MORNING COFFEE

Ireland to Vote on Austerity. In Ireland today, citizens are expected to vote in favor of the EU fiscal compact.  Polls in Ireland are showing 60% in favor of the austerity measures even though unemployment remains at a very high 14.3%. Analysts believe that a no vote would instantly turn Ireland into another Greece.

Upgrades

Zanga (ZNGA): Robert W. Baird raised their rating from Neutral to Outperform and placed a target price of $13.00 on the company. Pre-market: 6.04 +0.17 (2.90%)

SAP AG (SAP): UBS raised their rating from Neutral to Buy and raised their target price from $63.75 to $70.00. Pre-market: 58.03 +1.27 (2.24%)

Downgrades

TiVo (TIVO): Lazard Capital lowered their rating from Buy to Neutral . Pre-market: 8.67 -0.29 (-3.24%)

Coverage Initiated

Expeditors International (EXPD): FBR Capita initiated their coverage with a Market Perform rating and target price of $40.00.

BMC Software (BMC): Mizuho initiated their coverage with a Neutral rating and target price of $44.00. Pre-market: 43.33 +0.33 (0.77%)

CA Tech (CA): Mizuho initiated their coverage with a Buy rating and target price of $30.00. Pre-market: 25.19 +0.16 (0.64%)

Red Hat (RHT): Mizuho initiated their coverage with a Buy rating and target price of $60.00. Pre-market: 51.53 0.00 (0.00%)

Pertoleo Brasileiro (PBR): Raymond James initiated coverage with a Buy rating and target price of $30.00. Pre-market: 19.15 +0.02 (0.10%)

Arch Coal (ACI): Global Hunter initiated coverage with a Neutral rating.

AutoZone (AZO): Stephens initiated coverage with an Overweight rating and target price of $440.00.

Owens Corning (OC): Wells Fargo initiated coverage with an Outperform rating and target range of $37.00-$39.00.

Earning Reports

Coldwater Creek (CWTR): Reported EPS of -$0.20 missing estimates by -$0.01.

Tilly’s (TLYS): Reported EPS of $0.18 beating estimates by+$0.04.

TiVo (TIVO): Reported EPS of -$0.17 missing estimates by -$0.01.

Ciena (CIEN): Reported EPS of $0.04 beating estimates by +$0.07.

Joy Global (JOY): Reported EPS of $2.04 beating estimates by +$0.08.

Movado Group (MOV): Reported EPS of $0.26 beating estimates by +$0.02.

Markets: 
Futures at 9:02: Dow +0.17%. S&P +0.24%. Nasdaq +0.07%. Crude -0.35% to $87.48. Gold +0.15% to $1565.80. 

Europe: London +0.50%. Paris -0.02%. Frankfurt +0.01%. 

Asia: Japan -1.05%. Hong Kong -0.32%. China -0.52%. India -0.57%.