Morning Coffee Pre-Market Wall Street News

Celgene’s Arthritis Drug Gets Positive Results. After a year log study Celgene's (CELG) new drug Apremilast saw lasting reductions in the signs and symptoms of psoriatic arthritis. The FDA should make a decision in March on the sale of the drug.  Wall Street estimates for the sales of Apremilast range from $475M-1.5B over the next few years. Pre-market: 156.32 +0.58 (0.37%)

Upgrades:

Bristol Myers Squibb (BMY): Morgan Stanley raised their rating from Equal Weight to Overweight and raised their target price from $45.00 to $60.00. Pre-market: 50.15 +1.38 (2.83%)

T. Rowe Price (TROW): UBS raised their rating from Neutral to Buy and raised their target price from $77.00 to $90.00. Pre-market: 76.43 +0.68 (0.90%)

Downgrades:

Baidu (BIDU): BNP Paribas lowered their rating from Buy to Hold and lowered their target price from $168.00 to $145.00. Pre-market: 157.31 -2.05 (-1.29%)

Boeing (BA): Buckingham lowered their rating from Buy to Neutral and lowered their target price from $142.00 to $136.00. Pre-market: 129.75 -1.44 (-1.10%)

Owens Corning (OC): KeyBanc lowered their rating from Buy to Hold. Pre-market: 36.51 -1.29 (-3.41%)

Transocean (RIG): Goldman Sachs lowered their rating from Neutral to Sell and lowered their target price from $53.00 to $50.00. Pre-market: 49.08 -0.42 (-0.85%)

Coverage Initiated:

Bally Technologies (BYI): Citigroup initiated coverage with a Neutral rating and target price of $77.50.

International Game Technology (IGT): Citigroup initiated coverage with a Buy rating and target price of $23.50. Pre-market: 18.68 0.00 (0.00%)

Earning Reports:

Biogen Idec (BIIB): Reported EPS of $2.35 beating estimates by +$0.25. Pre-market: 259.47 +7.21 (2.86%)

Burger King (BKW): Reported EPS of $0.23 beating estimates by +$0.02. Pre-market: 20.30 +0.54 (2.73%)

Kirby (KEX): Reported EPS of $1.21 beating estimates by +$0.09.

Lowes Corp (L): Reported EPS of $0.73 missing estimates by -$0.05. Pre-market: 50.99 +2.18 (4.47%)

Merck (MRK): Reported EPS of $0.92 beating estimates by +$0.04. Pre-market: 45.47 -1.07 (-2.30%)

Markets: 

Futures at 6:20: Dow +0.2%. S&P +0.25%. Nasdaq +0.4%. Crude +0.05% to $97.90. Gold 0.0% at $1352.70. U.S. 10 Year -1/32 2.518%

Europe: London +0.1%. Paris -0.3%. Frankfurt +0.1%. 

Asia: Japan +2.2% to 14396. Hong Kong +0.5% to 22807. China +0.04% at 2134. India -0.4% at 20595.