Today's noteworthy downgrades include: Aeropostale (ARO) downgraded to Sell from Neutral at UBS... Archer Daniels (ADM) downgraded to Neutral from Buy at Citi... Arlington Asset Investment (AI) downgraded to Neutral from Buy at Ladenburg... Bonanza Creek (BCEI) downgraded on margin erosion at BMO Capital... CIT Group (CIT) downgraded to Neutral from Buy at Guggenheim... Corporate Office Properties (OFC) downgraded on strategy, weak markets at Stifel... HCC Insurance (HCC) downgraded to Sector Perform from Outperform at RBC Capital... Hallador Energy (HNRG) downgraded to Hold from Buy at BB&T... Immunomedics (IMMU) downgraded to Hold from Buy at Jefferies... MiMedx (MDXG) downgraded to Buy from Strong Buy at Needham... Morgan Stanley (MS) downgraded to Neutral from Buy at Guggenheim... Potash (POT) downgraded to Market Perform from Outperform at Raymond James... Radware (RDWR) downgraded on execution challenges, spending outlook at RBC Capital... Stillwater Mining (SWC) downgraded to Underperform from Buy at BofA/Merrill... Yelp (YELP) downgraded on guidance, margin outlook at Oppenheimer.

Bullish option flow detected in C3 AI with 27,934 calls trading, 1.3x expected, and implied vol increasing almost 2 points to 61.59%. 5/3 weekly 22 calls and May-24 30 calls are the most active options, with total volume in those strikes near 7,800 contracts. The Put/Call Ratio is 0.31. Earnings are expected on May 29th.