Morning Coffee Pre-Market Wall Street News

President to Meet with Top Leaders to Discuss Fiscal Cliff. In a last ditch effort  President Obama has called for congressional leaders to come to the White House today to discuss a deal that would prevent the fiscal cliff from occurring.  It’s his first meeting with top leaders since November 16^th. Both sides are dug in with the Democrats wanting tax increases and the Republicans wanting spending cuts. If a short term deal is reached, analysts say that it would likely put off spending cuts and income tax increases while including an extension of expiring unemployment benefits, a delay on cuts in Medicare payments to doctors and a short-term measure to prevent dairy prices from spiking to $5.00 - $7.00 a gallon. With regards to the meeting Senate Majority Leader Reid (D) said "I don't know timewise how it can happen now." While Minority Leader McConnell (R) said "Republicans aren't about to write a blank check for anything the Democrats put forward just because we find ourselves at the edge of a cliff."

Downgrades

BCD Semiconductor (BCDS): Stifel Nicolaus lowered their rating from Buy to Hold.

Coverage Initiated

Marvell (MRVL): Wunderlich initiated coverage with a Hold rating and target price of $9.00. Pre-market: 7.16 +0.02 (0.28%)

LSI Logic (LSI): Wunderlich initiated coverage with a Buy rating and target price of $9.00.

Markets: 
Futures at 8:15: Dow -0.59%. S&P -0.67%. Nasdaq -0.65%. Crude 0.0% to $90.80. Gold -0.17% to $1660.90.

Europe: London -0.62%. Paris -0.93%. Frankfurt -0.57%. 

Asia: Japan +0.70% to 10395. Hong Kong +0.21% to 22667. China +1.24% to 2233. India +0.63% at 19445.