China Data Sends Markets Lower

China Data Sends Markets Lower. Chinese exports tumbled -18.1% in February after expanding +10.6% in January missing economist estimates of +6.8% by a wide margin. Some are questioning whether the data was distorted by the Lunar New Year holiday and fake invoicing that boosted the data a year earlier. The news sent Asian markets lower, while the Shanghai Composite fell -2.9%.

Upgrades:

Allegheny Technologies (ATI): ReaserchTeam raised their rating from Reduce to Hold.

Archer Daniels Midland (ADM): BMO Capital raised their rating from Market Perform to Outperform and raised their target price from $42.00 to $50.00.

Avery Dennison (AVY): ReaserchTeam raised their rating from Reduce to Hold.

Bank of New York (BK): ReaserchTeam raised their rating from Reduce to Hold.

Big Lots (BIG): FBR Capital raised their rating from Market Perform to Outperform and raised their target price from $35.00 to $45.00. Pre-market: 36.36 +0.39 (1.08%)

Coca-Cola (KO): ReaserchTeam raised their rating from Reduce to Hold. Pre-market: 38.52 -0.03 (-0.08%)

DreamWorks Animation (DWA): B. Riley raised their rating from Neutral to Buy and raised their target price from $32.00 to $37.00. Pre-market: 29.95 +0.49 (1.66%)

National Oilwell (NOV): ReaserchTeam raised their rating from Hold to Accumulate.

Qualcomm (QCOM): ReaserchTeam raised their rating from Hold to Accumulate. Pre-market: 76.94 +0.15 (0.20%)

W.P. Carey (WPC): ReaserchTeam raised their rating from Reduce to Hold.

United States Steel (X): Nomura raised their rating from Neutral to Buy. Pre-market: 24.75 -0.09 (-0.36%)

Downgrades:

D.R. Horton (DHI): Citigroup lowered their rating from Buy to Neutral and lowered their target price from $27.00 to $26.00.

International Paper (IP): ResearchTeam lowered their rating from Hold to Reduce.

Royal Caribbean (RCL): ResearchTeam lowered their rating from Accumulate to Hold.

Staples (SPLS): BB&T lowered their rating from Buy to Hold.

Coverage Initiated:

Laboratory Corp. (LH): Piper Jaffrey initiated coverage with a Neutral rating and target price of $91.00.

Quest Diagnostics (DGX): Piper Jaffrey initiated coverage with a Neutral rating and target price of $51.00.

Markets: 
Futures at 8:03: Dow -0.11%. S&P -0.11%. Nasdaq +0.01%. Crude -1.22% to $101.33. Gold +0.06% to $1339.10. U.S. 10 Year -3/32 to 2.797%.

Europe: London +0.3%. Paris +0.9%. Frankfurt -0.1%. 

Asia: Japan -1% to 15120. Hong Kong -1.8% to 22265. China -2.9% to 1999. India +0.3% to 21983. 

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