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.

Stock Gainers Brief: • $CVS: +3%; added four new board members, including Larry Robbins from Glenview Capital, expanding to 16 members; upgraded by Wells Fargo. • $FOUR: +4%; to join S&P MidCap 400 in place of RCM on November 20. • $HOOD: +6%; upgraded to Buy by Needham due to expected benefits from Trump's policy changes at SEC. • $LBRT: +2%; stock up with Chris Wright, a fracking advocate, nominated for Energy Secretary. • $MBI: +10%; upgraded to Outperform by KBW with a new $9 target after favorable legal and earnings news. • $SMCI: +9%; plans to meet Nasdaq compliance requirements for continued listing. • $TSLA: +8%; due to Trump team's interest in autonomous vehicle regulations. • $WOLF: +5%; CEO Gregg Lowe ousted, Thomas Werner steps in as Executive Chairman during CEO search. Stock Laggards Brief: • $BIIB: -1%; downgraded to Hold by Needham, with no expected upside in the next year. • $CMAX: -55%; filed for bankruptcy with $693M in debt, $390M in assets. • $LLY: -4%; continues to decline with other obesity/healthcare stocks. • $MARA: -6%; issuing $700M in convertible notes. • $NGNE: -35%; halted development of high-dose gene therapy due to serious side effect. • $PLTR: -9%; despite being a top S&P performer YTD, sees significant drop. • $UBER & $LYFT: -6%; both affected by news of potential regulations for autonomous vehicles.

#Downgrades - Nov 18, 2024 • $ANTX: TD Cowen Downgrades to Hold from Buy • $BIIB: Needham Downgrades to Hold from Buy • $CAR: Northcoast Research Downgrades to Neutral from Buy • $CR: Stifel Downgrades to Hold from Buy - PT $176 • $CRL: CLSA Downgrades to Underperform from Hold - PT $164 • $CW: Stifel Downgrades to Hold from Buy - PT $370 • $EOG: Piper Sandler Downgrades to Neutral from Overweight - PT $149 (from $147) • $ESAB: Stifel Downgrades to Hold from Buy - PT $130 • $EYEN: H.C. Wainwright Downgrades to Neutral from Buy - PT $2 • $EYEN: Ladenburg Thalmann Downgrades to Neutral from Buy • $FBK: Hovde Group Downgrades to Market Perform from Outperform - PT $60 • $FTV: Argus Downgrades to Hold from Buy • $IR: Stifel Downgrades to Hold from Buy - PT $107 • $LBTYA: UBS Downgrades to Neutral from Buy - PT $13 (from $23) • $MATX: Wolfe Research Downgrades to Peerperform from Outperform • $NBHC: Hovde Group Downgrades to Market Perform from Outperform - PT $55 • $PH: Stifel Downgrades to Hold from Buy - PT $691 • $PNFP: Hovde Group Downgrades to Market Perform from Outperform - PT $135 • $PNW: Barclays Downgrades to Equalweight from Overweight - PT $91 (from $93) • $RDFN: Goldman Sachs Downgrades to Sell from Neutral - PT $6.50 (from $6) • $SPRO: TD Cowen Downgrades to Hold from Buy

MORNING RECAP • $TSLA +8% pre-market on report of Trump's team prioritizing self-driving vehicle regulations. • $BG approved $500M more for stock buybacks. • $F faces recall investigation for 112,567 vehicles due to seat belt issues. • $GIS prepares for mixed securities offering. • $SAVE files for bankruptcy due to financial losses. • $LBRT shares up as Chris Wright, its CEO and fracking advocate, is named Energy Secretary by Trump. • Trump's efficiency drive to slash federal contractor rates, led by Vivek Ramaswamy and Elon Musk. • Oil prices decline due to ample global supply and weak demand outlook from China. • Manulife's CEO Roy Gori to retire in May 2025. • $MARA plans to offer $700M in convertible notes. • $HOODupgraded to Buy by Needham, target $40. • Shift4 Payments to join S&P MidCap 400, replacing RCM, effective Nov 20. R1 RCM acquisition by TowerBrook and CD&R set for Nov 19. • $BIIB downgraded to Hold by Needham with no expected upside in the next year. • $CVS upgraded to Overweight by Wells Fargo, target price now $66. • $CVS to add four new board members including Larry Robbins from Glenview Capital. • $NVDA faces overheating issues with its Blackwell GPUs in server setups. • $ALAB gets Buy rating from Citigroup with $120 target. • $MPWR upgraded to Buy after stock drop. • $SMCI aims to submit Nasdaq compliance plan. • $WBD settles NBA lawsuit, extends partnership for 10+ years.

$BIIB F/Y GUIDANCE 🔸 Sees ADJ EPS $16.10 to $16.60, saw $15.75 to $16.25 RESULTS: Q3 🔸 ADJ EPS $4.08 vs. $4.36 y/y 🔸 Revenue $2.47B, -2.5% y/y, EST $2.43B 🔸 Multiple sclerosis revenue $1.05B, EST $1.06B 🔸 Total Fumarate rev. $390.9M, -3.5% y/y, EST $348.2M 🔸 Tecfidera revenue $232.8M, -2.8% y/y, EST $229.5M 🔸 Vumerity rev. $158.1M, -4.5% y/y, EST $169.9M 🔸 Total Interferon rev. $237.5M, EST $245.5M 🔸 Avonex revenue $176.2M, -17% y/y, EST $178.4M 🔸 Plegridy revenue $61.3M, EST $62.9M 🔸 Tysabri revenue $406.1M, -11% y/y, EST $409.6M 🔸 Fampyra rev. $19.4M, -3% y/y, EST $19.8M 🔸 Spinraza revenue $381.4M, -15% y/y, EST $435.4M 🔸 Benepali rev. $118.1M, +4.7% y/y, EST $112.5M 🔸 Imraldi rev. $54.1M, -0.6% y/y, EST $53.9M 🔸 Flixabi Rev. $16.2M, -20% y/y, EST $16.2M 🔸 Byooviz revenue $8M, +16% y/y, EST $14.2M, 🔸 ADJ net income $595.7M, -6.3% y/y