As previously reported, Evercore ISI analyst David Raso downgraded Ingersoll-Rand (IR) to Hold from Buy as he revised his preference in the machinery sector, stating the change is "no knock on Ingersoll," which he still thinks should rise with the improving macro backdrop. He remains bullish on the sector, contending that the upward earnings revision cycle is just starting. He trimmed his price target on Ingersoll-Rand shares to $86 from $87. He also upgraded Caterpillar (CAT) to Buy from Hold and said his top pick in the space remains Cummins (CMI).

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

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

Still does not expect significant change in machine dealer inventory compared to 2023. Still expects 2024 full-year adjusted operating profit margin to be in the top half of the updated target range relative to the expected corresponding level of sales and revenues. Still expects 2024 full-year ME&T free cash flow to be in the top half of the updated target range. Still anticipates another year of services growth.

Sees Q2 dealer inventories of machines down year-over-year. Expects Q2 price realization to remain favorable vs, last year. Sees Q2 adjusted operating profit margin similar to 2Q23. Guidance taken from Q1 investor presentation slides.

Reports Q1 revenue $15.8B, consensus $16.04B. "I'm pleased with our team's performance that resulted in higher adjusted operating profit margin, record adjusted profit per share and strong ME&T free cash flow. Our strong balance sheet and ME&T free cash flow allowed us to deploy a record $5.1 billion of cash for share repurchases and dividends in the first quarter," said Chairman and CEO Jim Umpleby. "We continue to execute our strategy for long-term profitable growth."

Notable companies reporting before tomorrow's open, with earnings consensus, include Merck (MRK), consensus $1.87... Caterpillar (CAT), consensus $5.14... Comcast (CMSCA), consensus 99c... Honeywell (HON), consensus $2.17... Bristol-Myers (BMY), consensus ($4.44)... Altria (MO), consensus $1.15... Keurig Dr. Pepper (KDP), consensus 35c... GE Vernova (GEV), consensus (37c)... Royal Caribbean (RCL), consensus $1.33... Tractor Supply (TSCO), consensus $1.72... Mobileye (MBLY), consensus (6c)... Textron (TXT), consensus $1.23... LabCorp (LH), consensus $3.48... Southwest Airlines (LUV), consensus (34c)... American Airlines (AAL), consensus (29c)... Harley-Davidson (HOG), consensus $1.51.