MORNING BID 🔸 $CVGW: Q4 EPS 5c vs. -2c last year; revenue up 19.5% to $170M vs. $161.93M est.; adj EBITDA $6.7M. 🔸 $GM: Multi-year deal with Vianode for synthetic graphite for EV batteries. 🔸 $TSLA: SEC sues Elon Musk for late disclosure of Twitter stake in 2022. 🔸 $VAL, $RIG, $NE, $HP, $SLB, $NOV: Downgraded to In Line from Outperform by Evercore/ISI. 🔸 $Oil Market: IEA reports 2025 oil surplus at 725k b/d, down from 950k b/d. 🔸 $Aluminum: Prices up slightly; EU eyes import limits from Russia, China's growth slows. 🔸 $PKE: Q3 EPS $0.08, sales $14.4M. 🔸 $BK: Q4 adj EPS $1.72 vs. $1.56 est.; AUM $2T; fee revenue +9% to $3.51B; net interest +8% to $1.19B; AUC/A $52.1T, up 9%. 🔸 $BHLB: Files for offering of up to 3.45M shares. 🔸 $BLK: Q4 adj EPS $11.93 vs. $11.22 est.; revenue +23% to $5.68B; AUM record $11.55T; operating margin 45.5%; $281B inflows Q4. 🔸 $DFS: Charge-off rate 2.55%, delinquency rate 1.76% at Dec 2024. 🔸 $JPM: Q4 EPS $4.81 vs. $4.04 est.; revenue $42.8B; charge-offs 1.63%, delinquencies 0.84%; FICC trading $5.01B vs. $4.37B est.; credit loss $2.63B; ROE 17%, ROTCE 21%; $486B inflows 2024. 🔸 $WFC: Q4 EPS $1.43 vs. $1.35 est.; net interest $11.84B; revenue $20.38B; commercial banking $3.17B, investment banking $4.61B, wealth management $3.96B. 🔸 $KROS: Paused dosing in TROPOS trial for pulmonary hypertension due to pericardial effusion concerns in safety review. 🔸 $VCEL: Lowers FY24 revenue forecast to $237M-$237.5M from $238M-$242M; raises gross margin to 72.5%; maintains EBITDA margin at 22%; Q4 revenue expected at $75.2M-$75.7M, under consensus. 🔸 $APLD: Q2 adj EPS ($0.06) vs. ($0.15) est.; EBITDA $21.4M vs. $19.68M est.; revenue $63.9M; cloud services +523% to $27.7M. 🔸 $PI: Maintains Q4 revenue and EBITDA guidance; expects EBITDA $13.6M-$15.1M, revenue $91M-$94M. 🔸 $LRCX: Downgraded to Peer Perform from Outperform by Wolfe Research. 🔸 $LASR: Q4 revenue forecast $46M-$48M, below $52M est.; lower than expected margins and EBITDA. 🔸 $MGNI: Expands partnership with Samsung Ads for programmatic ads in Southeast Asia. 🔸 $S: Downgraded to Neutral from Buy by UBS. 🔸 U.S. Policy: New regulations planned to limit chip exports to China from TSMC, Samsung, and others.

#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)