Today's noteworthy initiations include: A. Schulman (SHLM) initiated with an Accumulate at Global Hunter... Abbott (ABT) initiated with a Buy at BTIG... Albemarle (ALB) initiated with an Accumulate at Global Hunter... Aon plc (AON) initiated with a Neutral at Piper Jaffray... Arthur J. Gallagher (AJG) initiated with an Overweight at Piper Jaffray... Ashland (ASH) initiated with a Buy at Global Hunter... Brookdale Senior Living (BKD) initiated with a Buy at Goldman... Brown & Brown (BRO) initiated with an Overweight at Piper Jaffray... Canadian Pacific (CP) initiated with an Outperform at Bernstein... Capital One (COF) initiated with an Outperform at CLSA... City Office REIT (CIO) initiated with a Buy at Janney Capital... Coeur Mining (CDE) initiated with a Buy at Roth Capital... Cytec Industries (CYT) initiated with a Buy at Global Hunter... Diamondback Energy (FANG) initiated with a Perform at Oppenheimer... FMC Corporation (FMC) initiated with an Accumulate at Global Hunter... Home Properties (HME) initiated with a Market Perform at Cowen... Marsh & McLennan (MMC) initiated with an Overweight at Piper Jaffray... Mid-America Apartment (MAA) initiated with an Outperform at Cowen... Momenta (MNTA) initiated with a Buy at Stifel... PMC-Sierra (PMCS) initiated with a Buy at Craig-Hallum... Parsley Energy (PE) initiated with an Outperform at Oppenheimer... Penn Virginia (PVA) initiated with a Perform at Oppenheimer... Perrigo (PRGO) initiated with a Buy at BTIG... PolyOne (POL) initiated with a Buy at Global Hunter... Praxair (PX) initiated with a Neutral at Global Hunter... Quaker Chemical (KWR) initiated with a Neutral at Global Hunter... Stepan Company (SCL) initiated with an Accumulate at Global Hunter... WPX Energy (WPX) initiated with a Perform at Oppenheimer... Willis Group (WSH) initiated with a Neutral at Piper Jaffray... Wolverine World Wide (WWW) initiated with a Neutral at B. Riley.

Reports Q1 revenue $3.19B, consensus $3.18B. The company said, "Our core brokerage and risk management segments combined to post 20% revenue growth, including 9.4% organic revenue growth. At the same time, we grew net earnings by 26% and adjusted EBITDAC by 19%. First quarter primary insurance renewal premiums were up 7%. Property increases were up nearly 10% and casualty increases were approaching 7%, overcoming headwinds from professional lines like D&O and cyber. Reinsurance carriers are broadly maintaining their discipline on pricing, terms and conditions, while meeting increased client demand with incremental capacity. Overall, our insurance and reinsurance carrier partners continue to behave rationally, pushing for rate increases where it's needed by line of business, industry and geography. Customers are buying more insurance. Our first quarter data is showing solid customer business activity and mid-term policy endorsements, audits and cancellations combined were again ahead of last year's levels. We are also seeing continued labor market strength and further increases in new claims arising, also pointing to a resilient economic backdrop for our clients."

Reports Q1 revenue $9.4B, consensus $9.34B.

Scotiabank lowered the firm's price target on Canadian Pacific Kansas City to C$124 from C$126 and keeps a Sector Perform rating on the shares.

Susquehanna analyst Bascome Majors lowered the firm's price target on Canadian Pacific Kansas City to $80 from $84 and keeps a Neutral rating on the shares. The firm views the company's nearer-term conservatism as prudent given the historic unpredictability of Canadian Teamsters labor negotiations, and remain on the sidleines primarily because of valuation.

Perrigo announced that pharmaceutical company Esteve Healthcare has signed a binding offer to acquire Perrigo's HRA Pharma Rare Diseases business for a total consideration of up to EUR 275M, consisting of an upfront cash payment of EUR 190M and up to EUR 85M in potential earnout payments based on the Rare Diseases business achieving certain sales milestones. Following the information and consultation process with HRA Pharma Works Council in France, Perrigo would be able to exercise the put option granted by Esteve and enter into a definitive agreement with Esteve for the sale of the Rare Diseases business. The proposed final transaction is expected to close during the third quarter of 2024, subject to the satisfaction of the HRA Works Council consultation and customary closing conditions, including receipt of regulatory approvals.