CBO Says Obamacare Leads to Job Loss

CBO Says Obamacare Leads to Job Loss. According to the nonpartisan Congressional Budget Office, Obamacare will lead to a sharp decline in the number of hours worked equating to 2 million full-time jobs by 2017. We have already seen companies hiring part time workers instead of full time workers due to the law. Now the CBO says the law will cause some lower income workers to limit their hours to avoid losing federal subsidies provided by Obamacare.  House of Representatives Speaker John Boehner said in a statement. "The president's healthcare law creates uncertainty for small businesses, hurts take-home pay, and makes it harder to invest in new workers. The middle class is getting squeezed in this economy, and this CBO report confirms that Obamacare is making it worse."

Upgrades:

Archer Daniels Midland (ADM): Scotia Capital raised their rating from Sector Perform to Outperform. Pre-market: 38.47 +0.24 (0.63%)

Archer Daniels Midland (ADM): Citigroup raised their rating from Neutral to Buy and placed a target price of $45.00 on the company. Pre-market: 38.47 +0.24 (0.63%)

Becton Dickinson (BDX): Raymond James raised their rating from Underperform to Market Perform.

BlackRock (BLK): Susquehanna raised their rating from Neutral to Positive and raised their target price from $321.00 to $348.00. Pre-market: 289.74 -0.01 (0.00%)

Church & Dwight (CHD): BMO Capital raised their rating from Market Perform to Outperform and raised their target price from $65.00 to $71.00.

Zillow Inc. (Z): CRT Capital raised their rating from Fair Value to Buy. Pre-market: 78.76 +0.15 (0.19%)

Downgrades:

Eaton Corp (ETN): MKM Partners lowered their rating from Buy to Neutral. Pre-market: 67.58 -1.07 (-1.56%)

Sirius XM (SIRI): Wunderlich lowered their rating from Buy to Hold and lowered their target price from $4.20 to $3.80.

Coverage Initiated:

Deckers Outdoors (DECK): B Riley initiated coverage with a Buy rating and target price of $98.00. Pre-market: 75.58 -0.17 (-0.22%)

Laboratory Corp. (LH): Maxim initiated coverage with a Buy rating and target price of $110.00.

Earning Reports:

AFLAC (AFL): Reported EPS of $1.40 beating estimates by +$0.01. After Hours: 62.00 +0.53 (0.86%)

Cognizant Tech (CTSH): Reported EPS of $1.15 in-line with estimates. Pre-market: 92.25 -4.76 (-4.91%)

Estee Lauder (EL): Reported EPS of $1.09 beating estimates by +$0.03. Pre-market: 69.40 +0.21 (0.30%)

GlaxoSmithKline (GSK): Reported EPS of $0.30 in-line with estimates. Pre-market: 52.05 +1.15 (2.26%)

Humana (HUM): Reported EPS of -$0.19 missing estimates by -$1.12.

Merck (MRK): Reported EPS of $0.88 missing estimates by -$0.01. Pre-market: 54.28 +0.77 (1.44%)

Time Warner (TWX): Reported EPS of $1.17 beating estimates by +$0.01. Pre-market: 62.50 +0.10 (0.16%)

Markets: 

Futures at 7:55: Dow -0.16%. S&P -0.27%. Nasdaq -0.21%. Crude +0.58% to $97.75. Gold +0.62% to $1259.00. U.S. 10 Year +6/32 to 2.612%.

Europe: London +0.27%. Paris -0.05%. Frankfurt -0.17%. 

Asia, Japan +1.23% to 14180. Hong Kong -0.60% to 21269. China closed. India +0.24% to 20261. 

#RLPaler #WealthManagement #EarningReports #AnalystsRatings #TopWealthManager #PreMarket #WallStreet

Morning Coffee-Pre Market Wall Street News

Markets Lower On Fed Comments. World markets are lower this morning after the Fed left its bond-buying program unchanged. Wall Street economist had expected the Fed not to make any changes to its bond-buying program at this time. The Fed left out a reference to tightening financial conditions, which was included in the September statement. Wall Street seems to have interpreted that as meaning the Fed hasn't ruled out tapering in December.

Upgrades:

Archer Daniels Midland (ADM): Argus raised their rating from Hold to Buy. Pre-market: 41.10 +0.10 (0.24%)

Volkswagen (VLKAY): Citigroup raised their rating from Neutral to Buy.

Downgrades:

Eaton Corp. (ETN): Buckingham lowered their rating from Buy to Neutral and placed a target price of $75.00 on the company.

Facebook (FB): BMO Capital lowered their rating from Outperform to Market Perform and placed a target price of $50.00 on the company. Pre-market: 48.61 -0.40 (-0.82%)

Flour (FLR): Canaccord lowered their rating from Buy to Hold and maintained their target price of $80.00.

Garmin (GRMN): Raymond James lowered their rating from Outperform to Market Perform. Pre-market: 47.70 -0.57 (-1.18%)

Kraft Foods (KRFT): Canaccord lowered their rating from Buy to Hold and maintained their target price of $59.00. Pre-market: 55.33 -0.11 (-0.20%)

Mattel (MAT): Piper Jaffray lowered their rating from Overweight to Neutral and lowered their target price from $52.00 to $46.00. Pre-market: 43.90 -0.76 (-1.70%)

Earning Reports:

Advance Auto (AAP): Reported EPS of $1.42 in-line with estimates. Pre-market: 101.50 +1.50 (1.50%)

Anheuser-Bush InBev (BUD): Reported EPS of $1.36 beating estimates by +$0.10. Pre-market: 103.82 +0.58 (0.56%)

AstraZeneca (AZN): Reported EPS of $1.21 missing estimates by -$0.03. Pre-market: 52.81 -0.76 (-1.42%)

Cardinal Health (CAH): Reported EPS of $0.92 beating estimates by +$0.07. Pre-market: 56.61 +0.93 (1.67%)

Clorox (CLX): Reported EPS of $1.04 beating estimates by +$0.03. Pre-market: 89.00 -1.14 (-1.26%)

ConocoPhillips (COP): Reported EPS of $1.47 beating estimates by +$0.02. Pre-market: 73.88 +0.63 (0.86%)

Expedia (EXPE): Reported EPS of $1.43 beating estimates by +$0.07. Pre-market: 58.19 +8.23 (16.47%)

Exxon Mobil (XOM): Reported EPS of $1.79 beating estimates by +$0.01. Pre-market: 89.07 +0.26 (0.29%)

Facebook (FB): Reported EPS of $0.25 beating estimates by +$0.06. Pre-market: 48.61 -0.40 (-0.82%)

Kraft Foods (KRFT): Reported EPS of $0.70 beating estimates by +$0.01. Pre-market: 55.33 -0.11 (-0.20%)

MasterCard (MA): Reported EPS of $7.27 beating estimates by +$0.33. Pre-market: 734.99 +9.31 (1.28%)

Sony (SNE): Reported EPS of -$18.91 missing estimates by -$29.91. Pre-market: 18.08 -1.34 (-6.90%)

Starbucks (SBUX): Reported EPS of $0.60 in-line with estimates. Pre-market: 79.00 -1.83 (-2.26%)

Teva Pharma (TEVA): Reported EPS of $1.27 beating estimates by +$0.01. Pre-market: 38.00 +0.30 (0.80%)

Visa (V): Reported EPS of $1.86 missing estimates by -$0.01. Pre-market: 198.69 -5.13 (-2.52%)

Markets: 
Futures at 6:20: Dow -0.2%. S&P -0.1%. Nasdaq -0.5%. Crude 0.0% at $96.81. Gold -1% to $1335.80. 

Europe: London -0.4%. Paris +0.2%. Frankfurt -0.2%. 

Asia: Japan -1.2% to 14328. Hong Kong -0.4% to 23206. China -0.8% to 2143. India +0.2% to 21072.

Morning Coffee Pre-Market Wall Street News

Microsoft Share Jump On Earnings. Microsoft (MSFT) reported that their FQ1 net profit climbed +16% to $5.2B.  EPS were reported at $0.62 beating Wall Street estimates by $0.08. Revenues at the company also rose +16% to $18.53B. Microsoft's performance was boosted by strong corporate sales of its Office and server software.  Earlier this week Apple (APPL) announced that they would begin offering their latest operating system Maverick for free along with iWork which is their version of Office. Pre-market: 35.74 +2.02 (5.99%)

Upgrades:

Brinker Intl (EAT): Wunderlich raised their rating from Hold to Buy and raised their target price from $44.00 to $50.00.

Colgate-Palmolive (CL): Canaccord raised their rating from Sell to Hold and raised their target price from $52.00 to $58.00.

DuPont (DD): Citigroup raised their rating from Neutral to Buy and raised their target price from $61.00 to $70.00.

Ford Motor (F): CLSA raised their rating from Underperform to Outperform and raised their target price from $18.00 to $20.00.

Hasbro (HAS): BMO Capital raised their rating from Underperform to Market Perform and raised their target price from $38.00 to $50.00.

Sony (SNE): Credit Suisse raised their rating from Neutral to Outperform. Pre-market: 19.14 0.00 (0.00%)

Western Digital (WDC): Craig-Hallum raised their rating from Sell to Hold and placed a target price of $70.00 on the company. Pre-market: 70.50 -0.04 (-0.06%)

Downgrades:

Caterpillar (CAT): Atlantic Equities lowered their rating from Overweight to Neutral.

Transocean (RIG): Guggenheim lowered their rating from Buy to Neutral and lowered their target price from $58.00 to $53.00. Pre-market: 48.75 -0.27 (-0.55%)

Wynn Resorts (WYNN): Craig-Hallum lowered their rating from Buy to Hold and lowered their target price from $170.00 to $160.00. Pre-market: 170.02 -2.83 (-1.64%)

Coverage Initiated:

Walt Disney (DIS): FBR Capital initiated coverage with an Outperform rating and target price of $84.00.

Earning Reports:

AbbVie (ABBV): Reported EPS of $0.82 beating estimates by +$0.04. Pre-market: 48.90 +0.97 (2.02%)

DTE Energy (DTE): Reported EPS of $1.13 missing estimates by -$0.08.

Eaton (ETN): Reported EPS of $1.12 in-line with estimates. Pre-market: 67.50 -1.00 (-1.46%)

Express Scripts (ESRX): Reported EPS of $1.08 in-line with estimates. Pre-market: 62.49 -1.25 (-1.96%)

Microsoft (MSFT): Reported EPS of $0.62 beating estimates by +$0.08. Pre-market: 35.74 +2.02 (5.99%)

National Oilwell Varco (NOV): Reported EPS of $1.34 beating estimates by +$0.02. Pre-market: 82.00 +2.87 (3.63%)

Newell Rubbermaid (NWL): Reported EPS of $0.52 beating estimates by +$0.03. Pre-market: 30.10 +1.18 (4.08%)

NETGEAR (NTGR): Reported EPS of $0.58 in-line with estimates. Pre-market: 30.00 -2.14 (-6.66%)

Procter & Gamble (PG): Reported EPS of $1.05 in-line with estimates. Pre-market: 80.30 -0.31 (-0.38%)

Sherwin-Williams (SHW): Reported EPS of $2.68 beating estimates by +$0.04. Pre-market: 190.00 +3.00 (1.60%)

Synaptics (SYNA): Reported EPS of $1.31 beating estimates by +$0.08. Pre-market: 50.07 -2.97 (-5.60%)

UPS (UPS): Reported EPS of $1.16 beating estimates by +$0.01. Pre-market: 96.39 +1.90 (2.01%)

Weyerhaeuser (WY): Reported EPS of $0.27 beating estimates by +$0.05. Pre-market: 31.20 +0.90 (2.97%)

Wynn Resorts (WYNN): Reported EPS of $1.84 beating estimates by +$0.12. Pre-market: 170.02 -2.83 (-1.64%)

Markets: 
Futures at 6:17: Dow -0.03%. S&P +0.02%. Nasdaq +0.27%. Crude +0.13% to $97.24. Gold -0.88% to $1338.30. U.S. 10 Year +5/32 2.506%.

Europe: London +0.14%. Paris +0.01%. Frankfurt +0.17%. 

Asia: Japan -2.78% to 14088. Hong Kong -0.60% to 22698. China -1.45% to 2133. India -0.20% to 20684. 

Morning Coffee Pre-Market Wall Street News

Job Growth Expected to Slow. U.S. July unemployment data is due to be released this morning and economists expect that the number will show that job growth has slowed. Wall Street estimates are that nonfarm payrolls rose by 185,000 vs 195,000 in June. Wall Street is also expecting that the unemployment rate will tick down from 7.6% to 7.5%, which would be a four-year low. The data comes on the heels of yesterday’s report that showed weekly jobless claims fell to a 5 1/2 year low.

Upgrades:

Honda Motor (HMC): Credit Suisse raised their rating from Neutral to Outperform.

LinkedIn (LNKD): Cantor raised their rating from Hold to Buy and raised their target price from $170.00 to $250.00. Pre-market: 233.51 +20.51 (9.63%)

ResMed (RMD): Deutsche Bank raised their rating from Hold to Buy and raised their target price from $46.00 to $54.00.

Downgrades:

Automatic Data Processing (ADP): Susquehanna lowered their rating from Positive to Neutral and placed a target price of $78.00 on the company.

Broadcom (BRCM): UBS lowered their rating from Buy to Neutral and lowered their target price from $35.00 to $30.00. Pre-market: 27.47 -0.16 (-0.58%)

Mosaic (MOS): UBS lowered their rating from Buy to Neutral and lowered their target price from $67.00 to $40.00.

Mylan (MYL): Needham lowered their rating from Strong Buy to Buy and placed a target price of $40.00 on the company. Pre-market: 35.00 +1.02 (3.00%)

Coverage Initiated:

Dynergy (DYN): Drexel Hamilton initiated coverage with a Buy rating and target price of $27.00.

Electronic Arts (EA): Benchmark Co initiated coverage with a Buy rating and target price of $30.84. Pre-market: 26.53 0.00 (0.00%)

NRG Energy (NRG): Drexel Hamilton initiated coverage with a Buy rating and target price of $38.00.

Earning Reports:

Chevron (CVX): Reported EPS of -$2.77 missing estimates by -$0.21. Pre-market: 125.50 -0.94 (-0.74%)

Church & Dwight (CHD): Reported EPS of $0.61 beating estimates by +$0.01.

Eaton (ETN): Reported EPS of $1.09 missing estimates by -$0.02. Pre-market: 67.00 -2.93 (-4.19%)

Edison (EIX): Reported EPS of $0.79 beating estimates by +$0.11.

Kraft Foods (KRFT): Reported EPS of $0.85 beating estimates by +$0.19. Pre-market: 57.40 +0.26 (0.46%)

Leap Wireless (LEAP): Reported EPS of -$2.09 missing estimates by -$0.97.

LinkedIn (LNKD): Reported EPS of $0.38 beating estimates by +$0.07. Pre-market: 233.51 +20.51 (9.63%)

Sealed Air (SEE): Reported EPS of $0.35 beating estimates by +$0.10.

Synaptics (SNYA): Reported EPS of $1.39 beating estimates by +$0.15. Pre-

market: 41.96 +1.29 (3.17%)

Viacom (VIAB): Reported EPS of $1.29 missing estimates by -$0.01. Pre-market: 78.50 +4.14 (5.57%)

Markets: 
Futures at 7:40: Dow +0.11%. S&P +0.12%. Nasdaq +0.31%. Crude -0.32% at $107.57. Gold -2.08% to $1284.00. U.S. 10 Year +22/32 2.637%

Europe: London -0.03%. Paris -0.02%. Frankfurt +0.06%. 

Asia: Japan +3.29% to 14466. Hong Kong +0.46% to 22191. China +0.02% at 2029. India -0.79% to 19,164.