U.S. Banks Must Raise
Capital. The eight
largest banks in the U.S. have to hold an additional $68B in capital to absorb future losses. U.S. regulators
voted to raise the "leverage ratio" to 5-6% of their total assets
which is above Basel III standard of 3%. The banks affected include Bank of
America (BAC), Bank of New York Mellon (BK), Citigroup (C), Goldman Sachs (GS), JPMorgan Chase (JPM), Morgan
Stanley (MS), State Street (ST), Wells Fargo (WFC). The banks will have until
January 1, 2018 to comply.
Upgrades:
Alcoa (AA): Deutsche
Bank raised their rating from Sell to Hold and placed a target price of $10.00 on the company. Pre-market: 13.01 +0.48 (3.83%)
Berkshire Hathaway (BRK.B):
The ReasearchTeam raised their rating from Hold to Accumulate. Pre-market: 123.69 +0.56 (0.45%)
Nike (NKE): Stifel raised their rating from Hold to Buy and placed a target price of $87.00 on the company.
Downgrades:
Apache Corp. (APA): Deutsche
Bank lowered their rating from Buy to Hold and placed a target price of $91.00 on the company. Pre-market: 84.70 -0.48 (-0.56%)
Arris Group (ARRS): The Street.com
lowered their rating from Buy to Hold.
Credit Suisse (CS):
JPMorgan lowered their rating from Neutral to Underweight. Pre-market: 32.27 -0.01 (-0.03%)
Cisco Systems (CSCO): Wunderlich lowered their rating from Buy to Hold and lowered their target price
from $25.00 to $24.00.
The Hershey Comp. (HSY): Goldman Sachs lowered their rating from Neutral to Sell and placed a target price of
$70.00 on the company. Pre-market: 99.37 -2.35 (-2.31%)
Royal Caribbean (RCL): Pareto
lowered their rating from Buy to Hold.
Coverage Initiated:
Ball Corp. (BLL):
Credit Suisse initiated coverage with a Neutral
rating and target price of $59.00.
Cabela’s (CAB): Credit
Suisse initiated coverage with a Neutral
rating and target price of $71.00.
CBS Corp. (CBS):
JPMorgan initiated coverage with an Overweight
rating.
General Motors (GM): JPMorgan initiated
coverage with an Underweight rating
and target price of $33.00. Pre-market: 33.94 -0.59 (-1.71%)
International Paper (IP): Credit Suisse
initiated coverage with an Outperform rating
and target price of $67.00.
Intuitive Surgical (ISRG):
Sterne Agee initiated coverage with an Underperform rating and target price of $440.00. Pre-market: 438.76 -51.08 (-10.43%)
Kellogg Comp. (K): Nomura initiated
coverage with a Buy rating and
target price of $70.00.
Earning Reports:
Alcoa (AA):
Reported EPS of $0.09 beating estimates by +$0.04. Pre-market: 13.01 +0.48 (3.83%)
Constellation Brands (STZ): Reported EPS of $0.81 beating estimates by +$0.05. Pre-market: 84.75 +3.27 (4.01%)
Progressive (PGR):
Reported EPS of $0.54 beating estimates by +$0.15. Pre-market: 24.86 +0.70 (2.90%)
WD-40 (WDFC):
Reported EPS of $0.67 missing estimates by -$0.01.
Markets:
Futures at 8:41: Dow +0.35%. S&P +0.27%. Nasdaq +0.43%. Crude +0.13% to $102.69. Gold -0.37% to $1304.00. U.S. 10 Year -6/32 to 2.705%.
Futures at 8:41: Dow +0.35%. S&P +0.27%. Nasdaq +0.43%. Crude +0.13% to $102.69. Gold -0.37% to $1304.00. U.S. 10 Year -6/32 to 2.705%.
Europe:
London +0.8%.
Paris +0.4%.
Frankfurt +0.4%.
Asia: Japan -2.1% to
14300. Hong Kong +1.1% to 22843. China +0.3% to
2105. India +1.6% to 22702.
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