Wednesday, August 07, 2013

Morning Coffee Pre-Market Wall Street News

Fed Fears Rock World Markets. World markets are lower after two Fed policy makers, including Charles Evans, said the U.S. central bank could start tapering as early as next month. The remarks sent the dollar lower against the yen, which in turn caused the Nikkei to fall -4%. This comes much sooner than Wall Street had expected and many feel that the economy which is still on shaky ground could start to lose steam.

Upgrades:

Louisiana Pacific (LPX): TD Securities raised their rating from Reduce to Hold.

Maximus (MMS): First Analysis raised their rating from Equal Weight to Overweight and placed a target price of $45.00 on the company.

Yum! Brands (YUM): BofA Merrill Lynch raised their rating from Underperform to Neutral and raised their target price from $60.00 to $75.00.

Downgrades:

CVS Caremark (CVS): Cantor lowered their rating from Buy to Hold and lowered their target price from $65.00 to $62.00.

Fossil Group (FOSL): Citigroup lowered their rating from Buy to Neutral.

McDermott Intl (MDR): Stifel lowered their rating from Buy to Hold.

Coverage Initiated:

Baxter Intl (BAX): Goldman Sachs initiated coverage with a Conviction Buy rating and target price of $86.00.

Earning Reports:

AOL (AOL): Reported EPS of $0.35 beating estimates by +$0.02.

Carlyle (CG): Reported EPS of $0.39 missing estimates by -$0.17.

Clean Harbors (CLH): Reported EPS of $0.38 missing estimates by -$0.19.

Duke Energy (DUK): Reported EPS of $0.87 missing estimates by -$0.07.

Huntington Ingalls (HII): Reported EPS of $1.12 beating estimates by +$0.17.

Kelly Services (KELYA): Reported EPS of $0.33 beating estimates by +$0.08.

Walt Disney (DIS): Reported EPS of $1.03 beating estimates by +$0.02.

Markets: 
Futures at 8:20: Dow -0.45%. S&P -0.45%. Nasdaq -0.31%. Crude +0.15% to $105.46. Gold -0.5% to $1275.40. U.S. 10 Year 3/32 2.634%.

Europe: London -0.89%. Paris +0.05%. Frankfurt -0.39%. 

Asia: Japan -4.00% to 13825. Hong Kong -1.53% to 21589. China -0.67% to 2047. India -0.36% to 18665. 



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