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MORNING COFFEE

154 views  2012-09-07 07:56

Job Report Disappoints. Nonfarm payroll data for August was released this morning and the numbers disappointed Wall Street.  Nonfarm Payrolls came in at only 96,000.  Wall Street economist had expected 130,000 new jobs. Nonfarm private payrolls also disappointed coming in at 103,000 missing estimates of 144,000.  The unemployment rate fell from 8.3% to 8.1%, but more people have just stopped looking for work.  The real unemployment rate or U6 stands at a very high 14.7%.

Upgrades

Starwood Hotels (HOT): Argus raised their rating from Hold to Buy and placed a target price of $70.00 on the company.

Downgrades

NVIDA (NVDA): Cantor Fitzgerald lowered their rating from Buy to Hold and lowered their target price from $20.00 to $13.50. Pre-market: 13.39 -0.34 (-2.48%)

Coverage Initiated

BlackRock (BLK): Wells Fargo resumed coverage with a Market Perform rating and placed a target range of $175.00-$200.00.

Norfolk Southern (NSC): FBR Capital initiated coverage with a Market Perform rating and target price of $76.00.

CSX (CSX): FBR Capital initiated coverage with a Market Perform rating and target price of $24.00.

Canadian Pacific (CP): FBR Capital initiated coverage with an Underperform rating and target price of $71.00.

Union Pacific (UNP): FBR Capital initiated coverage with an Outperform rating and target price of $150.00.

KC Southern (KSU): FBR Capital initiated coverage with an Outperform rating and target price of $85.00.

Canadian National Railroad (CNI): FBR Capital initiated coverage with an Outperform rating and target price of $115.00.

Earning Reports

Quicksilver (ZQK): Reported EPS of $0.09 beating estimates by +$0.04. Pre-market: 3.29 +0.23 (7.52%)

Smith & Wesson (SWHC): Reported EPS of $0.28 beating estimates by +$0.10. Pre-market: 10.95 +1.95 (21.67%)

Coverage Reiterated/Price Target Changed 

Smith & Wesson (SWHC): The Benchmark Company reiterated their Outperform rating and raised their target price from $9.00 to $13.00.

Smith & Wesson (SWHC): Northland Securities reiterated their Buy rating and raised their target price from $9.00 to $13.00.

Markets: 
Futures at 8:45: Dow +0.29%. S&P +0.18%. Nasdaq +0.03%. Crude +0.94% to $96.41. Gold +1.33% to $1727.80.

Europe: London +0.22%. Paris +0.90%. Frankfurt +0.74%. 

Asia: Japan +2.20%. Hong Kong +3.09%. China +3.70%. India +1.95%. 

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