STOCKS ON THE MOVE Lamb Weston ( $LW): Shares dropped after naming Michael Smith as CEO on Jan 3, following activist investor Jana Partners' push for board changes or a sale. LW cut FY sales forecast to $6.35B-$6.45B from $6.6B-$6.8B after Q2 sales fell 8% to $1.6B; approved $250M buyback. Lennar Corp. ( $LEN): Q4 revenue down 9.3% to $9.95B, below estimates. New orders dropped 2.7% to 16,895, backlog down 22%. Forecasts Q1 new orders at 17,500-18,000, deliveries at 17,000-17,500. MillerKnoll Inc. ( $MLKN): Q2 EPS $0.55 vs. $0.56 est., sales up 2.2% to $970.4M. Gross margin fell to 38.8%. Guides Q3 sales $903M-$943M, EPS $0.41-$0.47. Steelcase ( $SCS): Q3 EPS $0.30 vs. $0.22 est., sales up 2.2% to $794.9M. Q4 guidance EPS $0.20-$0.24, revenue $770M-$795M. Stanley Black & Decker ( $SWK): Upgraded to Outperform by Mizuho, price target $110, added to top picks. Tri-Pointe Homes ( $TPH): Announced $250M stock buyback program. Swiss Watch Exports: November exports down 3.8% to CHF 2.41B, with U.S. as the only top market increasing by 4.7%. Palantir Technologies ( $PLTR): Extended U.S. Army contract worth up to $618.9M to enhance data operations, continuing data and AI support since 2018. Block ( $SQ): Upgraded to Outperform by Oppenheimer with a $115 target, citing growth in Square's Gross Payment Volume due to product and sales investments. Raymond James ( $RJF): November client assets under administration at $1.60T (+3.6% m/m), financial assets under management at $251.7B (+4.4% m/m). Synchrony ( $SYF): Upgraded to Overweight from Underweight by Morgan Stanley. Mesoblast ( $MESO): Shares up after FDA approval of Ryoncil for treating GVHD in pediatric patients not responding to steroids. Prothena ( $PRTA): Phase IIb PADOVA study by Roche on prasinezumab for early Parkinson's missed its primary endpoint after 18 months. Vertex Pharmaceuticals ( $VRTX): Phase 2 study of suzetrigine in LSR met primary endpoint with significant pain reduction; plans for Phase 3 advancement. Micron Technology ( $MU): Q1 adj EPS $1.79 vs. $1.76 est., revenue up 84% to $8.71B. Shares fell after hours due to Q2 forecast below expectations: revenue $7.7B-$8.1B vs. $8.99B est., gross margin 37.5%-39.5% vs. 41.3% est., EPS $1.33-$1.53 vs. $1.92 est. FY25 capex about $14B. Memory stocks STX, WDC also dropped. Accenture ( $ACN): Q1 EPS $3.59 vs. $3.42 est., revenue up 9% to $17.69B vs. $17.15B est. Operating margin at 16.7%. Lowered FY EPS guidance to $12.43-$12.79 from $12.55-$12.91. Keybanc: Upgraded Okta ( $OKTA) and Fortinet ( $FTNT) to Overweight, downgraded https://t.co/n5rFzz3Pbq (AI) to Underweight. U.S. Commerce Department: Awarded SK Hynix up to $458M for an advanced chip plant and R&D facility in Indiana for AI.

#Upgrades - Dec 03, 2024 • $ALHC: Stephens Upgrades to Overweight from Equal Weight - PT $17 (from $13) • $AU: RBC Capital Upgrades to Outperform from Sector Perform - PT $31 • $AXON: Morgan Stanley Upgrades to Overweight from Equalweight - PT $700 (from $500) • $C: KBW Upgrades to Outperform from Market Perform • $CENX: Wolfe Research Upgrades to Outperform from Peerperform • $CNP: UBS Upgrades to Buy from Neutral - PT $37 (from $31) • $CRDO: BofA Securities Upgrades to Buy from Underperform - PT $80 (from $27) • $CVS: Deutsche Bank Upgrades to Buy from Hold - PT $66 • $DTE: UBS Upgrades to Buy from Neutral - PT $143 (from $129) • $KR: Jefferies Upgrades to Buy from Hold - PT $73 (from $54) • $PTCT: RBC Capital Upgrades to Outperform from Sector Perform - PT $63 (from $39) • $STT: KBW Upgrades to Outperform from Market Perform • $SYF: Wells Fargo Upgrades to Overweight from Equal Weight - PT $85 (from $60) • $UPST: Redburn-Atlantic Upgrades to Buy from Neutral - PT $95

#Downgrades - Sep 16, 2024 $ALLY: BTIG Downgrades to Neutral from Buy $CL: Wells Fargo Downgrades to Underweight from Equal Weight - PT $100 $ENLC: Morgan Stanley Downgrades to Equalweight from Overweight - PT $16 $KNSL: Wolfe Research Downgrades to Peerperform from Outperform $MKSI: Citi Downgrades to Neutral from Buy - PT $120 (from $145) $NVMI: Citi Downgrades to Neutral from Buy - PT $224 (from $273) $REG: Evercore ISI Downgrades to Underperform from Outperform - PT $75 $SO: Mizuho Downgrades to Neutral from Outperform - PT $90 $SUI: Evercore ISI Downgrades to In Line from Outperform - PT $149 $SYF: BTIG Downgrades to Neutral from Buy $WES: Morgan Stanley Downgrades to Equalweight from Overweight - PT $42 $WKC: Morgan Stanley Downgrades to Underweight from Equalweight - PT $28