China Bans Banks from Bitcoin

China Bans Banks from Bitcoin. Report says that The People's Bank of China has banned banks from trading in Bitcoin. In a statement officials said that the virtual currency doesn't have "real meaning," and no legal status as a formal currency. While the ban affects banks, Chinese citizens are still free to trade the currency. Currently Bitcoins are trading down -15.8% to $1000 on the news.

Upgrades:

Aeropostale (ARO): KeyBanc raised their rating from Underweight to Neutral. Pre-market: 8.90 -0.46 (-4.91%)

Celgene (CELG): UBS raised their rating from Neutral to Buy and raised their target price from $163.00 to $200.00. Pre-market: 163.25 +3.18 (1.99%)

Jack in the Box (JACK): Wedbush raised their rating from Neutral to Outperform and raised their target price from $50.00 to $60.00. Pre-market: 47.12 +0.64 (1.38%)

Smith &Wesson (SWHC): Lake Street raised their rating from Hold to Buy and raised their target price from $12.00 to $17.00. Pre-market: 11.85 +0.25 (2.16%)

Sprint (S): Nomura raised their rating from Neutral to Buy and raised their target price from $6.00 to $10.50. Pre-market: 8.10 +0.15 (1.89%)

Tiffany & Co (TIF): Goldman Sachs raised their rating from Neutral to Buy and raised their target price from $97.00 to $105.00. Pre-market: 90.15 +1.57 (1.77%)

Union Pacific (UNP): Raymond James raised their rating from Outperform to Strong Buy. Pre-market: 163.50 +2.11 (1.31%)

Downgrades:

J.M. Smucker (SJM): Wells Fargo lowered their rating from Market Perform to Underperform. Pre-market: 103.00 -1.75 (-1.67%)

Coverage Initiated:

Boston Scientific (BSX): The Benchmark Co. initiated coverage with a Hold rating and target price of $12.00.

eBay (EBAY): CRT Capital initiated coverage with a Fair Value rating and target price of $58.00. Pre-market: 51.08 -0.01 (-0.02%)

Oracle (ORCL): BMO Capital initiated coverage with an Outperform rating and target price of $42.00.

Raymond James (RJF): Buckingham initiated coverage with a Buy rating and target price of $58.00.

Spirit Aero Systems (SPR): Citigroup initiated coverage with a Buy rating and target price of $39.00. Pre-market: 33.81 +2.17 (6.86%)

Earning Reports:

Aeropostale (ARO): Reported EPS of -$0.29 missing estimates by -$0.06. Pre-market: 8.90 -0.46 (-4.91%)

Dollar General (DG): Reported EPS of $0.72 beating estimates by +$0.02.

Guess? (GES): Reported EPS of $0.42 beating estimates by +$0.05. Pre-market: 34.00 +0.66 (1.98%)

Royal Bank of Canada (RY): Reported EPS of $1.40 beating estimates by +$0.02.

Synopsys (SNPS): Reported EPS of $0.56 beating estimates by +$0.01.

Markets: 
Futures at 7:43: Dow -0.03%. S&P +0.12%. Nasdaq +0.20%. Crude +0.14% to $97.37. Gold -1.32% to $1230.70. U.S. 10 Year -9/32 2.870%.

Europe: London +0.04%. Paris -0.13%. Frankfurt +0.31%. 

Asia: Japan -1.50% to 15177. Hong Kong -0.07% to 23713. China -0.21% to 2247. India +1.20% to 20958. 

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Morning Coffee Pre-Market Wall Street News

U.S. Durable Goods Miss Estimates. The Commerce Department reported that durable goods orders fell 7.3% marking the largest decline since last August. Durable goods are manufactured products designed to last three years or more. Wall Street economist had estimated that durable goods would fall only 4% in July. Non-defense capital goods orders excluding aircraft fell 3.3%, ending four months of gains. It was the biggest fall since February. Economists had expected capital goods orders to increase 0.5%. The decline in orders for both durable and capital goods suggests manufacturing is slowing and that the economy may not grow in Q3 as much as some expected.  

Upgrades:

Adobe Systems (ADBE): Pacific Crest raised their rating from Sector Perform to Outperform and placed a target price of $60.00 on the company.

Aeropostale (AEO): Brean Capital raised their rating from Sell to Hold.

Altera (ALTR): Citigroup raised their rating from Neutral to Buy and raised their target price from $39.00 to $41.00.

Amgen (AMGN): Piper Jaffray raised their rating from Neutral to Overweight and raised their target price from $120.00 to $140.00.

Big Lots (BIG): JPMorgan raised their rating from Underweight to Neutral and placed a target price of $32.25 on the company. Pre-market: 33.00 +0.75 (2.33%)

Dollar Tree (DLTR): Deutsche Bank raised their rating from Hold to Buy and placed a target price of $60.00 on the company. Pre-market: 53.97 +0.68 (1.28%)

Hasbro (HAS): Citigroup raised their rating from Sell to Buy and raised their target price from $40.00 to $53.00.

Downgrades:

Family Dollar Store (FDO): Deutsche Bank lowered their rating from Buy to Hold and placed a target price of $74.00 on the company. Pre-market: 71.88 -0.40 (-0.55%)

Tyson Foods (TSN): BofA Merrill Lynch lowered their rating from Buy to Neutral and placed a target price of $32.00 on the company. Pre-market: 30.76 -0.72 (-2.29%)

Markets: 
Futures at 8:31: Dow -0.14%. S&P -0.07%. Nasdaq +0.06%. Crude -0.15% at $106.24. Gold +0.06% to $1396.70. U.S. 10 Year +4/32 2.799%.

Europe: London closed. Paris -0.32%. Frankfurt -0.01%. 

Asia: Japan -0.18% to 13636. Hong Kong +0.65% to 22005. China +1.90% to 2096. India +0.21% to 18558. 

Morning Coffee Pre-Market Wall Street News

Eurozone Exits Recession. Things just got better for Europe and the world economy. The Eurozone GDP expanded by +0.3% in Q2, topping economist estimates and ending the Eurozone’s recession. Germany’s GDP expanded by +0.7% exceeding estimates and Q1’s flat GDP. Frances GDP came in at +0.5% vs. -0.2% in Q1, which beat estimates. Surprising the market was Portugal Q2 GDP which came in at +1.1% vs -0.4% in Q1 and economists consensus of -0.15%.

Upgrades:

GlaxoSmithKline (GSK): JPMorgan raised their rating from Underweight to Neutral. Pre-market: 52.36 +0.35 (0.67%)

Marvell Tech (MRVL): B Riley raised the rating from Neutral to Buy.

Downgrades:

Aeropostale (ARO): KeyBanc lowered their rating from Hold to Underweight and placed a target price of $10.00 on the company.

AMR Corp. (AAMRQ): JPMorgan lowered their rating from Overweight to Neutral.

Cree (CREE): Northland Securities lowered their rating from Outperform to Market Perform and lowered their target price from $63.00 to $61.00. Pre-market: 63.70 -12.06 (-15.92%)

Cree (CREE): Susquehanna lowered their rating from Positive to Neutral. Pre-market: 63.70 -12.06 (-15.92%)

Cree (CREE): DA Davidson lowered their rating from Buy to Neutral and lowered their target price from $79.00 to $65.00. Pre-market: 63.70 -12.06 (-15.92%)

Delta Airlines (DAL): JPMorgan lowered their rating from Overweight to Neutral. Pre-market: 19.46 -0.09 (-0.46%)

ENSCO PLC (ESV): ISI Group lowered their rating from Buy to Neutral.

Noble Corp (NE): ISI Group lowered their rating from Strong Buy to Neutral.

Transocean (RIG): ISI Group lowered their rating from Strong Buy to Neutral. Pre-market: 47.39 -0.13 (-0.27%)

US Airways (LCC): Deutsche Bank lowered their rating from Buy to Hold. Pre-market: 16.31 -0.05 (-0.31%)

US Airways (LCC): JPMorgan lowered their rating from Overweight to Neutral. Pre-market: 16.31 -0.05 (-0.31%)

Western Union (WU): JPMorgan lowered their rating from Neutral to Underweight and lowered their target price from $18.00 to $17.00.

Coverage Initiated:

WisdonTree Investments (WETF): Susquehanna initiated coverage with a Neutral rating and target price of $13.00.

Earning Reports:

Brocade (BRCD): Reported EPS of $0.19 beating estimates by +$0.07. Pre-market: 7.72 +0.82 (11.88%)

Cree (CREE): Reported EPS of $0.38 beating estimates by +$0.01. Pre-market: 63.70 -12.06 (-15.92%)

Deere (DE): Reported EPS of $2.56 beating estimates by +$0.40. Pre-market: 84.60 +0.69 (0.82%)

Jack Henry (JKHY): Reported EPS of $0.55 beating estimates by +$0.03. After Hours: 50.80 +0.03 (0.06%)

Macy's (M): Reported EPS of $0.82 beating estimates by +$0.04. Pre-market: 46.89 -1.61 (-3.32%)

Towers Watson (TW): Reported EPS of $1.36 beating estimates by +$0.09.

Markets: 
Futures at 6:20: Dow -0.13%. S&P -0.15%. Nasdaq -0.12%. Crude -0.70% to $106.10. Gold +0.35% to $1325.10. U.S. 10 Year +1/32 2.722%.

Europe: London -0.11%. Paris +0.36%. Frankfurt +0.12%. 

Asia: Japan +1.32% to 14050. Hong Kong closed. China -0.29% to 2100. India +0.72% to 19368. 

Morning Coffee Pre-Market Wall Street News

Durable Goods Beats Forecast. Orders for U.S. durable goods increase more than economists had estimated in April. Bookings for equipment, meant to last more than three years rose 3.3%, while economists had expected an increase of only 1.6%.  This come on the heels of March’s revised -5.9% decline. Bookings for commercial aircraft climbed 18.1% last month after slumping 43% in March. Excluding transportation equipment, durable orders climbed 1.3%, which is the first gain in three months. Bookings for non-defense capital goods excluding aircraft increased 1.2% after a 0.9% in March.

Upgrades

Pandora Media (P): RBC Capital raised their rating from Sector Perform to Outperform and raised their target price from $16.00 to $24.00. Pre-market: 19.07 +1.91 (11.13%)

Procter & Gamble (PG): UBS raised their rating from Neutral to Buy and raised their target price from $75.00 to $95.00. Pre-market: 81.65 +2.95 (3.75%)

Sherwin-Williams (SHW): Robert W. Baird raised their rating from Neutral to Outperform and raised their target price from $180.00 to $205.00.

Wendy’s (WEN): Janney Capital raised their rating from Neutral to Buy. Pre-arket: 6.20 +0.20 (3.33%)

Downgrades

Cirrus Logic (CRUS): Canaccord lowered their rating from Buy to Hold and lowered their target price from $25.00 to $18.00. Pre-market: 17.86 +0.10 (0.56%)

rue21 (RUE): Janney Capital lowered their rating from Buy to Neutral and placed a target price of $42.00 on the company.

Saks (SKS): Argus lowered their rating from Buy to Hold.

Salesforce.com (CRM): Wedbush lowered their rating from Outperform to Neutral and lowered their target price from $51.00 to $42.00. Pre-market: 43.02 -2.67 (-5.84%)

Earning Reports

Abercrombie & Fitch (ANF): Reported EPS of -$0.09 missing estimates by -$0.04. Pre-market: 49.85 -4.52 (-8.31%)

Aeropostale (ARO): Reported EPS of -$0.16 beating estimates by +$0.01. Pre-market: 15.50 -0.98 (-5.95%)

Foot Locker (FL): Reported EPS of $0.91 beating estimates by +$0.03. Pre-market: 34.85 -0.83 (-2.33%)

Gap (GPS): Reported EPS of $0.71 beating estimates by +$0.02. Pre-market: 40.50 -0.86 (-2.08%)

Pandora Media (P): Reported EPS of -$0.10 in-line with estimates. Pre-market: 19.07 +1.91 (11.13%)

Ross Stores (ROST): Reported EPS of $1.07 in-line with estimates.

Salesforce.com (CRM): Reported EPS of $0.10 in-line with estimates. Pre-market: 43.02 -2.67 (-5.84%)

Sears Holdings (SHLD): Reported EPS of -$1.29 missing estimates by -$0.69. Pre-market: 48.95 -9.22 (-15.85%)

Williams-Sonoma (WSM): Reported EPS of $0.41 beating estimates by +$0.05.

Zumiez (ZUMZ): Reported EPS of $0.13 beating estimates by +$0.01.

Markets: 
Futures at 8:25: Dow -0.28%. S&P -0.40%. Nasdaq -0.46%. Crude -0.67% to $93.60. Gold +0.01% to $1392.10.

Europe: London -0.40%. Paris +0.34%. Frankfurt -0.23%. 

Asia: Japan +0.89% to 14612. Hong Kong -0.23% to 22619. China +0.57% to 2289. India +0.15% to 19704.