Morning Coffee Pre-Market Wall Street News

Fiscal Cliff Agreement Getting Closer. President Obama has agreed to the Republican offer to raise taxes on those making over $400,000. Both the Democrats and Republicans changed from their in initial offers.  Originally the Democrats wanted tax increases for those making over $250,000, while the Republicans wanted to raise taxes on those making over $1,000,000.  John Boehner’s aids said the offer represents "a step in the right direction" but say s the offer is still too light on the spending cuts.

Upgrades

Goldman Sachs (GS): Susquehanna raised their rating from Neutral to Positive and raised their target price from $127.00 to $149.00. Pre-market: 124.41 +0.92 (0.75%)

Downgrades

Compuware (CPWR): Noble Financial lowered their rating from Buy to Hold. Pre-market: 10.72 -0.04 (-0.37%)

Hewlett-Packard (HPQ): Topeka lowered their rating from Hold to Sell. Pre-market: 14.18 -0.03 (-0.21%)

Caribou Coffee (CBOU): William Blair lowered their rating from Outperform to Market Perform. Pre-market: 16.00 -0.10 (-0.62%)

Coverage Initiated

Biogen Idec (BIIB): Canaccord Genuity initiated coverage with a Hold rating and placed a target price of $144.00 on the company.

Joy Global (JOY): Citigroup initiated coverage with a Neutral rating and target price of $68.00. Pre-market: 61.21 +0.19 (0.31%)

Tesla Motors (TSLA): JPMorgan initiated coverage with a Neutral rating and target price of $37.00.

Tim Hortons (THI): Lazard Capital initiated coverage with a Neutral rating.

Earning Reports

Diamond Foods (DMND): Reported EPS of $0.24 missing estimates by -$0.03.

FactSet (FDS): Reported EPS of $1.11 in-line with estimates. Pre-market: 92.00 -4.39 (-4.55%)

Jefferies Group (JEF): Reported EPS of $0.35 beating estimates by $0.01. Pre-market: 18.80 +0.56 (3.07%)

Markets: 
Futures at 8:34: Dow +0.18%. S&P +0.24%. Nasdaq +0.48%. Crude +0.62% to $87.74. Gold 0.00% to $1698.20.

Europe: London +0.36%. Paris -0.01%. Frankfurt +0.41%. 

Asia: Japan +0.96% to 9923. Hong Kong -0.08% to 22495. China +0.10% to 2162. India +0.63% at 19365.