Sony’s PlayStation 4 Goes On Sale

Sony’s PlayStation 4 Goes On Sale. Sony’s (SNE) PS4 went on sale Friday night and within 24 hours the company sold over 1 million video-gaming consoles.  The company needs to hit a home run with the PS4 to help the company the turn around its consumer-electronics division. Sony will face stiff competition from Microsoft which will be releasing its new gaming system Xbox One this Friday. Pre-market: 19.10 +0.60 (3.24%)

Upgrades:

Baxter Intl (BAX): Credit Suisse raised their rating from Neutral to Outperform and raised their target price from $73.00 to $80.00.

Swift Transportation (SWFT): RW Baird raised their rating from Neutral to Outperform and raised their target price from $25.00 to $28.00. Pre-market: 23.31 +0.08 (0.34%)

Downgrades:

Halliburton (HAL): Global Hunter lowered their rating from Buy to Neutral and maintained a target price of $61.00. Pre-market: 56.10 -0.13 (-0.23%)

Microchip Tech (MCHP): Stephens lowered their rating from Overweight to Equal Weight and placed a target price of $45.00 on the company. Pre-market: 43.00 -0.61 (-1.40%)

Microsoft (MSFT): BofA Merrill Lynch lowered their rating from Neutral to Underperform and placed a target price of $36.00 on the company.

NVIDIA (NVDA): Morgan Stanley lowered their rating from Equal Weight to Underweight and placed a target price of $13.00 on the company. Pre-market: 15.85 -0.32 (-1.98%)

Coverage Initiated:

Twitter (TWTR): Wunderlich re-initiated coverage with a Sell rating and target price of $34.00. Pre-market: 43.28 -0.70 (-1.59%)

Earning Reports:

Tyson Foods (TSN): Reported EPS of $0.70 beating estimates by +$0.01. Pre-market: 29.85 +1.08 (3.75%)

Markets: 
Futures at 8:03: Dow +0.23%. S&P +0.15%. Nasdaq +0.06%. Crude -0.46% to $93.41. Gold -0.71% to $1278.20. U.S. 10 Year 0/32 2.705%.

Europe: London +0.41%. Paris +0.73%. Frankfurt +0.62%. 

Asia: Japan -0.01% at 15164.3. Hong Kong +2.73% to 23660. China +2.87%. India +2.21%. 

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Morning Coffee Pre-Market Wall Street News

BlackBerry to be Acquired. Troubled cell phone maker BlackBerry (BBRY) has agreed to be acquired for $4.7 billion. A consortium led by Fairfax Financial will pay $9.00 share in cash and roll over its existing 9.9% stake into its buyout offer.  Fairfax Financial will rely on other investors to finance the rest of the deal via equity and debt. BlackBerry can look at competing bids up until the due diligence is completed. Pre-market: 8.79 -0.03 (-0.34%)

Upgrades:

Apple (AAPL): Susquehanna raised their rating from Neutral to Positive and raised their target price from $440.00 to $625.00. Pre-market: 495.60 +4.96 (1.01%)

BlackBerry (BBRY): Cowen raised their rating from Underperform to Market Perform and raised their target price from $8.00 to $9.00. Pre-market: 8.79 -0.03 (-0.34%)

BlackBerry (BBRY): Canaccord raised their rating from Sell to Hold and placed a target price of $9.00 on the company. Pre-market: 8.79 -0.03 (-0.34%)

Microchip Tech (MCHP): Goldman Sachs raised their rating from Neutral to Buy and raised their target price from $42.00 to $46.00. Pre-market: 40.84 +0.51 (1.26%)

Downgrades:

Automatic Data Processing (ADP): RBC Capital lowered their rating from Outperform to Sector Perform.

DirecTV (DTV): Moffett Research lowered their rating from Buy to Neutral.

Equifax (EFX): RBC Capital lowered their rating from Outperform to Sector Perform.

Red Hat (RHT): Pacific Crest lowered their rating from Outperform to Sector Perform. Pre-market: 47.55 -5.38 (-10.16%)

Coverage Initiated:

Automatic Data Processing (ADP): UBS initiated coverage with a Neutral rating and target price of $110.00.

Sturm Ruger & Company (RGR): Dougherty initiated coverage with a Neutral rating.

Tata Motors (TTM): Bernstein initiated coverage with an Outperform rating.

Earning Reports:

CarMax (KMX): Reported EPS of $0.62 beating estimates by +$0.07. Pre-market: 52.22 +2.21 (4.42%)

KB Home (KBH): Reported EPS of $0.28 beating estimates by +$0.07. Pre-market: 16.86 -0.17 (-1.00%)

Lennar (LEN): Reported EPS of $0.54 beating estimates by +$0.08. Pre-market: 35.10 +0.56 (1.62%)

Red Hat (RHT): Reported EPS of $0.35 beating estimates by +$0.02. Pre-market: 47.55 -5.38 (-10.16%)

Markets: 
Futures at 8:14: Dow +0.02%. S&P -0.02%. Nasdaq +0.09%. Crude -0.60% to $102.96. Gold -0.93% to $1315.00. U.S. 10 Year +5/32 2.688%

Europe: London +0.27%. Paris +0.69%. Frankfurt +0.25%. 

Asia: Japan -0.07% to 14732. Hong Kong -0.82% to 23179. China -0.61% to 2207. India +0.10% to 19911. 

Morning Coffee Pre-Market Wall Street News

Shineway in Talks with Smithfield Foods. China based Shineway has been reported to be in talks with Smithfield Foods (SFD) to purchase the company in a deal worth $4.5-5 billion. The acquisition if completed would represent a 25-30% premium over Smithfield's close yesterday of $25.97. Pre-market: 32.34 +6.37 (24.53%)

Upgrades

Analog Devices (ADI): Citigroup raised their rating from Neutral to Buy and raised their target price from $48.00 to $54.00. Pre-market: 45.60 +0.12 (0.26%)

Microchip Tech (MCHP): Citigroup raised their rating from Neutral to Buy and raised their target price from $39.00 to $47.00.

Peugot SA (PEUGY): HSBC Securities raised their rating from Underweight to Neutral.

Downgrades

Brocade (BRCD): Morgan Stanley lowered their rating from Equal Weight to Underweight and placed a target price of $4.50 on the company. Pre-market: 5.25 -0.13 (-2.42%)

Comerica (CMA): Wunderlich lowered their rating from Buy to Hold and placed a target price of $40.00 on the company.

Coverage Initiated

Flagstar Bancorp (FBC): BTIG initiated coverage with a Buy rating and target price of $18.00.

SeaWorld Entertainment (SEAS): Lazard Capital initiated coverage with a Neutral rating. Pre-market: 37.00 -0.71 (-1.88%)

SeaWorld Entertainment (SEAS): Macquarie initiated coverage with an Outperform rating and target price of $44.00. Pre-market: 37.00 -0.71 (-1.88%)

SeaWorld Entertainment (SEAS): KeyBank initiated coverage with a Buy rating and target price of $45.00. Pre-market: 37.00 -0.71 (-1.88%)

SeaWorld Entertainment (SEAS): JPMorgan initiated coverage with a Neutral rating and target price of $41.00. Pre-market: 37.00 -0.71 (-1.88%)

Earning Reports

Bank of Montreal (BMO): Reported EPS of $1.46 missing estimates by -$0.04. Pre-market: 60.70 -0.51 (-0.83%)

Brown Shoes (BWS): Reported EPS of $0.32 beating estimates by +$0.10.

Chico's FAS (CHS): Reported EPS of $0.32 missing estimates by -$0.04. Pre-market: 18.18 -1.16 (-6.00%)

Movado Group (MOV): Reported EPS of $0.28 beating estimates by +$0.06.

Trina Solar (TSL): Reported EPS of -$0.90 missing estimates by -$0.16.

Wet Seal (WTSL): Reported EPS of $0.03 beating estimates by +$0.03. Pre-market: 4.66 +0.16 (3.56%)

Markets: 
Futures at 8:30: Dow -0.39%. S&P -0.54%. Nasdaq -0.45%. Crude -0.69% to $94.35. Gold +0.66% to $1388.10.

Europe: London -1.47%. Paris -1.22%. Frankfurt -1.42%. 

Asia: Japan +0.10% to 14326. Hong Kong -1.61% to 22555. China +0.12% to 2324. India -0.07% to 20148.