Today's noteworthy downgrades include: AMC Networks (AMCX) downgraded at Evercore ISI... Altera (ALTR) downgraded to Hold from Buy at Argus... American Airlines (AAL) downgraded to Hold from Buy at Deutsche Bank... AxoGen (AXGN) downgraded to Neutral from Buy at Ladenburg... BB&T (BBT) downgraded to Neutral from Overweight at JPMorgan... CA Technologies (CA) downgraded to Equal Weight from Overweight at Barclays... Catamaran (CTRX) downgraded to Market Perform from Outperform at Leerink... Charter (CHTR) downgraded to Hold from Buy at Wunderlich... Delta Air Lines (DAL) downgraded to Hold from Buy at Deutsche Bank... Domtar (UFS) downgraded to Neutral from Buy at DA Davidson... Fifth Street Finance (FSC) downgraded to Neutral from Buy at UBS... Gold Fields (GFI) downgraded to Sell from Hold at Deutsche Bank... Medley Capital (MCC) downgraded to Neutral from Buy at UBS... Michael Kors (KORS) downgraded to Neutral from Overweight at Piper Jaffray... Norcraft (NCFT) downgraded to Equal Weight from Overweight at Stephens... Nucor (NUE) downgraded to Neutral from Buy at Nomura... ON Semiconductor (ONNN) downgraded to Sell from Neutral at Goldman... Pier 1 Imports (PIR) downgraded to Underweight from Equal Weight at Morgan Stanley... Pinnacle Financial (PNFP) downgraded to Hold from Buy at Sandler ONeill... Rolls-Royce (RYCEY) downgraded to Underperform from Market Perform at Bernstein... Sibanye Gold (SBGL) downgraded to Sell from Hold at Deutsche Bank... Steel Dynamics (STLD) downgraded to Neutral from Buy at Nomura... SunTrust (STI) downgraded to Hold from Buy at Sandler O'Neill... Telefonica Brasil (VIV) downgraded to Hold from Buy at HSBC... UTi Worldwide (UTIW) downgraded to Sector Perform from Outperform at RBC Capital... United Continental (UAL) downgraded to Hold from Buy at Deutsche Bank... Universal Health (UHS) downgraded at Sterne Agee.

Strengthening the balance sheet remains a top priority for American. In the first quarter, the company reduced total debt by nearly $950 million and has now achieved more than $12 billion, or over 80%, of its goal of reducing total debt by $15 billion by the end of 2025.

The company said, :American is running the best operation in its history because of a steadfast commitment to operational excellence and strong collaboration across the entire airline. The company produced its best-ever first-quarter completion factor and improved its mishandled baggage rate year over year. American achieved these results despite air traffic control challenges and significant weather events across its network during the quarter."

Reports Q1 revenue $12.6B, consensus $12.6B. "The American Airlines team continues to build a reliable, efficient and resilient airline," said American's CEO Robert Isom. "While we aren't satisfied with our first-quarter financial results, we have a strong foundation in place, and we remain on track to deliver on our full-year financial targets. Our team is running a fantastic operation, driving revenue through our commercial initiatives, efficiently managing costs, and producing free cash flow to further strengthen our balance sheet."

Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSImpinj (PI) up... To see the rest of the story go to thefly.com. See Story Here

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.

Notable companies reporting after the market close, with earnings consensus, include Meta Plataforms (META), consensus $4.32... IBM (IBM), consensus $1.60... ServiceNow (NOW), consensus $3.14... Lam Research (LRCX), consensus $7.30... Chipotle Mexican Grill (CMG), consensus $11.68... O'Reilly Automotive (ORLY), consensus $9.26... Ford Motor (F), consensus 42c... United Rentals (URI), consensus $8.32... Align Technology (ALGN), consensus $1.97... Molina Healthcare (MOH), consensus $5.59... Teradyne (TER), consensus 33c... Universa Health Services (UHS), consensus $3.16... Western Union (WU), consensus 41c.

BMO Capital lowered the firm's price target on Nucor to $200 from $210 and keeps a Market Perform rating on the shares after its Q1 earnings miss. Following nine consecutive quarters of beating expectations, Nucor's results and outlook disappointed, while its Q2 results are also expected to moderate sequentially, the analyst tells investors in a research note. Nucor remains well-positioned to benefit from positive longer-term demand tailwinds, but its capex spending elevated, BMO adds.

Reports Q1 revenue $4.7B, consensus $4.74B. "The teams executed well delivering a solid first quarter performance," said Mark D. Millett, Chairman and Chief Executive Officer. "Underlying steel demand was steady in the quarter; however, we experienced some steel order volatility early in the quarter as customer inventories remain incredibly low and scrap prices declined month over month in the quarter. Customer orders rebounded strongly in March supporting increased pricing and solid order backlogs, especially within our value-added coated flat rolled steel products portfolio. The teams achieved strong first quarter 2024 operating income of $751 million and adjusted EBITDA of $879 million," continued Millett. "The sequential improvement in earnings was driven by our steel and metals recycling businesses and supported by continued historically strong results from our steel fabrication operations. Across the company, our teams achieved strong performance, while keeping each other safe."

Pre-earnings options volume in Steel Dynamics is 1.7x normal with puts leading calls 8:5. Implied volatility suggests the market is anticipating a move near 3.3%, or $4.48, after results are released. Median move over the past eight quarters is 4.0%.

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JPMorgan US Clean Tech/Metals & Mining Analyst Peterson and CFO Laxton hold a 1Q24 earnings follow-up conference call to be held on April 23 at 2 pm hosted by JPMorgan. Webcast Link