As previously reported, Evercore ISI analyst Chris McNally downgraded Magna (MGA) and Lear (LEA), each to In Line from Outperform, as he "effectively" moves the entire supplier group to a sector Underperform ahead of the "seasonally-dangerous" summer for autos. He sees the auto supplier group retracing most of their year-to-date bounce over the summer and thinks cyclical and structural headwinds could make for additional downside. The analyst contends that no supplier will escape a fiscal year revision this year with the "small exception" of BorgWarner (BWA), for which he thinks the low-end of guidance is possible.

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