Fiat acquires Full Control of Chrysler. Fiat (FIATY) will pay $4.35B to acquire the 41.5% stake in Chrysler owned by the United Auto Workers Retiree Medical Benefits Trust. The deal will help the company consolidate and end the UAW control of the company. The agreement also ends the need for Chrysler’s IPO. The new has sent Fiat shares rocketing in Milan and in the U.S. pre-market, up over 13%. Pre-market: 9.40 +1.10 (13.25%)

Upgrades:

Duke Energy (DUK): BMO Capital raised their rating from Market Perform to Outperform and placed a target price of $77.00 on the company. Pre-market: 69.30 +0.29 (0.42%)

Jacobs Engineering (JEC): RW Baird raised their rating from Neutral to Outperform and raised their target price from $67.00 to $74.00.

United States Steel (X): KeyBanc raised their rating from Hold to Buy and placed a target price of $37.00 on the company. Pre-market: 29.90 +0.40 (1.36%)

Xilinx (XLNX): Goldman Sachs raised their rating from Neutral to Buy and raised their target price from $45.00 to $52.00. Pre-market: 46.89 +0.97 (2.11%)

Downgrades:

Apple (AAPL): Wells Fargo lowered their rating from Outperform to Market Perform and maintained their $538.00 -$581.00 target range. Pre-market: 555.10 -5.92 (-1.06%)

Sprint (S): Macquarie lowered their rating from Outperform to Neutral and lowered their target price from $8.25 to $7.50. Pre-market: 10.50 -0.25 (-2.33%)

Sprint (S): Cowen lowered their rating from Outperform to Market Perform. Pre-market: 10.50 -0.25 (-2.33%)

T-Mobile (TMUS): Goldman Sachs lowered their rating from Conviction Buy to Buy and lowered their target price from $37.00 to $32.00. Pre-market: 33.44 -0.20 (-0.59%)

US Bancorp (USB): Macquarie lowered their rating from Outperform to Neutral.

Markets: 
Futures at 8:05: Dow -0.18%. S&P -0.17%. Nasdaq -0.36%. Crude -0.79% to $97.64. Gold +1.26% to $1217.60.  U.S. 10 Year +1/32 to 3.031%.

Europe: London -0.16%. Paris -0.82%. Frankfurt -0.46%. 

Asia: Japan closed. Hong Kong +0.14% to 23340. China -0.31% to 2109. India -1.19% to 20888. 

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Chrysler IPO to Début in December

Chrysler IPO to Début in December. Reports say that Chrysler could reportedly carry out its IPO this December. The lead underwriters Bank of America (BAC) and JPMorgan (JPM) will be joined by Barclays (BCS), Goldman Sachs (GS), Morgan Stanley (MS) and UBS (UBS).

Upgrades:

Green Mountain Coffee Roasters (GMCR): Janney Capital raised their rating from Neutral to Buy and raised their target price from $75.00 to $80.00.

Hillshire Bands (HSH): BMO Capital raised their rating from Market Perform to Outperform and raised their target price from $31.00 to $41.00.

Downgrades:

American Railcar Industries (ARII): Raymond James lowered their rating from Outperform to Underperform.

J.M. Smucker (SJM): JPMorgan lowered their rating from Overweight to Neutral and placed a target price of $110.00 on the company.

Qualcomm (QCOM): Raymond James lowered their rating from Strong Buy to Outperform and placed a target price of $79.00 on the company.

Republic Services (RSG): Goldman Sachs lowered their rating from Buy to Neutral and placed a target price of $36.00 on the company.

Coverage Initiated:

Baltic Trading (BALT): Longbow initiated coverage with a Buy rating and target price of $7.00.

Diana Shipping (DSX): Maxim initiated coverage with a Buy rating and target price of $14.00.

Facebook (FB): FBR Capital initiated coverage with an Outperform rating and target price of $60.00.

Genco Shipping & Trading (GNK): Maxim initiated coverage with a Hold rating.

LinkedIn (LNKD): FBR Capital initiated coverage with an Market Perform rating and target price of $214.00.

Navastar Intl (NAV): Longbow initiated coverage with a Neutral rating.

Star Bulk Containers (SBLK): Maxim initiated coverage with a Buy rating and target price of $12.00.

Earning Reports:

Abercrombie & Fitch (ANF): Reported EPS of $0.52 beating estimates by +$0.08. Pre-market: 34.00 -0.99 (-2.83%)

Dollar Tree (DLTR): Reported EPS of $0.58 missing estimates by -$0.02. Pre-market: 55.55 -3.37 (-5.72%)

Gamestop (GME): Reported EPS of $0.58 beating estimates by +$0.01.

Sears Hldg (SHLD): Reported EPS of -$5.03 missing estimates by -$1.64.

Target (TGT): Reported EPS of $0.54 missing estimates by -$0.10.

Markets: 
Futures at 6:20: Dow +0.25%. S&P +0.2%. Nasdaq +0.3%. Crude 0.0% at $93.35. Gold -0.9% to $1246.60. U.S. 10 Year -5/32 2.823%.

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

Asia, Japan +1.9% to 15365.6. Hong Kong -0.5% to 23580. China 0.0% at 2206. India -2% to 20229.

#RLPaler #WallStreet #PreMarket #WealthManagement #EarningReports #AnalystsRatings #IPO

Morning Coffee Pre-Market Wall Street News

Chrysler Post Nice Sales Gains.

Chrysler’s Group LLC's, which is owned by Fiat S.p.A (FIATY) reported that their May sales in the U.S. rose 11% beating estimates from Edmunds.com.

For May, Chrysler said it sold 166,596 vehicles, up from 150,041 a year ago, and +0.6% above April's total of 156,698. Truck sales at the company grew +8.8% while car sales increased +16%.

Sales of the Chrysler line of vehicles fell -2%, while Jeep rose +0.5%. Big sales increased were seen at Dodge led by the Dodge Avenger and Dodge Challenger.  Dodge saw their sales increase +23%.

General Motors Co. (GM), and Ford Motor Co. (F) along with other manufactures are expected to report May sales later today.

Overall, U.S. new auto sales for May are expected to rise +6.5% from a year earlier.

Upgrades

Best Buy (BBY): SunTrust raised their rating from Neutral to Buy and placed a target price of $35.00 on the company. Pre-market: 28.46 +0.91 (3.30%)

 Host Hotels & Resorts (HST): ISI Group raised their rating from Neutral to Buy.

Intel (INTC): FBR Capital raised their rating from Market Perform to Outperform and raised their target price from $23.00 to $28.00. Pre-market: 24.67 +0.39 (1.61%)

MetLife (MET): Deutsche Bank raised their rating from Hold to Buy and raised their target price from $46.00 to $51.00. Pre-market: 44.99 +0.78 (1.76%)

Orbitz Worldwide (OWW): Lazard Capital raised their rating from Neutral to Buy and placed a target price of $9.50 on the company.

Plum Creek Timber (PCL): Bank of America Merrill Lynch raised their rating from Neutral to Buy and placed a target price of $55.00 on the company.

Starwood Hotels & Resorts (HOT): ISI Group raised their rating from Neutral to Buy.

Downgrades

Torchmark Corp (TMK): Janney Capital lowered their rating from Buy to Neutral.

Coverage Initiated

Applied Micro (AMCC): FBR Capital initiated coverage with an Outperform rating and target price of $11.00.

Guess? (GES): Topeka initiated coverage with a Hold rating and target price of $34.00.

Coverage Reiterated/Price Target Changed 

Google (GOOG): Cantor Fitzgerald reiterated their Buy rating and raised their target price from $900.00 to $1030.00. Pre-market: 874.77 +3.55 (0.41%)

Earning Reports

Cracker Barrel (CBRL): Reported EPS of $1.02 beating estimates by +$0.08. Pre-market: 93.01 +3.55 (3.97%)

Markets: 
Futures at 8:31: Dow +0.50%. S&P +0.29%. Nasdaq +0.33%. Crude +0.91% to $92.81. Gold +0.23% to $1396.70.

Europe: London -0.39%. Paris +0.16%. Frankfurt +0.13%. 

Asia: Japan -3.72% to 13262. Hong Kong -0.49% to 22282. China -0.06% to 2299. India -0.76% to 19610.