Obama to Unveil New $1.4 Trillion Budget

Obama to Unveil New $1.4 Trillion Budget. President Obama is scheduled to unveil his new $1.4T budget today that most economists say has little chance of passing Congress. The budget includes expanding the Earned Income Tax Credit to 13.5M childless workers. The 10-year $60B cost would be met by eliminating tax write-offs for self-employed professionals and investment-fund managers. The budget also includes spending $302B on highways, bridges and transit projects, and an increase in the minimum wage.

Upgrades:

Magna International (MGA): JPMorgan raised their rating from Underweight to Neutral. Pre-market: 95.09 +1.44 (1.54%)

Magna International (MGA): Goldman Sachs raised their rating from Sell to Neutral. Pre-market: 95.09 +1.44 (1.54%)

Pulte Homes (PHM): KeyBanc raised their rating from Hold to Buy and placed a target price of $26.00 on the company. Pre-market: 21.26 +0.45 (2.16%)

Downgrades:

Intuitive Surgical (ISRG): Cantor lowered their rating from Buy to Hold and maintained their target price of $450.00. Pre-market: 452.01 -1.83 (-0.40%)

Lennar (LEN): KeyBanc lowered their rating from Buy to Hold. Pre-market: 43.84 0.00 (0.00%)

McDermott (MDR): Capital One lowered their rating from Equal Weight to Underweight. Pre-market: 7.50 -0.61 (-7.52%)

Royal Caribbean (RCL): Longbow lowered their rating from Buy to Neutral. Pre-market: 51.70 +0.48 (0.94%)

Time Warner Cable (TWC): Macquarie lowered their rating from Outperform to Neutral.

USG Corp (USG): JPMorgan lowered their rating from Overweight to Neutral. Pre-market: 34.75 -0.03 (-0.09%)

WebMD (WBMD): Stifel lowered their rating from Buy to Hold. Pre-market: 41.80 -1.53 (-3.53%)

Coverage Initiated:

Advance Auto Parts (AAP): Stephens initiated coverage with an Equal Weight rating and target price of $133.00.

DeamWorks Animation SKG (DWA): Topeka initiated coverage with a Hold rating and target price of $32.00. Pre-market: 28.81 +0.31 (1.09%)

Earning Reports:

AutoZone (AZO): Reported EPS of $5.63 beating estimates by +$0.09. Pre-market: 550.00 +8.77 (1.62%)

McDermott (MDR): Reported EPS of -$1.37 missing estimates by -$1.30. Pre-market: 7.50 -0.61 (-7.52%)

Molycorp (MCP): Reported EPS of -$0.28 beating estimates by +$0.01. Pre-market: 5.21 -0.04 (-0.76%)

RadioShack (RSH): Reported EPS of -$1.29 missing estimates by -$1.16. Pre-market: 2.07 -0.65 (-23.90%)

Markets: 
Futures at 8:28: Dow +1.02%. S&P +1.00%. Nasdaq +1.05%. Crude -1.20% to $103.65. Gold -1.18% to $1334.30. U.S. 10 Year -12/32 to 2.645%.

Europe: London +1.39%. Paris +2.11%. Frankfurt +2.04%. 

Asia: Japan +0.47% to 14721. Hong Kong +0.70% to 22658. China -0.18% to 2071. India +1.26% to 21210. 

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