Premkt $VIX: 38 $BABA: -8.29% $JD: -7.77% $XPEV: -7.49% $AMZN: -5.40% $AMD: -5.29% $INTC: -5.22% $TSLA: -5.13% $AAPL: -4.73% $NIO: -4.55% $NKE: -4.41% $MSFT: -4.38% $META: -4.25% $RIVN: -3.82% $NVDA: -3.80% $GOOGL: -3.07% $AMC: -2.27%

Share of US sold vehicles made in the US: Tesla, $TSLA: 100% Rivian, $RIVN: 100% Ford, $F: 78% Honda: 64% Stellantis, $STLA: 57% Subaru: 56% Nissan: 53% General Motors, $GM: 52% BMW: 48% Toyota: 48% Mercedes: 43% Hyundai: 33% Volkswagen: 21% Mazda: 19% Volvo: 13%

$RIVN earnings: - Revenue: $1.73 billion, est: $1.4 billion - Closed Joint Venture with Volkswagen Group and loan from the Department of Energy which provides up to $10 billion of incremental capital

BREAKING: George Soros (Soros Fund Management) updated his portfolio. As soon as his filing comes in, we update his full positions on Unusual Whales. Get it live and first! He added $W, $DOCN, $TLT, $AAPL, $RIVN, reduced $BABA $DBX $DISH $HYG

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.

Rivian, $RIVN, has unveiled a new all electric Commercial Van

$RIVN - RIVIAN PLANS TO RELEASE HANDS FREE ADVANCED DRIVER ASSISTANCE SYSTEM IN 2025 AND EYES OFF SYSTEM IN 2026 - CEO RJ SCARINGE

MORNING BID 🔸 $NET: Upgraded to Buy by Citigroup, target price to $145 from $95, expecting 27%-30% annual revenue growth. 🔸 Citigroup: Positive 90-day watchlist for $OKTA, negative for $CRWD. 🔸 $WDC: Q2 revenue expected at $4.30B (below consensus $4.24B, EPS at $1.75-$2.05; CFO Jabre resigning. 🔸 $CRM: Upgraded to Buy from Hold by TD Cowen. 🔸 TikTok: Trump's advisor supports keeping app if deal viable; Schumer urges Biden to extend shutdown deadline by 90 days. 🔸 $OZK: Q4 EPS $1.56 vs. est. $1.44; NII $379-398M; book value up 11.5% to $47.30/share. 🔸 $CFG: Q4 EPS $0.85 vs. est. $0.83; revenue $1.99B; NIM 2.87%; provisions $162M. 🔸 $INDB: Q4 adj. EPS $1.21 vs. est. $1.16; NIM 3.33%; Q3 pre-tax profit $62.93M. 🔸 $RC: Announces $150M share buyback. 🔸 $RF: Q4 EPS $0.56 vs. est. $0.55; revenue $1.845B; Q1 NII to decline; NIM 3.55%; provisions $120M. 🔸 $WULF: Files for mixed shelf offering, size undisclosed. 🔸 $TFC: Q4 EPS $0.91 vs. est. $0.88; revenue $5.11B; tangible book value $30.01/share; CET1 ratio 11.5%; provisions $471M; Q1 revenue down 2% Q/Q; FY revenue up 3-3.5%. 🔸 $JBHT: Q4 EPS $1.53 vs. est. $1.61; revenue down 5% to $3.15B, due to declines in various segments including Intermodal (down 2%). 🔸 $DD and $AXTA: Upgraded to Outperform by Wolfe Research. 🔸 $OTIS: Authorizes $2B share repurchase program. 🔸 Shield AI: In talks to raise significant funding from $PLTR and $LMT, per The Information. 🔸 $CROX: Downgraded to Hold from Buy by Williams Trading due to weakening trends. 🔸 $RIVN: Finalizes $6.6B loan agreement with U.S. DOE for Georgia manufacturing. Fisker: U.S. auto safety probe closed on 6,971 Ocean SUVs, no further investigation expected post-bankruptcy.

$RIVN

So it's the weekend and that means time to relax/take it easy...what that looks like over hear is 2 a days in the gym, loading up on nature's medicine(steak, eggs, fruit, veggies), and diving into the charts 💪 -Weekend Agenda for Subs Video: $BTC Miners what I saw in $MSTR prior to its 4x move that I'm now seeing in the miners Charts: Speculative paths+Upside/Downside targets Early Expansion- $LCID, $MBLY, $RIVN, $LTC Expansion- $BTC, $SQ, $PLTR, $ARKK, $NVDA, $DOGE, $XRP, $AMZN, $MSTR Pre-Expansion- $MARA, $CLSK, $RIOT, $IREN, $BTBT, $WULF, $CIFR, $BITF, $WGMI Bottom Formations- $BLNK, $AMC, $ARKG, $CELH On-Going Corrective- $TSLA, $AMD, $MU, $LMND Requests- Subscribers chart requests will be posted

#Downgrades - Dec 18, 2024 • $AM: Wells Fargo Downgrades to Equal Weight from Overweight - PT $16 • $ANGI: JPMorgan Downgrades to Neutral from Overweight • $AXTA: Citi Downgrades to Neutral from Buy - PT $41 (from $45) • $AXTA: Citi Downgrades to Neutral from Buy - PT $41 (from $45) • $EA: Stifel Downgrades to Hold from Buy - PT $167 • $EMN: Citi Downgrades to Neutral from Buy - PT $104 (from $118) • $EMN: Citi Downgrades to Neutral from Buy - PT $104 (from $118) • $EPD: Wells Fargo Downgrades to Equal Weight from Overweight - PT $35 • $FLNC: Baird Downgrades to Neutral from Outperform - PT $20 (from $24) • $FLR: Baird Downgrades to Neutral from Outperform - PT $58 (from $54) • $GETY: JPMorgan Downgrades to Underweight from Neutral • $HAL: Barclays Downgrades to Equalweight from Overweight - PT $33 (from $43) • $MTCH: JPMorgan Downgrades to Neutral from Overweight - PT $33 (from $40) • $MYPS: JPMorgan Downgrades to Underweight from Neutral • $OII: Barclays Downgrades to Equalweight from Overweight - PT $26 (from $22) • $OKE: Wells Fargo Downgrades to Equal Weight from Overweight - PT $107 • $PAA: Wells Fargo Downgrades to Equal Weight from Overweight - PT $20 • $PAGP: Wells Fargo Downgrades to Equal Weight from Overweight - PT $20 • $PBA: Wells Fargo Downgrades to Equal Weight from Overweight • $PTVE: Jefferies Downgrades to Hold from Buy - PT $18 (from $15) • $RIVN: Baird Downgrades to Neutral from Outperform - PT $16 (from $18) • $RNR: Jefferies Downgrades to Hold from Buy - PT $282 (from $304) • $SBAC: BMO Capital Downgrades to Market Perform from Outperform - PT $230 (from $260) • $VAL: Barclays Downgrades to Equalweight from Overweight - PT $49 (from $59)

$TSLA $RIVN $F - SHARES OF AUTOMAKERS MOVE LOWER AFTER REPORT TRUMP TRANSITION TEAM PLANS TO KILL EV TAX CREDIT TESLA DOWN 4.2%, RIVIAN DOWN 10.5%, FORD DOWN 0.2%

RECAP • $CAVA: Q3 EPS $0.15, above expectations of $0.11; sales up 39% to $243.8M; FY guidance for restaurant comp sales at 12.5%, up from 8.5-9.5%, and EBITDA at $123M. Plans to increase restaurant openings and margins. • $FLUT: Q3 adjusted EBITDA up 74% to $450M; revenue up 27% to $3.25B; raised full-year forecasts for EBITDA and revenue, expecting 35% profit increase. • $CART: Q3 EPS $0.42 vs. $0.22 est.; revenue $852M vs. $844M est.; Q4 EBITDA guidance $230M-$240M, below estimate; increased buyback program by $250M. • $LNW: Q3 net income $64M, less than $100.7M expected; revenue $817M, slightly below $821.21M; continues double-digit revenue growth. • $RIVN: Formed JV with Volkswagen for tech development, with VW investing up to $5.8B by 2027. • $SAVE: Shares fell -60% due to bankruptcy filing rumors, currently negotiating with creditors. • $TSLA: Recalling 2,431 Cybertrucks due to potential power loss issues, marking the sixth recall this year. • $MODG: Q3 EPS loss at -$0.02, better than -$0.16 expected; revenue $1.01B, above $983M forecast; adjusted full-year revenue and EBITDA guidance downwards. • $OXY: Q3 adj EPS $1.00, above $0.74 expected; production rose 15.7% to 1.41 Mboepd due to CrownRock acquisition, despite lower prices; Q4 production expected at 1.43-1.47 Mboepd. • $RKLB: Q3 EPS ($0.10) vs. ($0.11) est., with revenues at $104.8M vs. $102.3M est.; Q4 revenue guidance $125-135M, with a new multi-launch deal for Neutron. • $DHT: Q3 EPS $0.22, topping $0.20 estimate; adjusted EBITDA $70.4M vs. $66.4M expected, on slightly lower than expected adjusted revenues of $92.64M. • $AB): Reported a 2% drop in AUM to $793B in October 2024 from $806B due to market downturn, with no net inflows or outflows. • $MARA: Q3 revenue increased by 34% to $131.6M, missing the forecast of $137.5M. • $PAY: Q3 EPS was $0.15 compared to $0.09 expected; revenue hit $231.6M against $190.6M estimated. They foresee Q4 revenue at $215M-$220M and FY24 at $829M-$834M, both above consensus. • $RKT: Q3 adjusted EPS met estimates at $0.08; adjusted EBITDA was $286M, above the $272.33M expected, with revenues at $1.323B, beating the forecast. They anticipate a drop in Q4 revenue to $1.05-1.2B. • $WULF: Q3 adjusted EBITDA was $6M, below the $11.2M prediction, with revenues at $27.1M, not meeting the $34.28M estimate. • $AMGN: Clarified no link between MariTide use and bone density changes, despite earlier reports of potential loss. The company remains confident in the drug's future. • $ICUI: Q3 adjusted EPS $1.59 vs $1.25 expected; revenue $589.131M vs $574.7M forecast, with a gross margin of 34.8%. FY guidance raised for EPS and EBITDA. • $NTRA: Q3 EPS ($0.26) vs ($0.57) expected, revenue $439.8M vs $361.45M; FY revenue guidance set at $1.61-1.64B, above consensus. • $PGNY: Q3 EPS $0.11, below $0.13 expected; revenue $286.625M vs $296.88M; full-year revenue and EBITDA guidance below market expectations. • $SGMO: Q3 EPS $0.04, better than ($0.03) expected; revenue $49.41M vs $17.94M forecast. Adjusted annual operating expenses expected to be $125-145M. • $SYRS: Shares dropped -80% after the SELECT-MDS-1 trial for tamibarotene failed to meet its primary endpoint, leading to discontinuation of the study. • $DOX: Q4 adjusted EPS $1.70, matching expectations, with revenue at $1.264B, slightly above the $1.263B estimate. • $PLUS: Q2 adjusted EPS $1.36, below $1.39 expected; revenue $515.2M vs $576.5M forecast. Full-year sales guidance unchanged, but adjusted EBITDA expected at $195-205M. • $IAS: Q3 EPS $0.10 vs $0.07 expected, with revenue at $133.528M and a gross margin of 80%. Q4 revenue and EBITDA guidance were both below expectations. • $SOUN: Q3 adjusted EPS ($0.04) vs ($0.07) expected; revenue $25.1M, above $23.02M estimate. Set FY24 and FY25 revenue targets. • $SWKS: Q4 adjusted EPS $1.55 vs $1.52, revenue $1.025B, nearly matching estimates. Q1 guidance for revenue and EPS below expectations. • $SPOT: Q3 revenue growth of 19% to €3.99B missed the €4.02B estimate; profit margin improved. Q4 revenue guidance below expectations but operating income and MAUs on target. • $SMCI: Announced delay in filing Q3 2024 quarterly report due to ongoing issues with the annual report. • $ZI: Q3 adjusted EPS $0.28, surpassing the $0.22 estimate; revenue $303.6M vs $299.38M. Q4 revenue guidance in line with estimates, but EPS slightly below consensus.

$RIVN - RIVIAN SHARES RISE 13.2% PREMARKET AFTER VOLKSWAGEN RAISES INVESTMENT IN CO TO $5.8 BILLION

$RIVN - AMAZON: TO DEPLOY 1,000 ELECTRIC DELIVERY VANS FROM RIVIAN WITH VISION-ASSISTED PACKAGE RETRIEVAL BY EARLY 2025

$RIVN - RIVIAN SHARES DROP 7.2% TO HIT LOWEST SINCE MAY 29

$RIVN - RIVIAN SHARES EXTEND PREMARKET LOSSES; LAST DOWN 6.9%

$RIVN - RIVIAN SHARES FALL 3.5% PREMARKET AFTER CO CUTS ANNUAL PRODUCTION FORECAST

$RIVN - RIVIAN: IN Q3 PRODUCED 13,157 VEHICLES AT ITS MANUFACTURING FACILITY IN NORMAL, ILLINOIS AND DELIVERED 10,018 VEHICLES RIVIAN: EXPERIENCING PRODUCTION DISRUPTION DUE TO SHORTAGE OF SHARED COMPONENT ON R1 AND RCV PLATFORMS RIVIAN: REVISING FY PRODUCTION GUIDANCE TO BE BETWEEN 47,000 AND 49,000 VEHICLES

#Downgrades - Sep 25, 2024 $EC: JPMorgan Downgrades to Underweight from Neutral - PT $8.50 (from $12) $EXPE: TD Cowen Downgrades to Hold from Buy - PT $150 $F: Morgan Stanley Downgrades to Equalweight from Overweight - PT $12 (from $16) $FOXA: CFRA Downgrades to Sell from Hold - PT $38 $FTRE: Jefferies Downgrades to Hold from Buy - PT $21 (from $25) $GM: Morgan Stanley Downgrades to Underweight from Equalweight - PT $42 (from $47) $GPN: BTIG Downgrades to Neutral from Buy $GPN: Seaport Global Securities Downgrades to Neutral from Buy $HBT: DA Davidson Downgrades to Neutral from Buy - PT $24 (from $26) $MEDP: Jefferies Downgrades to Hold from Buy - PT $345 (from $415) $MGA: Morgan Stanley Downgrades to Equalweight from Overweight $MNSO: DBS Group Downgrades to Hold from Buy - PT $13.30 $MNSO: JPMorgan Downgrades to Neutral from Overweight - PT $15 (from $27) $NOV: Wells Fargo Downgrades to Underweight from Equal Weight - PT $16 (from $20) $OSBC: DA Davidson Downgrades to Neutral from Buy - PT $17 (from $19) $PHIN: Morgan Stanley Downgrades to Equalweight from Overweight $RIVN: Morgan Stanley Downgrades to Equalweight from Overweight - PT $13 (from $16) $SMAR: BMO Capital Downgrades to Market Perform from Outperform - PT $56.50 (from $59) $SMAR: Canaccord Genuity Downgrades to Hold from Buy - PT $56.50 (from $60) $SMAR: Canaccord Genuity Downgrades to Hold from Buy - PT $56.50 (from $60) $SMAR: DA Davidson Downgrades to Neutral from Buy - PT $56.50 (from $55) $SMAR: William Blair Downgrades to Market Perform from Outperform $TSN: Piper Sandler Downgrades to Underweight from Neutral - PT $50 (from $57) $TXT: TD Cowen Downgrades to Hold from Buy - PT $95 (from $103) $UNP: Evercore ISI Downgrades to In Line from Outperform - PT $247 (from $254)

$RIVN Update

$RIVN VOLKSWAGEN, RIVIAN IN TALKS ON EXPANDING PARTNERSHIP TO HARDWARE - HANDELSBLATT

依靠高精度地图和人为硬编码的规则做出来的自动驾驶 L2 解决方案，面临类似所有做题家都无法避免的结局： 1. 遇到新情况，没有高精度地图指引或者路上没有清晰标志的时候就可能卡壳。 2. 因为和其它做题家是同样的套路，最后大家竞相杀价，都不赚钱。

$RIVN +38% premkt RIVIAN STOCK ROCKETS AFTER VOLKSWAGEN INVESTMENT • Shares of Rivian rocketed following news that Volkswagen plans to invest up to $5 billion in the electric-pickup maker. • Rivian stock rallied over 35% in premarket trading to around $16.50. • If it holds those gains through Wednesday's trading, the shares will register their highest close since February. • The stock was also on course to record its biggest-ever jump in percentage terms, beating the 22% gain it scored on its debut. • The stock remains far off its all-time high of $172.01, reached in November 2021, days after the company's huge initial public offering. • The Volkswagen investment comes as part of a software-development partnership.