Macy’s Beats Wall Street’s Estimates.

Macy’s Beats Wall Street’s Estimates. Shares retailer Macy's (M) are higher in the pre-market after the company posted Q3 profits that beat Wall Street expectations and made positive comments about the upcoming holiday shopping season. The company reported EPS $0.47, up 31% from a year ago. Analysts' consensus estimate was only $0.39. Macy's has posted 15 straight quarters of improved earnings. Revenue came in at $6.28 billion, up 3.3% also beating estimates. Sales were up 3.5%.

Upgrades:

Qualcomm (QCOM): Goldman Sachs raised their rating from Buy to Conviction Buy and raised their target price of $80.00.

Transocean (RIG): Guggenheim raised their rating from Neutral to Buy and placed a target price of $70.00 on the company.

United States Steel (X): Morgan Stanley raised their rating from Equal Weight to Overweight and raised their target price from $32.00 to $35.00.

Union Pacific (UNP): ResearchTeam raised their rating from Reduce to Hold.

Downgrades:

Agrium (AGU): BGC Financial lowered their rating from Buy to Hold.

Cadence Design Systems (CDNS): ResearchTeam lowered their rating from Hold to Reduce.

ConocoPhillips (COP): ResearchTeam lowered their rating from Accumulate to Hold.

Dean Foods (DF): Credit Suisse lowered their rating from Outperform to Neutral and lowered their target price from $24.00 to $19.00.

Mosaic (MOS): ResearchTeam lowered their rating from Hold to Reduce.

Nucor (NUE): Morgan Stanley lowered their rating from Overweight to Equal Weight and lowered their target price from $58.00 to $56.00.

Coverage Initiated:

Humana (HUM): FBR Capital initiated coverage with a Market Perform rating and target price of $92.00.

J.M. Sucker (SJM): Credit Suisse initiated coverage with a Neutral rating and target price of $115.00.

MGM Resorts (MGM): FBR Capital initiated coverage with an Outperform rating and target price of $25.00.

Las Vegas Sands (LVS): FBR Capital initiated coverage with an Outperform rating and target price of $80.00.

UnitedHealth (UNH): FBR Capital initiated coverage with an Outperform rating and target price of $77.00.

Wellpoint (WLP): FBR Capital initiated coverage with a Market Perform rating and target price of $93.00.

Wynn Resorts (WYNN): FBR Capital initiated coverage with a Market Perform rating and target price of $175.00.

Earning Reports:

Macy's (M): Reported EPS of $0.47 beating estimates by +$0.08.

MBIA (MBI): Reported EPS of $0.67 beating estimates by +$0.41.

Pinnacle Foods (PF): Reported EPS of $0.36 beating estimates by +$0.01.

Potbelly (PBPB): Reported EPS of $0.15 beating estimates by +$0.09.

Woodward (WWD): Reported EPS of $0.76 beating estimates by +$0.06.

Markets:
Futures at 6:20: Dow -0.2%. S&P -0.2%. Nasdaq -0.3%. Crude +0.3% to $93.33. Gold +0.35% to $1275.00. U.S. 10 Year +11/32 2.736%.

Europe: London -1%. Paris -0.5%. Frankfurt -0.3%. 

Asia: Japan -0.15% to 14567. Hong Kong -1.9% to 22463. China -1.8% to 2087. India -0.4% to 20194. 

Morning Coffee Pre-Market Wall Street News

U.S. Stock Futures Lower Before Fed Announcement. U.S. stock futures are lower as Wall Street waits for the Fed to announce the results of the latest FOMC meeting. Economists are not expecting the Fed to raise interest rates, but Wall Street traders will be looking closely at the language contained in the announcement for signs that the Fed could end their stimulus program earlier than expected. This morning the U.S. 10 Year yield is higher at 2.827%.

Upgrades:

Garmin Ltd. (GRMN): Goldman Sachs raised their rating from Sell to Neutral and placed a target price of $39.00 on the company.

Herbalife (HLF): Argus raised their rating from Hold to Buy and placed a target price of $80.00 on the company. Pre-market: 66.00 +1.28 (1.98%)

NASDAQ OMX Group (NDAQ): Raymond James raised their rating from Outperform to Strong Buy and raised their target price from $36.00 to $38.00.

Royal Caribbean Cruises (RCL): Morgan Stanley raised their rating from Equal Weight to Overweight and raised their target price from $37.00 to $49.00. Pre-market: 38.38 +0.33 (0.87%)

Downgrades:

Agrium (AGU): HSBC lowered their rating from Overweight to Neutral.

Chesapeake Energy (CHK): Susquehanna lowered their rating from Positive to Neutral. Pre-market: 24.95 -0.31 (-1.23%)

Mosaic (MOS): HSBC lowered their rating from Neutral to Underweight. Pre-market: 41.46 -0.52 (-1.24%)

Potash Corp. of Saskatchewan (POT): HSBC lowered their rating from Overweight to Underweight. Pre-market: 29.60 -0.40 (-1.33%)

Tupperware Brands (TUP): BMO Capital lowered their rating from Outperform to Market Perform and placed a target price of $91.00 on the company.

Coverage Initiated:

Navistar Intl (NAV): Susquehanna initiated coverage with a Neutral rating and target price of $31.00.

PACCAR Inc (PCAR): Susquehanna initiated coverage with a Neutral rating and target price of $56.00.

SodaStream Intl (SODA): Longbow initiated coverage with a Buy rating and target price of $79.00. Pre-market: 65.00 +1.04 (1.63%)

Earning Reports:

American Eagle (AEO): Reported EPS of $0.09 missing estimates by -$0.01.

Barnes & Noble (BKS): Reported EPS of -$0.86 missing estimates by -$0.07. Pre-market: 14.65 +0.04 (0.27%)

Best Buy (BBY): Reported EPS of $0.32 beating estimates by +$0.21. Pre-market: 34.54 -0.26 (-0.75%)

Dick's Sporting Goods (DKS): Reported EPS of $0.71 missing estimates by -$0.03.

Home Depot (HD): Reported EPS of $1.24 beating estimates by +$0.03. Pre-market: 74.60 +0.31 (0.42%)

JC Penney (JCP): Reported EPS of $1.17 missing estimates by -$0.03.

J.M. Smucker (SJM): Reported EPS of $1.20 beating estimates by +$0.04.

Lowe’s (LOW): Reported EPS of $0.88 beating estimates by +$0.09.

Medtronic (MDT): Reported EPS of $0.88 in-line with estimates.

PetSmart (PETM): Reported EPS of $0.89 beating estimates by +$0.03.

Staples (SPLS): Reported EPS of $0.16 missing estimates by -$0.02.

Target (TGT): Reported EPS of $0.95 in-line with estimates.

TJX (TJX): Reported EPS of $0.66 beating estimates by +$0.03.

Toll Brothers (TOLL): Reported EPS of $0.26 beating estimates by +$0.01.

Trina Solar (TSL): Reported EPS of -$0.47 beating estimates by +$0.11.

Markets: 
Futures at 7:47: Dow -0.17%. S&P -0.18%. Nasdaq -0.19%. Crude -0.55% to $104.53. Gold -0.48% to $1366.10. U.S. 10 Year -3/32 2.827%.

Europe: London -0.50%. Paris 0.00%. Frankfurt -0.13%. 

Asia: Japan +0.21% to 13424. Hong Kong -0.69% to 21818. China +0.02% at 2073. India -1.86% to 17906.