Labor Department Reports Unemployment Drops

Labor Department Reports Unemployment Drops. The Labor Department announced that U.S. unemployment benefits dropped 26,000 last week to a seasonally adjusted 323,000, the lowest level in three months. The less volatile four-week average came in at 336,500. 3.4 million Americans remain unemployed as of Feb. 15 down from 3.49 million the previous week.

On Friday, the Labor Department will release its February jobs report in which economist estimate that 145,000 jobs will have been added. That would follow two bad reports in which December saw only 75,000 new jobs being created and January’s 113,00 jobs.

Upgrades:

Anadarko (APC): Argus raised their rating from Hold to Buy and placed a target price of $95.00 on the company. Pre-market: 85.82 +0.41 (0.48%)

Biogen Idec (BIIB): BMO Capital raised their rating from Market Perform to Outperform raised their target price from $286.00 to $422.00. Pre-market: 346.50 +7.50 (2.21%)

Consolidated Edison (ED): Argus raised their rating from Hold to Buy and placed a target price of $60.00 on the company. Pre-market: 55.68 +0.40 (0.72%)

Teva Pharmaceutical (TEVA): Leerink raised their rating from Market Perform to Outperform and raised their target price from $48.00 to $65.00. Pre-market: 50.80 +1.00 (2.01%)

Tiffany & Co. (TIF): Citigroup raised their rating from Neutral to Buy and raised their target price from $100.00 to $110.00. Pre-market: 94.55 +1.49 (1.60%)

Yum! Brands (YUM): RW Baird raised their rating from Neutral to Outperform raised their target price from $79.00 to $87.00. Pre-market: 75.99 +1.18 (1.58%)

Downgrades:

adidas AG (ADDYY): Citigroup lowered their rating from Buy to Neutral.

Bed Bath & Beyond (BBBY): Wedbush lowered their rating from Outperform to Neutral and lowered their target price from $86.00 to $66.00.

Exelon (EXC): Tudor Pickering lowered their rating from Accumulate to Hold and placed a target price of $27.00 on the company. Pre-market: 30.24 -0.04 (-0.13%)

Lowe’s (LOW): Wedbush lowered their rating from Outperform to Neutral and lowered their target price from $60.00 to $50.00.

Coverage Initiated:

Microsoft (MSFT): B. Riley initiated coverage with a Neutral rating and target price of $39.00. Pre-market: 38.23 +0.12 (0.31%)

Oracle (ORCL): B. Riley initiated coverage with a Buy rating and target price of $48.00. Pre-market: 39.56 +0.06 (0.15%)

Earning Reports:

Ciena (CIEN): Reported EPS of $0.13 beating estimates by +$0.07. Pre-market: 25.50 +0.14 (0.55%)

Costco (COST): Reported EPS of $1.05 missing estimates by -$0.12. Pre-market: 113.40 -3.07 (-2.64%)

Joy Global (JOY): Reported EPS of $0.49 missing estimates by -$0.15. Pre-market: 56.69 +0.90 (1.61%)

Staples (SPLS): Reported EPS of $0.33 missing estimates by -$0.06. Pre-market: 11.71 -1.69 (-12.61%)

Markets: 
Futures at 6:20: Dow +0.20%. S&P +0.23%. Nasdaq +0.15%. Crude -0.68% to $100.77. Gold -0.22% to $1337.30. U.S. 10 Year -7/32 to 2.732%

Europe: London +0.32%. Paris +0.80%. Frankfurt +0.31%. 

Asia: Japan +1.59% to 15135. Hong Kong +0.55% to 22703. China +0.32% to 2060. India +1.11% to 21514. 

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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

Wall Street Awaits Fed Decision. The FOMC will be wrapping up their two day policy meeting today and Wall Street will be watching closely. Economists are now more confident now that the Fed won't signal the end of its QE program, but their policy statement will be analyzed closely for any hints that the Fed may end their QE program in the future or begin to raise interest rates.

Upgrades:

Adobe Systems (ADBE): BofA Merrill Lynch raised their rating from Neutral to Buy and raised their target price from $47.00 to $57.00. Pre-market: 46.57 +3.21 (7.40%)

Ball Corp (BLL): RW Baird raised their rating from Neutral to Outperform and raised their target price from $48.00 to $50.00.

Toll Brothers (TOLL): Argus raised their rating from Hold to Buy and placed a target price of $42.00 on the company. Pre-market: 34.49 +0.45 (1.32%)

Downgrades:

American Eagle (AEO): Citigroup lowered their rating from Buy to Neutral and lowered their target price from $23.00 to $21.00. Pre-market: 18.75 -0.41 (-2.14%)

Brown & Brown (BRO): William Blair lowered their rating from Outperform to Market Perform.

News Corp (NWSA): BTIG lowered their rating from Outperform to Neutral. Pre-market: 31.75 +0.19 (0.60%)

Research in Motion (BBRY): Bernstein lowered their rating from Market Perform to Underperform and lowered their target price from $15.00 to $10.00. Pre-market: 14.51 -0.33 (-2.22%)

Sprint Nextel (S): Macquarie lowered their rating from Outperform to Neutral and placed a target price of $8.00 on the company. Pre-market: 7.11 -0.21 (-2.87%)

Coverage Initiated:

Coca-Cola (KO): Credit Suisse initiated coverage with a Outperform rating and target price of $48.00. Pre-market: 41.05 +0.12 (0.29%)

Dr Pepper Snapple (DPS): Credit Suisse initiated coverage with a Neutral rating and target price of $50.00.

PepsiCo (PEP): Credit Suisse initiated coverage with a Neutral rating and target price of $87.00.

Teva Pharm (TEVA): Maxim initiated coverage with a Buy rating and target price of $56.00.

Earning Reports:

Actuant (ATU): Reported EPS of $0.62 beating estimates by $0.04. Pre-market: 33.70 +0.62 (1.87%)

Adobe Systems (ADBE): Reported EPS of $0.36 beating estimates by $0.02. Pre-market: 46.40 +3.04 (7.01%)

FedEx (FDX): Reported EPS of $2.13 beating estimates by $0.18. Pre-market: 98.99 -0.49 (-0.49%)

La-Z-Boy (LZB): Reported EPS of $0.30 beating estimates by $0.02. After Hours: 19.91 -0.37 (-1.82%)

Markets: 
Futures at 7:31: Dow +0.10%. S&P -0.05%. Nasdaq +0.13%. Crude +0.17% to $98.62. Gold +0.31 at $1371.20.

Europe: London -0.53%. Paris -0.71%. Frankfurt -0.29%. 

Asia: Japan +1.83% to 13245. Hong Kong -1.13% to 20987. China-0.73% to 2143. India +0.12% to 19246.