MORNING COFFEE

Facebook To Go Public In May. In what may be called the most anticipated IPO offing of 2012 Facebook (FB) announced plans to carry out its IPO on May 17. The company aims to raise under $10 billion with a market cap of $100 billion. When Facebook acquired Instagram they valued the company at only $75 billion.

Bank of America Disappoints Wall Street. Troubled Bank of America's (BAC) disappointed Wall Street when the bank posted earnings that missed forecast.  The banks Q1 EPS came in at $0.03, missing by -$0.08 and revenue fell -10% to $22.5 billion also missing estimates. Pre-market: 9.19 +0.27 (3.03%)

Upgrades

Halliburton (HAL): Global Hunter raised their rating from Accumulate to Buy and raised their target price from $40.00 to $45.00. Pre-market: 34.55 +0.38 (1.11%)

Ebay (EBAY): The Benchmark Company raised their rating from Hold to Buy and raised their target price from $37.00 to $45.00. Pre-market: 39.25 +3.38 (9.42%)

Ebay (EBAY): Macquarie raised their rating from Neutral to Outperform and raised their target price from $36.00 to $45.00. Pre-market: 39.25 +3.38 (9.42%)

Ebay (EBAY): Piper Jaffrey raised their rating from Neutral to Overweight and raised their target price from $36.00 to $50.00. Pre-market: 39.25 +3.38 (9.42%)

Downgrades

Stanley Black & Decker (SWK): Raymond James lowered their rating from Strong Buy to Outperform and placed a target price of $85.00 on the company. Pre-market: 75.00 -3.49 (-4.45%)

YUM! Brands (YUM): CLSA lowered their rating from Buy to Outperform and lowered their target price from $80.00 to $76.00. Pre-market: 71.05 -1.89 (-2.59%)

Navistar International (NAV): Wells Fargo lowered their rating from Outperform to Market Perform and lowered their target range from $48.00-$50.00 to $37.00 -$40.00. Pre-market: 35.98 -0.95 (-2.57%)

Coverage Initiated

Ryder Systems (R): Raymond James initiated coverage with a Strong Buy rating and target price of $62.00.

Earning Reports

American Express (AXP): Reported EPS of $1.07 beating estimates by +$0.07. Pre-market: 57.90 -0.14 (-0.24%) 

          

eBay (EBAY): Reported EPS of $0.55 beating estimates by +$0.04. Pre-market: 39.25 +3.38 (9.42%)

VMware (VMW): Reported EPS of $0.66 beating estimates by +$0.07. Pre-market: 113.50 +2.21 (1.99%)

YUM! Brands (YUM): Reported EPS of $0.76 beating estimates by +$0.03. Pre-market: 71.05 -1.89 (-2.59%)

Bank of America (BAC): Reported EPS of $0.03 missing estimates by -$0.08. Pre-market: 9.19 +0.27 (3.03%)

Baxter (BAX): Reported EPS of $1.01 beating estimates by +$0.01.

Boston Scientific (BSX): Reported EPS of $0.15 beating estimates by +$0.02. Pre-market: 5.85 +0.31 (5.60%)

Diamond Offshore (DO): Reported EPS of $1.33 beating estimates by +$0.33.

DuPont (DD): Reported EPS of $1.61 beating estimates by +$0.06. Pre-market: 53.25 -0.02 (-0.04%)

Morgan Stanley (MS): Reported EPS of -$0.05 missing estimates by -$0.48. Pre-market: 18.60 +0.94 (5.32%)

Nokia (NOK): Reported EPS of -$0.08 missing estimates by -$0.01. Pre-market: 3.84 -0.13 (-3.27%)

PPG Industries (PPG): Reported EPS of $1.81 beating estimates by +$0.05.

UnitedHealth (UNH): Reported EPS of $1.31 beating estimates by +$0.14. Pre-market: 57.02 -0.30 (-0.52%)

Verizon (VZ): Reported EPS of $0.59 beating estimates by +$0.01. Pre-market: 38.07 +0.41 (1.09%)

Markets: 
Futures at 8:40: Dow +0.05%. S&P -0.02%. Nasdaq +0.06%. Crude -0.27% to $102.40. Gold -0.31% to $1634.50. 

Europe: London +0.32%. Paris -0.79%. Frankfurt -0.27%. 

Asia: Japan -0.82%. Hong Kong +1.03%. China -0.11%. India +0.6%.