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As previously reported, BofA downgraded O-I Glass to Neutral from Buy with a price target of $16, down from $21. The firm believes demand for glass-packaged alcoholic products could remain sluggish into the second half and scanner data suggests weak trends. The firm contends that it will be difficult for O-I shares to re-rate until growth improves.

Bullish option flow detected in C3 AI with 27,934 calls trading, 1.3x expected, and implied vol increasing almost 2 points to 61.59%. 5/3 weekly 22 calls and May-24 30 calls are the most active options, with total volume in those strikes near 7,800 contracts. The Put/Call Ratio is 0.31. Earnings are expected on May 29th.

O-I Glass completed a major transformation of its Zipaquira, Colombia manufacturing site investing approximately $120 Million to upgrade the sustainability, flexibility, and productivity of the plant. This is consistent with O-I's sustainability strategy, the company's ongoing investments into plant upgrades, and aligned with its previously announced capital spending plan. A new furnace has been installed that incorporates well-proven oxy/fuel combustion and waste heat recovery technology. The investments are set to increase O-I's flexibility to serve strategic customers and emerging segments in the food and beverage sector and improve energy efficiency, lowering CO2 emissions by up to 15% per ton produced on the new furnace. In addition to the decarbonization impacts, the new technologies also reduce NOX emissions by up to 50 % compared to a traditional air fuel-fired furnace and allow for higher usage of recycled glass. At the Zipaquira plant, one of the largest O-I plants in Latin America with more than 700 employees, approximately 100 new jobs were created in conjunction with the new furnace along with a larger number of indirect jobs in the region.