After Ford announced yesterday that it will exit the commercial heavy truck business in South America and expects to record pre-tax special item charges of about $460M as a result, Morgan Stanley analyst Adam Jonas said he would fade the rally following the news given that he sees the situation as "highly volatile." Ford's restructuring efforts help address its negatively valued business in South America, but some investors may have hoped for more significant actions, added Jonas, who keeps an Equal Weight rating on Ford with a $10 price target.

Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSImpinj (PI) up... To see the rest of the story go to thefly.com. See Story Here

Reports Q1 revenue $42.8B, consensus $40.1B. Reports Q4 adjusted EBIT $2.8B.

Notable companies reporting after the market close, with earnings consensus, include Meta Plataforms (META), consensus $4.32... IBM (IBM), consensus $1.60... ServiceNow (NOW), consensus $3.14... Lam Research (LRCX), consensus $7.30... Chipotle Mexican Grill (CMG), consensus $11.68... O'Reilly Automotive (ORLY), consensus $9.26... Ford Motor (F), consensus 42c... United Rentals (URI), consensus $8.32... Align Technology (ALGN), consensus $1.97... Molina Healthcare (MOH), consensus $5.59... Teradyne (TER), consensus 33c... Universa Health Services (UHS), consensus $3.16... Western Union (WU), consensus 41c.

Tuesday's total option volume of 40.6 million contracts resulted in net open interest growth of 5.36 million calls and 4.67 million puts. Tesla (TSLA), AGNC Investment Corp. (AGNC), Amazon (AMZN) and Ford (F) saw the greatest growth. Top five new positions opened include 40k Wal-Mart (WMT) May-24 59 calls, 37k AGNC Investment Corp. (AGNC) Sep-24 8 puts, 36k AGNC Investment Corp. (AGNC) Sep-24 7 puts, 28k Ford (F) 4/26 weekly 13 calls and 26k Cleveland-Cliffs (CLF) May-24 20 calls.

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