MORNING COFFEE

President Obama to Outline Budget Today. President Obama is scheduled to outline his 2013 budget today.  Occurring to reports President Obama’s budget will cutting the deficit by $4T over 10 years. To accomplish this he wants to raise $1.5 trillion through higher taxes and a minimum tax rate for millionaires of 30%.  The President will also seek billions of dollars for infrastructure projects.

Upgrades

NVIDIA (NVDA): FBR Capital raised their rating from Market Perform to Outperform and placed a target price of $20.00 on the company. Pre-market: 16.30 +0.40 (2.55%)

Allstate Corp (ALL): Raymond James raised their rating from Buy to Outperform and placed a target price of $38.00 on the company. Pre-market: 31.32 +0.35 (1.13%)

Devon Energy Corp. (DVN): ISI Group James raised their rating from Buy to Outperform. Pre-market: 65.70 +1.05 (1.62%)

Sara Lee Corp (SLE): Bernstein raised their rating from Market Perform to Outperform and raised their target price from $20.00 to $24.00. Pre-market: 20.05 +0.25 (1.26%)

Downgrades

First Solar (FSLR): Brigantine lowered their rating from Buy to Hold. Pre-market: 44.80 +0.89 (2.03%)

Broadcom (BRCM): The Benchmark Company lowered their rating from Buy to Hold. Pre-market: 37.00 0.00 (0.00%)

Coverage Initiated

Adobe Systems (ADBE): Cowen initiated coverage with an Outperform rating.

Anheuser-Bush InBev NV (BUD): Credit Suisse initiated coverage with a Neutral rating. Pre-market: 64.64 +0.37 (0.58%)

United States Steel Co. (X): KeyBanc lowered their rating from Buy to Hold. Pre-market: 29.76 +0.36 (1.22%)

Earning Reports

Diebold (DBD): Reported EPS of $1.40 beating estimates by +$0.56. Pre-market: 38.50 +3.75 (10.79%)

Markets: 
Futures at 8:53: Dow +0.65%. S&P +0.57%. Nasdaq +0.55%. Crude +0.92% to $99.57. Gold +0.13% to $1727.70. 

Europe: London +1.0%. Paris +0.48%. Frankfurt +0.74%. 

Asia: Japan +0.58% to 8999. Hong Kong +0.50% to 20887. China -0.01% at 2352. India +0.14% to 17773.