Imperial Capital analyst Michael Derchin lowered his Q1 earnings per share estimate for Southwest Airlines to 74c from 83c following yesterday's guidance update. The analyst, however, maintains his fiscal 2018 estimate of $5.00 and fiscal 2019 estimate of $6.50. As the industry's pricing leader, Southwest is likely to have strong earnings growth through fiscal 2019 despite a competitive environment, Derchin tells investors in a research note. The analyst keeps an Outperform rating on the shares with a $75 price target. Southwest closed yesterday down 5%, or $2.91, to $57.78.

Says majority of Boeing (BA) capacity cuts expected to take place early in the year.

Says saw nice acceleration in managed business revenues in Q1. Says continued streak of "solid" operations performance in Q1. Says eliminating service in Syracuse, Cozumel, Bellingham, and Houston. Says reducing flights in Atlanta and Chicago. Comments taken from Q1 earnings conference call.

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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.