Today's noteworthy initiations include: Arista Networks (ANET) initiated with a Neutral at Guggenheim... Charles Schwab (SCHW) initiated with an Outperform at RBC Capital... Cisco (CSCO) initiated with a Neutral at Guggenheim... ClubCorp (MYCC) initiated with a Buy at Stifel... Colfax (CFX) initiated with a Market Perform at William Blair... Con-way (CNW) initiated with an Outperform at Macquarie... Digital Realty (DLR) initiated with a Neutral at Goldman... DuPont Fabros (DFT) initiated with a Sell at Goldman... E-Trade (ETFC) initiated with an Outperform at RBC Capital... Equinix (EQIX) initiated with a Neutral at Goldman... F5 Networks (FFIV) initiated with a Buy at Guggenheim... FireEye (FEYE) initiated with a Market Perform at Raymond James... Heartland Express (HTLD) initiated with a Neutral at Macquarie... Infoblox (BLOX) initiated with a Buy at Guggenheim... Juniper (JNPR) initiated with a Neutral at Guggenheim... Knight Transportation (KNX) initiated with an Outperform at Macquarie... LabCorp (LH) initiated with an Outperform at JMP Securities... Netgear (NTGR) initiated with a Neutral at Guggenheim... Quest Diagnostics (DGX) initiated with a Market Perform at JMP Securities... Repsol (REPYY) initiated with an Underperform at Jefferies... Ruckus Wireless (RKUS) initiated with a Buy at Guggenheim... Sierra Wireless (SWIR) initiated with a Neutral at Macquarie... Sonus (SONS) initiated with a Neutral at Guggenheim... TD Ameritrade (AMTD) initiated with a Sector Perform at RBC Capital... Ubiquiti Networks (UBNT) initiated with a Neutral at Guggenheim... Veritiv (VRTV) initiated with an Outperform at William Blair... Yahoo (YHOO) initiated with an Overweight at Morgan Stanley... Zayo Group (ZAYO) initiated with an Overweight at JPMorgan.

Consensus $14.82. The company said, "Labcorp is updating 2024 full year guidance to reflect its first quarter performance and full year outlook. The following guidance assumes foreign exchange rates effective as of March 31, 2024, for the remainder of the year. Enterprise level guidance includes the estimated impact from currently anticipated capital allocation, including acquisitions, share repurchases and dividends."

Invitae (NVTA) announced that Labcorp (LH) has been selected as the winning bidder in the Company's auction in its sale process under Section 363 of the U.S. Bankruptcy Code. Labcorp will acquire substantially all of the Company's assets on a going concern basis for $239 million in cash consideration, plus other non-cash consideration. The hearing to approve the sale is currently scheduled for May 6, 2024. With Court approval, as well as customary regulatory approvals and closing conditions, Labcorp and Invitae anticipate completing the sale process in the third quarter of 2024.

Reports Q1 revenue $1.82B, consensus $1.82B. CEO Adam Miller commented, "The full truckload market remains extremely challenging as carriers navigate the oversupply of capacity, reduced load volumes, and continued rate pressure through the early part of the bid season. This has negatively impacted the results of our Truckload, Logistics, and Intermodal segments...Although our consolidated results are not where we would like them to be, we are confident that we have the resources and are capable of the disciplined approach necessary to navigate the current market...We are continuing our strategy of building a nationwide LTL network through both organic and inorganic growth paths. Our logistics segment will continue to complement our truckload brands, leverage our power-only capabilities, preserve profitability, and afford outsized growth opportunity when the truckload market strengthens. We are building a strong foundation of diverse customers in our intermodal business with strategic rail partners, which we believe will position us for sustained profitability in the future."

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.

Bullish option flow detected in Arista Networks with 2,900 calls trading, 1.7x expected, and implied vol increasing almost 2 points to 56.57%. Nov-24 270 calls and 4/26 weekly 275 calls are the most active options, with total volume in those strikes near 770 contracts. The Put/Call Ratio is 0.64. Earnings are expected on May 7th.

UBS raised the firm's price target on Quest Diagnostics to $146 from $139 and keeps a Neutral rating on the shares. UBS is more confident that Quest can hit its margin expansion story following the Q2 print and the firm's call with management, the analyst tells investors in a research note. Labor cost trends seem to have already peaked and Covid revenues should no longer be a headwind starting 2H, while above market base volume growth continues, the firm notes.

Citi raised the firm's price target on Quest Diagnostics to $145 from $135 and keeps a Neutral rating on the shares post the Q1 report. The company increased the midpoint of its fiscal 2024 revenue target and management anticipates the rest of fiscal year to follow regular seasonality on a revenue and margin basis with a step-up into Q2, the analyst tells investors in a research note.

Check out this morning's top movers from around Wall Street, compiled by The Fly. UP AFTER EARNINGS... To see the rest of the story go to thefly.com. See Story Here