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

Syria Causes World Markets to Fall. U.S. stock futures, Asia and European markets are all lower on worries that the U.S. will take military action against Syria. This comes after Sec. of State John Kerry said yesterday that Syria did use chemical weapons against its own civilian population. The U.S. military has moved both equipment and personnel into the area and now has four destroyer ships in the Mediterranean along with several nuclear-powered submarines, all within cruise-missile range. The thought of a U.S. military response has also sent the Turkish lira to a record low of 2.0299 to the dollar and oil up+2.36% to $108.38 a barrel.

Upgrades:

Gulfport Energy (GPOR): Capital One raised their rating from Add to Strong Buy and raised their target price from $79.00 to $85.00. Pre-market: 57.72 +0.12 (0.21%)

Monsanto (MON): UBS raised their rating from Neutral to Buy and maintained their target price of $110.00. Pre-market: 98.02 +0.37 (0.38%)

Downgrades:

Apache Corp (APA): Guggenheim lowered their rating from Buy to Neutral. Pre-market: 78.50 -1.23 (-1.54%)

Coverage Initiated:

Athlon Energy (ATHL): Goldman Sachs initiated coverage with a Neutral rating and placed a target price of $33.00 on the company. Pre-market: 30.00 0.00 (0.00%)

Athlon Energy (ATHL): Wells Fargo initiated coverage with an Outperform rating and placed a target range of $33.00-$36.00 on the company. Pre-market: 30.00 0.00 (0.00%)

Athlon Energy (ATHL): UBS initiated coverage with a Neutral rating and placed a target price of $31.00 on the company. Pre-market: 30.00 0.00 (0.00%)

Athlon Energy (ATHL): RBC Capital initiated coverage with an Outperform rating and placed a target price of $37.00 on the company. Pre-market: 30.00 0.00 (0.00%)

DirecTV (DTV): Raymond James initiated coverage with an Outperform rating and placed a target price of $69.00 on the company. Pre-market: 57.34 -0.15 (-0.26%)

DISH Network (DISH): Raymond James initiated coverage with an Underperform rating.

IntercontinentalExchange (ICE): Wells Fargo initiated coverage with an Outperform.

Earning Reports:

Bank of Montreal (BMO): Reported EPS of $1.68 beating estimates by +$0.14.

Brown Shoe (BWS): Reported EPS of $0.33 beating estimates by +$0.11. Pre-market: 24.75 +1.05 (4.43%)

Movado Group (MOV): Reported EPS of $0.44 beating estimates by +$0.12. Pre-market: 39.97 +1.97 (5.18%)

Regis (RGS): Reported EPS of $0.06 missing estimates by -$0.06.

Tiffany & Co (TIF): Reported EPS of $0.83 beating estimates by +$0.11. Pre-market: 82.25 +0.58 (0.71%)

Markets: 
Futures at 8:01: Dow -0.56%. S&P -0.75%. Nasdaq -0.77%. Crude +2.36% to $108.38. Gold +1.76% to $1417.70. U.S. 10 Year +9/32 2.759%

Europe: London -0.75%. Paris -1.83%. Frankfurt -1.89%. 

Asia: Japan -0.69% to 13542. Hong Kong -0.59% to 21875. China +0.34% to 2104. India -3.18% to 17968.