Today's noteworthy downgrades include: AK Steel (AKS) downgraded to Underperform from Neutral at BofA/Merrill... Agnico Eagle (AEM) downgraded to Hold from Buy at HSBC... Alamos Gold (AGI) downgraded to Hold from Buy at Canaccord... American Express (AXP) downgraded to Sell from Neutral at UBS... Applied Materials (AMAT) downgraded to Buy from Conviction Buy at Goldman... Asbury Automotive (ABG) downgraded to Hold from Buy at BB&T... Astoria Financial (AF) downgraded to Neutral from Overweight at Piper Jaffray... BNC Bancorp (BNCN) downgraded to Market Perform from Outperform at Raymond James... CF Industries (CF) downgraded to Neutral from Buy at Citi... CMS Energy (CMS) downgraded to Neutral from Buy at UBS... Camden Property (CPT) downgraded on Houston outlook, Internet policy at BMO Capital... Campus Crest (CCG) downgraded to Underperform from Market Perform at Raymond James... Citi (C) downgraded to Equal Weight from Overweight at Morgan Stanley... Community Health (CYH) downgraded to Neutral from Outperform at Baird... Cumulus Media (CMLS) downgraded to Neutral from Outperform at Macquarie... DSW (DSW) downgraded to Hold from Speculative Buy at Canaccord... Endo (ENDP) downgraded to Buy from Conviction Buy at Goldman... EnerSys (ENS) downgraded to Market Perform from Outperform at William Blair... FMC Technologies (FTI) downgraded to Accumulate from Buy at Seaport Global... Fifth Third (FITB) downgraded to Equal Weight from Overweight at Stephens... First Niagara (FNFG) downgraded to Market Perform from Outperform at Wells Fargo... Gildan Activewear (GIL) downgraded to Neutral from Buy at DA Davidson... Hanesbrands (HBI) downgraded to Neutral from Buy at DA Davidson... Health Care REIT (HCN) downgraded to Neutral from Buy at Mizuho... Heartland Payment (HPY) downgraded to Neutral from Outperform at Baird... IAMGOLD (IAG) downgraded to Reduce from Buy at HSBC... KLA-Tencor (KLAC) downgraded to Neutral from Buy at Nomura... LaSalle Hotel (LHO) downgraded to Hold from Buy at Evercore ISI... Lear (LEA) downgraded to Hold from Buy at Deutsche Bank... Macy's (M) downgraded to Market Perform at Cowen... Marcus & Millichap (MMI) downgraded to Market Perform from Outperform at JMP Securities... Michael Kors (KORS) downgraded to Market Perform at Cowen... NN, Inc. (NNBR) downgraded at Stifel... NetApp (NTAP) downgraded to Sell from Neutral at UBS... Newmont Mining (NEM) downgraded to Hold from Buy at HSBC... PGT, Inc. (PGTI) downgraded to Neutral from Buy at Dougherty... Parker-Hannifin (PH) downgraded to Neutral from Buy at BofA/Merrill... Pinnacle West (PNW) downgraded to Neutral from Buy at UBS... Randgold (GOLD) downgraded to Hold from Buy at HSBC... Saint Joe Co. (JOE) downgraded to Market Perform from Outperform at Raymond James... Spirit Airlines (SAVE) downgraded to Peer Perform from Outperform at Wolfe Research... Sprouts Farmers Markets (SFM) downgraded to Negative from Mixed at OTR Global... Thomson Reuters (TRI) downgraded to Market Perform from Outperform at FBR Capital... ThyssenKrupp (TKAMY) downgraded to Neutral from Buy at Citi... Tyson Foods (TSN) downgraded to Neutral from Overweight at JPMorgan... Umpqua Holdings (UMPQ) downgraded to Equal Weight from Overweight at Stephens... Ventas (VTR) downgraded to Neutral from Buy at Mizuho... Vital Therapies (VTL) downgraded to Neutral from Buy at BTIG... WEC Energy (WEC) downgraded to Sell from Neutral at UBS... Whole Foods (WFM) downgraded to Underperform from Neutral at Cleveland Research... Yamana Gold (AUY) downgraded to Hold from Buy at HSBC... Yara (YARIY) downgraded to Sell from Neutral at Citi... athenahealth (ATHN) downgraded to Hold from Buy at Topeka.

Cumulus Media announced that its subsidiary, Cumulus Media New Holdings has further extended the Expiration Time in its previously-announced Exchange Offer and Consent Solicitation, in which the Issuer offered to exchange any and all of the Issuer's outstanding 6.750% Senior Secured First-Lien Notes due 2026 for new 8.750% Senior Secured First-Lien Notes due 2029, to be issued by the Issuer, upon the terms of and subject to the conditions set forth in the confidential offering memorandum and consent solicitation statement dated February 27, 2024. Capitalized terms used but not defined in this press release have the respective meanings ascribed to such terms in the Offering Memorandum. The Issuer is further extending the previously announced New Additionally Extended Expiration Time, which was 5:00 p.m., New York City Time, on April 17, 2024, to 5:00 p.m., New York City Time, on April 18, 2024. The deadline to validly withdraw tenders of the Old Notes was not extended and expired at 5:00 p.m., New York City Time, on March 11, 2024. The Exchange Offer and Consent Solicitation will expire at the Newly Extended Expiration Time, unless extended or terminated. The Newly Extended Expiration Time is subject to earlier termination, withdrawal or extension by the Issuer in its sole and absolute discretion. All other terms of the tender offer remain unchanged. The previously announced Early Tender Time lapsed at 5:00 p.m., New York City Time, on March 18, 2024. As such, holders that validly tender and do not validly withdraw their Old Notes prior to the Newly Extended Expiration Time are only eligible to receive $770.00 principal amount of New Notes. The Issuer will pay accrued and unpaid interest to, but excluding, the Settlement Date, which is as soon as practicable after the Newly Extended Expiration Time, in cash, to holders of Old Notes accepted for exchange pursuant to the Exchange Offer and Consent Solicitation. As of 5:00 p.m., New York City time, on April 17, 2024, approximately $15 million aggregate principal amount of the Old Notes had been validly tendered pursuant to the Exchange Offer and Consent Solicitation and not withdrawn.

CF Industries and JERA , Japan's largest energy company, announced that they have executed a joint development agreement, or JDA, to explore the development of greenfield low-carbon ammonia production capacity at CF Industries' Blue Point Complex in Louisiana. The JDA will guide JERA and CF Industries' evaluation of a joint venture agreement to build an approximately 1.4M metric ton capacity low-carbon ammonia plant. JERA is contemplating a 48% ownership stake in the project as well as an agreement to procure more than 500,000 metric tons of low-carbon ammonia annually to meet demand for low-carbon fuels in Japan. JERA and CF Industries previously had signed a memorandum of understanding to explore a potential joint project development and sales and purchase of low-carbon ammonia. JERA and CF Industries aim to reach a final investment decision on the proposed project within a year for commencing production in 2028. JERA intends to replace coal with low-carbon clean ammonia in its existing thermal coal power plants to reduce CO2 emissions. JERA is currently conducting the world's first commercial-scale demonstration test of fuel ammonia substitution at its Hekinan Thermal Power Station.

JPMorgan upgraded JetBlue (JBLU) to Neutral from Underweight with a $7 price target. The company is increasingly well-positioned for a modest potential move to the upside based on improving market sentiment, and its upcoming Q2 guide coming next week may exceed consensus, the analyst tells investors in a research note. JetBlue is the second least-liked airline based on sell-side ratings, after Spirit (SAVE), with short interest on the stock also remaining "stubbornly high", the firm added.

Bearish flow noted in NetApp with 1,299 puts trading, or 2x expected. Most active are 4/26 weekly 98 puts and 4/26 weekly 97 puts, with total volume in those strikes near 830 contracts. The Put/Call Ratio is 2.39, while ATM IV is up over 1 point on the day. Earnings are expected on May 30th.

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).