MORNING COFFEE

Oldest Company In North America To Go Public. Hudson Bay, dates back to 1670 and sold goods to the explorers and fur trappers in the New World.  The company is the oldest company in North America. The company is now in the process of raising C$500 million in an IPO in Toronto that would value the retailer at C$3.5-C$4.5 billion. The company’s holdings include high end retailer Lord & Taylor, The Bay, Zellers and Home Outfitters.

Upgrades

McKesson (MCK): Mizuho raised their rating from Neutral to Buy and placed a target price of $99.00 on the company. Pre-market: 87.52 +0.32 (0.37%)

Areopostale (ARO): Bank of America / Merrill Lynch raised their rating from Neutral to Buy and raised their target price from $16.00 to $18.00. Pre-market: 14.52 +0.46 (3.27%)

Eli Lilly (LLY): Bernstein raised their rating from Market Perform to Outperform and raised their target price from $66.00 to $52.00. Pre-market: 45.74 +0.45 (0.99%)

Coverage Initiated

National Oilwell (NOV): CLSA initiated coverage with a Buy rating and target price of $95.00.

Downgrades

HSN (HSNI): Wunderlich lowered their rating from Buy to Neutral.

FedEx (FDX): Wells Fargo lowered their rating from Outperform to Market Perform and lowered their target range from $100.00-$104.00 to $89.00-$93.00.

Earning Reports

Pep Boys (PBY): Reported EPS of $0.61 beating estimates by +$0.46. Pre-market: 9.18 +0.19 (2.11%)

Dollar General (DG): Reported EPS of $0.69 beating estimates by +$0.05. Pre-market: 52.00 +1.34 (2.65%)

Markets: 
Futures at 9:01: Dow 0.00%. S&P -0.11%. Nasdaq -0.14%. Crude +0.16% to $94.45. Gold -0.08% to $1694.10.

Europe: London -0.14%. Paris +0.52%. Frankfurt +0.58%. 

Asia: Japan -1.09%. Hong Kong -1.47%. China -0.29%. India -0.73%.