Morning Coffee Pre-Market Wall Street News

EU Unemployment Hits Record High. Unemployment in the eurozone rose in April to a new high of 12.2% from 12.1% in March. The new number means that over 19.4 million people are unemployed. Inflation in the zone rose to an annual 1.4% in May up from 1.2% in April. The core CPI, which excluded food and energy rose more than economist had expected to 1.2% from 1%.

Netflix Added to Nasdaq 100. On June 6^th Netflix (NFLX) will be added to the Nasdaq 100 replacing Perrigo (PRGO). Shares of Netflix may rise as portfolio managers at the company to their index funds. NFLX Pre-market: 224.70 +2.04 (0.92%)

Upgrades

Canadian National Railway (CNI): JPMorgan raised their rating from Underweight to Neutral and raised their target price from $96.00 to $110.00.

Downgrades

Golar LNG Partners (GMLP): BMO Capital lowered their rating from Outperform to Sector Perform and placed a target price of $34.00 on the company.

Panera Bread (PNRA): Lazard Capital lowered their rating from Buy to Neutral. Pre-market: 191.74 -2.08 (-1.07%)

Scotts Miracle-Gro (SMG): BMO Capital lowered their rating from Market Perform to Underperform and placed a target price of $43.00 on the company.

Coverage Initiated

Boston Scientific (BSX): Wedbush initiated coverage with a Neutral rating and target price of $10.00.

Chesapeake Energy (CHK): Goldman Sachs initiated coverage with a Neutral rating and target price of $26.00. Pre-market: 22.76 +0.23 (1.02%)

CVS Caremark (CVS): Wells Fargo initiated coverage with an Outperform rating and target range of $68.00 - $72.00.

Express Scripts (ESRX): Wells Fargo initiated coverage with a Market Perform rating and target range of $64.00 - $69.00.

Jazz Pharma (JAZZ): Stifel initiated coverage with a Buy rating and target price of $80.00.

Medtronic (MDT): Wedbush initiated coverage with a Neutral rating and target price of $54.00.

St Jude Medical (STJ): Wedbush initiated coverage with an Outperform rating and target price of $57.00.

Tiffany & Co (TIF): Credit Suisse initiated coverage with an Outperform rating and target price of $89.00.

Coverage Reiterated/Price Target Changed

Guess? (GES): B. Riley & Co. reiterated their Neutral rating and raised their target price from $26.00 to $36.00. Pre-market: 31.53 +2.18 (7.43%)

Earning Reports

Guess? (GES): Reported EPS of $0.14 beating estimates by +$0.06. Pre-market: 31.53 +2.18 (7.43%)

Krispy  Kreme (KKD): Reported EPS of $0.20 beating estimates by +$0.04. Pre-market: 15.77 +1.51 (10.59%)

Lions Gate Entertainment (LGF): Reported EPS of $0.66 beating estimates by +$0.21. Pre-market: 29.10 +1.07 (3.82%)

OmniVision (OVTI): Reported EPS of $0.31 beating estimates by +$0.10. Pre-market: 18.60 +3.11 (20.08%)

Pall (PLL): Reported EPS of $0.74 beating estimates by +$0.01.

Markets: 

Futures at 7:33: Dow -0.50%. S&P -0.50%. Nasdaq -0.50%. Crude -0.78% to $92.89. Gold +0.13% to $1413.30.

Europe: London -0.91%. Paris -0.60%. Frankfurt -0.54%. 

Asia: Japan +1.37% to 13775. Hong Kong -0.41% to 22392. China -0.74% to 2301. India -2.25% to 19760.