SECTOR NEWS HIGHLIGHTS TECH/MEDIA/TELECOM: 🔸 Netflix ( $NFLX): Beats Q1 earnings; strong Q2 guidance. 🔸 Nvidia ( $NVDA): Down 3% on Huawei AI chip shipment news. 🔸 Cognizant ( $CTSH)/DocuSign ( $DOCU): Expand partnership. 🔸 Disney ( $DIS): Upgraded to Outperform at Wolfe Research; $112 target. 🔸 Tempus AI ( $TEM): Initiated with Buy at BTIG; $60 target. CONSUMER: 🔸 Amazon ( $AMZN): Downgraded at Raymond James; price target cut to $195 from $275. 🔸 QXO: Extends $124.35/share tender offer for Beacon Roofing (BECN). 🔸 Tesla ( $TSLA): Affordable car launch delayed; low-cost Model Y production to begin in U.S. ENERGY/INDUSTRIALS/MATERIALS: 🔸 Boeing ( $BA): Returning rejected 737 Max jets from China to U.S. 🔸 Cosco Shipping: Warns U.S. tariffs on Chinese ships threaten global trade. 🔸 EU: Eases methane rules to avoid gas-related trade clash with U.S. FINANCIALS: 🔸 Capital One ( $COF): Gets approval to acquire Discover (DFS), becoming top U.S. credit card lender. 🔸 Comerica ( $CMA): Beats Q1 estimates; EPS $1.25 vs est. $1.18. 🔸 Global Payments ( $GPN): Downgraded at Jefferies; target cut to $75. 🔸 Independent Bank ( $INDB): Misses Q1 EPS; raises dividend by 4%. HEALTHCARE: 🔸 Pacira ( $PCRX): Approves $300M stock buyback. 🔸 Regeneron ( $REGN)/Sanofi (SNY): FDA approves Dupixent for chronic hives in patients 12+.

#Downgrades - Sep 26, 2024 $NTRS: Goldman Sachs Downgrades to Sell from Neutral - PT $82 (from $84) $AMP: Goldman Sachs Downgrades to Neutral from Buy - PT $476 $RLJ: Wolfe Research Downgrades to Peerperform from Outperform $PK: Wolfe Research Downgrades to Peerperform from Outperform $GPN: CFRA Downgrades to Hold from Buy $JWN: KeyBanc Downgrades to Sector Weight from Overweight $SMAR: UBS Downgrades to Neutral from Buy - PT $56.50 (from $61) $SONO: Morgan Stanley Downgrades to Underweight from Overweight - PT $11 (from $25) $TNL: Barclays Downgrades to Underweight from Equalweight - PT $40 (from $46) $GEHC: UBS Downgrades to Sell from Neutral - PT $74 (from $84) $REG: Deutsche Bank Downgrades to Hold from Buy - PT $75 (from $70) $HSY: Jefferies Downgrades to Underperform from Hold - PT $163 (from $184) $FRO: SEB Equities Downgrades to Sell from Buy - PT $18.92 $RNW: Morgan Stanley Downgrades to Equalweight from Overweight - PT $7.31 (from $7.43)

#Downgrades - Sep 25, 2024 $EC: JPMorgan Downgrades to Underweight from Neutral - PT $8.50 (from $12) $EXPE: TD Cowen Downgrades to Hold from Buy - PT $150 $F: Morgan Stanley Downgrades to Equalweight from Overweight - PT $12 (from $16) $FOXA: CFRA Downgrades to Sell from Hold - PT $38 $FTRE: Jefferies Downgrades to Hold from Buy - PT $21 (from $25) $GM: Morgan Stanley Downgrades to Underweight from Equalweight - PT $42 (from $47) $GPN: BTIG Downgrades to Neutral from Buy $GPN: Seaport Global Securities Downgrades to Neutral from Buy $HBT: DA Davidson Downgrades to Neutral from Buy - PT $24 (from $26) $MEDP: Jefferies Downgrades to Hold from Buy - PT $345 (from $415) $MGA: Morgan Stanley Downgrades to Equalweight from Overweight $MNSO: DBS Group Downgrades to Hold from Buy - PT $13.30 $MNSO: JPMorgan Downgrades to Neutral from Overweight - PT $15 (from $27) $NOV: Wells Fargo Downgrades to Underweight from Equal Weight - PT $16 (from $20) $OSBC: DA Davidson Downgrades to Neutral from Buy - PT $17 (from $19) $PHIN: Morgan Stanley Downgrades to Equalweight from Overweight $RIVN: Morgan Stanley Downgrades to Equalweight from Overweight - PT $13 (from $16) $SMAR: BMO Capital Downgrades to Market Perform from Outperform - PT $56.50 (from $59) $SMAR: Canaccord Genuity Downgrades to Hold from Buy - PT $56.50 (from $60) $SMAR: Canaccord Genuity Downgrades to Hold from Buy - PT $56.50 (from $60) $SMAR: DA Davidson Downgrades to Neutral from Buy - PT $56.50 (from $55) $SMAR: William Blair Downgrades to Market Perform from Outperform $TSN: Piper Sandler Downgrades to Underweight from Neutral - PT $50 (from $57) $TXT: TD Cowen Downgrades to Hold from Buy - PT $95 (from $103) $UNP: Evercore ISI Downgrades to In Line from Outperform - PT $247 (from $254)