MORNING COFFEE

U.S. Stock Futures Fall. World markets are lower today on continued concerns about the euro-zone debt crisis.  In Spain stock fell and yield surged after Catalonia, which comprises four provinces: Barcelona, Girona, Lleida and Tarragona fed independence concerns by announcing a snap election. Spain's benchmark 10-year bond rose as much as 23 basis points to 5.94%. In addition back here in the U.S. the Fed's Charles Plosser hurt sentiment after he questioned the effectiveness of the QE3 stimulus.

Upgrades

Transocean (RIG): Goldman Sachs raised their rating from Sell to Neutral and raised their target price from $52.00 to $54.00. Pre-market: 47.10 +0.23 (0.50%)

Downgrades

Chesapeake Energy (CHK): Stifel Nicolaus lowered their rating from Buy to Hold. Pre-market: 18.76 -0.33 (-1.73%)

Texas Instruments (TXN): Oppenheimer lowered their rating from Outperform to Perform. Pre-market: 27.53 -0.30 (-1.08%)

Electronic Arts (EA): Bank of America/Merrill Lynch lowered their rating from Buy to Neutral and lowered their target price from $16.00 to $15.00. Pre-market: 12.43 -0.25 (-1.97%)

Paychex (PAYX): First Analysis lowered their rating from Overweight to Equal Weight.

Intel (INTC): Caris lowered their rating from Buy to Above Average and lowered their target price from $29.00 to $26.00. Pre-market: 22.50 -0.03 (-0.16%)

Oracle (ORCL): Atlantic Equities lowered their rating from Overweight to Neutral and placed a target price of $33.00 on the company. Pre-market: 31.15 -0.15 (-0.48%)

Coverage Initiated

Navistar (NAV): Robert W. Baird initiated coverage with a Neutral rating.

Waste Management (WM): KeyBanc Capital Markets initiated coverage with a Hold rating. Pre-market: 32.10 +0.02 (0.06%)

Republic Services (RSG): KeyBanc Capital Markets initiated coverage with a Hold rating.

Tenet Healthcare (THC): Sun Trust initiated coverage with a Neutral rating.

Earning Reports

Copart (CPRT): Reported EPS of $0.35 beating estimates by +$0.01. Pre-market: 28.80 +1.40 (5.11%)

Markets: 

Futures at 8:20: Dow -0.04%. S&P -0.26%. Nasdaq -0.35%. Crude -1.43% to $90.06. Gold -0.86% to $1751.40.

Asia: Japan -2.03%. Hong Kong -0.83%. China -1.24%. India -0.33%. 

Europe: London -1.31%. Paris -2.20%. Frankfurt -1.96%.