Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Cowen analyst Charles Neivert downgraded Potash (POT), Mosaic (MOS), Intrepid Potash (IPI) and CF Industries (CF), all to Underperform, citing the risk of further deterioration in the grain environment. He also cites the belief that nutrient prices and margins still have room to fail. Neivert said an increase in U.S. corn acreage to 93.6M acres, combined with likely gains in Brazilian and Argentine output, would likely result in a very sizable drop in both corn price and 2017 acreage. 2. PepsiCo (PEP) downgraded to Hold at Stifel citing valuation and its belief that the stock probably lacks "structural or growth-related catalysts." 3. Lennox (LII) downgraded to Sector Weight at KeyBanc with analyst Jeffrey Hammond saying he expects the stock to trade more in line with the peers after a period of multiple expansion. 4. Omnicom (OMC) downgraded to Market Perform at Wells Fargo by analyst Peter Stabler, who said expectations for margin expansion are priced into the shares at current levels. 5. Graco (GGG) downgraded to Neutral at SunTrust citing valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

CF Industries and JERA , Japan's largest energy company, announced that they have executed a joint development agreement, or JDA, to explore the development of greenfield low-carbon ammonia production capacity at CF Industries' Blue Point Complex in Louisiana. The JDA will guide JERA and CF Industries' evaluation of a joint venture agreement to build an approximately 1.4M metric ton capacity low-carbon ammonia plant. JERA is contemplating a 48% ownership stake in the project as well as an agreement to procure more than 500,000 metric tons of low-carbon ammonia annually to meet demand for low-carbon fuels in Japan. JERA and CF Industries previously had signed a memorandum of understanding to explore a potential joint project development and sales and purchase of low-carbon ammonia. JERA and CF Industries aim to reach a final investment decision on the proposed project within a year for commencing production in 2028. JERA intends to replace coal with low-carbon clean ammonia in its existing thermal coal power plants to reduce CO2 emissions. JERA is currently conducting the world's first commercial-scale demonstration test of fuel ammonia substitution at its Hekinan Thermal Power Station.

Check out this morning's top movers from around Wall Street, compiled by The Fly.  HIGHER - Alcoa (AA)... To see the rest of the story go to thefly.com. See Story Here

Wells Fargo upgraded Omnicom to Overweight from Equal Weight with a price target of $106, up from $91.