Labor Department Reports Unemployment Drops

Labor Department Reports Unemployment Drops. The Labor Department announced that U.S. unemployment benefits dropped 26,000 last week to a seasonally adjusted 323,000, the lowest level in three months. The less volatile four-week average came in at 336,500. 3.4 million Americans remain unemployed as of Feb. 15 down from 3.49 million the previous week.

On Friday, the Labor Department will release its February jobs report in which economist estimate that 145,000 jobs will have been added. That would follow two bad reports in which December saw only 75,000 new jobs being created and January’s 113,00 jobs.

Upgrades:

Anadarko (APC): Argus raised their rating from Hold to Buy and placed a target price of $95.00 on the company. Pre-market: 85.82 +0.41 (0.48%)

Biogen Idec (BIIB): BMO Capital raised their rating from Market Perform to Outperform raised their target price from $286.00 to $422.00. Pre-market: 346.50 +7.50 (2.21%)

Consolidated Edison (ED): Argus raised their rating from Hold to Buy and placed a target price of $60.00 on the company. Pre-market: 55.68 +0.40 (0.72%)

Teva Pharmaceutical (TEVA): Leerink raised their rating from Market Perform to Outperform and raised their target price from $48.00 to $65.00. Pre-market: 50.80 +1.00 (2.01%)

Tiffany & Co. (TIF): Citigroup raised their rating from Neutral to Buy and raised their target price from $100.00 to $110.00. Pre-market: 94.55 +1.49 (1.60%)

Yum! Brands (YUM): RW Baird raised their rating from Neutral to Outperform raised their target price from $79.00 to $87.00. Pre-market: 75.99 +1.18 (1.58%)

Downgrades:

adidas AG (ADDYY): Citigroup lowered their rating from Buy to Neutral.

Bed Bath & Beyond (BBBY): Wedbush lowered their rating from Outperform to Neutral and lowered their target price from $86.00 to $66.00.

Exelon (EXC): Tudor Pickering lowered their rating from Accumulate to Hold and placed a target price of $27.00 on the company. Pre-market: 30.24 -0.04 (-0.13%)

Lowe’s (LOW): Wedbush lowered their rating from Outperform to Neutral and lowered their target price from $60.00 to $50.00.

Coverage Initiated:

Microsoft (MSFT): B. Riley initiated coverage with a Neutral rating and target price of $39.00. Pre-market: 38.23 +0.12 (0.31%)

Oracle (ORCL): B. Riley initiated coverage with a Buy rating and target price of $48.00. Pre-market: 39.56 +0.06 (0.15%)

Earning Reports:

Ciena (CIEN): Reported EPS of $0.13 beating estimates by +$0.07. Pre-market: 25.50 +0.14 (0.55%)

Costco (COST): Reported EPS of $1.05 missing estimates by -$0.12. Pre-market: 113.40 -3.07 (-2.64%)

Joy Global (JOY): Reported EPS of $0.49 missing estimates by -$0.15. Pre-market: 56.69 +0.90 (1.61%)

Staples (SPLS): Reported EPS of $0.33 missing estimates by -$0.06. Pre-market: 11.71 -1.69 (-12.61%)

Markets: 
Futures at 6:20: Dow +0.20%. S&P +0.23%. Nasdaq +0.15%. Crude -0.68% to $100.77. Gold -0.22% to $1337.30. U.S. 10 Year -7/32 to 2.732%

Europe: London +0.32%. Paris +0.80%. Frankfurt +0.31%. 

Asia: Japan +1.59% to 15135. Hong Kong +0.55% to 22703. China +0.32% to 2060. India +1.11% to 21514. 

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Morning Coffee Pre-Market Wall Street News

Celgene’s Arthritis Drug Gets Positive Results. After a year log study Celgene's (CELG) new drug Apremilast saw lasting reductions in the signs and symptoms of psoriatic arthritis. The FDA should make a decision in March on the sale of the drug.  Wall Street estimates for the sales of Apremilast range from $475M-1.5B over the next few years. Pre-market: 156.32 +0.58 (0.37%)

Upgrades:

Bristol Myers Squibb (BMY): Morgan Stanley raised their rating from Equal Weight to Overweight and raised their target price from $45.00 to $60.00. Pre-market: 50.15 +1.38 (2.83%)

T. Rowe Price (TROW): UBS raised their rating from Neutral to Buy and raised their target price from $77.00 to $90.00. Pre-market: 76.43 +0.68 (0.90%)

Downgrades:

Baidu (BIDU): BNP Paribas lowered their rating from Buy to Hold and lowered their target price from $168.00 to $145.00. Pre-market: 157.31 -2.05 (-1.29%)

Boeing (BA): Buckingham lowered their rating from Buy to Neutral and lowered their target price from $142.00 to $136.00. Pre-market: 129.75 -1.44 (-1.10%)

Owens Corning (OC): KeyBanc lowered their rating from Buy to Hold. Pre-market: 36.51 -1.29 (-3.41%)

Transocean (RIG): Goldman Sachs lowered their rating from Neutral to Sell and lowered their target price from $53.00 to $50.00. Pre-market: 49.08 -0.42 (-0.85%)

Coverage Initiated:

Bally Technologies (BYI): Citigroup initiated coverage with a Neutral rating and target price of $77.50.

International Game Technology (IGT): Citigroup initiated coverage with a Buy rating and target price of $23.50. Pre-market: 18.68 0.00 (0.00%)

Earning Reports:

Biogen Idec (BIIB): Reported EPS of $2.35 beating estimates by +$0.25. Pre-market: 259.47 +7.21 (2.86%)

Burger King (BKW): Reported EPS of $0.23 beating estimates by +$0.02. Pre-market: 20.30 +0.54 (2.73%)

Kirby (KEX): Reported EPS of $1.21 beating estimates by +$0.09.

Lowes Corp (L): Reported EPS of $0.73 missing estimates by -$0.05. Pre-market: 50.99 +2.18 (4.47%)

Merck (MRK): Reported EPS of $0.92 beating estimates by +$0.04. Pre-market: 45.47 -1.07 (-2.30%)

Markets: 

Futures at 6:20: Dow +0.2%. S&P +0.25%. Nasdaq +0.4%. Crude +0.05% to $97.90. Gold 0.0% at $1352.70. U.S. 10 Year -1/32 2.518%

Europe: London +0.1%. Paris -0.3%. Frankfurt +0.1%. 

Asia: Japan +2.2% to 14396. Hong Kong +0.5% to 22807. China +0.04% at 2134. India -0.4% at 20595.