Today's noteworthy downgrades include: AIG (AIG) downgraded on declining operating ROE at Atlantic Equities... Avis Budget (CAR) downgraded to Neutral from Overweight at JPMorgan... Bloomin' Brands (BLMN) downgraded to Outperform from Strong Buy at Raymond James... CNO Financial (CNO) downgraded to Market Perform from Outperform at Keefe Bruyette... Chart Industries (GTLS) downgraded to Equal Weight at Morgan Stanley... DSW (DSW) downgraded to Neutral from Positive at Susquehanna... Enphase Energy (ENPH) downgraded to Hold from Buy at Canaccord... Expeditors (EXPD) downgraded to Neutral from Buy at Buckingham... FARO Technologies (FARO) downgraded to Perform from Outperform at Oppenheimer... Frank's International (FI) downgraded to Neutral from Outperform at Credit Suisse... Genworth (GNW) downgraded to Sell from Neutral at UBS... Groupon (GRPN) downgraded to Neutral from Overweight at Piper Jaffray... HP Inc. (HPQ) downgraded to Neutral from Overweight at JPMorgan... InterOil (IOC) downgraded to Neutral from Conviction Buy at Goldman... Kennametal (KMT) downgraded to Underperform from Neutral at BofA/Merrill... MAG Silver (MVG) downgraded to Market Perform from Outperform at BMO Capital... Macy's (M) downgraded to Negative from Mixed at OTR Global... MannKind (MNKD) downgraded to Underperform from Outperform at RBC Capital... Matthews (MATW) downgraded to Neutral from Outperform at Macquarie... McGrath RentCorp (MGRC) downgraded to Sector Weight from Overweight at KeyBanc... McKesson (MCK) downgraded to Buy from Conviction Buy at Goldman... Metaldyne Performance (MPG) downgraded to Hold from Buy at Deutsche Bank... Nationstar (NSM) downgraded to Market Perform from Outperform at Wells Fargo... NuStar Energy (NS) downgraded on 2016 guidance, levered balance sheet at Stifel... Och-Ziff Capital (OZM) downgraded to Market Perform from Outperform at Keefe Bruyette... PRA Health (PRAH) downgraded to Underperform from Market Perform at Avondale... Pan American Silver (PAAS) downgraded to Underperform at BMO Capital... Silver Standard (SSRI) downgraded to Market Perform from Outperform at BMO Capital... SolarWinds (SWI) downgraded to Market Perform from Outperform at FBR Capital... Targa Resources Partners (NGLS) downgraded to Hold from Buy at Stifel... Timmins Gold (TGD) downgraded to Underperform from Sector Perform at RBC Capital... U.S. Steel (X) downgraded to Hold from Buy at Deutsche Bank.

Bullish option flow detected in Groupon with 5,357 calls trading, 1.6x expected, and implied vol increasing almost 4 points to 115.04%. May-24 9 puts and Apr-24 11 calls are the most active options, with total volume in those strikes near 4,500 contracts. The Put/Call Ratio is 0.61. Earnings are expected on May 8th.

Metals & Mining Analyst Englert, along with Rye Druzin of Argus Media, discuss recent flat rolled steel pricing, supply and demand trends, and the near-term outlook for fundamentals (relevant companies ASTL CLF NUE STLC STLD X RS WS) on an Analyst/Industry conference call to be held on April 19 at 11 am.

Citi raised the firm's price target on AIG to $87 from $79 and keeps a Buy rating on the shares as part of a Q1 earnings preview for the commercial property and casualty insurance broker space. Commercial focused underwriters and insurance brokers remain relatively well situated heading into the quarter, says Citi, which prefers brokers given leverage to pricing, and concerns around casualty lines in commercial lines. The analyst believes organic growth and margins for brokers should remain relatively stable, supporting continued outperformance.

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Deutsche Bank downgraded ArcelorMittal (MT) to Hold from Buy with a price target of $31, down from $34. The stock has recovered after the cyclical crunch last year, supported by the removal of some overhang risks - including the Kazakhstan mill divestment post the severe accident and possible involvement in the U.S. Steel (X) bidding process - as well as the rebound in the cycle and intensified share buybacks, the analyst tells investors in a research note. The firm adds however that the demand rebound in many core markets remains soft, as Chinese data remains weak and continues to weigh on steel and iron ore markets.

NuStar Energy (NS) announced that the board of directors of NuStar GP, the general partner of its general partner, has declared a special distribution of 21.2c per NuStar Energy common unit, to be paid on May 2 to holders of record of NuStar Energy common units as of April 26. Payment of the special distribution is subject to and conditioned upon holders of NuStar Energy's common units approving its acquisition by Sunoco (SUN) at NuStar Energy's special meeting on May 1, and the merger agreement with respect to the acquisition not having been terminated. If approval of the pending acquisition is not obtained at the special meeting or the merger agreement with respect to the acquisition is terminated, the special distribution will not be paid until a date, and to holders of record, later determined by the board of directors of NuStar GP, or it may not be paid at all.

Chart Industries (GTLS) announced that it has been chosen to supply critical liquefaction equipment, including the natural gas liquefaction cold boxes and brazed aluminum heat exchangers, to the Cedar liquefied natural gas project. The Cedar LNG project brings together the Haisla Nation and Pembina Pipeline Corporation (PBA) to develop the Haisla Nation-led project. The project is a key element of the Haisla Nation's economic and social development strategy and will further advance reconciliation by allowing the Haisla Nation, for the first time ever, to directly own and participate in a major industrial development in its territory. Today, the Haisla people are centered on Kitamaat Village. Home to approximately 700 of the 2,023+ Haisla membership, Kitamaat Village sits at the head of the Douglas Channel in British Columbia, Canada. Chart received the order for its content, from engineering, procurement and construction company Black & Veatch, a leader in the floating liquefied natural gas and a longstanding partner to Chart. This is one of a series of big LNG, FLNG and small-scale LNG projects in recent quarters and years that Chart has won content. During the first week of April, Pembina and its project partners disclosed that they have given a notice to proceed to their Cedar LNG export project contractors and have secured binding offtake agreements for the project.