MORNING COFFEE

J&J CEO to Retire. Johnson & Johnson (JNJ) CEO Bill Weldon announced that he will be retiring.  The company has had a string of product recalls. Alex Gorsky, head of medical devices and diagnostics, will succeed him.

IAEA Leaves Empty Handed. After two days, the IAEA announced that they have once again been blocked from inspecting Iran’s nuclear-related military base.  In a statement meant to show that Iran was not going to back down on their nuclear program, Iran said it would consider preemptive action if it felt threatened.

Upgrades

Mosaic (MOS): Cacaccord raised their rating from Hold to Buy and raised their target price from $62.00 to $73.00. Pre-market: 59.25 +2.34 (4.11%)

Downgrades

Dell (DELL): Needham lowered their rating from Buy to Hold. Pre-market: 17.03 -1.18 (-6.48%)

Dell (DELL): Citigroup lowered their rating from Buy to Neutral and lowered their target price from $20.00 to $19.00. Pre-market: 17.03 -1.18 (-6.48%)

Wal-Mart (WMT): Raymond James lowered their rating from Strong Buy to Market Perform.

Dow Chemical (DOW): Gilford Securities lowered their rating from Hold to Sell. Pre-market: 34.10 -0.55 (-1.59%)

Medtronic (MDT): Credit Suisse lowered their rating from Outperform to Neutral and lowered their target price from $44.00 to $43.00. Pre-market: 38.20 -0.79 (-2.03%)

Yahoo! (YHOO): CLSA lowered their rating from Strong Buy to Underperform and lowered their target price from $19.00 to $15.00. Pre-market: 14.72 -0.03 (-0.20%)

Coverage Initiated

EOG Resources (EOG): Guggenheim initiated coverage with a Neutral rating and target price of $125.00.

Noble Energy (NBL): Guggenheim initiated coverage with a Buy rating and target price of $122.00.

Devon Energy (DVN): Guggenheim initiated coverage with a Buy rating and target price of $91.00.

Earning Reports

Dell (DELL): Reported EPS of $0.51 missing estimates by -$0.01. Pre-market: 17.03 -1.18 (-6.48%)

Herbalife (HLF): Reported EPS of $0.86 beating estimates by +$0.14. Pre-market: 65.00 +2.54 (4.07%)

Intuit (INTU): Reported EPS of $0.51 beating estimates by +$0.06. Pre-market: 59.48 +1.96 (3.41%)

Dollar Tree (DLTR): Reported EPS of $1.60 beating estimates by +$0.02. Pre-market: 86.00 -2.01 (-2.28%)

MGM Resorts (MGM): Reported EPS of -$0.22 missing estimates by -$0.02. Pre-market: 14.07 -0.12 (-0.85%)

Markets: 
Futures at 8:27: Dow -0.12%. S&P -0.21%. Nasdaq -0.19%. Crude -0.24% to $105.99. Gold -0.10% to $1756.80. 

Europe: London -0.38%. Paris -0.43%. Frankfurt -0.73%. 

Asia: Japan +0.96% to 9554. Hong Kong +0.33% to 21549. China +0.93% to 2404.