Morning Coffee Pre-Market Wall Street News

Nike Beats Earnings Estimates. Sporting goods manufacture Nike (NKE) reported that their FQ4 earnings beat Wall Street expectations. Net profit at the company soared +22% to $668M, adjusted EPS came in at $0.76 while revenues climbed +7% to $6.7B. Sales in North American increased by +12% and revenues continued to grow in emerging markets.  The company saw a decline in both Japan and Europe, while China was flat. Pre-market: 61.10 -1.22 (-1.96%)

Upgrades:

Bed Bath & Beyond (BBBY): BofA Merrill Lynch raised their rating from Neutral to Buy and placed a target price of $82.00 on the company. After Hours: 70.15 0.00 (0.00%)

Zumiez (ZUMZ): Wedbush raised their rating from Neutral to Outperform and raised their target price from $30.00 to $36.00. Pre-market: 28.25 +0.30 (1.07%)

Pacific Sunwear (PSUN): Wedbush raised their rating from Neutral to Outperform and raised their target price from $3.75 to $4.00. Pre-market: 3.41 +0.08 (2.40%)

Downgrades:

Accenture (ACN): UBS lowered their rating from Buy to Neutral and lowered their target price from $85.00 to $77.00. Pre-market: 73.50 -6.72 (-8.38%)

BAE Systems (BAESY): Deutsche Bank lowered their rating from Buy to Hold.

Owens Corning (OC): Citigroup lowered their rating from Buy to Neutral and lowered their target price from $48.00 to $43.00.

Coverage Initiated:

Cognizant Tech (CTSH): Societe Generale initiated coverage with a Buy rating and target price of $74.00. Pre-market: 61.00 -2.10 (-3.33%)

Infosys (INFY): Societe Generale initiated coverage with a Hold rating and target price of $44.00. Pre-market: 41.50 +0.11 (0.27%)

Tesla Motors (TSLA): Wedbush initiated coverage with a Neutral rating and target price of $110.00. Pre-market: 110.02 +0.77 (0.70%)

Torchmark (TMK): RBC Capital initiated coverage with an Underperform rating and target price of $60.00. After Hours: 65.72 0.00 (0.00%)

Earning Reports:

Accenture (ACN): Reported EPS of $1.14 beating estimates by +$0.01. Pre-market: 73.50 -6.72 (-8.38%)

Finish Line (FINL): Reported EPS of $0.20 beating estimates by +$0.04. After Hours: 21.20 0.00 (0.00%)

Nike (NKE): Reported EPS of $0.76 beating estimates by +$0.01. Pre-market: 61.10 -1.22 (-1.96%)

Research in Motion (BBRY): Reported EPS of -$0.13 missing estimates by -$0.20. Pre-market: 11.91 -2.57 (-17.75%)

Markets: 

Futures at 6:25: Dow +0.19%. S&P +0.15%. Nasdaq +0.16%. Crude +0.24% to $97.27. Gold -0.65% to $1204.00. U.S. 10 Year +4/32 2.456%

Europe: London -0.05%. Paris -0.49%. Frankfurt -0.21%. 

Asia Japan +3.51% to 13677. Hong Kong +1.78% to 20803. China+1.50% to 1979. India +2.75% to 19396. 

Morning Coffee Pre-Market Wall Street News

Chrysler Post Nice Sales Gains.

Chrysler’s Group LLC's, which is owned by Fiat S.p.A (FIATY) reported that their May sales in the U.S. rose 11% beating estimates from Edmunds.com.

For May, Chrysler said it sold 166,596 vehicles, up from 150,041 a year ago, and +0.6% above April's total of 156,698. Truck sales at the company grew +8.8% while car sales increased +16%.

Sales of the Chrysler line of vehicles fell -2%, while Jeep rose +0.5%. Big sales increased were seen at Dodge led by the Dodge Avenger and Dodge Challenger.  Dodge saw their sales increase +23%.

General Motors Co. (GM), and Ford Motor Co. (F) along with other manufactures are expected to report May sales later today.

Overall, U.S. new auto sales for May are expected to rise +6.5% from a year earlier.

Upgrades

Best Buy (BBY): SunTrust raised their rating from Neutral to Buy and placed a target price of $35.00 on the company. Pre-market: 28.46 +0.91 (3.30%)

 Host Hotels & Resorts (HST): ISI Group raised their rating from Neutral to Buy.

Intel (INTC): FBR Capital raised their rating from Market Perform to Outperform and raised their target price from $23.00 to $28.00. Pre-market: 24.67 +0.39 (1.61%)

MetLife (MET): Deutsche Bank raised their rating from Hold to Buy and raised their target price from $46.00 to $51.00. Pre-market: 44.99 +0.78 (1.76%)

Orbitz Worldwide (OWW): Lazard Capital raised their rating from Neutral to Buy and placed a target price of $9.50 on the company.

Plum Creek Timber (PCL): Bank of America Merrill Lynch raised their rating from Neutral to Buy and placed a target price of $55.00 on the company.

Starwood Hotels & Resorts (HOT): ISI Group raised their rating from Neutral to Buy.

Downgrades

Torchmark Corp (TMK): Janney Capital lowered their rating from Buy to Neutral.

Coverage Initiated

Applied Micro (AMCC): FBR Capital initiated coverage with an Outperform rating and target price of $11.00.

Guess? (GES): Topeka initiated coverage with a Hold rating and target price of $34.00.

Coverage Reiterated/Price Target Changed 

Google (GOOG): Cantor Fitzgerald reiterated their Buy rating and raised their target price from $900.00 to $1030.00. Pre-market: 874.77 +3.55 (0.41%)

Earning Reports

Cracker Barrel (CBRL): Reported EPS of $1.02 beating estimates by +$0.08. Pre-market: 93.01 +3.55 (3.97%)

Markets: 
Futures at 8:31: Dow +0.50%. S&P +0.29%. Nasdaq +0.33%. Crude +0.91% to $92.81. Gold +0.23% to $1396.70.

Europe: London -0.39%. Paris +0.16%. Frankfurt +0.13%. 

Asia: Japan -3.72% to 13262. Hong Kong -0.49% to 22282. China -0.06% to 2299. India -0.76% to 19610.