QUICK MARKET SUMMARY: CONSUMER 🔸 BRP ( $DOOO) & Polaris ( $PII) cut to Sell by Citi due to weakening markets, tariff risks. 🔸 Five Below ( $FIVE) beats Q4 EPS ($3.48 vs. $3.37), guides Q1 & FY ahead of estimates but below EPS consensus. 🔸 Shoe Carnival ( $SCVL) beats Q4 EPS, misses revenue; guides FY25 below expectations. 🔸 Tesla ( $TSLA) recalls 46K Cybertrucks over panel detachment risk. ENERGY, INDUSTRIALS & MATERIALS 🔸 U.S. may extend Chevron's ( $CVX) Venezuela license, penalize others (WSJ). 🔸 QXO buying Beacon Roofing ( $BECN) for $11B cash. 🔸 Worthington Steel ( $WS) misses Q3; margins & EBIT sharply down. FINANCIALS 🔸 FactSet ( $FDS) beats Q2; raises FY revenue outlook. 🔸 ProAssurance ( $PRA) bought by Doctors Company for $1.3B (60% premium). 🔸 Raymond James ( $RJF) AUM down 0.7% m/m to $1.58T. HEALTHCARE 🔸 Capricor ( $CAPR) beats Q4 estimates; cash runway into 2027. 🔸 Jasper ( $JSPR) & MediWound (MDWD) file $300M & $125M shelf offerings. 🔸 scPharmaceuticals ( $SCPH) beats Q4 estimates. TECH, MEDIA & TELECOM 🔸 Aeva ( $AEVA) beats Q4, raises FY25 guidance; progressing with Daimler Truck. 🔸 Microchip ( $MCHP) launches $1.35B offering. 🔸 PDD ( $PDD) misses Q4 revenue estimates on weak China demand. 🔸 SoftBank ( $SFTBY) buys Ampere Computing for $6.5B; Oracle & Carlyle exit.

MORNING RECAP • $ASO announces a $700M share buyback. • $AEO Q3 EPS $0.48 vs. $0.46 est., rev down -0.9% to $1.29B; cuts annual sales growth forecast to 3%, expects Q4 comp sales +1%, total rev -4%. • $CHPT Q3 loss (-$0.18) vs. est. (-$0.09), rev -10% to $99.6M; Q4 rev guidance $95M-$105M. Networked charging systems down -29%, subscription rev up +19%. • $COST November comp sales +3.1%, net sales +5.6% to $21.87B; Q1 sales +7.5% to $60.99B. • $FIVE Q3 EPS $0.42 vs. $0.17 est., sales +15% to $843.7M; Q4 sales guide $1.35B-$1.38B, comp sales expected to decline. • $PVH Q3 adj EPS $3.03 vs. $2.59 est., rev $2.26B vs. $2.22B; Q4 rev expected -7% to -6%, EPS $3.05-$3.20. • $PG now sources Gillette razor steel from India to mitigate potential Trump tariffs. • $AVAV Q2 rev $188.5M vs. $182.9M est.; adj EBITDA $25.9M vs. $31.7M est.; maintains FY25 EPS $3.18-$3.49, revenue $790M-$820M. • $APD: Mantle Ridge now nominates only four for the board, down from nine. • $CULP Q2 adj op income ($2.6M) vs. ($3.589M) est., sales $55.7M vs. $58M est.; expects flat to slightly down Q3 sales, positive EBITDA in 2H, profitable by Q4. • $GEF Q4 EPS $1.08 vs. $1.10 est.; rev up 8.3% to $1.42B, adj EBITDA down 0.8% to $197.6M; FY25 adj EBITDA expected at $675M low-end. • $LUV boosts Q4 revenue per seat mile forecast to 5.5%-7% from 3.5%-5.5%, due to pricing and travel demand. • $FI stock falls as CEO Frank Bisignano is nominated by Trump to lead the SSA. • $FOUR downgraded to Hold from Buy after CEO Jared Isaacman is chosen by Trump to head NASA. • $HOOD plans Asia expansion, setting up in Singapore. NYPD seeks man who killed UnitedHealth $UNH executive Brian Thompson outside a Manhattan hotel, suspect fled into Central Park. TSM discussing with $NVDA to manufacture AI chips in Arizona. • $AMAT downgraded to Underweight at Morgan Stanley due to memory market concerns. • $HPE upgraded to Overweight, target price raised post-Juniper acquisition. • $NCNO Q3 adj EPS $0.21 vs $0.16 est., Q4 rev guidance below estimates. • $OOMA Q3 EPS $0.17 vs $0.16 est., raised yearly outlook. • $S Q3 EPS loss ($0.25) vs $0.01 est., slightly beat on revenue for Q4 and year. • $SNPS Q4 adj EPS $3.40 vs $3.30 est., Q1 guidance below expectations. • $VRNT Q3 EPS $0.54 vs $0.43 est., strong SaaS growth, FY25 revenue guidance up. • $DIS increases dividend to $1.00 per share. • $SMTC launches $400M stock offering.

#Downgrades - Nov 25, 2024 • $ABX: CIBC Downgrades to Neutral from Outperformer • $AJG: Goldman Sachs Downgrades to Neutral from Buy - PT $313 • $CYH: Wells Fargo Downgrades to Underweight from Equal Weight - PT $2.50 (from $5) • $DESP: TD Cowen Downgrades to Sell from Buy - PT $14 (from $12) • $EXFY: JMP Securities Downgrades to Market Perform from Market Outperform • $EXP: Loop Capital Downgrades to Hold from Buy - PT $315 • $FIVE: Telsey Downgrades to Market Perform from Outperform - PT $95 (from $102) • $HCA: Wells Fargo Downgrades to Underweight from Equal Weight - PT $320 (from $400) • $HCA: Wells Fargo Downgrades to Underweight from Equal Weight - PT $320 (from $400) • $MTB: Citi Downgrades to Neutral from Buy - PT $230 (from $220) • $MYNZ: H.C. Wainwright Downgrades to Neutral from Buy • $NIO: Goldman Sachs Downgrades to Sell from Neutral - PT $3.90 (from $4.80) • $NMRK: Wolfe Research Downgrades to Peerperform from Outperform • $RRR: Mizuho Downgrades to Neutral from Outperform - PT $44 (from $57) • $SDHC: JPMorgan Downgrades to Neutral from Overweight - PT $36 (from $41) • $SEM: Benchmark Downgrades to Hold from Buy • $SQ: BMO Capital Downgrades to Market Perform from Outperform - PT $100 (from $94) • $THC: Wells Fargo Downgrades to Equal Weight from Overweight - PT $150 (from $205)

#Downgrades - Sep 19, 2024 $ATHA: Mizuho Downgrades to Neutral from Outperform - PT $0.50 (from $5) $BX: CFRA Downgrades to Sell from Hold - PT $140 (from $107) $CASY: JPMorgan Downgrades to Underweight from Neutral - PT $337 (from $300) $ELAN: Morgan Stanley Downgrades to Equalweight from Overweight - PT $15 (from $17) $FIVE: JPMorgan Downgrades to Underweight from Neutral - PT $95 (from $89) $HALO: JPMorgan Downgrades to Neutral from Overweight - PT $57 (from $52) $LFT: Raymond James Downgrades to Market Perform from Outperform $MUSA: JPMorgan Downgrades to Underweight from Neutral - PT $435 (from $415) $NREF: Raymond James Downgrades to Market Perform from Strong Buy $PGNY: JMP Securities Downgrades to Market Perform from Market Outperform $VSTO: Roth/MKM Downgrades to Neutral from Buy - PT $42 $WSC: Barclays Downgrades to Equalweight from Overweight - PT $44 (from $50) $