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.

#Downgrades - Dec 10, 2024 • $AAOI: B.Riley Downgrades to Sell from Neutral - PT $14 • $BIOA: Morgan Stanley Downgrades to Underweight from Equalweight - PT $5 (from $40) • $BSIG: RBC Capital Downgrades to Sector Perform from Outperform - PT $33 • $CARM: BTIG Downgrades to Neutral from Buy • $CCI: Wells Fargo Downgrades to Underweight from Equal Weight - PT $100 (from $105) • $CNC: Jefferies Downgrades to Underperform from Hold - PT $52 (from $68) • $DHI: KBW Downgrades to Market Perform from Outperform - PT $183 • $EBAY: Jefferies Downgrades to Underperform from Hold - PT $52 (from $60) • $FAF: KBW Downgrades to Market Perform from Outperform - PT $80 • $IAC: Piper Sandler Downgrades to Neutral from Overweight - PT $54 (from $68) • $IREN: JPMorgan Downgrades to Neutral from Overweight - PT $15 (from $9.50) • $MLM: BNP Paribas Downgrades to Neutral from Outperform - PT $650 • $MTG: KBW Downgrades to Market Perform from Outperform - PT $29 • $PGR: HSBC Downgrades to Hold from Buy - PT $267 • $PINS: Piper Sandler Downgrades to Neutral from Overweight - PT $36 (from $41) • $PTVE: Citi Downgrades to Neutral from Buy - PT $18 (from $13) • $RKT: KBW Downgrades to Underperform from Market Perform - PT $11.50 (from $16) • $TOL: KBW Downgrades to Market Perform from Outperform - PT $164