MORNING COFFEE

Employment Data Disappoints Market. 

The Bureau of Labor Statistics released the latest payroll data and the numbers disappointed Wall Street.  Nonfarm payrolls for April came in at only 115k well below the 162k economists were expecting.  This comes after another disappointing ADP number of 119k, when the Street was looking for 170k.  Unemployment declined to 8.1% from 8.2%.  On the surface this could be taken as a positive, but the decline in the unemployment rate is a reflection of the number of people that quit actively looking for a new job.  The real unemployment rate according to the government now state at a very high 14.5%. 

Upgrades

Mohawk (MHK): Stifel Nicolaus raised their rating from Hold to Buy and placed a target price of $84.00 on the company. Pre-market: 69.01 +0.51 (0.74%)

Fluor (FLR): Johnson Rice raised their rating from Equal Weight to Overweight. Pre-market: 57.70 +1.16 (2.05%)

Dolby Labs (DLB): Avondale raised their rating from Market Perform to Outperform and raised their target price from $40.00 to $55.00. Pre-market: 45.50 +7.87 (20.91%)

ENSCO (ESV): Pritchard raised their rating from Neutral to Buy and placed a target price of $70.00 on the company. Pre-market: 54.24 +0.02 (0.04%)

Downgrades

JP Morgan Chase (JPM): CLSA lowered their rating from Outperform to Underperform and placed a target price of $43.00 on the company. Pre-market: 42.34 -0.67 (-1.56%)

Green Mountain Coffee Rosters (GMCR): Dougherty lowered their rating from Buy to Neutral and lowered their target price from $65.00 to $35.00. Pre-market: 26.39 +0.52 (2.01%)

Caribou Coffee (CBOU): Dougherty lowered their rating from Buy to Neutral. Pre-market: 13.51 -0.48 (-3.43%)

Coverage Initiated

Microsoft (MSFT): Stifel Nicolaus resumed coverage with a Buy rating and target price of $38.00.

Earning Reports

Caribou Coffee (CBOU): Reported EPS of $0.06 in-line with estimates. Pre-market: 13.51 -0.48 (-3.43%)

Con Edison (ED): Reported EPS of $1.01 missing estimates by -$0.03. Pre-market: 59.00 -0.16 (-0.27%)

Dolby Labs (DLB): Reported EPS of $0.91 beating estimates by +$0.11. Pre-market: 46.10 +8.47 (22.51%)

Dole Food (DOLE): Reported EPS of $0.15 missing estimates by -$0.19. Pre-market: 8.50 -0.22 (-2.52%)

First Solar (FSLR): Reported EPS of -$0.08 missing estimates by -$0.69. Pre-market: 17.89 -0.18 (-1.00%)

Fluor (FLR): Reported EPS of $0.91 beating estimates by +$0.04.

Kraft Foods (KFT): Reported EPS of $0.57 beating estimates by +$0.01. Pre-market: 39.40 -0.19 (-0.48%)

SunPower (SPWR): Reported EPS of -$0.12 beating estimates by +$0.03.

Church & Dwight (CHD): Reported EPS of $0.66 beating estimates by +$0.05. Pre-market: 51.41 0.00 (0.00%)

Exelis (XLS): Reported EPS of $0.47 beating estimates by +$0.06. Pre-market: 12.00 +0.31 (2.65%)

US Cellular (USM): Reported EPS of $0.73 beating estimates by +$0.29.

Markets: 
Futures at 9:09: Dow -0.37%. S&P -0.41%. Nasdaq -0.35%. Crude -2.25% to $100.23. Gold +0.23% to $1638.50. 

Europe: London -1.28%. Paris -1.35%. Frankfurt -1.36%. 

Asia: Japan closed. Hong Kong -0.77%. China +0.49%. India -1.87%.