MORNING COFFEE

Bernanke Fights Subpoena. Fed Chairman Ben Bernanke has been subpoenaed to testify in a civil lawsuit.  The Federal Reserve is fighting the subpoena which would require Fed Chairman Bernanke to testify on conversations he had with Bank of America (BAC) executives before the bank completed its Merrill Lynch purchase. Pre-market: 8.06 +0.07 (0.88%)

Upgrades

SAP AG (SAP): Bernstein raised their rating from Market Perform to Outperform. Pre-market: 69.51 +0.12 (0.17%)

Downgrades

Societe Generale (SCGLY): HSBC lowered their rating from Overweight to Neutral.

Cablevision Systems (CVC): Deutsche Bank lowered their rating from Buy to Hold.

CVS Caremark (CVS): BMO Capital lowered their rating from Outperform to Market Perform and placed a target price of $47.00 on the company. Pre-market: 45.23 -0.13 (-0.29%)

Coverage Initiated

Eaton (ETN): Stifel Nicolaus initiated coverage with a Buy rating and target price of $59.00. Pre-market: 49.27 +0.65 (1.34%)

Whole Food Markets (WFM): UBS initiated coverage with a Buy rating and target price of $100.00. Pre-market: 84.60 +0.80 (0.95%)

Safeway (SWY): UBS initiated coverage with a Sell rating and target price of $20.00.

Kroger (KR): UBS initiated coverage with a Neutral rating and target price of $25.00.

Earning Reports

Urban Outfitters (URBN): Reported EPS of $0.27 missing estimates by -$0.03. Pre-market: 28.05 -1.46 (-4.95%)

Vaalco Energy (EGY): Reported EPS of $0.15 missing estimates by -$0.04.

FactSet (FDS): Reported EPS of $1.14 beating estimates by +$0.03. Pre-market: 90.00 -0.81 (-0.89%)

Markets: 
Futures at 7:32: Dow +0.54%. S&P +0.38%. Nasdaq +0.49%. Crude +0.41% to $106.79. Gold -0.68% to $1688.20. 

Europe: London +0.71%. Paris +0.94%. Frankfurt +0.89%. 

Asia: Japan +0.09% to 9899. Hong Kong +0.97% to 21340. India +1.28% to 17814.