Coca-Cola Announces Reorganization

Coca-Cola Announces Reorganization. Coca-Cola (KO) has announced a major reorganization of its Americas business.  The company will split its North American unit into two units as part of their strategy to return to a franchise model in the U.S. Additionally, Steve Cahillane head of Americas, who was considered a possible successor to CEO Muhtar Kent will depart the company. This now leave International boss Ahmet Bozer as the number two in the company and possible CEO successor. Pre-market: 39.64 +0.43 (1.10%)

Upgrades:

Advance Auto Parts (AAP): RBC Capital raised their rating from Outperform to Top Pick and placed a target price of $131.00 on the company.

Amazon.com (AMZN): ISI Group raised their rating from Buy to Strong Buy. Pre-market: 385.25 +4.00 (1.05%)

Bed Bath & Beyond (BBBY): ISI Group raised their rating from Cautious to Neutral.

FedEx (FDX): Raymond James raised their rating from Outperform to Strong Buy and raised their target price from $124.00 to $190.00. Pre-market: 138.00 +1.66 (1.22%)

Northern Trust (NTRS): Macquarie raised their rating from Neutral to Outperform.

Quicksilver (ZQK): B. Riley raised their rating from Neutral to Buy and raised their target price from $6.50 to $10.00. Pre-market: 7.82 +0.09 (1.16%)

United States Steel (X): Cowen raised their rating from Neutral to Outperform.

Western Digital (WDC): Citigroup raised their rating from Neutral to Buy and raised their target price from $71.00 to $100.00.

Downgrades:

BP plc (BP): UBS lowered their rating from Buy to Neutral. Pre-market: 45.74 -0.43 (-0.93%)

Restoration Hardware (RH): Piper Jaffray lowered their rating from Overweight to Neutral and lowered their target price from $92.00 to $65.00. Pre-market: 60.00 -5.27 (-8.07%)

Coverage Initiated:

Chevron (CVX): RBC Capital initiated coverage with a Sector Perform rating and placed a target price of $120.00 on the company. Pre-market: 121.20 +0.21 (0.17%)

Coca-Cola (KO): Janney Capital initiated coverage with a Buy rating and placed a target price of $52.00 on the company. Pre-market: 39.64 +0.43 (1.10%)

Exxon Mobil (XOM): RBC Capital initiated coverage with an Outperform rating and placed a target price of $105.00 on the company. Pre-market: 95.75 +0.39 (0.41%)

Earning Reports:

Adobe Systems (ADBE): Reported EPS of $0.32 in-line with estimates. Pre-market: 57.60 +3.61 (6.69%)

Quicksilver (ZQK): Reported EPS of -$0.04 missing estimates by -$0.08. Pre-market: 7.82 +0.09 (1.16%)

Restoration Hardware (RH): Reported EPS of $0.32 beating estimates by +$0.04. Pre-market: 60.00 -5.27 (-8.07%)

Markets: 
Futures at 6:31: Dow +0.29%. S&P +0.38%. Nasdaq +0.41%. Crude -0.45% to $97.06. Gold +0.24% to $1228.30. U.S. 10 Year +2/32 to 2.877%.

Europe: London +0.16%. Paris +0.28%. Frankfurt +0.18%. 

Asia: Japan +0.40% to 15403. Hong Kong +0.12% to 23246. China -0.31% to 2196. India -1.00% to 20716. 

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Morning Coffee Pre-Market Wall Street News

World Markets Continue Decline. Stock markets worldwide are continuing to sell off. In China stocks fell -5.3%. In mid-day trading European markets are down -1% or more. U.S. stock futures are also looking at a lower opening this morning. Also caught in the wake of the selloff are commodities which are also lower. The sell off started last week when Fed Chairman Ben Bernanke said the Fed would end its QE policy by mid 2014. Bond prices are also getting hit bring the 10-year Treasury yield to a two-year high of 2.61%.

Upgrades:

Advanced Micro (AMD): FBR Capital raised their rating from Market Perform to Outperform and raised their target price from $3.00 to $5.50.

First Solar (FSLR): Maxim raised their rating from Sell to Hold. Pre-market: 42.10 +0.73 (1.76%)

Downgrades:

Allergan (AGN): Sun Trust lowered their rating from Buy to Neutral and lowered their target price from $115.00 to $102.00. Pre-market: 89.19 -3.51 (-3.79%)

Deere & Co (DE): JPMorgan lowered their rating from Neutral to Underweight and placed a target price of $76.00 on the company. Pre-market: 80.83 -1.64 (-1.99%)

Walgreens (WAG): Cantor Fitzgerald lowered their rating from Buy to Hold and placed a target price of $49.00 on the company. Pre-market: 48.20 -0.51 (-1.05%)

Coverage Initiated:

Coca-Cola (KO): Sun Trust initiated coverage with a Buy rating and target price of $47.00.

First Solar (FSLR): JPMorgan initiated coverage with an Overweight rating and target price of $64.00. Pre-market: 42.10 +0.73 (1.76%)

Pfizer (PFE): JPMorgan initiated coverage with an Overweight rating and target price of $33.00.

Sherwin-Williams (SHW): UBS initiated coverage with a Buy rating and target price of $215.00. Pre-market: 173.10 0.00 (0.00%)

Markets: 
Futures at 6:20: Dow -0.7%. S&P -0.7%. Nasdaq -0.5%. Crude -0.1% at $93.62. Gold -0.8% to $1281.90.

Europe: London -1.5%. Paris -1.4%. Frankfurt -0.9%. 

Asia: Japan -1.3% to 13063. Hong Kong -2.2% to 19814. China -5.3% to 1963. India -1.2% to 18541.