MARKET UPDATES: CONSUMER: 🔸 $DG upgraded to Overweight (BofA). 🔸 Macau casinos ($WYNN, $LVS, $MLCO, $MGM): Gaming revenue +0.8% YoY. 🔸 $LI: March deliveries 36,674 (+26.5% YoY). 🔸 $NIO: March deliveries 15,039 (+14% MoM). 🔸 $PVH: Q4 EPS $3.27 (beat), revenue -4.8% YoY. 🔸 $TSLA: Denmark sales -65.6% YoY. 🔸 $ULTA: Upgraded to Buy, price target raised to $423. ENERGY & INDUSTRIALS: 🔸 $AAL, $DAL, $LUV: Downgraded (Jefferies). 🔸 Oil: Brent stabilizes after Trump’s Russia comments. 🔸 $CVX: Sells East Texas gas assets ($1.2B+ value). 🔸 $EE: 7M-share secondary offering priced at $26.50. FINANCIALS: 🔸 $LPLA: 4.7M-share secondary offering at $320. 🔸 $V: $375M escrow deposit, reducing Class B shares. 🔸 $WRB: Downgraded (BofA). HEALTHCARE: 🔸 $JNJ: $10B talc settlement rejected by U.S. judge. 🔸 Drugmakers: Lobby Trump to phase in pharma tariffs. TECH & MEDIA: 🔸 $LYV, $SEAT: Fall after Trump’s executive order on ticket pricing. 🔸 $PRGS: Q1 EPS $1.31 (beat), raises full-year guidance. 🔸 $SPIR: Q4 EPS loss ($2.21), weak Q1 outlook.

$DAL - SAFETY WARNING SYSTEM TRIGGERED IN DELTA AIRLINES JET THAT FLIPPED ON LANDING INDICATED FAST DESCENT - TSB PRELIM REPORT

Good morning to everyone:

Good night to everyone:

$DAL 53 P 03/21/2025 A price increase from $1.48 avg to $7.08 represents a near 379% gain On the $1.5M activity, a profit of approximately $5.6Million for the premium.

BREAKING: Look at this. A trader put $1,500,000 on a Delta, $DAL, $53P 03/21/2025 last Thursday. Delta, $DAL, later cut outlook given economic uncertainty. What makes this EXTRA unusual is that there was another trade, very similar. A $1.9 million put debit spread was placed 1 hour before a -10% after-hours drop, and the news of economic cut. 9,000 contracts of 45P 03/14/2025 sold and 10,000 49P 03/14/2025 bought. The trader made millions. Someone always knows.

Look how obvious this is: Unusual Whales highlighted the top volume "ask" and "bid" trades on $DAL 💰 A $1.9M Put Debit Spread placed 1 hour before a -10% after-hours drop 📉. —9,000 contracts of 45P 03/14/2025 sold and 10,000 49P 03/14/2025 bought. Interestingly, a

$DAL - DELTA OFFERS $30,000 TO EACH PASSENGER ON JET THAT FLIPPED IN TORONTO

MORNING BID Baidu ( $BIDU) Q4 Revenue: ¥34.12B (-2% y/y, Est. ¥33.32B) 📉 🔹 Ad revenue down 7% to ¥17.9B, offset by AI Cloud growth (+26% y/y). Broadcom ( $AVGO) & Intel ( $INTC): 🔹 Broadcom held informal talks on acquiring Intel’s chip-design unit (WSJ). 🔹 No formal offer yet; deal uncertain. Roku ( $ROKU): Files mixed securities shelf. Alcohol Industry Struggles: 🔹 Younger consumers opt for moderation/abstinence, hurting alcohol sales. 🔹 Underperforming stocks: TAP, DEO, BF/B, BUD. 🔹 Winners: Nonalcoholic brands like Athletic Brewing & Ritual Zero Proof thrive. 🔹 Anglo American ( $NGLOY): Selling nickel unit to MMG Ltd for up to $500M, refocusing on copper & iron ore. 🔹 Delta ( $DAL): Regional jet flipped on landing in Toronto amid high winds; 18 injured. 🔹 Diamondback ( $FANG): Acquires Double Eagle units for 6.9M shares + $3B cash to expand Midland Basin. 🔹 Entergy ( $ETR): Q4 adj. EPS $0.66 (Est. $0.63); FY25 guidance: $3.75-$3.95 (Est. $3.92). 🔹 H&E ( $HEES): Accepts Herc Rentals' $5.3B bid, rejecting United Rentals' offer (FT). 🔹 Sealed Air ( $SEE): CEO Patrick Kivits steps down; Dustin Semach appointed; FY24 outlook reaffirmed. 🔹 Capital One ( $COF): Jan. net charge-offs 6.12% (vs. 5.71% y/y); delinquencies 4.61% (vs. 4.78% y/y). 🔹 Discover ( $DFS): Jan. credit card delinquency 1.80%, charge-off 2.63% (SEC filing). 🔹 JPMorgan ( $JPM): Jan. credit card delinquency 0.88%, charge-off 1.64% (SEC filing). 🔹 Janus Henderson ( $JHG): Expanding into Saudi Arabia to grow Middle East presence (Bloomberg). 🔹 KKR ( $KKR): Buying 5% more of Eni’s (E) Enilive biofuel unit for €587.5M, raising stake to 30%. 🔹 Johnson & Johnson ( $JNJ): Faces court decision today on $10B settlement over baby powder litigation; Judge Lopez to decide on Chapter 11 filing. 🔹 Medtronic ( $MDT): Q3 adj. EPS $1.39 (Est. $1.36); Q3 revs +2.5% y/y to $8.29B (Est. $8.33B); maintains full-year guidance. 🔹 Oculis ( $OCS): 5M share secondary priced at $20.00 per share.

JUST IN: Delta, $DAL, plane crashes at Toronto Pearson International Airport

$DAL GUIDANCE: Q1 🔸 Sees ADJ EPS $0.70 to $1.00, EST $0.76 F/Y GUIDANCE 🔸 Sees ADJ EPS above $7.35, EST $7.45 RESULTS: Q4 🔸 ADJ EPS $1.85 vs. $1.28 y/y, EST $1.76 🔸 EPS $1.29 vs. $3.16 y/y 🔸 ADJ revenue $14.44B, +5.7% y/y, EST $14.16B 🔸 Passenger revenue $12.82B, +5.3% y/y, EST $12.62B 🔸 Cargo revenue $249M, +32% y/y, EST $204.3M 🔸 Passenger load factor 84% vs. 84% y/y, EST 84.7% 🔸 Available seat miles 72.04B, +5.2% y/y, EST 71.12B 🔸 Revenue passenger miles 60.39B, +4.7% y/y, EST 60.27B 🔸 ADJ net income $1.20B, +46% y/y, EST $1.15B 🔸 Yield per passenger mile $21.22, +0.5% y/y

MORNING RECAP • Target Corp. ( $TGT): Shares fell after Q3 results missed expectations; EPS $1.85 vs. $2.30 est., sales up 0.9% to $25.23B missing $25.74B est., and operating margin at 4.6% vs. 5.6% est. FY EPS guidance lowered to $8.30-$8.90 from $9-$9.70. • Azek Company ( $AZEK): Beat Q4 expectations with EPS at $0.29 vs. $0.27 est., adjusted EBITDA $91.8M vs. $88.1M, and sales at $348.22M. FY25 guidance: revenue $1.51B-$1.54B, adjusted EBITDA $400M-$415M. • Chewy ( $CHWY): Upgraded to 'Buy' by Bank America with price target raised to $40 from $24. • Delta Air Lines ( $DAL): Projects mid-single digit revenue growth for 2025, with capacity expansion up to 4%. • La-Z-Boy ( $LZB): Q2 EPS $0.71 vs. $0.64 est., sales up 1.9% to $521M, Q3 guidance provided, dividend raised to $0.22. • Uber ( $UBER): Launched Uber XXL for airport travel in 60+ airports and new reservation features with flight tracking. • AeroVironment ( $AVAV): Upgraded to Buy from Hold by Jefferies. • DT Midstream ( $DTM): Acquires three pipelines from Oneok for $1.2B, spanning 1,300 miles across seven Midwest states. • Dycom ( $DY): Q3 EPS $2.68 vs. $2.26 est., revenue $1.27B vs. $1.22B est.; anticipates mid- to high single-digit revenue growth in Q4. • Patrick Industries ( $PATK): Announces a 3-for-2 stock split. • Powell Industries ( $POWL): Q4 revenue up 32.1% to $275.1M, but missed $284.3M est.; EPS $3.77 vs. $3.55 est.; orders up 56% to $267M, backlog steady at $1.3B, expects strong FY25. • SolarEdge ( $SEDG): Upgraded to Neutral from Sell by Guggenheim, previous $10 price target dropped. • Forestar Group ( $FOR): Files for potential sale of up to $300M in common stock. • JPMorgan ( $JPM): Downgraded to Perform from Outperform by Oppenheimer due to valuation. • Lemonade ( $LMND): Upgraded to equal weight from underweight by Morgan Stanley post-investor day. • StoneX Group ( $SNEX): Q4 EPS $2.32 vs $2.05 est., net revenue $454.8M vs $462.98M est. • XP Inc. ( $XP): Launches a buyback program up to R$1.0B; Q3 EPS as expected at 2.18, revenue slightly below at 4.319B; active clients increased to 4.7M. • Concentra Group Holdings Inc. ( $CON) will replace Myers Industries Inc. (MYE) in the S&P SmallCap 600 on November 27, following a distribution by Select Medical Holdings Corp. (SEM). • Pfizer ( $PFE) appointed Chris Boshoff as its R&D chief starting January 1. It also received EC approval for Hympavzi for hemophilia treatment. • Sangamo Therapeutics ( $SGMO) received FDA clearance for ST-503 human trials, with enrollment planned for mid-2025. • Varex Imaging ( $VREX) reported Q4 EPS at $0.19, beating the $0.09 estimate, but revenue dropped 10% to $205.7M. Forecasts Q1 revenue between $195M-$215M. • Viking Therapeutics ( $VKTX) shared positive mid-stage trial results for VK2809, showing significant improvement in liver fibrosis over placebo. • Comcast Corp. ( $CMCSA) is set to spin off cable channels like MSNBC, CNBC, and USA to reduce exposure to declining viewership and ad revenue, keeping NBC and Peacock, per WSJ. • Dolby Labs ( $DLB) Q4 EPS $0.81 vs. $0.70 est., revenue slightly below at $305M. Forecasts Q1 revenue $330-360M and FY revenue $1.33-1.39B. • Flex Ltd ( $FLEX) will replace Azenta Inc. ( $AZTA) in S&P MidCap 400, with Azenta moving to S&P SmallCap 600, effective November 25. • Keysight Technologies (KEYS) Q4 EPS $1.65 vs. $1.57 est., revenue at $1.287B. Q1 guidance: revenue $1.265-1.285B, EPS $1.65-1.71. • https://t.co/jK5z8CZLV2 ( $WIX) Q3 EPS $1.62 vs. $1.51 est., revenue $444.67M vs. $457.9M est. Increases FY24 revenue and bookings forecasts. • ZoomInfo Technologies ( $ZI) Chairman Schuck purchased 492,500 shares at $10.25 each on November 15, transaction worth $5,049,750.

$DAL GUIDANCE: Q4 🔸 Sees ADJ EPS $1.60 to $1.85, EST $1.78 RESULTS: Q3 🔸ADJ EPS $1.50 vs. $2.03 y/y, EST $1.52 🔸EPS $1.97 vs. $1.72 y/y 🔸ADJ revenue $14.59B, EST $14.65B 🔸Passenger revenue $13.11B vs. $13.12B y/y, EST $13.17B 🔸Cargo revenue $196M, +27% y/y, EST $177.6M 🔸Passenger load factor 87% vs. 88% y/y, EST 87.2% 🔸Available seat miles 76.16B, +4% y/y, EST 76.30B 🔸Revenue passenger miles 66.31B, +3.5% y/y, EST 66.53B 🔸ADJ net income $971M, -26% y/y, EST $980.8M 🔸Yield per passenger mile $19.77, -3.4% y/y