QUICK MARKET SUMMARY: Consumer 🔸 Carvana ( $CVNA) upgraded to Overweight at Morgan Stanley; PT raised to $280 from $260. 🔸 Cintas ( $CTAS) ended talks to buy UniFirst (UNF) for $275/share. 🔸 KB Home ( $KBH) Q1 miss: revenue down 5%, net income down 21%, lowers FY25 outlook; appoints Robert Dillard as CFO. 🔸 McCormick ( $MKC) Q1 EPS $0.60 (vs. $0.64 est.), reaffirms FY25 guidance. 🔸 Smithfield Foods sees higher annual sales and profit. 🔸 Tesla ( $TSLA) European market share down sharply; YTD sales -42.6%. Energy, Industrials & Materials 🔸 American Electric ( $AEP) announces $2B stock offering. 🔸 Bunge ( $BG) selling European margarine business to Vandemoortele. 🔸 Canadian Solar ( $CSIQ) Q4 EPS loss (-$1.47) vs. (-$0.24) est.; record storage shipments. 🔸 Enerpac ( $EPAC) Q2 EPS $0.38 (vs. $0.40 est.), maintains guidance. 🔸 EOG Resources ( $EOG) downgraded to Neutral at Mizuho; PT cut to $140. 🔸 Oklo ( $OKLO) FY24 EPS loss (-$0.74); first Aurora deployment expected late 2027. 🔸 Parsons ( $PSN) approves $250M share buyback. 🔸 TechnipFMC ( $FTI) wins $500M–$1B EPC contract from Equinor. Healthcare 🔸 Aura Biosciences ( $AURA) FY loss ($96M); cash runway into 2H26. 🔸 Beyond Air ( $XAIR) secures $2M for autism therapy development. 🔸 Merck ( $MRK) signs $200M licensing deal for Lp(a) inhibitor, potential $1.77B in milestones. 🔸 Neurogene ( $NGNE) FY loss ($82.6M); files $300M shelf offering; cash runway into 2H27. Tech, Media & Telecom 🔸 Alibaba ( $BABA) to restart hiring; Chairman Tsai warns of potential AI bubble. 🔸 Cloudflare ( $NET) double-upgraded to Buy at BofA; PT raised to $160. 🔸 India plans to scrap 6% digital ad tax, easing pressure on U.S. tech firms. 🔸 Crown Castle ( $CCI) appoints interim CEO Daniel Schlanger; reaffirms guidance. 🔸 Volkswagen ( $cVOWGY) partners with Valeo and Mobileye for advanced driver-assistance systems.

🔸 Upgrades: Accenture ( $ACN): Upgraded to Outperform at Baird, PT $390 American Tower ( $AMT): Upgraded to Overweight at Wells Fargo, PT $230 Blue Owl Capital ( $OBDC): Upgraded to Equal-Weight at Wells Fargo Crown Castle ( $CCI): Upgraded to Equal-Weight at Wells Fargo, PT $105 DouYu ( $DOYU): ADRs upgraded to Hold at HSBC, PT $9 Flowserve ( $FLS): Upgraded to Outperform at Baird, PT $71 Generac ( $GNRC): Upgraded to Neutral at Guggenheim Genesis Energy ( $GEL): Upgraded to Overweight at Wells Fargo, PT $18 Liberty Formula One ( $FWONA): Upgraded to Buy at Seaport Global Securities https://t.co/eMBFE2Jwuf ( $MNDY): Upgraded to Buy at DA Davidson, PT $350 Netflix ( $NFLX): Upgraded to Buy at MoffettNathanson, PT $1,100 Norwegian Cruise ( $NCLH): Upgraded to Overweight at JPMorgan, PT $30 SL Green ( $SLG): Upgraded to Outperform at Evercore ISI, PT $73 Sprouts Farmers ( $SFM): Upgraded to Buy at Deutsche Bank, PT $190 🔸 Downgrades: Campbell's ( $CPB): Downgraded to Equal-Weight at Consumer Edge, PT $40 Cion Investment ( $CION): Downgraded to Underweight at Wells Fargo, PT $10 EastGroup ( $EGP): Downgraded to Inline at Evercore ISI, PT $185 Finward ( $FNWD): Downgraded to Market Perform at Hovde Group FS KKR Capital ( $FSK): Downgraded to Underweight at Wells Fargo, PT $19 Li Auto ( $LI): ADRs downgraded to Neutral at Macquarie, PT $27 RLX Tech ( $RLX): ADRs downgraded to Neutral at Citi, PT $2.50 Sutro Biopharma ( $STRO): Downgraded to Market Perform at Oppenheimer TriplePoint Venture Growth BDC ( $TPVG): Downgraded to Underweight at Wells Fargo

#Downgrades - Dec 10, 2024 • $AAOI: B.Riley Downgrades to Sell from Neutral - PT $14 • $BIOA: Morgan Stanley Downgrades to Underweight from Equalweight - PT $5 (from $40) • $BSIG: RBC Capital Downgrades to Sector Perform from Outperform - PT $33 • $CARM: BTIG Downgrades to Neutral from Buy • $CCI: Wells Fargo Downgrades to Underweight from Equal Weight - PT $100 (from $105) • $CNC: Jefferies Downgrades to Underperform from Hold - PT $52 (from $68) • $DHI: KBW Downgrades to Market Perform from Outperform - PT $183 • $EBAY: Jefferies Downgrades to Underperform from Hold - PT $52 (from $60) • $FAF: KBW Downgrades to Market Perform from Outperform - PT $80 • $IAC: Piper Sandler Downgrades to Neutral from Overweight - PT $54 (from $68) • $IREN: JPMorgan Downgrades to Neutral from Overweight - PT $15 (from $9.50) • $MLM: BNP Paribas Downgrades to Neutral from Outperform - PT $650 • $MTG: KBW Downgrades to Market Perform from Outperform - PT $29 • $PGR: HSBC Downgrades to Hold from Buy - PT $267 • $PINS: Piper Sandler Downgrades to Neutral from Overweight - PT $36 (from $41) • $PTVE: Citi Downgrades to Neutral from Buy - PT $18 (from $13) • $RKT: KBW Downgrades to Underperform from Market Perform - PT $11.50 (from $16) • $TOL: KBW Downgrades to Market Perform from Outperform - PT $164