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.

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.

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.