MORNING BID 🔸 $CWAN acquires $ENFN for $11.25/share, totaling $1.5B, including $30M to end Enfusion's tax agreement. 🔸 $NVDA and $AMD drop due to new U.S. AI chip export controls, effective in 120 days. 🔸 $UNH, $CI, $CVS, $HUM up after U.S. proposes 2.2% increase in 2026 Medicare Advantage payments. 🔸 $SAGE confirms $BIIB $7.22/share acquisition proposal. 🔸 $EXAS reports Q4 revenue $713M, FY24 $2.76B; plans three new cancer tests in 2025. 🔸 $HOLX Q1 revenue $1.022B, slightly below expectations due to currency impact. 🔸 $JNJ to buy $ITCI for $132/share, valuing deal at $14.6B. 🔸 $NTRA Q4 revenue $472M, FY24 guidance $1.7B. 🔸 $RXST FY25 revenue guidance $185M-$197M, gross margin 71%-73%. 🔸 $BEN AUM dropped to $1.58T in Dec '24 from $1.65T in Nov '24 due to market downturn and $18.9B net outflows. 🔸 $LZ upgraded by JPMorgan to Overweight from Underweight, price target raised to $9 from $8. 🔸 $CLMT secured a $1.44B DOE loan to expand its Montana Renewables facility. 🔸 Biden admin delayed Nippon Steel's (NPSCY) $14.9B bid for $X to June, after blocking it on Jan. 3 for national security. 🔸 $ASO highlighted by Barron's for recovery potential in 2025 despite recent sales dips. 🔸 $BNED files for a $100M mixed shelf offering. 🔸 BMW saw sales decline due to China demand drop and recalls. 🔸 $BOOT Q3 EPS $2.43 vs. $2.05 est., revenue $608.2M vs. $593.45M, with 8.6% same-store sales growth. 🔸 $HSY CEO Michele Buck to retire by June 30, 2026. 🔸 $KSS to close San Bernardino EFC and 27 stores by April 2025, incurring $60M-$80M in charges. 🔸 $LULU ups Q4 EPS to $5.81-$5.85, revenue to $3.56B-$3.58B, with gross margin up 30 bps. 🔸 $JWN reports 4.9% net sales, 5.8% comp sales growth for holiday, expects 2.5%-3.5% comp sales growth for FY24.

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 - Nov 19, 2024 • $ASO: Truist Securities Downgrades to Hold from Buy - PT $50 (from $63) • $BLNK: Needham Downgrades to Hold from Buy • $CHPT: Needham Downgrades to Hold from Buy • $ERJ: UBS Downgrades to Sell from Neutral - PT $32 (from $29) • $KHC: Piper Sandler Downgrades to Neutral from Overweight - PT $35 (from $40) • $SABK: Janney Downgrades to Neutral from Buy • $SABR: Bernstein SocGen Group Downgrades to Underperform from Market Perform - PT $3 • $SE: Phillip Securities Downgrades to Reduce from Neutral - PT $100 (from $80)

#Downgrades - Oct 03, 2024 $ASO: Evercore ISI Downgrades to In Line from Outperform - PT $60 (from $65) $BLBD: Roth/MKM Downgrades to Neutral from Buy - PT $48 $CAG: CFRA Downgrades to Sell from Hold $CCRD: B.Riley Downgrades to Neutral from Buy - PT $15 (from $19) $CHPT: JPMorgan Downgrades to Underweight from Overweight $NFE: Morgan Stanley Downgrades to Equalweight from Overweight - PT $15 (from $35) $TSCO: Evercore ISI Downgrades to In Line from Outperform - PT $300 $VOYA: JPMorgan Downgrades to Neutral from Overweight - PT $87 $VRCA: Needham Downgrades to Hold from Buy $WOLF: Mizuho Downgrades to Underperform from Neutral - PT $8 (from $17)