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.