MORNING COFFEE

JPMorgan Chase Loses Billions. JPMorgan (JPM) has reported that it has lost $2 billion in the past six weeks and could take another $1 billion charge in Q2. The bank has met with the Financial Services Authority (FSA) in the U.K. to determine how the failed hedging strategy losses occurred and if anything illegal occurred.  CEO Jamie Dimon cited "errors" and "bad judgment" for the losses. Pre-market: 37.35 -3.39 (-8.32%)

Upgrades

Verizon Communications (VZ): Credit Suisse raised their rating from Neutral to Outperform and placed a target price of $45.00 on the company. Pre-market: 40.88 +0.33 (0.81%)

Dycom Industries (DY): Raymond James raised their rating from Outperform to Strong Buy and raised their target price from $25.00 to $27.00.

Ericsson (ERIC): UBS raised their rating from Neutral to Buy. Pre-market: 9.11 +0.06 (0.66%)

McDermott Intl (MDR): BB&T raised their rating from Hold to Buy. Pre-market: 10.57 +0.68 (6.88%)

AT&T (T): Credit Suisse raised their rating from Neutral to Outperform and placed a target price of $36.50 on the company. Pre-market: 33.40 +0.27 (0.81%)

Bed Bath & Beyond (BBBY): Credit Suisse raised their rating from Neutral to Outperform and raised their target price from $75.00 to $91.00. Pre-market: 69.46 +0.71 (1.03%)

Downgrades

JPMorgan Chase (JPM): FBR Capital lowered their rating from Outperform to Market Perform. Pre-market: 37.35 -3.39 (-8.32%)

JPMorgan Chase (JPM): Stifel Nicolaus lowered their rating from Buy to Hold. Pre-market: 37.35 -3.39 (-8.32%)

Best Buy (BBY): Credit Suisse lowered their rating from Outperform to Neutral and lowered their target price from $32.00 to $20.00.

Coverage Initiated

Flir Systems (FLIR):CRT Capital initiated coverage with a Fair Value rating and placed a target price of $23.00 on the company.

Darden Restaurants (DRI): Wells Fargo initiated coverage with an Outperform rating and target price range of $58.00-$62.00.

Brinker Intl (EAT): Wells Fargo initiated coverage with an Outperform rating and target price range of $37.00-$40.00.

Buffalo Wild Wings (BWLD): Wells Fargo initiated coverage with an Outperform rating and target price range of $100.00-$105.00.

Earning Reports

Express Scripts (ESRX): Reported EPS of $0.73 missing estimates by -$0.04. Pre-market: 55.00 +0.66 (1.21%)

MBIA (MBI): Reported EPS of $0.05 missing estimates by -$0.13. Pre-market: 9.39 -0.43 (-4.38%)

Nordstrom (JWN): Reported EPS of $0.70 missing estimates by -$0.05. Pre-market: 51.75 -1.78 (-3.33%)

Sotheby’s (BID): Reported EPS of -$0.16 missing estimates by -$0.01. After Hours: 34.20 +0.16 (0.47%)

NVIDA (NVDA): Reported EPS of $0.16 in-line with estimates. Pre-market: 13.35 +0.93 (7.49%)

Markets: 
Futures at 7:34: Dow -0.44%. S&P -0.51%. Nasdaq -0.26%. Crude -0.88% to $96.23. Gold -0.78% to $1583.00. 

Europe: London -0.41%. Paris -0.97%. Frankfurt -0.33%. 

Asia: Japan -0.63%. Hong Kong -1.30%. China -0.63%. India -0.77%.