MARKET HIGHLIGHTS CONSUMER 🔸 Lululemon ( $LULU): Q4 adj. EPS $6.14 (est. $5.85); revs +13% y/y to $3.61B (est. $3.57B). Q1 comp sales +3% (+4% constant dollar). Q4 Americas comps flat; Intl +20%. Sees Q1 EPS $2.53-$2.58 (est. $2.78) & revs $2.34B-$2.36B (est. $2.39B). 🔸 Oxford ( $OXM): Q4 adj. EPS $1.37 (est. $1.27), sales $391M (est. $383.94M). Guides Q1 sales $375M-$395M (est. $401.18M), EPS $1.70-$1.90 (est. $2.79). Sees FY revs $1.49B-$1.53B (est. $1.54B), EPS $4.60-$5.00 (est. $6.81). ENERGY, INDUSTRIALS & MATERIALS 🔸 AAR ( $AIR): Q3 adj. EPS $0.99 (est. $0.96), revs +20% y/y to $678M (est. $699.13M). Adj. EBITDA +39% y/y to $81M; margin 12% (10.3% prior). Op margin 10.5% (5.8% y/y). 🔸 Argan ( $AGX): Q4 EPS $2.22 (est. $1.15), EBITDA $39.3M (est. $19.4M), revs $232.5M (est. $197.5M). 🔸 KULR ( $KULR): Q4 EPS ($0.02) in line, op. inc. ($3.54M) (est. $3.046M), revs $3.37M (est. $2.901M). Bitcoin holdings $20.28M (as of 12/31/24). 🔸 Nippon ( $NPSCY)/US Steel (X): Offering more investment to Trump admin to close $14B merger – Semafor. 🔸 Schneider ( $SNDR): Downgraded to Neutral at BofA, tgt cut to $25 (from $34) on weaker demand, tariff uncertainty, and pricing pressure. FINANCIALS 🔸 Voya ( $VOYA): Downgraded to Underperform at BofA, tgt cut to $71 (from $79). Estimates imply $7.10-$7.90 EPS for 2025 (vs. est. $8.14). HEALTHCARE 🔸 Beam ( $BEAM): FDA clears NDA for BEAM-302 (alpha-1 antitrypsin deficiency). 🔸 CureVac ( $CVAC): EU patent upheld with amendments. 🔸 Kodiak ( $KOD): Q4 EPS ($0.84) (est. ($0.88)); cash runway into 2026. TECH, MEDIA & TELECOM 🔸 CoreWeave ( $CRWV): 37.5M share IPO at $40, below $47-$55 range; reduced from 49M shares. 🔸 Braze ( $BRZE): Acquires OfferFit for $325M (cash & stock). 🔸 Civeo ( $CVEO): Approves share buyback up to 10%.

#Downgrades - Nov 12, 2024 • $ABG: Seaport Global Securities Downgrades to Neutral from Buy • $ABNB: PhillipCapital Downgrades to Reduce from Neutral - PT $120 • $AESI: Barclays Downgrades to Equalweight from Overweight - PT $19 (from $23) • $ALNY: Wolfe Research Downgrades to Underperform from Peerperform • $ALTM: B.Riley Downgrades to Neutral from Buy - PT $5.85 • $AVAV: Jefferies Downgrades to Hold from Buy - PT $240 • $CXM: Wells Fargo Downgrades to Underweight from Equal Weight - PT $6 (from $8) • $FIVN: Wells Fargo Downgrades to Equal Weight from Overweight - PT $40 (from $55) • $FMBH: DA Davidson Downgrades to Neutral from Buy - PT $47 (from $44) • $HMN: KBW Downgrades to Market Perform from Outperform - PT $44 (from $39) • $HPP: Jefferies Downgrades to Hold from Buy - PT $5 (from $5.50) • $KNX: Citi Downgrades to Sell from Neutral - PT $56 • $OKTA: Deutsche Bank Downgrades to Hold from Buy - PT $85 (from $115) • $PHUN: H.C. Wainwright Downgrades to Neutral from Buy - PT $6 (from $9) • $ROST: Citi Downgrades to Neutral from Buy - PT $152 (from $179) • $RXO: Citi Downgrades to Neutral from Buy - PT $33 • $SNDR: Citi Downgrades to Sell from Neutral - PT $30 (from $32) • $TCBK: DA Davidson Downgrades to Neutral from Buy - PT $53 (from $50)