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.

Trump plans to sign an executive order targetting "exploitative ticket scalping" and reform the US Live Entertainment ticketing industry, per Reuters LiveNation $LYV falls on news. All call volume dropped completely on $LYV today, and puts rose into close. Unusual.

MORNING RECAP Tesla ( $TSLA): China-made EV sales dropped 4.3% y/y to 78,856 in November. Month-over-month increase of 15.5% for Model 3 and Model Y deliveries. Kroger ( $KR): Upgraded to Buy from Hold by Jefferies, target raised to $73 from $54. Downgraded by BMO Capital, target unchanged at $60. Live Nation Entertainment ( $LYV): Launched $1B in convertible senior notes due 2030. Axon (AXON): Upgraded to Overweight from Equal Weight by Morgan Stanley; target raised to $700 from $500. Crane Company (CR): Agreed to sell engineered materials segment for $227M to KPS Capital Partners, LP. Forecasts Q4 adjusted EPS from continuing operations at $1.10-$1.25. Donaldson (DCI): Q1 adjusted EPS $0.83, slightly above estimate of $0.82; Q1 revenue $900.1M vs. $892.43M expected. Maintains FY25 EPS guidance at $3.56-$3.72; expects revenue growth of 2%-6%. FedEx ( $FDX): Downgraded to Market Perform from Outperform at Bernstein; target reduced to $316 from $337. General Motors ( $GM): Non-binding agreement to sell stake in Ultium Cells LLC plant in Lansing to LG Energy Solutions. Honeywell ( $HON): Signed agreement with Bombardier for next-gen aviation tech; updated 2024 outlook. Joby Aviation Inc ( $JOBY): CFO Matthew Field to resign effective December 13, 2024. Rayonier ( $RYN): Authorized $300M share repurchase; announced special dividend of $1.80 per share. United States Steel ( $X): Shares fell after Trump's comments on reviving U.S. Steel and opposing Nippon Steel's acquisition. Aflac ( $AFL): Quarterly dividend increased by 16% to $0.58 per share. CleanSpark Inc. ( $CLSK): FY revenue at $378.9M, below estimates of $397.32M. Adjusted EBITDA at $245.8M, significantly above estimates of $141.44M. Regional Management Corp ( $RM): Announced a $30M stock repurchase program. State Street ( $STT): Upgraded to Outperform from Market Perform by Keefe Bruyette; target price raised to $120. PTC Therapeutics ( $PTCT): Upgraded to Outperform from Sector Perform by RBC Capital; target price increased to $63 from $39, citing transformative deal with Novartis. TransMedics ( $TMDX): Narrowed FY24 revenue guidance to $428M-$432M from $425M-$445M. Announced new CFO, Gerardo Hernandez, replacing Stephen Gordon. Vaxart ( $VXRT): Completed enrollment for sentinel cohort in phase 2B study of its COVID-19 oral vaccine candidate. Microchip Technology ( $MCHP): Shares fell after lowering December 2024 revenue guidance to about $1.025B. Announced closure of Tempe wafer fabrication facility (Fab 2). Microsoft ( $MSFT): Facing a £1 billion dispute in the U.K. over cloud software licensing practices. AT&T ( $T): Authorized $10B in share repurchases. Raised FY adjusted EPS guidance to $2.20-$2.25. Maintained free cash flow and capital expenditure forecasts. Credo Technology ( $CRDO): Q2 revenue $72.0M, above estimates; EPS $0.07 vs. $0.05 expected. Forecasts Q3 gross margin between 60.6%-62.6%; revenue guidance $115M-$125M. Bill Holdings ( $BILL): Offering $1.0B in convertible senior notes due 2030. Ingram Micro ( $INGM): To reduce workforce by 850 associates. IonQ ( $IONQ): Launched IonQ Quantum OS and IonQ Hybrid Services suite to enhance quantum computing utility. Seagate Technologies ( $STX): Expects lower production output for fiscal Q3 2025, impacting revenue by up to $200M. Zscaler ( $ZS): Q1 adjusted EPS $0.77, above $0.63 estimate; revenue $627.955M vs. $606.19M expected. Provided Q2 and FY revenue and EPS guidance, both exceeding consensus estimates.

RECAP • $HD: Q3 EPS $3.78 vs. $3.65 est., revenue up 6.6% to $40.22B. Comp sales down 1.3%, better than expected. Raised FY24 sales forecast to 4% growth. • $BABA: Strong sales growth during Singles' Day, 45 brands hit over 1 billion yuan GMV. • $LYV: Q3 operating income $909.8M vs. $856.6M est., revenue down 6.2% to $7.65B. Ticket sales for 2024 up 3%. • $ONON: Q3 EPS CHF 0.16, below est. CHF 0.20. Sales CHF 635.8M, up from expected CHF 617.3M. Increased FY sales forecast. • $VIK: Upgraded by Morgan Stanley due to robust cruise demand. • $APAM: AUM as of October 31, 2024, was $162.8B, with $78.8B in Artisan Funds and $84.0B in other accounts. • $AGO: Q3 EPS $2.42 vs. $1.42 est., revenue down 33% to $269M, premiums up 53% to $61M. • $CNS: AUM decreased to $89.7B by October 31, 2024, from $91.8B, due to market depreciation and distributions. • $IVZ: AUM dropped to $1.772T, down 1.3%, with $2B in net inflows but losses from market returns. • $JRVR: Q3 premiums grew 6%, with a high combined ratio of 136.1% but a better current year ratio at 92.6%. • $RMR: Q4 EPS $0.34 below $0.40 est., EBITDA slightly above estimate at $21.8M. • $HOOD: October showed 24.4M funded customers, $159.7B in assets, with significant growth in deposits. • $VCTR: Reported AUM of $172.3B, total client assets of $176.5B for October 31, 2024. • $ASRT: Q3 EPS $0.03 vs. ($0.05) est., EBITDA $5.3M vs. $4.7M est., revenue $29.2M vs. $28.87M est. • $AZN: Upgraded full-year guidance due to strong Q3, expects high teens growth for earnings and revenue in 2024. • $BAYRY: Stock dropped after forecasting lower earnings next year due to weak ag markets. • $NGNE: Shares fell despite positive trial data for Rett Syndrome drug, due to an adverse event. • $NVRO: Q3 EPS ($0.41) vs. ($0.81) est., improved EBITDA, raised FY revenue guidance. • $STXS: Q3 EPS ($0.08) vs. ($0.05) est., revenue beat expectations, kept flat year-over-year revenue guidance. IAC: Considering spinning off Angi, which IAC controls 85% of, valued at $1.25B, after exceeding Q3 revenue forecasts due to Dotdash Meredith. • $IVAC: Q3 EPS loss was ($0.08) vs. ($0.15) est., revenue significantly beat estimates at $28.5M. • $OKTA: Downgraded to hold by Deutsche Bank. • $SE: Q3 EPS $0.24 missed estimates by $0.02, but revenue hit $4.3B, beating estimates. • $ZETA: Q3 EBITDA $53.6M vs. $49.93M est., revenue $268M vs. $252.5M est., raised Q4 guidance.