Morning Coffee Pre-Market Wall Street News

U.S. Stock Futures Point Lower.  U.S. markets are set to open lower on news coming from Cyprus and a disappointing U.S. retail sales report. European markets are selling off after reports surfaced that Cyprus was asking for additional assistance from the EU to help bail out the country. In the U.S. March retail sales posted its biggest decline in nine months as consumers continue to cut back their spending. Sales fell a seasonally adjusted 0.4%, well below economists’ forecasts of a 0.1% decline.

Upgrades

Bankrate (RATE): Stifel raised their rating from Hold to Buy and placed a target price of $17.00 on the company.

Norfolk Southern (NSC): FBR Capital raised their rating from Market Perform to Outperform.

CSX (CSX): FBR Capital raised their rating from Market Perform to Outperform.

Downgrades

C.H. Robinson (CHRW): FBR Capital lowered their rating from Outperform to Underperform and lowered their target price from $80.00 to $55.00.

Coca Cola (KO): Davenport lowered their rating from Buy to Neutral.

Dr Pepper Snapple Group (DPS): Davenport lowered their rating from Buy to Neutral.

Laboratory Corp (LH): WallachBeth lowered their rating from Buy to Hold and placed a target price of $97.00 on the company.

MasterCard (MA): Sterne Agee lowered their rating from Buy to Neutral.

Microsoft (MSFT): CLSA lowered their rating from Outperform to Buy and lowered their target price from $36.00 to $34.00.

PepsiCo (PEP): Davenport lowered their rating from Buy to Neutral.

Visa (V): Sterne Agee lowered their rating from Buy to Neutral.

Coverage Initiated

Abbott Labs (ABT): Credit Suisse initiated coverage with a Neutral rating and target price of $40.00.

Alaska Air (ALK): Imperial Capital initiated coverage with an In-line rating and target price of $63.00.

Clean Harbors (CLH): Stifel initiated coverage with a Buy rating and target price of $68.00.

Waste Connections (WCN): Stifel initiated coverage with a Buy rating and target price of $42.00.

Waste Management (WM): Stifel initiated coverage with a Hold rating.

Republic Services (RSG): Stifel initiated coverage with a Hold rating.

Tata Motors (TTM): Oppenheimer initiated coverage with an Outperform rating and target price of $31.00.

Coverage Reiterated/Price Target Changed 

Apple (AAPL): RBC Capital Markets reiterated their Outperform rating and lowered their target price from $600.00 to $550.00.

Earning Reports

JB Hunt (JBHT): Reported EPS of $0.61 missing estimates by -$0.03.

JPMorgan Chase (JPM): Reported EPS of $1.59 beating estimates by +$0.19.

Shaw Comms (SJR): Reported EPS of $0.38 beating estimates by +$0.02.

Wells Fargo (WFC): Reported EPS of $0.92 beating estimates by +$0.04.

Markets: 
Futures at 8:52: Dow -0.27%. S&P -0.38%. Nasdaq -0.50%. Crude -1.75% to $91.91. Gold -1.76% to $1537.40.

Europe: London -0.35%. Paris -1.13%. Frankfurt -1.45%. 

Asia: Japan -0.47% to 13485. Hong Kong -0.06% to 22089. China -0.58% to 2207. India -1.62% to 18243.