$ATSG

Friday, November 5, 2021 Futures Up/Down % Last Dow 12.00 0.03% 36,021 S&P 500 10.25 0.23% 4,684 Nasdaq 82.50 0.51% 16,413 Stock futures are looking higher, with the tech heavy Nasdaq futures leading up +0.5%, trying to make it a 10th straight day of advances for the Composite ahead of key economic data. The monthly nonfarm payroll report for October is coming up later this morning, with an estimate for 450K jobs added, 400K added for private payrolls, 27K added for manufacturing and an unemployment rate to drop to 4.7% from 4.8% prior. Regardless of the data outcome, the Fed earlier this week announced it will start tapering its monthly $120B bond purchases by $15B in November and another $15B in December, also saying comparable decreases in pace are likely each month but they are willing to adapt if necessary. Stocks are looking to build on the momentous surge it has seen over the last two weeks, as the S&P 500 is on pace for its third straight year of 15%+ price gains, that would be just the second time that’s happened since 1928, according to Bespoke Investment. The S&P 500 and Nasdaq both closed at record high levels on Thursday, powered by double-digit percentage gains chipmakers Qualcomm and Nvidia. Qualcomm surged nearly 13% after the company provided a stronger than expected outlook, fueled by soaring demand for chips used in phones, cars and other internet-connected devices. Note the S&P 500 and Nasdaq’s have now set record high closes for six straight sessions. On the downside, the financials index sank Thursday as Treasury yields extended their tumble. With Thursday’s gains, the S&P 500 is up almost 25% in 2021 and the Nasdaq has gained nearly 24%. The Philadelphia chip index (SOX) jumped 3.5% for the session and it is now up 33% year to date. In Asian markets, The Nikkei Index fell -0.6% to 29,611, the Shanghai Index dropped -1% to 3,491 and the Hang Seng Index declined -1.4% or over 3250 points to 24,879. In Europe, the German DAX is up slightly at 16,040, while the FTSE 100 gains roughly 0.5% to trade above the 7,300 level in another good week for European markets. Oil prices are bouncing after yesterday’s drop, Bitcoin stays above $61K and Treasury yields remain depressed. Market Closing Prices Yesterday The S&P 500 Index climbed 19.49 points, or 0.42%, to 4,680.06 The Dow Jones Industrial Average fell -33.35 points, or 0.09%, to 36,124.23 The Nasdaq Composite spiked 128.72 points, or 0.81%, to 15,940.31 The Russell 2000 Index slipped -1.85 points, or 0.08% to 2,402.43 Events Calendar for Today 8:30 AM ET Nonfarm Payrolls for October…est. 450K 8:30 AM ET Private Payrolls for October…est. 400K 8:30 AM ET Manufacturing Payrolls for October…est. 27K 8:30 AM ET Unemployment Rate for October…est. 4.7% 8:30 AM ET Average Hourly Earnings for October…est. 0.4% 1:00 PM EST Baker Hughes Weekly rig count data 3:00 AM ET Consumer Credit for September Earnings Calendar: Earnings Before the Open: AMR, AXL, CLMT, CNK, D, DKNG, DOC, ECOL, EOG, ESNT, FET, FLR, GCI, GRPN, GT, HE, JCI, KIM, MMI, MOG/A, NOG, RGA, SRE, SSP, TEN, TILE, TUSK, VTR, VST Macro Up/Down Last Nymex 0.85 79.66 Brent 0.51 81.05 Gold 1.50 1,793.50 EUR/USD -0.0021 1.1531 JPY/USD 0.08 113.86 10-Year Note +0.008 1.532% Sector News Breakdown Consumer B&G Foods (BGS) Q3 adj EPS $0.55, in-line with ests; Q3 revs $515M vs. est. $489.64M; reaffirms FY21 revenue view $2.05B-$2.1B and sees FY21 adjusted EBITDA $358M-$365M Floor & Decor (FND) Q3 EPS $0.69 vs. est. $0.57; Q3 revs rose 28% to $876.6M vs. est. $856.74M; said Q3 comp sales rose 10.9% Yoy Funko (FNKO) Q3 adj EPS $0.39 vs est. $0.27 on sales $267.7M vs est. $240.7M; DTC sales +88% YoY, now account for 11% of net sales; sees FY21 adj EPS $1.20-$1.31 vs est. $1.15 on sales $950M-$975M vs est. $922.1M GoPro (GPRO) Q3 adj EPS $0.34 vs est. $0.20 on revenue $316.7M vs est. $292.2M, adj EBITDA $60.4M vs est. $39.8M; subscriber count 1.34M, +168% YoY; avg selling price $381, +25% YoY Monster Beverage (MNST) 3Q EPS $0.63 vs est. $0.67 on sales $1.41B vs est. $1.4B Peloton (PTON) shares plunge 30%; 1Q EPS ($1.25) vs est. ($1.07) on revs $805.2Mm vs est. $810.7Mm, 1Q connected fitness subs +87% to 2.49Mm and paid digital subs +74% to 887K; guides 2Q revs about $1.1-1.2B vs est. $1.5B, sees FY revs $4.4-4.8B vs est. $5.4B Shake Shack (SHAK) Q3 adj EPS (5c) vs est. (6c) on revenue $193.9M vs est. $197.5M, same-store sales +24.8%; sees Q4 revenue $193.5M-$200M vs est. $202.1M; Uber Technologies (UBER) Q4 EPS loss (-$1.28) vs. est. loss (-$0.33); qtrly revenue grew 72% yoy to$4.8 billion, or 69% on a constant currency basis; qtrly gross bookings reached an all-time high of $23.1 bln, up 57% YoY; airport gross bookings mix in U.S. has reverted back to pre-covid levels while approaching 12% to 13% of global mobility gross bookings; for the first time in 2021, demand recovery is in balance with supply recovery; beginning to rapidly build non-restaurant food delivery offerings in 2021 WW Inc. (WW) Q3 EPS $0.65 vs. est. $0.73; Q3 revs $293.5M vs. est. $314.12M; ends Q3 with subscribers of 4.5M; sees FY21 GAAP EPS 80c-90c below consensus $1.65; sees FY21 revs modestly above $1.2B vs. est. $1.29B The Real Good Food Company (RGF)333M share IPO priced at $12.00 Energy Delek (DK) Q3 adj EPS $0.13 vs. est. loss (-$0.35); Q3 revs $2.96B vs. est. $2.55B; refining contribution margin increased to $91.4 mln in q3 2021 from negative $17.8M in Q3; midstream remains resilient with dkl on-track to deliver a 5% distribution increase on a full-year basis EOG Resources (EOG) Q3 adj EPS $2.16 vs. est. $2.04; Q3 revs $4.77B vs. est. $4.53B; qtrly total company crude oil production of 449,500 boed; increased regular dividend 82% to an indicated annual rate of $3.00 per share; Generated $1.4 billion of free cash flow; capital expenditures near low end of guidance range driven by sustainable cost reductions First Solar (FSLR) 3Q EPS $0.42 vs est. $0.59 on revs $584Mm vs est. $685Mm; guides FY net sales $2.875-3.1B vs est. $2.9B, sees FY EPS $4.00-4.60 vs est. $4.15 Occidental Petroleum (OXY) Q3 EPS $0.87 vs. est. $0.66; Q3 revs $6.81B vs. est. $6.55B; total average production from continuing operations of 1,160 thousand of barrels of oil equivalent per day for q3; in qtr, average worldwide realized crude oil prices increased by about 7% from prior qtr to $68.74 per barrel SunRun (RUN) Q3 EPS $0.11 vs. est. $0.01; Q3 revs $438.8M vs. est. $414.3M; Customer Additions of 30,698 in Q3, Bringing Total Customers to 630,441, 20% year-over-year growth in Customers pro-forma for Vivint Solar; Net Subscriber Value of $7,605 in Q3, an increase of $2,031 from Q2; Annual Recurring Revenue of $787 Million with Average Contract Life Remaining of 17.3 years Financials AIG Inc. (AIG) Q3 adj eps $0.97 vs. est. $0.89; qtrly total general insurance net premiums written increased 11% to $6.6 billion from prior year quarter; qtrly total general insurance underwriting income was $20 mln compared to an underwriting loss of $423 million in prior year quarter; qtrly general insurance APTI increased by $395 million to $811 million from prior year quarter CubeSmart (CUBE) 3Q adj FFO/shr $0.56 vs est. $0.53, qtrly same-store occupancy averaged 95.6% and ended qtr at 94.8%; guides Fy adj FFO/shr $2.09-2.10 vs est. $2.04 Redfin (RDFN) 3Q EPS ($0.20) vs est. ($0.19) on revs $540Mm vs est. $534.9Mm; guides 4Q revs $585-606Mm vs est. $503.4Mm Green Dot (GDOT) Q3 adj EPS $0.43 vs est. $0.37 on revenue $339.5M vs est. $304.8B; now sees FY adj EPS $2.19-$2.27 from $2.13-$2.27, revenue $1.37B-$1.38B from $1.33B-$1.35B Rocket Co’s (RKT) Q3 adj EPS $0.57 vs est. $0.48 on revenue $3.12B vs est. $2.93B; closed loan volume $88B, gain on sale margin of 3.05%, both of which exceed guidance; sees Q4 closed loan volume $75B-$80B, net rate lock volume $71B-$78B Square Inc. (SQ) Q3 adj EPS $0.37 vs. est. $0.39; Q3 revs $3.84B below est. $4.52B; excluding bitcoin, total net revenue in the third quarter was $2.03 billion, up 45% YoY; bitcoin rev was $1.81 bln in q3, up 11%; bitcoin gross profit was only $42 mln, or about 2% of bitcoin revenue; transaction-based revenue was $1.30 billion in Q3, up 40% YoY; processed $45.4 billion in GPV in Q3 of 2021, up 43% YoY; cash app delivered strong growth, generating $2.39 billion of revenue Monmouth Real Estate (MNR) to be acquired by ILPT for $21.00 per share, or $4B Healthcare Endo Pharma (ENDP) 3Q adj EPS $0.80 vs est. $0.48 on revs $772Mm vs est. $669.7Mm; guides FY revs $2.9-2.94B vs est. $2.79B, sees FY adj EPS $2.80-2.85 vs est. $2.33 Illumina (ILMN) Q3 adj EPS $1.45 vs. est. $1.14; Q3 revs $1.108B vs. est. $1.05B; raises FY rev guidance as expects both consolidated and core Illumina rev growth of about 36% for fy21 Insulet (PODD) 3Q EPS $0.18 vs est. $0.24 on revs $275.6Mm; guides FY revs to +18-20% vs est. +19.9% iRhythm Technologies, Inc. (IRTC) 3Q EPS ($0.81) vs est. ($1.10) on revs $85.4Mm; guides FY revs $317-319Mm vs est. $323.5Mm Mettler-Toledo (MTD) Q3 adj EPS $8.72 vs. est. $8.24; Q3 revs $952M vs. est. $924.31M; anticipates local currency sales growth for q4 of 2021 will be about 8% and EPS growth of 8% to 9%; anticipates local currency sales growth in 2022 will be about 6% Novavax (NVAX) Q3 EPS ($4.31) vs. est. loss ($3.91); Q3 revs $178.8M vs. est. $334.62M; said as of September 30, 2021, Novavax had $1.9B in cash, cash equivalents and restricted cash, compared to $0.8B as of December 31, 2020; announced the completion of its rolling submission to the WHO for emergency use listing of NVX-CoV2373, its COVID-19 vaccine candidate. The FDA has declined to approve an EUA request from NRx Pharmaceuticals (NRXP) for Zyesami (aviptadil) for patients with critical COVID-19 with respiratory failure; shares down -24% Evaxion Biotech (EVAX)43M share Secondary priced at $7.00 IO Biotech (IOBT)15M share IPO priced at $14.00 Industrials & Materials Air Transport Services Group, Inc. (ATSG) 3Q adj EPS $0.60 vs est. $0.46 on revs $466Mm vs es.t $434.7Mm; guides FY adj EBITDA at least $535Mm vs est. $531Mm Barnes Group (BE) Q3 adj EPS (20c) vs est. (9c) on revenue $207.2M vs est. $239M Chemours (CC) 3Q adj EPS $1.27 vs est. $1.02 on revs $1.7B vs est. $1.58B; guides FY adj EPS $3.93-4.13 vs. est. $3.67 Livent Corp. (LTHM) 3Q adj EPS $0.03 vs est. $0.04 on revs $103.6Mm vs est. $96.1Mm; guides FY revs $390-410Mm vs est. $386.4Mm MasTec (MTZ) Q3 adj EPS $1.81 vs. est. $1.68; Q3 revs $2.404B vs. est. $2.28B; guides 4Q adj EPS $1.33 vs est. $1.35, sees 4Q revs about $1.9B vs est. $2.1B Snap-on (SNA) announces $500M share buyback

Tuesday, May 25, 2021 Futures Up/Down % Last Dow 72.00 0.21% 34,424 S&P 500 11.25 0.26% 4,204 Nasdaq 56.50 0.42% 13,692 Stock futures are looking higher, adding to yesterday’s gains as the yield on the 10-year slips back below 1.6%, easing inflation fears for a second straight day. Concerns over persistent inflation have softened the last few days with more Fed speakers just yesterday (Bullard, Bostic, Brainard) again all said prices will rise in coming months but all see it as transitory. Crypto currency volatility continues as well, with many (Bitcoin back under 37K, Ethereum) pulling back after yesterday’s rebound. On the agenda today (in a relatively quiet period for news with earnings winding down) attention turns to several housing data reports with Case-Shiller Home Price Index, FHFA House Price Index and New Home Sales, while consumer confidence figures will offer some insight into current business and employment conditions. In Asian markets, The Nikkei Index rose 189 points to 28,553, the Shanghai Index jumped 84 points to 3,581 and the Hang Seng Index surged 498 points to 28,910, In Europe, the German DAX is up about 110 points to 15,550, while the FTSE 100 is flat around 7,050. U.S. stocks surged all day on Monday, with both the S&P 500 and Nasdaq jumping more than 1% as a retreat in U.S. Treasury yields helped lift high multiple and mega cap technology stocks (AAPL, AMZN, FB, GOOGL) as fears about inflation took a back seat as investors again bought the dip after mixed stock reaction last week. Yields on the 10-year Treasury bond hit a two-week low, around 1.6%. Markets exhibited no concern on reports President’s Joe Biden’s infrastructure bill will likely be smaller than hoped as the two sides remain wide apart. Market Closing Prices Yesterday The S&P 500 Index jumped 41.19 points, or 0.99%, to 4,197.05 The Dow Jones Industrial Average rose 186.14 points, or 0.54%, to 34,393.98 The Nasdaq Composite spiked 190.18 points, or 1.41%, to 13,661.17 The Russell 2000 Index advanced 12.07 points, or 0.54% to 2,227.34 Events Calendar for Today 7:45 AM ET ICSC Weekly Retail Sales 8:55 AM ET Johnson/Redbook Weekly Sales 9:00 AM EST Monthly Home Prices MoM for March 9:00 AM EST S&P CaseShiller 20 City for March…est. 1.2% 10:00 AM EST Consumer Confidence for May…est. 119.4 10:00 AM EST New Home Sales MoM for April…est. 970K 10:00 AM EST Richmond Manufacturing Index for May…prior 17 4:30 PM ET API Weekly Inventory Data Earnings Calendar: Earnings Before the Open: $AZO, $CBRL, $CTRN, $DY, $IMBI, $VSAT Earnings After the Close: $A, $CSWC, $DV, $INTU, $JWN, $RAMP, $RRGB, $SKY, $TOL, $URBN, $ZS Other Key Events: Goldman Sachs TechNet Conference Asia Pacific 2021 (virtual), 5/24-5/28 JPMorgan Global technology, Media & Communications Conference (virtual), 5/24-5/26 UBS Global Healthcare Conference (virtual), 5/24-5/26 Jefferies IT Services Summit (virtual), 5/25 Microsoft Build Conference (virtual), 5/25-5/27 New Relic Future Stack Conference (virtual), 5/25-5/27 Truist Securities 22nd Annual Financial Services Conference (virtual), 5/25-5/26 UBS Global Oil & Gas Conference (virtual), 5/25-5/27 Wolfe Research Transport & Industrials Conference (virtual), 5/25-5/27 Macro Up/Down Last Nymex -0.43 65.62 Brent -0.30 68.16 Gold 1.15 1,882.20 EUR/USD 0.0041 1.2257 JPY/USD 0.16 108.91 10-Year Note -0.015 1.593% Sector News Breakdown Consumer Alaska Air ($ALK) sees Q2 total rev % change versus 2019 down about 32%-37%; plan to return to 100% of 2019 capacity by summer of 2022; sees Q2 passenger load factor about 70% to 75%; after summer of 2022 expect to return to growth rates that are similar to pre-pandemic levels America’s Car-Mart ($CRMT) Q4 EPS $6.19 vs. est. $2.80; Q4 revs $279.1M vs. est. $220.6M Azek ($AZEK) files to sell 15M shares of common stock Bally’s Corporation ($BALY) announced that it has entered the mobile sports betting market with the beta launch of its mobile sportsbook, Bally Bet, in Colorado Shake Shack ($SHAK) upgraded to Outperform from Neutral at Wedbush Lordstown Motors ($RIDE) slides 14%; reports Q1 operating loss $106.2M; said timeline to start of production in late-September 2021, which will be at limited capacity, remains on track; Q1 net loss of $125M, capex of $53M and cash of $587M on March 31, 2021; said expected year-end 2021 liquidity of between $50M-$75M in cash and cash equivalents (on March 17th, had said expects to end 2021 with $200M of cash on hand) Energy A quadrupling in the cost of polysilicon has pushed solar module prices up 18% YTD after plunging 90% over the previous decade, a reversal that threatens to delay projects and slow the uptake of solar power ($TAN) just as major governments increasingly support it in an effort to slow climate change, Bloomberg reports. PNM Resources Inc ($PNC): 2 additional parties filed motions to join merger stipulation before New Mexico public regulation commission; M-S-R Power and Los Alamos County request hearing examiner allow parties to join other 11 signatories supporting agreement Beam Global ($BEAM) 1Q EPS ($0.14) vs. est. ($0.17) on revs $1.372Mm vs. est. $1.8Mm Financials KE Holdings (BEKE) slips after Reuters reports China’s market regulator has begun an investigation into suspected anti-competitive practices by BEKE, which is backed by Chinese tec h behemoth Tencent Holdings (TCEHY) https://reut.rs/3yzY86B Coinbase (COIN) initiated with an Overweight and $371 tgt at JPMorgan as sees Coinbase occupying a key position in the U.S. market for transacting cryptocurrencies Ocwen Financial Corporation (OCN) said its wholly-owned subsidiary, PHH Mortgage Corporation, has entered into an agreement with AmeriHome Mortgage Company, LLC to purchase, in bulk, mortgage servicing rights with a total unpaid principal balance of approximately $48 billion Healthcare Canopy Growth ($CGC) upgraded to Buy from Hold at MKM Partners ahead of earnings as believes that after Q4 and through the reopening of Canadian economy, co will return to sequential growth and have better aligned its supply chain to capture demand opportunities eHealth ($EHTH) said in a regulatory filing that Derek Yung will resign as CFO and principal financial officer, effective June 11, to pursue an executive position at a company that is not a competitor of eHealth. Exelixis, Inc. ($EXEL) announced results from the metastatic castration-resistant prostate cancer ($CRPC) cohort 6 of COSMIC-021, the phase 1b trial of cabozantinib (CABOMETYX(R)) in combination with atezolizumab in patients with locally advanced or metastatic solid tumors iRhythm Technologies ($IRTC) received FDA’s 510K clearances for a new design of its flagship Zio monitor and its updated artificial intelligence (AI) capabilities The Joint Corp. ($JYNT) will replace Cubic Corp. ($CUB) in the S&P SmallCap 600 effective prior to the opening of trading on Thursday, May 27. Veritas Capital is acquiring Cubic in a deal expected to be completed soon pending final closing condition Petco ($WOOF) announces offering of 22M shares of Class A common stock for holders Oak Street Health Inc ($OSH) files for offering of up to 10.0M shares of common stock Scholar Rock’s ($SRRK) said its spinal muscular atrophy candidate apitegromab receives FDA Fast Track designation Industrials & Materials Aircraft leasing firm SMBC Aviation Capital has agreed to buy an additional 14 Boeing ($BA) 737 MAX aircraft with a low-cost carrier configuration, with deliveries due to begin later this year, it said on Tuesday. Carpenter Technology Corporation ($CRS) said it will increase base prices by 6% to 9% on new, non-contract orders across all specialty alloy products. Dycom ($DY) Q1 adj EPS loss (4c) vs. est. 6c; Q1 revs $727.5M vs. est. $752.1M; ended the quarter with cash and equivalents of $330.6M; sees Q2 revenue in-line to modestly lower, which is below est. $843.25M Air Transport Services Group, Inc. ($ATSG) announced that its leasing subsidiary Cargo Aircraft Management has committed to provide four additional Boeing 767-300 converted freighters to DHL Network Operations (USA), Inc. under the terms of stand-alone dry lease agreements Hydrofarm Holdings Group, Inc. ($HYFM) announced it has entered into an agreement to acquire House & Garden, Inc., Humboldt Wholesale, Inc., Allied Imports & Logistics, Inc., and South Coast Horticultural Supply, Inc. Nordson ($NSDN) Q2 EPS $2.12 vs. est. $1.64; Q2 sales $590M vs. est. $548M; sees FY EPS $7.20-$7.50 vs. est. $6.65 and sales up about 8%-10% GrafTech ($EAF) files to sell 20M shares of common stock for holders Rexford Industrial ($REXR) 9M share Spot Secondary priced at $55.60 Technology, Media & Telecom TrueCar ($TRUE) board increased maximum value of shares of stock that may be repurchased under its previously-announced share repurchase program to $150 mln Globant ($GLOB) announces offering of 1M common shares

AMAZON AIR HIRES ATSG TO FLY SIX MORE FREIGHTERS.

$ATSG 21AUG20 $25 Cs // 3.1k+ trading vs 70 OI

$ATSG 21AUG20 $25 Cs // 3.1k+ trading vs 70 OI