MORNING COFFEE

Moody’s Warns and Downgrades. The rating agency Moody's cut the outlooks for the U.K., France and Austria to negative, but maintained their AAA rating. This was not the case for Spain which was downgraded by two notches.  Italy, Malta, Portugal, Slovakia, and Slovenia were downgraded by one notch.


Upgrades
Mylan (MYL): Goldman Sachs raised their rating from Neutral to Buy and raised their target price from $23.00 to $27.00. Pre-market: 23.49 +0.53 (2.31%)


Gap (GPS): Citigroup raised their rating from Neutral to Buy and raised their target price from $24.00 to $26.00. Pre-market: 21.95 +0.23 (1.06%)


Downgrades
Arch Coal (ACI): Argus lowered their rating from Buy to Hold. Pre-market: 13.66 -0.20 (-1.44%)


Bank of America (BAC): Citigroup lowered their rating from Buy to Neutral. Pre-market: 8.15 -0.10 (-1.21%)


Coverage Initiated
Domino's Pizza (DPZ): Miller Tabak initiated coverage with a Hold rating and target price of $36.00.


Murphy Oil (MUR): Brean Murray initiated coverage with a Buy rating and target price of $71.00.


Darden Resturants (DRI): Stephens initiated coverage with an Equal Weight rating and target price of $56.00.
Ceasar’s Entertainment (CZR): Imperial Capital initiated coverage with an Outperform rating and target price of $16.20. Pre-market: 13.00 -0.16 (-1.22%)


Coverage Reiterated/Price Target Changed
Mattel (MAT): Longbow reiterated their Buy rating and raised their target price from $32.00 to $37.00.


Earning Reports
Avon Products (AVP): Reported EPS of $0.39 missing estimates by -$0.12. Pre-market: 16.80 -0.73 (-4.16%)


Fossil (FOSL): Reported EPS of $1.87 beating estimates by +$0.10. Pre-market: 99.51 -4.99 (-4.78%)


Goodyear Tire (GT): Reported EPS of $0.03 missing estimates by -$0.21. Pre-market: 13.45 -0.52 (-3.72%)


Marsh McLennan (MMC): Reported EPS of $0.46 beating estimates by +$0.01.


Watson Pharm (WPI): Reported EPS of $1.77 beating estimates by +$0.02. Pre-market: 59.00 +1.29 (2.24%)

Markets: 
Futures at 8:35: Dow -0.02%. S&P -0.18%. Nasdaq -0.03%. Crude +0.45% to $101.36. Gold -0.49% to $1716.40. 

Europe: London -0.23%. Paris -0.16%. Frankfurt -0.08%. 

Asia: Japan +0.59% to 9052. Hong Kong +0.15% to 20918. China -0.30% to 2345. India +0.43% to 17849.