SECTOR NEWS CONSUMER 🔸 $STZ: Q4 EPS $2.63 (est. $2.29); sales +1.2% to $2.16B (est. $2.13B). Beer sales in line, wine/spirits beat. Selling mainstream wine brands to The Wine Group. FY28 EPS growth seen low to mid-single digits. New $4B buyback plan. 🔸 $GM: Downgraded to Neutral from Buy at UBS; target cut to $51 from $64 due to tariff impact. 🔸 $KMX: Q4 EPS $0.58 (est. $0.65); retail used sales +6.2%, comps +5.1%, wholesale units +3.1%. Revenue $6.0B (est. $5.963B). 🔸 $PSMT: Q2 EPS $1.45 (est. $1.40); sales $1.335B (est. $1.359B); comps +6.7%. 🔸 $BKE: March comps +3.7%, net sales +4.5% to $109.1M. ENERGY, INDUSTRIALS & MATERIALS 🔸 $X: Shares fell after Trump opposed Nippon Steel’s takeover. 🔸 $VALE: Upgraded to Buy at Bank of America. FINANCIALS 🔸 $AB: AUM fell to $784B in March from $805B in Feb. 🔸 $CBOE: Downgraded to Neutral at Bank of America. 🔸 $LAZ: March AUM $227.4B; net outflows $3.1B, market loss $5.4B. 🔸 $VCTR: Total client assets $171.4B as of March. HEALTHCARE 🔸 $IDYA: Started Phase 1/2 expansion trial combining IDE397 with Gilead’s Trodelvy. 🔸 $KROS: Shares rise after adopting poison pill; exploring strategic options, including sale. TECHNOLOGY, MEDIA & TELECOM 🔸 $AMZN: 2024 revenue +11% to $638B; AWS +19% to $108B; operating income +86% to $68.6B. 🔸 $ASYS: Cuts Q2 revenue forecast to $15M–$16M (from $21M–$23M) due to customer dispute. 🔸 $TSM: Q1 sales +42% to $25.6B, in line with guidance despite earthquake impact.

#Upgrades - Nov 12, 2024 • $ARGX: Wolfe Research Upgrades to Outperform from Peerperform • $ARGX: Wolfe Research Upgrades to Outperform from Peerperform - PT $697 • $BKE: UBS Upgrades to Neutral from Sell - PT $46 (from $31) • $BMY: Leerink Partners Upgrades to Outperform from Market Perform - PT $73 (from $55) • $CHRW: Citi Upgrades to Buy from Neutral - PT $125 (from $117) • $CNI: Citi Upgrades to Buy from Neutral - PT $130 (from $126) • $CRI: Citi Upgrades to Neutral from Sell - PT $50 • $IFF: Morgan Stanley Upgrades to Overweight from Equalweight - PT $110 (from $111) • $IHRT: BofA Securities Upgrades to Neutral from Underperform - PT $3 (from $1) • $S: Deutsche Bank Upgrades to Buy from Hold - PT $32 (from $25) • $SABK: Janney Upgrades to Buy from Neutral • $TWLO: Wells Fargo Upgrades to Overweight from Equal Weight - PT $120 (from $80) • $VIK: Morgan Stanley Upgrades to Overweight from Equalweight - PT $49 (from $37)