MORNING COFFEE

Fed Questioning QE3. Reports indicate that the Fed policy makers want more insight into the direction of the economy and inflation before deciding on whether to go ahead with QE3. The FOMC is due to meet next week.

Upgrades

JDS Uniphase (JDSU): Stifel Nicolaus raised their rating from Hold to Buy and placed a target price of $17.00 on the company.

Advance Auto Parts (AAP): Cleveland Research raised their rating from Neutral to Buy.

Downgrades

Intel (INTC): Kaufman Bros lowered their rating from Buy to Hold and raised their target price from $25.00 to $26.00.

Google (GOOG): BGC Financial lowered their rating from Buy to Hold and raised their target price from $650.00 to $625.00.

BlackRock (BLK): Citigroup lowered their rating from Buy to Hold.

Coverage Initiated

Dick’s Sporting Goods (DKS): Northland Securities initiated coverage with a Market Perform rating and placed a target price of $45.00 on the company.

Apple (AAPL): FBR Capital initiated coverage with an Outperform rating and placed a target price of $500.00 on the company.

Under Armour (UA): Northland Securities initiated coverage with a Market Perform rating and target price of $80.00.

Coverage Reiterated/Price Target Changed

Google (GOOG): The Benchmark Company reiterated their Hold rating and lowered their target price from $700.00 to $625.00.

Earning Reports

American Express (AXP): Reported EPS of $1.01 beating estimates by +$0.05.

Google (GOOG): Reported EPS of $9.50 missing estimates by -$0.95.

IBM (IBM): Reported EPS of $4.71 beating estimates by +$0.09.

Intel (INTC): Reported EPS of $0.68 beating estimates by +$0.04.

Microsoft (MSFT): Reported EPS of $0.78 beating estimates by +$0.02.

General Electric (GE): Reported EPS of $0.39 beating estimates by +$0.01.

Markets: 
Futures at 9:05: Dow -0.15%. S&P -0.21%. Nasdaq -0.04%. Crude -0.64% to $99.75. Gold -0.11 to $1652.60. 

Europe: London -0.04%. Paris -0.42%. Frankfurt -0.12%. 

Asia: Japan +1.47% to 8766. Hong Kong +0.84% to 20110. China +1.0% to 2319. India +0.57% to 16739.