Today's noteworthy downgrades include: AOL (AOL) downgraded to Neutral from Buy at Monness Crespi... Anglo American (AAUKY) downgraded to Neutral from Outperform at Macquarie... Encana (ECA) downgraded to Sector Perform from Outperform at RBC Capital... FS Investment (FSIC) downgraded to Market Perform from Outperform at Keefe Bruyette... Humana (HUM) downgraded to Underperform from Neutral at Sterne Agee CRT... Marlin Midstream (FISH) downgraded to Hold from Buy at Stifel... Midway Gold (MDW) downgraded to Sell from Hold at Canaccord... Nabors Industries (NBR) downgraded to Market Perform from Outperform at BMO Capital... ResMed (RMD) downgraded to Neutral from Buy at BofA/Merrill... RigNet (RNET) downgraded to Perform from Outperform at Oppenheimer... Sibanye Gold (SBGL) downgraded to Underweight from Neutral at JPMorgan... Telenor (TELNY) downgraded to Neutral from Buy at BofA/Merrill... Unit Corp. (UNT) downgraded to Accumulate from Buy at KLR Group... Vale (VALE) downgraded to Neutral from Outperform at Macquarie.

Reports Q1 revenue $734M, consensus $728.89M. The first quarter results included a gain, related to mark-to-market treatment of Nabors warrants, of $6M, or 62c per diluted share. Anthony Petrello, Nabors Chairman, CEO and President, commented, "Our first quarter operating results were stronger than we expected, driven by resilient pricing and lower costs in our Lower 48 drilling operations, as well as higher than forecast OEM repair revenue and energy transition revenue in our Rig Technologies segment. Rig count increased in our International segment, driven by rig startups in Saudi Arabia and Algeria, as part of our commitment to deploy seven rigs in these two countries during 2024. We have also received recent awards in Argentina for three more rigs. I believe we are in the midst of the largest opportunity that we've seen in the last decade to strengthen our international business. Pricing in the Lower 48 market remained firm, as utilization of our highest specification rigs stayed strong across several important markets. Average rig count increased compared to the prior quarter, but was slightly below our estimates, mainly reflecting activity reductions in natural gas basins. Results in our Drilling Solutions segment reflected reduced activity in the Lower 48, partially offset by better growth from international markets."

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Affirms FY 2024 Insurance segment benefit ratio of approximately 90%. Raises 2024 individual Medicare Advantage annual membership growth by 50,000 to now anticipate annual growth of approximately 150,000, or 2.8%.

Reports Q1 revenue $29.61B, consensus $28.47B.