MARKET HIGHLIGHTS AUTOS: 🔸 GM & Ford drop as Trump imposes 25% import tax on foreign cars (effective April 3); European & Asian automakers also down. 🔸 S&P Changes: Cava ( $CAVA) replaces Altair ( $ALTR) in S&P MidCap 400 (March 31) after Siemens acquires Altair. 🔸 Crypto: GameStop ( $GME) plans $1.3B convertible notes offering to buy Bitcoin. EARNINGS: 🔸 MillerKnoll ( $MLKN): Q3 EPS $0.44 in line, revenue $876.2M (miss); Q4 guide below estimates. 🔸 Nio ( $NIO): Raises $450M via share placement for EV development. 🔸 Petco ( $WOOF): Q4 EBITDA beats, but weak Q1 & FY guidance. 🔸 Steelcase ( $SCS): Q4 EPS beats; Q1 revenue & EPS guidance above estimates. INDUSTRIALS & MATERIALS: 🔸 Chemours ( $CC) upgraded at Mizuho; 🔸 Liberty Energy ( $LBRT) upgraded at Morgan Stanley. 🔸 HB Fuller ( $FUL) beats Q1 EPS, guides FY revenue lower. FINANCIALS: 🔸 Jefferies ( $JEF) Q4 EPS misses; cites challenging capital markets. HEALTHCARE: 🔸 Medicaid overpaid insurers ( $CI, $HUM, $UNH, $ELV), per WSJ. 🔸 Nkarta ( $NKTX): Q4 EPS beats, cash runway to 2029. 🔸 Soleno ( $SLNO): FDA approves Vykat XR for genetic disorder. 🔸 Zentalis ( $ZNTL): Files mixed shelf offering up to $250M. TECH & MEDIA: 🔸 $AMD downgraded at Jefferies (AI concerns, competition). 🔸 S&P Changes: Angi ( $ANGI) replaces ODP in SmallCap 600. 🔸 3D Systems ( $DDD): Q4 EPS misses, weak FY guidance. 🔸 Concentrix ( $CNXC): Q1 EPS & revenue beat, reiterates FY outlook. 🔸 OpenAI nears $40B funding at $300B valuation (Bloomberg). 🔸 Verint ( $VRNT): Q4 EPS & revenue miss, weak FY guidance.

BREAKING: Chris Wright has been selected to be Energy Secretary. Wright was the CEO of Liberty Energy, $LBRT, and serves as a board member at Oklo, $OKLO. Wright will step down as CEO and chairman of the board at Liberty upon his confirmation as energy secretary, according to a company statement

Stock Gainers Brief: • $CVS: +3%; added four new board members, including Larry Robbins from Glenview Capital, expanding to 16 members; upgraded by Wells Fargo. • $FOUR: +4%; to join S&P MidCap 400 in place of RCM on November 20. • $HOOD: +6%; upgraded to Buy by Needham due to expected benefits from Trump's policy changes at SEC. • $LBRT: +2%; stock up with Chris Wright, a fracking advocate, nominated for Energy Secretary. • $MBI: +10%; upgraded to Outperform by KBW with a new $9 target after favorable legal and earnings news. • $SMCI: +9%; plans to meet Nasdaq compliance requirements for continued listing. • $TSLA: +8%; due to Trump team's interest in autonomous vehicle regulations. • $WOLF: +5%; CEO Gregg Lowe ousted, Thomas Werner steps in as Executive Chairman during CEO search. Stock Laggards Brief: • $BIIB: -1%; downgraded to Hold by Needham, with no expected upside in the next year. • $CMAX: -55%; filed for bankruptcy with $693M in debt, $390M in assets. • $LLY: -4%; continues to decline with other obesity/healthcare stocks. • $MARA: -6%; issuing $700M in convertible notes. • $NGNE: -35%; halted development of high-dose gene therapy due to serious side effect. • $PLTR: -9%; despite being a top S&P performer YTD, sees significant drop. • $UBER & $LYFT: -6%; both affected by news of potential regulations for autonomous vehicles.

MORNING RECAP • $TSLA +8% pre-market on report of Trump's team prioritizing self-driving vehicle regulations. • $BG approved $500M more for stock buybacks. • $F faces recall investigation for 112,567 vehicles due to seat belt issues. • $GIS prepares for mixed securities offering. • $SAVE files for bankruptcy due to financial losses. • $LBRT shares up as Chris Wright, its CEO and fracking advocate, is named Energy Secretary by Trump. • Trump's efficiency drive to slash federal contractor rates, led by Vivek Ramaswamy and Elon Musk. • Oil prices decline due to ample global supply and weak demand outlook from China. • Manulife's CEO Roy Gori to retire in May 2025. • $MARA plans to offer $700M in convertible notes. • $HOODupgraded to Buy by Needham, target $40. • Shift4 Payments to join S&P MidCap 400, replacing RCM, effective Nov 20. R1 RCM acquisition by TowerBrook and CD&R set for Nov 19. • $BIIB downgraded to Hold by Needham with no expected upside in the next year. • $CVS upgraded to Overweight by Wells Fargo, target price now $66. • $CVS to add four new board members including Larry Robbins from Glenview Capital. • $NVDA faces overheating issues with its Blackwell GPUs in server setups. • $ALAB gets Buy rating from Citigroup with $120 target. • $MPWR upgraded to Buy after stock drop. • $SMCI aims to submit Nasdaq compliance plan. • $WBD settles NBA lawsuit, extends partnership for 10+ years.