MORNING BID 🔸 $CWAN acquires $ENFN for $11.25/share, totaling $1.5B, including $30M to end Enfusion's tax agreement. 🔸 $NVDA and $AMD drop due to new U.S. AI chip export controls, effective in 120 days. 🔸 $UNH, $CI, $CVS, $HUM up after U.S. proposes 2.2% increase in 2026 Medicare Advantage payments. 🔸 $SAGE confirms $BIIB $7.22/share acquisition proposal. 🔸 $EXAS reports Q4 revenue $713M, FY24 $2.76B; plans three new cancer tests in 2025. 🔸 $HOLX Q1 revenue $1.022B, slightly below expectations due to currency impact. 🔸 $JNJ to buy $ITCI for $132/share, valuing deal at $14.6B. 🔸 $NTRA Q4 revenue $472M, FY24 guidance $1.7B. 🔸 $RXST FY25 revenue guidance $185M-$197M, gross margin 71%-73%. 🔸 $BEN AUM dropped to $1.58T in Dec '24 from $1.65T in Nov '24 due to market downturn and $18.9B net outflows. 🔸 $LZ upgraded by JPMorgan to Overweight from Underweight, price target raised to $9 from $8. 🔸 $CLMT secured a $1.44B DOE loan to expand its Montana Renewables facility. 🔸 Biden admin delayed Nippon Steel's (NPSCY) $14.9B bid for $X to June, after blocking it on Jan. 3 for national security. 🔸 $ASO highlighted by Barron's for recovery potential in 2025 despite recent sales dips. 🔸 $BNED files for a $100M mixed shelf offering. 🔸 BMW saw sales decline due to China demand drop and recalls. 🔸 $BOOT Q3 EPS $2.43 vs. $2.05 est., revenue $608.2M vs. $593.45M, with 8.6% same-store sales growth. 🔸 $HSY CEO Michele Buck to retire by June 30, 2026. 🔸 $KSS to close San Bernardino EFC and 27 stores by April 2025, incurring $60M-$80M in charges. 🔸 $LULU ups Q4 EPS to $5.81-$5.85, revenue to $3.56B-$3.58B, with gross margin up 30 bps. 🔸 $JWN reports 4.9% net sales, 5.8% comp sales growth for holiday, expects 2.5%-3.5% comp sales growth for FY24.

DAILY RECAP $AAPL saw minimal smartphone shipment growth in 2024 amidst a strong market rebound, according to IDC. $AMBA Q3 adj EPS $0.11 vs $0.03 est., revenue $82.7M vs $79.02M est.; Q4 rev guidance $76-80M. $ADSK Q3 EPS $2.17 vs $2.12 est., revenue $1.57B vs $1.562B est.; Q4 revs $1.623-1.638B, FY revs $6.115-6.13B. $CRWD Q3 EPS $0.93 vs $0.81 est., revenue $1.01B vs $982.36M est.; Q4 revs $1.029-1.035B. $DELL Q3 EPS $2.15 vs $2.06 est., revenue $24.4B vs $24.72B est.; strong growth in infrastructure, slight decline in client solutions. $HPQ Q4 EPS $0.93 as expected, revenue $14.1B vs $13.986B est.; Q1 and FY EPS guidance lowered. $NTNX Q1 EPS $0.42 vs $0.32 est., revenue $591M vs $571.8M est.; Q2 rev guidance $635M-$645M. $PD Q3 EPS $0.28 vs $0.17 est., revenue $118.9M vs $116.52M est.; Q4 revs $118.5-120.5M, FY revs $464.5-466.5M. $WDAY Q3 EPS $1.89 vs $1.76 est., revenue $2.16B vs $2.13B est.; Q4 subscription revs lower than expected. $DDD Q3 EPS ($0.12) vs ($0.10) est., revenue $112.9M vs $115.27M est.; FY rev guidance $440-450M, improving adj EBITDA. $GES reported Q3 EPS at $0.34, under $0.38 expected, with revenue up 13% to $738.5M. They've cut FY25 EPS and revenue growth forecasts. $JWN beat with Q3 EPS of $0.33 vs. $0.22, revenues up 4.3% to $3.46B, and raised FY24 revenue outlook. $URBN excelled with Q3 EPS at $1.10 vs. $0.85, revenue up 6.3% to $1.36B. Growth in Anthropologie, Free People, and Nuuly, but a decline at Urban Outfitters. $GRO priced its IPO at $15/share, offering 2M shares instead of the planned 4.25M. $BYDDY is seeking supplier price reductions, bracing for tougher competition in China's EV market. $SEDG is ending its storage division, cutting jobs by 500, with expected charges for assets and inventory. $VWAGY has agreed to divest from its Xinjiang plant amidst human rights concerns. $IREN reported a Q1 Bitcoin mining revenue drop to $49.6M from $54.3M due to higher network difficulty and lower Bitcoin prices, despite increased hashrate. AI Cloud Services revenue rose by 28% to $3.2M from $2.5M with new GPU's added. Adjusted EBITDA fell to $2.6M from $12.2M, with 813 Bitcoins mined compared to 821 in the prior quarter. $ACAD has secured exclusive rights to SAN711 from Saniona for global development and sales. $GRFS stock fell after Bloomberg reported Brookfield is set to abandon its €6.45 billion acquisition attempt due to pricing disagreements.

#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)

#Upgrades - Sep 05, 2024 $BZH: Wedbush Upgrades to Outperform from Neutral - PT $45 (from $41) $EGP: Mizuho Upgrades to Outperform from Neutral - PT $200 (from $175) $JWN: Barclays Upgrades to Equalweight from Underweight - PT $23 (from $18) $KREF: KBW Upgrades to Outperform from Market Perform - PT $13 $NMRK: KBW Upgrades to Outperform from Market Perform - PT $16.50 $PLNT: Exane BNP Paribas Upgrades to Outperform from Neutral - PT $97 $ROKU: Wells Fargo Upgrades to Equal Weight from Underweight - PT $72 (from $50) $STWD: KBW Upgrades to Outperform from Market Perform - PT $22.50 (from $20.50) $XPEV: JPMorgan Upgrades to Overweight from Neutral - PT $11.50 (from $8)