Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Skyworks (SWKS) downgraded to Hold from Buy at Canaccord with analyst T. Michael Walkley saying he believes the company is well positioned to grow faster than the broader semi market for the next several years due to smartphone mix among Chinese OEMs requiring integrated Rf solutions, growing IoT opportunities, and the ramping 5G market opportunities. 2. D.R. Horton (DHI) downgraded to Neutral from Buy at Buckingham. 3. Diplomat Pharmacy (DPLO) downgraded to Equal Weight from Overweight at Barclays with analyst Steven Valiquette saying Diplomat's strategic review is ongoing, which could lead to a sale of the entire company, or simultaneous asset sales that could unlock value. 4. Alcoa (AA) downgraded to Underperform from Neutral at BofA/Merrill with analyst Timna Tanners citing limited catalysts and a cautious aluminum view, adding that while the stock price has risen about 16% since reporting Q3, aluminum price was up only about 6% in that time frame. 5. J.M. Smucker (SJM) downgraded to Underperform from Neutral at Credit Suisse with analyst Robert Moskow saying with consensus already below management's FY20 guidance of $8.35-$8.55, it is fair to say that J.M. Smucker is already an out-of-favor stock, but he believes that consensus and the market underestimate the extent to which earnings will need to be revised lower as structural challenges continue to mount. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

B. Riley analyst Lucas Pipes raised the firm's price target on Alcoa to $31 from $25 and keeps a Neutral rating on the shares following the Q1 report. Compared to estimates, aluminum shipments were stronger and third-party alumina shipments also came in better, the analyst tells investors in a research note. The firm increased estimates on higher London Metal Exchange pricing.

In Q2: Homes closed increased 15% to 22,548 homes and 14% in value to $8.5B. Net sales orders increased 14% to 26,456 homes and 17% in value to $10.1B.

FY24 consensus $36.32B. Sees FY24: Homes closed by homebuilding operations of 89,000 homes to 91,000 homes; Share repurchases of approximately $1.6B; Income tax rate of approximately 23.5% to 24.0%. The company reiterates its fiscal 2024 guidance for cash flow provided by homebuilding operations of approximately $3B.

Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSBank... To see the rest of the story go to thefly.com. See Story Here

The company states: "Adjusted EBITDA excluding special items was $132 million, a sequential increase of $43 million primarily due to lower energy and raw material costs, partially offset by lower average realized third-party price for aluminum and higher production costs."

Reports Q1 revenue $2.60B, consensus $2.56B. "In the first quarter of 2024, we finalized the terms of our acquisition of Alumina Limited, which will bring strategic, operational, and financial flexibility," said Alcoa CEO William Oplinger. "Raw material prices and markets are improving, and we are implementing near-term improvements to further strengthen Alcoa for the future."

Notable companies reporting before tomorrow's open, with earnings consensus, include Blackstone (BX), consensus 96c... Elevance Health (ELV), consensus $10.53... D.R. Horton (DHI), consensus $3.06... Genuine Parts (GPC), consensus $2.16... Snap-on (SNA), consensus $4.64... Keycorp (KEY), consensus 22c... Ally Financial (ALLY), consensus 33c... Alaska Air (ALK), consensus ($1.05).

Pre-earnings options volume in Alcoa is 1.1x normal with calls leading puts 3:2. Implied volatility suggests the market is anticipating a move near 5.4%, or $1.97, after results are released. Median move over the past eight quarters is 4.8%.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

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