Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Amazon.com (AMZN) downgraded to Sector Weight from Overweight at KeyBanc with analyst Edward Yruma saying while first quarter results were "impressive," increased competition may "dampen near-term upside." 2. U.S. Steel (X) downgraded to Underperform, price target $18 at Macquarie with analyst Aldo Mazzaferrociting a reduced earnings outlook. The analyst expects the company to miss the earnings rebound from better market conditions due to the expanded and accelerated long-term asset revitalization program that will result in production outages, higher maintenance spending, and lost sales. 3. Gigamon (GIMO) downgraded to Market Perform from Outperform at William Blair, to Neutral from Buy at Dougherty, and to Neutral from Outperform at Credit Suisse. 4. Mattel (MAT) downgraded to Hold from Buy at Argus with analyst John Staszak citing concerns about falling revenues and increasing losses. 5. Expedia (EXPE) downgraded to Hold from Buy at Stifel with analyst Scott Devitt citing valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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

Says customers shopping, but "remain cautious." Says advertising performance "remains strong," primarily driven by sponsored products. Sees "considerable momentum" on AI front. Expects "meaningful increase" in FY24 CapEx. Remains "very bullish" on AWS. Comments taken from Q1 earnings conference call.

Amazon shares are up $8.00, or 5%, to $183.00 in after-hours trading.

Amazon reports Q1 AWS operating income of $9.42B vs. $5.12B last year.

"Game On" is The Fly's weekly recap of the stories powering up or beating down video game stocks. NEW RELEASES: Among... To see the rest of the story go to thefly.com. See Story Here

Amazon (AMZN) is scheduled to report results of its first quarter of 2024 after the market close on Tuesday, April 30, with a conference call scheduled for 5:30 pm ET. Here's what to... To see the rest of the story go to thefly.com. See Story Here

Oppenheimer raised the firm's price target on Instacart (CART) to $48 from $36 and keeps an Outperform rating on the shares. Within the Gig Economy, Instacart is the firm's top pick. While conservative, Oppenheimer forecasts Instacart's share will remain largely unchanged by 2026 at 21%. Nonetheless, the firm expects Amazon's (AMZN) grocery delivery subscription will put some pressure on net adds for CART's Instacart+, as some Prime Members will be likely to adopt Amazon's solution before signing up for Instacart, especially given the compare monthly fee/order thresholds. This also supports the acquisition of Instacart by Uber (UBER) or DoorDash (DASH), allowing them to bundle into a single monthly subscription.