Morning Coffee - Pre-Market Wall Street News

Facebook Added to S&P 500. Standard & Poor’s will be adding Facebook (FB) to the S&P 500 Index at the close of trading on December 20.  It will also be added to the S&P 100. Facebook will replace test-equipment vendor Teradyne (TER) in the S&P 500 index and will replace Williams Companies (WMB) in the S&P 100 Index. Alliance Data Systems (ADS) and Mohawk Industries (MHK) will also be added to the S&P 500 replacing Abercrombie & Fitch (ANF) and JDS Uniphase (JDSU).

Upgrades:

Exxon Mobil (XOM): ISI Group their rating from Neutral to Buy and placed a target price of $105.00 on the company. Pre-market: 94.61 +0.35 (0.37%)

Intel (INTC): Nomura raised their rating from Reduce to Neutral and raised their target price of $20.00 to $24.00. Pre-market: 24.59 +0.17 (0.70%)

iRobot (IRBT): JPMorgan raised their rating from Underweight to Neutral and placed a target price of $32.00 on the company.

Micron Technology (MU): Nomura raised their rating from Neutral to Buy and raised their target price of $16.00 to $30.00. Pre-market: 22.71 +0.21 (0.93%)

Southwest Airlines (LUV): BofA Merrill Lynch raised their rating from Neutral to Buy and raised their target price of $18.00 to $23.00. Pre-market: 18.24 +0.27 (1.50%)

Downgrades:

Brown & Brown (BRO): William Blair lowered their rating from Market Perform to Underperform.

Oracle (ORCL): RBC Capital lowered their rating from Outperform to Sector Perform and placed a target price of $35.00 on the company. Pre-market: 33.75 -0.81 (-2.34%)

Texas Instruments (TXN): Nomura lowered their rating from Neutral to Reduce and placed a target price of $30.00 on the company. Pre-market: 42.35 -0.46 (-1.07%)

Coverage Initiated:

Freeport McMoRan (FCX): Bernstein initiated coverage with an Outperform rating and target price of $42.00. Pre-market: 34.60 +0.15 (0.44%)

Nucor (NUE): Bernstein initiated coverage with a Market Perform rating and target price of $56.00.

United States Steel (X): Bernstein initiated coverage with a Market Perform rating and target price of $27.00. Pre-market: 26.37 +0.10 (0.38%)

Weyerhaeuser (WY): JPMorgan initiated coverage with an Overweight rating and placed a target price of $37.00 on the company.

Earning Reports:

Ciena (CIEN): Reported EPS of $0.16 missing estimates by -$0.08. Pre-market: 20.49 -2.41 (-10.52%)

Markets: 
Futures at 7:53 Dow -0.13%. S&P -0.06%. Nasdaq -0.09%. Crude +0.22% to $97.65. Gold -1.81% to $1234.40. U.S. 10 Year -1/32 to 2.866%.

Europe: London -0.82%. Paris -0.37%. Frankfurt -0.66%. 

Asia: Japan -1.12% to 15342. Hong Kong -0.51% to 23218. China -0.06% at 2203. India -1.16% at 20926. 

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