MORNING COFFEE

Talk of Further Fed Easing Increases.  Over the last several days talk about the Federal Reserve taking additional easing steps have increased as poor economic data has been released.  Today Fed Chairman Ben Bernanke is due to testify before the Joint Economic Committee of Congress at 10:00 EST.  Economist and Wall Street will be watching the proceedings for any indication that further easing may be on the way. Recently three Fed officials including Vice Chair Janet Yellen, have said that further action to support growth in the U.S. 

Upgrades

Lamar Advertising (LAMR): Caris raised their rating from Above Average to Buy and placed a target price of $38.00 on the company.

American Axle & Manufacturing (AXL): Buckingham raised their rating from Neutral to Buy. Pre-market: 9.55 +0.36 (3.92%)

RF Micro Devices (RFMD): Davenport raised their rating from Neutral to Buy and placed a target price of $6.50 on the company. Pre-market: 4.31 +0.17 (4.11%)

Regions Financial (RF): Macquarie raised their rating from Neutral to Outperform and placed a target price of $7.00 on the company. Pre-market: 6.07 +0.12 (2.02%)

Medtronic (MDT): Credit Suisse raised their rating from Neutral to Outperform and raised their target price from $43.00 to $44.00.

M&T Bank (MTB): Janney Capital raised their rating from Neutral to Buy and placed a target price of $7.00 on the company.

Coverage Initiated

Kodiak Oil & Gas (KOG): Wunderlich initiated coverage with a Buy rating and target price of $10.00. Pre-market: 8.10 +0.35 (4.52%)

Chesapeake Energy (CHK): Wunderlich initiated coverage with a Buy rating and target price of $10.00. Pre-market: 18.40 +0.19 (1.04%)

Coverage Reiterated/Price Target Changed

Haliburton (HAL): FBR Capital reiterated their Outperform rating and lowered their target price from $55.00 to $50.00. Pre-market: 28.36 +0.26 (0.93%)

Earning Reports

Men's Wearhouse (MW): Reported EPS of $.053 missing estimates by -$0.01. Pre-market: 28.65 -6.92 (-19.45%)

Pall (PLL): Reported EPS of $0.70 missing estimates by -$0.08. Pre-market: 49.21 -5.42 (-9.92%)

Pep Boys (PBY): Reported EPS of $0.02 in-line with estimates. Pre-market: 8.92 +0.16 (1.83%)

Men's Wearhouse (MW): Reported EPS of $7.53 missing estimates by +$0.01. Pre-market: 28.65 -6.92 (-19.45%)

J.M. Smucker (SJM): Reported EPS of $1.10 beating estimates by +$0.12. Pre-market: 76.58 +0.53 (0.70%)

Navistar (NAV): Reported EPS of -$1.99 missing estimates by -$2.67. Pre-market: 24.25 -3.90 (-13.85%)

Markets: 
Futures at 7:00: Dow +0.51%. S&P +0.68%. Nasdaq +0.73%. Crude +1.48% to $86.26. Gold -0.63% to $1623.90. 

Europe: London +1.43%. Paris +0.91%. Frankfurt +1.38%. 

Asia: Japan +1.24%. Hong Kong +0.85%. China -0.71%. India +1.18%.