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.

MORNING BID 🔸 $ACMR: Raises 2024 revenue forecast to $755M-$770M from $725M-$745M; sees 2025 at $850M-$950M vs. consensus $902.95M. 🔸 $APLD: Shares up 30% after Macquarie's $5B investment for 15% stake in AI data centers. 🔸 $AVGO: Secures $7.5B five-year credit facility. 🔸 $IAC: To spin off $ANGI stake to shareholders; Joey Levin steps down as CEO. 🔸 $TTAN: Q3 revenue $199.3M; Q4 expected at $199M-$201M vs. consensus $193.58M; FY25 revenue projected at $761.6M-$763.6M vs. consensus $755.37M. 🔸 $DHR: Q4 revenue expected to rise by low single digits year-over-year. 🔸 $INGN: Q4 revenue forecast at $79.0M-$80.0M, above $73.9M estimate; FY24 revenue guidance raised to $334.5M-$335.5M from $329M-$331M, vs. $329.62M consensus. 🔸 $KIDS: Q4 revenue at $52.7M vs. $50.73M estimate; FY25 revenue guidance $235-242M vs. $239.95M estimate, adjusted EBITDA $15-17M vs. $20.14M forecast. 🔸 $RGNX: Stock up after deal with Nippon Shinyaku for gene therapies; $110M upfront and potential $700M in milestones. 🔸 $TDOC: New partnership with $AMZN to broaden access to chronic care programs. 🔸 $RILY: Shares rise after Q2 2024 report showing a $14.35 per share net loss, delayed due to Franchise Group issues; expects normal filing schedule in 2025. 🔸 $AB: AUM fell to $792B in December 2024 from $813B, a 2.6% drop due to market and outflow issues. 🔸 $IVZ: AUM dropped to $1,846B, down 0.6% with $12.6B in net long-term inflows but $42B reduction from market returns. 🔸 $VRTS: Total client assets at $177.3B in December 2024, down due to outflows and market performance. 🔸 $URI: Acquiring $HEES for $92/share, valuing the deal at $4.8B including debt. Insurance Industry: LA wildfires might cost insurers over $30B, with significant damage from Palisades and Eaton fires. 🔸 $AVAV: Secures $55.3M order for Switchblade Systems under U.S. Army's LUS program. 🔸 $CE: Upgraded to Buy from Underperform by Bank of America on valuation. 🔸 $FANG: Q4 unhedged prices at $69.48/bbl oil, $0.48/mcf gas, $19.27/bbl NGLs; hedged prices at $68.72/bbl oil, $0.82/mcf gas, $19.27/bbl NGLs. 🔸 $WAB: Agrees to purchase Evident's inspection tech division for $1.78B. 🔸 $KBH: Q4 EPS $2.52 vs. $2.45 est., revenue $1.999B vs. $2.008B est.; FY25 housing revenue guidance $7.00-7.50B, avg selling price $488-498K. 🔸 $NOMD: 2025 organic revenue growth expected at 1%-3%; confident in meeting 2024 guidance. 🔸 $SIG: Q4 adj. operating income forecast at $337M-$347M, below previous $397M-$427M; sales expected at $2.32B-$2.34B, under prior $2.38B-$2.46B. 🔸 $ADM: Downgraded to Underperform from Neutral by Bank America. 🔸 $LVS: Downgraded to Equal Weight from Overweight by Morgan Stanley.

#Upgrades - Oct 02, 2024 $PARR: JPMorgan Upgrades to Overweight from Neutral - PT $30 (from $36) $CVBF: KBW Upgrades to Outperform from Market Perform - PT $22 (from $20) $TMP: KBW Upgrades to Outperform from Market Perform - PT $68 (from $59) $BOH: KBW Upgrades to Market Perform from Underperform - PT $67 (from $60) $HAFC: KBW Upgrades to Outperform from Market Perform - PT $22 (from $20) $TOWN: KBW Upgrades to Outperform from Market Perform - PT $40 (from $35) $RIO: Berenberg Upgrades to Buy from Hold - PT $79 (from $71) $MTB: Evercore Upgrades to Outperform from In Line - PT $210 (from $187) $HD: Gordon Haskett Upgrades to Buy from Accumulate - PT $450 $BAH: JPMorgan Upgrades to Overweight from Neutral - PT $170 (from $150) $SAIC: JPMorgan Upgrades to Overweight from Neutral - PT $170 (from $150) $FANG: Barclays Upgrades to Overweight from Equalweight - PT $210 $RRC: Barclays Upgrades to Equalweight from Underweight - PT $34 $DQ: HSBC Upgrades to Buy from Hold - PT $29.30 $SPHR: Wolfe Research Upgrades to Outperform from Peerperform - PT $60 $ULTA: UBS Upgrades to Buy from - PT $505 $CRM: Northland Upgrades to Outperform from Market Perform - PT $400