BMO Capital analyst Jackie Przybylowski downgraded Teck Resources to Market Perform from Outperform with an unchanged price target of C$37. The company could announce "disappointing" 2020 guidance in Q1 at two of its key operating areas, Przybylowski tells investors in a research note. QB2's capital budget could be raised and production at Teck's coal division will be low in the first half of 2020 as it brings forward its major outages, says the analyst. Przybylowski downgrades the shares ahead of expected negative estimate revisions.

In the firm's Q1 letter to investors, David Einhorn's Greenlight Capital disclosed new long positions taken during the quarter, including taking stakes in HP Inc. (HPQ), Penn Entertainment (PENN) and Roivant Sciences (ROIV). In the letter, the firm stated that it established a new "medium-sized position" in Penn at an average price of $22.69 per share, arguing that "were the market to credit PENN with merely 15% of DraftKings' value, [Penn's ESPN BET] segment alone would be worth $20 per share." On HP Inc., Greenlight stated that it had established an initial position at an average price of $30.76 per share, adding that it believes "that we are, at a minimum, on the cusp of a normal PC refresh cycle, which should drive earnings above estimates." On Roivant, Greenlight said it had established a "small long position," adding that "in addition to an exciting pipeline, ROIV has a strong track record of positive trial results and successful monetization of pharmaceutical assets." Einhorn's Greenlight Capital also noted that it reduced its Teck Resources (TECK) long position into strength during Q1 and that the firm bought a "small position" in Liberty Global (LBTYA) during Q1.