Morning Coffee Pre-Market Wall Street News

World Markets Rise On Debt Ceiling and Funding Hopes. World stock markets were mostly higher on hopes that Washington will come to an agreement to lift the debt ceiling. Although reports say any deal would be a short term deal. Additionally, there are reports that the debt ceiling deal could also include funding that would end the current government shutdown.

Upgrades:

Chipotle Mexican Grill (CMG): Janney Capital raised their rating from Neutral to Buy and placed a target price of $525.00 on the company. Pre-market: 440.00 +4.13 (0.95%)

JB Hunt (JBHT): BofA Merrill Lynch raised their rating from Neutral to Buy and placed a target price of $81.00 on the company. Pre-market: 72.14 0.00 (0.00%)

Johnson & Johnson (JNJ): Goldman Sachs raised their rating from Sell to Neutral and raised their target price from $87.00 to $95.00.

KB Homes (KBH): Susquehanna raised their rating from Neutral to Positive and raised their target price from $20.00 to $22.00. Pre-market: 17.09 +0.46 (2.77%)

Lennar (LEN): Susquehanna raised their rating from Neutral to Positive and raised their target price from $34.00 to $41.00. Pre-market: 34.05 +0.25 (0.74%)

Safeway (SWY): JPMorgan lowered their rating from Overweight to Neutral.

Downgrades:

Corning (GLW): Piper Jaffray lowered their rating from Overweight to Neutral and lowered their target price from $19.00 to $14.00.

Deutsche Bank (DB): Macquarie lowered their rating from Neutral to Underperform. Pre-market: 48.10 +0.25 (0.52%)

Eli Lilly (LLY): Jefferies lowered their rating from Hold to Underperform and lowered their target price from $49.00 to $40.00.

Intel (INTC): Macquarie lowered their rating from Outperform to Neutral and placed a target price of $22.00 on the company.

Merck (MRK): Jefferies lowered their rating from Buy to Hold and lowered their target price from $53.00 to $50.00.

NVIDIA (NVDA): Macquarie lowered their rating from Neutral to Underperform. Pre-market: 15.15 -0.24 (-1.53%)

Synaptics (SYNA): JPMorgan lowered their rating from Overweight to Neutral.

Coverage Initiated:

Blackstone Group (BX): Evercore initiated coverage with an Equal Weight rating and target price of $28.00.

Carlyle Group (CG): Evercore initiated coverage with an Overweight rating and target price of $36.00.

Dr. Pepper Snapple (DPS): Wells Fargo lowered their rating from Outperform to Market Perform and lowered their target range from $51.00-$53.00 to $44.00-46.00.

KKR & Co. (KKR): Evercore initiated coverage with an Equal Weight rating and target price of $23.00.

Earning Reports:

Infosys (INFY): Reported EPS of $45.96 missing estimates by -$0.24. Pre-market: 53.20 +2.92 (5.81%)

JPMorgan Chase (JPM): Reported EPS of $1.42 beating estimates by +$0.23. Pre-market: 53.00 +0.48 (0.91%)

Micron Technology (MU): Reported EPS of $0.20 missing estimates by -$0.10. Pre-market: 18.05 -0.38 (-2.06%)

Safeway (SWY): Reported EPS of $0.10 missing estimates by -$0.6. Pre-market: 33.69 +2.12 (6.72%)

Wells Fargo (WFC): Reported EPS of $0.99 beating estimates by +$0.03. Pre-market: 40.78 -0.66 (-1.59%)

Markets: 
Futures at 6:20: Dow +0.07%. S&P -0.05%. Nasdaq +0.06%. Crude -1.2% to $101.95. Gold -2.19% to $1277.10. U.S. 10 Year +7/32 2.657%

Europe: London +0.65%. Paris -0.12%. Frankfurt +0.22%. 

Asia: Japan +1.48% to 14405. Hong Kong +1.16% to 23218. China +1.70% to 2228. India +1.26% to 20529.