Morning Coffee Pre-Market Wall Street News

U.S. Govt. Shutdown, Who Cares? Markets worldwide were mostly higher despite the U.S. government’s partial shutdown.  The last partial shutdown was over 17 years ago and lasted almost a month. The closure comes after the House and Senate could not agree upon a budget to fund what many consider a blotted government. Most services will remain open despite the shutdown leading many to say who cares? The IRS, postal service, and military will remain open. Additionally, social security and welfare checks will also go out as scheduled. Government agencies that are considered non-essential, which are very few, will be closed and the employees furloughed. A full list can be found at http://www.cnn.com/interactive/2013/09/politics/government-shutdown-impact/

Upgrades:

AFLAC (AFL): FBR Capitol raised their rating from Market Perform to Outperform and raised their target price from $60.00 to $71.00. Pre-market: 61.99 0.00 (0.00%)

Airgas (ARG): Global Hunter raised their rating from Neutral to Buy and raised their target price from $107.00 to $130.00.

Cree (CREE): Canaccord raised their rating from Hold to Buy. Pre-market: 62.48 +2.29 (3.80%)

Nike (NKE): Argus raised their rating from Hold to Buy and placed a target price of $84.00 on the company. Pre-market: 73.25 +0.61 (0.84%)

T-Mobile (TMUS): Oppenheimer raised their rating from Perform to Outperform. Pre-market: 26.25 +0.28 (1.08%)

Under Armour (UA): JPMorgan raised their rating from Underweight to Buy. Pre-market: 79.45 0.00 (0.00%)

Downgrades:

Agilent Technologies(A): Stifel lowered their rating from Buy to Hold and placed a target price of $52.00 on the company.

EOG Resources (EOG): Societe Generale lowered their rating from Hold to Sell and placed a target price of $160.00 on the company. Pre-market: 168.52 -0.76 (-0.45%)

Hess Corp (HES): Societe Generale lowered their rating from Buy to Hold and placed a target price of $86.00 on the company. Pre-market: 76.83 -0.51 (-0.66%)

JC Penney (JCP): Argus lowered their rating from Buy to Hold. Pre-market: 8.83 +0.02 (0.28%)

Coverage Initiated:

Advisory Board (ABCO): Keybanc initiated coverage with a Buy rating and target price of $72.00.

News Corp (NWSA): Evercore initiated coverage with an Equal Weight rating and target price of $18.00. Pre-market: 16.06 0.00 (0.00%)

Earning Reports:

Diamond Foods (DMND): Reported EPS of $0.09 beating estimates by +$0.12. Pre-market: 21.95 -1.60 (-6.79%)

Paychex (PAYX): Reported EPS of $0.44 beating estimates by +$0.01. Pre-market: 40.64 0.00 (0.00%)

Walgreens (WAG): Reported EPS of $0.73 in-line with estimates. Pre-market: 53.34 -0.46 (-0.86%)

Markets: 
Futures at 8:22: Dow +0.26%. S&P +0.27%. Nasdaq +0.26%. Crude -0.01% to $102.34. Gold -0.79% to $1317.20. U.S. 10 Year -10/32 2.646%.

Europe: London -0.45%. Paris +0.59%. Frankfurt +0.43%. 

Asia: Japan +0.20% to 14485. Hong Kong -1.50% to 22860, China closed. India +0.71% to 19517 

Morning Coffee Pre-Market Wall Street News

Wall Street Awaits Fed Decision. The FOMC will be wrapping up their two day policy meeting today and Wall Street will be watching closely. Economists are now more confident now that the Fed won't signal the end of its QE program, but their policy statement will be analyzed closely for any hints that the Fed may end their QE program in the future or begin to raise interest rates.

Upgrades:

Adobe Systems (ADBE): BofA Merrill Lynch raised their rating from Neutral to Buy and raised their target price from $47.00 to $57.00. Pre-market: 46.57 +3.21 (7.40%)

Ball Corp (BLL): RW Baird raised their rating from Neutral to Outperform and raised their target price from $48.00 to $50.00.

Toll Brothers (TOLL): Argus raised their rating from Hold to Buy and placed a target price of $42.00 on the company. Pre-market: 34.49 +0.45 (1.32%)

Downgrades:

American Eagle (AEO): Citigroup lowered their rating from Buy to Neutral and lowered their target price from $23.00 to $21.00. Pre-market: 18.75 -0.41 (-2.14%)

Brown & Brown (BRO): William Blair lowered their rating from Outperform to Market Perform.

News Corp (NWSA): BTIG lowered their rating from Outperform to Neutral. Pre-market: 31.75 +0.19 (0.60%)

Research in Motion (BBRY): Bernstein lowered their rating from Market Perform to Underperform and lowered their target price from $15.00 to $10.00. Pre-market: 14.51 -0.33 (-2.22%)

Sprint Nextel (S): Macquarie lowered their rating from Outperform to Neutral and placed a target price of $8.00 on the company. Pre-market: 7.11 -0.21 (-2.87%)

Coverage Initiated:

Coca-Cola (KO): Credit Suisse initiated coverage with a Outperform rating and target price of $48.00. Pre-market: 41.05 +0.12 (0.29%)

Dr Pepper Snapple (DPS): Credit Suisse initiated coverage with a Neutral rating and target price of $50.00.

PepsiCo (PEP): Credit Suisse initiated coverage with a Neutral rating and target price of $87.00.

Teva Pharm (TEVA): Maxim initiated coverage with a Buy rating and target price of $56.00.

Earning Reports:

Actuant (ATU): Reported EPS of $0.62 beating estimates by $0.04. Pre-market: 33.70 +0.62 (1.87%)

Adobe Systems (ADBE): Reported EPS of $0.36 beating estimates by $0.02. Pre-market: 46.40 +3.04 (7.01%)

FedEx (FDX): Reported EPS of $2.13 beating estimates by $0.18. Pre-market: 98.99 -0.49 (-0.49%)

La-Z-Boy (LZB): Reported EPS of $0.30 beating estimates by $0.02. After Hours: 19.91 -0.37 (-1.82%)

Markets: 
Futures at 7:31: Dow +0.10%. S&P -0.05%. Nasdaq +0.13%. Crude +0.17% to $98.62. Gold +0.31 at $1371.20.

Europe: London -0.53%. Paris -0.71%. Frankfurt -0.29%. 

Asia: Japan +1.83% to 13245. Hong Kong -1.13% to 20987. China-0.73% to 2143. India +0.12% to 19246.