MORNING COFFEE

Senate Passes Ban On Insider Trading By Congress. Yesterday the Senate  voted 96-3 to pass the Stop Trading On Congressional Knowledge Act, or Stock Act. The Act will ban Congress from trading shares based on insider information they obtained through Capitol Hill. The bill now goes to the House for a vote next week. Those who voted against the Act included Bingaman (D-NM), Burr (R-NC), Coburn (R-OK).

Upgrades

Urban Outfitters (UBRN): Janney Montgomery Scott raised their rating from Neutral to Buy and placed a target price of $31.00 on the company. Pre-market: 27.60 +1.16 (4.39%)

Eastman Chemical (EMN): Goldman Sachs raised their rating from Sell to Buy and placed a target price of $63.00 on the company. Pre-market: 53.98 +1.78 (3.41%)

National Oilwell (NOV): Global Hunter raised their rating from Accumulate to Buy and raised their target price from $78.00 to $90.00. Pre-market: 78.80 +1.72 (2.23%)

Downgrades

Merck & Co (MRK): MKM Partners lowered their rating from Buy to Neutral. Pre-market: 38.60 +0.16 (0.42%)

Merck & Co (MRK): Davenport lowered their rating from Buy to Neutral and placed a target price of $40.00 on the company. Pre-market: 38.60 +0.16 (0.42%)

Unilever (UN/UL): Societe Generale lowered their rating from Buy to Hold. UN Pre-market: 32.93 +0.08 (0.24%) UL Pre-market: 32.04 +0.19 (0.60%)

Wynn Resorts (WYNN): Lazard Capital lowered their rating from Buy to Neutral. Pre-market: 117.20 -3.58 (-2.96%)

Coverage Initiated

Dollar General (DG): JP Morgan initiated coverage with a Neutral rating and target price of $45.00.

Family Dollar (FDO): JP Morgan initiated coverage with an Overweight rating and target price of $68.00.

Earning Reports

Columbia Sportswear (COLM): Reported EPS of $1.08 beating estimates by +$0.01. Pre-market: 46.21 -1.69 (-3.53%)

Fiserv (FISV): Reported EPS of $1.27 in-line with estimates. Pre-market: 63.11 0.00 (0.00%)

Kirby Corp (KEX): Reported EPS of $1.02 beating estimates by +$0.02.

Clorox (CLX): Reported EPS of $0.79 beating estimates by +$0.10. Pre-market: 70.61 +1.88 (2.74%)

Estee Lauder (EL): Reported EPS of $1.01 in-line with estimates. Pre-market: 54.80 -4.05 (-6.88%)

Tyson Foods (TSN): Reported EPS of $0.42 beating estimates by +$0.08. Pre-market: 19.35 +0.73 

(3.92%)

Weyerhaeuser (WY): Reported EPS of $0.14 beating estimates by +$0.07. Pre-market: 21.39 +1.25 (6.21%)

Markets: 
Futures at 9:05: Dow +0.86%. S&P +0.97%. Nasdaq +1.00%. Crude +0.52% to $96.84. Gold -0.42% to $1752.40. 

Europe: London +1.25%. Paris +0.83%. Frankfurt +1.44%. 

Asia: Japan -0.51% to 8832. Hong Kong +0.08% to 20757. China +0.77% to 2330. India +0.99% to 17605.