QUICK MARKET SUMMARY: CONSUMER: 🔸 Colgate ( $CL): New $5B buyback, dividend to $0.52. 🔸 $NCLH: Upgraded to Equal Weight (Morgan Stanley). 🔸 Lennar ( $LEN): Q1 EPS $2.14 (est. $1.73), rev $7.63B (est. $7.49B); Q2 orders 22.5k-23.5k, deliveries 19.5k-20.5k. 🔸 Nike ( $NKE): Q3 EPS $0.54 (est. $0.28), rev $11.3B (est. $11.03B); guides Q4 rev down mid-teens. 🔸 $NIO: Q4 rev $2.7B (est. $2.79B), EV deliveries up 45%; Q1 guide: 41k-43k vehicles, rev $1.69B-$1.76B (est. $2.48B). 🔸 Torrid ( $CURV): Q4 sales -6.1% y/y; guides Q1 sales $264M-$274M (est. $279M), EBITDA below estimates. 🔸 Target ( $TGT): Files $1B note offering due 2035. Energy/Industrials/Materials: 🔸 FedEx ( $FDX): Q3 EPS $4.51 (miss), rev $22.2B (beat); cuts FY25 guidance. 🔸 Nucor ( $NUE): Q1 EPS guide $0.50-$0.60 (est. $1.09); sees lower steel product prices. 🔸 Planet Labs ( $PL): Q4 loss -$0.08 (est. -$0.02), rev $61.6M; Q1 guide below est. 🔸 U.S. Steel ( $X): Q1 EBITDA $125M (in line), EPS loss guided larger than est. 🔸 BP ( $BP): Elliott pushes for cost cuts, possible board changes (Reuters). Healthcare: 🔸 Assembly Bio ( $ASMB): Files $250M mixed shelf. 🔸 Editas ( $EDIT): CFO stepping down. 🔸 Foghorn ( $FHTX): Files $100M shelf. 🔸 J&J ( $JNJ): Plans $55B investment in U.S. manufacturing/research. 🔸 Maravai ( $MRVI): Guides Q1 rev $43M-$45M (est. $63M). 🔸 Vor Bio ( $VOR): Files $350M shelf. Tech/Media/Telecom: 🔸 Micron ( $MU): Q2 EPS $1.56 (beat), rev $8.05B; Q3 guide above est. 🔸 Luminar ( $LAZR): Sees slower Q1, FY25 rev growth 10%-20%. 🔸 Quantum ( $QUBT): Q4 loss -$0.47 (miss), rev $62k; chip foundry launch in 2025. 🔸 Super Micro ( $SMCI): Upgraded to Neutral (JPM), price target raised to $45.

MORNING BID 🔸 OpenAI: Plans to reduce reliance on NVIDIA ( $NVDA) by developing its first in-house AI chip, with design finalization in the next few months. Chips will be manufactured by Taiwan Semiconductor ( $TSM) 🔸 ChipMOS Technologies ( $IMOS): Expects 6.3% revenue growth for 2024, despite a 5.4% YoY decline in Dec 2024 and 5.7% YoY decline in Q4 2024. Plans to buy back shares up to T$17.39B. 🔸 Mobileye ( $MBLY): Upgraded to Neutral by Bank of America, citing limited downside risk and bottoming sentiment. 🔸 Taiwan Semiconductor ( $TSM): Q1 revenue expected at the lower end of guidance due to a $161M (NT$5.3B, net of insurance) impact from a late January earthquake in southern Taiwan. 🔸 Edgewell Personal Care ( $EPC): Q1 adj. EPS $0.07 (est. $0.12); Q1 revs $478.4M (est. $480.16M). FY25 outlook: adj. EPS at lower end of $3.15-$3.35 (est. $3.18), adj. EBITDA at lower end of $356M-$368M, capex 2.5%-3% of revenue. 🔸 Rivian ( $RIVN): Now selling delivery vans to fleets of all sizes in the US, over a year after ending exclusivity with Amazon ( $AMZN). 🔸 Sun Country Airlines ( $SNCY): Announces secondary offering of 6.3M shares and $10M share repurchase from underwriters. 🔸 Illumina ( $ILMN): Downgraded to Underweight from Equal Weight by Barclays. 🔸 Merck ( $MRK): Downgraded to Hold from Buy by TD Cowen, price target cut to $100 from $121. 🔸 Pliant Therapeutics ( $PLRX): Shares fall as it pauses enrollment and dosing in the ongoing Beacon-IPF Phase 2b trial of bexotegrast for idiopathic pulmonary fibrosis. 🔸 BP Plc ( $BP): Shares rise after Elliott Management takes a stake, expected to push for strategy and board changes. 🔸 ConocoPhillips ( $COP): Downgraded to Outperform from Strong Buy by Raymond James. 🔸 Spirit AeroSystems ( $SPR): Q4 2024 net revenues $1.66B (down from $1.81B YoY, above est. $1.53B); reported $401M in net forward loss charges. 🔸 US Metals Stocks: Shares of Cleveland Cliffs ( $CLF), Nucor ( $NUE), Alcoa ( $AA), and others rise after Trump announces 25% steel and aluminum tariffs in latest trade escalation.

THE OFFER WOULD BE IN THE HIGH $30S A SHARE- CNBC

$X $NUE - CLEVELAND-CLIFFS PARTNERS WITH NUCOR IN POTENTIAL BID FOR US STEEL- CNBC

MORNING RECAP 🔸 EVgo Inc ( $EVGO) launches secondary offering of 23 million Class A shares. 🔸 Mama's Creations ( $MAMA) Q3: EPS $0.01 (est. $0.04), adj. EBITDA $1.7M (est. $3.229M), revenue $31.5M (est. $30.05M). 🔸 McCormick ( $MKC) reportedly negotiating to acquire Sauer brands for $1 billion. 🔸 RCI Hospitality ( $RICK) Q4: adj. EPS $1.63 (est. $0.37), adj. EBITDA $17.9M (est. $13.92M), revenue $73.2M (est. $72.98M); forecasts FY29 revenue at $400M, FCF at $75M with 7.5M shares. 🔸 Tesla ( $TSLA) upgraded to Overweight by Mizuho, target price raised to $515. 🔸 Online sports betting: New Jersey's November handle exceeds $1.2B, with $119M in revenue, up 24.1% from last year. 🔸 Compass Minerals ( $CMP) Q4: adj. EPS loss (-$0.77) vs. est. (-$0.44), revenue $208.8M vs. est. $213.5M; adj. EBITDA $15.6M. 🔸 Expects 2025 salt sales volumes up 9% and 2024 Plant Nutrition volumes up 25% to 273K tons. 🔸 Kosmos Energy ( $KOS) abandons acquisition talks with Tullow Oil. 🔸 Joby Aviation ( $JOBY) completes major FAA certification tests for aerostructures. 🔸 Nucor Corp. ( $NUE) lowers Q4 EPS guidance to $0.55-$0.65, below consensus of $0.87. 🔸 Owens Corning ( $OC) upgraded to Overweight by Wells Fargo. 🔸 Biden administration offers PG&E ( $PCG) a $15B loan for climate and grid improvement projects. 🔸 Affirm Holdings ( $AFRM) issues $750M in Convertible Senior Notes due 2029, plans to repurchase up to $300M in Class A stock. 🔸 Marqeta ( $MQ) downgraded to Equal Weight by Barclays. 🔸 Jazz Pharmaceuticals ( $JAZZ) CEO Bruce Cozadd to retire by end of 2025. 🔸 Rockwell Medical ( $RMTI) secures multi-year deal with top dialysis provider, anticipating $10M+ in 2025 sales, with annual price increases and a term up to five years. 🔸 eBay Inc ( $EBAY) board approved an additional $3B for stock repurchases on Dec 12. 🔸 Mitek Systems ( $MITK) Q4: adj. EPS $0.33 (est. $0.17), adj. EBITDA $15.4M (est. $8.314M), revenue $43.222M (est. $41.31M); FY25 guidance: revenue $170-180M (est. $179.52M), adj. EBITDA margin 24-28%.

🔸#Upgrades - Sep 09, 2024 $CLS: Stifel Upgrades to Buy from Hold - PT $58 $EXLS: Jefferies Upgrades to Buy from Hold - PT $42 (from $35) $FULC: BofA Securities Upgrades to Neutral from Underperform - PT $10 (from $5) $HZO: Citi Upgrades to Buy from Neutral - PT $44 (from $40) $IMUX: Leerink Upgrades to Outperform from Market Perform - PT $5 $JBLU: BofA Securities Upgrades to Neutral from Underperform - PT $6 (from $3) $JHG: UBS Upgrades to Neutral from Sell - PT $37 (from $33) $KYMR: Leerink Upgrades to Outperform from Market Perform - PT $60 $LGIH: Wedbush Upgrades to Neutral from Underperform - PT $125 (from $97) $NUE: JPMorgan Upgrades to Overweight from Neutral - PT $174 (from $170) $STLD: JPMorgan Upgrades to Neutral from Underweight - PT $131 (from $120) $TCBI: BofA Securities Upgrades to Buy from Underperform - PT $77 (from $51) $TVTX: Guggenheim Upgrades to Buy from Neutral - PT $25 $X: JPMorgan Upgrades to Overweight from Neutral - PT $42 (from $40)