Morning Coffee Pre-Market Wall Street News

Market Reopens Today.  After hurricane Sandy closed the markets for two straight days and caused billions worth of damage the markets are set to reopen today.  Companies that will be in focus today will be the insurers such as Allstate (ALL) Chub (CB) and the Tower Group (TWGP) since they were hit hard after hurricane Irene.  Other companies that may be affected include power utilities such as Consolidated Edison (ED) and FirstEnergy (FE). Companies that could benefit from the storm include Home Depot (HD) and Lowes (LOW).

Upgrades

Dominion (D): Argus raised their rating from Hold to Buy.

LM Ericsson (ERIC): Cowen & Co raised their rating from Neutral to Outperform. Pre-market: 8.85 +0.17 (1.96%)

Copart (CPRT): Robert W. Baird raised their rating from Neutral to Outperform and placed a target price of $33.00 on the company. Pre-market: 27.30 0.00 (0.00%)

Ford Motor Co. (F): Craig-Hallum raised their rating from Hold to Buy. Pre-market: 10.68 +0.32 (3.09%)

News Corp (NWSA): Macquarie raised their rating from Neutral to Outperform.

Downgrades

Canadian National Rail (CNI): FBR Capital lowered their rating from Outperform to Market Perform and lowered their target price from $110.00 to $94.00.

Western Union (WU): DA Davidson lowered their rating from Neutral to Underperform. Pre-market: 14.69 -3.24 (-18.07%)           

Western Union (WU): Evercore lowered their rating from Overweight to Underweight.  Pre-market: 14.69 -3.24 (-18.07%)

Western Union (WU): CLSA lowered their rating from Underperform to Sell. Pre-market: 14.69 -3.24 (-18.07%)       

     

Western Union (WU): Raymond James lowered their rating from Outperform to Market Perform. Pre-market: 14.69 -3.24 (-18.07%)    

       

Western Union (WU): Sun Trust lowered their rating from Buy to Neutral. Pre-market: 14.69 -3.24 (-18.07%)

Coverage Initiated

Salesforce.com (CRM): Barrington Research initiated coverage with an Outperform rating.

Earning Reports

Clorox (CLX): Reported EPS of $1.01 beating estimates by +$0.05. Pre-market: 72.12 +0.02 (0.03%)

Eaton (ETN): Reported EPS of $1.07 missing estimates by -$0.03.

General Motors (GM): Reported EPS of $0.90 beating estimates by +$0.30. Pre-market: 24.30 +1.02 (4.38%)

Mastercard (MA): Reported EPS of $6.17 beating estimates by +$0.24. Pre-market: 451.00 -1.98 (-0.44%)

MGM Resorts (MGM): Reported EPS of -$0.37 missing estimates by -$0.21. Pre-market: 10.35 -0.24 (-2.27%)

Markets: 
Futures at 8:41: Dow +0.36%. S&P +0.41%. Nasdaq -0.04%. Crude +0.76% to $86.33. Gold +0.48% to $1720.30.

Europe: London -0.27%. Paris +0.17%. Frankfurt +0.54%. 

Asia: Japan +0.98% to 8928. Hong Kong +1.00% to 21642. China +0.32% to 2069. India +0.40% to 18505. 

Morning Coffee Pre-Market Wall Street News

Manhattan city street

Markets Remain Closed. The stock and bond markets will remain closed today due to hurricane Sandy.  The markets are expected to reopen for trading on Wednesday.

Earning Reports

Archer-Daniels (ADM): Reported EPS of $0.50 beating estimates by +$0.02.

BP (BP): Reported EPS of $0.27 beating estimates by +$0.05.

Cardinal Health (CAH): Reported EPS of $0.81 beating estimates by +$0.01.

Deutsche Bank (DB): Reported EPS of $0.78 beating estimates by +$0.27.

Ford Motor Co (F): Reported EPS of $0.40 beating estimates by +$0.10.

Fresh Del Monte (FDP): Reported EPS of $0.45 beating estimates by +$0.12.

Markets at 8:32:  
Europe: London +0.82%. Paris +1.14%. Frankfurt +0.93%. 

Asia: Japan -0.98% to 8842. Hong Kong -0.38% to 21429. China +0.17% to 2062. India -1.10% at 18431. 

Morning Coffee Pre-Market Wall Street News

Hurricane Sandy Closes Stock Market.  For the first time in 27 years the stock market will be closed due to weather.  Officials will also make a decision later today whether to also stay closed tomorrow.

Morning Coffee Pre-Market Wall Street News

Microsoft’s Windows 8 is here. Microsoft's (MSFT) new operating system along with their new Surface tablet both are officially available to purchase. The new OS is the company’s attempt to bring similar consumer experiences across computers, smartphones, tablets and their Xbox gaming machine.  It’s the biggest change Microsoft has made to its operating system and unfortunately reviews have been mixed at best.

Upgrades

NetSuite (N): Northland Securities raised their rating from Market Perform to Outperform and placed a target price of $70.00 on the company.

Expedia (EXPE): The Benchmark Company raised their rating from Hold to Buy and placed a target price of $67.00 on the company. Pre-market: 59.55 +8.30 (16.20%)

Expedia (EXPE): Lazard Capital raised their rating from Neutral to Buy. Pre-market: 59.55 +8.30 (16.20%)

Expedia (EXPE): Raymond James raised their rating from Market Perform to Outperform and placed a target price of $70.00 on the company. Pre-market: 59.55 +8.30 (16.20%)

Coinstar (CSTR): Compass Point raised their rating from Neutral to Buy.

Target Corp (TGT): Buckingham raised their rating from Neutral to Buy and placed a target price of $73.00 on the company. Pre-market: 63.45 +0.33 (0.52%)

Phillips 66 (PSX): Credit Suisse raised their rating from Neutral to Outperform and raised their target price from $53.00 to $60.00. Pre-market: 45.70 +0.67 (1.49%)

Downgrades

Caterpillar (CAT): Goldman Sachs lowered their rating from Conviction Buy to Buy and placed a target price of $103.00 on the company.

Deckers Outdoor (DECK): Stifel Nicolaus lowered their rating from Buy to Hold. Pre-market: 28.82 -6.67 (-18.79%)

Dean Foods (DF): Stifel Nicolaus lowered their rating from Buy to Hold. Pre-market: 18.79 0.00 (0.00%)

Electronic Arts (EA): Pacific Crest lowered their rating from Outperform to Sector Perform. Pre-market: 12.02 -0.19 (-1.56%)

Coverage Initiated

Dicks Sporting Goods (DKS): BMO Capital Markets initiated coverage with a Market Perform rating.

Coverage Reiterated/Price Target Changed

Coinstar (CSTR): Northland Securities reiterated their Market Perform rating and lowered their target price from $52.00 to $48.00. Pre-market: 40.50 -2.73 (-6.32%)

Procter & Gamble (PG): Caris & Company their Average rating and raised their target price from $22.00 to $72.00. Pre-market: 69.90 -0.17 (-0.24%)

Earning Reports

Apple (AAPL): Reported EPS of $8.67 missing estimates by -$0.08. Pre-market: 611.33 +1.79 (0.29%)

Chubb (CB): Reported EPS of $1.98 beating estimates by +$0.51. Pre-market: 79.65 +0.26 (0.33%)

Coinstar (CSTR): Reported EPS of $1.14 missing estimates by -$0.03. Pre-market: 40.50 -2.73 (-6.32%)

Deckers Outdoor (DECK): Reported EPS of $1.18 beating estimates by +$0.13. Pre-market: 28.82 -6.67 (-18.79%)

Eastman (EMN): Reported EPS of $1.57 beating estimates by +$0.15. Pre-market: 55.93 +2.28 (4.25%)

Expedia (EXPE): Reported EPS of $1.32 beating estimates by +$0.15. Pre-market: 59.55 +8.30 (16.20%)

Markets: 
Futures at 8:18: Dow -0.47%. S&P -0.48%. Nasdaq -0.11%. Crude -0.22% to $85.86. Gold -0.39% to $1706.30.

Europe: London -0.28%. Paris +0.24%. Frankfurt +0.19%. 

Asia: Japan -1.35% to 8933. Hong Kong -1.21% to 21546. China -1.68% to 2066. India +0.26% to 18758. 

Morning Coffee Pre-Market Wall Street News

U.S. Oil Production Set to Surpass Saudi Arabia. Thanks to the recent boom in North Dakota, domestic oil production is set to surpass Saudi Arabia’s by the year 2020. U.S. output will jump 7% this year to 10.9M bps. The jump in production will become the biggest one-year gain in over 60 years. Due to domestic production imports are at just 40%, which is the smallest percentage in 20 years.

Upgrades

Honeywell (HON): Bernstein raised their rating from Market Perform to Outperform and raised their target price from $72.00 to $76.00. Pre-market: 62.04 +1.02 (1.67%)

Hormel Foods (HRL): Stephens raised their rating from Equal Weight to Overweight and raised their target price from $30.00 to $34.00.

Equinix (EQIX): Citigroup raised their rating from Neutral to Buy and maintained heir target price of $216.00 on the company.

Akamai Tech (AKAM): Canaccord Genuity raised their rating from Hold to Buy and placed a target price of $45.00 on the company. Pre-market: 39.25 +3.14 (8.70%)

Akamai Tech (AKAM): Oppenheimer raised their rating from Perform to Outperform and placed a target price of $50.00 on the company. Pre-market: 39.25 +3.14 (8.70%)

Zynga (ZNGA): Needham raised their rating from Hold to Buy and placed a target price of $4.00 on the company. Pre-market: 2.44 +0.31 (14.61%)

Downgrades

Nabors Industries (NBR): Argus lowered their rating from Buy to Hold. Pre-market: 13.99 +0.01 (0.07%)

Canadian Pacific Railroad (CP): RBC Capital lowered their rating from Outperform to Sector Perform and lowered their target price from $91.00 to $86.00. Pre-market: 57.57 +1.02 (1.80%)

Coverage Initiated

Time Warner Cable (TWC): Guggenheim initiated coverage with a Buy rating and placed a target price of $120.00 on the company.

Coverage Reiterated/Price Target Changed 

Lockheed Martin (LMT): FBR Capital reiterated their Outperform rating and raised their target price from $43.00 to $50.00.

Earning Reports

Aetna (AET): Reported EPS of $1.55 beating estimates by +$0.21.

Altria (MO): Reported EPS of $0.58 in-line with estimates. Pre-market: 32.45 +0.32 (1.00%)

AstraZeneca (AZN): Reported EPS of $1.51 beating estimates by +$0.07.

Ball Corp (BLL): Reported EPS of $0.90 beating estimates by +$0.02.

Biogen Idec (BIIB): Reported EPS of $1.91 beating estimates by +$0.31. Pre-market: 145.10 +3.04 (2.14%)

Celgene (CELG): Reported EPS of $1.29 beating estimates by +$0.03. Pre-market: 75.36 +1.30 (1.76%)

Colgate-Palmolive (CL): Reported EPS of $1.38 missing estimates by -$0.01. Pre-market: 106.97 +0.41 (0.38%)

ConocoPhillips (COP): Reported EPS of $1.44 beating estimates by +$0.24. Pre-market: 57.00 +1.05 (1.88%)

Hershey Foods (HSY): Reported EPS of $0.87 beating estimates by +$0.01.

International Paper (IP): Reported EPS of $0.75 missing estimates by -$0.02.

Mylan Labs (MYL): Reported EPS of $0.83 beating estimates by +$0.06. Pre-market: 24.40 +0.46 (1.92%)

National Oilwell (NOV): Reported EPS of $1.52 beating estimates by +$0.01. Pre-market: 77.11 +0.34 (0.44%)

Old Dominion (ODFL): Reported EPS of $0.59 beating estimates by +$0.05.

Proctor & Gamble (PG): Reported EPS of $1.06 beating estimates by +$0.10. Pre-market: 69.60 +1.52 (2.23%)

Tenneco (TEN): Reported EPS of $0.85 beating estimates by +$0.06.

Under Armour (UA): Reported EPS of $0.54 beating estimates by +$0.02. Pre-market: 53.50 -3.12 (-5.51%)

Equifax (EFX): Reported EPS of $0.75 beating estimates by +$0.03.

O'Reilly Auto (ORLY): Reported EPS of $1.32 beating estimates by +$0.05. Pre-market: 83.00 +1.30 (1.59%)

Markets: 
Futures at 8:04: Dow +0.45%. S&P +0.56%. Nasdaq +0.66%. Crude +1.00% to $86.59. Gold +0.86% to $1716.00.

Europe: London +0.39%. Paris +0.35%. Frankfurt +0.53%. 

Asia: Japan +1.13% to 9055.2. Hong Kong +0.21% to 21810. China -0.68% to 2102. India +0.26% to 18759. 

Morning Coffee Pre-Market Wall Street News

EU Manufacturing Continues to Decline. Manufacturing in the Eurozone continues to decline despite attempts to stabilize the economy. The flash manufacturing PMI fell to 45.3 in October from 46.1 in September. Even more worrisome was the fact that activity in Germany declined sharply. Any number below 50 indicates a contracting economy. Economists now believe that stepper declines may occur in Q4 and future sentiment is the lowest since the Lehman Brothers crisis during early-2009

Upgrades

Facebook (FB): Stifel Nicolaus raised their rating from Hold to Buy and placed a target price of $26.00 on the company. Pre-market: 24.37 +4.87 (24.97%)

Facebook (FB): Citigroup raised their rating from Neutral to Buy and lowered their target price from $35.00 to $30.00. Pre-market: 24.37 +4.87 (24.97%)

RF Micro Device (RFMD): Northland Securities raised their rating from Market Perform to Outperform and placed a target price of $26.00 on the company. Pre-Market: 4.47 +0.54 (13.74%)

Molycorp (MCP): Dahlman Rose raised their rating from Hold to Buy and placed a target price of $14.07 on the company. Pre-market: 11.27 +0.47 (4.35%)

Whirlpool Corp (WHR): Raymond James raised their rating from Outperform to Strong Buy and placed a target price of $115.00 on the company. Pre-market: 95.68 +1.87 (1.99%)

Downgrades

Air Products (APD): KeyBanc Capital Markets lowered their rating from Buy to Hold. Pre-market: 77.13 -0.15 (-0.19%)

AB InBev (BUD): Goldman Sachs lowered their rating from Neutral to Sell and placed a target price of $62.50 on the company. Pre-market: 86.20 +0.11 (0.13%)

Coverage Reiterated/Price Target Changed 

Apple (AAPL): Canaccord Genuity reiterated their Buy rating and raised their target price from $797.00 to $800.00. Pre-market: 618.48 +5.12 (0.84%)

Facebook (FB): Cantor Fitzgerald reiterated their Buy rating and raised their target price from $26.00 to $28.00. Pre-market: 24.37 +4.87 (24.97%)

Netflix (NFLX): Oppenheimer reiterated their Outperform rating and lowered their target price from $100.00 to $80.00. Pre-market: 56.01 -12.21 (-17.90%)

Earning Reports

AT&T (T): Reported EPS of $0.62 beating estimates by +$0.02. Pre-market: 35.00 0.00 (0.00%)

Boeing (BA): Reported EPS of $1.35 beating estimates by +$0.23. Pre-market: 74.70 +1.88 (2.58%)

Bristol-Myers (BMY): Reported EPS of $0.41 missing estimates by -$0.01. Pre-market: 32.35 -0.89 (-2.68%)

Eli Lilly (LLY): Reported EPS of $0.79 missing estimates by -$0.03. Pre-market: 50.45 -1.46 (-2.81%)

Facebook (FB): Reported EPS of $0.12 beating estimates by +$0.01. Pre-market: 24.37 +4.87 (24.97%)

General Dynamics (GD): Reported EPS of $1.70 missing estimates by -$0.08. Pre-market: 66.57 +0.36 (0.54%)

Kimberly-Clark (KMB): Reported EPS of $1.34 beating estimates by +$0.02. Pre-market: 86.41 +0.47 (0.55%)

Lockheed Martin (LMT): Reported EPS of $2.21 beating estimates by +$0.36. Pre-market: 92.45 +0.50 (0.54%)

Northrop Grumman (NOC): Reported EPS of $1.82 beating estimates by +$0.13.

Netflix (NFLX): Reported EPS of $0.13 beating estimates by +$0.09. Pre-market: 56.01 -12.21 (-17.90%)

Norfolk Southern (NSC): Reported EPS of Reported EPS of $1.24 beating estimates by +$0.01. Pre-market: 63.00 -3.01 (-4.56%)

Markets: 
Futures at 7:20: Dow +0.28%. S&P +0.45%. Nasdaq +0.41%. Crude +0.10% at $86.76. Gold +0.04% to $1709.0.

Europe: London +0.23%. Paris +0.40%. Frankfurt +0.28%. 

Asia: Japan -0.67% to 8954.3. Hong Kong +0.31% to 21764. China +0.07% to 2116. India -0.44% to 18710.