World Markets Rally. Global markets continue to rally after the Federal Reserve announced that they would buy $40 billion of mortgage-backed securities a month until unemployment improves. The Fed is also printing $85 billion a month in new dollars. The news immediately sent the dollar lower and hurt the Treasury market and sent commodity prices higher. The Feds QE3 asset purchase program is open-ended, which means it could last for a long time. The question remains will QE3 work, or will there be a QE4 in the future?
Comerica (CMA): Stifel Nicolaus lowered their rating from Hold to Sell. Pre-market: 32.77 -0.33 (-1.00%)
Verizon (VZ): Stifel Nicolaus lowered their rating from Buy to Hold. Pre-market: 45.43 -0.15 (-0.33%)
AT&T (T): Stifel Nicolaus lowered their rating from Buy to Hold. Pre-market: 38.05 -0.10 (-0.26%)
Western Digital (WDC): FBN Securities lowered their rating from Outperform to Sector Perform and maintained their target price of $45.00. Pre-market: 43.60 +1.02 (2.40%)
Synaptics (SYNA): Lazard Capital lowered their rating from Buy to Neutral. Pre-market: 26.31 -0.49 (-1.83%)
Viacom (VIAB): Evercore lowered their rating from Overweight to Equal Weight. Pre-market: 51.75 -0.51 (-0.98%)
Autodesk (ADSK): Wedbush initiated coverage with a Neutral rating and target price of $36.00.
Laboratory Corp (LH): Credit Suisse initiated coverage with a Neutral rating and target price of $95.00.
Cognizant Technology (CTSH): Credit Suisse initiated coverage with a Neutral rating and placed a target price of $75.00 on the company.
Futures at 6:45: Dow . S&P . Nasdaq . Crude to $1772.20.
Europe: London . Paris . Frankfurt .
Asia: Japan . Hong Kong . China . India .