Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Las Vegas Sands (LVS) downgraded to Neutral at JPMorgan by analyst Joseph Greff, who said the shares are likely to be range-bound until the Macau market shows signs of stabilization. He adds that the stock at current levels has "gotten ahead of itself" and expectations for improving Macau fundamentals. 2. Cummins (CMI) downgraded to Underperform from Neutral at Baird with analyst David Leiker citing stretched valuation and expects performance to remain under pressure from the challenging NAFTA Class 8 environment. 3. Knight Transportation (KNX) downgraded to Outperform at Raymond James based on less than 15% upside to the revised price target. It was also downgraded at Stifel due to the lower than expected Q1 EPS and the belief that the company did not show normal seasonal strength at the end of March. 4. Werner (WERN) downgraded to Hold at Stifel citing the company's Q1 EPS miss, soft pricing and a tough freight environment. 5. FMC Corporation (FMC) downgraded to Neutral at Credit Suisse by analyst Christopher Parkinson, who believes channel inventories in the Americas are bloated and will take time to draw down and that the pricing environment will remain challenging through Q2 and Q3. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Reports Q1 revenue $1.82B, consensus $1.82B. CEO Adam Miller commented, "The full truckload market remains extremely challenging as carriers navigate the oversupply of capacity, reduced load volumes, and continued rate pressure through the early part of the bid season. This has negatively impacted the results of our Truckload, Logistics, and Intermodal segments...Although our consolidated results are not where we would like them to be, we are confident that we have the resources and are capable of the disciplined approach necessary to navigate the current market...We are continuing our strategy of building a nationwide LTL network through both organic and inorganic growth paths. Our logistics segment will continue to complement our truckload brands, leverage our power-only capabilities, preserve profitability, and afford outsized growth opportunity when the truckload market strengthens. We are building a strong foundation of diverse customers in our intermodal business with strategic rail partners, which we believe will position us for sustained profitability in the future."