MORNING BID 🔸 OpenAI: Plans to reduce reliance on NVIDIA ( $NVDA) by developing its first in-house AI chip, with design finalization in the next few months. Chips will be manufactured by Taiwan Semiconductor ( $TSM) 🔸 ChipMOS Technologies ( $IMOS): Expects 6.3% revenue growth for 2024, despite a 5.4% YoY decline in Dec 2024 and 5.7% YoY decline in Q4 2024. Plans to buy back shares up to T$17.39B. 🔸 Mobileye ( $MBLY): Upgraded to Neutral by Bank of America, citing limited downside risk and bottoming sentiment. 🔸 Taiwan Semiconductor ( $TSM): Q1 revenue expected at the lower end of guidance due to a $161M (NT$5.3B, net of insurance) impact from a late January earthquake in southern Taiwan. 🔸 Edgewell Personal Care ( $EPC): Q1 adj. EPS $0.07 (est. $0.12); Q1 revs $478.4M (est. $480.16M). FY25 outlook: adj. EPS at lower end of $3.15-$3.35 (est. $3.18), adj. EBITDA at lower end of $356M-$368M, capex 2.5%-3% of revenue. 🔸 Rivian ( $RIVN): Now selling delivery vans to fleets of all sizes in the US, over a year after ending exclusivity with Amazon ( $AMZN). 🔸 Sun Country Airlines ( $SNCY): Announces secondary offering of 6.3M shares and $10M share repurchase from underwriters. 🔸 Illumina ( $ILMN): Downgraded to Underweight from Equal Weight by Barclays. 🔸 Merck ( $MRK): Downgraded to Hold from Buy by TD Cowen, price target cut to $100 from $121. 🔸 Pliant Therapeutics ( $PLRX): Shares fall as it pauses enrollment and dosing in the ongoing Beacon-IPF Phase 2b trial of bexotegrast for idiopathic pulmonary fibrosis. 🔸 BP Plc ( $BP): Shares rise after Elliott Management takes a stake, expected to push for strategy and board changes. 🔸 ConocoPhillips ( $COP): Downgraded to Outperform from Strong Buy by Raymond James. 🔸 Spirit AeroSystems ( $SPR): Q4 2024 net revenues $1.66B (down from $1.81B YoY, above est. $1.53B); reported $401M in net forward loss charges. 🔸 US Metals Stocks: Shares of Cleveland Cliffs ( $CLF), Nucor ( $NUE), Alcoa ( $AA), and others rise after Trump announces 25% steel and aluminum tariffs in latest trade escalation.

#Upgrades - Dec 05, 2024 • $BRKR: Goldman Sachs Upgrades to Neutral from Sell - PT $60 • $COP: JPMorgan Upgrades to Overweight from Neutral - PT $123 (from $120) • $DEO: Jefferies Upgrades to Buy from Hold - PT $141 (from $129) • $EXAS: CFRA Upgrades to Buy from Hold - PT $72 (from $48) • $GTES: Barclays Upgrades to Overweight from Equalweight - PT $25 (from $21) • $HPE: Morgan Stanley Upgrades to Overweight from Equalweight - PT $28 (from $23) • $ITW: Barclays Upgrades to Equalweight from Underweight - PT $270 (from $230) • $MBLY: Wolfe Research Upgrades to Outperform from Peerperform • $MGA: Wolfe Research Upgrades to Peerperform from Underperform • $OKTA: Bernstein Upgrades to Outperform from Market Perform - PT $129 (from $123) • $ROK: Barclays Upgrades to Equalweight from Underweight - PT $290 (from $255) • $WTW: Raymond James Upgrades to Strong Buy from Outperform - PT $400 (from $365)