U.S. Market Set to Open Flat After ADP Report and Ukraine Developments

U.S. Market Set to Open Flat After ADP Report and Ukraine Developments. ADP reported that private employers added 139,000 jobs in February, missing economists' expectations of 160,000 jobs. Additionally, January's number was revised downward by 48,000 to only 127,000 jobs. Ukraine and Russian remain at a standoff while Secretary Kerry visited the region yesterday, Russia’s President Putin said that he has no control over the Russian troops in the Ukraine Crimea region calling the troops local security forces. According to Ukrainian officials Russia has moved over 16,000 troops into the Crimea region.  Additionally, Russia test fired a ICBM missile capable of carrying multiple nuclear warheads yesterday breaking a treating with the U.S.

Upgrades:

Berkshire Hathaway (BRK.A/BRK.B): S&P raised their rating from 3 Stars to 5 Stars. Pre-market: 118.67 +0.10 (0.08%)

Ericsson (ERIC): RBC Capital raised their rating from Sector Perform to Outperform and raised their rating from $13.00 to $16.00. Pre-market: 12.91 +0.20 (1.57%)

Pandora Media (P): MKM Partners raised their rating from Sell to Neutral and placed a target price of $39.00 on the company. Pre-market: 39.45 +0.28 (0.71%)

Smith & Wesson (SWHC): Cowen raised their rating from Sector Perform to Outperform. Pre-market: 13.00 +1.20 (10.17%)

Towers Watson (TW): Goldman Sachs raised their rating from Buy to Conviction Buy and placed a target price of $134.00 on the company.

Downgrades:

Staples (SPLS): B. Riley lowered their rating from Buy to Neutral and lowered their target price from $18.00 to $15.00. Pre-market: 13.35 -0.12 (-0.89%)

Walt Disney (DIS): S&P lowered their rating from 5 Stars to 4 Stars. Pre-market: 82.08 +0.37 (0.45%)

Coverage Initiated:

Santander Consumer USA (SC): Stephens initiated coverage with an Overweight rating and target price of $30.00.

Earning Reports:

Brown Forman (BF.B): Reported EPS of $0.82 beating estimates by +$0.07. Pre-market: 85.12 +0.82 (0.97%)

Navistar (NAV): Reported EPS of -3.07 missing estimates by -$1.27. Pre-market: 36.00 -1.79 (-4.74%)

PetSmart (PETM): Reported EPS of $1.28 beating estimates by +$0.07. Pre-market: 68.60 +0.94 (1.39%)

Smith & Wesson (SWHC): Reported EPS of $0.35 beating estimates by +$0.06. Pre-market: 13.00 +1.20 (10.17%)

Markets: 
Futures at 7:58: Dow +0.10%. S&P +0.15%. Nasdaq +0.17%. Crude -0.31% to $103.01. Gold -0.16% to $1336.00. U.S. 10 Year -3/32 to 2.709%.

Europe: London -0.49%. Paris -0.09%. Frankfurt -0.15%. 

Asia: Japan +1.20% to 14898. Hong Kong -0.34% to 22580. China -0.89% to 2053. India +0.32% to 21277. 

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Morning Coffee Pre-Market Wall Street News

U.S. Housing Numbers Miss Estimates. The Commerce Department reported that July’s housing starts rose 5.9% to a seasonally adjusted annual rate of 896,000 units. Wall Street Economists had estimated that housing starts would come in at 900,000 units. June's numbers were revised upward to 846,000-units from the previously reported. Permits to build new homes increased 2.7% in July to a 943,000-unit pace also missing estimates. Economists had expected permits to rise to 945,000. Wall Street analysts are pointing to higher interest rates as the cause of the misses.

Upgrades:

Applied Materials (AMAT): DA Davidson raised their rating from Neutral to Buy and raised their target price from $15.00 to $18.00.

JetBlue Airlines (JBLU): Raymond James raised their rating from Underperform to Market Perform.

Pandora Media (P): Goldman Sachs raised their rating from Neutral to Buy and placed a target price of $27.00 on the company.

Wal-Mart (WMT): S&P raised their rating from 3 Stars to 4 Stars.

Downgrades:

Alcoa (AA): Bank of America Merrill Lynch lowered their rating from Neutral to Underperform and placed a target price of $8.00 on the company.

Colgate-Palmolive (CL): Argus lowered their rating from Buy to Hold.

General Mills (GIS): Jefferies lowered their rating from Hold to Underperform and lowered their target price from $45.00 to $44.00.

Noble Energy (NE): ISI Group lowered their rating from Strong Buy to Buy and placed a target price of $67.00 on the company.

Nordstrom (JWN): Sterne Agee lowered their rating from Buy to Neutral and placed a target price of $62.00 on the company.

Transocean (RIG): Johnson Rice lowered their rating from Overweight to Underweight.

Coverage Initiated:

Xcel Energy (XEL): UBS initiated coverage with a Neutral rating and target price of $30.00.

Earning Reports:

Applied Materials (AMAT): Reported EPS of $0.18 missing estimates by -$0.01.

Dell (DELL): Reported EPS of $0.25 beating estimates by +$0.01.

Nordstrom (JWN): Reported EPS of $0.93 beating estimates by +$0.05.

Markets: 
Futures at 9:01: Dow 0.00%. S&P +0.10%. Nasdaq +0.27%. Crude +0.08% to $107.44. Gold +0.34% at $1365.40. U.S. 10 Year -1/32 2.778%

Europe: London 0.00%. Paris +0.06%. Frankfurt -0.36%. 

Asia: Japan -0.75% to 13650. Hong Kong -0.10% to 22518. China -0.65% to 2068. India -3.97% to 18618. 

Morning Coffee Pre-Market Wall Street News

U.S. Economy Adds 195,000 New Jobs. According to the U.S. Labor Department the economy added 195,000 new jobs in June. Wall Street economists were looking for only 166,000 new jobs to have been created in June. Private employers added 202,000 positions, while local, state and federal governments shed 7,000 workers. The Manufacturing sector which is a good barometer for the overall economy lost 6,000 jobs in June. While construction gained 13,000 new jobs.

Additionally, the unemployment rate held steady, but high at 7.6%, unchanged from May.  Two weeks ago, Fed Chairman Ben Bernanke said that he anticipated that the Fed’s current bond-buying program would begin to end when unemployment fell below 7%.

Upgrades:

Apache Corp (APA): Argus raised their rating from Hold to Buy and placed a target price of $95.00 on the company. Pre-market: 81.50 +1.27 (1.58%)

Buffalo Wild Wings (BWLD): Miller Tabak raised their rating from Hold to Buy and raised their target price from $99.00 to $117.00.

Pandora (P): HSBC raised their rating from Neutral to Overweight. Pre-market: 19.85 +0.42 (2.16%)

SABMiller (SBMRY): Societe Generale raised their rating from Hold to Buy.

Downgrades:

Mead Johnson Nutrition (MJN): Morgan Stanley lowered their rating from Overweight to Equal Weight and placed a target price of $76.00 on the company. Pre-market: 69.41 +0.56 (0.81%)

Markets: 
Futures at 7:55: Dow +0.97%. S&P +0.81%. Nasdaq +0.73%. Crude +0.52% to $101.75. Gold -1.13% to $1237.70. U.S. 10 Year -1 6/32 2.646%

Europe: London +0.27%. Paris -0.14%. Frankfurt -0.61%. 

Asia: Japan +2.08% to 14310. Hong Kong +1.89% to 20855. China +0.05% to 2007. India +0.44% to 19496.

Morning Coffee Pre-Market Wall Street News

Gold & Silver Tarnished. Better than expected U.S. economic data yesterday, has sent gold and silver prices lower. Gold prices have dropped to their lowest since August 2010, and are down -3.55% this morning to $1229.80. Shares of SPDR Gold Trust (GLD) have fallen -23.79% year-to-date, while shares of iShares Silver Trust (SLV) have fallen -35.61% year-to-date. This morning spot prices for silver are off another -5.4% at $18.58. (GLD) Pre-market: 119.21 -4.26 (-3.45%) (SLV) Pre-market: 18.03 -0.88 (-4.65%)

Upgrades:

Adobe Systems (ADBE): Jefferies raised their rating from Hold to Buy and raised their target price from $45.00 to $57.00. Pre-market: 45.35 +0.98 (2.21%)

KeyCorp (KEY): BMO Capital raised their rating from Market Perform to Outperform and raised their target price from $10.00 to $13.00. Pre-market: 11.00 +0.28 (2.61%)

Pandora Media (P): Cowen raised their rating from Neutral to Outperform. Pre-market: 17.20 +0.79 (4.81%)

Downgrades:

Barrick Gold (ABX): Credit Suisse lowered their rating from Outperform to Neutral and lowered their target price from $36.00 to $20.00. Pre-market: 15.39 -0.72 (-4.47%)

Mosaic (MOS): Citigroup lowered their rating from Buy to Neutral and lowered their target price from $69.00 to $57.00. After Hours: 55.75 -0.16 (-0.29%)

NETGEAR (NTGR): Goldman Sachs lowered their rating from Neutral to Sell and lowered their target price from $33.00 to $28.00.

Southwest Airlines (LUV): Morgan Stanley lowered their rating from Equal Weight to Underweight and maintained a target price of $13.00. After Hours: 13.38 +0.03 (0.22%)

Coverage Initiated:

Google (GOOG): Janney Capital initiated coverage with a Buy rating and target price of $1050.00. Pre-market: 870.51 +4.31 (0.50%)

Orbitz Worldwide (OWW): Ascendiant initiated coverage with a Buy rating and target price of $10.00.

Earning Reports:

General Mills (GIS): Reported EPS of $0.53 in-line with estimates. Pre-market: 48.00 -0.33 (-0.68%)

Smith & Wesson (SWHC): Reported EPS of $0.44 beating estimates by +$0.01. Pre-market: 10.16 +0.17 (1.70%)

Markets: 
Futures at 7:34: Dow +0.40%. S&P +0.52%. Nasdaq +0.64%. Crude -0.21% to $95.13. Gold -3.55% to $1229.80.

Europe: London +0.97%. Paris +1.91%. Frankfurt +1.70%. 

Asia: Japan -1.04% to 12834. Hong Kong +2.43% to 20339. China -0.41% to 1952. India -0.41% to 18552. 

Morning Coffee Pre-Market Wall Street News

Durable Goods Beats Forecast. Orders for U.S. durable goods increase more than economists had estimated in April. Bookings for equipment, meant to last more than three years rose 3.3%, while economists had expected an increase of only 1.6%.  This come on the heels of March’s revised -5.9% decline. Bookings for commercial aircraft climbed 18.1% last month after slumping 43% in March. Excluding transportation equipment, durable orders climbed 1.3%, which is the first gain in three months. Bookings for non-defense capital goods excluding aircraft increased 1.2% after a 0.9% in March.

Upgrades

Pandora Media (P): RBC Capital raised their rating from Sector Perform to Outperform and raised their target price from $16.00 to $24.00. Pre-market: 19.07 +1.91 (11.13%)

Procter & Gamble (PG): UBS raised their rating from Neutral to Buy and raised their target price from $75.00 to $95.00. Pre-market: 81.65 +2.95 (3.75%)

Sherwin-Williams (SHW): Robert W. Baird raised their rating from Neutral to Outperform and raised their target price from $180.00 to $205.00.

Wendy’s (WEN): Janney Capital raised their rating from Neutral to Buy. Pre-arket: 6.20 +0.20 (3.33%)

Downgrades

Cirrus Logic (CRUS): Canaccord lowered their rating from Buy to Hold and lowered their target price from $25.00 to $18.00. Pre-market: 17.86 +0.10 (0.56%)

rue21 (RUE): Janney Capital lowered their rating from Buy to Neutral and placed a target price of $42.00 on the company.

Saks (SKS): Argus lowered their rating from Buy to Hold.

Salesforce.com (CRM): Wedbush lowered their rating from Outperform to Neutral and lowered their target price from $51.00 to $42.00. Pre-market: 43.02 -2.67 (-5.84%)

Earning Reports

Abercrombie & Fitch (ANF): Reported EPS of -$0.09 missing estimates by -$0.04. Pre-market: 49.85 -4.52 (-8.31%)

Aeropostale (ARO): Reported EPS of -$0.16 beating estimates by +$0.01. Pre-market: 15.50 -0.98 (-5.95%)

Foot Locker (FL): Reported EPS of $0.91 beating estimates by +$0.03. Pre-market: 34.85 -0.83 (-2.33%)

Gap (GPS): Reported EPS of $0.71 beating estimates by +$0.02. Pre-market: 40.50 -0.86 (-2.08%)

Pandora Media (P): Reported EPS of -$0.10 in-line with estimates. Pre-market: 19.07 +1.91 (11.13%)

Ross Stores (ROST): Reported EPS of $1.07 in-line with estimates.

Salesforce.com (CRM): Reported EPS of $0.10 in-line with estimates. Pre-market: 43.02 -2.67 (-5.84%)

Sears Holdings (SHLD): Reported EPS of -$1.29 missing estimates by -$0.69. Pre-market: 48.95 -9.22 (-15.85%)

Williams-Sonoma (WSM): Reported EPS of $0.41 beating estimates by +$0.05.

Zumiez (ZUMZ): Reported EPS of $0.13 beating estimates by +$0.01.

Markets: 
Futures at 8:25: Dow -0.28%. S&P -0.40%. Nasdaq -0.46%. Crude -0.67% to $93.60. Gold +0.01% to $1392.10.

Europe: London -0.40%. Paris +0.34%. Frankfurt -0.23%. 

Asia: Japan +0.89% to 14612. Hong Kong -0.23% to 22619. China +0.57% to 2289. India +0.15% to 19704.