Obama to Unveil New $1.4 Trillion Budget

Obama to Unveil New $1.4 Trillion Budget. President Obama is scheduled to unveil his new $1.4T budget today that most economists say has little chance of passing Congress. The budget includes expanding the Earned Income Tax Credit to 13.5M childless workers. The 10-year $60B cost would be met by eliminating tax write-offs for self-employed professionals and investment-fund managers. The budget also includes spending $302B on highways, bridges and transit projects, and an increase in the minimum wage.

Upgrades:

Magna International (MGA): JPMorgan raised their rating from Underweight to Neutral. Pre-market: 95.09 +1.44 (1.54%)

Magna International (MGA): Goldman Sachs raised their rating from Sell to Neutral. Pre-market: 95.09 +1.44 (1.54%)

Pulte Homes (PHM): KeyBanc raised their rating from Hold to Buy and placed a target price of $26.00 on the company. Pre-market: 21.26 +0.45 (2.16%)

Downgrades:

Intuitive Surgical (ISRG): Cantor lowered their rating from Buy to Hold and maintained their target price of $450.00. Pre-market: 452.01 -1.83 (-0.40%)

Lennar (LEN): KeyBanc lowered their rating from Buy to Hold. Pre-market: 43.84 0.00 (0.00%)

McDermott (MDR): Capital One lowered their rating from Equal Weight to Underweight. Pre-market: 7.50 -0.61 (-7.52%)

Royal Caribbean (RCL): Longbow lowered their rating from Buy to Neutral. Pre-market: 51.70 +0.48 (0.94%)

Time Warner Cable (TWC): Macquarie lowered their rating from Outperform to Neutral.

USG Corp (USG): JPMorgan lowered their rating from Overweight to Neutral. Pre-market: 34.75 -0.03 (-0.09%)

WebMD (WBMD): Stifel lowered their rating from Buy to Hold. Pre-market: 41.80 -1.53 (-3.53%)

Coverage Initiated:

Advance Auto Parts (AAP): Stephens initiated coverage with an Equal Weight rating and target price of $133.00.

DeamWorks Animation SKG (DWA): Topeka initiated coverage with a Hold rating and target price of $32.00. Pre-market: 28.81 +0.31 (1.09%)

Earning Reports:

AutoZone (AZO): Reported EPS of $5.63 beating estimates by +$0.09. Pre-market: 550.00 +8.77 (1.62%)

McDermott (MDR): Reported EPS of -$1.37 missing estimates by -$1.30. Pre-market: 7.50 -0.61 (-7.52%)

Molycorp (MCP): Reported EPS of -$0.28 beating estimates by +$0.01. Pre-market: 5.21 -0.04 (-0.76%)

RadioShack (RSH): Reported EPS of -$1.29 missing estimates by -$1.16. Pre-market: 2.07 -0.65 (-23.90%)

Markets: 
Futures at 8:28: Dow +1.02%. S&P +1.00%. Nasdaq +1.05%. Crude -1.20% to $103.65. Gold -1.18% to $1334.30. U.S. 10 Year -12/32 to 2.645%.

Europe: London +1.39%. Paris +2.11%. Frankfurt +2.04%. 

Asia: Japan +0.47% to 14721. Hong Kong +0.70% to 22658. China -0.18% to 2071. India +1.26% to 21210. 

#TopWealthManager #RLPaler #WallStreet #AnalystsRatings #EarningReports #FinancialPlanning 

Gold Prices Fall.

Gold Prices Fall. Gold has dropped to $1200 an ounce for the first time since June after the Fed's decided to taper its QE program by $10B a month. , Gold prices have fallen over -28% this year and is currently trading at $1.201.50 down -2.74%. Silver was -3.7% at $19.32.

Upgrades:

Sirius XM (SIRI): Wunderlich raised their rating from Hold to Buy and raised their target price from $4.20 to $4.50.

Downgrades:

Ford Motor Co. (F): Craig-Hullum lowered their rating from Buy to Hold and lowered their target price from $21.00 to $16.00.

Comerica (CMA): Macquarie lowered their rating from Neutral to Underperform and placed a target price of $41.00 on the company.

JPMorgan Chase (JPM): SunTrust lowered their rating from Buy to Neutral and lowered their target price from $62.00 to $59.00.

Coverage Initiated:

Edison International (EIX): Tudor Pickering initiated coverage with an Accumulate rating.

Ralph Lauren (RL): Stephens initiated coverage with an Equal Weight rating and target price of $184.00.

Southwest Airlines (LUV): UBS initiated coverage with a Buy rating and target price of $25.00.

Standard Pacific (SPF): Sterne Agee initiated coverage with a Neutral rating and target price of $8.00.

Tiffany & Co (TIF): Stephens initiated coverage with an Equal Weight rating and target price of $95.00.

Xylem (XYL): Sterne Agee initiated coverage with a Neutral rating and target price of $32.00.

Earning Reports:

Accenture (ACN): Reported EPS of $1.15 beating estimates by +$0.05. Pre-market: 78.08 +2.46 (3.25%)

ConAgra (CAG): Reported EPS of $0.62 beating estimates by +$0.06. Pre-market: 33.09 +1.30 (4.09%)

KB Home (KBH): Reported EPS of $0.31 missing estimates by -$0.16. Pre-market: 16.95 -0.60 (-3.42%)

Oracle (ORCL): Reported EPS of $0.69 beating estimates by +$0.02. Pre-market: 35.34 +0.74 (2.14%)

Paychex (PAYX): Reported EPS of $0.43 beating estimates by +$0.01. Pre-market: 44.00 +0.68 (1.57%)

Rite Aid (RAD): Reported EPS of $0.04 in-line with estimates. Pre-market: 5.42 -0.34 (-5.90%)

Winnebago Inds (WGO): Reported EPS of $0.40 beating estimates by +$0.02. Pre-market: 31.65 +0.01 (0.03%)

Markets: 
Futures at 8:59: Dow -0.42%. S&P -0.51%. Nasdaq -0.53%. Crude -0.09% to $97.71. Gold -2.74% to $1201.50. U.S. 10 Year -13/32 to 2.944%.

Europe: London +0.87%. Paris +0.93%. Frankfurt +0.94%. 

Asia: Japan +1.74% to 15859. Hong Kong -1.10% to 22889. China -0.95% to 2128. India -0.73% to 20709. 

#RLPaler #WallStreet #PreMarket #WealthManagement#EarningReports #AnalystsRatings #Gold

Morning Coffee Pre-Market Wall Street News

Gold & Silver Tarnished. Better than expected U.S. economic data yesterday, has sent gold and silver prices lower. Gold prices have dropped to their lowest since August 2010, and are down -3.55% this morning to $1229.80. Shares of SPDR Gold Trust (GLD) have fallen -23.79% year-to-date, while shares of iShares Silver Trust (SLV) have fallen -35.61% year-to-date. This morning spot prices for silver are off another -5.4% at $18.58. (GLD) Pre-market: 119.21 -4.26 (-3.45%) (SLV) Pre-market: 18.03 -0.88 (-4.65%)

Upgrades:

Adobe Systems (ADBE): Jefferies raised their rating from Hold to Buy and raised their target price from $45.00 to $57.00. Pre-market: 45.35 +0.98 (2.21%)

KeyCorp (KEY): BMO Capital raised their rating from Market Perform to Outperform and raised their target price from $10.00 to $13.00. Pre-market: 11.00 +0.28 (2.61%)

Pandora Media (P): Cowen raised their rating from Neutral to Outperform. Pre-market: 17.20 +0.79 (4.81%)

Downgrades:

Barrick Gold (ABX): Credit Suisse lowered their rating from Outperform to Neutral and lowered their target price from $36.00 to $20.00. Pre-market: 15.39 -0.72 (-4.47%)

Mosaic (MOS): Citigroup lowered their rating from Buy to Neutral and lowered their target price from $69.00 to $57.00. After Hours: 55.75 -0.16 (-0.29%)

NETGEAR (NTGR): Goldman Sachs lowered their rating from Neutral to Sell and lowered their target price from $33.00 to $28.00.

Southwest Airlines (LUV): Morgan Stanley lowered their rating from Equal Weight to Underweight and maintained a target price of $13.00. After Hours: 13.38 +0.03 (0.22%)

Coverage Initiated:

Google (GOOG): Janney Capital initiated coverage with a Buy rating and target price of $1050.00. Pre-market: 870.51 +4.31 (0.50%)

Orbitz Worldwide (OWW): Ascendiant initiated coverage with a Buy rating and target price of $10.00.

Earning Reports:

General Mills (GIS): Reported EPS of $0.53 in-line with estimates. Pre-market: 48.00 -0.33 (-0.68%)

Smith & Wesson (SWHC): Reported EPS of $0.44 beating estimates by +$0.01. Pre-market: 10.16 +0.17 (1.70%)

Markets: 
Futures at 7:34: Dow +0.40%. S&P +0.52%. Nasdaq +0.64%. Crude -0.21% to $95.13. Gold -3.55% to $1229.80.

Europe: London +0.97%. Paris +1.91%. Frankfurt +1.70%. 

Asia: Japan -1.04% to 12834. Hong Kong +2.43% to 20339. China -0.41% to 1952. India -0.41% to 18552. 

Morning Coffee Pre-Market Wall Street News

U.S. Stock Futures Higher Ahead of FOMC Meeting. U.S. stock futures are higher before the opening as traders anxiously await the beginning of the FOMC meeting. The two day policy meeting is scheduled to begin today. Wall Street will be waiting for comments on the direction of the economy, interest rates and the potential winding down of the Fed’s bond buying program. Additionally, the inflation data of May is scheduled to be released today. Economists estimates are that the CPI rose +0.2% month-over-month after falling -0.4% in April, with the main driver of inflation being food and energy cost.

Upgrades:

Daimler AG (DDAIF): Natixis raised their rating from Hold to Buy.

Flir Systems (FLIR): Raymond James raised their rating from Market Perform to Strong Buy and placed a target price of $33.00 on the company.

Downgrades:

Charles River Labs (CRL): Goldman Sachs lowered their rating from Neutral to Sell. Pre-market: 42.40 -0.81 (-1.87%)

HSBC Holdings PLC (HBC): Citigroup lowered their rating from Buy to Neutral. Pre-market: 54.53 +0.74 (1.38%)

Williams Cos. (WMB): Goldman Sachs lowered their rating from Conviction Buy to Buy and placed a target price of $40.00 on the company. Pre-market: 33.00 -0.64 (-1.90%)

Coverage Initiated:

Huntington Ingalls (HII): Stifel initiated coverage with a Hold rating.

LinkedIn (LNKD): Pacific Crest initiated coverage with an Outperform rating and target price of $215.00. Pre-market: 179.21 +1.62 (0.91%)

T-Mobile U.S. (TMUS): Canaccord initiated coverage with a Hold rating and target price of $22.00.

Earning Reports:

FactSet (FDS): Reported EPS of $1.15 missing estimates by -$0.11. Pre-market: 99.01 -4.75 (-4.58%)

Korn/Ferry (KFY): Reported EPS of $0.32 beating estimates by +0.01.

Markets: 

Futures at 7:00: Dow +0.21%. S&P +0.09%. Nasdaq +0.35%. Crude -0.02% to $97.75. Gold -0.68% to $1373.90.

Europe: London +0.85%. Paris -0.05%. Frankfurt +0.05%. 

Asia: Japan -0.20% to 13007. Hong Kong 0.00% at 21226. China +0.14% to 2159. India -0.53% at 19223.