China Data Sends Markets Lower

China Data Sends Markets Lower. Chinese exports tumbled -18.1% in February after expanding +10.6% in January missing economist estimates of +6.8% by a wide margin. Some are questioning whether the data was distorted by the Lunar New Year holiday and fake invoicing that boosted the data a year earlier. The news sent Asian markets lower, while the Shanghai Composite fell -2.9%.

Upgrades:

Allegheny Technologies (ATI): ReaserchTeam raised their rating from Reduce to Hold.

Archer Daniels Midland (ADM): BMO Capital raised their rating from Market Perform to Outperform and raised their target price from $42.00 to $50.00.

Avery Dennison (AVY): ReaserchTeam raised their rating from Reduce to Hold.

Bank of New York (BK): ReaserchTeam raised their rating from Reduce to Hold.

Big Lots (BIG): FBR Capital raised their rating from Market Perform to Outperform and raised their target price from $35.00 to $45.00. Pre-market: 36.36 +0.39 (1.08%)

Coca-Cola (KO): ReaserchTeam raised their rating from Reduce to Hold. Pre-market: 38.52 -0.03 (-0.08%)

DreamWorks Animation (DWA): B. Riley raised their rating from Neutral to Buy and raised their target price from $32.00 to $37.00. Pre-market: 29.95 +0.49 (1.66%)

National Oilwell (NOV): ReaserchTeam raised their rating from Hold to Accumulate.

Qualcomm (QCOM): ReaserchTeam raised their rating from Hold to Accumulate. Pre-market: 76.94 +0.15 (0.20%)

W.P. Carey (WPC): ReaserchTeam raised their rating from Reduce to Hold.

United States Steel (X): Nomura raised their rating from Neutral to Buy. Pre-market: 24.75 -0.09 (-0.36%)

Downgrades:

D.R. Horton (DHI): Citigroup lowered their rating from Buy to Neutral and lowered their target price from $27.00 to $26.00.

International Paper (IP): ResearchTeam lowered their rating from Hold to Reduce.

Royal Caribbean (RCL): ResearchTeam lowered their rating from Accumulate to Hold.

Staples (SPLS): BB&T lowered their rating from Buy to Hold.

Coverage Initiated:

Laboratory Corp. (LH): Piper Jaffrey initiated coverage with a Neutral rating and target price of $91.00.

Quest Diagnostics (DGX): Piper Jaffrey initiated coverage with a Neutral rating and target price of $51.00.

Markets: 
Futures at 8:03: Dow -0.11%. S&P -0.11%. Nasdaq +0.01%. Crude -1.22% to $101.33. Gold +0.06% to $1339.10. U.S. 10 Year -3/32 to 2.797%.

Europe: London +0.3%. Paris +0.9%. Frankfurt -0.1%. 

Asia: Japan -1% to 15120. Hong Kong -1.8% to 22265. China -2.9% to 1999. India +0.3% to 21983. 

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Eurozone PMI Rises as China’s Falls

Eurozone PMI Rises as China’s Falls. The Eurozone manufacturing PMI rose to a 32-month high of 54 in January up from a prior reading of 52.7 in December. The data is consistent with GDP growth of just 0.4-0.5% in Q1. While, China's PMI fell to a six-month low of 50.5 in January, down from 51 in December. Non-manufacturing print fell to the lowest level since December 2008, falling to 53.4 from 54.6. This is just the latest indicator showing that China’s economy is slowing.

Upgrades:

Baker Hughes (BHI): ResearchTeam raised their rating from Reduce to Hold.

Goldman Sachs (GS): Guggenheim raised their rating from Neutral to Buy and placed a target price of $200.00 on the company. Pre-market: 165.70 +1.58 (0.96%)

MasterCard (MA): Susquehanna raised their rating from Positive to Neutral and raised their target price from $70.00 to $91.00. Pre-market: 76.15 +0.47 (0.62%)

Microsoft (MSFT): ResearchTeam raised their rating from Reduce to Hold. Pre-market: 37.63 -0.21 (-0.55%)

Northrop Grumman (NOC): Drexel Hamilton raised their rating from Hold to Buy.

Downgrades:

Abbott Labs (ABT): ReseachTeam lowered their rating from Hold to Reduce.

Apple (AAPL): ReseachTeam lowered their rating from Hold to Reduce. Pre-market: 503.00 +2.40 (0.48%)

Celgene (CELG): ReseachTeam lowered their rating from Hold to Reduce. Pre-market: 152.19 +0.26 (0.17%)

ENSCO (ESV): Raymond James lowered their rating from Outperform to Market Perform.

International Paper (IP): ResearchTeam lowered their rating from Accumulate to Hold.

Lear Corp. (LEA): CRT Capital lowered their rating from Buy to Fair Value. Pre-market: 72.33 0.00 (0.00%)

Mattel (MAT): Longbow lowered their rating from Buy to Neutral. Pre-market: 37.59 -0.25 (-0.66%)

Mattel (MAT): B. Riley lowered their rating from Buy to Neutral and lowered their target price from $55.00 to $41.00. Pre-market: 37.59 -0.25 (-0.66%)

Mattel (MAT): SunTrust lowered their rating from Buy to Neutral and lowered their target price from $50.00 to $40.00. Pre-market: 37.59 -0.25 (-0.66%)

Noble Corp. (NE): Raymond James lowered their rating from Outperform to Market Perform. Pre-market: 30.88 -0.15 (-0.48%)

Praxair (PX): ReseachTeam lowered their rating from Hold to Reduce.

Earning Reports:

Sysco (SYY): Reported EPS of $0.48 in-line with estimates. Pre-market: 35.10 +0.02 (0.06%)

Markets: 
Futures at 8:20: Dow +0.20%. S&P +0.21%. Nasdaq +0.16%. Crude +0.04% to $97.54. Gold +0.56% to $1246.80. U.S. 10 Year -6/32 to 2.672%.

Europe: London -0.43%. Paris -0.34%. Frankfurt -0.71%. 

Asia: Japan -1.98% to 14619, Hong Kong -0.48% to 22035, China +0.56% to 2050. India -0.48% at 20415. 

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Morning Coffee Pre-Market Wall Street News

Ford Post Strong Q3 Profits. Ford Motor reports very strong Q3 profits, driven by strength in North America and smaller losses in Europe. The auto maker reported pre-tax earnings of $2.6 billion or EPS of $0.45, easily beating Wall Street estimates of only $0.37. Bob Shanks, Ford's chief financial officer said "North America continues to achieve strong profits and we saw significantly improved results outside North America."  He went on to say "We substantially reduced our losses in Europe, set a record third quarter profit in Asia Pacific Africa and saw a $150 million improvement in South America."

 The company also raised full-year guidance. It expects its full-year pre-tax profit to beat 2012 and expects its automotive operating margins to be higher than last year.

Ford also said it contributed $1.1 billion during Q3 to fund its pension plans worldwide. $700 million was contributed to its U.S. plans. Pre-market: 18.11 +0.59 (3.37%)

Upgrades:

Canadian Pacific Railway (CP): Desjardins raised their rating from Hold to Buy. Pre-market: 142.82 -0.17 (-0.12%)

Canadian Pacific Railway (CP): RBC Capital raised their rating from Underperform to Sector Perform. Pre-market: 142.82 -0.17 (-0.12%)

Eli Lilly (LLY): MKM Partners raised their rating from Neutral to Buy and placed a target price of $59.00 on the company.

Goldman Sachs (GS): Deutsche Bank raised their rating from Hold to Buy and raised their target price from $163.00 to $181.00.

Downgrades:

Caterpillar (CAT): Raymond James lowered their rating from Outperform to Market Perform.

Caterpillar (CAT): JPMorgan lowered their rating from Overweight to Neutral and lowered its target price from $105.00 to $90.00.

Coach (COH): Atlantic Equities lowered their rating from Overweight to Neutral. Pre-market: 48.51 -0.04 (-0.08%)

Green Mountain Coffee Roasters (GMCR): Argus lowered their rating from Buy to Hold.

O”Reilly Automotive (ORLY): Raymond James lowered their rating from Strong Buy to Market Perform.

U.S. Bancorp (USB): Deutsche Bank raised their rating from Buy to Hold and raised their target price from $41.00 to $38.00.

Coverage Initiated:

21^st Century Fox (FOXA): Guggenheim initiated coverage with a Buy rating and target price of $41.00. Pre-market: 34.77 0.00 (0.00%)

CBS Corp (CBS): Guggenheim initiated coverage with a Buy rating and target price of $69.00.

CVS Caremark (CVS): FBR Capital initiated coverage with an Outperform rating and target price of $69.00.

Express Scripts (ESRX): FBR Capital initiated coverage with an Outperform rating and target price of $75.00.

News Corp (NWSA): Guggenheim initiated coverage with a Neutral rating and target price of $19.00.

Time Warner (TWX): Guggenheim initiated coverage with a Buy rating and target price of $80.00.

Viacom B (VIAB): Guggenheim initiated coverage with a Neutral rating and target price of $94.00.

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

Walt Disney (DIS): Guggenheim initiated coverage with a Neutral rating and target price of $78.00.

Earning Reports:

3M (MMM): Reported EPS of $1.78 beating estimates by +$0.03. Pre-market: 123.50 +0.30 (0.24%)

Ball Corp (BLL): Reported EPS of $1.78 beating estimates by +$0.03.

Cabela’s (CAB): Reported EPS of $0.70 missing estimates by -$0.01. Pre-market: 59.82 -2.57 (-4.12%)

Celgene (CELG): Reported EPS of $1.56 beating estimates by +$0.03. Pre-market: 158.50 -1.50 (-0.94%)

Colgate-Palmolive (CL): Reported EPS of $0.73 in-line with estimates. Pre-market: 63.00 -0.47 (-0.74%)

Dow Chemical (DOW): Reported EPS of $0.50 missing estimates by -$0.04. Pre-market: 40.00 -1.04 (-2.53%)

Ford Motor (F): Reported EPS of $0.45 beating estimates by +$0.08. Pre-market: 18.11 +0.59 (3.37%)

Hershey Foods (HSY): Reported EPS of $1.04 beating estimates by +$0.03. Pre-market: 98.00 +1.15 (1.19%)

International Paper (IP): Reported EPS of $0.94 missing estimates by -$0.01. Pre-market: 44.63 +0.24 (0.54%)

Old Dominion Freight (ODFL): Reported EPS of $0.70 missing estimates by -$0.01. Pre-market: 47.00 -0.74 (-1.55%)

Potash (POT): Reported EPS of $0.41 in-line with estimates. Pre-market: 31.05 -0.65 (-2.05%)

Under Armour (UA): Reported EPS of $0.68 beating estimates by +$0.02. Pre-market: 78.97 -5.01 (-5.97%)

Xerox (XRX): Reported EPS of $0.26 beating estimates by +$0.01. Pre-market: 10.41 -0.32 (-2.98%)

Zimmer Hldgs (ZMH): Reported EPS of $1.25 beating estimates by +$0.01.

Markets: 
Futures at 6:20: Dow +0.4%. S&P +0.4%. Nasdaq +0.4%. Crude +0.4% to $97.27. Gold +0.1% to $1335.90. U.S. 10 Year +2/32 2.497%

Europe: London +0.4%. Paris +0.2%. Frankfurt +0.6%. 

Asia: Japan +0.4% to 14486. Hong Kong -0.7% to 22836. China -0.8% to 2165. India -0.2% to 20725. 

Morning Coffee Pre-Market Wall Street News

Nike Beats EPS Estimates. Nike (NKE) shares are 7% higher premarket after the company reported EPS that beat Wall Street estimates. The company reported FQ1 EPS of $0.86 beat estimates of $0.78. Profits at the company jumped 38% to $780M and revenue rose 8% to an expected $6.97B. Nike saw high demand in the U.S. and many international markets for its athletic products, except for China.  Global futures orders, a leading indicator for top line growth, rose 8%. Pre-market: 75.36 +5.02 (7.14%)

Upgrades:

Nike (NKE): Sterne Agee raised their rating from Neutral to Buy. Pre-market: 75.36 +5.02 (7.14%)

Occidental Petroleum (OXY): Susquehanna raised their rating from Neutral to Positive and placed a target price of $114.00 on the company. Pre-market: 93.57 -0.01 (-0.01%)

Downgrades:

Bank of America (BAC): Guggenheim lowered their rating from Buy to Neutral. Pre-market: 13.99 -0.09 (-0.64%)

Goldman Sachs (GS): Guggenheim lowered their rating from Buy to Neutral. Pre-market: 161.50 -0.79 (-0.49%)

International Game Technology (IGT): Deutsche Bank lowered their rating from Buy to Hold and placed a target price of $22.00 on the company. After Hours: 20.60 -0.07 (-0.34%)

International Paper (IP): Deutsche Bank lowered their rating from Buy to Hold and lowered their target price from $54.00 to $51.00. Pre-market: 46.50 -0.79 (-1.67%)

Marathon Oil (MRO): Stifel lowered their rating from Buy to Hold. Pre-market: 35.00 -0.28 (-0.79%)

Coverage Initiated:

Masco Corp (MAS): FBR Capital initiated coverage with a Market Perform rating and target price of $24.00.

Owens Corning (OC): FBR Capital initiated coverage with an Outperform rating and target price of $50.00.

Earning Reports:

Accenture (ACN): Reported EPS of $1.01 missing estimates by -$0.01. After Hours: 72.90 -2.97 (-3.91%)

BlackBerry (BBRY): Reported EPS of -$0.47 in-line with estimates. Pre-market: 8.00 +0.05 (0.63%)

Finish Line (FINL): Reported EPS of $0.54 beating estimates by +$0.08. Pre-market: 25.00 +2.61 (11.66%)

Nike (NKE): Reported EPS of $0.86 beating estimates by +$0.08. Pre-market: 75.36 +5.02 (7.14%)

Thor Industries (THO): Reported EPS of $1.04 beating estimates by +$0.09.

Markets:

Futures at 6:20: Dow -0.31%. S&P -0.43%. Nasdaq -0.34%. Crude -0.57% to $102.49. Gold +0.14% at $1325.90. U.S. 10 Year +6/32 2.630%.

Europe:  London -0.82%. Paris -0.18%. Frankfurt -0.27%. 

Asia: Japan -0.26% to 14760. Hong Kong +0.35% to 23207. China +0.20% to 2160. India -0.84% to 19727.