Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Dropbox (DBX) downgraded to Hold from Buy at Jefferies with analyst Brent Thill saying the stock's current multiple already prices in 15%-20% growth and up to 200 basis point of margin expansion. 2. Six Flags (SIX) downgraded to Equal Weight from Overweight at Wells Fargo, to Neutral from Buy at Janney Montgomery Scott, and to Underweight from Equal Weight at Wells Fargo. 3. Dolby (DLB) downgraded to Neutral from Buy at B. Riley FBR with analyst Eric Wold saying with the shares only 5% away from his price target, the analyst feels both his fiscal 2020 estimates and target multiple are at the higher-end of Dolby's potential ranges over the next 12 months. 4. Foot Locker (FL) downgraded to Neutral from Positive at Susquehanna with analyst Sam Poser saying channel checks indicate that holiday launches from Nike (NKE), Adidas (ADDYY), and others were not enough to overcome last year's difficult comparisons. 5. CME Group (CME) downgraded to Market Perform from Outperform at Bernstein. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Reports Q1 revenue $1.49B, consensus $1.48B. "CME Group adjusted net income and earnings per share reached new records in Q1 as investors turned to our markets to manage through the ongoing economic and geopolitical uncertainty in today's marketplace," said Terry Duffy, CME Group Chairman and CEO. "Average daily volume in our U.S. Treasury futures and options grew 12% year over year, reaching a new all-time high of 7.8 million contracts per day. Additionally, ADV in our commodities markets increased 14% to 4.7 million contracts. Looking ahead, we remain committed to providing the deep liquidity and unparalleled capital efficiencies our clients rely on as they continue to navigate a wide range of risks across asset classes."