Today's noteworthy downgrades include: BHP Billiton (BHP) downgraded to Market Perform from Outperform at BMO Capital... Conn's (CONN) downgraded to Perform from Outperform at Oppenheimer... General Dynamics (GD) downgraded to Market Perform at Cowen... Hannover Re (HVRRY) downgraded to Sell from Neutral at Citigroup... JG Wentworth (JGW) downgraded to Hold from Buy at Deutsche Bank... NetApp (NTAP) downgraded on weaker outlook at Argus... Otonomy (OTIC) downgraded to Neutral from Overweight at JPMorgan... Scor SE (SCRYY) downgraded to Neutral from Buy at Citigroup... Societe Generale (SCGLY) downgraded to Underperform from Hold at Jefferies.

Bearish flow noted in NetApp with 1,299 puts trading, or 2x expected. Most active are 4/26 weekly 98 puts and 4/26 weekly 97 puts, with total volume in those strikes near 830 contracts. The Put/Call Ratio is 2.39, while ATM IV is up over 1 point on the day. Earnings are expected on May 30th.