Morning Coffee Pre-Market Wall Street News

Tweet Sends Market Lower. Yesterday a tweet from the Associated Press caused the market to go into a panic sell-off. The tweet occurred at 1:08 PM ET and reported that two explosions occurred at the White House and that President Obama had been injured. Only minutes later, the AP announced that their Twitter account had been hacked. The sell-off of 145 points was due to computers using algorithms to scan news feeds.   The Syrian Electronic Army has taken responsibility for the hack.

Upgrades

CIT Group (CIT): Oppenheimer raised their rating from Perform to Outperform and placed a target price of $54.00 on the company.

Coach (COH): CLSA raised their rating from Buy to Outperform and raised their target price from $60.00 to $71.00.

Ryder Systems (R): Wolfe Trahan raised their rating from Peer Perform to Outperform.

Ryder Systems (R): Wells Fargo raised their rating from Market Perform to Outperform and raised their target range from $61.00-$63.00 to $62.00-$64.00.

Downgrades

Apple (AAPL): BMO Capital lowered their rating from Outperform to Market Perform and lowered their target price from $440.00 to $435.00. Pre-market: 393.96 -12.17 (-3.00%)

Cree (CREE): Gabelli lowered their rating from Buy to Hold.

Freeport-McMoRan (FCX): Argus lowered their rating from Buy top Hold.

Coverage Initiated

Aeropostale (ARO): Susquehanna initiated coverage with a Positive rating and target price of $18.00.

ConocoPhillips (COP): Howard Weil initiated coverage with a Sector Outperform rating and target price of $64.00.

ConocoPhillips (COP): Cowen initiated coverage with a Hold rating.

Murphy Oil (MUR): Cowen initiated coverage with a Hold rating.

Coverage Reiterated/Price Target Changed

Apple (AAPL): Canaccord Genuity reiterated their Buy rating and lowered their target price from $600.00 to $560.00.

Apple (AAPL): Oppenheimer reiterated their Outperform rating and lowered their target price from $550.00 to $480.00.

Apple (AAPL): FBR Capital reiterated their Outperform rating and lowered their target price from $525.00 to $500.00.

Earning Reports

Amgen (AMGN): Reported EPS of $1.96 beating estimates by +$0.12. Pre-market: 107.25 -5.51 (-4.89%)

Apple (AAPL): Reported EPS of $10.09 beating estimates by +$0.09. Pre-market: 393.96 -12.17 (-3.00%)

AT&T (T): Reported EPS of $0.64 in-line with estimates. Pre-market: 37.30 -1.70 (-4.36%)

Barrick Gold (ABX): Reported EPS of $0.92 beating estimates by +$0.03. Pre-market: 18.40 +0.81 (4.60%)

Boeing (BA): Reported EPS of $1.73 beating estimates by +$0.26. Pre-market: 91.50 +3.32 (3.77%)

Corning (GLW): Reported EPS of $0.30 beating estimates by +$0.06. Pre-market: 13.45 +0.32 (2.44%)

Dr Pepper Snapple (DPS): Reported EPS of $0.53 beating estimates by +$0.07. Pre-market: 49.68 +1.90 (3.98%)

Eli Lilly (LLY): Reported EPS of $0.53 beating estimates by +$0.07.

Ford Motor (F): Reported EPS of $0.41 beating estimates by $0.04.

General Dynamics (GD): Reported EPS of $1.62 beating estimates by $0.12.

Northrop Grumman (NOC): Reported EPS of $2.03 beating estimates by +$0.12.

Novartis AG (NVS): Reported EPS of $1.32 beating estimates by +$0.04.

Oceaneering Intl (OII): Reported EPS of $0.69 beating estimates by +$0.09.

Procter & Gamble (PG): Reported EPS of $0.99 beating estimates by +$0.03.

SEI Investments (SEIC): Reported EPS of $0.33 in-line with estimates.

Whirlpool (WHR): Reported EPS of $1.97 beating estimates by +$0.01.

YUM! Brands (YUM): Reported EPS of $0.70 beating estimates by +$0.10. Pre-market: 67.58 +3.43 (5.35%)

Markets: 
Futures at 7:00: Dow +0.1%. S&P +0.2%. Nasdaq +0.2%. Crude +0.7% to $89.81. Gold +1% to $1422.15.

Europe: London 0.0%. Paris +0.6%. Frankfurt +0.5%. 

Asia: Japan +2,2% to 13826. Hong Kong +1.7% to 22183. China +1.5 to 2218. India closed.