MORNING COFFEE

Citigroup Misses EPS Estimates. Citigroup (C) reported EPS of $0.38 missing estimates of $0.61. The bank says it’s the miss was due to lower investment banking income, an accounting charge and a decline in the value of its assets.

Upgrades

Medtronic (MDT): Wells Fargo raised their rating from Market Perform to Outperform and raised their target range from $36.00-$37.00 to $44.00-$45.00.

Tesla Motors (TSLA): Wunderlich raised their rating from Hold to Buy and placed a target price of $30.00 on the company.

Downgrades

Royal Dutch Shell (RDS.A): Howard Weil lowered their rating from Market Outperform to Market Perform.

ExxonMobil (XOM): Howard Weil lowered their rating from Market Outperform to Market Perform.

American Express (AXP): JP Morgan lowered their rating from Overweight to Neutral and placed a target price of $55.00 on the company.

Intel (INTC): JP Morgan lowered their rating from Overweight to Neutral and placed a target price of $25.00 on the company.

ResMed (RMD): Feltl & Co. lowered their rating from Strong Buy to Buy and lowered their target price from $35.00 to $33.15.

Jetblue Airways (JBLU): Dahlman Rose lowered their rating from Hold to Sell and placed a target price of $4.50 on the company.

Campbell Soup (CPB): JP Morgan lowered their rating from Neutral to Underweight and placed a target price of $30.00 on the company.

United Parcel Service (UPS): Jefferies lowered their rating from Buy to Hold and lowered their target price from $85.00 to $81.00.

Coverage Initiated

Microsoft (MSFT): Raymond James initiated coverage with an Outperform rating.

Earning Reports

Citigroup (C): Reported EPS of $0.38 missing estimates by -$0.23.

Forest Labs (FRX): Reported EPS of $1.04 beating estimates by +$0.03.

TD Ameritrade (AMTD): Reported EPS of $0.28 beating estimates by +$0.02.

Wells Fargo (WFC): Reported EPS of $0.73 in-line with estimates.

Markets: 
Futures at 7:00: Dow +0.7%. S&P +0.7%. Nasdaq +0.8%. Crude +2% to $100.67. Gold +2% to $1663.20. 

Europe: London +0.5%. Paris +1.3%. Frankfurt +1.7%. 

Asia: Japan +1.1% to 8466.4. Hong Kong +3.2% to 19628. China +4.2% to 2298. India +1.7% to 16466.