Macy’s Inc. (NYSE: M) was upgraded to buy from hold by Citigroup Inc. (NYSE: C). Analyst Deborah Weinswig stated that the company’s “My Macy’s” localization initiative continues to gain traction and should lead to improved sales and margin trends, starting in 2010. -Marketwatch

U.S. stock index futures rose on this morning as the U.S. dollar hit a one-year low against the euro ahead of the start of a Federal Reserve monetary policy meeting, boosting oil and metals prices in the process. In other news, the Federal Reserve commences its two-day monetary policy meeting with a decision on interest rates due at around 2:15 p.m. the following day. Markets will be looking for any comment indicating how the Fed might wind down its financial stimulus measures, given the improving macro-economic data. -Reuters

Ford Motor Co. (NYSE: F) will build its third car factory in China as the nation’s economic growth ignites auto demand. The new plant in Chongqing, southern China, will have a capacity of at least 150,000 vehicles a year. The source asked not to be identified as they are not authorized to reveal the information, due to be announced on Sept. 25. Ford plans to add capacity after China Ford-brand car sales jumped 30 percent in the first eight months, aided by new models and the government’s stimulus spending. The country’s overall vehicle sales could rise 28 percent this year, according to the government, likely enough to pass the U.S. as the world’s largest auto market. -Bloomberg

China Taps IPO Brakes by Limiting Who Can Bid: In an effort to cool off its IPO market, China has stopped granting new licenses to financial institutions, allowing them to bid alongside their counterparts for initial public offerings. In the past four months, the Securities Association of China hasn’t issued licenses that would enable newly organized mutual funds, trusts and other types of money managers to participate in a process sometimes called "offline" subscription for IPOs. In China, offline bidding is a crucial part of the IPO process and is reserved for qualified institutional investors, who are allowed to buy into the IPOs and whose bids determine the offerings’ pricing range. -The Wall Street Journal

Lowe’s Companies Inc. (NYSE: LOW) said it expects 2010 earnings of $1.13 to $1.21 a share. Analysts predict earnings to come in around $1.21 per share for the home improvement products retailer. Lowe’s expects 2011 earnings of $1.24 a share to $1.34 a share, compared to the target of $1.34 a share. The company expects to open 62 to 66 stores in 2009, with total square footage growth of approximately 4%. Total year-end sales are expected to decline approximately 3%. The company is also looking for  comparable store sales to decline 7% to 9% in 2009. –Marketwatch

-Jutia Group