Today's noteworthy downgrades include: Baidu (BIDU) downgraded to Hold from Buy at Brean Capital... Colfax (CFX) downgraded to Hold from Buy at Argus... Entergy (ETR) downgraded to Sell from Neutral at Goldman... KLA-Tencor (KLAC) downgraded to Sell from Neutral at Citi... Kaiser Aluminum (KALU) downgraded to Sector Weight from Overweight at KeyBanc... Macy's (M) downgraded to Sell due to 'speculative froth' at Gilford Securities... Nimble Storage (NMBL) downgraded to Buy from Strong Buy at Needham... PolyOne (POL) downgraded to Accumulate from Buy at Global Hunter... Portland General Electric (POR) downgraded to Neutral from Buy at Goldman... Robert Half (RHI) downgraded to Underweight from Equal Weight at Barclays... SKF AB (SKFRY) downgraded to Neutral from Outperform at Exane BNP Paribas... Sandvik AB (SDVKY) downgraded to Underperform from Neutral at Exane BNP Paribas... Torchmark (TMK) downgraded to Underperform from Neutral at BofA/Merrill... USA Compression (USAC) downgraded to Neutral from Overweight at JPMorgan... United Natural Foods (UNFI) downgraded on customer loss at BMO Capital... Yelp (YELP) downgraded to Hold from Buy at Deutsche Bank.

Consensus $3.07. Sees FY24 effective tax rate 10%-15%. Sees FY24 capital expenditures $1.34B.

Reports Q1 revenue $929M, consensus $828.97M. "Our results this quarter speak to strong execution and robust semiconductor and data center growth, underscoring the importance of Portland General Electric's commitment to investments in grid resilience," said Maria Pope, PGE President and CEO. "The PGE team navigated extreme winter storms and energy market conditions early in the first quarter and, as we look ahead, we remain focused on advancing plans to meet the growing needs of our customers."

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Sees Q4 revenue $2.5B, +/- $125M, consensus $2.42B.

Reports Q3 revenue $2.36B, consensus $2.31B. "KLA's March quarter results were above our adjusted guidance as customer demand and company execution tracked consistent with our expectations," said Rick Wallace, president and CEO, KLA Corporation. "As we have highlighted over the past few quarters, market conditions have stabilized and we expect our business levels to improve as we progress through the year. We are encouraged by the improvement in our customers' businesses across multiple end markets and this improvement is translating into constructive discussions with our customers about future opportunities for leading edge capacity investments."

Reports Q1 revenue $1.48B, consensus $1.49B. "Client and candidate caution continues to impact hiring activity and new project starts on a global basis. However, the trend toward stabilization that began in the second half of last year continued into the first quarter of this year," said CEO M. Keith Waddell. "Q1 results were largely in line with expectations, and we are encouraged that second-quarter earnings guidance, led by Protiviti, anticipates higher sequential earnings for the first time in seven quarters. We'd like to extend our gratitude to our employees across the globe, whose efforts made possible a number of recent prestigious accolades. Robert Half was among an elite few companies - and the only in our industry - to be honored as a Fortune Most Admired Company for 27 consecutive years. We were also recognized as one of Fortune's 100 Best Companies to Work For, Forbes America's Best Large Employers and, just this week, one of Forbes' Best Employers for Diversity".

Wells Fargo raised the firm's price target on Entergy to $122 from $115 and keeps an Overweight rating on the shares. The firm thinks recent positive regulatory developments plus Entergy's compelling long-term load growth outlook warrant a price to earnings multiple re-rating.

The company said, "Kaiser remains well positioned in the current demand environment as a key supplier in diverse end markets with multi-year contracts with strategic partners. The Company expects demand will improve across the majority of its end markets throughout 2024. In aerospace/high strength applications, a more cautious outlook is warranted on expected build rates for domestic large commercial jet production in the near-term resulting in anticipated flat conversion revenue in 2024 following a strong 2023. The long-term demand outlook for these platforms remains unchanged. The Company believes demand for other aerospace/high strength applications remains strong. Now that destocking is complete, the Company expects the rest of its end markets to perform consistent with the prior outlook. As a result, the Company continues to expect conversion revenue for the full year 2024 to improve 2% - 3% and adjusted EBITDA margins to improve 70 - 170 basis points over 2023 as it implements cost reduction measures in operations, increases manufacturing efficiencies and pursues its strategic growth initiatives."

HSBC analyst Charlene Liu lowered the firm's price target on Baidu to $145 from $157 and keeps a Buy rating on the shares following the company's developer conference. The firm says Baidu's advertising outlook remains more challenging than it expected. It cut estimates on weaker a macro envinrment.

Jefferies raised the firm's price target on Yelp to $43 from $42 and keeps a Hold rating on the shares. In a preview note for the U.S. Internet group, the firm says it will be looking for signs of sustainability in elevated ARPU growth at Yelp, especially as locations/app MAUs remain in decline.

"We made very important regulatory progress in recent weeks that will deliver meaningful value for customers and provide certainty for all stakeholders," said Drew Marsh, Entergy chair and CEO. "We remain squarely on track with clear line of sight to achieve our commitments in 2024 and beyond."