Today's noteworthy upgrades include: Accenture (ACN) upgraded to Buy from Hold at Argus... Achillion (ACHN) upgraded to Buy from Neutral at UBS... Aetna (AET) upgraded on valuation, solid outlook at RBC Capital... Alcoa (AA) upgraded to Buy on aluminum stability at BofA/Merrill... Alstom (ALSMY) upgraded to Overweight from Equal Weight at Barclays... American Electric (AEP) upgraded to Buy from Neutral at Guggenheim... Amgen (AMGN) upgraded to Buy from Neutral at UBS... Asbury Automotive (ABG) upgraded to Buy from Hold at Craig-Hallum... Bank of America (BAC) upgraded to Buy at Nomura... Brandywine Realty (BDN) upgraded to Buy from Hold at Evercore ISI... Calavo Growers (CVGW) upgraded to Buy from Hold at BB&T... Canadian National (CNI) upgraded to Buy from Hold at TD Securities... Cerner (CERN) upgraded to Buy from Hold at Topeka... Charles Schwab (SCHW) upgraded to Overweight from Neutral at JPMorgan... Columbia Pipeline Partners (CPPL) upgraded to Overweight from Equal Weight at Barclays... Commerzbank (CRZBY) upgraded to Overweight from Neutral at JPMorgan... Cott Corp. (COT) upgraded on improved outlook at RBC Capital... Douglas Emmett (DEI) upgraded to Buy from Hold at Evercore ISI... Fitbit (FIT) upgraded at Morgan Stanley on lower Apple Watch cannibalization risk... GlaxoSmithKline (GSK) upgraded to Neutral from Underperform at BofA/Merrill... Glencore (GLNCY) upgraded to Neutral from Underweight at JPMorgan... Good Times Restaurants (GTIM) upgraded to Buy from Hold at Craig-Hallum... Greenhill & Co. (GHL) upgraded to Neutral from Underperform at Credit Suisse... Harris (HRS) upgraded to Buy from Neutral at Goldman... Koppers Holdings (KOP) upgraded to Buy from Hold at Jefferies... Mettler-Toledo (MTD) upgraded to Buy from Neutral at Citi... Microchip (MCHP) upgraded to Overweight from Neutral at JPMorgan... Micron (MU) upgraded to Buy from Neutral at MKM Partners... Moelis (MC) upgraded to Neutral from Underperform at Credit Suisse... Murphy USA (MUSA) upgraded to Overweight from Neutral at JPMorgan... ON Semiconductor (ON) upgraded to Outperform from Neutral at Baird... Office Depot (ODP) upgraded to Buy from Neutral at B. Riley... Orbital ATK (OA) upgraded to Buy from Neutral at Goldman... PNC Financial (PNC) upgraded to Buy from Hold at Deutsche Bank... Pool Corp. (POOL) upgraded to Overweight from Sector Weight at KeyBanc... Precision Drilling (PDS) upgraded to Outperform from Market Perform at Raymond James... Procter & Gamble (PG) upgraded to Buy from Neutral at SunTrust... Prudential (PRU) upgraded to Buy from Hold at Deutsche Bank... Realty Income (O) upgraded on valuation, sector potential at Stifel... Regeneron (REGN) upgraded to Buy from Sell at UBS... Reliance Steel (RS) upgraded to Buy from Neutral at BofA/Merrill... Rentrak (RENT) upgraded to Strong Buy from Buy at Needham... SanDisk (SNDK) upgraded to Overweight from Neutral at JPMorgan... Sanofi (SNY) upgraded to Buy from Neutral at UBS... Silver Spring (SSNI) upgraded to Overweight from Sector Weight at Pacific Crest... Southwestern Energy (SWN) upgraded to Neutral from Underperform at Credit Suisse... Stericycle (SRCL) upgraded to Outperform from Market Perform at Raymond James... Tenaris (TS) upgraded to Outperform from Market Perform at Bernstein... The Fresh Market (TFM) upgraded to Neutral from Underperform at Sterne Agee CRT... U.S. Bancorp (USB) upgraded to Buy from Hold at Deutsche Bank... Union Pacific (UNP) upgraded to Overweight from Equal Weight at Stephens... Wayfair (W) upgraded to Buy from Neutral at BofA/Merrill... Wells Fargo (WFC) upgraded to Buy from Hold at Deutsche Bank... Wisconsin Energy (WEC) upgraded to Outperform from Market Perform at Wells Fargo... Yum! Brands (YUM) upgraded to Buy from Outperform at CLSA.

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."

Reports Q1 revenue $126.48M, consensus $126.12M. "During the first quarter, we made excellent progress on our 2024 business plan highlighted by achieving 98% of our speculative revenue target based on the midpoint of our guidance," stated Jerry Sweeney, President and Chief Executive Officer of Brandywine Realty Trust. "We continue to experience positive mark-to-market rental rate increases of 16.9% and 3.3% on an accrual and cash basis as well. In early April, we further strengthened our balance sheet and liquidity position by issuing a $400 million five-year unsecured bond at 8.875%. The bond proceeds are being used to retire the $335 million outstanding balance on our unsecured bond maturing in October 2024 and the outstanding balance on our line of credit. Once these bonds are retired, we have no bond maturities until November 2027 and no outstanding balance on our $600 million line of credit. With the bond issuance occurring earlier than anticipated in our 2024 business plan, we are narrowing our FFO range from $0.90 to $1.00 per share to $0.90 to $0.97 per share."

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

Unusual total active option classes on open include: Steel Dynamics (STLD), Gildan Activewear (GIL), Danaher (DHR), Altimeter Growth (GRAB), Childrens Place (PLCE), ASML (ASML), US Bancorp (USB), iShares Barclays 7 to 10 Year Treasury Bond Fund (IEF), AMC Entertainment (AMC), and Abbott (ABT).

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

The aviation industry's requirements for the latest, most efficient and lowest-emission aircraft is propelled by an overarching goal towards sustainability and decarbonization. To satisfy these goals, aviation power systems developers are transitioning to electric actuation systems as the trend towards More Electric Aircraft continues to grow. To provide the aviation industry with a comprehensive electric actuation solution, Microchip Technology announces a new integrated actuation power solution that combines companion gate driver boards with our expansive Hybrid Power Drive modules in silicon carbide or silicon technology with a power range of 5 kVA to 20 kVA.

GSK announced positive results from the pivotal EAGLE-1 phase III trial for gepotidacin, a potential first-in-class oral antibiotic with a novel mechanism of action for uncomplicated urogenital gonorrhoea in adolescents and adults. These results will be presented on 30 April 2024 at the European Society of Clinical Microbiology and Infectious Diseases, ESCMID, Global in Barcelona, Spain. The results from EAGLE-1 are based on a primary endpoint of microbiological response at the Test-of-Cure visit 3-7 days after treatment. The trial showed that gepotidacin was non-inferior with 92.6% success rates when compared to 91.2% success rates for intramuscular ceftriaxone plus oral azithromycin combined therapy, a leading combination treatment regimen for gonorrhoea. The safety and tolerability profile of gepotidacin in the EAGLE-1 trial was consistent with results seen in phase I and II trials. The most commonly reported adverse events in gepotidacin subjects were gastrointestinal. All AEs were mild or moderate except for one severe, unrelated event in each treatment arm and one unrelated serious event in the gepotidacin arm.