MORNING RECAP • $ASO announces a $700M share buyback. • $AEO Q3 EPS $0.48 vs. $0.46 est., rev down -0.9% to $1.29B; cuts annual sales growth forecast to 3%, expects Q4 comp sales +1%, total rev -4%. • $CHPT Q3 loss (-$0.18) vs. est. (-$0.09), rev -10% to $99.6M; Q4 rev guidance $95M-$105M. Networked charging systems down -29%, subscription rev up +19%. • $COST November comp sales +3.1%, net sales +5.6% to $21.87B; Q1 sales +7.5% to $60.99B. • $FIVE Q3 EPS $0.42 vs. $0.17 est., sales +15% to $843.7M; Q4 sales guide $1.35B-$1.38B, comp sales expected to decline. • $PVH Q3 adj EPS $3.03 vs. $2.59 est., rev $2.26B vs. $2.22B; Q4 rev expected -7% to -6%, EPS $3.05-$3.20. • $PG now sources Gillette razor steel from India to mitigate potential Trump tariffs. • $AVAV Q2 rev $188.5M vs. $182.9M est.; adj EBITDA $25.9M vs. $31.7M est.; maintains FY25 EPS $3.18-$3.49, revenue $790M-$820M. • $APD: Mantle Ridge now nominates only four for the board, down from nine. • $CULP Q2 adj op income ($2.6M) vs. ($3.589M) est., sales $55.7M vs. $58M est.; expects flat to slightly down Q3 sales, positive EBITDA in 2H, profitable by Q4. • $GEF Q4 EPS $1.08 vs. $1.10 est.; rev up 8.3% to $1.42B, adj EBITDA down 0.8% to $197.6M; FY25 adj EBITDA expected at $675M low-end. • $LUV boosts Q4 revenue per seat mile forecast to 5.5%-7% from 3.5%-5.5%, due to pricing and travel demand. • $FI stock falls as CEO Frank Bisignano is nominated by Trump to lead the SSA. • $FOUR downgraded to Hold from Buy after CEO Jared Isaacman is chosen by Trump to head NASA. • $HOOD plans Asia expansion, setting up in Singapore. NYPD seeks man who killed UnitedHealth $UNH executive Brian Thompson outside a Manhattan hotel, suspect fled into Central Park. TSM discussing with $NVDA to manufacture AI chips in Arizona. • $AMAT downgraded to Underweight at Morgan Stanley due to memory market concerns. • $HPE upgraded to Overweight, target price raised post-Juniper acquisition. • $NCNO Q3 adj EPS $0.21 vs $0.16 est., Q4 rev guidance below estimates. • $OOMA Q3 EPS $0.17 vs $0.16 est., raised yearly outlook. • $S Q3 EPS loss ($0.25) vs $0.01 est., slightly beat on revenue for Q4 and year. • $SNPS Q4 adj EPS $3.40 vs $3.30 est., Q1 guidance below expectations. • $VRNT Q3 EPS $0.54 vs $0.43 est., strong SaaS growth, FY25 revenue guidance up. • $DIS increases dividend to $1.00 per share. • $SMTC launches $400M stock offering.

#Downgrades - Dec 05, 2024 • $ABBV: Daiwa Securities Downgrades to Neutral from Buy - PT $180 • $AEO: JPMorgan Downgrades to Neutral from Overweight - PT $23 (from $27) • $ALLY: Wolfe Research Downgrades to Peerperform from Outperform • $AMAT: Morgan Stanley Downgrades to Underweight from Equalweight - PT $164 (from $179) • $CHWY: BNP Paribas Downgrades to Neutral from Outperform - PT $30 • $CNX: JPMorgan Downgrades to Underweight from Neutral - PT $37 (from $31) • $DVN: JPMorgan Downgrades to Neutral from Overweight - PT $191 • $F: Wolfe Research Downgrades to Underperform from Peerperform • $FOUR: Benchmark Downgrades to Hold from Buy • $FWONA: Seaport Global Securities Downgrades to Neutral from Buy • $GRAB: HSBC Downgrades to Hold from Buy - PT $5.50 (from $4.25) • $MRVI : Goldman Sachs Downgrades to Sell from Neutral - PT $4.25 (from $7) • $NAUT: Goldman Sachs Downgrades to Sell from Neutral - PT $1.75 (from $2.25) • $NCNO: Piper Sandler Downgrades to Neutral from Overweight - PT $38 • $OTIS: Barclays Downgrades to Underweight from Equalweight - PT $94 • $PB: Wolfe Research Downgrades to Peerperform from Outperform • $PFG: Morgan Stanley Downgrades to Underweight from Equalweight - PT $80 (from $86) • $RLMD: Mizuho Downgrades to Neutral from Outperform - PT $1 (from $23) • $ROP: Barclays Downgrades to Underweight from Overweight - PT $569 (from $625) • $SBRA: Mizuho Downgrades to Neutral from Outperform - PT $20 • $SM: JPMorgan Downgrades to Neutral from Overweight - PT $16 (from $15) • $VCYT: Goldman Sachs Downgrades to Neutral from Buy - PT $37 (from $38)

DAILY RECAP **BYD Co. ( $BYDDF)** reported a 67.8% y/y increase in November vehicle sales, reaching 506,804 units compared to 301,903 last year. Year-to-date sales hit 3.76M units, up from 2.68M last year. **Gap ( $GAP)** received an upgrade to overweight from neutral by JPMorgan after a CEO and CFO meeting. **Li Auto Inc. ( $LI)** delivered 48,740 vehicles in November 2024, a y/y increase of 18.8%, with a 2024 total of 441,995 and cumulative deliveries at 1,075,359. **NIO Inc. ( $NIO)** saw a 28.9% y/y rise in November deliveries to 20,575 vehicles, split between its NIO and ONVO brands. **Stellantis ( $STLA)** announced CEO Carlos Tavares' resignation, effective immediately, with a new CEO search set to conclude in 2025's first half. **XPeng Inc. ( $XPEV)** delivered 30,895 Smart EVs in November, up 54% y/y and 29% m/m, with strong sales of the MONA M03 and P7+. **Core Scientific Inc. ( $CORZ)** plans to issue $500M in convertible senior notes maturing in 2031. **IREN Limited ( $IREN)** boosted its self-mining capacity by 33% to 28 EH/s with new substation energization. **LendingClub ( $LC)** was downgraded to neutral by JPMorgan due to fintech sector concerns. **Mara Holdings ( $MARA)** is set to offer $700M in zero-coupon convertible senior notes privately. **Toast ( $TOST)** received a downgrade to Neutral from Goldman Sachs, citing high valuation and visibility issues. **Upstart Holdings ( $UPST)** was downgraded to underweight by JP Morgan. **Bausch + Lomb ( $BLCO)** was downgraded to Equal Weight by Morgan Stanley. **Nevro ( $NVRO)** saw a downgrade to Underweight by Morgan Stanley. **Tandem Diabetes ( $TNDM)** got an upgrade to Overweight from Morgan Stanley. **Cloudflare ( $NET)** was upgraded to overweight by Morgan Stanley, optimistic about future growth. **SentinelOne ( $S)** was downgraded to equal weight by Morgan Stanley, due to cybersecurity sector concerns. **U.S. to implement new export restrictions on Monday targeting China's semiconductor sector**, affecting companies like Naura Technology Group, potentially impacting shares of $AMAT, $LRCX, $KLAC.

$AMAT - U.S. Chip Toolmakers Are Cutting Off Chinese Suppliers as Washington Tightens Rules, Sources Say -- WSJ Applied Materials, Lam Research Among Chip Toolmakers Cutting Off Chinese Suppliers, Sources Say -- WSJ U.S. Chip Toolmakers Say Suppliers Can't Have Chinese Components or Investors, Sources Say -- WSJ