MORNING COFFEE

OECD Warns About Eurozone Fallout. The Organization for Economic Co-Operation and Development (OECD) warned that the global economic recovery is "fragile, extremely uneven across different regions and could be derailed by the crisis in the euro area" and that "we need decisive policy action now." In an announcement the OECD cut its forecast for 2012 eurozone GDP to -0.1% from +0.2%.  For the U.S. they raised their outlook to +2.4% from +2.0%.

Upgrades

Gap (GPS): Lazard Capital raised their rating from Neutral to Buy and placed a target price of $35.00 on the company. Pre-market: 26.69 +0.18 (0.68%)

Downgrades

Charles Schwab (SCHW): Raymond James lowered their rating from Market Perform to Underperform. Pre-market: 12.50 -0.16 (-1.26%)

Baker Hughes (BHI): CLSA lowered their rating from Outperform to Underperform and lowered their target price from $58.00 to $44.00. Pre-market: 41.75 -0.24 (-0.57%)

Coverage Initiated

Caribou Coffee (CBOU): Stephens initiated coverage with an Overweight rating and target price of $18.00.

Starbucks (SBUX): Stephens initiated coverage with an Overweight rating and target price of $66.00. Pre-market: 53.73 +0.03 (0.06%)

Dunkin’ Bands (DNKN): Stephens initiated coverage with an Equal Weight rating and target price of $37.00.

Anadarko Petroleum (APC): Pritchard initiated coverage with a Neutral rating and target price of $98.00.

ISIS Pharm (ISIS): Needham initiated coverage with a Buy rating and target price of $14.00. Pre-market: 9.56 +0.15 (1.59%)

Earning Reports

Urban Outfitters (URBN): Reported EPS of $0.23 beating estimates by +$0.03. Pre-market: 26.27 +0.11 (0.42%)

AutoZone (AZO): Reported EPS of $6.28 beating estimates by +$0.02. Pre-market: 357.10 -11.45 (-3.11%)

Best Buy (BBY): Reported EPS of $0.72 beating estimates by +$0.13. Pre-market: 18.40 +0.23 (1.27%)

Cracker Barrel (CBRL): Reported EPS of $0.86 beating estimates by +$0.11. Pre-market: 60.10 +1.97 (3.39%)    

       

Medtronic (MDT): Reported EPS of $0.99 beating estimates by +$0.01. Pre-market: 38.05 +0.35 (0.93%)

Polo Ralph Lauren (RL): Reported EPS of $0.99 beating estimates by +$0.02. Pre-market: 155.50 +9.20 (6.29%)

Williams-Sonoma (WSM): Reported EPS of $0.34 beating estimates by +$0.02. Pre-market: 35.68 +0.95 (2.74%)

Markets: 
Futures at 8:55: Dow -0.06%. S&P +0.03%. Nasdaq 0.00%. Crude -0.43% to $92.17. Gold -0.77% to $1576.70. 

Europe: London +1.12%. Paris +1.04%. Frankfurt +1.02%. 

Asia: Japan +1.10%. Hong Kong +0.62%. China +1.07%. India -0.97%.