Morning Coffee Pre-Market Wall Street News

Stock Futures Point Lower. U.S. stock futures and world markets are lower after the eurozone demanded that Cyprus tax bank accounts. The eurozone wants Cyprus to tax bank savings accounts of under €100,000 at 6.7% and those above that level at 9.9%. In exchange the eurozone would provide a €10B bailout. The news is causing a run on the banks as people withdrawal their savings before its taxed.

Upgrades

Advanced Micro Devices (AMD): Macquarie raised their rating from Underperform to Outperform and raised their target price from $2.50 to $3.30. Pre-market: 2.60 0.00 (0.00%)

Apple (AAPL): ResearchTeam raised their rating from Reduce to Hold. Pre-market: 441.65 -2.01 (-0.45%)

Arch Coal (ACI): Nomura raised their rating from Reduce to Neutral and placed a target price of $11.00 on the company. Pre-market: 5.80 -0.04 (-0.68%)

Best Buy (BBY): JPMorgan raised their rating from Neutral to Overweight and placed a target price of $29.00 on the company. Pre-market: 21.50 +0.05 (0.23%)

ConocoPhillips (COP): ResearchTeam raised their rating from Reduce to Hold. Pre-market: 58.55 -0.52 (-0.88%)

CVS Caremark (CVS): ResearchTeam raised their rating from Hold to Accumulate. Pre-market: 53.16 -0.42 (-0.78%)

Northrop Grumman (NOC): ResearchTeam raised their rating from Reduce to Hold.

Office Depot (ODP): KeyBanc raised their rating from Hold to Buy and placed a target price of $4.80 on the company. Pre-market: 4.04 +0.03 (0.75%)

Office Max (OMX): KeyBanc raised their rating from Hold to Buy and placed a target price of $14.50 on the company.

Synaptics (SYNA): Needham raised their rating from Hold to Buy and placed a target price of $52.00 on the company.

United Tech (UTX): Citigroup raised their rating from Neutral to Buy raised their target price from $88.00 to $110.00.

Verizon (VZ): Citigroup raised their rating from Neutral to Buy raised their target price from $46.00 to $54.00. Pre-market: 48.05 +0.03 (0.06%)

Downgrades

JM Smucker (SJM): Goldman Sachs lowered their rating from Neutral to Sell and lowered their target price from $95.00 to $93.00. Pre-market: 95.00 -2.40 (-2.46%)

Kimberly Clark (KMB): Goldman Sachs lowered their rating from Neutral to Sell and placed a target price of $91.00 on the company. Pre-market: 91.76 -1.50 (-1.61%)

Micron Tech (MU): Susquehanna lowered their rating from Neutral to Negative and lowered their target price from $8.00 to $7.00. Pre-market: 9.11 -0.26 (-2.77%)

Progressive Corp (PGR): Evercore lowered their rating from Equal Weight to Underweight placed a target price of $24.00 on the company.

Teva Pharm (TEVA): Wells Fargo lowered their rating from Outperform to Market Perform and lowered their target range from $45.00 -$48.00 to $43.00 - $45.00. Pre-market: 40.40 -0.42 (-1.03%)

Coverage Initiated

Boise Cascade (BCC): Wells Fargo initiated coverage with a Market Perform rating and placed a target range of $34.00 - $36.00 on the company. Pre-market: 32.45 -0.18 (-0.55%)

Coverage Reiterated/Price Target Changed

Honeywell (HON): FBR Capital reiterated their Market Perform rating and raised their target price from $64.00 to $76.00.

Earning Reports

Ameresco (AMRC): Reported EPS of $0.11 beating estimates by +$0.01.

Sterling Construction (STRL): Reported EPS of $0.01 missing estimates by -$0.04.

TravelCenters of America (TA): Reported EPS of -$0.08 beating estimates by +$0.03. Pre-market: 7.59 +0.02 (0.26%)

Markets: 
Futures at 7:01: Dow -0.64%. S&P -0.95%. Nasdaq -1.13%. Crude -1.13% to $92.39. Gold +0.56% to $1601.50.

Europe: London -0.79%. Paris -1.40%. Frankfurt -1.07%. 

Asia: Japan -2.71% to 12221. Hong Kong -2.00% to 22083. China -1.68% to 2240. India -0.69% to 19293.