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 Time deposits cannot be withdrawn until maturity, and check-cashing is banned.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.