Today's noteworthy downgrades include: Altria Group (MO) downgraded to Outperform from Buy at CLSA... Baxter (BAX) downgraded to Market Perform from Outperform at Leerink... Changyou.com (CYOU) downgraded to Hold from Buy at Summit Research... Depomed (DEPO) downgraded to Neutral from Buy at Janney Capital... Euronet (EEFT) downgraded to Neutral from Buy at Monness Crespi... Foundation Medicine (FMI) downgraded to Market Perform at JMP Securities... Garmin (GRMN) downgraded to Underweight from Neutral at JPMorgan... Golden Star Resources (GSS) downgraded to Hold at Canaccord... Grainger (GWW) downgraded on negative catalysts at RBC Capital... Henry Schein (HSIC) downgraded to Hold from Buy at Evercore ISI... LINN Energy (LINE) downgraded to Market Perform from Outperform at Raymond James... LifeLock (LOCK) downgraded to Neutral from Buy at BofA/Merrill... LinnCo (LNCO) downgraded to Market Perform from Outperform at Raymond James... Manitowoc (MTW) downgraded to Hold from Buy at BB&T... PACCAR (PCAR) downgraded to Equal Weight on peak cycle concerns at Morgan Stanley... PG&E (PCG) downgraded to Neutral from Outperform at Credit Suisse... Pacer (PACR) downgraded to Equal Weight from Overweight at Morgan Stanley... Penn Virginia (PVA) downgraded to Sector Perform from Outperform at Scotia... Shutterfly (SFLY) downgraded to Market Perform at Raymond James... Terex (TEX) downgraded to Hold from Buy at BB&T... Total System (TSS) downgraded to Neutral at Baird... Whiting Petroleum (WLL) downgraded to Equal Weight from Overweight at Stephens... Whole Foods (WFM) downgraded to Equal Weight from Overweight at Morgan Stanley.

Barclays raised the firm's price target on PG&E to $21 from $20 and keeps an Overweight rating on the shares. The shares "look cheap" into the analyst day with the company's financing plan now behind us, the analyst tells investors in a research note.

Reports Q1 revenue $1.3B, consensus $1.24B. "Terex delivered excellent first quarter results, achieving sales growth and margin expansion versus the prior year," said CEO Simon Meester. "The Terex team continues to perform at a high level and demonstrate the power of its focused strategy and its proven ability to create value. We are raising our full-year outlook to reflect our strong first quarter performance, while also prudently planning for continued softness in Europe over the balance of the year." Meester continued, "Overall, customer demand remains strong for Terex's differentiated products as evidenced by our robust backlog. In addition, we are advancing our new product initiatives to bolster the Company's portfolio of market-leading businesses that will continue to benefit from megatrends over the coming years. We are focused on accelerating our profitable growth strategy and are committed to delivering strong performance through the cycle."

The company said, "We reaffirm our 2024 full-year adjusted diluted EPS guidance range of $5.05 to $5.17, representing a growth rate of 2% to 4.5% from a base of $4.95 in 2023. We expect 2024 adjusted diluted EPS growth to be weighted to the second half of the year. Our guidance includes the impact of two additional shipping days in 2024 and assumes limited impact on combustible and e-vapor volumes from enforcement efforts in the illicit e-vapor market. While the 2024 full-year adjusted diluted EPS guidance accounts for a range of scenarios, the external environment remains dynamic. We will continue to monitor conditions related to (i) the economy, including the cumulative impact of inflation, (ii) adult tobacco consumer (ATC) dynamics, including purchasing patterns and adoption of smoke-free products, (iii) illicit e-vapor enforcement and (iv) regulatory, litigation and legislative developments. Our 2024 full-year adjusted diluted EPS guidance range includes planned investments in support of our Vision, such as (i) marketplace activities in support of our smoke-free products and (ii) continued smoke-free product research, development and regulatory preparation expenses. The 2024 full-year adjusted diluted EPS guidance range excludes an estimated per share gain of $1.17 related to the sale of the IQOS Tobacco Heating System commercialization rights that we expect to occur in the second quarter of 2024."

"Our focus on safety and reducing wildfire risk continues every day as we deliver for our customers and our hometowns here in California. We remain committed to building a clean, climate-resilient energy system to meet our customers' future needs at the lowest price for them," said PG&E Corporation CEO Patti Poppe.

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.

W.W. Grainger's board of directors approved a quarterly cash dividend of $2.05 per share, an increase of 10% from the most recent company dividend of $1.86 per share. The dividend is payable on June 1, to shareholders of record on May 13. In addition, the board approved the repurchase of up to 5M shares of the company's outstanding common stock, replacing the company's existing repurchase authorization. The new repurchase authorization has no expiration date. "2024 is on track to be our 53rd consecutive year of increased dividends, upholding Grainger's long-standing commitment to our shareholders. This increase, together with our updated share repurchase authorization, reinforces our ability to continue investing in the business while also returning excess cash to shareholders," said D.G. Macpherson, Grainger CEO.