Obama to Unveil New $1.4 Trillion Budget

Obama to Unveil New $1.4 Trillion Budget. President Obama is scheduled to unveil his new $1.4T budget today that most economists say has little chance of passing Congress. The budget includes expanding the Earned Income Tax Credit to 13.5M childless workers. The 10-year $60B cost would be met by eliminating tax write-offs for self-employed professionals and investment-fund managers. The budget also includes spending $302B on highways, bridges and transit projects, and an increase in the minimum wage.

Upgrades:

Magna International (MGA): JPMorgan raised their rating from Underweight to Neutral. Pre-market: 95.09 +1.44 (1.54%)

Magna International (MGA): Goldman Sachs raised their rating from Sell to Neutral. Pre-market: 95.09 +1.44 (1.54%)

Pulte Homes (PHM): KeyBanc raised their rating from Hold to Buy and placed a target price of $26.00 on the company. Pre-market: 21.26 +0.45 (2.16%)

Downgrades:

Intuitive Surgical (ISRG): Cantor lowered their rating from Buy to Hold and maintained their target price of $450.00. Pre-market: 452.01 -1.83 (-0.40%)

Lennar (LEN): KeyBanc lowered their rating from Buy to Hold. Pre-market: 43.84 0.00 (0.00%)

McDermott (MDR): Capital One lowered their rating from Equal Weight to Underweight. Pre-market: 7.50 -0.61 (-7.52%)

Royal Caribbean (RCL): Longbow lowered their rating from Buy to Neutral. Pre-market: 51.70 +0.48 (0.94%)

Time Warner Cable (TWC): Macquarie lowered their rating from Outperform to Neutral.

USG Corp (USG): JPMorgan lowered their rating from Overweight to Neutral. Pre-market: 34.75 -0.03 (-0.09%)

WebMD (WBMD): Stifel lowered their rating from Buy to Hold. Pre-market: 41.80 -1.53 (-3.53%)

Coverage Initiated:

Advance Auto Parts (AAP): Stephens initiated coverage with an Equal Weight rating and target price of $133.00.

DeamWorks Animation SKG (DWA): Topeka initiated coverage with a Hold rating and target price of $32.00. Pre-market: 28.81 +0.31 (1.09%)

Earning Reports:

AutoZone (AZO): Reported EPS of $5.63 beating estimates by +$0.09. Pre-market: 550.00 +8.77 (1.62%)

McDermott (MDR): Reported EPS of -$1.37 missing estimates by -$1.30. Pre-market: 7.50 -0.61 (-7.52%)

Molycorp (MCP): Reported EPS of -$0.28 beating estimates by +$0.01. Pre-market: 5.21 -0.04 (-0.76%)

RadioShack (RSH): Reported EPS of -$1.29 missing estimates by -$1.16. Pre-market: 2.07 -0.65 (-23.90%)

Markets: 
Futures at 8:28: Dow +1.02%. S&P +1.00%. Nasdaq +1.05%. Crude -1.20% to $103.65. Gold -1.18% to $1334.30. U.S. 10 Year -12/32 to 2.645%.

Europe: London +1.39%. Paris +2.11%. Frankfurt +2.04%. 

Asia: Japan +0.47% to 14721. Hong Kong +0.70% to 22658. China -0.18% to 2071. India +1.26% to 21210. 

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President Obama Will Act Alone

President Obama Will Act Alone. During last night’s State of the Union speech President Obama said that he would use his executive power to implement his economic and other policies, while highlighting the gap between the rich and poor that has widened during his administration. President Obama announced a dozen proposals including raising the minimum wage to $10.10 an hour for future federal contract workers that would affect about 560,000 people.  Additionally, some analysts believe he will also attempt to use his executive power to act on immigration reform and gun control, two hot buttons with American’s that many constitutional scholars say would be unconstitutional and illegal. During his speech the President also said he plans to create a government-coordinated retirement savings program that would provide a guaranteed return, but not additional specific are available at this time.

Upgrades:

CIT Group (CIT): Buckingham raised their rating from Neutral to Buy and placed a target price of $54.00 on the company.

VMware (VMW): Raymond James raised their rating from Outperform to Strong Buy and placed a target price of $109.00 on the company. Pre-market: 94.00 -0.94 (-0.99%)

Wal-Mart (WMT): Credit Suisse raised their rating from Neutral to Outperform and raised their target price from $80.00 to $87.00. Pre-market: 74.81 +0.14 (0.19%)

Downgrades:

WellPoint (WLP): Monness Crespi lowered their rating from Neutral to Sell. Pre-market: 81.60 -2.70 (-3.20%)

Yahoo! (YHOO): Gabelli lowered their rating from Buy to Hold. Pre-market: 35.90 -2.32 (-6.07%)

Earning Reports:

Amgen (AMGN): Reported EPS of $1.82 beating estimates by +0.14. Pre-market: 117.09 -3.61 (-2.99%)

AT&T (T): Reported EPS of $0.53 beating estimates by +0.03. Pre-market: 32.77 -0.93 (-2.76%)

Boeing (BA): Reported EPS of $1.88 beating estimates by +0.31. Pre-market: 131.75 -5.34 (-3.90%)

Cirrus Logic (CRUS): Reported EPS of $0.89 beating estimates by +0.12. Pre-market: 17.50 -1.24 (-6.62%)

Dow Chemical (DOW): Reported EPS of $0.65 beating estimates by +0.22.

EMC (EMC): Reported EPS of $0.60 beating estimates by +0.01. Pre-market: 25.50 +0.12 (0.47%)

Jetblue Airways (JBLU): Reported EPS of $0.14 beating estimates by +0.01. Pre-market: 8.74 0.00 (0.00%)

Novartis AG (NVS): Reported EPS of $1.20 beating estimates by +0.01. Pre-market: 78.94 -0.62 (-0.78%)

Phillips 66 (PSX): Reported EPS of $1.34 beating estimates by +0.24. Pre-market: 73.00 -2.08 (-2.77%)

VMware (VMW): Reported EPS of $1.01 beating estimates by +$0.01. Pre-market: 94.00 -0.94 (-0.99%)

WellPoint (WLP): Reported EPS of $0.87 in-line with estimates. Pre-market: 81.60 -2.70 (-3.20%)

Yahoo! (YHOO): Reported EPS of $0.46 beating estimates by +0.08. Pre-market: 35.90 -2.32 (-6.07%)

Markets:
Futures at 8:33: Dow -0.49%. S&P -0.45%. Nasdaq -0.46%. Crude -0.15% to $97.27. Gold +1.02% to $1263.70. U.S. 10 Year +10/32 to 2.724%.

Europe: London -0.51%. Paris -0.86%. Frankfurt -0.48%.

Asia: Japan +2.70% to 15384. Hong Kong +0.82% to 22142. China +0.56% to 2050. India -0.18% to 20647.

#TopWealthManager #RLPaler #WallStreet #AnalystsRatings #EarningReports #WealthManagement

Morning Coffee Pre-Market Wall Street News

Senate and House Set to Meet. The Senate and the House are due to hold sessions today even though its federal holiday; Congress was scheduled to be close in observance of Columbus Day. Over the weekend President Obama refused to negotiate with House Republicans and Senate Majority Leader Harry Reid (D) demanded that all previous spending cuts, known as sequester be added back into the budget.  U.S. Stock futures are lower this morning.

Upgrades:

Advance Micro Devices (AMD): Wedbush raised their rating from Neutral to Outperform and raised their target price from $4.50 to $5.00. Pre-market: 3.86 +0.03 (0.78%)

Dunkin Brands (DNKN): Miller Tabak raised their rating from Hold to Buy and raised their target price from $46.00 to $53.00. Pre-market: 45.80 +0.12 (0.26%)

Hyatt Hotels (H): ISI Group raised their rating from Neutral to Buy.

Iron Mountain (IRM): RW Baird raised their rating from Neutral to Outperform and placed a target price of $34.00 on the company. Pre-market: 25.42 +0.12 (0.47%)

Downgrades:

Coach (COH): Canaccord lowered their rating from Buy to Hold and lowered their target price from $65.00 to $62.00. Pre-market: 53.80 -0.79 (-1.45%)

Expedia (EXPE): Deutsche Bank lowered their rating from Buy to Hold and lowered their target price from $66.00 to $51.00. Pre-market: 50.00 -1.73 (-3.34%)

Merck & Co (MRK): Bernstein lowered their rating from Outperform to Market Perform. Pre-market: 46.86 -0.43 (-0.91%)

SABMIller plc (SBMRY): Citigroup lowered their rating from Buy to Neutral.

Coverage Initiated:

Capital One Financial (COF): SunTrust initiated coverage with a Buy rating and target price of $81.00. Pre-market: 71.77 -0.14 (-0.19%)

CIT Group (CIT): SunTrust initiated coverage with a Neutral rating and target price of $53.00.

Discover Financial (DFS): Deutsche Bank initiated coverage with a Buy rating and target price of $62.00.

Teva Pharmaceuticals (TEVA): Oppenheimer initiated coverage with a Perform rating. Pre-market: 40.25 -0.79 (-1.92%)

Markets: 
Futures at 7:55: Dow -0.68%. S&P -0.78%. Nasdaq -0.40%. Crude -0.53% to $101.48. Gold +1.58% to $1288.50. U.S. 10 Year 0/32 2.692%.

Europe: London +0.07%. Paris -0.30%. Frankfurt -0.28%. 

Asia: Japan +1.48% to 14404, Hong Kong +1.16% to 23218. China +0.43% to 2238. India +1.26% to 20528. 

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Morning Coffee Pre-Market Wall Street News

Obama Delays Military Strike. In a televised speech last night President Obama has asked Congress to delay the vote on approving military strikes against Syria. Earlier in the week Sec. John Kerry floated an idea to have Syria give up their chemical weapon and Russia’s Vladimir Putin took the idea to Syria where their leaders agreed to the idea.  Many analysts are saying that all the delays have made the U.S. look weak and has allowed Syria to hide their chemical stock piles.  They are also questioning whether the agreement is just a stalling tactic similar to those being used by Iran to hide their nuclear weapons program.  

Upgrades:

ConAgra Food (CAG): Goldman Sachs raised their rating from Buy to Neutral and placed a target price of $42.00 on the company.

Ingersoll-Rand (IR): JPMorgan raised their rating from Neutral to Overweight and raised their target price from $53.00 to $72.00. Pre-market: 64.90 +0.09 (0.14%)

Kennametal (KMT): Global Hunter raised their rating from Buy to Neutral and raised their target price from $37.00 to $55.00.

Morgan Stanley (MS): UBS raised their rating from Buy to Neutral and raised their target price from $28.00 to $33.00.

Nokia (NOK): RBC Capital raised their rating from Sector Perform to Outperform and raised their target price from $5.00 to $7.00.

Revlon Inc. (REV): BMO Capital raised their rating from Market Perform to Outperform and raised their target price from $25.00 to $31.00.

RF Micro Devices (RFMD): Raymond James raised their rating from Market Perform to Strong Buy.

Skyworks Solutions (SWKS): Raymond James raised their rating from Outperform to Strong Buy.

Snap-On Tools (SNA): Janney Capital raised their rating from Neutral to Buy.

Downgrades:

Apple (AAPL): UBS lowered their rating from Buy to Neutral and lowered their target price from $560.00 to $520.00. Pre-market: 467.33 -27.31 (-5.52%)

Apple (AAPL): Credit Suisse lowered their rating from Outperform to Neutral and maintained their target price of $525.00. Pre-market: 467.33 -27.31 (-5.52%)

BlackRock (BLK): UBS lowered their rating from Buy to Neutral and lowered their target price from $310.00 to $280.00.

Lions Gate Entertainment (LGF): Cowen lowered their rating from Outperform to Market Perform and lowered their target price from $36.00 to $32.00.

Proctor Gamble (PG): SunTrust lowered their rating from Buy to Neutral and lowered their target price from $88.00 to $80.00.

Rockwell Automation (ROK): JPMorgan lowered their rating from Overweight to Neutral and lowered their target price from $106.00 to $91.00. Pre-market: 103.55 -0.47 (-0.45%)

Take-Two Interactive (TTWO): Pacific Crest lowered their rating from Outperform to Sector Perform. Pre-market: 17.85 -0.29 (-1.60%)

Coverage Initiated:

W.P. Carey (WPC): BMO Capital initiated coverage with an Outperform rating and target price of $74.00.

Markets: 
Futures at 8:06: Dow +0.01%. S&P -0.07%. Nasdaq -0.38%. Crude -0.03% to $107.37. Gold -0.19% to $1361.40. U.S. 10 Year +7/32 2.946%

Europe: London -0.09%. Paris -0.10%. Frankfurt +0.55%. 

Asia: Japan +0.01% at 14425. Hong Kong -0.17% to 22937. China +0.15% to 2241. India +0.01% to 19997. 

Morning Coffee Pre-Market Wall Street News

Obama Is Spying On You! 

Shocking revelations have surfaced the Obama Administration using the NSA and other government agencies to spy on millions of Americans. Under a program with the NSA called PRISM the government has “direct access” to the servers of Apple (AAPL), AOL (AOL), Facebook (FB), Google (GOOG), Microsoft (MSFT), Paltalk, Skype, Yahoo (YHOO), and YouTube. Through this access the NSA is data mining key words, phrases, photos and more.

This comes on the news that the NSA has also been monitoring every call made through AT&T (T), Sprint (S), and Verizon (VZ).  The call monitoring includes who you called, when you called, the location of your call, how often you called and who those people called. Together, the service providers have 314.6M wirelesss and landline accounts. Yesterday in testimony Attorney General Eric Holder refused to answer when questioned by a member of congress as to whether they are or have been monitoring any member of Congress’s phone calls.

Additionally, reports are breaking that the NSA's operations also encompass your purchase information from unnamed credit-card providers.

Many are now saying that these actions are a direct violation of both the first and second amendments and that this government and administration is out of control.

This shocking news comes on the heels of several scandals. The IRS scandal where the IRS targeted conservative, religious and Jewish groups with audits, the AP and Fox News wire tapping scandal, the Benghazi attack scandal in which a U.S Ambassador and 4 other were killed, and the Fast & Furious gun running scandal, in which hundreds of Mexican citizen have been killed.

Upgrades

Abercrombie & Fitch (ANF): BofA Merrill Lynch raised their rating from Neutral to Buy and placed a target price of $60.00 on the company.

Bayer AG (BAYRY): BNP Paribas raised their rating from Neutral to Outperform.

Broadcom (BRCM): Macquarie raised their rating from Neutral to Outperform and raised their target price from $35.70 to $40.80. Pre-market: 35.34 +0.38 (1.09%)

Brocade Communications (BRCD): ISI Group raised their rating from Neutral to Buy and placed a target price of $7.50 on the company. Pre-market: 5.55 +0.15 (2.78%)

Tyson Foods (TSN): Stephens raised their rating from Equal Weight to Overweight and raised their target price from $26.00 to $30.00.

Yum! Brands (YUM): UBS raised their rating from Neutral to Buy and raised their target price from $73.00 to $80.00. Pre-market: 72.15 +1.03 (1.45%)

Downgrades

Arch Coal (ACI): Raymond James lowered their rating from Market Perform to Underperform. Pre-market: 5.10 -0.01 (-0.20%)

Intel (INTC): Piper Jaffrey lowered their rating from Neutral to Underweight and lowered their target price from $21.00 to $20.00. Pre-market: 24.55 -0.10 (-0.41%)

Iron Mountain (IRM): Stifel lowered their rating from Buy to Hold. Pre-market: 29.06 -5.34 (-15.52%)

James River Coal (JRCC): Raymond James lowered their rating from Market Perform to Underperform. Pre-market: 2.43 -0.43 (-15.03%)

Sprint Nextel (S): Nomura lowered their rating from Buy to Neutral. Pre-market: 7.34 0.00 (0.00%)

VMware (VMW): Drexel Hamilton lowered their rating from Buy to Hold. Pre-market: 71.00 -0.83 (-1.16%)

Coverage Initiated

Bank of America (BAC): Macquarie initiated coverage with an Underperform rating and target price of $12.00. Pre-market: 13.28 +0.08 (0.61%)

Citigroup (C): Macquarie initiated coverage with an Outperform rating and target price of $62.00. Pre-market: 51.30 +0.47 (0.92%)

Goldman Sachs (GS): Macquarie resumed coverage with a Neutral rating. Pre-market: 160.70 +1.02 (0.64%)

Morgan Stanley (MS): Macquarie initiated coverage with an Outperform rating and target price of $30.00. Pre-market: 25.66 +0.25 (0.98%)

Qualcomm (QCOM): Topeka initiated coverage with a Hold rating and target price of $65.00. Pre-market: 63.23 +0.26 (0.41%)

Rambus (RMBS): Topeka initiated coverage with a Buy rating and target price of $10.00.

Take-Two (TTWO): Stifel initiated coverage with a Buy rating and target price of $21.00. After Hours: 16.29 +0.21 (1.31%)

Earning Reports:

Quiksilver (ZQK): Reported EPS of -$0.12 missing estimates by -$0.16. Pre-market: 6.90 -0.77 (-10.04%)

Thor Industries (THO): Reported EPS of $0.82 missing estimates by -$0.06. After Hours: 42.50 +1.26 (3.06%)

Vail Resorts (MTN): Reported EPS of $2.66 missing estimates by -$0.09. After Hours: 59.50 -2.66 (-4.28%)

Markets: 
Futures at 7:53: Dow -0.06%. S&P -0.06%. Nasdaq -0.06%. Crude +0.46% to $95.20. Gold -0.45% to $1409.40.

Europe: London -0.16%. Paris -0.10%. Frankfurt -0.27%. 

Asia: Japan -0.21% to 12878. Hong Kong -1.21% to 21575. China -1.39% to 2211. India -0.46% to 19429.