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MORNING COFFEE

85 views  2012-07-24 07:56
Home Prices Increase. Home prices in the U.S. increased for the first time since 2007. The Zillow Home Value Index increased 0.2% on year to $149,300 in Q2. Phoenix Metro saw the largest increases in prices, rising +12.1% followed by Fort Myers Metro +7.9%, while Mobile Metro saw the largest decline falling -12.8%. In major metro areas Chicago Metro fell -5.8% to $158,600, Los Angeles Metro fell -2.7% to $383,200 and New York Metro declined -2.7% to $336,900. Zillow officials attributed the overall U.S. increase to increased demand due to record low interest rates. 

Upgrades
Motorola Solutions (MSI): FBR Capital raised their rating from Underperform to Market Perform and placed a target price of $49.00 on the company. Pre-market: 45.96 +0.07 (0.16%)

Goodyear Tire and Rubber (GT): Goldman Sachs raised their rating from sell to Neutral and placed a target price of $13.00 on the company. Pre-market: 10.28 +0.24 (2.39%)

Downgrades
DeVry (DV): JPMorgan Chase lowered their rating from Neutral to Underweight and lowered their target price from $35.00 to $23.00. Pre-market: 19.52 -8.04 (-29.17%)

ITT Educational (ESI): JPMorgan Chase lowered their rating from Neutral to Underweight and lowered their target price from $73.00 to $54.00. Pre-market: 53.00 -4.35 (-7.59%)

Chipotle Mexican Grill (CMG): Argus lowered their rating from Buy to Hold. Pre-market: 301.54 -4.47 (-1.46%)

Radio Shack (RSH): UBS lowered their rating from Neutral to Sell and lowered their target price from $4.40 to $3.00. Pre-market: 3.60 -0.09 (-2.44%)

Fossil (FOSL): Piper Jaffray lowered their rating from Overweight and lowered their target price from $128.00 to $76.00. Pre-market: 66.87 -1.46 (-2.14%)

Coverage Initiated
American International Group (AIG): Evercore initiated coverage with an Overweight rating. Pre-market: 30.90 +0.22 (0.72%)

Burger King Worldwide (BKW): Credit Suisse initiated coverage with a Neutral rating and target price of $16.00.

AOL (AOL): Goldman Sachs initiated coverage with a Neutral rating and target price of $33.00. Pre-market: 27.61 +0.04 (0.16%)

Earning Reports
Texas Instruments (TXN): Reported EPS of $0.44 beating estimates by +$0.04. Pre-market: 26.45 -0.37 (-1.38%)

VMware (VMW): Reported EPS of $0.68 beating estimates by +$0.01. Pre-market: 86.22 -3.01 (-3.37%)

Altria (MO): Reported EPS of $0.59 beating estimates by +$0.02. Pre-market: 35.77 +0.28 (0.79%)

AT&T (T): Reported EPS of $0.66 beating estimates by +$0.03. Pre-market: 35.45 +0.07 (0.20%)

Biogen Idec (BIIB): Reported EPS of $1.82 beating estimates by +$0.26. Pre-market: 142.92 +3.69 (2.65%)

DuPont (DD): Reported EPS of $1.48 beating estimates by +$0.02. Pre-market: 48.30 -0.41 (-0.84%)

Lockheed Martin (LMT): Reported EPS of $2.38 beating estimates by +$0.47. Pre-market: 87.05 +0.14 (0.16%)

Ryder Systems (R): Reported EPS of $1.00 beating estimates by +$0.06. Pre-market: 39.20 +4.54 (13.10%)

UPS (UPS): Reported EPS of $1.15 missing estimates by -$0.02. Pre-market: 75.00 -2.95 (-3.78%)

Markets: 
Futures at 7:20: Dow -0.05%. S&P -0.15%. Nasdaq -0.02%. Crude -0.22% to $87.95. Gold -0.20% to $1574.30.

Europe: London -0.18%. Paris -0.07%. Frankfurt -0.11%

Asia: Japan -0.24%. Hong Kong -0.79%. China +0.24%. India +0.24%

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