JCPenny Received Inquiry From Regulators.

JCPenney Received Inquiry From Regulators. Troubled retailer J.C. Penney (JCP) has received a letter of inquiry from the SEC according to reports. The request is for information about the company’s "liquidity, cash position, and debt and equity financing." Regulators are also requesting information about the company’s recent stock offering. Pre-market: 8.65 -0.20 (-2.26%)

Upgrades:

Boston Scientific (BSX): Cowen raised their rating from Market Perform to Outperform. Pre-market: 11.48 +0.14 (1.23%)

Dollar General (DG): Goldman Sachs raised their rating from Neutral to Conviction Buy and raised their target price from $64.00 to $71.00.

Infosys (INFY): Cowen raised their rating from Market Perform to Outperform and raised their target price from $55.00 to $65.00. Pre-market: 54.95 +1.08 (2.00%)

Intel (INTC): Drexel Hamilton raised their rating from Hold to Buy and raised their target price from $26.00 to $30.00. Pre-market: 24.93 +0.67 (2.76%)

Intel (INTC): Citigroup raised their rating from Neutral to Buy. Pre-market: 24.93 +0.67 (2.76%)

Downgrades:

Accenture (ACN): Cowen lowered their rating from Outperform to Market Perform and lowered their target price from $92.00 to $72.00. Pre-market: 75.66 -0.13 (-0.17%)

Family Dollar (FDO): Sterne Agee lowered their rating from Neutral to Underperform and placed a target price of $56.00 on the company. Pre-market: 67.30 -0.30 (-0.44%)

IBM (IBM): Cowen lowered their rating from Outperform to Market Perform and lowered their target price from $234.00 to $165.00. Pre-market: 176.79 +0.71 (0.40%)

Tyco Intl (TYC): Argus lowered their rating from Buy to Hold. Pre-market: 37.40 +0.15 (0.40%)

Coverage Initiated:

Chevron (CVX): HSBC initiated coverage with an Overweight rating and target price of $138.00. Pre-market: 122.15 +1.05 (0.87%)

Ensco (ESV): FBR Capital initiated coverage with a Market Perform rating and target price of $62.00.

Exxon Mobil (XOM): HSBC initiated coverage with an Underweight rating and target price of $92.00. 

Pre-market: 94.95 +0.82 (0.87%)

National Oilwell (NOV): FBR Capital initiated coverage with an Outperform rating and target price of $100.00.

Nokia (NOK): JPMorgan initiated coverage with an Overweight rating and target price of $10.80. Pre-market: 7.84 +0.11 (1.42%)

Earning Reports:

American Eagle (AEO): Reported EPS of $0.19 beating estimates by +$0.01. Pre-market: 15.75 -0.65 (-3.96%)

Big Lots (BIG): Reported EPS of -$0.16 missing estimates by -$0.08. Pre-market: 33.80 -3.33 (-8.97%)

Diamond Foods (DMND): Reported EPS of $0.18 beating estimates by +$0.01. Pre-market: 23.00 -1.14 (-4.72%)

Five Below (FIVE): Reported EPS of $0.05 beating estimates by +$0.01. Pre-market: 45.25 -2.50 (-5.24%)

Pacific Sunwear (PSUN): Reported EPS of -$0.05 in-line with estimates. Pre-market: 3.20 +0.44 (15.94%)

Ulta Salon (ULTA): Reported EPS of $0.72 missing estimates by -$0.02. Pre-market: 96.26 -21.74 (-18.42%)

Zumiez (ZUMZ): Reported EPS of -$0.46 in-line with estimates. Pre-market: 25.20 -1.04 (-3.96%)

Markets: 
Futures at 6:20: Dow +0.3%. S&P +0.4%. Nasdaq +0.3%. Crude to $97.24. Gold -0.2% to $1229.60. 

Europe: London +0.4%. Paris +0.1%. Frankfurt +0.5%. 

Asia: Japan +0.8% to 15300. Hong Kong +0.1% to 23743. China -0.4% to 2237. India +0.15% to 20989. 

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Morning Coffee Pre-Market Wall Street News

Obamacare Sticker Shock. According to new government data the average cost of a mid-tier “Silver” health-insurance plan under Obamacare will be $328 a month. The Silver plan is the second to the lowest costing plan. The cost does not include the $2,000 deductible or the insurance co-pays. The three states with the highest uninsured population includes California where the average plan will cost $373, Florida where a plan will cost $328 and Texas where the silver plan will cost $305 a month. Recent data also shows that younger people who generally are healthy thereby using less medical services will be stuck with the bill, by subsidizing the elderly. People will be able to purchase insurance from the exchanges starting on October 1. , Insurers that intend to sell plans on exchanges include Aetna (AET), Humana (HUM), Molina Healthcare (MOH), UnitedHealth (UNH) and WellPoint (WLP).

Upgrades:

Diamond Offshore (DO): Guggenheim raised their rating from Neutral to Buy and raised their target price from $73.00 to $80.00. Pre-market: 62.85 +0.72 (1.16%)

Duke Energy (DUK): Argus raised their rating from Hold to Buy and placed a target price of $79.00 on the company. Pre-market: 68.08 +0.39 (0.58%)

Infosys (INFY): RW Baird raised their rating from Neutral to Outperform and raised their target price from $46.00 to $58.00. Pre-market: 49.10 +0.49 (1.01%)

KB Home (KBH): ISI Group raised their rating from Cautious to Neutral. Pre-market: 17.97 +0.21 (1.18%)

Ross Stores (ROST): Goldman Sachs raised their rating from Buy to Conviction Buy and placed a target price of $83.00 on the company.

Downgrades:

Dollar Tree (DLTR): Goldman Sachs lowered their rating from Conviction Buy to Buy and placed a target price of $61.00 on the company.

ENSCO PLC (ESV): Guggenheim lowered their rating from Buy to Neutral and lowered their target price from $63.00 to $58.00. Pre-market: 54.36 -0.36 (-0.66%)

Skyworks Solutions (SWKS): B. Riley lowered their rating from Buy to Neutral. Pre-market: 25.72 -0.11 (-0.43%)

Coverage Initiated:

Cirrus Logic (CRUS): Northland Securities initiated coverage with a Market Perform rating and target price of $26.00. Pre-market: 23.76 +0.16 (0.68%)

DTE Energy (DTE): Wells Fargo initiated coverage with a Market Perform rating and target range of $70.00 - $71.00.

Facebook (FB): Canaccord initiated coverage with a Buy rating and target price of $60.00. Pre-market: 49.23 +0.78 (1.61%)

Earning Reports:

AutoZone (AZO): Reported EPS of $10.42 beating estimates by +$0.09. Pre-market: 416.00 +1.69 (0.41%)

Markets: 
Futures at 8:46: Dow +0.02%. S&P +0.01%. Nasdaq +0.12%. Crude +0.75% to $103.90. Gold +0.16% to $1319.10. U.S 10 Year -0/32 2.660%

Europe: London -0.24%. Paris -0.16%. Frankfurt -0.02%. 

Asia: Japan -0.76% to 14621. Hong Kong +0.13% to 23210. China -0.41% to 2199. India -0.32% to 19856. 

Morning Coffee Pre-Market Wall Street News

Nike Beats Earnings Estimates. Sporting goods manufacture Nike (NKE) reported that their FQ4 earnings beat Wall Street expectations. Net profit at the company soared +22% to $668M, adjusted EPS came in at $0.76 while revenues climbed +7% to $6.7B. Sales in North American increased by +12% and revenues continued to grow in emerging markets.  The company saw a decline in both Japan and Europe, while China was flat. Pre-market: 61.10 -1.22 (-1.96%)

Upgrades:

Bed Bath & Beyond (BBBY): BofA Merrill Lynch raised their rating from Neutral to Buy and placed a target price of $82.00 on the company. After Hours: 70.15 0.00 (0.00%)

Zumiez (ZUMZ): Wedbush raised their rating from Neutral to Outperform and raised their target price from $30.00 to $36.00. Pre-market: 28.25 +0.30 (1.07%)

Pacific Sunwear (PSUN): Wedbush raised their rating from Neutral to Outperform and raised their target price from $3.75 to $4.00. Pre-market: 3.41 +0.08 (2.40%)

Downgrades:

Accenture (ACN): UBS lowered their rating from Buy to Neutral and lowered their target price from $85.00 to $77.00. Pre-market: 73.50 -6.72 (-8.38%)

BAE Systems (BAESY): Deutsche Bank lowered their rating from Buy to Hold.

Owens Corning (OC): Citigroup lowered their rating from Buy to Neutral and lowered their target price from $48.00 to $43.00.

Coverage Initiated:

Cognizant Tech (CTSH): Societe Generale initiated coverage with a Buy rating and target price of $74.00. Pre-market: 61.00 -2.10 (-3.33%)

Infosys (INFY): Societe Generale initiated coverage with a Hold rating and target price of $44.00. Pre-market: 41.50 +0.11 (0.27%)

Tesla Motors (TSLA): Wedbush initiated coverage with a Neutral rating and target price of $110.00. Pre-market: 110.02 +0.77 (0.70%)

Torchmark (TMK): RBC Capital initiated coverage with an Underperform rating and target price of $60.00. After Hours: 65.72 0.00 (0.00%)

Earning Reports:

Accenture (ACN): Reported EPS of $1.14 beating estimates by +$0.01. Pre-market: 73.50 -6.72 (-8.38%)

Finish Line (FINL): Reported EPS of $0.20 beating estimates by +$0.04. After Hours: 21.20 0.00 (0.00%)

Nike (NKE): Reported EPS of $0.76 beating estimates by +$0.01. Pre-market: 61.10 -1.22 (-1.96%)

Research in Motion (BBRY): Reported EPS of -$0.13 missing estimates by -$0.20. Pre-market: 11.91 -2.57 (-17.75%)

Markets: 

Futures at 6:25: Dow +0.19%. S&P +0.15%. Nasdaq +0.16%. Crude +0.24% to $97.27. Gold -0.65% to $1204.00. U.S. 10 Year +4/32 2.456%

Europe: London -0.05%. Paris -0.49%. Frankfurt -0.21%. 

Asia Japan +3.51% to 13677. Hong Kong +1.78% to 20803. China+1.50% to 1979. India +2.75% to 19396.