Morning Coffee Pre-Market Wall Street News

Google Doubles Cloud Effort. Reports say the internet giant Google (GOOG) is doubling the its office space near Seattle and that they are actively hiring cloud-technology engineers. The company will go head to head with Amazons’ (AMZN) Web Services and Microsoft's (MSFT) Azure.

Upgrades

Boeing (BA): BB&T raised their rating from Underweight to Neutral. Pre-market: 84.60 +0.44 (0.52%)

Coach (COH): Citigroup raised their rating from Neutral to Buy and placed a target price of $56.00 on the company. Pre-market: 50.04 +1.23 (2.52%)

Dicks Sporting Goods (DKS): Monness Crespi raised their rating from Neutral to Buy and placed a target price of $62.00 on the company. Pre-market: 47.70 +0.38 (0.80%)

Diamond Foods (DMND): Jefferies raised their rating from Underweight to Neutral and raised their target price from $11.00 to $15.00. Pre-market: 16.00 +0.11 (0.69%)

Discover Financial Services (DFS): FBR Capital raised their rating from Market Perform to Outperform and raised their target price of $42.00 to $48.00. Pre-market: 42.61 +0.48 (1.14%)

Dreamworks Animation (DWA): Stifel Nicholaus raised their rating from Sell to Hold.

Oracle (ORCL): Canaccord raised their rating from Hold to Buy and placed a target price of $42.00 on the company. Pre-market: 35.90 +0.47 (1.33%)

Republic Services (RSG): BB&T raised their rating from Hold to Buy and placed a target price of $39.00 on the company.

Walgreen (WAG): UBS raised their rating from Neutral to Buy and raised their target price from $48.00 to $41.00. Pre-market: 41.75 +0.71 (1.73%)

Downgrades

Spectrum Pharma (SPPI): Wunderlich lowered their rating from Buy to Sell and lowered their target price from $20.00 to $5.50. Pre-market: 7.94 -4.49 (-36.12%)

Synergetics (SURG): Wunderlich lowered their rating from Buy to Hold and lowered their target price from $8.00 to $5.50.

Target Corp. (TGT): Buckingham lowered their rating from Buy to Neutral and placed a target price of $69.00 on the company. Pre-market: 66.60 -0.51 (-0.76%)

Texas Instruments (TXN): Berstein lowered their rating from Outperform to Market Perform and placed a target price of $38.00 on the company. Pre-market: 35.36 -0.26 (-0.73%)

Valero Energy (VLO): Macquarie lowered their rating from Outperform to Neutral. Pre-market: 44.30 -1.25 (-2.74%)

W.W. Grainger (GWW): BB&T lowered their rating from Buy to Hold.

Coverage Initiated

Flagstar Bancorp (FBC): Compass Point initiated coverage with a Sell rating and target price of $12.00.

Micron Technology (MU): Sun Trust initiated coverage with a Neutral rating and target price of $37.00. Pre-market: 9.34 +0.02 (0.21%)

Coverage Reiterated/Price Target Changed

Chevron (CVX): Cowen reiterated their Buy rating and raised their target price from $129.00 to $133.00. Pre-market: 118.25 0.00 (0.00%)

Earning Reports

Dole Food (DOLE): Reported EPS of -$0.59 missing estimates by -$0.57. Pre-market: 11.05 -0.68 (-5.80%)

Markets: 
Futures at 8:13: Dow -0.18%. S&P -0.16%. Nasdaq -0.16%. Crude +0.19% to $92.71. Gold +0.21% to $1595.10.

Europe: London -0.98%. Paris -0.47%. Frankfurt -0.16%. 

Asia: Japan -0.61% to 12240. Hong Kong -1.46% to 22557. China -0.99% to 2264. India -1.03% to 19363.