MORNING COFFEE

More Bank Investigations. The Consumer Financial Protection Bureau is currently investigating nine major banks over their overdraft protection programs and the reasoning for their possibly excessive overdraft charges. Some of the banks being investigated include Bank of America (BAC) JPMorgan (JPM), and Wells Fargo (WFC).

Downgrades

Bank of America (BAC): CLSA lowered their rating from Underperform to Sell. Pre-market: 8.74 -0.03 (-0.34%)

SanDisk (SNDK): CLSA lowered their rating from Outperform to Underperform and lowered their target price from $54.00 to $38.00. Pre-market: 35.77 -4.70 (-11.61%)

SanDisk (SNDK): Piper Jaffrey lowered their rating from Overweight to Neutral and lowered their target price from $51.00 to $35.00. Pre-market: 35.77 -4.70 (-11.61%)

Coverage Initiated

Nike (NKE): The Benchmark Company initiated coverage with a Buy rating and target price of $128.00.

Dycom Industries (DY): Stifel Nicolaus initiated coverage with a Buy rating and target price of $30.00.

Foot Locker (FL): The Benchmark Company initiated coverage with a Hold rating and target price of $35.00.

Earning Reports

Advanced Micro (AMD): Reported EPS of $0.12 beating estimates by +$0.03. Pre-market: 8.14 +0.17 (2.13%)

Capital One (COF): Reported EPS of $1.56 beating estimates by +$0.17.

E*Trade (ETFC): Reported EPS of $0.13 beating estimates by +$0.04. Pre-market: 10.10 +0.22 (2.28%)

Forward Air (FWRD): Reported EPS of $0.35 beating estimates by +$0.01.

Microsoft (MSFT): Reported EPS of $0.60 beating estimates by +$0.02. Pre-market: 31.98 +0.97 (3.13%)

General Electric (GE): Reported EPS of $0.34 beating estimates by +$0.01. Pre-market: 19.41 +0.27 (1.41%)

Honeywell (HON): Reported EPS of $1.04 beating estimates by +$0.05. Pre-market: 59.50 +1.50 (2.59%)

Kimberly-Clark (KMB): Reported EPS of $1.24 beating estimates by +$0.07. Pre-market: 76.75 +1.48 (1.97%)

McDonalds (MCD): Reported EPS of $1.23 in-line with estimates. Pre-market: 96.90 +1.62 (1.70%)

Schlumberger (SLB): Reported EPS of $0.98 in-line with estimates. Pre-market: 72.36 +2.56 (3.67%)

Under Armour (UA): Reported EPS of $0.28 beating estimates by +$0.02. Pre-market: 97.00 +0.50 (0.52%)

Markets: 
Futures at 7:34: Dow +0.38%. S&P +0.55%. Nasdaq +0.53%. Crude +0.97% to $103.26. Gold +0.38% to $1647.60. 

Europe: London +0.35%. Paris +0.34%. Frankfurt +0.88%. 

Asia: Japan -0.28%. Hong Kong +0.07%. China +1.19%. India -0.74%.