World Markets Up on China, the Fed and U.S. Budget Deal

World Markets Up on China, the Fed and U.S. Budget Deal. World markets are higher this morning boosted by better than expected trade data from China.  China's exports rose +10.6% in January well beyond economists estimates of only a +2% increase. Fed Chairman Jenet Yellen in testimony yesterday said that the Fed would continue with its easy money policy easing fears that the Fed would start tightening amid recent poor economic reports. Additionally, the Republican led House has agreed to suspend the U.S. debt ceiling borrowing authority until March 16, 2015.  

Upgrades:

AB InBev (BUD): Goldman Sachs raised their rating from Sell to Buy.

Downgrades:

Amazon.com (AMZN): UBS lowered their rating from Buy to Neutral and lowered their target price from $450.00 to $375.00.

American Railcar (ARII): Longbow lowered their rating from Buy to Neutral.

Dean Foods (DF): Stifel lowered their rating from Buy to Hold.

Green Mountain Coffee (GMCR): Longbow lowered their rating from Buy to Neutral.

Intuit (INTU): Evercore lowered their rating from Equal Weight to Underweight and lowered their target price from $72.00 to $62.00.

Coverage Initiated:

Allstate (ALL): Citigroup initiated coverage with a Neutral rating and target price of $53.00.

Chubb (CB): Citigroup initiated coverage with a Sell rating and target price of $76.00.

Progressive (PGR): Citigroup initiated coverage with a Neutral rating and target price of $24.00.

Traveler’s (TRV): Citigroup initiated coverage with a Sell rating and target price of $71.00.

Earning Reports:

Deere (DE): Reported EPS of $1.81 beating estimates by +0.28.

Dr Pepper Snapple (DPS): Reported EPS of $0.97 beating estimates by +0.13.

Owens Corning (OC): Reported EPS of $0.44 beating estimates by +0.16.

Vonage (VG): Reported EPS of $0.05 beating estimates by +0.01.

Markets: 
Futures at 6:20: Dow +0.2%. S&P +0.2%. Nasdaq +0.3%. Crude +0.6% to $100.53. Gold -0.2% to $1287. U.S. 10 Year +2/32 to 2.75%

Europe: London +0.2%. Paris +0.5%. Frankfurt +0.9%. 

Asia: Japan +0.6% to 14800. Hong Kong +1.5% to 22286. China +0.3% to 2110. India +0.4% to 20448. 

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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. 

Morning Coffee Pre-Market Wall Street News

World Markets Fall on Fed Comment. World markets are selling off after Ben Bernanke yesterday signaled that the Fed may soon stop trying to prop up the U.S. economy by printing money. Additionally, he said that the bond buying program could end by mid-2014. Some economists and traders have fear that the economy is not strong enough and needs the Fed’s stimulation to prevent another recession. They point to the weak GDP and job numbers as their evidence. U.S. futures are lower with government bond yields spiking, while gold had plunged -5.22% to $1302.40 hitting a 2 1/2 year low.

Upgrades: 

Alcatel-Lucent (ALU): UBS raised their rating from Sell to Neutral. Pre-market: 2.02 +0.09 (4.66%)

Hewlett-Packard (HQP): Wells Fargo raised Market Perform to Outperform and raised their target range from $23.00 - $25.00 to $30.00 - $32.00. Pre-market: 25.50 +0.07 (0.28%)

Plum Creek Timber (PCL): DA Davidson raised their rating from Underperform to Neutral. Pre-market: 45.15 -0.08 (-0.18%)

Wal-Mart (WMT): Raymond James raised their rating from Market Perform to Outperform and placed a target price of $84.00 on the company. Pre-market: 74.65 +0.19 (0.26%)

Weyerhaeuser (WY): BMO Capital raised their rating from Market Perform to Outperform and placed a target price of $33.00 on the company. Pre-market: 27.31 0.00 (0.00%)

Downgrades:

FedEx (FDX): JPMorgan lowered their rating from Overweight to Neutral and lowered their target price from $116.00 to $108.00. Pre-market: 98.50 -2.04 (-2.03%)

FedEx (FDX): Morgan Stanley lowered their rating from Overweight to Equal Weight. Pre-market: 98.50 -2.04 (-2.03%)

Newmont Mining (NEM): Cowen lowered their rating from Outperform to Neutral. Pre-market: 30.95 -0.95 (-2.98%)

Sprint Nextel (S): Argus lowered their rating from Buy to Hold. Pre-market: 6.97 -0.03 (-0.43%)

Walt Disney (DIS): Goldman Sachs lowered their rating from Conviction Buy to Neutral and placed a target price of $70.00 on the company. Pre-market: 63.29 -1.04 (-1.62%)

Coverage Initiated:

Owens Corning (OC): Wedbush initiated coverage with an Outperform rating and target price of $50.00.           

Earning Reports:

Jabil Circuit (JBL): Reported EPS of $0.56 beating estimates by +$0.02. Pre-market: 19.00 -0.82 (-4.14%)

Micron (MU): Reported EPS of $0.04 beating estimates by +$0.01. Pre-market: 13.66 -0.31 (-2.22%)

Pier 1 (PIR): Reported EPS of $0.19 in-line with estimates. After Hours: 24.55 +0.56 (2.33%)

Red Hat (RHT): Reported EPS of $0.32 beating estimates by +$0.01. Pre-market: 47.78 +1.56 (3.38%)

Rite Aid (RAD): Reported EPS of $0.09 in-line with estimates. Pre-market: 3.05 -0.06 (-1.93%)

Markets: 
Futures at 7:25: Dow -0.57%. S&P -0.78%. Nasdaq -0.84%. Crude -1.53% to $96.74. Gold -5.22% to $1302.40.

Europe: London -2.26%. Paris -2.51%. Frankfurt -2.49%. 

Asia: Japan -1.74% to 13015. Hong Kong -2.88% to 20383. China -2.77% to 2084. India -2.74% to 18719. 

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.