#Downgrades - Mar 03, 2025 • $AGCO: Baird Downgrades to Neutral from Outperform - PT $100 (from $116) • $CNH: Baird Downgrades to Neutral from Outperform - PT $15 (from $16) • $DE: Baird Downgrades to Neutral from Outperform - PT $501 • $DG: Deutsche Bank Downgrades to Hold from Buy - PT $80 (from $90) • $DV: Cannonball Research Downgrades to Neutral from Buy - PT $14 • $FOX: Arete Downgrades to Neutral from Buy - PT $66 • $FTAI: Stifel Downgrades to Hold from Buy - PT $123 (from $100) • $KC: Nomura Downgrades to Neutral from Buy - PT $18.10 (from $6.70) • $KRP: Raymond James Downgrades to Market Perform from Strong Buy • $LUV: JPMorgan Downgrades to Underweight from Neutral - PT $25 • $SRE: Jefferies Downgrades to Hold from Buy - PT $77 (from $96) • $TNDM: Bernstein Downgrades to Market Perform from Outperform - PT $25 (from $35) • $TNDM: Wells Fargo Downgrades to Equal Weight from Overweight - PT $22 (from $38) • $ZLAB: BofA Securities Downgrades to Neutral from Buy - PT $36.10 (from $29)

Earnings Summary (Q4 & Guidance) 📊 Beats & Positive Outlook 🟢 ✅ HubSpot ( $HUBS): EPS $2.32 (est. $2.19), revenue $703.2M (est. $673.3M). Q1 & FY revenue guidance slightly below estimates. ✅ MKS Instruments ( $MKSI): EPS $2.15 (est. $1.95), revenue $935M (est. $914.2M). Q1 guidance mixed. ✅ Pega Systems ( $PEGA): EPS $1.61 (est. $1.46), revenue $490.8M (est. $470.7M). FY guidance slightly below estimates. ✅ Q2 Holdings ( $QTWO): EBITDA $37.6M (est. $35.5M), revenue $183M (est. $179.9M). Guidance above estimates. ✅ Sony ( $SONY): Raises profit forecast 2% to 1.34T yen ($8.7B). Gaming unit profit +37%. Sold 9.5M PS5 units (vs. 8.2M YoY). ✅ Dutch Bros ( $BROS): EPS $0.07 (est. $0.02), revenue $342.8M (est. $317.8M). FY revenue & EBITDA guidance above estimates. ✅ MGM Resorts ( $MGM): EPS $0.45 (est. $0.30), revenue $4.3B (est. $4.27B). Strong demand in 2025, BetMGM expected to be profitable. ✅ Royal Caribbean ( $RCL): $1B buyback & 36% dividend increase. ✅ Service Corp. ( $SCI): EPS $1.06 (est. $1.05), revenue $1.093B (est. $1.08B). Invested $181M in funeral home/cemetery acquisitions. FY EPS guidance $3.70-$4.00 (est. $3.93). ✅ Pilgrim’s Pride ( $PPC): EPS $1.35 (est. $1.15), EBITDA $525.7M (est. $487.85M). Revenue below estimates at $4.372B (est. $4.589B). ✅ Molson Coors ( $TAP): EPS $1.30 (est. $1.13), revenue $2.74B (est. $2.7B). FY net sales expected to grow. ✅ AppLovin ( $APP): EPS $1.73 (est. $1.24), revenue $1.373B (est. $1.264B). Guides Q1 revenue $1.355-1.385B (est. $1.321B). ✅ Cisco ( $CSCO): EPS $0.94 (est. $0.91), revenue $14B (est. $13.87B). Increases dividend & buyback. Raises FY25 EPS & revenue outlook. ✅ Cognex ( $CGNX): EPS $0.20 (est. $0.16), revenue $230M (est. $220.7M). Q1 revenue guidance below estimates. ✅ Deere ( $DE): EPS $3.19 (est. $3.11); revenue $8.51B (-30% y/y, but beats est. $7.89B). FY25 sales decline expected in all divisions. ✅ Advanced Energy ( $AEIS): EPS $1.30 (est. $1.10); revenue $415.4M (est. $394.2M). Q1 guidance slightly above estimates. ✅ Williams Energy ( $WMB): EPS $0.47 (est. $0.45). Raises FY25 EBITDA guidance to $7.45B-$7.85B. ✅ Paycom Software ( $PAYC): EPS $2.32 (est. $1.97); revenue $493.8M (est. $408.8M). FY EBITDA & revenue guidance in-line. ✅ Reddit ( $RDDT): EPS $0.36 (est. $0.25); revenue $427.7M (+71% y/y, est. $405.5M). Q1 guidance above estimates. ✅ Robinhood ( $HOOD): EPS $1.01 (est. $0.52); revenue $1.01B (est. $951.8M). AUC up 88% y/y, user revenue up 102%. ✅ Curtiss-Wright ( $CW): EPS $3.27 (est. $3.09); revenue $824M (est. $789.6M). Strong FY25 guidance. ✅ Casella Waste ( $CWST): EPS $0.41 (est. $0.16); revenue $427.5M (est. $419.5M). FY25 revenue & EBITDA guidance above estimates. ✅ Hubbell ( $HUBB): Announces $500M share buyback. Mixed Results 🟡 ⚠️ Antero Resources ( $AR): EPS $0.26 (miss, est. $0.29); revenue $1.194B (beat, est. $1.17B). Raised production targets, lowered capital budget. ⚠️ GE HealthCare ( $GEHC): EPS $1.45 (est. $1.26); revenue $5.32B (in-line). Sees FY25 revenue up 2-3%, cautious on China tariffs. ⚠️ GXO Logistics ( $GXO): EPS $1.00 (est. $0.94); revenue $3.3B (est. $3.22B). FY25 EPS guidance below estimates. ⚠️ Manitowoc ( $MTW): EPS $0.10 (miss, est. $0.12); revenue $596M (miss, est. $600.1M). FY25 EPS guidance below consensus. ⚠️ Equinix ( $EQIX): AFFO/share $7.92 (est. $8.09), revenue $2.261B (est. $2.274B). FY guidance below estimates. ⚠️ Trade Desk ( $TTD): EPS $0.59 (est. $0.56), revenue $741M (est. $758.9M). Q1 guidance below estimates. ⚠️ Nestlé ( $NSRGY): Sales 91.35B francs (-1.8%), profit 10.88B francs (-2.9%). Growth driven by price hikes but warns of lower 2025 margins. ⚠️ Nissan ( $NSANY) & Honda (HMC): Terminated merger talks from December 2023. ⚠️ Rollins ( $ROL): EPS $0.23 (est. $0.23), revenue $832M (est. $817.5M). Operating income missed estimates ($151M vs. $160.4M). ⚠️ Wyndham Hotels ( $WH): EPS $1.04 (est. $0.99), revenue $341M (est. $344.47M). Guides FY RevPAR growth 2-3%. FY EPS $4.66-$4.78 (est. $4.78). Misses & Weak Guidance 🔴 ❌ 10X Genomics ( $TXG): EPS (-$0.40) (miss, est. -$0.11); revenue $165M (in-line). FY25 revenue guidance slightly below consensus. ❌ Albemarle ( $ALB): EPS (-$1.09) (miss, est. -$0.67); revenue $1.2B (miss, est. $1.34B). Plans cost cuts & production shifts. ❌ Tyler Technologies ( $TYL): EPS $1.49 (est. $1.61), revenue $541.1M (est. $540.5M). FY revenue guidance below estimates. ❌ Fastly ( Earnings Summary (Q4 & Guidance) 📊): EPS (-$0.03) (est. $0.00), revenue $140.58M (est. $138.63M). FY25 EPS & revenue guidance below estimates. Color Code: 🟢 Beat ✅ | 🟡 Mixed ⚠️ | 🔴 Miss ❌

#Downgrades - Dec 06, 2024 • $ACDC: JPMorgan Downgrades to Underweight from Neutral - PT $7 • $DE: Jefferies Downgrades to Hold from Buy • $FTRE: Baird Downgrades to Neutral from Outperform - PT $25 (from $28) • $FYBR: Benchmark Downgrades to Hold from Buy • $KMT: Jefferies Downgrades to Hold from Buy • $NAPA: Jefferies Downgrades to Hold from Buy - PT $11 • $OGS: Ladenburg Thalmann Downgrades to Neutral from Buy - PT $75.50 • $PCAR: Jefferies Downgrades to Hold from Buy • $PLD: BMO Capital Downgrades to Underperform from Market Perform - PT $104 (from $120) • $TD: Scotiabank Downgrades to Sector Perform from Sector Outperform

Earnings Week Ahead Tuesday 19th, 2024 • Ticker: $XPENG • Company: XPeng Inc • Market Cap: 12.9 billion USD • EST Time: 05:30 EST • Expected Quarterly EPS: -0.24 USD • Expected Quarterly Revenue: 1.37 billion USD • Expected Full Year EPS: -0.77 USD • Expected Full Year Revenue: 5.66 billion USD • Ticker: $LOW • Company: Lowe's Companies Inc • Market Cap: 153.4 billion USD • EST Time: 06:00 EST • Expected Quarterly EPS: 2.82 USD • Expected Quarterly Revenue: 19.94 billion USD • Expected Full Year EPS: 11.82 USD • Expected Full Year Revenue: 82.99 billion USD • Ticker: $J • Company: Jacobs Engineering Group Inc • Market Cap: 17.5 billion USD • EST Time: 06:40 EST • Expected Quarterly EPS: 1.54 USD • Expected Quarterly Revenue: 2.37 billion USD • Expected Full Year EPS: 6.98 USD • Expected Full Year Revenue: 8.24 billion USD • Ticker: $MDT • Company: Medtronic PLC • Market Cap: 110.3 billion USD • EST Time: 06:45 EST • Expected Quarterly EPS: 1.25 USD • Expected Quarterly Revenue: 8.27 billion USD • Expected Full Year EPS: 5.45 USD • Expected Full Year Revenue: 33.62 billion USD • Ticker: $WMT • Company: Walmart Inc • Market Cap: 679 billion USD • EST Time: 07:00 EST • Expected Quarterly EPS: 0.53 USD • Expected Quarterly Revenue: 167.72 billion USD • Expected Full Year EPS: 2.45 USD • Expected Full Year Revenue: 678.25 billion USD • Ticker: $KEYS • Company: Keysight Technologies Inc • Market Cap: 26.7 billion USD • EST Time: 16:05 EST • Expected Quarterly EPS: 1.57 USD • Expected Quarterly Revenue: 1.20 billion USD • Expected Full Year EPS: 6.18 USD • Expected Full Year Revenue: 4.95 billion USD Wednesday 20th, 2024 • Ticker: $NIO • Company: Nio Inc • Market Cap: 9.2 billion USD • EST Time: 05:30 EST • Expected Quarterly EPS: -0.30 USD • Expected Quarterly Revenue: 2.69 billion USD • Expected Full Year EPS: -1.17 USD • Expected Full Year Revenue: 10.2 billion USD • Ticker: $TGT • Company: Target Corp • Market Cap: 70.7 billion USD • EST Time: 06:30 EST • Expected Quarterly EPS: 2.30 USD • Expected Quarterly Revenue: 25.9 billion USD • Expected Full Year EPS: 9.55 USD • Expected Full Year Revenue: 106.71 billion USD • Ticker: $TJX • Company: TJX Companies Inc • Market Cap: 135.2 billion USD • EST Time: 07:30 EST • Expected Quarterly EPS: 1.09 USD • Expected Quarterly Revenue: 13.95 billion USD • Expected Full Year EPS: 4.17 USD • Expected Full Year Revenue: 56.2 billion USD • Ticker: $PANW • Company: Palo Alto Networks Inc • Market Cap: 129.1 billion USD • EST Time: 16:05 EST • Expected Quarterly EPS: 1.48 USD • Expected Quarterly Revenue: 2.12 billion USD • Expected Full Year EPS: 6.27 USD • Expected Full Year Revenue: 9.13 billion USD • Ticker: $NVDA • Company: NVIDIA Corp • Market Cap: 360.9 billion USD • EST Time: 16:20 EST • Expected Quarterly EPS: 0.75 USD • Expected Quarterly Revenue: 33.12 billion USD • Expected Full Year EPS: 2.86 USD • Expected Full Year Revenue: 126.9 billion USD • Ticker: $SQM • Company: Sociedad Quimica y Minera de Chile SA • Market Cap: 10.6 billion USD • EST Time: 20:15 EST (previous day) • Expected Quarterly EPS: 0.66 USD • Expected Quarterly Revenue: 1.09 billion USD • Expected Full Year EPS: -0.56 USD • Expected Full Year Revenue: 4.69 billion USD Wednesday 21th, 2024 • Ticker: $BIDU • Company: Baidu Inc • Market Cap: 29.5 billion USD • EST Time: 05:00 EST • Expected Quarterly EPS: 2.43 USD • Expected Quarterly Revenue: 4.6 billion USD • Expected Full Year EPS: 10.94 USD • Expected Full Year Revenue: 18.6 billion USD • Ticker: $DE • Company: Deere & Co • Market Cap: 108 billion USD • EST Time: 06:30 EST • Expected Quarterly EPS: 3.89 USD • Expected Quarterly Revenue: 9.3 billion USD • Expected Full Year EPS: 24.89 USD • Expected Full Year Revenue: 45.3 billion USD • Ticker: $WMG • Company: Warner Music Group Corp • Market Cap: 17.3 billion USD • EST Time: 07:30 EST • Expected Quarterly EPS: 0.28 USD • Expected Quarterly Revenue: 1.59 billion USD • Ticker: $GAP • Company: Gap Inc • Market Cap: 8.3 billion USD • Reporting Time: After Market Close (AMC) • Expected Quarterly EPS: 0.58 USD • Expected Quarterly Revenue: 3.81 billion USD • Expected Full Year EPS: 1.87 USD • Expected Full Year Revenue: 14.96 billion USD • Ticker: $ROST • Company: Ross Stores Inc • Market Cap: 47.2 billion USD • EST Time: 16:00 EST • Expected Quarterly EPS: 1.40 USD • Expected Quarterly Revenue: 5.17 billion USD • Expected Full Year EPS: 6.13 USD • Expected Full Year Revenue: 21.36 billion USD • Ticker: $NTAP • Company: NetApp Inc • Market Cap: 24.2 billion USD • EST Time: 16:00 EST • Expected Quarterly EPS: 1.78 USD • Expected Quarterly Revenue: 1.64 billion USD • Expected Full Year EPS: 7.10 USD • Expected Full Year Revenue: 6.6 billion USD • Ticker: $INTU • Company: Intuit Inc • Market Cap: 196.4 billion USD • EST Time: 16:00 EST • Expected Quarterly EPS: 2.35 USD • Expected Quarterly Revenue: 3.14 billion USD • Expected Full Year EPS: 19.34 USD • Expected Full Year Revenue: 18.27 billion USD • Ticker: $CPRT • Company: Copart Inc • Market Cap: 55.2 billion USD • EST Time: 16:30 EST • Expected Quarterly EPS: 0.37 USD • Expected Quarterly Revenue: 1.09 billion USD • Expected Full Year EPS: 1.55 USD • Expected Full Year Revenue: 4.56 billion USD • Expected Full Year EPS: 1.08 USD • Expected Full Year Revenue: 6.4 billion USD