MARKET HIGHLIGHTS AUTOS: 🔸 GM & Ford drop as Trump imposes 25% import tax on foreign cars (effective April 3); European & Asian automakers also down. 🔸 S&P Changes: Cava ( $CAVA) replaces Altair ( $ALTR) in S&P MidCap 400 (March 31) after Siemens acquires Altair. 🔸 Crypto: GameStop ( $GME) plans $1.3B convertible notes offering to buy Bitcoin. EARNINGS: 🔸 MillerKnoll ( $MLKN): Q3 EPS $0.44 in line, revenue $876.2M (miss); Q4 guide below estimates. 🔸 Nio ( $NIO): Raises $450M via share placement for EV development. 🔸 Petco ( $WOOF): Q4 EBITDA beats, but weak Q1 & FY guidance. 🔸 Steelcase ( $SCS): Q4 EPS beats; Q1 revenue & EPS guidance above estimates. INDUSTRIALS & MATERIALS: 🔸 Chemours ( $CC) upgraded at Mizuho; 🔸 Liberty Energy ( $LBRT) upgraded at Morgan Stanley. 🔸 HB Fuller ( $FUL) beats Q1 EPS, guides FY revenue lower. FINANCIALS: 🔸 Jefferies ( $JEF) Q4 EPS misses; cites challenging capital markets. HEALTHCARE: 🔸 Medicaid overpaid insurers ( $CI, $HUM, $UNH, $ELV), per WSJ. 🔸 Nkarta ( $NKTX): Q4 EPS beats, cash runway to 2029. 🔸 Soleno ( $SLNO): FDA approves Vykat XR for genetic disorder. 🔸 Zentalis ( $ZNTL): Files mixed shelf offering up to $250M. TECH & MEDIA: 🔸 $AMD downgraded at Jefferies (AI concerns, competition). 🔸 S&P Changes: Angi ( $ANGI) replaces ODP in SmallCap 600. 🔸 3D Systems ( $DDD): Q4 EPS misses, weak FY guidance. 🔸 Concentrix ( $CNXC): Q1 EPS & revenue beat, reiterates FY outlook. 🔸 OpenAI nears $40B funding at $300B valuation (Bloomberg). 🔸 Verint ( $VRNT): Q4 EPS & revenue miss, weak FY guidance.

巴菲特：“牛市就像做爱一样，就在结束之前，感觉最好”. :)

RECAP • $CAVA: Q3 EPS $0.15, above expectations of $0.11; sales up 39% to $243.8M; FY guidance for restaurant comp sales at 12.5%, up from 8.5-9.5%, and EBITDA at $123M. Plans to increase restaurant openings and margins. • $FLUT: Q3 adjusted EBITDA up 74% to $450M; revenue up 27% to $3.25B; raised full-year forecasts for EBITDA and revenue, expecting 35% profit increase. • $CART: Q3 EPS $0.42 vs. $0.22 est.; revenue $852M vs. $844M est.; Q4 EBITDA guidance $230M-$240M, below estimate; increased buyback program by $250M. • $LNW: Q3 net income $64M, less than $100.7M expected; revenue $817M, slightly below $821.21M; continues double-digit revenue growth. • $RIVN: Formed JV with Volkswagen for tech development, with VW investing up to $5.8B by 2027. • $SAVE: Shares fell -60% due to bankruptcy filing rumors, currently negotiating with creditors. • $TSLA: Recalling 2,431 Cybertrucks due to potential power loss issues, marking the sixth recall this year. • $MODG: Q3 EPS loss at -$0.02, better than -$0.16 expected; revenue $1.01B, above $983M forecast; adjusted full-year revenue and EBITDA guidance downwards. • $OXY: Q3 adj EPS $1.00, above $0.74 expected; production rose 15.7% to 1.41 Mboepd due to CrownRock acquisition, despite lower prices; Q4 production expected at 1.43-1.47 Mboepd. • $RKLB: Q3 EPS ($0.10) vs. ($0.11) est., with revenues at $104.8M vs. $102.3M est.; Q4 revenue guidance $125-135M, with a new multi-launch deal for Neutron. • $DHT: Q3 EPS $0.22, topping $0.20 estimate; adjusted EBITDA $70.4M vs. $66.4M expected, on slightly lower than expected adjusted revenues of $92.64M. • $AB): Reported a 2% drop in AUM to $793B in October 2024 from $806B due to market downturn, with no net inflows or outflows. • $MARA: Q3 revenue increased by 34% to $131.6M, missing the forecast of $137.5M. • $PAY: Q3 EPS was $0.15 compared to $0.09 expected; revenue hit $231.6M against $190.6M estimated. They foresee Q4 revenue at $215M-$220M and FY24 at $829M-$834M, both above consensus. • $RKT: Q3 adjusted EPS met estimates at $0.08; adjusted EBITDA was $286M, above the $272.33M expected, with revenues at $1.323B, beating the forecast. They anticipate a drop in Q4 revenue to $1.05-1.2B. • $WULF: Q3 adjusted EBITDA was $6M, below the $11.2M prediction, with revenues at $27.1M, not meeting the $34.28M estimate. • $AMGN: Clarified no link between MariTide use and bone density changes, despite earlier reports of potential loss. The company remains confident in the drug's future. • $ICUI: Q3 adjusted EPS $1.59 vs $1.25 expected; revenue $589.131M vs $574.7M forecast, with a gross margin of 34.8%. FY guidance raised for EPS and EBITDA. • $NTRA: Q3 EPS ($0.26) vs ($0.57) expected, revenue $439.8M vs $361.45M; FY revenue guidance set at $1.61-1.64B, above consensus. • $PGNY: Q3 EPS $0.11, below $0.13 expected; revenue $286.625M vs $296.88M; full-year revenue and EBITDA guidance below market expectations. • $SGMO: Q3 EPS $0.04, better than ($0.03) expected; revenue $49.41M vs $17.94M forecast. Adjusted annual operating expenses expected to be $125-145M. • $SYRS: Shares dropped -80% after the SELECT-MDS-1 trial for tamibarotene failed to meet its primary endpoint, leading to discontinuation of the study. • $DOX: Q4 adjusted EPS $1.70, matching expectations, with revenue at $1.264B, slightly above the $1.263B estimate. • $PLUS: Q2 adjusted EPS $1.36, below $1.39 expected; revenue $515.2M vs $576.5M forecast. Full-year sales guidance unchanged, but adjusted EBITDA expected at $195-205M. • $IAS: Q3 EPS $0.10 vs $0.07 expected, with revenue at $133.528M and a gross margin of 80%. Q4 revenue and EBITDA guidance were both below expectations. • $SOUN: Q3 adjusted EPS ($0.04) vs ($0.07) expected; revenue $25.1M, above $23.02M estimate. Set FY24 and FY25 revenue targets. • $SWKS: Q4 adjusted EPS $1.55 vs $1.52, revenue $1.025B, nearly matching estimates. Q1 guidance for revenue and EPS below expectations. • $SPOT: Q3 revenue growth of 19% to €3.99B missed the €4.02B estimate; profit margin improved. Q4 revenue guidance below expectations but operating income and MAUs on target. • $SMCI: Announced delay in filing Q3 2024 quarterly report due to ongoing issues with the annual report. • $ZI: Q3 adjusted EPS $0.28, surpassing the $0.22 estimate; revenue $303.6M vs $299.38M. Q4 revenue guidance in line with estimates, but EPS slightly below consensus.