Wealth Gap Widest in Large Affluent Cities

Wealth Gap Widest in Large Affluent Cities.  A new report indicates the gap between the wealthy and the poor is most extreme in several of the U.S.’s largest cities. The largest disparities in wealth where found to be in the democratically lead cities of Atlanta, Los Angeles, Miami, New York, San Francisco and Washington D.C.  Some economists are pointing out that many of these cities have higher immigrant and illegal alien populations and higher high school dropout rates that they say add to the wealth gap. Of the nation’s 50 biggest cities, just 18 experienced greater income inequality since the recession. The report also found that not all the 50 largest cities saw large wealth gaps. Some Western and Sun Belt cities, such as Mesa, AZ and Arlington, TX that have smaller downtowns had a noticeably smaller wealth gap than the national average.

Upgrades:

Seagate Tech (STX): RBC Capital raised their rating from Sector Perform to Outperform. Pre-market: 51.10 +1.08 (2.16%)

Tim Hortons (THI): Raymond James raised their rating from Market Perform to Outperform.

Total SA (TOT): Goldman Sachs raised their rating from Sell to Neutral. Pre-market: 62.36 +0.94 (1.53%)

Downgrades:

Columbia Sportswear (COLM): McAdams Wright lowered their rating from Hold to Sell.

Groupon (GRPN): RBC Capital lowered their rating from Sector Perform to Underperform and lowered their target price from $11.00 to $7.00. Pre-market: 9.00 -1.28 (-12.44%)

Wal-Mart (WMT): Stifel lowered their rating from Buy to Hold and placed a target price of $83.00 on the company. Pre-market: 73.26 -0.26 (-0.35%)

Earning Reports:

Charter Comm (CHTR): Reported EPS of $0.35 beating estimates by +$0.06.

DISH Network (DISH): Reported EPS of $0.63 beating estimates by +$0.22.

Groupon (GRPN): Reported EPS of $0.04 beating estimates by +$0.02. Pre-market: 9.00 -1.28 (-12.44%)

Hewlett-Packard (HPQ): Reported EPS of $0.90 beating estimates by +$0.06. Pre-market: 30.45 +0.26 (0.86%)

Intuit (INTU): Reported EPS of $0.02 in-line with estimates.

Priceline.com (PCLN): Reported EPS of $8.85 beating estimates by +$0.56. Pre-market: 1,315.93 +32.93 (2.57%)

Markets: 
Futures at 8:02: Dow +0.18%. S&P +0.19%. Nasdaq +0.19%. Crude -0.27% to $102.46. Gold +0.38% to $3121.90. U.S. 10 Year -5/32 to 2.768%

Europe: London +0.09%. Paris +0.27%. Frankfurt +0.13%. 

Asia: Japan +2.88% to 14866. Hong Kong +0.78% to 22568. China -1.17% to 2114. India +0.80% to 20701. 

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Morning Coffee Pre-Market Wall Street News

Netflix Shares Jump on EPS. Netflix's (NFLX) shares jumped after the company reported Q3 earnings that topped Wall Street estimates. Netflix reported EPS of $0.52, with net profit quadrupling to $32M. Revenue also came in at a strong $1.1 billion, up 22%.  The video service added 1.29M subscribers in the U.S. to give it 31.09M customers vs. the 30M that was expected. Pre-market: 381.48 +26.49 (7.46%)

Upgrades:

Kohl’s (KSS): Deutsche Bank raised their rating from Sell to Hold and raised their target price from $46.00 to $50.00.

Netflix (NFLX): Evercore raised their rating from Equal Weight to Overweight and placed a target price of $350.00 on the company. Pre-market: 381.48 +26.49 (7.46%)

Texas Instruments (TXN): FBR Capital raised their rating from Underperform to Market Perform and placed a target price of $38.00 on the company. Pre-market: 40.30 -0.69 (-1.68%)

Downgrades:

Advanced Micro Devices (AMD): Bernstein lowered their rating from Market Perform to Underperform and lowered their target price from $3.00 to $2.50. Pre-market: 3.31 -0.06 (-1.78%)

Gap (GAP): BMO Capital lowered their rating from Outperform to Market Perform and lowered their target price from $50.00 to $35.00.

Marriott International (MAR): MKM Partners lowered their rating from Buy to Neutral.

Nokia (NOK): Santander lowered their rating from Buy to Underweight.

Nokia (NOK): Nordea lowered their rating from Buy to Sell.

United States Steel (X): UBS lowered their rating from Buy to Neutral and lowered their target price from $25.00 to $22.00.

Coverage Initiated:

Expedia (EXPE): Credit Suisse initiated coverage with a Neutral rating and target price of $65.00.

Goodyear Tire (GT): CLSA initiated coverage with a Buy rating and target price of $29.00. Pre-market: 21.30 +0.18 (0.85%)

Halliburton (HAL): Iberia initiated coverage with an Outperform rating and target price of $70.00. Pre-market: 50.88 +0.22 (0.43%)

Priceline.com (PCLN): Credit Suisse initiated coverage with an Outperform rating and target price of $1250.00.

Earning Reports:

CIT Group (CIT): Reported EPS of $0.99 beating estimates by +$0.04. Pre-market: 52.00 +1.03 (2.02%)

Coach (COH): Reported EPS of $0.77 beating estimates by +$0.01. Pre-market: 50.25 -3.93 (-7.25%)

DuPont (DD): Reported EPS of $0.45 beating estimates by +$0.04. Pre-market: 59.40 -0.06 (-0.10%)

Forward Air (FWRD): Reported EPS of $0.46 in-line with estimates.

Harley-Davidson (HOG): Reported EPS of $0.73 in-line with estimates. Pre-market: 66.25 +0.68 (1.04%)

Kimberly-Clark (KMB): Reported EPS of $1.44 beating estimates by +$0.04. Pre-market: 101.50 +2.67 (2.70%)

Lockheed Martin (LMT): Reported EPS of $2.57 beating estimates by +$0.30. Pre-market: 128.85 +3.55 (2.83%)

Netflix (NFLX): Reported EPS of $0.52 beating estimates by +$0.03. Pre-market: 381.48 +26.49 (7.46%)

Ryder Systems (R): Reported EPS of $1.46 beating estimates by +$0.02.

State Street (STT): Reported EPS of $1.19 in-line with estimates.

Texas Instruments (TXN): Reported EPS of $0.56 beating estimates by +$0.03. Pre-market: 40.30 -0.69 (-1.68%)

VMware (VMW): Reported EPS of $0.84 beating estimates by +$0.02. Pre-market: 90.10 +7.45 (9.01%)

Markets: 
Futures at 7:14: Dow +0.03%. S&P +0.34%. Nasdaq +0.34%. Crude -0.40% to $98.82. Gold +1.27% to $1330.20. U.S. 10 Year +18/32 2.543%.

Europe: London +0.50%. Paris +0.38% Frankfurt +0.71%. 

Asia: Japan +0.13% to 14713. Hong Kong -0.52% to 23316. China -0.83% to 2211. India -0.14% to 20865. 

#RLPaler