MARKET UPDATES: CONSUMER: 🔸 $DG upgraded to Overweight (BofA). 🔸 Macau casinos ($WYNN, $LVS, $MLCO, $MGM): Gaming revenue +0.8% YoY. 🔸 $LI: March deliveries 36,674 (+26.5% YoY). 🔸 $NIO: March deliveries 15,039 (+14% MoM). 🔸 $PVH: Q4 EPS $3.27 (beat), revenue -4.8% YoY. 🔸 $TSLA: Denmark sales -65.6% YoY. 🔸 $ULTA: Upgraded to Buy, price target raised to $423. ENERGY & INDUSTRIALS: 🔸 $AAL, $DAL, $LUV: Downgraded (Jefferies). 🔸 Oil: Brent stabilizes after Trump’s Russia comments. 🔸 $CVX: Sells East Texas gas assets ($1.2B+ value). 🔸 $EE: 7M-share secondary offering priced at $26.50. FINANCIALS: 🔸 $LPLA: 4.7M-share secondary offering at $320. 🔸 $V: $375M escrow deposit, reducing Class B shares. 🔸 $WRB: Downgraded (BofA). HEALTHCARE: 🔸 $JNJ: $10B talc settlement rejected by U.S. judge. 🔸 Drugmakers: Lobby Trump to phase in pharma tariffs. TECH & MEDIA: 🔸 $LYV, $SEAT: Fall after Trump’s executive order on ticket pricing. 🔸 $PRGS: Q1 EPS $1.31 (beat), raises full-year guidance. 🔸 $SPIR: Q4 EPS loss ($2.21), weak Q1 outlook.

MARKET UPDATE: CONSUMER 🔸 Autos ($GM, $F, $STLA, $TSLA): Trump plans 25% tariffs on foreign cars/parts starting Thursday. He told NBC he "couldn’t care less" if automakers raise prices. 🔸 Harley-Davidson ( $HOG): Warns EU’s potential 50% retaliatory tariff could push prices to extreme levels. ENERGY, INDUSTRIALS & MATERIALS 🔸 FTC Solar ( $FTCI): Q4 adj. EPS loss (-$0.80) vs. est. (-$0.84); revenue $13.2M vs. est. $11.61M; Q1 rev. outlook ($18M-$20M) vs. consensus $23.47M. 🔸 Honeywell ( $HON): Plans to take Quantinuum public by 2026-2027, market conditions permitting. 🔸 U.S. Steel ( $X): Downgraded to Market Perform at BMO; Steel Dynamics (STLD): Upgraded to Outperform, seen benefiting from Trump's tariffs. FINANCIALS 🔸 Cannae ( $CNNE): Plans to use $460M from Dun & Bradstreet sale for buybacks, dividends, and debt reduction. 🔸 LPL Financial ( $LPLA): Acquiring Commonwealth Financial for ~$2.7B in cash (2,900 advisors, $285B AUM). 🔸 PNC Financial ( $PNC): Upgraded to Buy at HSBC. HEALTHCARE 🔸 RFK Jr.: Doubling HHS layoffs to 20,000, consolidating divisions from 28 to 15, renaming it "Administration for a Healthy America ( $AHA)." 🔸 Waters Corp. ( $WAT): Upgraded to Overweight at KeyBanc ($460 target), citing strength in pharma/biotech manufacturing. TECH, MEDIA & TELECOM 🔸 xAI & X Merger: xAI acquires X in an all-stock deal, valuing xAI at $80B and X at $33B. The merger integrates AI expertise with X’s distribution and data. 🔸 Semiconductors: Renesas, Sumco, and Tokyo Electron among Japan’s biggest losers as Nikkei 225 slumps. Foxconn and TSMC also fell in Taiwan.

#Upgrades - Oct 09, 2024 $AFRM: Morgan Stanley Upgrades to Equalweight from Underweight - PT $37 (from $20) $HD: Loop Capital Upgrades to Buy from Hold - PT $460 $HON: CFRA Upgrades to Buy from Hold - PT $235 $INTR: JPMorgan Upgrades to Overweight from Neutral - PT $8.50 (from $7.50). $LOW: Loop Capital Upgrades to Buy from Hold - PT $30 $LPLA: Wells Fargo Upgrades to Overweight from Equal Weight - PT $285 (from $235) $LUV: Jefferies Upgrades to Hold from Underperform - PT $32 (from $24) $MSCI: Redburn-Atlantic Upgrades to Buy from Neutral - PT $680 $RJF: JMP Securities Upgrades to Market Outperform from Market Perform - PT $146 $SAIA: Wolfe Research Upgrades to Outperform from Peerperform $VLO: Wells Fargo Upgrades to Overweight from Equal Weight - PT $165 (from $172) $VNET: HSBC Upgrades to Buy from Hold - PT $5.20