Morning Coffee Pre-Market Wall Street News

Nike Beats Earnings Estimates. Sporting goods manufacture Nike (NKE) reported that their FQ4 earnings beat Wall Street expectations. Net profit at the company soared +22% to $668M, adjusted EPS came in at $0.76 while revenues climbed +7% to $6.7B. Sales in North American increased by +12% and revenues continued to grow in emerging markets.  The company saw a decline in both Japan and Europe, while China was flat. Pre-market: 61.10 -1.22 (-1.96%)

Upgrades:

Bed Bath & Beyond (BBBY): BofA Merrill Lynch raised their rating from Neutral to Buy and placed a target price of $82.00 on the company. After Hours: 70.15 0.00 (0.00%)

Zumiez (ZUMZ): Wedbush raised their rating from Neutral to Outperform and raised their target price from $30.00 to $36.00. Pre-market: 28.25 +0.30 (1.07%)

Pacific Sunwear (PSUN): Wedbush raised their rating from Neutral to Outperform and raised their target price from $3.75 to $4.00. Pre-market: 3.41 +0.08 (2.40%)

Downgrades:

Accenture (ACN): UBS lowered their rating from Buy to Neutral and lowered their target price from $85.00 to $77.00. Pre-market: 73.50 -6.72 (-8.38%)

BAE Systems (BAESY): Deutsche Bank lowered their rating from Buy to Hold.

Owens Corning (OC): Citigroup lowered their rating from Buy to Neutral and lowered their target price from $48.00 to $43.00.

Coverage Initiated:

Cognizant Tech (CTSH): Societe Generale initiated coverage with a Buy rating and target price of $74.00. Pre-market: 61.00 -2.10 (-3.33%)

Infosys (INFY): Societe Generale initiated coverage with a Hold rating and target price of $44.00. Pre-market: 41.50 +0.11 (0.27%)

Tesla Motors (TSLA): Wedbush initiated coverage with a Neutral rating and target price of $110.00. Pre-market: 110.02 +0.77 (0.70%)

Torchmark (TMK): RBC Capital initiated coverage with an Underperform rating and target price of $60.00. After Hours: 65.72 0.00 (0.00%)

Earning Reports:

Accenture (ACN): Reported EPS of $1.14 beating estimates by +$0.01. Pre-market: 73.50 -6.72 (-8.38%)

Finish Line (FINL): Reported EPS of $0.20 beating estimates by +$0.04. After Hours: 21.20 0.00 (0.00%)

Nike (NKE): Reported EPS of $0.76 beating estimates by +$0.01. Pre-market: 61.10 -1.22 (-1.96%)

Research in Motion (BBRY): Reported EPS of -$0.13 missing estimates by -$0.20. Pre-market: 11.91 -2.57 (-17.75%)

Markets: 

Futures at 6:25: Dow +0.19%. S&P +0.15%. Nasdaq +0.16%. Crude +0.24% to $97.27. Gold -0.65% to $1204.00. U.S. 10 Year +4/32 2.456%

Europe: London -0.05%. Paris -0.49%. Frankfurt -0.21%. 

Asia Japan +3.51% to 13677. Hong Kong +1.78% to 20803. China+1.50% to 1979. India +2.75% to 19396. 

Morning Coffee Pre-Market Wall Street News

Gold & Silver Tarnished. Better than expected U.S. economic data yesterday, has sent gold and silver prices lower. Gold prices have dropped to their lowest since August 2010, and are down -3.55% this morning to $1229.80. Shares of SPDR Gold Trust (GLD) have fallen -23.79% year-to-date, while shares of iShares Silver Trust (SLV) have fallen -35.61% year-to-date. This morning spot prices for silver are off another -5.4% at $18.58. (GLD) Pre-market: 119.21 -4.26 (-3.45%) (SLV) Pre-market: 18.03 -0.88 (-4.65%)

Upgrades:

Adobe Systems (ADBE): Jefferies raised their rating from Hold to Buy and raised their target price from $45.00 to $57.00. Pre-market: 45.35 +0.98 (2.21%)

KeyCorp (KEY): BMO Capital raised their rating from Market Perform to Outperform and raised their target price from $10.00 to $13.00. Pre-market: 11.00 +0.28 (2.61%)

Pandora Media (P): Cowen raised their rating from Neutral to Outperform. Pre-market: 17.20 +0.79 (4.81%)

Downgrades:

Barrick Gold (ABX): Credit Suisse lowered their rating from Outperform to Neutral and lowered their target price from $36.00 to $20.00. Pre-market: 15.39 -0.72 (-4.47%)

Mosaic (MOS): Citigroup lowered their rating from Buy to Neutral and lowered their target price from $69.00 to $57.00. After Hours: 55.75 -0.16 (-0.29%)

NETGEAR (NTGR): Goldman Sachs lowered their rating from Neutral to Sell and lowered their target price from $33.00 to $28.00.

Southwest Airlines (LUV): Morgan Stanley lowered their rating from Equal Weight to Underweight and maintained a target price of $13.00. After Hours: 13.38 +0.03 (0.22%)

Coverage Initiated:

Google (GOOG): Janney Capital initiated coverage with a Buy rating and target price of $1050.00. Pre-market: 870.51 +4.31 (0.50%)

Orbitz Worldwide (OWW): Ascendiant initiated coverage with a Buy rating and target price of $10.00.

Earning Reports:

General Mills (GIS): Reported EPS of $0.53 in-line with estimates. Pre-market: 48.00 -0.33 (-0.68%)

Smith & Wesson (SWHC): Reported EPS of $0.44 beating estimates by +$0.01. Pre-market: 10.16 +0.17 (1.70%)

Markets: 
Futures at 7:34: Dow +0.40%. S&P +0.52%. Nasdaq +0.64%. Crude -0.21% to $95.13. Gold -3.55% to $1229.80.

Europe: London +0.97%. Paris +1.91%. Frankfurt +1.70%. 

Asia: Japan -1.04% to 12834. Hong Kong +2.43% to 20339. China -0.41% to 1952. India -0.41% to 18552. 

Morning Coffee Pre-Market Wall Street News

World Markets Continue Decline. Stock markets worldwide are continuing to sell off. In China stocks fell -5.3%. In mid-day trading European markets are down -1% or more. U.S. stock futures are also looking at a lower opening this morning. Also caught in the wake of the selloff are commodities which are also lower. The sell off started last week when Fed Chairman Ben Bernanke said the Fed would end its QE policy by mid 2014. Bond prices are also getting hit bring the 10-year Treasury yield to a two-year high of 2.61%.

Upgrades:

Advanced Micro (AMD): FBR Capital raised their rating from Market Perform to Outperform and raised their target price from $3.00 to $5.50.

First Solar (FSLR): Maxim raised their rating from Sell to Hold. Pre-market: 42.10 +0.73 (1.76%)

Downgrades:

Allergan (AGN): Sun Trust lowered their rating from Buy to Neutral and lowered their target price from $115.00 to $102.00. Pre-market: 89.19 -3.51 (-3.79%)

Deere & Co (DE): JPMorgan lowered their rating from Neutral to Underweight and placed a target price of $76.00 on the company. Pre-market: 80.83 -1.64 (-1.99%)

Walgreens (WAG): Cantor Fitzgerald lowered their rating from Buy to Hold and placed a target price of $49.00 on the company. Pre-market: 48.20 -0.51 (-1.05%)

Coverage Initiated:

Coca-Cola (KO): Sun Trust initiated coverage with a Buy rating and target price of $47.00.

First Solar (FSLR): JPMorgan initiated coverage with an Overweight rating and target price of $64.00. Pre-market: 42.10 +0.73 (1.76%)

Pfizer (PFE): JPMorgan initiated coverage with an Overweight rating and target price of $33.00.

Sherwin-Williams (SHW): UBS initiated coverage with a Buy rating and target price of $215.00. Pre-market: 173.10 0.00 (0.00%)

Markets: 
Futures at 6:20: Dow -0.7%. S&P -0.7%. Nasdaq -0.5%. Crude -0.1% at $93.62. Gold -0.8% to $1281.90.

Europe: London -1.5%. Paris -1.4%. Frankfurt -0.9%. 

Asia: Japan -1.3% to 13063. Hong Kong -2.2% to 19814. China -5.3% to 1963. India -1.2% to 18541. 

Morning Coffee Pre-Market Wall Street News

Oracle Misses Earnings, Shares Get Hammered. Oracle (ORCL) reported Q4 net profit rose 10% to $3.8B and adjusted EPS came in at $0.87 missing Wall Street estimates. Revenue at the company was flat at $10.9B. Some on Wall Street view the company as coming late to the “Cloud” and playing catch-up causing the pressure on earnings and organic growth. Additionally the company said that it would move from the NASDAQ to the NYSE on July 15^th. Once the move is completed Oracle will continue to trade under its current ticket symbol ORCL. Pre-market: 30.75 -2.46 (-7.41%)

Upgrades:

Bayer AG (BAYRY): Goldman Sachs raised their rating from Neutral to Buy.

Cardinal Health (CAH): William Blair raised their rating from Market Perform to Outperform. After Hours: 47.32 +0.25 (0.54%)

Facebook (FB): UBS raised their rating from Neutral to Buy and raised their target price from $28.00 to $30.00. Pre-market: 24.42 +0.52 (2.18%)

Forest Labs (FRX): Goldman Sachs raised their rating from Neutral to Buy and raised their target price from $40.00 to $50.00. Pre-market: 41.08 +0.89 (2.21%)

Kennametal (KMT): Barrington raised their rating from Market Perform to Outperform and placed a target price of $45.00 on the company.

Kimberly-Clark (KMB): BMO Capital raised their rating from Underperform to Market Perform and placed a target price of $96.00 on the company. After Hours: 95.00 +0.34 (0.36%)

NetGear (NTGR): Wedbush raised their rating from Neutral to Outperform and raised their target price from $32.00 to $38.00.

Southern Co (SO): Citigroup raised their rating from Neutral to Buy and maintained their target price of $51.00. Pre-market: 43.00 +0.52 (1.22%)

Streelcase (SCS): Longbow raised their rating from Neutral to Buy and placed a target price of $18.00 on the company.

Downgrades:

Diageo PLC (DEO): Santander lowered their rating from Buy to Hold. Pre-market: 115.78 +2.08 (1.83%)

ITT Educational (ESI): Argus lowered their rating from Hold to Sell. Pre-market: 24.85 -0.08 (-0.32%)

Newmont Mining (NEM): UBS lowered their rating from Buy to Neutral. Pre-market: 29.90 +0.15 (0.50%)

Coverage Initiated:

Burger King Worldwide (BKW): Wells Fargo initiated coverage with a Market Perform rating and target range of $21.00 - $22.00.

Wendy’s (WEN): Wells Fargo initiated coverage with a Market Perform rating and target range of $6.00 - $7.00.

Earning Reports:

CarMax (KMX): Reported EPS of $0.64 beating estimates by +$0.06. Pre-market: 45.24 +0.67 (1.50%)

Darden Restaurants (DRI): Reported EPS of $1.01 missing estimates by -$0.04. Pre-market: 51.00 -0.23 (-0.45%)

Oracle (ORCL): Reported EPS of $0.87 missing estimates by -$0.01. Pre-market: 30.75 -2.46 (-7.41%)

TIBCO Software (TIBX): Reported EPS of $0.18 in-line with estimates. Pre-market: 21.36 +0.35 (1.67%)

Markets: 

Futures at 7:00: Dow +0.63%. S&P +0.65%. Nasdaq +0.52%. Crude +0.36% to $95.49. Gold +0.45% to $1292.20.

Europe: London +0.87%. Paris +0.67%. Frankfurt +0.21%. 

Asia: Japan +1.66% to 13230. Hong Kong -0.59% to 20263. China -0.52% to 2073. India +0.29% at 18774. 

Morning Coffee Pre-Market Wall Street News

World Markets Fall on Fed Comment. World markets are selling off after Ben Bernanke yesterday signaled that the Fed may soon stop trying to prop up the U.S. economy by printing money. Additionally, he said that the bond buying program could end by mid-2014. Some economists and traders have fear that the economy is not strong enough and needs the Fed’s stimulation to prevent another recession. They point to the weak GDP and job numbers as their evidence. U.S. futures are lower with government bond yields spiking, while gold had plunged -5.22% to $1302.40 hitting a 2 1/2 year low.

Upgrades: 

Alcatel-Lucent (ALU): UBS raised their rating from Sell to Neutral. Pre-market: 2.02 +0.09 (4.66%)

Hewlett-Packard (HQP): Wells Fargo raised Market Perform to Outperform and raised their target range from $23.00 - $25.00 to $30.00 - $32.00. Pre-market: 25.50 +0.07 (0.28%)

Plum Creek Timber (PCL): DA Davidson raised their rating from Underperform to Neutral. Pre-market: 45.15 -0.08 (-0.18%)

Wal-Mart (WMT): Raymond James raised their rating from Market Perform to Outperform and placed a target price of $84.00 on the company. Pre-market: 74.65 +0.19 (0.26%)

Weyerhaeuser (WY): BMO Capital raised their rating from Market Perform to Outperform and placed a target price of $33.00 on the company. Pre-market: 27.31 0.00 (0.00%)

Downgrades:

FedEx (FDX): JPMorgan lowered their rating from Overweight to Neutral and lowered their target price from $116.00 to $108.00. Pre-market: 98.50 -2.04 (-2.03%)

FedEx (FDX): Morgan Stanley lowered their rating from Overweight to Equal Weight. Pre-market: 98.50 -2.04 (-2.03%)

Newmont Mining (NEM): Cowen lowered their rating from Outperform to Neutral. Pre-market: 30.95 -0.95 (-2.98%)

Sprint Nextel (S): Argus lowered their rating from Buy to Hold. Pre-market: 6.97 -0.03 (-0.43%)

Walt Disney (DIS): Goldman Sachs lowered their rating from Conviction Buy to Neutral and placed a target price of $70.00 on the company. Pre-market: 63.29 -1.04 (-1.62%)

Coverage Initiated:

Owens Corning (OC): Wedbush initiated coverage with an Outperform rating and target price of $50.00.           

Earning Reports:

Jabil Circuit (JBL): Reported EPS of $0.56 beating estimates by +$0.02. Pre-market: 19.00 -0.82 (-4.14%)

Micron (MU): Reported EPS of $0.04 beating estimates by +$0.01. Pre-market: 13.66 -0.31 (-2.22%)

Pier 1 (PIR): Reported EPS of $0.19 in-line with estimates. After Hours: 24.55 +0.56 (2.33%)

Red Hat (RHT): Reported EPS of $0.32 beating estimates by +$0.01. Pre-market: 47.78 +1.56 (3.38%)

Rite Aid (RAD): Reported EPS of $0.09 in-line with estimates. Pre-market: 3.05 -0.06 (-1.93%)

Markets: 
Futures at 7:25: Dow -0.57%. S&P -0.78%. Nasdaq -0.84%. Crude -1.53% to $96.74. Gold -5.22% to $1302.40.

Europe: London -2.26%. Paris -2.51%. Frankfurt -2.49%. 

Asia: Japan -1.74% to 13015. Hong Kong -2.88% to 20383. China -2.77% to 2084. India -2.74% to 18719.