MARKET UPDATE CONSUMER 🔸 $SPWH Q4 adj. EPS $0.04 (est. -$0.06) on revs $340.4M (est. $329.6M), comps -0.5%. Expects positive comps in 2025; sees FY net sales -1% to +3.5% (est. +0.4%). 🔸 $TSLA sold 78,828 China-made EVs in March (-11.5% YoY); Model 3/Y deliveries +156.9% MoM. ENERGY, INDUSTRIALS & MATERIALS 🔸 Oil dips amid tariff, sanction concerns; OPEC+ supply and mixed policies add downside risks. 🔸 $BHP considers spinning off Australian iron ore & coal units. 🔸 $ED files debt securities shelf. 🔸 $SMG upgraded to Buy at Truist. FINANCIALS 🔸 $OZK raises dividend 2.38% to $0.43/share. 🔸 $SCHW upgraded to Buy at Citi, PT raised to $102 (from $85). 🔸 $SMA prices 27M-share offering at $30.00. 🔸 $V offers AAPL ~$100M for Apple Card deal (WSJ). HEALTHCARE 🔸 $ANGO Q3 adj. EPS -$0.08 (est. -$0.13) on revs $72M (est. $70.3M); raises FY guidance. 🔸 $EWTX reports positive Phase 2 data for EDG-7500 in HCM trial. 🔸 $LLY clarifies no ties to HIMS, Zepbound prescribable by any licensed provider. 🔸 $ENOV names Damien McDonald CEO (effective May 12). TECH, MEDIA & TELECOM 🔸 $MBLY selects VLN’s VA7000 chipsets for autonomous driving. 🔸 $NCNO Q4 adj. EPS -$0.09 (est. $0.19) on revs $141.4M (est. $140.8M); announces $100M buyback; guides Q1 revs $138.75-$140.75M (est. $145.47M) and EPS $0.15-$0.16 (est. $0.21). 🔸 $RMBL fires CFO Tiffany Kice (effective April 2, 2025), appoints Michael Quartieri as interim CFO.

MORNING RECAP • $ASO announces a $700M share buyback. • $AEO Q3 EPS $0.48 vs. $0.46 est., rev down -0.9% to $1.29B; cuts annual sales growth forecast to 3%, expects Q4 comp sales +1%, total rev -4%. • $CHPT Q3 loss (-$0.18) vs. est. (-$0.09), rev -10% to $99.6M; Q4 rev guidance $95M-$105M. Networked charging systems down -29%, subscription rev up +19%. • $COST November comp sales +3.1%, net sales +5.6% to $21.87B; Q1 sales +7.5% to $60.99B. • $FIVE Q3 EPS $0.42 vs. $0.17 est., sales +15% to $843.7M; Q4 sales guide $1.35B-$1.38B, comp sales expected to decline. • $PVH Q3 adj EPS $3.03 vs. $2.59 est., rev $2.26B vs. $2.22B; Q4 rev expected -7% to -6%, EPS $3.05-$3.20. • $PG now sources Gillette razor steel from India to mitigate potential Trump tariffs. • $AVAV Q2 rev $188.5M vs. $182.9M est.; adj EBITDA $25.9M vs. $31.7M est.; maintains FY25 EPS $3.18-$3.49, revenue $790M-$820M. • $APD: Mantle Ridge now nominates only four for the board, down from nine. • $CULP Q2 adj op income ($2.6M) vs. ($3.589M) est., sales $55.7M vs. $58M est.; expects flat to slightly down Q3 sales, positive EBITDA in 2H, profitable by Q4. • $GEF Q4 EPS $1.08 vs. $1.10 est.; rev up 8.3% to $1.42B, adj EBITDA down 0.8% to $197.6M; FY25 adj EBITDA expected at $675M low-end. • $LUV boosts Q4 revenue per seat mile forecast to 5.5%-7% from 3.5%-5.5%, due to pricing and travel demand. • $FI stock falls as CEO Frank Bisignano is nominated by Trump to lead the SSA. • $FOUR downgraded to Hold from Buy after CEO Jared Isaacman is chosen by Trump to head NASA. • $HOOD plans Asia expansion, setting up in Singapore. NYPD seeks man who killed UnitedHealth $UNH executive Brian Thompson outside a Manhattan hotel, suspect fled into Central Park. TSM discussing with $NVDA to manufacture AI chips in Arizona. • $AMAT downgraded to Underweight at Morgan Stanley due to memory market concerns. • $HPE upgraded to Overweight, target price raised post-Juniper acquisition. • $NCNO Q3 adj EPS $0.21 vs $0.16 est., Q4 rev guidance below estimates. • $OOMA Q3 EPS $0.17 vs $0.16 est., raised yearly outlook. • $S Q3 EPS loss ($0.25) vs $0.01 est., slightly beat on revenue for Q4 and year. • $SNPS Q4 adj EPS $3.40 vs $3.30 est., Q1 guidance below expectations. • $VRNT Q3 EPS $0.54 vs $0.43 est., strong SaaS growth, FY25 revenue guidance up. • $DIS increases dividend to $1.00 per share. • $SMTC launches $400M stock offering.

#Downgrades - Dec 05, 2024 • $ABBV: Daiwa Securities Downgrades to Neutral from Buy - PT $180 • $AEO: JPMorgan Downgrades to Neutral from Overweight - PT $23 (from $27) • $ALLY: Wolfe Research Downgrades to Peerperform from Outperform • $AMAT: Morgan Stanley Downgrades to Underweight from Equalweight - PT $164 (from $179) • $CHWY: BNP Paribas Downgrades to Neutral from Outperform - PT $30 • $CNX: JPMorgan Downgrades to Underweight from Neutral - PT $37 (from $31) • $DVN: JPMorgan Downgrades to Neutral from Overweight - PT $191 • $F: Wolfe Research Downgrades to Underperform from Peerperform • $FOUR: Benchmark Downgrades to Hold from Buy • $FWONA: Seaport Global Securities Downgrades to Neutral from Buy • $GRAB: HSBC Downgrades to Hold from Buy - PT $5.50 (from $4.25) • $MRVI : Goldman Sachs Downgrades to Sell from Neutral - PT $4.25 (from $7) • $NAUT: Goldman Sachs Downgrades to Sell from Neutral - PT $1.75 (from $2.25) • $NCNO: Piper Sandler Downgrades to Neutral from Overweight - PT $38 • $OTIS: Barclays Downgrades to Underweight from Equalweight - PT $94 • $PB: Wolfe Research Downgrades to Peerperform from Outperform • $PFG: Morgan Stanley Downgrades to Underweight from Equalweight - PT $80 (from $86) • $RLMD: Mizuho Downgrades to Neutral from Outperform - PT $1 (from $23) • $ROP: Barclays Downgrades to Underweight from Overweight - PT $569 (from $625) • $SBRA: Mizuho Downgrades to Neutral from Outperform - PT $20 • $SM: JPMorgan Downgrades to Neutral from Overweight - PT $16 (from $15) • $VCYT: Goldman Sachs Downgrades to Neutral from Buy - PT $37 (from $38)

#Upgrades - Sep 03, 2024 $BAC: Deutsche Bank Upgrades to Buy from Hold - PT $45 $WFC: Deutsche Bank Upgrades to Buy from Hold - PT $65 $DB: Barclays Upgrades to Overweight from Equalweight $V: Exane BNP Paribas Upgrades to Outperform from Neutral - PT $325 $BAK: Bradesco BBI Upgrades to Outperform from Neutral - PT $8.50 $XPEV: Macquarie Upgrades to Outperform from Neutral - PT $10 $KOF: Goldman Sachs Upgrades to Buy from Neutral - PT $113.70 (from $108.30) $ADSK: HSBC Upgrades to Buy from Hold - PT $299 (from $242) $IFF: Mizuho Upgrades to Outperform from Neutral - PT $120 (from $109) $RDFN: B.Riley Upgrades to Buy from Neutral - PT $13 (from $7.50) $NCNO: Raymond James Upgrades to Outperform from Market Perform - PT $38 $AAOI: Raymond James Upgrades to Outperform from Market Perform - PT $17 $MTB: JPMorgan Upgrades to Overweight from Neutral - PT $215 (from $183) $CPAY: Wolfe Research Upgrades to Peerperform from Underperform $ADSK: Goldman Sachs Upgrades to Neutral from Sell - PT $295 (from $225) $NTAP: Loop Capital Upgrades to Buy from Hold - PT $150 (from $121) $U: Morgan Stanley Upgrades to Overweight from Equalweight - PT $22 $FRGE: UBS Upgrades to Buy from Neutral - PT $3