Morning Coffee Pre-Market Wall Street News

Home Prices Rise. Home prices in May rose the most in seven years according to CoreLogic. Prices were up +12.2% compared to May of last year and up +2.6% from April. This was the largest increase since February 2006. Excluding distressed sales, which include foreclosures and short sales, prices were up +11.6% on a yearly basis. The analysts on Wall Street forecast prices will rise by another +2.9% in June for a yearly gain of +13.2%. Nevada saw the biggest price increases, followed by Arizona , California,  Hawaii and Oregon.

Upgrades:

JPMorgan Chase (JPM): Raymond James raised their rating from Outperform to Strong Buy and raised their target price from $55.00 to $64.00. Pre-market: 52.65 +0.16 (0.30%)

Las Vegas Sands (LVS): ISI Group raised their rating from Neutral to Buy.

Quicksilver (ZQK): B. Riley raised their rating from Neutral to Buy and placed a target price of $9.25 on the company.

Downgrades:

Accenture (ACN): Argus lowered their rating from Buy to Hold. Pre-market: 71.21 -0.89 (-1.23%)

Barrick Gold (ABX): Jefferies lowered their rating from Buy to Hold and lowered their target price from $30.00 to $14.00.

Newmont Mining (NEM): Jefferies lowered their rating from Hold to Underperform and lowered their target price from $30.00 to $18.00.

Pfizer (PFE): Standpoint Research lowered their rating from Hold to Sell. Pre-market: 27.56 -0.22 (-0.79%)

Tractor Supply Co (TSCO): Nomura lowered their rating from Buy to Neutral. Pre-market: 114.89 -1.49 (-1.28%)

Coverage Initiated:

Groupon (GRPN): Wunderlich initiated coverage with a Buy rating and target price of $11.00.

Ryder Systems (R): Wunderlich initiated coverage with a Buy rating and target price of $72.00.

Earning Reports:

Acuity Brands (AYI): Reported EPS of $0.97 beating estimates by +$0.10. Pre-market: 79.00 +3.07 (4.04%)

Constellation Brands (STZ): Reported EPS of $0.38 missing estimates by -0.03. Pre-market: 52.38 -0.77 (-1.45%)     

      

Markets: 
Futures at 8:18: Dow +0.01%. S&P -0.07%. Nasdaq +0.14%. Crude +0.35% to $98.33. Gold -0.14% to $1254.00.

Europe: London -0.45%. Paris -0.74%. Frankfurt -1.05%. 

Asia: Japan +1.78% to 14099. Hong Kong -0.70% to 20659. China +0.57% to 2007. India -0.58% to 19464.