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Morning Coffee Pre-Market Wall Street News

152 views  2012-12-13 08:54   Tagsbackground  including  leading  white 

Walmart in Talks to Acquire Migros. Reports say that Wal-Mart (WMT) is in talks to acquire an 80% stake in leading Turkish retailer Migros. The deal would value Migros at over $4B including debt. Wal-Mart is facing some competition since France's Carrefour (CRRFY) and Britain's Tesco (TSCDF) have also shown interest in Migros.

Earning Reports

Ciena (CIEN): Reported EPS of -$0.07 missing estimates by -$0.01.

Hovnanian (HOV): Reported EPS of $0.02 beating eatimates by +$0.06.

Pier 1 Imports (PIR): Reported EPS of $0.25 beating estimates by +$0.01.

Upgrades

Eli Lilly (LLY): Cowen raised their rating from Underperform to Neutral.

Yum! Brands (YUM): Goldman Sachs raised their rating from Neutral to Buy and placed a target price of $77.00 on the company.

Downgrades

Titanium Metals (TIE): JPMorgan lowered their rating from Overweight to Neutral and lowered their target price from $17.00 to $16.50.

Darden Restaurants (DRI): Goldman Sachs lowered their rating from Buy to Neutral and placed a target price of $49.00 on the company.

Coverage Initiated

Five Below (FIVE): BB&T Capital Markets initiated coverage with a Hold rating.

Molycorp (MCP): Robert W. Baird initiated coverage with a Neutral rating and target price of $10.00.

W.R. Grace (GRA): Robert W. Baird initiated coverage with an Outperform rating and target price of $10.00.

Copart (CPRT): Northcost initiated coverage with a Buy rating and target price of $36.00.

Western Union (WU): Guggenheim initiated coverage with a Neutral rating and target price of $14.50.

Brinker Intl (EAT): Citigroup initiated coverage with a Buy rating and target price of $38.00.

Markets: 
Futures at 9:07: Dow +0.15%. S&P +0.04%. Nasdaq +0.01%. Crude -0.60% to $86.25. Gold -1.32% to $1695.30.

Europe: London -0.29%. Paris -0.18%. Frankfurt -0.33%. 

Asia: Japan +1.68% to 9743. Hong Kong -0.26% to 22446. China -1.02% to 2061. India -0.65% to 19229. 

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