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MORNING COFFEE

106 views  2012-07-23 07:02

IMF May Stop Aid To Greece.  World markets are lower on worries that Greece could default and a slowing Spanish economy. German paper Der Spiegel has reported that the International Monetary Fund is set to stop aid payments to Greece.  The paper cites unnamed EU officials and could cause Greece to default as early as September.  The European Commission, the International Monetary Fund (IMF) and the European Central Bank (ECB) will be sending officials to Athens this week. 

In Spain, GDP fell -0.4% in Q2, down from -0.3% in Q1.  This is the third straight quarter that the Spanish economy contracted.  Yields on 10-year bonds were +22 bps at 7.49% at midday in Spain.

Upgrades

Fifth Third (FITB): Compass Point raised their rating from Neutral to Buy and raised their target price from $15.00 to $17.00.

Microsoft (MSFT): Hilliard Lyons raised their rating from Neutral to Buy. Pre-market: 29.58 -0.53 (-1.78%)

Schlumberger (SLB): Argus raised their rating from Hold to Buy and placed a target price of $85.00 on the company. Pre-market: 67.89 -1.44 (-2.08%)

Mosaic (MOS): Citigroup raised their rating from Neutral to Buy and raised their target price from $62.00 to $66.00. Pre-market: 57.13 -0.37 (-0.64%)

Downgrades

Sempra Energy (SRE): Argus lowered their rating from Buy to Hold. Pre-market: 69.90 -0.79 (-1.12%)

DTE Energy (DTE): Argus lowered their rating from Buy to Hold.

Walgreen (WAG): UBS lowered their rating from Buy to Neutral and lowered their target price from $38.00 to $37.00. Pre-market: 34.01 -0.59 (-1.71%)

Textron (TXT): RBC Capital lowered their rating from Outperform to Sector Perform and lowered their target price from $38.00 to $37.00. Pre-market: 25.99 -0.32 (-1.22%)

Coverage Initiated

Elan Corp. (ELN): Leerink initiated coverage with a Market Perform rating and placed a target range of $12.00 - $13.00 on the company. Pre-market: 13.39 -0.33 (-2.41%)

Biogen Idex (BIIB): Leerink initiated coverage with an Outperform rating and placed a target range of $154.00 - $162.00 on the company.

Earning Reports

Halliburton (HAL): Reported EPS of $0.82 beating estimates by +$0.06. Pre-market: 30.75 -0.02 (-0.06%)

Hasbro (HAS): Reported EPS of $0.33 beating estimates by +$0.09. Pre-market: 34.25 +0.41 (1.21%)

McDonalds (MCD): Reported EPS of $1.32 missing estimates by -$0.06. Pre-market: 89.45 -2.13 (-2.33%)

Philips Electronics (PHG): Reported EPS of $0.18 missing estimates by -$0.04. Pre-market: 20.47 +0.84 (4.28%)

Markets: 
Futures at 8:34: Dow -1.49%. S&P -1.34%. Nasdaq -1.23%. Crude -3.47% to $88.61. Gold -1.12% to $1565.00.

Europe: London -2.24%. Paris -2.61%. Frankfurt -2.76%. 

Asia: Japan -1.86%. Hong Kong -2.99%. China -1.26%. India -1.64%. 

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