MORNING BID 🔸 Apple ( $AAPL) lost an appeal in Germany, facing tighter regulations after a long market debate. 🔸 Baidu ( $BIDU) rises on reports Tesla (TSLA) will launch Full Self-Driving (FSD) in China this year, partnering with Baidu. Free FSD trials run March 17–April 16. 🔸 Getty Images ( $GETY) Q4 EPS: $0.06 (est. $0.04); adj. EBITDA: $80.6M (est. $74M); FY25 revenue guidance: $918–955M (est. $955M). 🔸 Alphabet ( $GOOGL) is in advanced talks to buy cybersecurity firm Wiz for ~$30B, per WSJ; a deal could finalize soon. 🔸 Lucid ( $LCID) upgraded to equal weight at Morgan Stanley. 🔸 Masterbrand ( $MBC) adds $50M share buyback. 🔸 Nio ( $NIO) partners with CATL for battery swap network, using CATL’s Choco-Swap tech in Firefly models. 🔸 Toronto ends Tesla ( $TSLA) taxi/ride-share incentives over U.S. trade tensions. 🔸 Audi ( $VWAGY) may raise prices to offset U.S. tariffs. 🔸 Xiaomi ( $XIACY) raises 2025 EV target to 350,000 units; Q4 revenue up 48% to 109B yuan, beating estimates.

MORNING RECAP Dollar Tree ( $DLTR) Q3: ╌Adjusted EPS: $1.12 (beat by $0.04) ╌Revenue: $7.56B (beat by $120M) ╌Same-store sales growth: Dollar Tree +1.8%, Family Dollar +1.9%, Enterprise +1.8% ╌Q4 Guidance: EPS $2.10-$2.30, Revenue $8.1B-$8.3B ╌Continues strategic review of Family Dollar segment Foot Locker ( $FL) Q3: ╌Adjusted EPS: $0.33 (missed by $0.08) ╌Sales: $1.96B (missed by $60M) ╌Comp sales: +2.4% (below estimate) ╌FY25 adjusted EPS forecast lowered to $1.20-$1.30 from $1.50-$1.70 ╌FY25 comp sales growth narrowed to 1%-1.5% ╌Gross margin now expected at 28.7%-28.8% General Motors ( $GM): ╌To record over $5B in non-cash charges for China JV: ╌Restructuring: $2.6B-$2.9B ╌Reduced value: $2.7B Torrid Holdings ( $CURV) Q3: ╌EPS: ($0.01) (missed by $0.04) ╌Adj EBITDA: $19.584M (missed by $7.2M) ╌Revenue: $263.766M (missed by $22M) ╌Q4 Guidance: Sales $255M-$270M, Adj EBITDA $9M-$15M ╌FY25 Guidance: Sales $1.083B-$1.098B, Adj EBITDA $101M-$107M Volkswagen ( $VWAGY): ╌Recalls 4,616 vehicles in the US due to potential battery overheating/fire risk. Crescent Energy ( $CRGY): ╌Acquires Eagle Ford assets from Ridgemar Energy for $905M upfront, with additional oil price-based payments. Intuitive Machines ( $LUNR): ╌Offers 9.523 million shares at $10.50 each. Old Dominion ( $ODFL) November Performance: ╌LTL tons/day: -8% ╌LTL shipments/day: -6.8% ╌LTL weight/shipment: -1.2% XPO, Inc. ( $XPO) November Metrics: ╌LTL tonnage/day down 4.0% from last year. ╌Shipments/day down 4.2%. ╌Weight/shipment up by 0.2%. Goldman Sachs ( $GS): ╌CEO David Solomon sold 6,550 shares at $610.91/share. Iris Energy ( $IREN): ╌Issues $300M in convertible senior notes due 2030. Raymond James Financial Inc ( $RJF): ╌Authorizes $1.5B share repurchase. ╌Increases dividend to $0.50. Royal Bank of Canada ( $RY) Q4: ╌Adjusted EPS: C$3.07 (up from C$2.65) ╌Revenue: C$15.07B (up from C$12.69B) ╌Dividend raised by 4.2%. Eli Lilly ( $LLY) vs. Novo Nordisk ( $NVO): ╌Zepbound outperforms Wegovy with 20% vs. 14% body weight loss. Novavax ( $NVAX): ╌Sells Czech manufacturing facility to Novo Nordisk for $200M, aiming for $80M annual cost reduction. Revolution Medicines ( $RVMD): ╌Secondary offering of 14.13M shares at $46.00 each. Salesforce Inc. ( $CRM) Q3: ╌Adjusted EPS: $2.41 (vs. est. $2.44) ╌Revenue: $9.44B (vs. est. $9.348B) ╌Q4 Revenue Guidance: $9.9B-$10.1B (vs. est. $10.05B) ╌FY Revenue Guidance: Raised to $37.8B-$38.0B ╌Q4 Adj EPS Guidance: $2.57-$2.62 (vs. est. $2.65) ╌FY Adj EPS Guidance: $9.98-$10.03 (vs. est. $10.11) Box Inc. ( $BOX) Q3: ╌EPS: $0.45 (vs. est. $0.42) ╌Revenue: $275.9M (up 5% y/y, vs. est. $275.1M) ╌RPO: $1.282B, up 13% q/q ╌FY25 EPS Guidance Raised to $1.70 ╌FY25 Revenue Guidance Narrows to $1.09B Couchbase Inc. ( $BASE) Q3: ╌EPS: ($0.35) (vs. est. ($0.08)) ╌Revenue: $51.628M (vs. est. $50.78M) ╌Q4 Revenue Guidance: $52.7M-$53.5M (vs. est. $54.05M) ╌Q4 ARR: $236.5M-$239.5M Marvell Technologies ( $MRVL) Q3: ╌Adjusted EPS: $0.43 (vs. est. $0.41) ╌Revenue: $1.52B (up 6.9% y/y, vs. est. $1.45B) ╌Q4 Adjusted EPS Guidance: $0.59±$0.05 ╌Q4 Revenue Guidance: $1.8B±5% (vs. est. $1.65B) Okta Inc. ( $OKTA): ╌Q3 Adjusted EPS: $0.67 (vs. est. $0.58) ╌Revenue: $665M (vs. est. $649.7M) ╌Q4 Revenue Guidance: $667M-$669M ╌Q4 Adjusted EPS Guidance: $0.73-$0.74 ╌FY Revenue Guidance: $2.595B-$2.597B ╌FY Adjusted EPS Guidance: $2.75-$2.76 Pure Storage ( $PSTG): ╌Q3 Adjusted EPS: $0.50 (vs. est. $0.42) ╌Revenue: $831.1M (vs. est. $814.88M) ╌Q4 Revenue Guidance: $867M ╌Q4 Adjusted Operating Income: $135M NXP Semiconductors ( $NXPI) & Taiwan Semiconductor ( $TSM): ╌Discussing $8B Singapore venture expansion amid U.S.-China tech tensions.

DAILY RECAP $AAPL saw minimal smartphone shipment growth in 2024 amidst a strong market rebound, according to IDC. $AMBA Q3 adj EPS $0.11 vs $0.03 est., revenue $82.7M vs $79.02M est.; Q4 rev guidance $76-80M. $ADSK Q3 EPS $2.17 vs $2.12 est., revenue $1.57B vs $1.562B est.; Q4 revs $1.623-1.638B, FY revs $6.115-6.13B. $CRWD Q3 EPS $0.93 vs $0.81 est., revenue $1.01B vs $982.36M est.; Q4 revs $1.029-1.035B. $DELL Q3 EPS $2.15 vs $2.06 est., revenue $24.4B vs $24.72B est.; strong growth in infrastructure, slight decline in client solutions. $HPQ Q4 EPS $0.93 as expected, revenue $14.1B vs $13.986B est.; Q1 and FY EPS guidance lowered. $NTNX Q1 EPS $0.42 vs $0.32 est., revenue $591M vs $571.8M est.; Q2 rev guidance $635M-$645M. $PD Q3 EPS $0.28 vs $0.17 est., revenue $118.9M vs $116.52M est.; Q4 revs $118.5-120.5M, FY revs $464.5-466.5M. $WDAY Q3 EPS $1.89 vs $1.76 est., revenue $2.16B vs $2.13B est.; Q4 subscription revs lower than expected. $DDD Q3 EPS ($0.12) vs ($0.10) est., revenue $112.9M vs $115.27M est.; FY rev guidance $440-450M, improving adj EBITDA. $GES reported Q3 EPS at $0.34, under $0.38 expected, with revenue up 13% to $738.5M. They've cut FY25 EPS and revenue growth forecasts. $JWN beat with Q3 EPS of $0.33 vs. $0.22, revenues up 4.3% to $3.46B, and raised FY24 revenue outlook. $URBN excelled with Q3 EPS at $1.10 vs. $0.85, revenue up 6.3% to $1.36B. Growth in Anthropologie, Free People, and Nuuly, but a decline at Urban Outfitters. $GRO priced its IPO at $15/share, offering 2M shares instead of the planned 4.25M. $BYDDY is seeking supplier price reductions, bracing for tougher competition in China's EV market. $SEDG is ending its storage division, cutting jobs by 500, with expected charges for assets and inventory. $VWAGY has agreed to divest from its Xinjiang plant amidst human rights concerns. $IREN reported a Q1 Bitcoin mining revenue drop to $49.6M from $54.3M due to higher network difficulty and lower Bitcoin prices, despite increased hashrate. AI Cloud Services revenue rose by 28% to $3.2M from $2.5M with new GPU's added. Adjusted EBITDA fell to $2.6M from $12.2M, with 813 Bitcoins mined compared to 821 in the prior quarter. $ACAD has secured exclusive rights to SAN711 from Saniona for global development and sales. $GRFS stock fell after Bloomberg reported Brookfield is set to abandon its €6.45 billion acquisition attempt due to pricing disagreements.