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.