Morning Coffee Pre-Market Wall Street News

Nike Wants to Expand if Taxes Do Not Change. Reports say that Nike (NKE) is looking to significantly expand in Oregon. The expansion could add as many as 12,000 jobs directly and indirectly if the state government promises not to change the current tax code. The Oregon legislature is scheduled to hold a special session later this week to discuss the issue.

AbbVie Spinoff is Worth More Than Abbott. Abbott Laboratories' (ABT) AbbVie spin-off is worth more than Abbott.  The spinoff which is scheduled for January began trading yesterday as "When issued" in the secondary market.  The new Abbott is valued at $47.9 billion and AbbVie is valued at $55.3 billion. ABT Pre-market: 65.70 +0.37 (0.57%)

Upgrades

Monster Beverage (MNST): Stifel Nicolaus raised their rating from Hold to Buy and placed a target price of $65.00 on the company. Pre-market: 54.30 +1.46 (2.76%)

Stryker (SYK): Goldman Sachs raised their rating from Neutral to Buy. Pre-market: 56.13 +1.34 (2.45%)

Dover (DOV): Robert W. Baird raised their rating from Neutral to Outperform and raised their target price from $60.00 to $75.00.

Downgrades

Foster Wheeler (FWLT): Lazard Capital lowered their rating from Buy to Neutral.

Coverage Initiated

Colgate-Palmolive (CL): HSBC Securities initiated coverage with an Overweight rating.

Occidental Petroleum (OXY): Dahlman Rose initiated coverage with a Buy rating and placed a target price of $86.00 on the company.

Hess Corp. (HES): Dahlman Rose initiated coverage with a Hold rating. Pre-market: 50.00 -0.02 (-0.04%)

Gap (GPS): Goldman Sachs initiated coverage with a Buy rating and placed a target price of $41.00 on the company. Pre-market: 31.25 +0.36 (1.17%)

Tilly’s (TLYS): Goldman Sachs initiated coverage with a Buy rating and placed a target price of $18.00 on the company. Pre-market: 13.88 +0.46 (3.43%)

Aeropostale (ARO): Goldman Sachs initiated coverage with a Neutral rating and placed a target price of $14.00 on the company.

Coach (COH): Goldman Sachs initiated coverage with a Sell rating and placed a target price of $58.00 on the company. Pre-market: 56.00 -0.32 (-0.57%)

American Eagle (AEO): Goldman Sachs initiated coverage with a Neutral rating and placed a target price of $25.00 on the company.

Abercrombie & Fitch (ANF): Goldman Sachs initiated coverage with a Neutral rating and placed a target price of $54.00 on the company.

Earning Reports

Dollar General (DG): Reported EPS of $0.63 beating estimates by +$0.03. Pre-market: 45.71 -0.86 (-1.85%)

Markets: 
Futures at 7:25: Dow +0.26%. S&P +0.20%. Nasdaq +0.26%. Crude +0.60% to $86.07. Gold +0.02% to $1714.90.

Europe: London +0.12%. Paris +0.83%. Frankfurt +0.78%. 

Asia: Japan -0.09% to 9525. Hong Kong +0.21% to 22324. China -0.44% to 2075. India -0.12% at 19387.