Morning Coffee Pre-Market Wall Street News

Cyprus Banks Reopen. After nearly being closed for nearly two weeks Cyprus banks reopened today. Cash withdrawals are now limited to only €300 per day. Time deposits cannot be withdrawn until maturity, and check-cashing is banned. Additionally, those leaving the country can take only €1K euros with them. The restrictions were put in place to prevent a run on the banks after the country agreed to a bailout that would tax those with deposits of €100,000 or more by 40%.

Coverage Initiated

Allscripts (MDRX): B. Riley Caris initiated coverage with a Neutral rating and target price of $11.50.

Biogen Idec (BIIB): JMP Securities initiated coverage with an Outperform rating and target price of $203.00. Pre-market: 185.50 +2.82 (1.54%)

Emerson Electric (EMR): Canaccord initiated coverage with a Hold rating and target price of $60.00.

Goldman Sachs (GS): Guggenheim initiated coverage with a Buy rating and target price of $175.00. Pre-market: 147.25 -0.59 (-0.40%)

FedEx (FDX): Stephens initiated coverage with an Overweight rating and target price of $125.00.

Morgan Stanley (MS): Guggenheim initiated coverage with a Neutral rating and target price of $25.00. Pre-market: 22.29 0.00 (0.00%)

Nike (NKE): Goldman Sachs initiated coverage with a Buy rating and target price of $70.00. Pre-market: 59.01 +0.56 (0.96%)

Under Armour (AU): Goldman Sachs initiated coverage with a Neutral rating and target price of $57.00.

United Parcel (UPS): Stephens initiated coverage with an Equal Weight rating and target price of $90.00.

Earning Reports

BlackBerry (BBRY): Reported EPS of $0.22 beating estimates by +$0.53. Pre-market: 15.50 +0.93 (6.40%)

Finish Line (FINL): Reported EPS of $0.76 in-line with estimates. After Hours: 18.35 +0.06 (0.33%)

Mosaic (MOS): Reported EPS of $0.88 in-line with estimates. Pre-market: 58.20 -0.48 (-0.82%)

Paychex (PAYX): Reported EPS of $0.40 beating estimates by +$0.01. Pre-market: 34.00 -0.76 (-2.19%)

Winnebago Inds (WGO): Reported EPS of $0.22 beating estimates by +$0.08. After Hours: 21.47 -0.40 (-1.83%)

Markets: 
Futures at 7:02: Dow +0.21%. S&P +0.09%. Nasdaq +0.21%. Crude +0.18% to $96.75. Gold -0.21% to $1602.80.

Europe: London +0.62%. Paris +0.40%. Frankfurt +0.33%. 

Asia: Japan -1.26% to 12336. Hong Kong -0.74% to 22300. China -2.82% to 2236. India +0.70% to 18836. 

Dionne Warwick files for bankruptcy

Dionne Warwick files for bankruptcy: Singer owes over $10 million, has just $25K in assets. - Another sad case in which a proper wealth management firm like RL Paler Investment Advisors LLC could have been able to prevent this tragedy.

Dionne Warwick Flat Broke

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Morning Coffee Pre-Market Wall Street News

British Banks Need To Raise £25B By Year End. The Bank of England announced that U.K. banks must raise another £25 billion by the year-end to protect themselves from potential losses. According to the BOE, the U.K. banks are facing a total capital shortfall of £50 billion. The news sent the FTSE, the pound-dollar and U.S. stock futures lower. Meanwhile in Cyprus the government there is attempting to prevent a full run on the banks which are scheduled to reopen on Thursday. Depositors at Laiki Bank which will be dissolved will lose 80% on their deposits. Those with deposits at the Bank of Cyprus with deposits over €100,000 and now expected to be taxed at 40%. (BCS) Pre-market: 17.51 +0.03 (0.17%)  (HBC) Pre-market: 52.53 -0.68 (-1.28%) (LYG) Pre-market: 2.95 +0.06 (2.08%) (RBS) Pre-market: 8.44 -0.24 (-2.76%)

Upgrades

General Mills (GIS): Argus raised their rating from Hold to Buy and placed a target price of %57.00 on the company. Pre-market: 48.63 0.00 (0.00%)

RF Micro Device (RFMD): Oppenheimer raised their rating from Perform to Outperform and placed a target price of $7.00 on the company. After Hours: 5.21 -0.04 (-0.67%)

VMware (VMW): ISI Group raised their rating from Buy to Strong Buy.

Downgrades

Apollo Group (APOL): Wells Fargo lowered their rating from Outperform to Market Perform and lowered their target range from $32.00-$35.00 to $$17.00-$19.00. Pre-market: 17.50 -0.26 (-1.46%)

Ingersoll-Rand (IR): JPMorgan lowered their rating from Overweight to Neutral and lowered their target price from $53.00 to $41.00.

Coverage Initiated

Salesforce.com (CRM): Stephens initiated coverage with an Overweight rating and target price of $220.00. After Hours: 173.90 +0.31 (0.18%)

Coverage Reiterated/Price Target Changed

Apple (AAPL): Oppenheimer reiterated their Outperform rating and lowered their rating from $600.00 to $550.00. Pre-market: 457.25 -3.89 (-0.84%)

Johnson & Johnson (JNJ): UBS reiterated their Buy rating and raised their rating from $81.00 to $87.00. Pre-market: 80.83 -0.02 (-0.02%)

Markets: 
Futures at 7:21: Dow -0.40%. S&P -0.42%. Nasdaq -0.35%. Crude -0.54% to $95.82. Gold -0.19% to $1592.70.

Europe: London -0.54%. Paris -1.56%. Frankfurt -1.05%. 

Asia: Japan +0.18% to 12494. Hong Kong +0.69% to 22465. China +0.16% to 2,301.26. India +0.12% to 18705. 

Morning Coffee Pre-Market Wall Street News

Stock Futures Point Up. U.S. stock futures are higher in the pre-market after the Commerce Department reported a better than expected Durable Orders report. Wall Street analysts had expected Durable Orders to rise 3.8%, but that number was easily beaten, coming in at 5.7%. Last month’s report came in at -3.8% and was revised lower to -4.9%.  Durable Orders reports the change in sales of big ticket items that have a lifespan of three years or more. Advance Report on Durable Goods Manufacturers’ Shipments, Inventories and Orders February 2013

Upgrades

BroadSoft (BSFT): Raymond James raised their rating from Underperform to Market Perform. Pre-market: 27.26 +0.37 (1.38%)

Electronic Arts (EA): Piper Jaffray raised their rating from Neutral to Overweight and raised their target price from $20.00 to $23.00.

National Oilwell (NOV): Guggenheim raised their rating from Neutral to Buy. Pre-market: 69.10 +0.59 (0.86%)

Peabody Energy (BTU): Raymond James raised their rating from Market Perform to Outperform. Pre-market: 21.25 +0.45 (2.16%)

RF Micro Device (RFMD): Oppenheimer raised their rating from Perform to Outperform and placed a target price of $7.00 on the company. Pre-market: 5.20 +0.29 (5.91%)

Downgrades

Cabot Oil & Gas (COG): Stifel lowered their rating from Buy to Hold. Pre-market: 67.32 -0.10 (-0.15%)

Gordmans Stores (GMAN): Stifel lowered their rating from Buy to Hold. Pre-market: 13.01 -1.21 (-8.51%)

Southwestern Energy (SWN): Stifel lowered their rating from Buy to Hold.

Coverage Initiated

Delphi Automotive (DLPH): KeyBanc initiated coverage with a Buy rating and target price of $55.00.

Healthsouth (HLS): Stifel resumed coverage with a Buy rating and placed a target price of $29.00 on the company.

Coverage Reiterated/Price Target Changed 

Apple (AAPL): Oppenheimer reiterated their Outperform rating and lowered their target price from $600.00 to $550.00. Pre-market: 464.09 +0.51 (0.11%)

Earning Reports

Children's Place (PLCE): Reported EPS of $1.15 beating estimates by +$0.11. Pre-market: 43.48 -2.51 (-5.46%)

Sonic (SONC): Reported EPS of $0.5 in-line with estimates. Pre-market: 11.70 -0.03 (-0.26%)

Markets: 
Futures at 7:42: Dow +0.13%. S&P +0.14%. Nasdaq +0.21%. Crude +0.58% to $95.37. Gold -0.49% to $1596.70.

Europe: London -0.12%. Paris +0.19%. Frankfurt -0.12%. 

Asia: Japan -0.60% to 12471. Hong Kong +0.27% to 22311. China -1.25% to 2297. India +0.12% to 18704.

Morning Coffee Pre-Market Wall Street News

Cyprus Agrees to Bailout. Cyprus and the eurozone have agreed to a €10B bailout. The deal requires the Cyprus’s second largest bank Laiki will be closed and its operations folded into Bank of Cyprus. Laiki's senior bondholders will lose their investment, while Bank of Cyprus's creditors will also be affected. Additionally, deposits of over €100,000 will be hit with a tax of 30% or more. The rating agency Moody’s (MCO) said that despite the agreement Cyprus remains at risk of default.

Upgrades

Aflac (AFL): ResearchTeam raised their rating from Reduce to Hold. Pre-market: 52.00 +0.15 (0.29%)

Allstate (ALL): Goldman Sachs raised their rating from Neutral to Buy and placed a target price of $58.00 on the company.

Darden Restaurants (DRI): Stephens raised their rating from Equal Weight to Overweight and raised their target price from $52.00 to $60.00. Pre-market: 50.50 +0.88 (1.77%)

Diageo PLC (DEO): ResearchTeam raised their rating from Hold to Accumulate. Pre-market: 123.60 -0.29 (-0.23%)

Qualcomm (QCOM): ResearchTeam raised their rating from Hold to Accumulate. Pre-market: 66.26 +0.34 (0.52%)

Downgrades

Airgas (ARG): BofA Merrill Lynch lowered their rating from Neutral to Underperform and lowered their target price from $96.00 to $94.00. Pre-market: 96.88 -1.14 (-1.16%)

Check Point Software (CHKP): Lazard Capital lowered their rating from Buy to Neutral.

Cit Group (CIT): Compass Point lowered their rating from Buy to Neutral. Pre-market: 43.71 -0.05 (-0.11%)

Celgene (CELG): WallachBeth lowered their rating from Buy to Hold. Pre-market: 113.13 0.00 (0.00%)

JC Penney (JCP): BMO Capital lowered their rating from Market Perform to Underperform. Pre-market: 15.25 -0.18 (-1.17%)

International Game Tech (IGT): Macquarie lowered their rating from Outperform to Neutral and lowered their target price from $20.00 to $18.00.

Mylan (MYL): Bernstein lowered their rating from Outperform to Market Perform and placed a target price of $33.00 on the company.

Research In Motion (BBRY): Goldman Sachs lowered their rating from Buy to Neutral and lowered their target price from $19.00 to $17.00. Pre-market: 14.31 -0.60 (-4.02%)

Earning Reports:

Apollo Group (APOL): Reported EPS of $0.34 beating estimates by +$0.16. Pre-market: 19.01 +1.97 (11.56%)

Dollar General (DG): Reported EPS of $0.95 beating estimates by +$0.05. Pre-market: 52.00 +1.93 (3.85%)

JA Solar (JASO): Reported EPS of -$2.65 missing estimates by -$1.09. Pre-market: 3.86 -0.30 (-7.12%)

Markets: 
Futures at 7:45: Dow +0.26%. S&P +0.40%. Nasdaq +0.52%. Crude +0.53% to $94.21. Gold -0.38% to $1600.00.

Europe: London +0.90%. Paris +1.41%. Frankfurt +1.25%. 

Asia: Japan +1.69% to 12546. Hong Kong +0.61% to 22251. China -0.07% to 2327. India -0.29% to 18681. 

Oakland Raider Travionte Session (WR) become RL Paler Investment Advisors newest client.

We would like to welcome our newest NFL client Travionte Session.

Travionte is a wide receiver for the Oakland Raiders and has one year in the league.  Travionte’s older brother is Samie Parker a 6 yr NFL vet. Samie has also been a RL Paler client for several years.

We are looking forward to providing Travionte with the specialized wealth management services that we provide our athletes and entertainers.

Morning Coffee Pre-Market Wall Street News

American’s Net Worth Falls. A recent report showed that American’s net worth fell 39%.  The median net worth of American households in 2005 was $107,000 in 2011 it had fallen to only $69,000. Additionally, debt in households headed by older people more than double.  During the last decade the median debt rose to $26,000 from $12,000.

Downgrades

Family Dollar Stores (FDO): Citigroup lowered their rating from Buy to Neutral and lowered their target price from $69.00 to $65.00. Pre-market: 60.45 +0.60 (1.00%)

H&M (HNNMY): HSBC Securities lowered their rating from Neutral to Underweight.

Humana (HUM): Susquehanna lowered their rating from Positive to Neutral and lowered their target price from $85.00 to $74.00.

Kolh’s (KSS): Deutsche Bank lowered their rating from Hold to Sell and lowered their target price from $42.00 to $41.00. Pre-market: 45.84 -0.59 (-1.27%)

Vail Resorts (MTN): Stifel lowered their rating from Buy to Hold.

Coverage Initiated

Bright Horizons (BFAM): William Blair initiated coverage with an Outperform rating.

Diego plc (DEO): Stifel initiated coverage with a Buy rating. re-market: 123.00 +0.94 (0.77%)

Gildan Activewear (GIL): Goldman Sachs initiated coverage with a Neutral rating and target price of $39.00.

Coverage Reiterated/Price Target Changed

Nike (NKE): Stifel reiterated their Buy rating and raised their target price from $60.00 to $63.00. Pre-market: 57.80 +4.20 (7.84%)

Nike (NKE): Janney Capital reiterated their Neutral rating and raised their target price from $55.00 to $57.00. Pre-market: 57.80 +4.20 (7.84%)

Earning Reports

KB Home (KBH): Reported EPS of -$0.16 beating estimates by +$0.07. Pre-market: 22.10 0.00 (0.00%)

Ross Stores (ROST): Reported EPS of $1.07 in-line with estimates.

Darden Restaurants (DRI): Reported EPS of $1.02 beating estimates b y +$0.01.

Tiffany & Co. (TIF): Reported EPS of $1.40 beating estimates b y +$0.04. Pre-market: 71.25 +3.34 (4.92%)

Markets: 
Futures at 8:35: Dow +0.24%. S&P +0.28%. Nasdaq +0.24%. Crude +0.48% to $92.89. Gold -0.61% to $1604.00.

Europe: London +0.28%. Paris 0.00%. Frankfurt +0.03%. 

Asia: Japan -2.35% to 12339. Hong Kong -0.50% to 22115. China +0.17% to 2328. India -0.30% to 18736. 

Morning Coffee Pre-Market Wall Street News

Cyprus Rejects Bailout Tied to Savings Tax. Yesterday the Cypus government voted not to accept a eurozone bailout package that would have raided bank accounts in the form of a tax. Cypriot President Nicos Anastasiades is now holding emergency meetings with party leaders and troika representatives. Finance Minister Michael Sarris is in Moscow speaking with leaders to see if a bailout could be working out with the Russians.  Reports also say that Cyprus's orthodox church has offered to mortgage its assets to invest in the country’s government bonds. Meanwhile all banks in Cyprus remain closed.

Upgrades

Walgreens (WAG): Citigroup raised their rating from Sell to Buy and raised their target price from $32.00 to $51.00. Pre-market: 45.26 +0.52 (1.16%)

Downgrades

Adobe (ADBE): Stifel lowered their rating from Buy to Hold. Pre-market: 43.00 +2.25 (5.52%)

AmerisourceBergen (ABC): ISI Group lowered their rating from Buy to Neutral and placed a target price of $54.00 on the company.

Cardinal Health (CAH): ISI Group lowered their rating from Strong Buy to Buy and lowered their target price from $50.50 to $48.50. Pre-market: 42.40 +0.05 (0.12%)

Cardinal Health (CAH): Citigroup lowered their rating from Buy to Neutral and lowered their target price from $47.00 to $43.00. Pre-market: 42.40 +0.05 (0.12%)

Con-Way (CNW): Stephens lowered their rating from Overweight to Equal Weight and maintained a target price of $34.00.

Deere & Co. (DE): Wells Fargo lowered their rating from Market Perform to Underperform and lowered their target range from $90.00 - $93.00 to $72.00 - $75.00. Pre-market: 89.85 -0.72 (-0.79%)

Symantec (SYMC): Oppenheimer lowered their rating from Outperform to Perform. Pre-market: 24.00 -0.22 (-0.91%)

Walgreens (WAG): Goldman Sachs lowered their rating from Conviction Buy to Buy and raised their target price from $46.00 to $50.00. Pre-market: 45.26 +0.52 (1.16%)

Coverage Initiated

Akamai Tech (AKAM): FBN Securities initiated coverage with an Outperform rating and target price of $45.00. Pre-market: 35.04 +0.37 (1.07%)

Charter Communications (CHTR): Atlantic Equities initiated coverage with an Overweight rating and target price of $117.00.

Equinix (EQIX): FBN Securities initiated coverage with an Outperform rating and target price of $274.00.

NetSuite (N): FBN Securities initiated coverage with an Outperform rating and target price of $85.00.

PVH Corp. (PVH): JPMorgan initiated coverage with a Neutral rating and target price of $120.00.

Salesforce.com (CRM): FBN Securities initiated coverage with an Outperform rating and target price of $210.00.

Earning Reports

Adobe Systems (ADBE): Reported EPS of $0.35 beating estimates by +$0.04. Pre-market: 43.00 +2.25 (5.52%)

Cintas (CTAS): Reported EPS of $0.60 missing estimates by -$0.02. Pre-market: 44.66 -1.27 (-2.77%)

FedEx (FDX): Reported EPS of $1.23 missing estimates by -$0.15. Pre-market: 102.60 -3.86 (-3.63%)

General Mills (GIS): Reported EPS of $0.64 beating estimates by +$0.07. Pre-market: 46.30 -0.12 (-0.26%)

Lannar (LEN): Reported EPS of $0.24 beating estimates by +$0.08. Pre-market: 41.75 +0.33 (0.80%)

Williams-Sonoma (WSM): Reported EPS of $1.34 beating estimates by +$0.05. Pre-market: 47.50 +2.29 (5.07%)

Markets: 
Futures at 7:50: Dow +0.24%. S&P +0.21%. Nasdaq +0.49%. Crude +0.71% to $92.81. Gold -0.15% at $1608.90.

Europe: London -0.09%. Paris +0.57%. Frankfurt +0.42%. 

Asia: Japan closed. Hong Kong +0.97% to 22256. China +2.66% to 2317. India -0.65% to 18884.