLK): UBS initiated coverage with a Buy rating and target price of $218.00.

Earning Reports

Infosys (INFY): Reported EPS of $41.51 beating estimates by +$1.92.

Markets: 
Futures at 8:48: Dow +0.06%. S&P +0.28%. Nasdaq +0.64%. Crude +0.73% to $101.61. Gold +0.98% to $1655.70. 

Europe: London +0.01%. Paris +0.84%. Frankfurt +1.09%. 

Asia: Japan -0.74% to 8385. Hong Kong -0.30% to 19095. China -0.05% to 2275. India -0.86% to 16037.