MORNING COFFEE

Eurozone Heading for Recession. The European Commission has forecasts a mild recession for the eurozone, estimating that the eurozone economies will shrink by -0.3% this year. In November the Commission had expected the region to grow by +0.5%. One of the sharpest country revisions was Spain’s economy which is expected to -1.0% vs. the prior forecast for growth of +0.7%.

Upgrades

DirecTV (DTV): Atlantic Equities raised their rating from Neutral to Overweight and raised their target price from $53.00 to $55.00.

Kellogg (K): Deutsche Bank raised their rating from Hold to Buy and raised their target price from $53.00 to $55.00. Pre-market: 53.00 +0.47 (0.89%)

Coverage Initiated

Intuit (INTU): Stifel Nicolaus initiated coverage with a Hold rating. Pre-market: 62.29 +1.37 (2.25%)

Boeing (BA): Stifel Nicolaus initiated coverage with a Hold rating. Pre-market: 76.00 -0.06 (-0.08%)

Earning Reports

Caribou Coffee (CBOU): Reported EPS of $0.14 beating estimates by +$0.01. Pre-market: 18.23 +0.64 (3.64%)

Ensco (ESV): Reported EPS of $0.99 beating estimates by +$0.03. Pre-market: 57.12 +0.59 (1.04%)

Checkpoint Systems (CKP): Reported EPS of -$0.09 missing estimates by -$0.06.

DISH Network (DISH): Reported EPS of $0.70 beating estimates by +$0.09. Pre-market: 29.80 +0.64 (2.19%)

Hormel Foods (HRL): Reported EPS of $0.48 in-line with estimates.

Kohl’s (KSS): Reported EPS of $1.81 beating estimates by +$0.01. Pre-market: 50.47 -1.72 (-3.30%)

Sears Holdings (SHLD): Reported EPS of $0.54 missing estimates by -$0.24. Pre-market: 58.77 +6.69 (12.85%)

Target (TGT): Reported EPS of $1.49 beating estimates by +$0.09. Pre-market: 53.15 +0.18 (0.34%)

Teleflex (TFX): Reported EPS of $1.07 beating estimates by +$0.03. Pre-market: 60.99 -1.36 (-2.18%)

Markets: 
Futures at 8:34: Dow +0.15%. S&P +0.09%. Nasdaq +0.24%. Crude +0.37% to $106.67. Gold +0.51% to $1780.40. 

Europe: London +0.30%. Paris +0.13%. Frankfurt -0.37%. 

Asia: Japan +0.44% to 9596. Hong Kong -0.78% to 21381. China +0.25% to 2410. India -0.37% to 18079.