Bitcoin Value Sinks. China’s largest Bitcoin exchange BTC China was forced to stop accepting deposits in the Chinese currency on Wednesday, sending the price of the virtual money crashing. By Wednesday evening, BTC was quoting Bitcoins at about 2,300 renminbi, or about $380, apiece a decline in price of nearly -40%.  According to reports, the People’s Bank of China and the Chinese central bank, met Monday with the country’s largest third-party payment processing companies and ordered them to stop all transactions involving digital currencies.

Upgrades:

Western Union (WU): Macquarie raised their rating from Neutral to Outperform. Pre-market: 16.90 +0.43 (2.61%)

Downgrades:

Jabil Circuits (JBL): Longbow lowered their rating from Buy to Neutral. Pre-market: 16.20 -3.52 (-17.85%)

Coverage Initiated:

Fresh Markets (TFM): Stephens initiated coverage with an Overweight and target price of $50.00.

Groupon (GRPN): Northland Securities initiated coverage with an Outperform rating. Pre-market: 10.81 +0.14 (1.31%)

Sprouts Farmers Market (SFM): Stephens initiated coverage with an Equal Weight and target price of $40.00.

Whole Foods Market (WFM): Stephens initiated coverage with an Equal Weight and target price of $61.00. Pre-market: 57.60 +0.29 (0.51%)

Earning Reports:

FedEx (FDX): Reported EPS of $1.57 missing estimates by -$0.08. Pre-market: 138.27 -0.82 (-0.59%)

General Mills (GIS): Reported EPS of $0.83 missing estimates by -$0.05. Pre-market: 48.25 -1.33 (-2.68%)

Jabil Circuits (JBL): Reported EPS of $0.51 missing estimates by -$0.03. Pre-market: 16.20 -3.52 (-17.85%)

VeriFone (PAY): Reported EPS of $0.27 beating estimates by +$0.01. Pre-market: 23.80 -1.20 (-4.80%)

Markets: 
Futures at 7:39: Dow +0.25%. S&P +0.14%. Nasdaq +0.11%. Crude +0.16% to $97.38. Gold +0.15% to $1232.00. U.S. 10 Year -8/32 to 2.873%

.

Europe: London +0.27%. Paris +0.88%. Frankfurt +1.12%. 

Asia: Japan +2.02% to 15587.8. Hong Kong +0.32% to 23144. China -0.13% to 2148. India +1.20% 20860. 

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Morning Coffee Pre-Market Wall Street News

Government Wants Bank of America to Pay $6 Billion. Reports say that the Federal Housing Finance Agency reportedly wants Bank of America (BAC) to pay a minimum of at least $6B in fines to settle accusations that it sold faulty mortgage bonds to Fannie Mae (FNMA) and Freddie Mac (FMCC). The fin if agreed to would be much larger then JPMorgan’s (JPM) agreement to pay $4B and UBS’s fine of $885M. (BAC) Pre-market: 14.54 -0.09 (-0.62%)

Upgrades:

Abbott (ABT): ResearchTeam raised their rating from Reduce to Hold.

Apple ( AAPL): Societe Generale raised their rating from Hold to Buy and raised their target price from $500.00 to $575.00.

Archer Daniels Midland (ADM): BofA Merrill Lynch raised their rating from Underperform to Buy and raised their target price from $36.00 to $44.00. Pre-market: 38.27 +0.25 (0.66%)

Celgene (CELG): ResearchTeam raised their rating from Hold to Accumulate.

CVS Caremark (CVS): ResearchTeam raised their rating from Reduce to Accumulate.

Barrick Gold (ABX): HSBC raised their rating from Neutral to Overweight and placed a target price of $21.00 on the company.

Ensco PLC (ESV): ResearchTeam raised their rating from Reduce to Hold.

Expeditors Intl (EXPD): ResearchTeam raised their rating from Hold to Accumulate.

Intel (INTC): ResearchTeam raised their rating from Hold to Accumulate.

Ryder Systems (R): ResearchTeam raised their rating from Reduce to Hold.

Sonoco (SON): ResearchTeam raised their rating from Reduce to Hold.

Downgrades:

Abercrombie & Fitch (ANF): Macquarie lowered their rating from Outperform to Neutral and placed a target price of $36.00 on the company.

Apache (APA): ISI Group lowered their rating from Buy to Neutral and lowered their target price from $112.00 to $111.00.

Chipotle Mexican Grill (CMG): Miller Tabak lowered their rating from Buy to Hold and maintained their target price of $490.00.

General Mills (GIS): BofA Merrill Lynch lowered their rating from Buy to Neutral and lowered their target price from $54.00 to $51.00. Pre-market: 48.70 -0.49 (-1.00%)

Goodyear Tire (GT): Deutsche Bank lowered their rating from Buy to Hold and lowered their target price from $29.00 to $26.00.

Kaiser Aluminum (KALU): Sterne Agee lowered their rating from Buy to Neutral.

Kaiser Aluminum (KALU): KeyBanc lowered their rating from Buy to Hold.

Kellogg (K): BofA Merrill Lynch lowered their rating from Buy to Underperform and lowered their target price from $69.00 to $62.00. Pre-market:60.37 -1.05 (-1.71%)

Marathon Oil (MRO): ISI Group lowered their rating from Buy to Neutral and maintained their target price of $42.00.

Tesco (TESO): Capital One lowered their rating from Add to Neutral and placed a target price of $18.00 on the company.

Earning Reports:

Check Point Software (CHKP): Reported EPS of $0.85 beating estimates by +$0.01. Pre-market: 60.00 +1.59 (2.72%)

Halliburton (HAL): Reported EPS of $0.83 beating estimates by +$0.01. Pre-market: 51.01 -1.46 (-2.78%)

Hasbro (HAS): Reported EPS of $1.31 beating estimates by +$0.02. Pre-market: 48.49 +1.25 (2.65%)

McDonald’s (MCD): Reported EPS of $1.52 beating estimates by +$0.01. Pre-market: 93.50 -1.70 (-1.79%)

Philips Electronics (PHG): Reported EPS of $0.31 missing estimates by -$0.02. Pre-market: 35.43 +1.88 (5.60%)

SAP AG (SAP): Reported EPS of $0.78 missing estimates by -$0.01. Pre-market: 77.26 +3.51 (4.76%)

V.F. Corp (VFC): Reported EPS of $3.91 beating estimates by +$0.13. Pre-market: 211.25 +6.95 (3.40%)

Markets: 
Futures at 7:14: Dow +0.02%. S&P +0.12%. Nasdaq +0.28%. Crude -1.20% to $99.60. Gold +0.05% to $1315.20. U.S. 10 Year -4/32 2.597%.

Europe: London +0.85%. Paris -0.28%. Frankfurt -0.06%. 

Asia: Japan +0.91% to 14694. Hong Kong +0.42% to 23438. China +1.62% to 2229. India +0.05% to 20894. 

#RLPaler

Morning Coffee Pre-Market Wall Street News

Walgreen’s drops Medical Coverage for Employees. Walgreen (WAG) is expected to announce today that they will no longer offer health care insurance for employees and their families. Instead the company is expected to give employees cash so they can buy their own insurance on an exchange. The company is expected to site the Obamacare law for the change. Several companies have already announced that they will be dropping health insurance for their employees or spouses. They include IBM and Time Warner, Trader Joes, UPS, and Xerox. Additionally, McDonalds and Dunkin Donuts are looking to get waivers from the law.

Upgrades:

Comstock (CRK): Global Hunter Securities raised their rating from Accumulate to Buy.

Downgrades:

Caterpillar (CAT): Robert W. Baird lowered their rating from Outperform to Neutral and maintained their target price of $90.00. Pre-market: 86.41 -0.66 (-0.76%)

Exelon (EXC): RBC Capital lowered their rating from Outperform to Sector Perform.

Intuit (INTU): Morgan Stanley lowered their rating from Equal Weight to Underweight and placed a target price of $62.00 on the company.

James River Coal (JRCC): BB&T lowered their rating from Hold to Underweight.

Joy Global (JOY): Robert W. Baird lowered their rating from Outperform to Neutral and lowered their target price from $57.00 to $55.00. Pre-market: 52.38 -0.58 (-1.10%)

Coverage Initiated:

Allstate (ALL): Guggenheim initiated coverage with a Buy rating and target price of $63.00.

Marsh & McLennan (MMC): Guggenheim initiated coverage with a Buy rating and target price of $51.00.

Symantec (SYMC): Nomura initiated coverage with a Neutral rating.

Travelers Cos. (TRV): Guggenheim initiated coverage with a Neutral rating and target price of $87.00.

United States Steel (X): BMO Capital initiated coverage with a Market Perform rating and target price of $19.00.

Earning Reports:

Adobe Systems (ADBE): Reported EPS of $0.32 missing estimates by -$0.02. Pre-market: 51.20 +3.06 (6.36%)

Cracker Barrel (CBRL): Reported EPS of $1.43 beating estimates by +$0.08. Pre-market: 103.00 -4.00 (-3.74%)

FedEx (FDX): Reported EPS of $1.53 beating estimates by +$0.03. Pre-market: 113.80 +3.12 (2.82%)

General Mills (GIS): Reported EPS of $0.70 in-line with estimates. Pre-market: 50.02 +0.24 (0.48%)

Markets: 
Futures at 8:57: Dow -0.03%. S&P -0.01%. Nasdaq +0.27%. Crude +0.43% to $105.90. Gold -0.50% to $1302.90. U.S. 10 Year -3/32 2.867%.

Europe: London -0.04%. Paris +0.37%. Frankfurt +0.28%. 

Asia: Japan +1.35% to 14505. Hong Kong -0.27% to 23117. China +0.29% to 2192. India +0.80% to 19962. 

Morning Coffee Pre-Market Wall Street News

U.S. Housing Numbers Miss Estimates. The Commerce Department reported that July’s housing starts rose 5.9% to a seasonally adjusted annual rate of 896,000 units. Wall Street Economists had estimated that housing starts would come in at 900,000 units. June's numbers were revised upward to 846,000-units from the previously reported. Permits to build new homes increased 2.7% in July to a 943,000-unit pace also missing estimates. Economists had expected permits to rise to 945,000. Wall Street analysts are pointing to higher interest rates as the cause of the misses.

Upgrades:

Applied Materials (AMAT): DA Davidson raised their rating from Neutral to Buy and raised their target price from $15.00 to $18.00.

JetBlue Airlines (JBLU): Raymond James raised their rating from Underperform to Market Perform.

Pandora Media (P): Goldman Sachs raised their rating from Neutral to Buy and placed a target price of $27.00 on the company.

Wal-Mart (WMT): S&P raised their rating from 3 Stars to 4 Stars.

Downgrades:

Alcoa (AA): Bank of America Merrill Lynch lowered their rating from Neutral to Underperform and placed a target price of $8.00 on the company.

Colgate-Palmolive (CL): Argus lowered their rating from Buy to Hold.

General Mills (GIS): Jefferies lowered their rating from Hold to Underperform and lowered their target price from $45.00 to $44.00.

Noble Energy (NE): ISI Group lowered their rating from Strong Buy to Buy and placed a target price of $67.00 on the company.

Nordstrom (JWN): Sterne Agee lowered their rating from Buy to Neutral and placed a target price of $62.00 on the company.

Transocean (RIG): Johnson Rice lowered their rating from Overweight to Underweight.

Coverage Initiated:

Xcel Energy (XEL): UBS initiated coverage with a Neutral rating and target price of $30.00.

Earning Reports:

Applied Materials (AMAT): Reported EPS of $0.18 missing estimates by -$0.01.

Dell (DELL): Reported EPS of $0.25 beating estimates by +$0.01.

Nordstrom (JWN): Reported EPS of $0.93 beating estimates by +$0.05.

Markets: 
Futures at 9:01: Dow 0.00%. S&P +0.10%. Nasdaq +0.27%. Crude +0.08% to $107.44. Gold +0.34% at $1365.40. U.S. 10 Year -1/32 2.778%

Europe: London 0.00%. Paris +0.06%. Frankfurt -0.36%. 

Asia: Japan -0.75% to 13650. Hong Kong -0.10% to 22518. China -0.65% to 2068. India -3.97% to 18618. 

Morning Coffee Pre-Market Wall Street News

Gold & Silver Tarnished. Better than expected U.S. economic data yesterday, has sent gold and silver prices lower. Gold prices have dropped to their lowest since August 2010, and are down -3.55% this morning to $1229.80. Shares of SPDR Gold Trust (GLD) have fallen -23.79% year-to-date, while shares of iShares Silver Trust (SLV) have fallen -35.61% year-to-date. This morning spot prices for silver are off another -5.4% at $18.58. (GLD) Pre-market: 119.21 -4.26 (-3.45%) (SLV) Pre-market: 18.03 -0.88 (-4.65%)

Upgrades:

Adobe Systems (ADBE): Jefferies raised their rating from Hold to Buy and raised their target price from $45.00 to $57.00. Pre-market: 45.35 +0.98 (2.21%)

KeyCorp (KEY): BMO Capital raised their rating from Market Perform to Outperform and raised their target price from $10.00 to $13.00. Pre-market: 11.00 +0.28 (2.61%)

Pandora Media (P): Cowen raised their rating from Neutral to Outperform. Pre-market: 17.20 +0.79 (4.81%)

Downgrades:

Barrick Gold (ABX): Credit Suisse lowered their rating from Outperform to Neutral and lowered their target price from $36.00 to $20.00. Pre-market: 15.39 -0.72 (-4.47%)

Mosaic (MOS): Citigroup lowered their rating from Buy to Neutral and lowered their target price from $69.00 to $57.00. After Hours: 55.75 -0.16 (-0.29%)

NETGEAR (NTGR): Goldman Sachs lowered their rating from Neutral to Sell and lowered their target price from $33.00 to $28.00.

Southwest Airlines (LUV): Morgan Stanley lowered their rating from Equal Weight to Underweight and maintained a target price of $13.00. After Hours: 13.38 +0.03 (0.22%)

Coverage Initiated:

Google (GOOG): Janney Capital initiated coverage with a Buy rating and target price of $1050.00. Pre-market: 870.51 +4.31 (0.50%)

Orbitz Worldwide (OWW): Ascendiant initiated coverage with a Buy rating and target price of $10.00.

Earning Reports:

General Mills (GIS): Reported EPS of $0.53 in-line with estimates. Pre-market: 48.00 -0.33 (-0.68%)

Smith & Wesson (SWHC): Reported EPS of $0.44 beating estimates by +$0.01. Pre-market: 10.16 +0.17 (1.70%)

Markets: 
Futures at 7:34: Dow +0.40%. S&P +0.52%. Nasdaq +0.64%. Crude -0.21% to $95.13. Gold -3.55% to $1229.80.

Europe: London +0.97%. Paris +1.91%. Frankfurt +1.70%. 

Asia: Japan -1.04% to 12834. Hong Kong +2.43% to 20339. China -0.41% to 1952. India -0.41% to 18552.