As previously reported, Morgan Stanley analyst Adam Jonas downgraded Ford (F) to Equal Weight from Overweight, stating that he now believes the market needs more evidence of success before embracing the Ford restructuring story. While Jonas sees to potential for "tens of thousands" of headcount cuts, he is increasingly concerned that the capital markets do not have confidence Ford will take decisive action fast enough, he tells investors. General Motors (GM) has taken decisive action to attract significant outside capital that validates its GM Cruise investment, and Jonas values Cruise at $11.5B. In contrast, his valuation of Ford's Argo AI business has stayed at $1B, and he sees no clear catalysts for how such assets can be recognized by the market, he added. Jonas cut his price target on Ford shares to $10 from $14.

Citi raised the firm's price target on General Motors to $96 from $95 and keeps a Buy rating on the shares. The analyst increased estimates post the company's Q1 beat. GM remains the analyst's top pick. The company offered encouraging Q2 outlook commentary, suggesting further upside potential to the 2024 guide, and offered a confident tone around the electric vehicle outlook, the analyst tells investors in a research note. "Quarters like this continue to support the case that the now 5+yr running pushback on the stock has grown stale," contends Citi.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here

Notable gainers among liquid option names this morning include Globe Life (GL) $71.33 +4.94, Super Micro (SMCI) $764.85 +47.83, Danaher (DHR) $250.88 +14.79, Kimberly Clark (KMB) $136.87 +7.94, and General Motors (GM) $45.38 +2.17.

Unusual total active option classes on open include: ImmunityBio (IBRX), Halliburton (HAL), Redfin (RDFN), Nokia (NOK), Matterport (MTTR), General Motors (GM), UPS (UPS), Philip Morris (PM), PepsiCo (PEP), and General Electric (GE).

Check out this morning's top movers from around Wall Street, compiled by The Fly. UP AFTER EARNINGS... To see the rest of the story go to thefly.com. See Story Here

Consensus $9.08. Raises FY24 adjusted EBITDA $12.5B-$14.5B from $12B-$14B. Sees FY24 capital spending $10.5B-$11.5B.

In an announcement on its website, Rivian (RIVN) said, "For eligible purchasers or lessees of Rivian vehicles who trade in an eligible vehicle as part of the purchase or lease of a qualifying Rivian R1 vehicle, Rivian will provide a discount toward such purchase or lease of a new Rivian R1 vehicle in the amounts indicated in these rules and charging for your new Rivian R1 vehicle at Rivian Adventure Network charging sites at no additional cost for one year. This offer is open only to residents of the United States or Canada who have reached the age of majority in their jurisdiction of residence and who trade-in an eligible vehicle toward the purchase of a qualifying Rivian R1 vehicle. To qualify for the discounts toward the purchase of a Rivian R1 vehicle, you must trade in a vehicle that meets the requirements described in the list below: 2018 or newer Ford (F): F-150, Explorer, Expedition, Bronco excluding Bronco Sport; 2018 or newer Toyota (TM): Tacoma, Tundra, Highlander, 4Runner; 2018 or newer Jeep (STLA): Grand Cherokee, Wrangler, Gladiator; 2018 or newer Audi (AUDVF): Q5, Q7, Q8; 2018 or newer BMW (BMWYY): X3, X5, X7. Rivian R1 vehicle discount: Eligible purchasers/lessees who qualify under these rules will receive a discount toward the purchase or lease of a qualifying new Rivian R1 vehicle in the following amounts: R1T Standard, Standard+ Pack - $3,000 / $4,500 CAD; R1T Large Pack - $4,000 / $6,000 CAD; R1T Max Pack - $5,000 / $7,500 CAD; R1S Large Pack - $1,000 / $1,500 CAD." Reference Link

General Motors (GM) is scheduled to report quarterly results before market open on Tuesday, April 23, with a conference call scheduled for 8:30 am EST, while Ford (F) is scheduled to report after market close on Wednesday, April 24, with a conference call scheduled for 5:00 pm EST. What to watch... To see the rest of the story go to thefly.com. See Story Here

Institutional investors and professional traders rely on The Fly to keep up-to-the-second on breaking news in the electric vehicle and clean energy space, as well as which stocks in these sectors that the best analysts on Wall Street are saying to buy and sell. From the hotly-debated... To see the rest of the story go to thefly.com. See Story Here