As previously reported, Telsey Advisory analyst Tom Eagan downgraded Charter (CHTR) to Market Perform from Outperform, stating that he has "no doubt" that the company will improve the service metrics at the legacy TWC and Bright House systems, but that shares have gained more than 54% since January 2016, with part of the rise fueled by speculation that Verizon (VZ) was interested in an acquisition. While unclear what Verizon's real interest is, "the possibility of a transaction is not grounds" for a multiple on Charter shares that would yield a target in the mid-$370's, Eagen tells investors. He did, though, raise his price target on Charter shares to $345 from $308.

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Reports Q1 revenue $13.68B, consensus $13.74B.

Notable companies reporting before tomorrow's open, with earnings consensus, include Exxon Mobil (XOM), consensus $2.20... Chevron (CVX), consensus $2.87... AbbVie (ABBV), consensus $2.23... HCA Healthcare (HCA), consensus $5.01... Colgate-Palmolive (CL), consensus 81c... Charter (CHTR), consensus $7.92... AutoNation (AN), consensus $4.27.

Ribbon Communications (RRBN) announced plans for a major network modernization program with Verizon (VZ) to retire legacy TDM switching platforms and replace their function with modern cloud-based technologies. Verizon is leveraging Ribbon's portfolio of Voice Products including the vC20 Call Controller, G5 Line Access Gateway, G6 Universal Media Gateway, virtual and Cloud-native Session Border Controllers, and other products which allows for the consolidation and replacement of equipment with energy efficient, software-centric platforms while maintaining full feature functionality.