Morning Coffee Pre-Market Wall Street News

Commodity Prices Fee Fall.  The price free fall in metals that began last week looks to continue their free fall in today’s trading. Gold futures are down -6.09% at $1410.00 an ounce premarket, while silver futures are down -10.01%. Platinum and copper prices are also lower in the pre-market. Economists are looking for the reasoning which many believe is due to reports that Cyprus’ central bank will be selling off its gold reserves to help pay for the country's bailout. Additionally, China’s slowing GDP growth is adding to the problem. Mining stocks are also getting clobbered this morning in the pre-market, with the major names down between -4% to -8%. Pre-market: 136.21 -7.74 (-5.38%), SLV Pre-market: 23.10 -2.18 (-8.62%)

Upgrades

Chipotle Mexican Grill (CMG): Wedbush raised their rating from Neutral to Outperform. Pre-market: 346.00 +4.09 (1.20%)

Chipotle Mexican Grill (CMG): UBS raised their rating from Neutral to Buy and raised their target price from $330.00 to $390.00. Pre-market: 346.00 +4.09 (1.20%)

Patterson Companies (PDCO): ISI Group raised their rating from Sell to Cautious and raised their target price from $32.00 to $35.00.

Sanofi SA (SNY): ResearchTeam raised their rating from Hold to Accumulate. Pre-market: 52.84 +0.41 (0.78%)

Sherwin-Williams (SHW): Nomura raised their rating from Neutral to Buy and raised their target price from $170.00 to $200.00. Pre-market: 171.30 +0.56 (0.33%)

Under Armour (UA): Susquehanna raised their rating from Neutral to Positive and raised their target price from $53.00 to $68.00. Pre-market: 57.12 +0.12 (0.21%)

Weyerhaeuser Co (WY): ResearchTeam raised their rating from Reduce to Accumulate.

Downgrades

Barrick Gold (ABX): JPMorgan lowered their rating from Overweight to Neutral and lowered their target price from $47.00 to $35.00.

Coverage Initiated

Copart (CPRT): JPMorgan initiated coverage with a Neutral rating and target price of $36.00.

Google (GOOG): Topeka initiated coverage with a Buy rating and target price of $950.00. Pre-market: 784.50 -5.55 (-0.70%)

Yahoo! (YHOO): Topeka initiated coverage with a Buy rating and target price of $30.00. Pre-market: 24.67 -0.02 (-0.08%)

Earning Reports

Markets: 
Futures at 6:18: Dow -0.37%. S&P -0.56%. Nasdaq -0.40%. Crude -2.37% to $91.29. Gold -6.09% to $1410.00.

Europe: London -1.14%. Paris -0.97%. Frankfurt -0.97%. 

Asia: Japan -1.55% to 13276. Hong Kong -1.43% to 21773. China -1.13% to 2182. India +0.63% to 18358.