MORNING COFFEE

BofA to Offer Mortgage Relief. 

Bank of America (BAC) will begin contacting 200,000 distressed homeowners this week and offer them a reduction in their mortgage repayments. The offer is part of the $25 billion settlement reached between large lenders and government agencies. The cost of the mortgage relief offers to BofA is estimated to be $11 billion, but some analysts are saying it could run much higher. Pre-market: 7.96 -0.01 (-0.06%)

Upgrades

Capital One (COF): Argus raised their rating from Sell to Hold.

Electronic Arts (EA): Needham raised their rating from Hold to Buy and placed a target price of $22.00 on the company. Pre-market: 14.50 -0.63 (-4.16%)

Cognizant Tech (CTSH): Robert W. Baird raised their rating from Neutral to Outperform and placed a target price of $22.00 on the company. Pre-market: 57.16 +0.86 (1.53%)

Downgrades

El Paso Corp (EP): Atlantic Equities lowered their rating from Neutral to Underweight. Pre-market: 29.41 -0.39 (-1.31%)

Coverage Initiated

Advisory Board (ABCO): Northland Securities initiated coverage with a Market Perform rating and target price of $100.00.

Molex (MOLX): Janney Capital initiated coverage with a Neutral rating and target price of $29.00.

TE Connectivity (TEL): Janney Capital initiated coverage with a Buy rating and target price of $44.00.

Logitech (LOGI): Raymond James initiated coverage with an Outperform rating and target price of $11.50. Pre-market: 9.89 -0.03 (-0.30%)

Accenture (ACN): Raymond James initiated coverage with an Outperform rating and target price of $72.00.

Earning Reports

Electronic Arts (EA): Reported EPS of $0.17 beating estimates by +$0.01. Pre-market: 14.50 -0.63 (-4.16%)

Kemper (KMPR): Reported EPS of $0.56 beating estimates by +$0.03.

Pitney Bowes (PBI): Reported EPS of $0.52 beating estimates by +$0.02.

Wynn Resorts (WYNN): Reported EPS of $1.33 missing estimates by -$0.07. Pre-market: 123.75 -1.44 (-1.15%)

DIRECTV (DTV): Reported EPS of $1.07 beating estimates by +$0.01. Pre-market: 47.34 -0.56 (-1.18%)

Fossil (FOSL): Reported EPS of $0.93 beating estimates by +$0.01. Pre-market: 93.99 -31.78 (-25.27%)

Henry Schein (HSIC): Reported EPS of $0.98 beating estimates by +$0.06.

International Flavors (IFF): Reported EPS of $1.00 in-line with estimates.

Molson Coors Brewing (TAP): Reported EPS of $0.47 beating estimates by +$0.04.

OfficeMax (OMX): Reported EPS of $0.23 beating estimates by +$0.07. Pre-market: 4.10 -0.30 (-6.82%)         

Tenet Healthcare (THC): Reported EPS of $0.13 beating estimates by +$0.03.

Wendy's (WEN): Reported EPS of $0.01 missing estimates by -$0.02. Pre-market: 4.75 -0.12 (-2.46%)

Markets: 
Futures at 8:29: Dow -0.59%. S&P -0.52%. Nasdaq -0.64%. Crude -1.01% to $96.95. Gold -1.42% to $1615.90. 

Europe: London -0.30%. Paris -1.75%. Frankfurt -0.78%. 

Asia: Japan +0.69%. Hong Kong -0.25%. China -0.12%. India -2.17%.