Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Alcoa (AA) downgraded to Neutral from Buy at Citi with analyst Alexander Hacking saying the risk/reward is now evenly balanced following the stock's 35% rise since November 1. 2. Marvell (MRVL) downgraded to Sell from Neutral at Goldman with analyst Mark Delaney saying the company's key markets are in secular decline while a turnaround will be more difficult following R&D spending cuts. 3. Arista Networks (ANET) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst James Faucette saying Arista's valuation reflects expected share opportunities in the data center switching market and switch-router opportunity. 4. Sotherly Hotels downgraded to Market Perform from Outperform at JMP Securities. 5. KeyCorp (KEY) downgraded to Underperform from Outperform at CLSA with analyst Mike Mayo saying Comerica (CMA) and Zions (ZION) benefit more than other large banks from higher rates, lower taxes, and exit from SIFI status, in contrast to KeyCorp which is estimated to have no benefit and has a higher valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Sees FY24 noninterest income up 5%+. Sees relatively stable noninterest expense vs. FY23, net charge-offs 30-40bps, and a GAAP tax rate of about 20%.

In the long term the company expects: positive operating leverage, cash efficiency ratio of 54%-56%, net charge-offs to average loans 40-60 basis points and ROTCE 16%-19%. Guidance taken from Q1 investor presentation slides.

Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSBank... To see the rest of the story go to thefly.com. See Story Here

The company states: "Adjusted EBITDA excluding special items was $132 million, a sequential increase of $43 million primarily due to lower energy and raw material costs, partially offset by lower average realized third-party price for aluminum and higher production costs."

Reports Q1 revenue $2.60B, consensus $2.56B. "In the first quarter of 2024, we finalized the terms of our acquisition of Alumina Limited, which will bring strategic, operational, and financial flexibility," said Alcoa CEO William Oplinger. "Raw material prices and markets are improving, and we are implementing near-term improvements to further strengthen Alcoa for the future."

Notable companies reporting before tomorrow's open, with earnings consensus, include Blackstone (BX), consensus 96c... Elevance Health (ELV), consensus $10.53... D.R. Horton (DHI), consensus $3.06... Genuine Parts (GPC), consensus $2.16... Snap-on (SNA), consensus $4.64... Keycorp (KEY), consensus 22c... Ally Financial (ALLY), consensus 33c... Alaska Air (ALK), consensus ($1.05).

Pre-earnings options volume in Alcoa is 1.1x normal with calls leading puts 3:2. Implied volatility suggests the market is anticipating a move near 5.4%, or $1.97, after results are released. Median move over the past eight quarters is 4.8%.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

Check out this morning's top movers from around Wall Street, compiled by The Fly.  HIGHER - Alcoa (AA)... To see the rest of the story go to thefly.com. See Story Here