Today's noteworthy upgrades include: A10 Networks (ATEN) upgraded to Buy from Neutral at BofA/Merrill... ARRIS (ARRS) upgraded to Buy from Neutral at Goldman... Alcatel-Lucent (ALU) upgraded to Buy from Neutral at Citigroup... American Science & Engineering (ASEI) upgraded to Buy from Hold at Benchmark Co.... Avery Dennison (AVY) upgraded to Overweight from Neutral at JPMorgan... CEVA (CEVA) upgraded to Buy from Neutral at Chardan... Chuy's (CHUY) upgraded to Outperform from Market Perform at Raymond James... CommScope (COMM) upgraded to Buy from Neutral at BofA/Merrill... Conn's (CONN) upgraded to Outperform from Perform at Oppenheimer... Covanta (CVA) upgraded to Outperform at Baird... Cyan (CYNI) upgraded to Neutral from Underweight at JPMorgan... Eastman Chemical (EMN) upgraded to Overweight from Neutral at JPMorgan... Eaton (ETN) upgraded to Overweight from Neutral at JPMorgan... Emerge Energy (EMES) upgraded to Neutral at Baird... Genesee & Wyoming (GWR) upgraded to Buy from Neutral at Citigroup... Jefferies starts Tesla (TSLA) with Buy rating, $350 price target... JetBlue (JBLU) upgraded to Overweight from Neutral at JPMorgan... Kosmos (KOS) upgraded to Buy from Hold at Deutsche Bank... Lloyds Banking (LYG) upgraded to Buy from Hold at Jefferies... Netflix (NFLX) upgraded to Buy from Sell on strong original content at BofA/Merrill... Olympic Steel (ZEUS) upgraded to Overweight from Sector Weight at KeyBanc... Qualys (QLYS) upgraded to Outperform from Neutral at Baird... RBS (RBS) upgraded to Neutral from Reduce at Nomura... Sanderson Farms (SAFM) upgraded to Overweight from Equal Weight at Stephens... Scorpio Bulkers (SALT) upgraded to Buy from Neutral at UBS... Strategic Hotels (BEE) upgraded to Outperform from Market Perform at Wells Fargo... Swift Transport (SWFT) upgraded to Outperform from Market Perform at Wells Fargo... Web.com (WWWW) upgraded to Buy from Neutral at Roth Capital... Zurich Insurance (ZURVY) upgraded to Overweight from Equal Weight at Barclays.

Says evaluating capital light growth options. Says Latin geography continues to be pressured from the elevated industry capacity, expecting unit revenue down mid-teens in Q2. Says $175M-$200M structural cost program achieved $100M in savings since program start. Says fleet modernization program achieved $70M in total program savings, increased expected size of program from $75M to $100M. Says Pratt & Whitney compensation accounting update driving incremental pressure on full-year CASM-ex Fuel guidance. Says actively exploring further cost savings opportunities in productivity, maintenance spend optimization and technology-enabled efficiencies. Says after deferring aircraft to smooth delivery profile, actively exploring opportunities to extend the life of about 30 A320 aircraft to supplement future growth. Says carrying a healthy unencumbered asset base. Comments taken from Q1 earnings conference call slides.

Sees FY24 CASM ex-fuel up mid-to-high single digits y/y. Sees FY24 CapEx ~$1.6B.

Reports Q1 revenue $2.2B, consensus $2.2B. "Thanks to our incredible crewmembers and our reinvigorated focus on improving reliability, our operation performed above plan in the first quarter, resulting in revenue and costs coming in better than expectations," said Joanna Geraghty, JetBlue's chief executive officer. "As we look to the full year, significant elevated capacity in our Latin region, which represents a large portion of JetBlue's network, will likely continue to pressure revenue and we expect a setback in our expectations for the full year. We have full confidence that continuing to take action on our refocused standalone strategy is the right path forward to ultimately return to profitability again." "We've begun rolling out the initial components of our refocused plan. In the first quarter, we announced a number of significant network changes, which are designed to free up unprofitable flying and reallocate it to proven leisure markets where JetBlue has historically won" said Marty St. George, JetBlue's president. "Demand remained healthy in peak periods, and in particular, we saw encouraging performance from our domestic and transatlantic flying, as well as continued outsized demand for our premium seating options."

Wells Fargo lowered the firm's price target on On Semiconductor (ON) to $95 from $110 and keeps an Overweight rating on the shares ahead of quarterly results. The firm anticipates On to deliver a Q2 guide slightly below expectations as it adjusts to Tesla-specific (TSLA) production softness specific to image sensor and SiC sales.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

JPMorgan raised the firm's price target on Lloyds Banking to 50 GBp from 45 GBp and keeps an Underweight rating on the shares.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

General Motors (GM) is scheduled to report quarterly results before market open on Tuesday, April 23, with a conference call scheduled for 8:30 am EST, while Ford (F) is scheduled to report after market close on Wednesday, April 24, with a conference call scheduled for 5:00 pm EST. What to watch... To see the rest of the story go to thefly.com. See Story Here

Institutional investors and professional traders rely on The Fly to keep up-to-the-second on breaking news in the electric vehicle and clean energy space, as well as which stocks in these sectors that the best analysts on Wall Street are saying to buy and sell. From the hotly-debated... To see the rest of the story go to thefly.com. See Story Here

Tesla eliminated a newly formed marketing team as part of its companywide layoffs, reversing course from a traditional advertising push that Chief Executive Officer Elon Musk greenlighted less than a year ago, Ed Ludlow of Bloomberg reports. The company's "growth content" team in the U.S., a group of about 40 employees run by senior manager Alex Ingram, was eliminated in the ongoing job cuts, people familiar with the matter told Bloomberg. Ingram was part of the reduction, one of the people said. The company still has a smaller marketing group in Europe, the source added. There were also significant layoffs in Tesla's design studio and staff located in Hawthorne, California, said the people.

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

Friday's total option volume of 56.7 million contracts resulted in net open interest growth of 6.01 million calls and 5.28 million puts. NVIDIA (NVDA), Tesla (TSLA), Apple (AAPL) and Advanced Micro Devices (AMD) saw the greatest growth. Top five new positions opened include 50k Lyft (LYFT) May-24 20 calls, 44k Energy Transfer (ET) 4/26 weekly 16.5 calls, 43k Las Vegas Sands (LVS) Sep-24 41 calls, 23k Tesla (TSLA) 4/26 weekly 162.5 calls and 21k Papa John's (PZZA) Jun-24 57.5 puts.

Chinese automaker Li Auto (LI) has slashed prices by roughly 5% on four of its five models and announced it would refund owners who purchased those models earlier this year, Reuters' Brenda Goh reports, citing the cuts. The company announced cuts of between 18,000 and 30,000 yuan on its L7, Li L8, Li L9, and Li MEGA models, which comes after price revisions by Tesla (TSLA) and BYD (BYDDF). Reference Link