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.