Morning Coffee Pre-Market Wall Street News

U.S. Durable Goods Miss Estimates. The Commerce Department reported that durable goods orders fell 7.3% marking the largest decline since last August. Durable goods are manufactured products designed to last three years or more. Wall Street economist had estimated that durable goods would fall only 4% in July. Non-defense capital goods orders excluding aircraft fell 3.3%, ending four months of gains. It was the biggest fall since February. Economists had expected capital goods orders to increase 0.5%. The decline in orders for both durable and capital goods suggests manufacturing is slowing and that the economy may not grow in Q3 as much as some expected.  

Upgrades:

Adobe Systems (ADBE): Pacific Crest raised their rating from Sector Perform to Outperform and placed a target price of $60.00 on the company.

Aeropostale (AEO): Brean Capital raised their rating from Sell to Hold.

Altera (ALTR): Citigroup raised their rating from Neutral to Buy and raised their target price from $39.00 to $41.00.

Amgen (AMGN): Piper Jaffray raised their rating from Neutral to Overweight and raised their target price from $120.00 to $140.00.

Big Lots (BIG): JPMorgan raised their rating from Underweight to Neutral and placed a target price of $32.25 on the company. Pre-market: 33.00 +0.75 (2.33%)

Dollar Tree (DLTR): Deutsche Bank raised their rating from Hold to Buy and placed a target price of $60.00 on the company. Pre-market: 53.97 +0.68 (1.28%)

Hasbro (HAS): Citigroup raised their rating from Sell to Buy and raised their target price from $40.00 to $53.00.

Downgrades:

Family Dollar Store (FDO): Deutsche Bank lowered their rating from Buy to Hold and placed a target price of $74.00 on the company. Pre-market: 71.88 -0.40 (-0.55%)

Tyson Foods (TSN): BofA Merrill Lynch lowered their rating from Buy to Neutral and placed a target price of $32.00 on the company. Pre-market: 30.76 -0.72 (-2.29%)

Markets: 
Futures at 8:31: Dow -0.14%. S&P -0.07%. Nasdaq +0.06%. Crude -0.15% at $106.24. Gold +0.06% to $1396.70. U.S. 10 Year +4/32 2.799%.

Europe: London closed. Paris -0.32%. Frankfurt -0.01%. 

Asia: Japan -0.18% to 13636. Hong Kong +0.65% to 22005. China +1.90% to 2096. India +0.21% to 18558. 

Morning Coffee Pre-Market Wall Street News

Apple Reports Earnings After Close.

Wall Street traders will be waiting for Apple (AAPL) to report their latest earnings after the close today. The company’s shares are well off their all time highs as many see the company’s sales hurting due to the increasing popularity of android based phones and tablets.  Wall Street analysts are expecting that the company will report EPS of $7.28 down from year ago earnings of $9.32. Other companies reporting after the bell today include AT&T (T), International Gaming Tech (IGT), Panera Bread (PNRA), VMware (VMW).

Upgrades:

Barrick Gold (ABX): Macquarie raised their rating from Underperform to Neutral. Pre-market: 17.61 +0.05 (0.28%)

Baker Hughes (BHI): Macquarie raised their rating from Neutral to Outperform and raised their target price from $48.00 to $54.00. Pre-market: 48.20 +0.69 (1.45%)

Baker Hughes (BHI): Cowen raised their rating from Market Perform to Outperform. Pre-market: 48.20 +0.69 (1.45%)

Hasbro (HAS): Needham raised their rating from Hold to Buy and placed a target price of $52.00 on the company.

Texas Instrument (TXN): SunTrust raised their rating from Reduce to Neutral and placed a target price of $40.00 on the company.

Downgrades:

Broadcom (BRCM): Pacific Crest lowered their rating from Outperform to Sector Perform. Pre-market: 32.50 -0.75 (-2.26%)

JDS Uniphase (JDSU): MKM Partners lowered their rating from Buy to Neutral and lowered their target price from $24.00 to $15.00. Pre-market: 14.90 -0.25 (-1.65%)

Yahoo! (YHOO): Needham lowered their rating from Buy to Hold.

Netflix (NFLX): Pacific Crest lowered their rating from Outperform to Sector Perform. Pre-market: 252.76 -9.20 (-3.51%)

Netflix (NFLX): Cantor Fitzgerald lowered their rating from Buy to Hold and placed a target price of $260.00 on the company. Pre-market: 252.76 -9.20 (-3.51%)

Coverage Initiated:

Aetna (AET): Stifel Buckingham initiated coverage with a Buy rating and target price of $80.00.

Alaska Air (ALK): Buckingham initiated coverage with a Buy rating and target price of $75.00. Pre-market: 62.32 +0.16 (0.26%)

BJ’s Restaurants (BJRI): Wunderlich initiated coverage with a Hold rating and target price of $42.00.

Buffalo Wild Wings (BWLD): Wunderlich initiated coverage with a Buy rating and target price of $117.00.

Cheesecake Factory (CAKE): Wunderlich initiated coverage with a Hold rating and target price of $46.00.

Chipotle Mexican Grill (CMG): Wunderlich initiated coverage with a Hold rating and target price of $430.00.

Panera Bread (PNRA): Wunderlich initiated coverage with a Hold rating and target price of $200.00.

Earning Reports:

Altria (MO): Reported EPS of $0.62 missing estimates by -$0.01.

CIT Group (CIT): Reported EPS of $0.91 in-line with estimates.

DuPont (DD): Reported EPS of $1.28 beating estimates by +$0.01.

Forest Labs (FRX): Reported EPS of $2.64 beating estimates by +$0.01.

Lockheed Martin (LMT): Reported EPS of $0.09 beating estimates by +$0.43.

Netflix (NFLX): Reported EPS of $0.49 beating estimates by +$0.10.

Ryder System (R): Reported EPS of $1.25 beating estimates by +$0.03.

Texas Instruments (TXN): Reported EPS of $0.42 beating estimates by +$0.01.

Wendy's (WEN): Reported EPS of $0.08 beating estimates by +$0.02.

Markets: 
Futures at 8:20: Dow +0.15%. S&P +0.2%. Nasdaq +0.23%. Crude -1.00% to $105.87. Gold -0.31% to $1331.60. U.S 10 Ten Year -10/32 2.523%

Europe: London +0.21%. Paris +0.20%. Frankfurt +0.26%.

Asia: Japan +0.82% to 14779. Hong Kong +2.33% to 21915. China +1.95% to 2044. India +0.71% to 20,302.