Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Shopify (SHOP) downgraded to Neutral from Outperform at Credit Suisse with analyst Brad Zelnick saying that despite another strong quarter from Shopify, his positive fundamental view on the company's long-term opportunity, and belief in management's strategy and ability to execute, he's downgrading the shares on its "lofty valuation and embedded expectations." 2. Pretium Resources (PVG) downgraded to Hold from Speculative Buy at Canaccord with analyst Kevin MacKenzie saying the company reported Q4 results which beat expectations but its 2020 and beyond outlook was disappointing. 3. Agco (AGCO) downgraded to Neutral from Buy at Goldman Sachs with analyst Jerry Revich saying he sees better upside to other stocks within his Americas Machinery & Diversified Industrials coverage. 4. Noble Midstream (NBLX) downgraded to Neutral from Outperform at Baird with analyst Ethan Bellamy saying he raised his 2020 free cash flow distributions despite another quarter that missed leverage and free cash flow. He also sees Colorado as a battleground state in a push for stricter drilling regulations. 5. SunPower (SPWR) downgraded to Market Perform from Outperform at Cowen with analyst Jeffrey Osborne 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.

AGCO Corporation announced that its board of directors declared a special variable dividend in the amount of $2.50 per share and a regular quarterly dividend of 29c per outstanding share. The special variable dividend will be payable on June 20 to shareholders of record at the close of business on May 20. Payment of the 29c quarterly dividend will be made on June 14 to all stockholders of record as of the close of business on May 15.

SunPower told employees today it was eliminating 1,000 positions, more than 25% of its workforce. In a letter to staff, Tom Werner stated: "I'm writing to share difficult news with you as we implement changes across our organization in the days and weeks to come. To position SunPower for the future, we need to achieve financial viability, which includes simplifying our business structure, transitioning away from areas where we have been unable to sustain profitable operations, and improving financial controls. As such, we are moving to a low fixed-cost model that we believe we will be able to better flex when the market is up or down. Specifically, we are winding down our SunPower Residential Installation locations and closing SunPower Direct sales. We are also reducing our workforce to better align our business with our new focus. With this shift, we will reduce our workforce by approximately 1,000 people in the coming days and weeks. While we worked hard to avoid this outcome, the market has been slower to recover than we initially expected. Additionally, we have dedicated resources to improving our financial controls, and will continue to do so. We believe this shift in our strategy is necessary to safeguard the company's future." Reference Link