Morning Coffee Pre-Market Wall Street News

Republicans Offer Higher Tax Rates, Obama Rejects Offer. The republicans lead by Senator John Boehner have caved on higher taxes for the wealthy and offered President Obama higher tax rates on those earning over $1 million per year. The Republicans also want major cuts in entitlement programs. Reports say the President Obama has rejected the offer.  President Obama and the Democrats want to raise taxes on those making only $250,000 and are opposed to cutting entitlement programs.

  

Upgrades

SAP AG (SAP): JMP Securities raised their rating from Underperform to Market Perform.

Downgrades

Apple (AAPL): Citigroup lowered their rating from Buy to Neutral and lowered their target price from $675.00 to $575.00.

Finish Line (FINL): Canaccord Genuity lowered their rating from Buy to Hold and lowered their target price from $28.00 to $20.00.

Texas Instruments (TXN): Sterne Agee lowered their rating from Neutral to Underperform and placed a target price of $27.00 on the company.

Ball (BLL): Longbow lowered their rating from Buy to Neutral.

Coverage Initiated

Owens Corning (OC): Gilford Securities initiated coverage with a Buy rating and target price of $52.00.

Coverage Reiterated/Price Target Changed

Apple (AAPL): Canaccord Genuity reiterated their Buy rating and lowered their target price from $800.00 to $750.00.

Coinstar (CSTR): Compass Point reiterated their Buy rating and lowered their target price from $50.00 to $60.00.

Markets: 
Futures at 9:00: Dow +0.10%. S&P +0.29%. Nasdaq +0.23%. Crude +0.14% to $86.85. Gold +0.04% to $1697.60.

Europe: London -0.57%. Paris -0.51%. Frankfurt -0.19%. 

Asia: Japan +0.94% to 9829. Hong Kong -0.41% to 22514. China +0.45% to 2160. India -0.38% to 19244.