Morning Coffee Pre-Market Wall Street News

J.C. Penney shares get hit. Shares of J.C. Penney (JCP) fell -10.2% yesterday following news that commercial lender CIT is no longer financing deliveries from small manufacturers to the company's stores due to credit fears. According to RetailSails JCP is still receiving financing from other companies other than CIT.

Upgrades:

Baker Hughes (BHI): Argus raised their rating from Sell to Hold.

Comcast (CMCSA): RW Baird raised their rating from Neutral to Outperform and raised their target price from $45.00 to $54.00.

Covance (CVD): First Analysis raised their rating from Equal Weight to Overweight and placed a target price of $96.00 on the company.

J.C. Penney (JCP): Atlantic Equities raised their rating from Neutral to Overweight. Pre-market: 15.53 +0.93 (6.37%)

Downgrades:

Humana (HUM): Stifel lowered their rating from Buy to Hold. Pre-market: 90.70 -0.56 (-0.61%)

J.C. Penney (JCP): Citigroup lowered their rating from Neutral to Sell and lowered their target price from $20 to $11.00.

Raymond James (RJF): Susquehanna lowered their rating from Positive to Neutral. Pre-market: 43.83 -0.24 (-0.54%)

Starbucks (SBUX): Williams Capital raised their rating from Hold to Buy and placed a target price of $85.00 on the company.

Coverage Initiated:

Chico’s FAS (CHS): FBR Capital initiated coverage with a Market Perform rating and target price of $17.00.

Gap (GPS): FBR Capital initiated coverage with an Outperform rating and target price of $53.00.

Guess? (GES): Susquehanna initiated coverage with a Neutral rating and target price of $38.00.

Earning Reports:

Allstate (ALL): Reported EPS of $1.12 beating estimates by +$0.14. Pre-market: 51.75 +0.77 (1.51%)

AstraZeneca (AZN): Reported EPS of $1.20 beating estimates by +$0.17. Pre-market: 50.31 -0.41 (-0.81%)

Automatic Data (ADP): Reported EPS of $0.55 missing estimates by -$0.02. Pre-market: 69.85 -2.24 (-3.11%)

Boston Beer Co (SAM): Reported EPS of $1.45 beating estimates by +$0.11. Pre-market: 190.00 +11.02 (6.16%)

Cardinal Health (CAH): Reported EPS of $0.79 beating estimates by +$0.02.

CBS (CBS): Reported EPS of $0.76 beating estimates by +$0.04. Pre-market: 54.10 +1.26 (2.38%)

Clorox (CLX): Reported EPS of $1.38 beating estimates by +$0.04.

ConocoPhillips (COP): Reported EPS of $1.41 beating estimates by +$0.11. Pre-market: 65.90 +1.04 (1.60%)

DIRECTV (DTV): Reported EPS of $1.18 missing estimates by -$0.16. Pre-market: 60.00 -3.28 (-5.18%)

Dreamworks Animation (DWA): Reported EPS of $0.26 beating estimates by +$0.08. Pre-market: 26.49 +1.73 (6.99%)

Exxon Mobil (XOM): Reported EPS of $1.55 missing estimates by -$0.35. Pre-market: 92.75 -1.00 (-1.07%)

Fluor (FLR): Reported EPS of $0.98 missing estimates by -$0.03. Pre-market: 62.56 0.00 (0.00%)

Kellogg (K): Reported EPS of $1.00 beating estimates by +$0.02. Pre-market: 65.45 -0.79 (-1.19%)

Microchip (MCHP): Reported EPS of $0.57 beating estimates by +$0.03.

Procter & Gamble (PG): Reported EPS of $0.79 beating estimates by +$0.02. Pre-market: 81.67 +1.37 (1.71%)

Sturm Ruger (RGR): Reported EPS of $1.63 beating estimates by +$0.45. Pre-market: 54.15 +3.28 (6.45%)

SunPower (SPWR): Reported EPS of $0.48 beating estimates by +$0.37. Pre-market: 27.63 -0.02 (-0.07%)

Markets: 
Futures at 8:20: Dow +0.73%. S&P +0.77%. Nasdaq +0.78%. Crude +1.94% to $107.07. Gold +1.08% to $1327.20. U.S. 10 Year -16/32 2.642%

Europe: London +0.07%. Paris +0.55%. Frankfurt +1.24%. 

Asia: Japan +2.47% to 14006. Hong Kong +0.94% to 22089. China +1.77% to 2029. India -0.15% to 19,314. 

Morning Coffee Pre-Market Wall Street News

Japan Market Sells Off Again. For the second time in two weeks the Japanese market sold off.  In late trading the Nikkei (EWJ) fell -5.15%, bring the two week decline to over -14%. Traders point to fears that the Fed will end its QE program as well as the falling dollar-yen (FXY) as the cause of the volatility. (FXY) Pre-market: 96.79 +0.01 (0.01%)

Upgrades

Diamond Offshore (DO): JPMorgan raised their rating from Neutral to Overweight and placed a target price of $82.00 on the company.

Noble Corp (NE): Raymond James raised their rating from Market Perform to Outperform and placed a target price of $52.00 on the company.

Northrop Grumman (NOC): Goldman Sachs raised their rating from Neutral to Buy.

Republic Services (RSG): Wedbush raised their rating from Neutral to Outperform and raised their target price from $33.00 to $40.00.

SunPower (SPWR): Goldman Sachs raised their rating from Sell to Neutral and raised their target price from $13.00 to $18.00. Pre-market: 20.33 +0.69 (3.51%)

First Solar (FSLR): Goldman Sachs raised their rating from Neutral to Buy and placed a target price of $64.00 on the company.

Downgrades

Noble Corp (NE): JPMorgan lowered their rating from Overweight to Neutral and placed a target price of $43.00 on the company.

Stanley Black & Decker (SWK): Argus lowered their rating from Buy to Hold and placed a target price of $78.00 on the company.

Coverage Initiated

AT&T (T): BMO Capital initiated coverage with a Market Perform rating and placed a target price of $34.00 on the company.

Leap Wireless (LEAP): BMO Capital initiated coverage with an Underperform rating and placed a target price of $3.00 on the company.

Pfizer (PFE): Sun Trust initiated coverage with a Reduce rating.

Sprint Nextel (S): BMO Capital initiated coverage with an Outperform rating and placed a target price of $9.00 on the company.

Verizon Communications (VZ): BMO Capital initiated coverage with an Outperform rating and placed a target price of $55.00 on the company.

Coverage Reiterated/Price Target Changed

SEI Investments (SEIC): Stifel reiterated their Buy rating and raised their target price from $31.00 to $33.00.

Earning Reports

Big Lots (BIG): Reported EPS of $0.61 in-line with estimates. Pre-market: 34.90 -3.48 (-9.07%)

Costco (COST): Reported EPS of $1.04 beating estimates by +$0.01. Pre-market: 113.92 +0.97 (0.86%)

Joy Global (JOY): Reported EPS of $1.73 beating estimates by +$0.16. Pre-market: 54.82 -0.26 (-0.47%)

Tilly's (TLYS): Reported EPS of $0.08 beating estimates by +$0.01.

Markets: 
Futures at 8:31: Dow +0.24%. S&P +0.19%. Nasdaq +0.06%. Crude -0.58% to $92.60. Gold +1.02% to $1405.50.

Europe: London +0.17%. Paris +0.72%. Frankfurt +0.54%. 

Asia: Japan -5.15% to 13589. Hong Kong -0.31% to 22484. China -0.27% to 2318. India +0.34% to 20215.