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.

RECAP • $HD: Q3 EPS $3.78 vs. $3.65 est., revenue up 6.6% to $40.22B. Comp sales down 1.3%, better than expected. Raised FY24 sales forecast to 4% growth. • $BABA: Strong sales growth during Singles' Day, 45 brands hit over 1 billion yuan GMV. • $LYV: Q3 operating income $909.8M vs. $856.6M est., revenue down 6.2% to $7.65B. Ticket sales for 2024 up 3%. • $ONON: Q3 EPS CHF 0.16, below est. CHF 0.20. Sales CHF 635.8M, up from expected CHF 617.3M. Increased FY sales forecast. • $VIK: Upgraded by Morgan Stanley due to robust cruise demand. • $APAM: AUM as of October 31, 2024, was $162.8B, with $78.8B in Artisan Funds and $84.0B in other accounts. • $AGO: Q3 EPS $2.42 vs. $1.42 est., revenue down 33% to $269M, premiums up 53% to $61M. • $CNS: AUM decreased to $89.7B by October 31, 2024, from $91.8B, due to market depreciation and distributions. • $IVZ: AUM dropped to $1.772T, down 1.3%, with $2B in net inflows but losses from market returns. • $JRVR: Q3 premiums grew 6%, with a high combined ratio of 136.1% but a better current year ratio at 92.6%. • $RMR: Q4 EPS $0.34 below $0.40 est., EBITDA slightly above estimate at $21.8M. • $HOOD: October showed 24.4M funded customers, $159.7B in assets, with significant growth in deposits. • $VCTR: Reported AUM of $172.3B, total client assets of $176.5B for October 31, 2024. • $ASRT: Q3 EPS $0.03 vs. ($0.05) est., EBITDA $5.3M vs. $4.7M est., revenue $29.2M vs. $28.87M est. • $AZN: Upgraded full-year guidance due to strong Q3, expects high teens growth for earnings and revenue in 2024. • $BAYRY: Stock dropped after forecasting lower earnings next year due to weak ag markets. • $NGNE: Shares fell despite positive trial data for Rett Syndrome drug, due to an adverse event. • $NVRO: Q3 EPS ($0.41) vs. ($0.81) est., improved EBITDA, raised FY revenue guidance. • $STXS: Q3 EPS ($0.08) vs. ($0.05) est., revenue beat expectations, kept flat year-over-year revenue guidance. IAC: Considering spinning off Angi, which IAC controls 85% of, valued at $1.25B, after exceeding Q3 revenue forecasts due to Dotdash Meredith. • $IVAC: Q3 EPS loss was ($0.08) vs. ($0.15) est., revenue significantly beat estimates at $28.5M. • $OKTA: Downgraded to hold by Deutsche Bank. • $SE: Q3 EPS $0.24 missed estimates by $0.02, but revenue hit $4.3B, beating estimates. • $ZETA: Q3 EBITDA $53.6M vs. $49.93M est., revenue $268M vs. $252.5M est., raised Q4 guidance.

#Upgrades - Oct 18, 2024 $ACI: Wells Fargo Upgrades to Overweight from Equal Weight - PT $23 (from $22) $BAC: Phillip Securities Upgrades to Accumulate from Neutral - PT $44 $CLW: RBC Capital Upgrades to Outperform from Sector Perform - PT $37 (from $48) $CTBI: Raymond James Upgrades to Outperform from Market Perform - PT $60 $DDOG: UBS Upgrades to Buy from Neutral - PT $150 (from $125) $ECL: Jefferies Upgrades to Buy from Hold - PT $310 (from $235) $NOW: OTR Global Upgrades to Positive from Mixed $TYRA: BofA Securities Upgrades to Buy from Neutral - PT $31 $VCTR: Morgan Stanley Upgrades to Equalweight from Underweight - PT $60 (from $40)