Today's noteworthy upgrades include: Alcatel-Lucent (ALU) upgraded to Outperform from Neutral at Credit Suisse... Allstate (ALL) upgraded to Neutral from Sell at Citi... Campbell Soup (CPB) upgraded to Buy from Hold at Argus... Cenovus Energy (CVE) upgraded to Neutral from Sell at Goldman... Computer Programs (CPSI) upgraded to Hold from Sell at Deutsche Bank... Concho Resources (CXO) upgraded to Strong Buy from Outperform at Raymond James... Conn's (CONN) upgraded to Buy from Hold at Stifel... Delta Lloyd (DLLLY) upgraded to Neutral from Underweight at JPMorgan... Eli Lilly (LLY) assumed with an Overweight from Equal Weight at Barclays... HF Financial (HFFC) upgraded to Buy from Hold at Sandler O'Neill... Johnson & Johnson (JNJ) upgraded to Overweight from Equal Weight at Barclays... KPN (KKPNY) upgraded to Buy from Neutral at Nomura... Merck (MRK) assumed with an Overweight from Equal Weight at Barclays... Monsanto (MON) upgraded to Overweight from Neutral at Atlantic Equities... Nokia (NOK) upgraded to Outperform from Neutral at Credit Suisse... Parkway Properties (PKY) upgraded to Buy from Hold at Stifel... Pioneer Natural (PXD) upgraded to Strong Buy from Outperform at Raymond James... Rackspace (RAX) upgraded to Outperform from Sector Perform at RBC Capital... TerraForm Power (TERP) upgraded to Outperform from Perform at Oppenheimer... Windstream (WIN) upgraded to Outperform from Market Perform at Raymond James... Yum! Brands (YUM) upgraded to Outperform from Market Perform at Cowen.

Notable companies reporting before tomorrow's open, with earnings consensus, include Merck (MRK), consensus $1.87... Caterpillar (CAT), consensus $5.14... Comcast (CMSCA), consensus 99c... Honeywell (HON), consensus $2.17... Bristol-Myers (BMY), consensus ($4.44)... Altria (MO), consensus $1.15... Keurig Dr. Pepper (KDP), consensus 35c... GE Vernova (GEV), consensus (37c)... Royal Caribbean (RCL), consensus $1.33... Tractor Supply (TSCO), consensus $1.72... Mobileye (MBLY), consensus (6c)... Textron (TXT), consensus $1.23... LabCorp (LH), consensus $3.48... Southwest Airlines (LUV), consensus (34c)... American Airlines (AAL), consensus (29c)... Harley-Davidson (HOG), consensus $1.51.

Unusual total active option classes on open include: ImmunityBio (IBRX), Halliburton (HAL), Redfin (RDFN), Nokia (NOK), Matterport (MTTR), General Motors (GM), UPS (UPS), Philip Morris (PM), PepsiCo (PEP), and General Electric (GE).

Latest data shows the largest indicative borrow rate increases among liquid option names include: Luminar Technologies (LAZR) 21.68% +6.44, Mesoblast (MESO) 145.03% +2.00, iShares S&P National AMT Free Municipal Bond Fund (MUB) 19.65% +1.21, Stellantis NV (STLA) 1.41% +0.98, Veritone (VERI) 40.08% +0.46, ALTC Acquistion Corp (ALCC) 6.05% +0.44, US Global Jets ETF (JETS) 7.23% +0.36, Nokia (NOK) 3.33% +0.27, Annovis Bio Inc (ANVS) 91.57% +0.16, and Coca Cola (KO) 0.41% +0.16.

Citi lowered the firm's price target on Yum! Brands to $162 from $166 and keeps a Buy rating on the shares ahead of the Q1 report. The analyst expects Yum continues to voice confidence in 5% unit growth, and its digital initiatives are growing sales for franchisees. The firm views the company's near-term outlook as "shakier" than the long-term.