$AMH

+Initiations 9/1: $ACIC $AMH $ARD $ATAI $BRX $BXP $CPT $CTVA $CUZ $DLX $DNLI $DRE $ELS $ENPH $FR $FRT $FTRP $GCMG $GLSI $GTLS $INVH $KIM $KRG $LOKB $MAA $MKTW $NOVA $OGN $PLD $PLUG $RUN $SEDG $SLG $SUI $UDR $VRNT . -Initiations 9/1: $AVB $BLDP $COLD

$AMH $SBUX y $ABC

Upgrades 8/30: $AMH $AMTB $CPT $EDU $EXP $MGY $OLLI $TAL  . Downgrades 8/30: $COF $DAO $EAT $EOG $PINS $PLAY $TMUS $ZION

(US) Select Premarket Movers Fri, 21 May 2021 8:41 AM EST Upside: -ANVS +23% (announces positive Phase 2 Data for ANVS401; improves cognition in Alzheimer’s Disease) -YALA +11% (launches $150M share repurchase program) -BKE +6.8% (earnings) -RFIL +5.9% (receives $7.6M follow-on order from Tier-1 wireless carrier customer) -DECK +5.8% (earnings, guidance) -PANW +5.8% (earnings, guidance) -FL +2.2% (earnings) -WWE +2.1% (returns to live events with 25-city tour beginning July 16) -ROST +1.8% (earnings, guidance; new share repurchase program) -TSLA +1.6% (said to have raised prices for Model 3 and Model Y) -DE +1.3% (earnings, guidance) -HD +1.1% (announces $20B share repurchase authorization) Downside: -VFC -3.9% (earnings, guidance) -FLO -2.3% (earnings, guidance) -AMH -2.1% (prices upsized 16.3M shares at implied $36.75/shr) -ACRS -1.2% (files automatic mixed shelf of up to $150M) -MAXN -1.1% (earnings, guidance)

Early Look Friday, May 21, 2021 Futures Up/Down % Last Dow 130.00 0.38% 34,158 S&P 500 13.25 0.32% 4,167 Nasdaq 33.00 0.24% 13,519 U.S. stocks are looking higher to end the week, adding to yesterday’s massive gains that saw major averages snap their 3-day losing streak, led by technology shares as Treasury yields remained subdued and on increased economic optimism after Americans filing for first-time unemployment benefits fell last week to a pandemic low of 444,000. It was another “buy the dip” reaction for major averages as the S&P avoided its longest losing streak since February with yesterday’s advance. Oil prices are looking higher, trying to snap its 3-day losing streak, while gold is little changed after a strong week of gains. Inflation fears still linger for markets as pricing fears remain as the economy improves, keeping gains in check for now. The U.S. Treasury, meanwhile, proposed a minimum global corporate tax rate of 15%, lower than earlier proposals of 21% that received pushback from other countries. Crypto currencies are steady after three days of extreme volatility. Yesterday’s big Nasdaq gains (1.77%) gave it a chance to avoid its fifth straight weekly decline heading into the trading week, which would be its longest in nine years (is up 0.8% heading into today). In Asian markets, The Nikkei Index rose 219 points to 28,317, the Shanghai Index slipped -20 points to 3,486, the Hang Seng Index edged higher 8 points to 28,458. In Europe, the German DAX is up about 25 points to 15,394, while the FTSE 100 is little changed at 7,015. Market Closing Prices Yesterday The S&P 500 Index jumped 43.44 points, or 1.06%, to 4,159.12 The Dow Jones Industrial Average rose 188.11 points, or 0.55%, to 34,084.15 The Nasdaq Composite surged 236.00 points, or 1.77%, to 13,535.74 The Russell 2000 Index advanced 14.12 points, or 0.64% to 2,207.76 Events Calendar for Today 9:45 AM EST Markit Composite Flash PMI, May 9:45 AM EST Markit Manufacturing PMI…est. 60.2 9:45 AM EST Markit Services PMI, Flash…est. 64.5 10:00 AM EST Existing Home Sales MoM for April…est. 6.09M 1:00 PM EST Baker Hughes Weekly rig count data Earnings Calendar: Earnings Before the Open: BAH, DE, FL, FLO, ROLL, VFC Other Key Events: UBS Financial Institutions Conference (virtual), 5/19-5/21 Virtual Display Week 2021, 5/17-5/21 Oppenheimer Rare & Orphan Disease Summit (virtual), 5/21 Macro Up/Down Last Nymex 1.01 62.95 Brent 0.93 66.04 Gold 1.75 1,879.00 EUR/USD 0.0004 1.2232 JPY/USD -0.09 108.69 10-Year Note +0.005 1.639% Sector News Breakdown Consumer Home Depot ($HD) announces $20B share buyback Decker’s Outdoors ($DECK) 4Q EPS $1.18 vs. est. $0.64 on sales $561.2Mm vs. est. $437.1Mm; approved additional $750Mm share repurchase auth; guides FY22 net sales $2.95-3.0B vs. est. $2.7B, gross margin approx 53.3%, SG&A exp rt about 35.5%, effective tax rt 23%, EPS $14.05-14.65 excl additional repurchase (vs. est. $14.50); Q4 UGG net sales +53.1%, HOKA net sales +74.2% and Teva net sales +1% Flowers Foods ($FLO) Q1 adj EPS 41c vs. est. 39c; Q1 revs $1.30B vs. est. $1.33B; Q1 adjusted EBITDA decreased 1.0% to $161.6M; adj EBITDA represented 12.4% of sales, a 30-basis point increase; sees year EPS $1.10-$1.17 vs. est. $1.13 on revs $4.23B-$4.3B vs. est. $4.26B Ross Stores ($ROST) 1Q EPS $1.34 vs. est. $0.88 on sales $4.5B vs. est. $3.87B; guides 2Q comps +5-7% and EPS $0.80-0.89 vs. est. $1.04; plans FY comps +7-9% and EPS $3.93-4.20 vs. est. $4.22; announces new $1.5B repurchase program Energy, Industrials and Materials Deere & Co ($DE) Q2 $5.68 vs. est. $5.17 and Q2 sales $12.06B (up from prior year $9.25B); raised its full-year profit forecast and posted a 169% surge in quarterly profit; said it expects to see increased supply-chain pressures through the balance of the year; raises net income for 2021 to be between $5.3B-$5.7B from prior forecast of $4.6B-$5.0B Virgin Galactic ($SPCE) upgraded to Buy from Neutral at UBS with a price target of $36, down from $40 Maxeon Solar ($MAXN) Q1 EPS loss ($1.14) vs. est. loss ($1.48); Q1 revs $165M vs. est. $160.28M; sees Q2 revs $165M-$185M vs. est. $218.6M EnerSys ($ENS) Q4 adj EPS $1.30 vs. est. $1.29; Q4 sales $813.5M vs. est. $801M Financials LPL Financial ($LPLA) reported $1.063T total advisory and brokerage assets at the end of April, indicating a 10.9% increase from March 2021; total net new assets were $73.8B Apollo Investment ($AINV) Q4 Net investment income per share 39c vs. 42c est.; total investment income $50.8M, -29% YoY; net asset value per share $15.88 vs. $15.70 YoY American Homes 4 Rent ($AMH)3M share Spot Secondary priced at $36.75 Healthcare Inspire Medical Systems ($INSP) announced last night Anthem ($ANTM) will provide coverage for the company’s Inspire therapy, effective May 20 Technology, Media & Telecom Applied Materials ($AMAT) 2Q adj EPS $1.63 vs. est. $1.51 on revs $5.58B vs. est. $5.41B; guides 3Q net sales approx $5.92B vs. est. $5.54B, sees 3Q adj EPS $1.70-1.82 vs. est. $1.56 Palo Alto Networks ($PANW) Q3 adj EPS $1.38 vs. est. $1.28; Q3 revs $1.1B vs. est. $1.06B; Q4 Total billings in the range of $1.695B-$1.715B, representing YoY growth of between 22% and 23% (and year total billings growth over 23%); sees Q4 adj EPS $1.42-$1.44 vs. est. $1.42; guides Q4 revs $1.165B-$1.175B vs. est. $1.16B; raises year EPS, revs and billings growth outlook ePlus ($PLUS) 4Q adj EPS $1.41 vs. est. $1.20 on sales $325.6Mm vs. est. $390.8Mm Splunk ($SPLK) upgrade from Sell to Neutral with $125 tgt at UBS saying with shares down 45% since the weak 3QF21/Oct print in early Dec 2020 and given profoundly weak investor sentiment, Splunk shares are looking washed-out and in our view the justification for holding on to our Sell rating has weakened AT&T ($T) upgraded to Buy from Neutral at UBS and raise target to $35 from $32 Yalla Group Limited ($YALA) has authorized a buyback program to repurchase up to $150M (follows three negative short reports in the last two days)

Downgrades 1/20: $ACI $AMCR $AMH $BE $BPMP $BYND $CAT $CRNT $CX $ELF $GBT $GGB $GRTS $GSK $HTA $IFS $INVH $KNOP $KR $MIK $NVO $OI $OLLI $PTVE $RDFN $RUN $RYAAY $SENS $SHLX $SNAP $SWAV $UDR $XHR