Government Wants BofA Fined Again.

Government Wants BofA Fined Again. The U.S. government is seeking to fine of Bank of America (BAC) again. This comes after a long list of resent fines, with the most recent for discrimination against black employees. The government is looking to fine the troubled bank the maximum $864 million that is allowed for their Countrywide loan program called. "Hustle." The program was designed to accelerate the creation and sale of loans to Fannie Mae (FNMA) and Freddie Mac (FMCC).

Upgrades:

Best Buy (BBY): UBS raised their rating from Neutral to Buy and raised their target price from $45.00 to $49.00. Pre-market: 43.15 +0.74 (1.74%)

ExxonMobil (XOM): Argus raised their rating from Hold to Buy and placed a target price of $104.00 on the company. Pre-market: 92.86 +0.13 (0.14%)

INVESCO Ltd. (IVZ): Wells Fargo raised their rating from Market Perform to Outperform and raised their target range from $33-$37 to $38-$42.

TD Ameritrade (AMTD): Raymond James raised their rating from Market Perform to Outperform and placed a target price of $33.00 on the company.

Downgrades:

Deutsche Telekom (DTEGY): Goldman Sachs lowered their rating from Neutral to Sell.

Tata Motors (TTM): Nomura lowered their rating from Buy to Neutral. Pre-market: 29.88 -0.89 (-2.89%)

Coverage Initiated:

Chico’s FAS (CHS): Goldman Sachs initiated coverage with a Neutral rating and target price of $17.00.

Express (EXPR): Goldman Sachs initiated coverage with a Buy rating and target price of $28.00.

Movado (MOV): KeyBanc initiated coverage with a Hold rating.

Twitter (TWTR): Sterne Agee initiated coverage with a Neutral rating. Pre-market: 40.84 -0.81 (-1.94%)

Markets: 
Futures at 8:20: Dow +0.10%. S&P +0.10%. Nasdaq +0.07%. Crude -0.22% to $94.37. Gold -0.12% to $1283.00. U.S. 10 Year +2/32 2.747%

Europe: London +0.29%. Paris +0.48%. Frankfurt +0.18%. 

Asia: Japan +1.30% to 14270. Hong Kong +1.43% to 23070. China +0.16% to 2109. India -0.85% to 20491. 

#RLPaler #WallStreet  #WealthManagement #EarningReports #AnalystsRatings #BankofAmerica #Discrimination #WorstBank

Morning Coffee Pre-Market Wall Street News

Shineway in Talks with Smithfield Foods. China based Shineway has been reported to be in talks with Smithfield Foods (SFD) to purchase the company in a deal worth $4.5-5 billion. The acquisition if completed would represent a 25-30% premium over Smithfield's close yesterday of $25.97. Pre-market: 32.34 +6.37 (24.53%)

Upgrades

Analog Devices (ADI): Citigroup raised their rating from Neutral to Buy and raised their target price from $48.00 to $54.00. Pre-market: 45.60 +0.12 (0.26%)

Microchip Tech (MCHP): Citigroup raised their rating from Neutral to Buy and raised their target price from $39.00 to $47.00.

Peugot SA (PEUGY): HSBC Securities raised their rating from Underweight to Neutral.

Downgrades

Brocade (BRCD): Morgan Stanley lowered their rating from Equal Weight to Underweight and placed a target price of $4.50 on the company. Pre-market: 5.25 -0.13 (-2.42%)

Comerica (CMA): Wunderlich lowered their rating from Buy to Hold and placed a target price of $40.00 on the company.

Coverage Initiated

Flagstar Bancorp (FBC): BTIG initiated coverage with a Buy rating and target price of $18.00.

SeaWorld Entertainment (SEAS): Lazard Capital initiated coverage with a Neutral rating. Pre-market: 37.00 -0.71 (-1.88%)

SeaWorld Entertainment (SEAS): Macquarie initiated coverage with an Outperform rating and target price of $44.00. Pre-market: 37.00 -0.71 (-1.88%)

SeaWorld Entertainment (SEAS): KeyBank initiated coverage with a Buy rating and target price of $45.00. Pre-market: 37.00 -0.71 (-1.88%)

SeaWorld Entertainment (SEAS): JPMorgan initiated coverage with a Neutral rating and target price of $41.00. Pre-market: 37.00 -0.71 (-1.88%)

Earning Reports

Bank of Montreal (BMO): Reported EPS of $1.46 missing estimates by -$0.04. Pre-market: 60.70 -0.51 (-0.83%)

Brown Shoes (BWS): Reported EPS of $0.32 beating estimates by +$0.10.

Chico's FAS (CHS): Reported EPS of $0.32 missing estimates by -$0.04. Pre-market: 18.18 -1.16 (-6.00%)

Movado Group (MOV): Reported EPS of $0.28 beating estimates by +$0.06.

Trina Solar (TSL): Reported EPS of -$0.90 missing estimates by -$0.16.

Wet Seal (WTSL): Reported EPS of $0.03 beating estimates by +$0.03. Pre-market: 4.66 +0.16 (3.56%)

Markets: 
Futures at 8:30: Dow -0.39%. S&P -0.54%. Nasdaq -0.45%. Crude -0.69% to $94.35. Gold +0.66% to $1388.10.

Europe: London -1.47%. Paris -1.22%. Frankfurt -1.42%. 

Asia: Japan +0.10% to 14326. Hong Kong -1.61% to 22555. China +0.12% to 2324. India -0.07% to 20148.