World Economic Growth Accelerating

World Economic Growth Accelerating. The World Bank announced that they expect global economic growth to accelerate to 3.2% in 2014 from 2.4% in 2013. The banks Global Economic Prospects report forecast that the U.S. economy will expand by 2.8% from 1.8% and goes on to say that the worlds advanced economies seem "to be finally turning the corner" following the financial crisis.

Upgrades:

Dick’s Sporting Goods (DKS): Credit Suisse raised their rating from Neutral to Outperform and raised their target price from $56.00 to $65.00.

Intel (INTC): BMO Capital raised their rating from Market Perform to Outperform and raised their target price from $21.00 to $31.00. Pre-market: 26.75 +0.24 (0.91%)

Western Digital (WDC): Pacific Crest raised their rating from Sector Perform to Outperform and placed a target price of $105.00 on the company. Pre-market: 88.70 +0.81 (0.92%)

Downgrades:

Airgas (ARG): Goldman Sachs lowered their rating from Neutral to Sell and placed a target price of $101.00 on the company.

Cirrus Logic (CRUS): Pacific Crest lowered their rating from Sector Perform to Underperform and placed a target price of $14.00 on the company. Pre-market: 19.30 -0.80 (-3.98%)

Dollar General (DG): S&P lowered their rating from 4 Stars to 2 Stars.

PETsMART (PETM): UBS lowered their rating from Buy to Neutral and lowered their target price from $82.00 to $72.00. Pre-market: 65.88 -1.22 (-1.82%)

Unilever (UN/UL): JPMorgan lowered their rating from Neutral to Underweight. Pre-market: 38.32 -0.73 (-1.87%) / Pre-market: 39.30 -0.66 (-1.65%)

Coverage Initiated:

FedEx (FDX): Susquehanna initiated coverage with a Neutral rating and target price of $150.00.

Morgan Stanley (MS): Keefe Bruyette initiated coverage with a Market Perform rating and target price of $34.00. Pre-market: 31.48 +0.38 (1.22%)

United Parcel Service (UPS): Susquehanna initiated coverage with a Neutral rating and target price of $107.00.

Earning Reports:

Bank of America (BAC): Reported EPS of $0.29 beating estimates by +$0.03. Pre-market: 17.16 +0.39 (2.33%)

Fastenal (FAST): Reported EPS of $0.33 missing estimates by -$0.01. After Hours: 48.49 +0.28 (0.58%)

Markets: 
Futures at 7:16: Dow +0.23%. S&P +0.20%. Nasdaq +0.34%. Crude +0.55% to $92.10. Gold -0.61% to $1237.80. U.S. 10 Year +1/32 to 2.868%.

Europe: London +0.40%. Paris +0.92%. Frankfurt +1.22%. 

Asia: Japan +2.50% to 15809. Hong Kong +0.49% to 22902. China -0.17% to 2023. India +1.22% to 21289. 

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Morning Coffee Pre-Market Wall Street News

Microsoft Share Jump On Earnings. Microsoft (MSFT) reported that their FQ1 net profit climbed +16% to $5.2B.  EPS were reported at $0.62 beating Wall Street estimates by $0.08. Revenues at the company also rose +16% to $18.53B. Microsoft's performance was boosted by strong corporate sales of its Office and server software.  Earlier this week Apple (APPL) announced that they would begin offering their latest operating system Maverick for free along with iWork which is their version of Office. Pre-market: 35.74 +2.02 (5.99%)

Upgrades:

Brinker Intl (EAT): Wunderlich raised their rating from Hold to Buy and raised their target price from $44.00 to $50.00.

Colgate-Palmolive (CL): Canaccord raised their rating from Sell to Hold and raised their target price from $52.00 to $58.00.

DuPont (DD): Citigroup raised their rating from Neutral to Buy and raised their target price from $61.00 to $70.00.

Ford Motor (F): CLSA raised their rating from Underperform to Outperform and raised their target price from $18.00 to $20.00.

Hasbro (HAS): BMO Capital raised their rating from Underperform to Market Perform and raised their target price from $38.00 to $50.00.

Sony (SNE): Credit Suisse raised their rating from Neutral to Outperform. Pre-market: 19.14 0.00 (0.00%)

Western Digital (WDC): Craig-Hallum raised their rating from Sell to Hold and placed a target price of $70.00 on the company. Pre-market: 70.50 -0.04 (-0.06%)

Downgrades:

Caterpillar (CAT): Atlantic Equities lowered their rating from Overweight to Neutral.

Transocean (RIG): Guggenheim lowered their rating from Buy to Neutral and lowered their target price from $58.00 to $53.00. Pre-market: 48.75 -0.27 (-0.55%)

Wynn Resorts (WYNN): Craig-Hallum lowered their rating from Buy to Hold and lowered their target price from $170.00 to $160.00. Pre-market: 170.02 -2.83 (-1.64%)

Coverage Initiated:

Walt Disney (DIS): FBR Capital initiated coverage with an Outperform rating and target price of $84.00.

Earning Reports:

AbbVie (ABBV): Reported EPS of $0.82 beating estimates by +$0.04. Pre-market: 48.90 +0.97 (2.02%)

DTE Energy (DTE): Reported EPS of $1.13 missing estimates by -$0.08.

Eaton (ETN): Reported EPS of $1.12 in-line with estimates. Pre-market: 67.50 -1.00 (-1.46%)

Express Scripts (ESRX): Reported EPS of $1.08 in-line with estimates. Pre-market: 62.49 -1.25 (-1.96%)

Microsoft (MSFT): Reported EPS of $0.62 beating estimates by +$0.08. Pre-market: 35.74 +2.02 (5.99%)

National Oilwell Varco (NOV): Reported EPS of $1.34 beating estimates by +$0.02. Pre-market: 82.00 +2.87 (3.63%)

Newell Rubbermaid (NWL): Reported EPS of $0.52 beating estimates by +$0.03. Pre-market: 30.10 +1.18 (4.08%)

NETGEAR (NTGR): Reported EPS of $0.58 in-line with estimates. Pre-market: 30.00 -2.14 (-6.66%)

Procter & Gamble (PG): Reported EPS of $1.05 in-line with estimates. Pre-market: 80.30 -0.31 (-0.38%)

Sherwin-Williams (SHW): Reported EPS of $2.68 beating estimates by +$0.04. Pre-market: 190.00 +3.00 (1.60%)

Synaptics (SYNA): Reported EPS of $1.31 beating estimates by +$0.08. Pre-market: 50.07 -2.97 (-5.60%)

UPS (UPS): Reported EPS of $1.16 beating estimates by +$0.01. Pre-market: 96.39 +1.90 (2.01%)

Weyerhaeuser (WY): Reported EPS of $0.27 beating estimates by +$0.05. Pre-market: 31.20 +0.90 (2.97%)

Wynn Resorts (WYNN): Reported EPS of $1.84 beating estimates by +$0.12. Pre-market: 170.02 -2.83 (-1.64%)

Markets: 
Futures at 6:17: Dow -0.03%. S&P +0.02%. Nasdaq +0.27%. Crude +0.13% to $97.24. Gold -0.88% to $1338.30. U.S. 10 Year +5/32 2.506%.

Europe: London +0.14%. Paris +0.01%. Frankfurt +0.17%. 

Asia: Japan -2.78% to 14088. Hong Kong -0.60% to 22698. China -1.45% to 2133. India -0.20% to 20684. 

Morning Coffee Pre-Market Wall Street News

UPS and the University of Virginia Blame Obamacare for Cuts. Both UPS (UPS) and the University of Virginia announced they would end offering medical benefits to family members of employees, blaming Obamacares increased cost as the direct cause. UPS in an announcement said it will cut healthcare benefits for around 15,000 working spouses of employees starting in 2014. The company said that it expects coast to the company due to Obamacare to increase +11.25%. In a memo the company also said that it expects that 35% of companies will also drop coverage of employee spouses.  The University of Virginia announced that they also will be dropping coverage of employee spouses due to direct cost increases due to Obamacare. The University said that it expects to pay $7.3 million more in 2014 due to Obamacare. Additionally, Xerox (XRX) is having employees pay $1,000 if they wish to keep their spouse on their current company medical plan, otherwise the company will be dropping them.

Upgrades:

Microsoft (MSFT): Nomura raised their rating from Neutral to Buy and placed a target price of $38.00 on the company. Pre-market: 32.12 +0.51 (1.61%)

Precision Castparts (PCP): Wells Fargo raised their rating from Market Perform to Outperform and raised their target range from $228.00-$234.00 to $240.00-$248.00.

Downgrades:

Abercrombie & Fitch (ANF): Janney Capital lowered their rating from Buy to Neutral. Pre-market: 37.74 -9.06 (-19.36%)

Target Corp (TGT): ISI Group lowered their rating from Strong Buy to Buy and placed a target price of $70.00 on the company. Pre-market: 65.25 -0.25 (-0.38%)

Target Corp (TGT): William Blair lowered their rating from Market Perform to Undrperform. Pre-market: 65.25 -0.25 (-0.38%)

Coverage Initiated:

Tesla Motors (TSLA): Stifel initiated coverage with a Hold rating. Pre-market: 149.12 +1.26 (0.85%)

Zynga (ZNGA): The Benchmark Co initiated coverage with a Hold rating and a target price of $2.98. Pre-market: 2.77 +0.02 (0.73%)

Earning Reports:

Abercrombie & Fitch (ANF): Reported EPS of $0.16 missing estimates by -$0.12. Pre-market: 37.74 -9.06 (-19.36%)

Children’s Place (PLCE): Reported EPS of -$0.42 beating estimates by +$0.11. Pre-market: 55.87 +4.47 (8.70%)

Dollar Tree (DLTR): Reported EPS of $0.56 missing estimates by -$0.01. Pre-market: 51.45 -0.39 (-0.75%)

Gamestop (GME): Reported EPS of $0.09 beating estimates by +$0.06. Pre-market: 52.40 +4.78 (10.04%)

Hewlett-Packard (HPQ): Reported EPS of $0.86 in-line with estimates. Pre-market: 23.49 -1.89 (-7.45%)

Hormel Foods (HRL): Reported EPS of $0.42 missing estimates by -$0.03. Pre-market: 41.60 -0.51 (-1.21%)

Patterson Companies (PDCO): Reported EPS of $0.46 missing estimates by -$0.03.

Sears Holdings (SHLD): Reported EPS of -$1.46 missing estimates by -$0.34. Pre-market: 40.13 -3.14 (-7.26%)

Markets: 
Futures at 8:09: Dow +0.24%. S&P +0.32%. Nasdaq +0.47%. Crude +0.22% to $104.07. Gold +0.07% to $1371.00. U.S. 10 Year -1/32 2.902%.

Europe: London +0.87%. Paris +0.96%. Frankfurt +1.08%. 

Asia: Japan -0.44% to 13365. Hong Kong +0.36% to 21895. China -0.28% to 2067. India +2.27% to 18313.