Morning Coffee Pre-Market Wall Street News

Chrysler Post Nice Sales Gains.

Chrysler’s Group LLC's, which is owned by Fiat S.p.A (FIATY) reported that their May sales in the U.S. rose 11% beating estimates from Edmunds.com.

For May, Chrysler said it sold 166,596 vehicles, up from 150,041 a year ago, and +0.6% above April's total of 156,698. Truck sales at the company grew +8.8% while car sales increased +16%.

Sales of the Chrysler line of vehicles fell -2%, while Jeep rose +0.5%. Big sales increased were seen at Dodge led by the Dodge Avenger and Dodge Challenger.  Dodge saw their sales increase +23%.

General Motors Co. (GM), and Ford Motor Co. (F) along with other manufactures are expected to report May sales later today.

Overall, U.S. new auto sales for May are expected to rise +6.5% from a year earlier.

Upgrades

Best Buy (BBY): SunTrust raised their rating from Neutral to Buy and placed a target price of $35.00 on the company. Pre-market: 28.46 +0.91 (3.30%)

 Host Hotels & Resorts (HST): ISI Group raised their rating from Neutral to Buy.

Intel (INTC): FBR Capital raised their rating from Market Perform to Outperform and raised their target price from $23.00 to $28.00. Pre-market: 24.67 +0.39 (1.61%)

MetLife (MET): Deutsche Bank raised their rating from Hold to Buy and raised their target price from $46.00 to $51.00. Pre-market: 44.99 +0.78 (1.76%)

Orbitz Worldwide (OWW): Lazard Capital raised their rating from Neutral to Buy and placed a target price of $9.50 on the company.

Plum Creek Timber (PCL): Bank of America Merrill Lynch raised their rating from Neutral to Buy and placed a target price of $55.00 on the company.

Starwood Hotels & Resorts (HOT): ISI Group raised their rating from Neutral to Buy.

Downgrades

Torchmark Corp (TMK): Janney Capital lowered their rating from Buy to Neutral.

Coverage Initiated

Applied Micro (AMCC): FBR Capital initiated coverage with an Outperform rating and target price of $11.00.

Guess? (GES): Topeka initiated coverage with a Hold rating and target price of $34.00.

Coverage Reiterated/Price Target Changed 

Google (GOOG): Cantor Fitzgerald reiterated their Buy rating and raised their target price from $900.00 to $1030.00. Pre-market: 874.77 +3.55 (0.41%)

Earning Reports

Cracker Barrel (CBRL): Reported EPS of $1.02 beating estimates by +$0.08. Pre-market: 93.01 +3.55 (3.97%)

Markets: 
Futures at 8:31: Dow +0.50%. S&P +0.29%. Nasdaq +0.33%. Crude +0.91% to $92.81. Gold +0.23% to $1396.70.

Europe: London -0.39%. Paris +0.16%. Frankfurt +0.13%. 

Asia: Japan -3.72% to 13262. Hong Kong -0.49% to 22282. China -0.06% to 2299. India -0.76% to 19610.