Gold Prices Fall.

Gold Prices Fall. Gold has dropped to $1200 an ounce for the first time since June after the Fed's decided to taper its QE program by $10B a month. , Gold prices have fallen over -28% this year and is currently trading at $1.201.50 down -2.74%. Silver was -3.7% at $19.32.

Upgrades:

Sirius XM (SIRI): Wunderlich raised their rating from Hold to Buy and raised their target price from $4.20 to $4.50.

Downgrades:

Ford Motor Co. (F): Craig-Hullum lowered their rating from Buy to Hold and lowered their target price from $21.00 to $16.00.

Comerica (CMA): Macquarie lowered their rating from Neutral to Underperform and placed a target price of $41.00 on the company.

JPMorgan Chase (JPM): SunTrust lowered their rating from Buy to Neutral and lowered their target price from $62.00 to $59.00.

Coverage Initiated:

Edison International (EIX): Tudor Pickering initiated coverage with an Accumulate rating.

Ralph Lauren (RL): Stephens initiated coverage with an Equal Weight rating and target price of $184.00.

Southwest Airlines (LUV): UBS initiated coverage with a Buy rating and target price of $25.00.

Standard Pacific (SPF): Sterne Agee initiated coverage with a Neutral rating and target price of $8.00.

Tiffany & Co (TIF): Stephens initiated coverage with an Equal Weight rating and target price of $95.00.

Xylem (XYL): Sterne Agee initiated coverage with a Neutral rating and target price of $32.00.

Earning Reports:

Accenture (ACN): Reported EPS of $1.15 beating estimates by +$0.05. Pre-market: 78.08 +2.46 (3.25%)

ConAgra (CAG): Reported EPS of $0.62 beating estimates by +$0.06. Pre-market: 33.09 +1.30 (4.09%)

KB Home (KBH): Reported EPS of $0.31 missing estimates by -$0.16. Pre-market: 16.95 -0.60 (-3.42%)

Oracle (ORCL): Reported EPS of $0.69 beating estimates by +$0.02. Pre-market: 35.34 +0.74 (2.14%)

Paychex (PAYX): Reported EPS of $0.43 beating estimates by +$0.01. Pre-market: 44.00 +0.68 (1.57%)

Rite Aid (RAD): Reported EPS of $0.04 in-line with estimates. Pre-market: 5.42 -0.34 (-5.90%)

Winnebago Inds (WGO): Reported EPS of $0.40 beating estimates by +$0.02. Pre-market: 31.65 +0.01 (0.03%)

Markets: 
Futures at 8:59: Dow -0.42%. S&P -0.51%. Nasdaq -0.53%. Crude -0.09% to $97.71. Gold -2.74% to $1201.50. U.S. 10 Year -13/32 to 2.944%.

Europe: London +0.87%. Paris +0.93%. Frankfurt +0.94%. 

Asia: Japan +1.74% to 15859. Hong Kong -1.10% to 22889. China -0.95% to 2128. India -0.73% to 20709. 

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Morning Coffee Pre-Market Wall Street News

Inflation Rose Less Than Expected. The Labor Department reported this morning that inflation rose less than expected in August.  The CPI rose only +0.1% in August versus the +0.2% increase in July. The core CPI, which excludes food and energy rose +0.1%. Wall Street economist had expected a +0.2% for both the CPI and Core CPI numbers.

Upgrades:

American States Water (AWR): Brean Capital raised their rating from Hold to Buy and placed a target price of $28.00 on the company.

Broadcom (BRCM): Susquehanna raised their rating from Neutral to Positive and raised their target price from $33.00 to $35.00. Pre-market: 27.33 +0.42 (1.56%)

Delta Airlines (DAL): JPMorgan raised their rating from Neutral to Overweight and raised their target price from $22.00 to $26.00. Pre-market: 23.64 +0.49 (2.12%)

FreightCar America (RAIL): Stephens raised their rating from Equal Weight to Overweight and raised their target price from $18.00 to $24.00. Pre-market: 19.96 +0.66 (3.42%)

Mead Johnson Nutrition (MJN): JPMorgan raised their rating from Neutral to Overweight and raised their target price from $78.00 to $88.00. Pre-market: 76.11 0.00 (0.00%)

US Airways (LCC): JPMorgan raised their rating from Neutral to Overweight and raised their target price from $18.00 to $26.00. Pre-market: 18.58 +0.51 (2.82%)

Verizon Communications (VZ): RBC Capital raised their rating from Sector Perform to Outperform and placed a target price of $54.00 on the company.

Downgrades:

Comstock Resources (CRK): Howard Weil lowered their rating from Sector Outperform to Sector Perform. Pre-market: 15.89 -0.12 (-0.75%)

ConAgra Foods (CAG): JPMorgan lowered their rating from Overweight to Neutral and lowered their target price from $36.00 to $33.00.

Kellogg (K): JPMorgan lowered their rating from Neutral to Underweight and lowered their target price from $65.00 to $60.00.

Steven Madden (SHOO): Wedbush lowered their rating from Outperform to Neutral and maintained their target price of $55.00.

Coverage Initiated:

Angie’s List (ANGI): Telsey Advisory Group placed a target price of $29.00 on the company. Pre-market: 20.83 +0.59 (2.92%)

Perrigo (PRGO): CRT Capital initiated coverage with a Buy rating and target price of $145.00.

Earning Reports:

Coty (COTY): Reported EPS of $0.03 beating estimates by +$0.01.

FactSet Research (FDS): Reported EPS of $1.20 beating estimates by +$0.01. Pre-market: 111.00 -1.25 (-1.11%)

Markets: 
Futures at 8:20: Dow +0.05%. S&P +0.01%. Nasdaq +0.11%. Crude -0.43% to $106.12. Gold +0.10% to $1319.00. U.S. 10 Year +7/32 2.841%.

Europe: London -0.49%. Paris -0.23%. Frankfurt -0.21%. 

Asia: Japan -0.65% to 14312. Hong Kong -0.31% to 23181. China -2.05% to 2186. India +0.31% to 19804. 

Morning Coffee Pre-Market Wall Street News

Obama Delays Military Strike. In a televised speech last night President Obama has asked Congress to delay the vote on approving military strikes against Syria. Earlier in the week Sec. John Kerry floated an idea to have Syria give up their chemical weapon and Russia’s Vladimir Putin took the idea to Syria where their leaders agreed to the idea.  Many analysts are saying that all the delays have made the U.S. look weak and has allowed Syria to hide their chemical stock piles.  They are also questioning whether the agreement is just a stalling tactic similar to those being used by Iran to hide their nuclear weapons program.  

Upgrades:

ConAgra Food (CAG): Goldman Sachs raised their rating from Buy to Neutral and placed a target price of $42.00 on the company.

Ingersoll-Rand (IR): JPMorgan raised their rating from Neutral to Overweight and raised their target price from $53.00 to $72.00. Pre-market: 64.90 +0.09 (0.14%)

Kennametal (KMT): Global Hunter raised their rating from Buy to Neutral and raised their target price from $37.00 to $55.00.

Morgan Stanley (MS): UBS raised their rating from Buy to Neutral and raised their target price from $28.00 to $33.00.

Nokia (NOK): RBC Capital raised their rating from Sector Perform to Outperform and raised their target price from $5.00 to $7.00.

Revlon Inc. (REV): BMO Capital raised their rating from Market Perform to Outperform and raised their target price from $25.00 to $31.00.

RF Micro Devices (RFMD): Raymond James raised their rating from Market Perform to Strong Buy.

Skyworks Solutions (SWKS): Raymond James raised their rating from Outperform to Strong Buy.

Snap-On Tools (SNA): Janney Capital raised their rating from Neutral to Buy.

Downgrades:

Apple (AAPL): UBS lowered their rating from Buy to Neutral and lowered their target price from $560.00 to $520.00. Pre-market: 467.33 -27.31 (-5.52%)

Apple (AAPL): Credit Suisse lowered their rating from Outperform to Neutral and maintained their target price of $525.00. Pre-market: 467.33 -27.31 (-5.52%)

BlackRock (BLK): UBS lowered their rating from Buy to Neutral and lowered their target price from $310.00 to $280.00.

Lions Gate Entertainment (LGF): Cowen lowered their rating from Outperform to Market Perform and lowered their target price from $36.00 to $32.00.

Proctor Gamble (PG): SunTrust lowered their rating from Buy to Neutral and lowered their target price from $88.00 to $80.00.

Rockwell Automation (ROK): JPMorgan lowered their rating from Overweight to Neutral and lowered their target price from $106.00 to $91.00. Pre-market: 103.55 -0.47 (-0.45%)

Take-Two Interactive (TTWO): Pacific Crest lowered their rating from Outperform to Sector Perform. Pre-market: 17.85 -0.29 (-1.60%)

Coverage Initiated:

W.P. Carey (WPC): BMO Capital initiated coverage with an Outperform rating and target price of $74.00.

Markets: 
Futures at 8:06: Dow +0.01%. S&P -0.07%. Nasdaq -0.38%. Crude -0.03% to $107.37. Gold -0.19% to $1361.40. U.S. 10 Year +7/32 2.946%

Europe: London -0.09%. Paris -0.10%. Frankfurt +0.55%. 

Asia: Japan +0.01% at 14425. Hong Kong -0.17% to 22937. China +0.15% to 2241. India +0.01% to 19997.