QUICK MARKET SUMMARY: Energy, Industrials, Materials: 🔸 James Hardie ( $JHX.AX) to buy AZEK for $8.75B; AZEK shareholders get $56.88/share. 🔸 FedEx ( $FDX) upgraded to Buy at Jefferies; price target cut to $275. 🔸 Japan's steel output fell 8.5% YoY in Feb, lowest since July 2020. Financials: 🔸 Ally Financial ( $ALLY) on 90-day catalyst watch at Citigroup. 🔸 Bitcoin up 3% to ~$88K; crypto firms return to India. 🔸 Fifth Third ( $FITB) files mixed shelf offering. 🔸 IRS expects $500B revenue loss as taxpayers skip filings. Healthcare: 🔸 Bayer ( $BAYRY) ordered to pay $2.1B over Roundup cancer case; plans appeal. 🔸 TOMS Capital pushes for changes at Kenvue ( $KVUE). 🔸 23andMe ( $ME) files for Chapter 11; CEO Anne Wojcicki resigns. Tech, Media, Telecom: 🔸 Ant Group uses Chinese chips for AI training, cutting costs 20%. 🔸 Super Micro ( $SMCI) downgraded to Sell at Goldman; target cut to $32.

$FDX - *FEDEX SHARES FALL 11% AT OPEN IN BIGGEST DROP SINCE SEPTEMBER

QUICK MARKET SUMMARY: CONSUMER: 🔸 Colgate ( $CL): New $5B buyback, dividend to $0.52. 🔸 $NCLH: Upgraded to Equal Weight (Morgan Stanley). 🔸 Lennar ( $LEN): Q1 EPS $2.14 (est. $1.73), rev $7.63B (est. $7.49B); Q2 orders 22.5k-23.5k, deliveries 19.5k-20.5k. 🔸 Nike ( $NKE): Q3 EPS $0.54 (est. $0.28), rev $11.3B (est. $11.03B); guides Q4 rev down mid-teens. 🔸 $NIO: Q4 rev $2.7B (est. $2.79B), EV deliveries up 45%; Q1 guide: 41k-43k vehicles, rev $1.69B-$1.76B (est. $2.48B). 🔸 Torrid ( $CURV): Q4 sales -6.1% y/y; guides Q1 sales $264M-$274M (est. $279M), EBITDA below estimates. 🔸 Target ( $TGT): Files $1B note offering due 2035. Energy/Industrials/Materials: 🔸 FedEx ( $FDX): Q3 EPS $4.51 (miss), rev $22.2B (beat); cuts FY25 guidance. 🔸 Nucor ( $NUE): Q1 EPS guide $0.50-$0.60 (est. $1.09); sees lower steel product prices. 🔸 Planet Labs ( $PL): Q4 loss -$0.08 (est. -$0.02), rev $61.6M; Q1 guide below est. 🔸 U.S. Steel ( $X): Q1 EBITDA $125M (in line), EPS loss guided larger than est. 🔸 BP ( $BP): Elliott pushes for cost cuts, possible board changes (Reuters). Healthcare: 🔸 Assembly Bio ( $ASMB): Files $250M mixed shelf. 🔸 Editas ( $EDIT): CFO stepping down. 🔸 Foghorn ( $FHTX): Files $100M shelf. 🔸 J&J ( $JNJ): Plans $55B investment in U.S. manufacturing/research. 🔸 Maravai ( $MRVI): Guides Q1 rev $43M-$45M (est. $63M). 🔸 Vor Bio ( $VOR): Files $350M shelf. Tech/Media/Telecom: 🔸 Micron ( $MU): Q2 EPS $1.56 (beat), rev $8.05B; Q3 guide above est. 🔸 Luminar ( $LAZR): Sees slower Q1, FY25 rev growth 10%-20%. 🔸 Quantum ( $QUBT): Q4 loss -$0.47 (miss), rev $62k; chip foundry launch in 2025. 🔸 Super Micro ( $SMCI): Upgraded to Neutral (JPM), price target raised to $45.

Micron, $MU, earnings: - EPS: $1.56, est: $1.42 - Revenue: $8.05 billion, est $7.9 billion Fedex, $FDX, earnings: - EPS: $4.51, est: $4.6 - Revenue: $22.2 billion, est: $21.92 billion

MORNING RECAP Tesla ( $TSLA): China-made EV sales dropped 4.3% y/y to 78,856 in November. Month-over-month increase of 15.5% for Model 3 and Model Y deliveries. Kroger ( $KR): Upgraded to Buy from Hold by Jefferies, target raised to $73 from $54. Downgraded by BMO Capital, target unchanged at $60. Live Nation Entertainment ( $LYV): Launched $1B in convertible senior notes due 2030. Axon (AXON): Upgraded to Overweight from Equal Weight by Morgan Stanley; target raised to $700 from $500. Crane Company (CR): Agreed to sell engineered materials segment for $227M to KPS Capital Partners, LP. Forecasts Q4 adjusted EPS from continuing operations at $1.10-$1.25. Donaldson (DCI): Q1 adjusted EPS $0.83, slightly above estimate of $0.82; Q1 revenue $900.1M vs. $892.43M expected. Maintains FY25 EPS guidance at $3.56-$3.72; expects revenue growth of 2%-6%. FedEx ( $FDX): Downgraded to Market Perform from Outperform at Bernstein; target reduced to $316 from $337. General Motors ( $GM): Non-binding agreement to sell stake in Ultium Cells LLC plant in Lansing to LG Energy Solutions. Honeywell ( $HON): Signed agreement with Bombardier for next-gen aviation tech; updated 2024 outlook. Joby Aviation Inc ( $JOBY): CFO Matthew Field to resign effective December 13, 2024. Rayonier ( $RYN): Authorized $300M share repurchase; announced special dividend of $1.80 per share. United States Steel ( $X): Shares fell after Trump's comments on reviving U.S. Steel and opposing Nippon Steel's acquisition. Aflac ( $AFL): Quarterly dividend increased by 16% to $0.58 per share. CleanSpark Inc. ( $CLSK): FY revenue at $378.9M, below estimates of $397.32M. Adjusted EBITDA at $245.8M, significantly above estimates of $141.44M. Regional Management Corp ( $RM): Announced a $30M stock repurchase program. State Street ( $STT): Upgraded to Outperform from Market Perform by Keefe Bruyette; target price raised to $120. PTC Therapeutics ( $PTCT): Upgraded to Outperform from Sector Perform by RBC Capital; target price increased to $63 from $39, citing transformative deal with Novartis. TransMedics ( $TMDX): Narrowed FY24 revenue guidance to $428M-$432M from $425M-$445M. Announced new CFO, Gerardo Hernandez, replacing Stephen Gordon. Vaxart ( $VXRT): Completed enrollment for sentinel cohort in phase 2B study of its COVID-19 oral vaccine candidate. Microchip Technology ( $MCHP): Shares fell after lowering December 2024 revenue guidance to about $1.025B. Announced closure of Tempe wafer fabrication facility (Fab 2). Microsoft ( $MSFT): Facing a £1 billion dispute in the U.K. over cloud software licensing practices. AT&T ( $T): Authorized $10B in share repurchases. Raised FY adjusted EPS guidance to $2.20-$2.25. Maintained free cash flow and capital expenditure forecasts. Credo Technology ( $CRDO): Q2 revenue $72.0M, above estimates; EPS $0.07 vs. $0.05 expected. Forecasts Q3 gross margin between 60.6%-62.6%; revenue guidance $115M-$125M. Bill Holdings ( $BILL): Offering $1.0B in convertible senior notes due 2030. Ingram Micro ( $INGM): To reduce workforce by 850 associates. IonQ ( $IONQ): Launched IonQ Quantum OS and IonQ Hybrid Services suite to enhance quantum computing utility. Seagate Technologies ( $STX): Expects lower production output for fiscal Q3 2025, impacting revenue by up to $200M. Zscaler ( $ZS): Q1 adjusted EPS $0.77, above $0.63 estimate; revenue $627.955M vs. $606.19M expected. Provided Q2 and FY revenue and EPS guidance, both exceeding consensus estimates.

#Downgrades - Dec 03, 2024 • $CUZ: BMO Capital Downgrades to Market Perform from Outperform - PT $32 (from $31) • $CVCO: Wedbush Downgrades to Neutral from Outperform - PT $480 • $FDX: Bernstein Downgrades to Market Perform from Outperform - PT $316 (from $337) • $KR: BMO Capital Downgrades to Market Perform from Outperform - PT $60 • $OLLI: Wells Fargo Downgrades to Equal Weight from Overweight - PT $95 (from $100)

$FDX - FEDEX SHARES UP 1.7% PREMARKET AFTER RIVAL UPS REPORTS RISE IN Q3 PROFIT

fedex: 运营利润率只有大约 5%，不是一个好生意。

#Downgrades - Sep 20, 2024 $ACRE: Wells Fargo Downgrades to Underweight from Equal Weight - PT $7 (from $7.50) $CMTG: Wells Fargo Downgrades to Underweight from Equal Weight - PT $8 $DAN: Wells Fargo Downgrades to Underweight from Equal Weight - PT $9 $DRI: Bernstein Downgrades to Market Perform from Outperform - PT $180 (from $190) $FDX: Morgan Stanley Downgrades to Underweight from Equalweight - PT $200 (from $215) $FRO: SEB Equities Downgrades to Sell from Buy - PT $19.05 $INSW: SEB Equities Downgrades to Hold from Buy - PT $55 $NTBL: JMP Securities Downgrades to Market Perform from Market Outperform $PARR: Piper Sandler Downgrades to Neutral from Overweight - PT $23 (from $37) $PB: Truist Securities Downgrades to Hold from Buy - PT $79 (from $81) $PBF: Piper Sandler Downgrades to Underweight from Neutral - PT $25 (from $47) $PEP: Morgan Stanley Downgrades to Equalweight from Overweight - PT $185 $RPD: RBC Capital Downgrades to Sector Perform from Outperform - PT $40 (from $50) $STNG: SEB Equities Downgrades to Hold from Buy - PT $73 $VEL: Wells Fargo Downgrades to Underweight from Overweight - PT $20 $VLO: Piper Sandler Downgrades to Neutral from Overweight - PT $123 (from $169)