QUICK MARKET SUMMARY: Consumer 🔸 Carvana ( $CVNA) upgraded to Overweight at Morgan Stanley; PT raised to $280 from $260. 🔸 Cintas ( $CTAS) ended talks to buy UniFirst (UNF) for $275/share. 🔸 KB Home ( $KBH) Q1 miss: revenue down 5%, net income down 21%, lowers FY25 outlook; appoints Robert Dillard as CFO. 🔸 McCormick ( $MKC) Q1 EPS $0.60 (vs. $0.64 est.), reaffirms FY25 guidance. 🔸 Smithfield Foods sees higher annual sales and profit. 🔸 Tesla ( $TSLA) European market share down sharply; YTD sales -42.6%. Energy, Industrials & Materials 🔸 American Electric ( $AEP) announces $2B stock offering. 🔸 Bunge ( $BG) selling European margarine business to Vandemoortele. 🔸 Canadian Solar ( $CSIQ) Q4 EPS loss (-$1.47) vs. (-$0.24) est.; record storage shipments. 🔸 Enerpac ( $EPAC) Q2 EPS $0.38 (vs. $0.40 est.), maintains guidance. 🔸 EOG Resources ( $EOG) downgraded to Neutral at Mizuho; PT cut to $140. 🔸 Oklo ( $OKLO) FY24 EPS loss (-$0.74); first Aurora deployment expected late 2027. 🔸 Parsons ( $PSN) approves $250M share buyback. 🔸 TechnipFMC ( $FTI) wins $500M–$1B EPC contract from Equinor. Healthcare 🔸 Aura Biosciences ( $AURA) FY loss ($96M); cash runway into 2H26. 🔸 Beyond Air ( $XAIR) secures $2M for autism therapy development. 🔸 Merck ( $MRK) signs $200M licensing deal for Lp(a) inhibitor, potential $1.77B in milestones. 🔸 Neurogene ( $NGNE) FY loss ($82.6M); files $300M shelf offering; cash runway into 2H27. Tech, Media & Telecom 🔸 Alibaba ( $BABA) to restart hiring; Chairman Tsai warns of potential AI bubble. 🔸 Cloudflare ( $NET) double-upgraded to Buy at BofA; PT raised to $160. 🔸 India plans to scrap 6% digital ad tax, easing pressure on U.S. tech firms. 🔸 Crown Castle ( $CCI) appoints interim CEO Daniel Schlanger; reaffirms guidance. 🔸 Volkswagen ( $cVOWGY) partners with Valeo and Mobileye for advanced driver-assistance systems.

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 - Sep 05, 2024 $AZUL: HSBC Downgrades to Hold from Buy - PT $2.70 (from $9.90) $CE: Piper Sandler Downgrades to Neutral from Overweight - PT $150 (from $180) $DLTR: BMO Capital Downgrades to Market Perform from Outperform - PT $68 (from $130) $DLTR: Loop Capital Downgrades to Hold from Buy - PT $65 $EVTC: Susquehanna Downgrades to Negative from Neutral - PT $28 (from $38) $INTC: Erste Group Downgrades to Sell from Hold $KBH: RBC Capital Downgrades to Underperform from Sector Perform - PT $70 $KO: CFRA Downgrades to Hold from Buy - PT $72 $NVS: Goldman Sachs Downgrades to Neutral from Buy - PT $121 (from $119) $PAGS: Morgan Stanley Downgrades to Underweight from Equalweight - PT $6.50 (from $14) $STNE: Morgan Stanley Downgrades to Underweight from Equalweight - PT $7 (from $16.50) $TRNO: Mizuho Downgrades to Underperform from Neutral - PT $62