King Obama Uses His Pen

King Obama Uses His Pen. During the State of the Union speech President Obama said that “We’re not just going to be waiting for legislation, or plans, or any logical idea of what will actually result in order to make sure that we’re providing Americans the kind of help I’ve decided they need,” He went on to say “I’ve got a pen, I’ve got paper, scotch tape, a fax machine, a copier, a phone, and a whole box of those binder clips.”  Working around Congress the President used his pen and changed his Obamacare law once again. The latest law change will delay the part of Obamacare, saying that businesses with 50-99 full-time workers won't have to provide health insurance to their workers until 2016. Which analysts say is a political move designed to put off the requirement until after the election. Larger companies will have to cover at least 70% of employees by 2015 and 95% buy 2016. The original law states that companies had to offer health coverage this year.

Upgrades:

Allscripts (MDRX): Maxim raised their rating from Hold to Buy and placed a target price of $20.00 on the company.

Eastman Chemical (EMN): ResearchTeam lowered their rating from Reduce to Hold.

Ralph Lauren (RL): Atlantic Equities raised their rating from Neutral to Overweight and placed a target price of $187.00 on the company.

Tata Motors (TTM): Nomura raised their rating from Neutral to Buy. Pre-market: 30.14 -0.48 (-1.57%)

Downgrades:

CVS Caremark (CVS): ResearchTeam lowered their rating from Hold to Reduce. Pre-market: 68.29 +1.35 (2.02%)

KB Homes (KBH): Raymond James lowered their rating from Market Perform to Underperform. Pre-market: 18.57 -0.31 (-1.64%)

Lennar (LEN): Raymond James lowered their rating from Outperform to Strong Buy and placed a target price of $46.00 on the company. Pre-market: 40.64 -0.25 (-0.61%)

United States Steel (X): Citigroup lowered their rating from Neutral to Sell and lowered their target price from $28.00 to $23.00.

Coverage Initiated:

AT&T (T): Drexel Hamilton initiated coverage with a Buy rating and target price of $40.00. Pre-market: 32.60 +0.16 (0.49%)

Thermo Fisher (TMO): JPMorgan initiated coverage with an Overweight rating and target price of $135.00.

Earning Reports:

CVS Caremark (CVS): Reported EPS of $1.12 beating estimates by +$0.01. Pre-market: 68.29 +1.35 (2.02%)

Dean Foods (DF): Reported EPS of $0.18 missing estimates by -$0.01. Pre-market: 13.40 -1.80 (-11.84%)

Health Net (HNT): Reported EPS of $0.24 missing estimates by -$0.04. Pre-market: 33.50 +0.75 (2.29%)

Marsh McLennan (MMC): Reported EPS of $0.54 missing estimates by -$0.02.

Mosaic (MOS): Reported EPS of $0.36 missing estimates by -$0.06. Pre-market: 47.35 +0.53 (1.13%)

Reynolds American (RAI): Reported EPS of $0.77 missing estimates by -$0.04. Pre-market: 48.50 -0.31 (-0.64%)

Sprint (S): Reported EPS of -$0.26 beating estimates by +$0.07. Pre-market: 8.25 +0.56 (7.28%)

Markets: 
Futures at 8:17: Dow +0.40%. S&P +0.36%. Nasdaq +0.43%. Crude +0.14% to $100.20. Gold +0.93% to $1286.50. U.S. 10 Year -8/32 to 2.70%.

Europe: London +0.83%. Paris +0.63%. Frankfurt +1.48%. 

Asia: Japan closed. Hong Kong +1.78% to 21963. China +0.84% to 2104. India +0.14% to 20363. 

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Morning Coffee Pre-Market Wall Street News

European Commission Lowers EU GDP Forecast. The European Commission has lowered its 2014 GDP forecast for the eurozone forecast to 1.1% from 1.2%. Germany, Belgium, Estonia and Ireland’s economy should grow in 2014. While they warned that Spain, Greece, Italy and Portugal will experience much weaker growth. Unemployment for the eurozone is expected to remain high at 12.2%. Inflation should remain low at 1.5%. The European Commission also expects that the eurozone's economy will shrink -0.4% this year.

Downgrades:

Blackberry (BBRY): CIBC lowered their rating from Sector Perform to Underperform and lowered their target price from $12.00 to $5.00. Pre-market: 6.61 +0.12 (1.77%)

Humana (HUM): Monness Crespi lowered their rating from Buy to Neutral. Pre-market: 94.00 -0.13 (-0.14%)

Kellogg (K): Deutsche Bank lowered their rating from Buy to Hold and lowered their target price from $68.00 to $65.00.

St Jude Medical (STJ): Bernstein lowered their rating from Outperform to Market Perform and placed a target price of $62.00 on the company. Pre-market: 57.01 -1.88 (-3.19%)

UnitedHealth (UNH): Monness Crespi lowered their rating from Buy to Neutral. Pre-market: 68.38 -0.57 (-0.83%)

Wellpoint (WLP): Monness Crespi lowered their rating from Buy to Neutral.

Coverage Initiated:

Twitter (TWTR): CRT Capital initiated coverage with a Buy rating and target price of $40.00.

Earning Reports:

AOL (AOL): Reported EPS of $0.55 beating estimates by +0.04. Pre-market: 40.38 +1.66 (4.29%)

Cognizant Tech (CTSH): Reported EPS of $1.13 beating estimates by +0.03. Pre-market: 90.30 +3.45 (3.97%)

CVS Caremark (CVS): Reported EPS of $1.09 beating estimates by +0.07. Pre-market: 63.15 +1.17 (1.89%)

Emerson (EMR): Reported EPS of $1.18 beating estimates by +0.07. Pre-market: 65.29 -2.08 (-3.09%)

Mosaic (MOS): Reported EPS of $0.51 missing estimates by -$0.04. Pre-market: 45.83 -0.90 (-1.93%)

Markets: 
Futures at 6:20: Dow -0.34%. S&P -0.28%. Nasdaq -0.35%. Crude -0.19% to $94.44. Gold +0.11% to $1316.00 U.S. 10 Year -6/32 2.631%. 

Europe: London -0.60%. Paris -1.13%. Frankfurt -0.61%. 

Asia, Japan +0.17% to 14225. Hong Kong -0.65% to 23039. China +0.35% to 2157. India -1.25% to 20975. 

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Morning Coffee Pre-Market Wall Street News

Ford Post Strong Q3 Profits. Ford Motor reports very strong Q3 profits, driven by strength in North America and smaller losses in Europe. The auto maker reported pre-tax earnings of $2.6 billion or EPS of $0.45, easily beating Wall Street estimates of only $0.37. Bob Shanks, Ford's chief financial officer said "North America continues to achieve strong profits and we saw significantly improved results outside North America."  He went on to say "We substantially reduced our losses in Europe, set a record third quarter profit in Asia Pacific Africa and saw a $150 million improvement in South America."

 The company also raised full-year guidance. It expects its full-year pre-tax profit to beat 2012 and expects its automotive operating margins to be higher than last year.

Ford also said it contributed $1.1 billion during Q3 to fund its pension plans worldwide. $700 million was contributed to its U.S. plans. Pre-market: 18.11 +0.59 (3.37%)

Upgrades:

Canadian Pacific Railway (CP): Desjardins raised their rating from Hold to Buy. Pre-market: 142.82 -0.17 (-0.12%)

Canadian Pacific Railway (CP): RBC Capital raised their rating from Underperform to Sector Perform. Pre-market: 142.82 -0.17 (-0.12%)

Eli Lilly (LLY): MKM Partners raised their rating from Neutral to Buy and placed a target price of $59.00 on the company.

Goldman Sachs (GS): Deutsche Bank raised their rating from Hold to Buy and raised their target price from $163.00 to $181.00.

Downgrades:

Caterpillar (CAT): Raymond James lowered their rating from Outperform to Market Perform.

Caterpillar (CAT): JPMorgan lowered their rating from Overweight to Neutral and lowered its target price from $105.00 to $90.00.

Coach (COH): Atlantic Equities lowered their rating from Overweight to Neutral. Pre-market: 48.51 -0.04 (-0.08%)

Green Mountain Coffee Roasters (GMCR): Argus lowered their rating from Buy to Hold.

O”Reilly Automotive (ORLY): Raymond James lowered their rating from Strong Buy to Market Perform.

U.S. Bancorp (USB): Deutsche Bank raised their rating from Buy to Hold and raised their target price from $41.00 to $38.00.

Coverage Initiated:

21^st Century Fox (FOXA): Guggenheim initiated coverage with a Buy rating and target price of $41.00. Pre-market: 34.77 0.00 (0.00%)

CBS Corp (CBS): Guggenheim initiated coverage with a Buy rating and target price of $69.00.

CVS Caremark (CVS): FBR Capital initiated coverage with an Outperform rating and target price of $69.00.

Express Scripts (ESRX): FBR Capital initiated coverage with an Outperform rating and target price of $75.00.

News Corp (NWSA): Guggenheim initiated coverage with a Neutral rating and target price of $19.00.

Time Warner (TWX): Guggenheim initiated coverage with a Buy rating and target price of $80.00.

Viacom B (VIAB): Guggenheim initiated coverage with a Neutral rating and target price of $94.00.

Walgreen (WAG): FBR Capital initiated coverage with a Market Perform rating and target price of $62.00.

Walt Disney (DIS): Guggenheim initiated coverage with a Neutral rating and target price of $78.00.

Earning Reports:

3M (MMM): Reported EPS of $1.78 beating estimates by +$0.03. Pre-market: 123.50 +0.30 (0.24%)

Ball Corp (BLL): Reported EPS of $1.78 beating estimates by +$0.03.

Cabela’s (CAB): Reported EPS of $0.70 missing estimates by -$0.01. Pre-market: 59.82 -2.57 (-4.12%)

Celgene (CELG): Reported EPS of $1.56 beating estimates by +$0.03. Pre-market: 158.50 -1.50 (-0.94%)

Colgate-Palmolive (CL): Reported EPS of $0.73 in-line with estimates. Pre-market: 63.00 -0.47 (-0.74%)

Dow Chemical (DOW): Reported EPS of $0.50 missing estimates by -$0.04. Pre-market: 40.00 -1.04 (-2.53%)

Ford Motor (F): Reported EPS of $0.45 beating estimates by +$0.08. Pre-market: 18.11 +0.59 (3.37%)

Hershey Foods (HSY): Reported EPS of $1.04 beating estimates by +$0.03. Pre-market: 98.00 +1.15 (1.19%)

International Paper (IP): Reported EPS of $0.94 missing estimates by -$0.01. Pre-market: 44.63 +0.24 (0.54%)

Old Dominion Freight (ODFL): Reported EPS of $0.70 missing estimates by -$0.01. Pre-market: 47.00 -0.74 (-1.55%)

Potash (POT): Reported EPS of $0.41 in-line with estimates. Pre-market: 31.05 -0.65 (-2.05%)

Under Armour (UA): Reported EPS of $0.68 beating estimates by +$0.02. Pre-market: 78.97 -5.01 (-5.97%)

Xerox (XRX): Reported EPS of $0.26 beating estimates by +$0.01. Pre-market: 10.41 -0.32 (-2.98%)

Zimmer Hldgs (ZMH): Reported EPS of $1.25 beating estimates by +$0.01.

Markets: 
Futures at 6:20: Dow +0.4%. S&P +0.4%. Nasdaq +0.4%. Crude +0.4% to $97.27. Gold +0.1% to $1335.90. U.S. 10 Year +2/32 2.497%

Europe: London +0.4%. Paris +0.2%. Frankfurt +0.6%. 

Asia: Japan +0.4% to 14486. Hong Kong -0.7% to 22836. China -0.8% to 2165. India -0.2% to 20725. 

Morning Coffee Pre-Market Wall Street News

Government Wants Bank of America to Pay $6 Billion. Reports say that the Federal Housing Finance Agency reportedly wants Bank of America (BAC) to pay a minimum of at least $6B in fines to settle accusations that it sold faulty mortgage bonds to Fannie Mae (FNMA) and Freddie Mac (FMCC). The fin if agreed to would be much larger then JPMorgan’s (JPM) agreement to pay $4B and UBS’s fine of $885M. (BAC) Pre-market: 14.54 -0.09 (-0.62%)

Upgrades:

Abbott (ABT): ResearchTeam raised their rating from Reduce to Hold.

Apple ( AAPL): Societe Generale raised their rating from Hold to Buy and raised their target price from $500.00 to $575.00.

Archer Daniels Midland (ADM): BofA Merrill Lynch raised their rating from Underperform to Buy and raised their target price from $36.00 to $44.00. Pre-market: 38.27 +0.25 (0.66%)

Celgene (CELG): ResearchTeam raised their rating from Hold to Accumulate.

CVS Caremark (CVS): ResearchTeam raised their rating from Reduce to Accumulate.

Barrick Gold (ABX): HSBC raised their rating from Neutral to Overweight and placed a target price of $21.00 on the company.

Ensco PLC (ESV): ResearchTeam raised their rating from Reduce to Hold.

Expeditors Intl (EXPD): ResearchTeam raised their rating from Hold to Accumulate.

Intel (INTC): ResearchTeam raised their rating from Hold to Accumulate.

Ryder Systems (R): ResearchTeam raised their rating from Reduce to Hold.

Sonoco (SON): ResearchTeam raised their rating from Reduce to Hold.

Downgrades:

Abercrombie & Fitch (ANF): Macquarie lowered their rating from Outperform to Neutral and placed a target price of $36.00 on the company.

Apache (APA): ISI Group lowered their rating from Buy to Neutral and lowered their target price from $112.00 to $111.00.

Chipotle Mexican Grill (CMG): Miller Tabak lowered their rating from Buy to Hold and maintained their target price of $490.00.

General Mills (GIS): BofA Merrill Lynch lowered their rating from Buy to Neutral and lowered their target price from $54.00 to $51.00. Pre-market: 48.70 -0.49 (-1.00%)

Goodyear Tire (GT): Deutsche Bank lowered their rating from Buy to Hold and lowered their target price from $29.00 to $26.00.

Kaiser Aluminum (KALU): Sterne Agee lowered their rating from Buy to Neutral.

Kaiser Aluminum (KALU): KeyBanc lowered their rating from Buy to Hold.

Kellogg (K): BofA Merrill Lynch lowered their rating from Buy to Underperform and lowered their target price from $69.00 to $62.00. Pre-market:60.37 -1.05 (-1.71%)

Marathon Oil (MRO): ISI Group lowered their rating from Buy to Neutral and maintained their target price of $42.00.

Tesco (TESO): Capital One lowered their rating from Add to Neutral and placed a target price of $18.00 on the company.

Earning Reports:

Check Point Software (CHKP): Reported EPS of $0.85 beating estimates by +$0.01. Pre-market: 60.00 +1.59 (2.72%)

Halliburton (HAL): Reported EPS of $0.83 beating estimates by +$0.01. Pre-market: 51.01 -1.46 (-2.78%)

Hasbro (HAS): Reported EPS of $1.31 beating estimates by +$0.02. Pre-market: 48.49 +1.25 (2.65%)

McDonald’s (MCD): Reported EPS of $1.52 beating estimates by +$0.01. Pre-market: 93.50 -1.70 (-1.79%)

Philips Electronics (PHG): Reported EPS of $0.31 missing estimates by -$0.02. Pre-market: 35.43 +1.88 (5.60%)

SAP AG (SAP): Reported EPS of $0.78 missing estimates by -$0.01. Pre-market: 77.26 +3.51 (4.76%)

V.F. Corp (VFC): Reported EPS of $3.91 beating estimates by +$0.13. Pre-market: 211.25 +6.95 (3.40%)

Markets: 
Futures at 7:14: Dow +0.02%. S&P +0.12%. Nasdaq +0.28%. Crude -1.20% to $99.60. Gold +0.05% to $1315.20. U.S. 10 Year -4/32 2.597%.

Europe: London +0.85%. Paris -0.28%. Frankfurt -0.06%. 

Asia: Japan +0.91% to 14694. Hong Kong +0.42% to 23438. China +1.62% to 2229. India +0.05% to 20894. 

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Morning Coffee Pre-Market Wall Street News

Fed Fears Rock World Markets. World markets are lower after two Fed policy makers, including Charles Evans, said the U.S. central bank could start tapering as early as next month. The remarks sent the dollar lower against the yen, which in turn caused the Nikkei to fall -4%. This comes much sooner than Wall Street had expected and many feel that the economy which is still on shaky ground could start to lose steam.

Upgrades:

Louisiana Pacific (LPX): TD Securities raised their rating from Reduce to Hold.

Maximus (MMS): First Analysis raised their rating from Equal Weight to Overweight and placed a target price of $45.00 on the company.

Yum! Brands (YUM): BofA Merrill Lynch raised their rating from Underperform to Neutral and raised their target price from $60.00 to $75.00.

Downgrades:

CVS Caremark (CVS): Cantor lowered their rating from Buy to Hold and lowered their target price from $65.00 to $62.00.

Fossil Group (FOSL): Citigroup lowered their rating from Buy to Neutral.

McDermott Intl (MDR): Stifel lowered their rating from Buy to Hold.

Coverage Initiated:

Baxter Intl (BAX): Goldman Sachs initiated coverage with a Conviction Buy rating and target price of $86.00.

Earning Reports:

AOL (AOL): Reported EPS of $0.35 beating estimates by +$0.02.

Carlyle (CG): Reported EPS of $0.39 missing estimates by -$0.17.

Clean Harbors (CLH): Reported EPS of $0.38 missing estimates by -$0.19.

Duke Energy (DUK): Reported EPS of $0.87 missing estimates by -$0.07.

Huntington Ingalls (HII): Reported EPS of $1.12 beating estimates by +$0.17.

Kelly Services (KELYA): Reported EPS of $0.33 beating estimates by +$0.08.

Walt Disney (DIS): Reported EPS of $1.03 beating estimates by +$0.02.

Markets: 
Futures at 8:20: Dow -0.45%. S&P -0.45%. Nasdaq -0.31%. Crude +0.15% to $105.46. Gold -0.5% to $1275.40. U.S. 10 Year 3/32 2.634%.

Europe: London -0.89%. Paris +0.05%. Frankfurt -0.39%. 

Asia: Japan -4.00% to 13825. Hong Kong -1.53% to 21589. China -0.67% to 2047. India -0.36% to 18665.