MORNING COFFEE

Apple To Make Big Announcement.  Apple will be hosting an event at the Guggenheim Museum in New York at 10:00am.  Analysts are expecting Apple to make an announcement about school textbooks for the iPad. Reports say that former CEO Steve Jobs prior to his death was working to radically change the textbook market.  His work was on ways to circumvent the state certification process for textbook sales by having Apple release textbooks for free on the iPad.  He also reportedly told News Corp. chairman Rupert Murdoch that paper textbooks could be made obsolete by the iPad.  Pre-market: 430.36 +1.25 (0.29%)

Tech Giants In Spotlight Today. Tech giants Google (GOOG), IBM (IBM), Intel (INTC), and Microsoft (MSFT) will be in the spotlight today as each company releases their earnings.  Google is forecast to post a 19% climb in EPS to $10.45 on a 31% jump in revenue to $8.4B; IBM's estimates are EPS of $4.62 and $29.7B. Intel's expected to post EPS of $0.64 and $13.7B and Microsoft's EPS is expected to be fall by a penny to $0.76, with revenue rising to $21B. GOOG Pre-market: 637.25 +4.34 (0.69%), IBM Pre-market: 181.70 +0.63 (0.35%), INTC Pre-market: 25.52 +0.13 (0.51%), MSFT Pre-market: 28.26 +0.03 (0.11%)

Upgrades

Advance Auto Parts (AAP): Credit Suisse raised their rating from Neutral to Outperform and placed a target price of $80.00 on the company.

Downgrades

Douglas Dynamics (PLOW): Oppenheimer lowered their rating from Outperform to Perform.

Coverage Initiated

Phillip Morris International (PM): CLSA initiated coverage with an Outperform rating and target price of $86.00. Pre-market: 73.70 +0.44 (0.60%)

Zimmer Holdings (ZMH): Cowen initiated coverage with a Neutral rating.

Stryker (SYK): Cowen initiated coverage with an Outperform rating. Pre-market: 51.77 -0.40 (-0.77%)

Coverage Reiterated/Price Target Changed

Xilinx (XLNX): Mizuho reiterated their Neutral rating and raised their target price from $28.00 to $36.00. Pre-market: 36.96 +1.66 (4.70%)

Earning Reports

eBay (EBAY): Reported EPS of $0.60 beating estimates by +$0.03. Pre-market: 31.41 +1.07 (3.53%)

Xilinx (XLNX): Reported EPS of $0.41 beating estimates by +$0.04. Pre-market: 36.96 +1.66 (4.70%)

Bank of America (BAC): Reported EPS of $0.16 missing estimates by -$0.03. Pre-market: 7.20 +0.40 (5.96%)

BlackRock (BLK): Reported EPS of $3.06 beating estimates by +$0.04. Pre-market: 186.05 -1.75 (-0.93%)

Morgan Stanley (MS): Reported EPS of -$0.14 beating estimates by +$0.48. Pre-market: 18.62 +1.27 (7.32%)

Union Pacific (UNP): Reported EPS of $1.99 beating estimates by +$0.18. Pre-market: 113.71 +3.89 (3.54%)

United Health (UNH): Reported EPS of $1.17 beating estimates by +$0.14. Pre-market: 54.04 +0.10 (0.19%)

Markets: 
Futures at 7:00: Dow +0.29%. S&P +0.45%. Nasdaq +0.61%. Crude +1.09% to $101.69. Gold +0.04% to $1660.50. 

Europe: London +0.54%. Paris +1.72%. Frankfurt +0.83%. 

Asia: Japan +1.04% to 8640. Hong Kong +1.30% to 19943. China +1.31% to 2296. India +1.17% to 16644.