#Upgrades - Jan 23, 2025 $OPCH - Jefferies: Hold to Buy ($35 from $26) $BOOT - KeyBanc: Sector Weight to Overweight ($190) $RVLV - KeyBanc: Sector Weight to Overweight ($37) $NFLX - Arete: Sell to Neutral ($833) $NFLX - Wolfe: Peerperform to Outperform ($1,100) $TRUP - Piper Sandler: Neutral to Overweight ($57) $FCCO - Raymond James: Outperform to Strong Buy ($30 from $27) $LOGI - Morgan Stanley: Underweight to Equalweight ($92 from $73) $AEP - Guggenheim: Neutral to Buy ($101 from $86) $IDA - Guggenheim: Neutral to Buy ($121) $EVRG - Guggenheim: Neutral to Buy ($71 from $56) #Downgrades - Jan 23, 2025 $VEEV - Goldman Sachs: Buy to Sell ($200 from $261) $SAM - Piper Sandler: Overweight to Neutral ($275 from $370) $EA - BMO Capital: Outperform to Market Perform ($145 from $160) $EA - Raymond James: Outperform to Market Perform $EA - BofA Securities: Buy to Neutral ($130 from $170) $PSN - William Blair: Outperform to Market Perform $FE - Wolfe Research: Outperform to Peerperform $ASML - Aletheia Capital: Hold to Sell ($525) $GOLF - JPMorgan: Neutral to Underweight ($64) $EIX - Guggenheim: Buy to Neutral ($60) $CNP - Guggenheim: Buy to Neutral ($33) $CMS - Guggenheim: Buy to Neutral ($69) $SO - Guggenheim: Buy to Neutral ($93)

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.

🔸 $RITM - RITHM CAPITAL SHARES UP 1.5% PREMARKET AFTER Q3 RESULTS 🔸 $MCD - MCDONALD'S SHARES FALL ABOUT 1% PREMARKET AFTER Q3 GLOBAL SALES FALL MORE THAN EXPECTED 🔸 $PYPL - PAYPAL SHARES DOWN 4.5% PREMARKET AFTER CO FORECASTS Q4 REVENUE BELOW ESTIMATES 🔸 $BOOT - BOOT BARN HOLDINGS SHARES DOWN 5.7% PREMARKET AFTER Q3 PROFIT FORECAST MISS, CEO CHANGE 🔸 $NARI - INARI SHARES UP 8.1% PREMARKET AFTER CO RAISES FY2024 REVENUE FORECAST 🔸 $JBLU - JETBLUE AIRWAYS SHARES DOWN 5% PREMARKET AFTER RESULTS 🔸 $CROX - CROCS SHARES DOWN 8.4% PREMARKET AFTER Q4 PROFIT FORECAST BELOW ESTIMATES 🔸 $AMT - AMERICAN TOWER SHARES DOWN 3.1% PREMARKET AFTER Q3 RESULTS 🔸 $MAS - SHARES OF MASCO DOWN ABOUT 2% PREMARKET AFTER Q3 REVENUE MISS