Morning Coffee Pre-Market Wall Street News

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China Becomes Worlds Large Oil Importer. According to the most recent EIA data China has become the world’s largest oil importer, surpassing the U.S. China's incoming shipments rose to 6.12 million bpd in December, while U.S. imports fell to 5.98 million bpd. This was the lowest level since February 1992.

Upgrades

Charles Schwab (SCHW): Bernstein raised their rating from Market Perform to Outperform and placed a target price of $23.00 on the company. Pre-market: 16.51 +0.11 (0.67%)

Dean Foods (DF): Key Bank raised their rating from Hold to Buy and placed a target price of $21.00 on the company.

Downgrades

Duke Energy (DUK): ISI Group lowered their rating from Buy to Neutral.

Neutral Foster Wheeler (FWLT): Stifel Nicolaus lowered their rating from Buy to Hold.

McDermott International (MDR): Global Hunter lowered their rating from Buy to Neutral and lowered their target price from $14.00 to $11.00.

McDermott International (MDR): Key Bank their rating from Buy to Hold.

Southern Co. (SO): Citigroup lowered their rating from Buy to Neutral and lowered their target price from $48.00 to $46.00. Pre-market: 44.52 -0.31 (-0.69%)

Coverage Initiated

Coach (COH): Sterne Agee initiated coverage with a Buy rating and target price of $58.00.

Gap (GPS): Sterne Agee initiated coverage with an Underperform rating and target price of $29.00.

Ross Stores (ROST): Sterne Agee initiated coverage with a Neutral rating and target price of $61.00.

Tiffany & Co. (TIF): Sterne Agee initiated coverage with a Neutral rating and target price of $68.00.

TJX Cos. (TJX): Sterne Agee initiated coverage with a Buy rating and target price of $50.00.

Coverage Reiterated/Price Target Changed

Celgene (CELG): Cantor Fitzgerald reiterated their Buy rating and raised their target price from $115.00 to $121.00. Pre-market: 103.90 -1.72 (-1.63%)

Earning Reports

Boyd Gaming (BYD): Reported EPS of -$0.31 missing estimates by -$0.18.

Transocean (RIG): Reported EPS of $0.91 beating estimates by +$0.11. Pre-market: 53.50 +1.35 (2.59%)

Markets: 
Futures at 7:00: Dow -0.39%. S&P -0.33%. Nasdaq -0.46%. Crude -0.11% to $90.58. Gold +0.22% to $1575.80.

Europe: London -0.42%. Paris +0.19%. Frankfurt -0.32%. 

Asia: Japan +0.40% to 11652. Hong Kong -1.50% to 22538. China -3.62% to 2273. India -0.21% to 18878.