SECTOR NEWS CONSUMER 🔸 $STZ: Q4 EPS $2.63 (est. $2.29); sales +1.2% to $2.16B (est. $2.13B). Beer sales in line, wine/spirits beat. Selling mainstream wine brands to The Wine Group. FY28 EPS growth seen low to mid-single digits. New $4B buyback plan. 🔸 $GM: Downgraded to Neutral from Buy at UBS; target cut to $51 from $64 due to tariff impact. 🔸 $KMX: Q4 EPS $0.58 (est. $0.65); retail used sales +6.2%, comps +5.1%, wholesale units +3.1%. Revenue $6.0B (est. $5.963B). 🔸 $PSMT: Q2 EPS $1.45 (est. $1.40); sales $1.335B (est. $1.359B); comps +6.7%. 🔸 $BKE: March comps +3.7%, net sales +4.5% to $109.1M. ENERGY, INDUSTRIALS & MATERIALS 🔸 $X: Shares fell after Trump opposed Nippon Steel’s takeover. 🔸 $VALE: Upgraded to Buy at Bank of America. FINANCIALS 🔸 $AB: AUM fell to $784B in March from $805B in Feb. 🔸 $CBOE: Downgraded to Neutral at Bank of America. 🔸 $LAZ: March AUM $227.4B; net outflows $3.1B, market loss $5.4B. 🔸 $VCTR: Total client assets $171.4B as of March. HEALTHCARE 🔸 $IDYA: Started Phase 1/2 expansion trial combining IDE397 with Gilead’s Trodelvy. 🔸 $KROS: Shares rise after adopting poison pill; exploring strategic options, including sale. TECHNOLOGY, MEDIA & TELECOM 🔸 $AMZN: 2024 revenue +11% to $638B; AWS +19% to $108B; operating income +86% to $68.6B. 🔸 $ASYS: Cuts Q2 revenue forecast to $15M–$16M (from $21M–$23M) due to customer dispute. 🔸 $TSM: Q1 sales +42% to $25.6B, in line with guidance despite earthquake impact.

#Downgrades - Nov 11, 2024 • $AGL: JMP Securities Downgrades to Market Perform from Market Outperform • $ALTM: Scotiabank Downgrades to Sector Perform from Sector Outperform - PT $5.85 • $ARDX: H.C. Wainwright Downgrades to Neutral from Buy - PT $5.50 • $ATMU: Wells Fargo Downgrades to Equal Weight from Overweight - PT $45 (from $42) • $BLMN: Raymond James Downgrades to Market Perform from Outperform • $CBT: JPMorgan Downgrades to Underweight from Neutral - PT $105 • $CE: BMO Capital Downgrades to Underperform from Market Perform - PT $76 (from $138) • $CE: UBS Downgrades to Neutral from Buy - PT $97 (from $161) • $GCMG: TD Cowen Downgrades to Hold from Buy - PT $15.50 • $IMCR: Mizuho Downgrades to Neutral from Outperform - PT $38 (from $72) • $MRK: Daiwa Securities Downgrades to Neutral from Outperform • $NOV: Citi Downgrades to Neutral from Buy - PT $18 (from $21) • $NRDY: JPMorgan Downgrades to Underweight from Neutral • $NVR: Seaport Global Securities Downgrades to Neutral from Buy • $PRA: Piper Sandler Downgrades to Neutral from Overweight - PT $18 • $RVTY: Nephron Downgrades to Sell from Sell - PT $105 • $SMAR: Guggenheim Downgrades to Neutral from Buy • $TDW: Raymond James Downgrades to Outperform from Strong Buy - PT $102 (from $131) • $TEM: Stifel Downgrades to Hold from Buy - PT $65 (from $45) • $VALE: UBS Downgrades to Neutral from Buy - PT $11.50 (from $14) • $WHF: Oppenheimer Downgrades to Perform from Outperform - PT $12 (from $14) • $XERS: Piper Sandler Downgrades to Neutral from Overweight - PT $3

#Downgrades - Oct 09, 2024 $ARCB: Wolfe Research Downgrades to Peer Perform from Outperform $BX: Piper Sandler Downgrades to Neutral from Overweight - PT $149 $CIEN: BNP Paribas Downgrades to Neutral from Outperform - PT $67 $CMC: Wolfe Research Downgrades to Peerperform from Outperform $DQ: HSBC Downgrades to Hold from Buy - PT $25 $EXPD: Wolfe Research Downgrades to Underperform from Peer Perform - PT $111 $FDS: Redburn-Atlantic Downgrades to Sell from Neutral - PT $380 (from $420) $LVS: CFRA Downgrades to Hold from Buy - PT $51 (from $55) $MORN: Redburn-Atlantic Downgrades to Neutral from Buy - PT $340 $VALE: Wolfe Research Downgrades to Underperform from Peer Perform $XOM: BNP Paribas Downgrades to Underperform from Neutral - PT $105