Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Colgate-Palmolive (CL) downgraded to Hold from Buy at SunTrust with analyst William Chappell citing "another disappointing" quarterly result this morning. 2. Cerner (CERN) downgraded to Sector Perform from Outperform at RBC Capital with analyst George Hill saying the slowing market for health care information technology companies, as well as the company's slower rate of growth, warrant a lower multiple on the stock. 3. Kraton (KRA) downgraded to Hold from Buy at SunTrust with analyst James Sheehan saying the management has cited "weakening demand, tariff impacts, escalating logistics costs and an extended plant outage" in reducing its outlook. 4. Western Digital (WDC) downgraded to Neutral from Buy at Longbow, to Neutral from Overweight at JPMorgan, as well as to Hold from Buy at Benchmark and Craig-Hallum. 5. Jack in the Box (JACK) downgraded to Neutral from Outperform at Wedbush with analyst Nick Setyan saying given the company's franchised model and franchisee unrest, he can no longer assume that many of the initiatives through FY22 that his positive recommendation was based on will occur. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Sees Q4 revenue $3.6B-$3.8B, consensus $3.69B.

Reports Q3 GAAP EPS 34c. Reports Q3 revenue $3.46B, consensus $3.36B. "As evidenced by our excellent third quarter results, Western Digital continues improving through-cycle profitability and dampening business cycles by leveraging our strategy of developing a diversified portfolio of industry-leading products across a broad range of end markets," said David Goeckeler, Western Digital CEO. "We are in the early innings of unlocking the full potential of this company, and as industry supply and demand dynamics continue to improve, we will remain disciplined around our capital spending and focused on driving innovation and efficiency across our businesses. We are confident in our strategy and the actions we have taken to-date, which successfully position us to capitalize on the promising growth prospects that lie ahead."

Pre-earnings options volume in Western Digital is 1.4x normal with calls leading puts 7:5. Implied volatility suggests the market is anticipating a move near 6.2%, or $4.32, after results are released. Median move over the past eight quarters is 2.1%.

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.