RBC Capital analyst Scot Ciccarelli lowered his price target on Genuine Parts to $94 after the company's "disappointing" Q1 results, saying auto trends are not accelerating while margins remain under pressure. Based on the weather-related headwinds, the analyst expects further slowing in Q2 before auto trends recover in Q3. Ciccarelli keeps his Sector Perform rating on Genuine Parts, adding performance needs to improve for the company to reach its targets.

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 Genuine Parts (GPC) $159.09 +15.03, Globe Life (GL) $66.97 +3.74, Anthem (ELV) $532.10 +23.13, United Continental (UAL) $50.59 +1.84, and UnitedHealth (UNH) $494.80 +15.81.

Consensus $9.78. Backs FY24 revenue view up 3%-5%, consensus $23.83B. Sees FY24 effective tax rate 24%. Sees FY24 free cash flow $800M-$1B. "We are pleased with the start to 2024, which was highlighted by operating discipline that delivered improved overall earnings against a backdrop of low sales growth," said Will Stengel, president and COO. "In Industrial, sales decreased low-single-digits, in-line with our expectations, as we were up against our most difficult comparative period for the year. In Automotive, the actions taken in our U.S. Automotive business are gaining traction, and we are encouraged by the sequential improvement in performance. This improvement, coupled with the solid performance of our other businesses, is reflected in our reaffirmed sales growth and improved earnings outlook for 2024."

Notable companies reporting before tomorrow's open, with earnings consensus, include Blackstone (BX), consensus 96c... Elevance Health (ELV), consensus $10.53... D.R. Horton (DHI), consensus $3.06... Genuine Parts (GPC), consensus $2.16... Snap-on (SNA), consensus $4.64... Keycorp (KEY), consensus 22c... Ally Financial (ALLY), consensus 33c... Alaska Air (ALK), consensus ($1.05).