Today's noteworthy initiations include: A.O. Smith (AOS) initiated with a Perform at Oppenheimer... AerCap (AER) initiated with an Outperform at Macquarie... Agile Therapeutics (AGRX) initiated with an Outperform at FBR Capital... Air Lease (AL) initiated with an Outperform at Macquarie... AmSurg (AMSG) initiated with an Overweight at Stephens... Avolon (AVOL) initiated with a Neutral at Macquarie... BioDelivery Sciences (BDSI) initiated with an Outperform at FBR Capital... CDK Global (CDK) initiated with a Hold at Evercore ISI... Cinedigm (CIDM) initiated with a Neutral at Macquarie... Cnova (CNV) initiated with a Neutral at Goldman... Deckers Outdoor (DECK) initiated with a Buy at BofA/Merrill... Global Payments (GPN) initiated with a Hold at Topeka... IMAX (IMAX) initiated with an Outperform at Macquarie... International Speedway (ISCA) initiated with an Outperform at Macquarie... Liberty Interactive (QVCA) initiated with a Buy at Brean Capital... Lion Biotechnologies (LBIO) initiated with an Outperform at FBR Capital... Lumenis (LMNS) initiated with a Buy at Maxim... Mettler-Toledo (MTD) initiated with an Equal Weight at Morgan Stanley... Mueller Water (MWA) initiated with an Outperform at Oppenheimer... Neovasc (NVCN) initiated with a Buy at Canaccord... Retrophin (RTRX) initiated with an Outperform at Leerink... Rexford Industrial (REXR) initiated with a Buy at Wunderlich... Spectrum (SPPI) initiated with an Outperform at FBR Capital... Speedway Motorsports (TRK) initiated with an Outperform at Macquarie... Summit Therapeutics (SMMT) initiated with an Outperform at JMP Securities... Surgical Care Affiliates (SCAI) initiated with an Equal Weight at Stephens... Trovagene (TROV) initiated with a Buy at Janney Capital... TrueCar (TRUE) initiated with a Sell at B. Riley... Tuesday Morning (TUES) initiated with a Buy at Janney Capital.

Reports Q1 revenue $978.8M, consensus $995.97M. "A. O. Smith delivered a strong performance in the first quarter primarily driven by higher sales of our commercial high efficiency water heaters and lower steel costs in North America as we saw continued healthy water heater demand. We achieved sales growth of 6% in China, despite the ongoing macroeconomic challenges in that country, as our recently released kitchen products continue to be well received in the market," noted Kevin Wheeler, chairman and chief executive officer. "I am pleased with our global team's efforts in servicing our customers during the quarter."

As previously reported, BofA downgraded Deckers Outdoor to Neutral from Buy with a price target of $860, down from $875, as the firm sees a better risk/reward elsewhere in the analyst's coverage. The firm is "not making a call that near-term trends at UGG and HOKA are breaking," it does note that expectations are high and expresses cautiousness that a softer-than-expected margin outlook could temper the pace of upward earnings revisions.

Barclays raised the firm's price target on Rexford Industrial to $46 from $45 and keeps an Underweight rating on the shares. The analyst bumped up the price target following a model update.