Morning Coffee Pre-Market Wall Street News

Congress Questions Google About Glass Privacy. Reports say that several congressmen have sent a letter to Google (GOOG) questioning what privacy measures are being put into place with respects to Google Glass.  Google Glass is a smart eyewear device that allows the user to pull up information on a small screen using voice commands. A concern is the device gives the user the ability to look at a person while wearing the glasses and see that persons personal information. The letter states that the congressmen “are curious whether this new technology could infringe on the privacy of the average American” and asks that the following questions are answered in writing by June 14^th.

How Google plans to prevent Google Glass from unintentially collecting data about the user/non-user without consent;

What protective steps is Google taking to protect the privacy of non-users when Google Glass is in use;

Whether it is true the product would be able to use facial recognition technology to unveil personal information about whomever and even some inanimate objects that the user is viewing;

Whether Google has considered making additions or refinements to its privacy policy;

What information Google might collect about a user of the device, and whether it would be obtained with or without consent;

Whether Google will make privacy a priority for app developers.

Upgrades

General Motors (GM): CLSA raised their rating from Underperform to Buy and raised their target price from $31.00 to $40.00. Pre-market: 32.91 +0.52 (1.61%)

Downgrades

Applied Materials (AMAT): DA Davidson lowered their rating from Buy to Neutral and lowered their target price from $17.00 to $15.00. After Hours: 14.56 -0.10 (-0.68%)

Aruba Networks (ARUN): Oppenheimer lowered their rating from Outperform to Perform. Pre-market: 13.87 -3.74 (-21.24%)

Aruba Networks (ARUN): Needham lowered their rating from Buy to Hold. Pre-market: 13.87 -3.74 (-21.24%)

Aruba Networks (ARUN): Wedbush lowered their rating from Outperform to Neutral. Pre-market: 13.87 -3.74 (-21.24%)

Autodesk (ADSK): Pacific Crest lowered their rating from Outperform to Sector Perform. After Hours: 37.30 -2.48 (-6.23%)

Brocade (BRCD): William Blair lowered their rating from Market Perform to Underperform. Pre-market: 5.53 -0.21 (-3.66%)

Brocade (BRCD): RW Baird lowered their rating from Outperform to Neutral and placed a target price of $6.00 on the company. Pre-market: 5.53 -0.21 (-3.66%)

Deere & Co. (DE): Goldman Sachs lowered their rating from Neutral to Sell and lowered their target price from $98.00 to $95.00. Pre-market: 88.60 -0.79 (-0.88%)

Stryker (SYK): Sun Trust lowered their rating from Neutral to Reduce and lowered their target price from $56.00 to $53.00.

Walt Disney (DIS): Atlantic Equities lowered their rating from Overweight to Neutral and placed a target price of $74.00 on the company. Pre-market: 66.20 -0.27 (-0.41%)

Zimmer Holdings (ZMH): Sun Trust lowered their rating from Neutral to Reduce and lowered their target price from $66.00 to $65.00.

Coverage Initiated

McCormick (MKC): Citigroup initiated coverage with a Neutral rating and placed a target price of $77.00 on the company.

Pandora Media (P): MKM Partners initiated coverage with a Sell rating and target price of $10.00. Pre-market: 16.32 -0.16 (-0.97%)

Earning Reports

Applied Materials (AMAT): Reported EPS of $0.16 beating estimates by +$0.03. After Hours: 14.56 -0.10 (-0.68%)

Aruba Networks (ARUN): Reported EPS of $0.11 missing estimates by -$0.01. Pre-market: 13.87 -3.74 (-21.24%)

Autodesk (ADSK): Reported EPS of $0.42 missing estimates by -$0.03. After Hours: 37.30 -2.48 (-6.23%)

Brocade (BRCD): Reported EPS of $0.17 beating estimates by +$0.02. Pre-market: 5.53 -0.21 (-3.66%)

Dell (DELL): Reported EPS of $0.21 missing estimates by -$0.14. Pre-market: 13.41 -0.02 (-0.15%)

J. C. Penney (JCP): Reported EPS of -$1.31 missing estimates by -$0.35. Pre-market: 18.18 -0.61 (-3.25%)

Nordstrom (JWN): Reported EPS of $0.73 missing estimates by -$0.03. Pre-market: 58.76 -2.37 (-3.88%)

Markets: 
Futures at 7:00: Dow +0.31%. S&P +0.33%. Nasdaq +0.23%. Crude +0.48% to $95.64. Gold -0.68% to $1377.00.

Europe: London +0.34%. Paris +0.34%. Frankfurt +0.13%. 

Asia: Japan +0.67% to 15138. Hong Kong: Closed. China +1.38% to 2282. India +0.19% to 20286.