Morning Coffee Pre-Market Wall Street News

PC Shipments Free Fall. According to IDC global PC shipments fell to 76.9M units in Q1, a 13.9% fee fall from year ago levels. Some analysts are pointing to Microsoft’s (MSFT) Window 8 operating system for the drop. Analysts had expected the new operating system to spur sales as consumers upgraded their computers, yet consumers are not feeling any need to upgrade. IDC said that Hewlett-Packard (HPQ) was the sales leader followed by Lenovo (LNVGY) and Dell (DELL). MSFT Pre-market: 29.10 -1.18 (-3.90%), LNVGY Close 19.60 +0.42 (2.19%),  DELL Pre-market: 14.17 -0.04 (-0.28%)

Upgrades

Adobe Systems (ADBE): Goldman Sachs raised their rating from Sell to Neutral and raised their target price from $34.00 to $48.00.

Boyd Gaming (BYD): Morgan Stanley raised their rating from Equal Weight to Overweight and placed a target price of $12.00 on the company. Pre-market: 8.45 +0.25 (3.05%)

Toll Brothers (TOLL): Susquehanna raised their rating from Negative to Neutral and raised their target price from $25.00 to $33.00. After Hours: 31.97 -0.01 (-0.03%)

Downgrades

Barrick Gold (ABX): TD Securities lowered their rating from Buy to Hold. Pre-market: 24.61 +0.15 (0.61%)

Family Dollar (FDO): Goldman Sachs lowered their rating from Buy to Neutral and lowered their target price from $69.00 to $65.00. After Hours: 60.25 -0.19 (-0.31%)

Microsoft (MSFT): Goldman Sachs lowered their rating from Neutral to Sell and lowered their target price from $30.00 to $27.00. Pre-market: 29.10 -1.18 (-3.90%)

Microsoft (MSFT): Nomura lowered their rating from Buy to Neutral and placed a target price of $32.00 on the company. Pre-market: 29.10 -1.18 (-3.90%)

Coverage Initiated

Abercrombie & Fitch (ANF): Topeka initiated coverage with a Hold rating. After Hours: 49.40 +0.22 (0.45%)

Adobe Systems (ADBE): Evercore initiated coverage with an Overweight rating and target price of $52.00.

American Eagle (AEO): Topeka initiated coverage with a Buy rating and target price of $24.00.

Aeropostale (ARO): Topeka initiated coverage with a Hold rating. After Hours: 13.38 -0.23 (-1.69%)

Gap Inc (GPS): Topeka initiated coverage with a Buy rating and target price of $44.00. After Hours: 37.38 +0.19 (0.51%)

Pacific Sunwear (PSUN): Topeka initiated coverage with a Hold rating.

National Oilwell (NOV): Guggenheim initiated coverage with a Buy rating and target price of $85.00. After Hours: 69.31 +0.15 (0.21%)

Nordstrom (JWN): Topeka initiated coverage with a Buy rating and target price of $63.00.

Tiffany & Co (TIF): Topeka initiated coverage with a Buy rating and target price of $84.00.

Zumiez (ZUMZ): Topeka initiated coverage with a Buy rating and target price of $30.00. Pre-market: 27.00 +2.10 (8.43%)

Earning Reports

Pier 1 Imports (PIR): Reported EPS of $0.60 in-line with estimates. Pre-market: 23.00 -0.34 (-1.46%)

Rite Aid (RAD): Reported EPS of $0.13 beating estimates by +$0.12. Pre-market: 2.02 +0.23 (12.85%)

Markets: 
Futures at 7:00: Dow +0.1%. S&P +0.05%. Nasdaq -0.1%. Crude -0.1% to $94.55. Gold -0.1% to $1558.80.

Europe: London +0.3%. Paris +0.5%. Frankfurt +0.5%. 

Asia: Japan +2% to 13549. Hong Kong +0.3% to 22101. China -0.3% to 2220. India +0.7% to 18542.