MORNING COFFEE

EU Debt Talks Scheduled. EU leaders are meeting again today to try to come up with a comprehensive plan to solve the EU debt crisis.  Expectations have fallen after the fiancé ministers canceled a meeting. Countries in the EU are divided on how to increase the EU's bailout fund. Additionally, the Italian government is in danger of collapsing over EU demands for reform.

Upgrades

Teleflex (TFX): Stephens raised their rating from Equal Weight to Overweight and raised their target price from $60.00 to $67.00.

Netflix (NFLX): Hudson Securities raised their rating from Hold to Buy and placed a target price of $110.00 on the company.

Downgrades

Autoliv (ALV): KeyBanc Capital Markets lowered their rating from Buy to Hold.

Coverage Initiated

US Cellular (USM): Brigantine imitated coverage with a Sell rating and target price of $37.00.

Nokia (NOK): Northland Securities Initiated coverage with an Outperform rating and target price of $10.00.

Coverage Reiterated/Price Target Changed

Panera Bread (PNRA): Oppenheimer reiterated their Outperform rating and raised their target price from $135.00 to $150.00.

Broadcom (BRCM): Stifel Nicolaus reiterated their Buy rating and lowered their target price from $50.00 to $43.00.

Under Armour (AU): FBR Capital reiterated their Market Perform rating and raised their target price from $80.00 to $90.00.

Earning Reports

Boeing (BA): Reported EPS of $1.46 beating estimates by +$0.35.

ConocoPhillips (COP): Reported EPS of $2.52 beating estimates by +$0.35.

Corning (GLW): Reported EPS of $0.48 beating estimates by +$0.06.

Ford Motor Co. (F): Reported EPS of $0.46 in line with expectations.

Lockheed Martin (LMT): Reported EPS of $2.10 beating estimates by +$0.29.

Northrop Grumman (NOC): Reported EPS of $1.86 beating estimates by +$0.18.

Markets: 
Futures at 7:00: Dow +0.5%. S&P +0.55%. Nasdaq +0.5%. Crude +0.1% to $93.23. Gold +0.7% to $1712.10. 

Europe: London +0.1%. Paris +0.5%. Frankfurt +0.3%. 

Asia: Japan -0.2% to 8748. Hong Kong +0.5% to 19067. China +0.7% to 2427. India 0.0% at 17255. 

MORNING COFFEE

Netflix Shares Crash. Shares of Netflix (NFLX) shares crashed -38% in pre-market trading after the company announced worse-than-expected subscriber losses and gave a profit warning. The company did report Q3 EPS of $1.16 beating estimates of $0.94. Shares topped $300 just three and a half months ago but were $73.65 before the bell.

Downgrades

ResMed (RMD): Felt lowered their rating from Strong Buy to Buy.

3M (MMM): Sterne Agee lowered their rating from Buy to Neutral.

3M (MMM): William Blair lowered their rating from Outperform to Market Perform.

Netflix (NFLX):Goldman Sachs lowered their rating from Buy to Neutral.

Netflix (NFLX):Citigroup lowered their rating from Buy to Neutral.

Netflix (NFLX):JP Morgan lowered their rating from Overweight to Neutral.

Coverage Initiated

Dycom Industries (DY): WJB Capital initiated coverage with a Hold rating and target price of $19.00.

Nike (NKE): Auriga initiated coverage with a Buy rating and target price of $110.00.

Xilinx (XLNX): Piper Jeffray initiated coverage with an Overweight rating.

Arctic Cat (ACAT): Feltl & Co. initiated coverage with a Buy rating and target price of $21.00.

Earning Reports

3M (MMM): Reported EPS of $1.52 missing estimates by -$0.09.

Autoliv (ALV): Reported EPS of $1.48 beating estimates by +$0.01.

BP (BP): Reported EPS of $0.26 beating estimates by +$0.01.

Coach (COH): Reported EPS of $0.73 beating estimates by +$0.03.

DuPont (DD): Reported EPS of $0.69 beating estimates by +$0.13.

Molex (MOLX): Reported EPS of $0.46 beating estimates by +$0.04.

National Oilwell (NOV): Reported EPS of $1.26 beating estimates by +$0.10.

Netflix (NFLX): Reported EPS of $1.16 beating estimates by +$0.22.

TD Ameitrade (AMTD): Reported EPS of $0.29 missing estimates by -$0.02.

U.S. Steal (X): Reported EPS of $0.72 beating estimates by +$0.17.

Markets: 
Futures at 7:00: Dow +0.3%. S&P +0.5%. Nasdaq +0.3%. Crude +2.4% to $93.49. Gold +0.6% to $1662.50. 

Europe: London +0.3%. Paris -0.3%. Frankfurt +1.1%. 

Asia: Japan -0.9% to 8762. Hong Kong +1.1% to 18968. China +1.7% to 2410. India +1.9% to 17255. 

MORNING COFFEE

Housing Bailout To Be Announced.  President Obama is scheduled today to announce an overhaul of the HARP program.   The overhaul will make it easier for homeowners that are underwater to refinance their mortgages. The changes will allow borrowers to refinance into low interest loans regardless of how far their homes have dropped in value, which eliminates previous limits. The overhaul also streamlines the refinancing process for homeowners who are up to date on their payments. The White House believes the new rules will allow up to 1 million borrowers to refinance.  Prior to the changes approximately only 106,000 homeowners had taken advantage of the HARP program.

Upgrades

Xilinx (XLNX): Pacific Crest raised their rating from Sector Perform to Outperform and placed a target price of $40.00 on the company. Pre-market: 30.74 +0.52 (1.72%)

FedEx (FDX): Lazard Capital raised their rating from Neutral to Buy and placed a target price of $100.00 on the company. Pre-market: 80.00 +0.66 (0.83%)

Downgrades

Teva  (TEVA): Piper Jaffray lowered their rating from Overweight to Neutral and lowered their target price from $63.00 to $45.00. Pre-market: 38.85 -0.31 (-0.79%)

Coverage Initiated

News Corp (NWSA): Susquehanna initiated coverage with a Neutral rating and target price of $20.00.

Coverage Reiterated/Price Target Changed

Genesco (GCO): Avondale reiterated their Market Perform rating and raised their target price from $61.00 to $64.00.

PETsMART (PETM): Oppenheimer reiterated their Outperform rating and raised their target price from $49.00 to $58.00.

Amazon.com (AMZN): Oppenheimer reiterated their Outperform rating and raised their target price from $250.00 to $270.00. Pre-market: 236.08 +1.30 (0.55%)

Air Products (APD): Ticonderoga reiterated their Buy rating and lowered their target price from $110.00 to $100.00.

Honeywell (HON): FBR Capital reiterated their Buy rating and raised their target price from $57.00 to $59.00. Pre-market: 51.25 -0.03 (-0.06%)

Earning Reports

Caterpillar (CAT): Reported EPS of $1.71 beating estimates by +$0.07. Pre-market: 91.64 +4.25 (4.86%)

Eaton (ETN): Reported EPS of $1.08 in line with estimates. Pre-market: 42.00 -0.25 (-0.59%)

Kimberly-Clark (KMB): Reported EPS of $1.26 in line with estimates. Pre-market: 72.30 -0.70 (-0.96%)

V.F. Corp (VFC): Reported EPS of $2.87 beating estimates by +$0.29. Pre-market: 138.07 +5.38 (4.05%)

Markets: 
Futures at 7:35: Dow +0.10%. S&P +0.13%. Nasdaq +0.04%. Crude +0.42% to $87.77. Gold +1.55% to $1660.50. 

Europe: London +0.48%. Paris +0.18%. Frankfurt +0.33%. 

Asia: Japan +1.90% to 8844. Hong Kong +4.14% to 18772. China +2.29% to 2370. India +0.92% at 16939.