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Thursday, August 12, 2021 Futures Up/Down % Last Dow 40.00 0.12% 35,413 S&P 500 2.25 0.05% 4,442 Nasdaq 5.50 0.04% 15,025 Another day, another record high for the Dow and S&P 500 as futures are pointing to a slightly higher open, building on the ongoing upside momentum that pushed the S&P 500 to its 45th all-time high Wednesday. Both the Dow Jones Industrial Average and S&P 500 are coming off all-time bests as consumer prices (CPI) data indicated U.S. inflation was in-line with estimates, raising hopes that growth may have peaked, while sectors tied to economic growth such as industrials, materials and metals advanced a second day on the heels of the passage of a large infrastructure bill. The July consumer price index increased 0.5% last month after climbing 0.9% in June, though on a YoY basis was above 5% again (ahead of today’s PPI data at 8:30 AM ET). Meanwhile, two Fed members (George and Kaplan) each said the central bank should announce its timeline to reduce its massive bondholding, with Kaplan calling for it to begin next month, with tapering to begin in October. Healthcare was also a drag on markets as S&P components MRNA and PFE fell after the drug regulator of the European Union said it was looking into new possible side-effects of mRNA COVID-19 shots. Asian shares dropped for the first time this week as China stepped up scrutiny of its insurance technology platforms while European stocks drift on mixed earnings results. The Nikkei Index slipped -55 points to 28,015, the Shanghai Index slid -7 points to 3,524, and the Hang Seng Index dropped -142 points (0.535) to settle at 26,517. In Europe, the German DAX is up over 60 points to 15,888, while the FTSE 100 is down a few points at 7,210. Events Calendar for Today 8:30 AM ET Weekly Jobless Claims…est. 375K 8:30 AM EST Continuing Claims…est. 2.88M 8:30 AM ET Producer Price Index (PPI) MoM for July…est. 0.6% 8:30 AM ET PPI Ex: Food & Energy (core) MoM for July…est. 0.5% 8:30 AM ET Producer Price Index (PPI) YoY for July…est. 7.3% 8:30 AM ET PPI Ex: Food & Energy (core) YoY for July…est. 5.6% 10:30 AM ET Weekly EIA Natural Gas Inventory Data 1:00 PM ET U.S. to sell $27 bln in 30-year bonds Earnings Calendar: Earnings Before the Open: AVXL, AZEK, BDR, BODY, BR, BTTR, CELH, EFOI, EMAN, EYE, FSTX, GRWG, HOOK, KELYA, MDP, MIDD, MKTW, NYC, PGTI, SOHO, TAST, UP, UTZ, VERU Earnings After the Close: ABNB, ACHV, AFIB, APDN, ASTR, AWH, BBI, BIOL, BLBD, BOXL, BW, CAPR, CODX, CRMD, DASH, DCO, DIS, EAR, FIGS, FLO, FRGI, HOFV, ICCC, INTZ, IPWR, KINS, LAZR, LIVX, LMB, LVOX, LZ, MOTS, OPGN, PHUN, PTE, SFE, SGHT, SOFI, TLMD, TPCS, VIVE, WISH, XL Other Key Events: BTIG HIMSS Digital Health Booth Tour (virtual), 8/11-8/12 Canaccord Genuity 41st Annual Growth Conference (virtual), 8/10-8/12 Cowen Annual Communications Infrastructure Hybrid Summit, 8/9-8/12 Cowen 9th Annual Internet & Media Bus Tour (virtual), 8/9-8/13 Credit Suisse 4th Annual FinTech Conference (virtual), 8/11-8/13 JPMorgan Auto Conference (virtual), 8/11-8/12 KeyBanc Capital Markets Technology Leadership Virtual Forum, 8/9-8/12 Oppenheimer 24th Annual Technology, Internet & Comm Conference (virtual), 8/10-8/12 Piper Biotech Virtual Tour, 8/10-8/12 UBS Financial Services Conference (virtual), 8/10-8/12 Market Closing Prices Yesterday The S&P 500 Index gained 10.95 points, or 0.25%, to 4,447.70 The Dow Jones Industrial Average rose 220.30 points, or 0.62%, to 35,484.97 The Nasdaq Composite slipped -22.95 points, or 0.16%, to 14,765.14 The Russell 2000 Index advanced 10.98 points, or 0.49% to 2,250.34 Macro Up/Down Last Nymex -0.08 69.17 Brent -0.04 71.40 Gold 1.10 1,752.80 EUR/USD -0.0002 1.1737 JPY/USD -0.02 110.41 10-Year Note -0.008 1.351% World News The International Energy Agency (IEA) cut its outlook for global oil demand “sharply” for the rest of 2021 as the resurgence of coronavirus rocks major consumers and predicted a new surplus in 2022. The IEA cut its 2021 global oil demand growth forecast by 100,000 barrels a day, while upgrading its 2022 forecast by 200,000 barrels a day Eurozone Jun Industrial Production: m/m -0.3% vs -0.2% consensus; y/y 9.7% vs 10.4% consensus UK Q2 GDP: q/q 4.8% in-line; y/y 22.2% vs 22.1% consensus; UK Jun GDP: 1.0% vs 0.8% consensus; UK June Trade Balance: -£11.99b vs -£9.1b consensus; K June Ind Production m/m 0.7% vs 0.3% consensus, y/y 8.3% vs 9.4% consensus Sector News Breakdown Consumer DoorDash ($DASH) is said to have held talks to purchase Instacart over the past two months that may have valued the grocery delivery company at $40B to $50B. The talks felt apart in recent weeks at least partly over regulatory concerns, according to a report in The Information https://bit.ly/2VKi4F5 Core-Mark Holding ($CORE) said the waiting period under the HSR act for Performance Food Group’s (PFGC) planned purchased expired on Aug. 9 and the closing conditions for the deal have been satisfied Fisker Inc ($FSR) announces private offering of $600 mln 5-yr convertible notes Nio ($NIO) Q2 non-GAAP EPS loss (-$0.03) vs. est. loss (-$0.11); Revenue of $1.31B (+127% Y/Y) beats by $20M; said achieved a record-high quarterly delivery of 21,896 vehicles in Q2, followed by 7,931 vehicles in July, bringing the cumulative deliveries of NIO vehicles to 125,528 as of July 31, 2021 Blink Charging ($BLNK) 2Q EPS ($0.32) vs est. ($0.16) on revs $4.4Mm vs est. $2.6Mm eBay Inc. ($EBAY) Q2 adj EPS $0.99 vs. est. $0.95; Q2 revs $2.7B vs. est. $3.00B; expands share repurchase authorization by an additional $3B; entered agreement to sell about 135M shares of eBay’s Adevinta stock to Permira for over $2.4B, reducing ownership to 33%; announced an agreement to sell 80.01% of eBay Korea business to eMart for about $3B; guides Q3 revs $2.42B-$2.47B vs. est. $2.92B; annual active sellers grew by 5%, for total of 19M global active sellers Fossil Group ($FOSL) 2Q EPS ($0.02) on sales $411Mm; sees 3Q net sales +5-10%; guides FY net sales growth to approx +14-17%; Lordstown Motors ($RIDE) 2Q EPS ($0.61) vs est. ($0.49); pursuing external capital sources including debt and equity-linked securities; sees FY op exp $95-105Mm, expects to end 3Q with liquidity between 225-275Mm cash and equivalents without any funds from a capital raise Utz Brands ($UTZ) Q2 adj EPS 13c vs. est. 15c; Q2 revs $299.2M vs. est. $290.29M; sees FY 2021 adjusted shr $0.55 to $0.60; believes that consumer demand for its products will remain strong in second half of fiscal 2021; says continue to expect fiscal 2021 net sales consistent with fiscal 2020 pro forma net sales Vroom ($VRM) Q2 adj EPS loss (-$0.48), in-line with consensus; Q2 revs $761.89M vs. est. $637.99M; for Q2, had18,268 ecommerce units sold, up 172% YoY; Ecommerce revenue of $579.7 million, up 230% YoY; Ecommerce gross profit of $49.6 million, up 588% YoY Energy Array Technologies ($ARRY) 2Q EPS $0.00 vs est. $0.01 on revs $202.8Mm vs est. $231Mm; guides FY revs $850-940Mm vs est. $1B, sees FY adj EPS $0.15-0.25 vs est. $0.37 EnerSys ($ENS) Q adj EPS $1.25 vs est. $1.20 on revs $814.9Mm vs est. $810.5Mm, backlog grew $157Mm; guides 2Q adj EPS $1.03-1.13 vs est. $1.28 Canadian Solar ($CSIQ) Q2 EPS $0.18 vs. est. loss (-$0.30); Q2 revs $1.43B vs. est. $1.43B; Q2 solar module shipments of 3.7 GW, top end of 3.5 GW to 3.7 GW guidance; sees Q3 revs $1.2B-$1.4B vs. est. $1.62B; reducing its full year 2021 total module shipment guidance to 16 GW to 17 GW; reiterates its project sales guidance and total battery storage shipment guidance for FY 2021; carve-out IPO of CSI solar subsidiary remains on track Financials AllianceBernstein L.P. ($AB) preliminary assets under management increased to $748 billion during July 2021 from $738 billion at the end of June. Market appreciation and modest firmwide net inflows drove the 1% increase. Manning & Napier, Inc. ($MN) reported preliminary assets under management (“AUM”) as of July 31, 2021 of $22.5 billion, compared with $22.3 billion at June 30, 2021 Victory Capital Holdings, Inc. ($VCTR) reported assets under management (AUM) of $162.9 billion as of July 31, 2021. Opendoor Technologies (OPEN) Q2 EPS loss (-$0.24) vs. est. loss (-$0.34); Q2 revs $1.2B vs. est. $1.09B; Gross profit of $159 million, up 64% versus 1Q21; gross margin of 13.4%, up 40 basis points versus 1Q21; Adjusted EBITDA of $26 million versus ($2) million in 1Q21; adjusted EBITDA margin of 2.2% versus (0.3%) in 1Q21; sees Q3 revenue $1.8B-$1.9B vs. est. $1.52B Healthcare In vaccine news, NBC reports that the FDA would authorize a third shot of coronavirus vaccine as soon as Thursday for certain people with weakened immune systems. The decision to expand the emergency use of the vaccines from Moderna ($MRNA) and the Pfizer ($PFE)/BioNTech ($BNTX) shots Amwell ($AMWL) Q2 EPS loss (-$0.15) vs. est. loss (-$0.19); Q2 revs $60.2M vs. est. $61.7M; Q2 gross margins increased 600 bps to 44% of revenue versus 38% last quarter; said total visits of 1.3 million versus 1.6 million last quarter; lowers year revs to $252M-$262M from $260M-$270M and narrows year adj Ebitda loss view Fulcrum Therapeutics ($FULC)6M share secondary priced at $19.00 GoHealth ($GOCO) 2Q EPS ($0.12) vs est. ($0.04) on revs $196.9Mm vs est. $175.1Mm; guides FY revs $1.2-1.3B vs est. $1.24B, sees FY adj EBITDA $300-330Mm Hims & Hers ($HIMS) Q2 EPS loss (-$0.05) vs. est. loss (-$0.10); Q2 revs $60.7M vs. est. $56.49M; sees Q3 revs $69M-$71M vs. est. $58.31M and sees year revs $251M-$255M vs. est. $226.3M Xeris Pharmaceuticals ($XERS) announced it has received U.S. FDA clearance for phase 1 clinical trials for its hypothyroidism treatment Industrials & Materials Apogee Enterprises ($APOG) announced plans to realign and simplify its business structure to “bring a stronger focus to serving customers, enable a more competitive cost model, and better position the company for future growth and improved profitability; now expects to achieve $20M-$30M of annualized savings by the end of fiscal 2023 Royal Gold ($RGLD) 4Q EPS $1.25 vs est. $0.92 on revs $168Mm vs est. $165Mm; guides 1Q stream segment sales 62,000-67,000 GEOs with qtr-end inventory 22,000-27,000 GEOs Gates Industrial ($GTES) 25M share Secondary priced at $16.00

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SCAN RESULTS - BULLISH BOTTOMS $DISCA, $CHGG, $STNE, $ATVI, $PSX, $AZEK, $ETSY, $FTCH, $POSH, $UAA, $SNAP, $PFGC, $BMRN, $CAT, $BIGC, $AVLR, $RSX, $BKR, $COUP, $STNE, $LI, $LESL, $BMBL, $PTON, $IOVA, $RUBY TOPS $ATVI, $FTCH, $FVRR, $IFT, $SBH, $SONY, $YUM, $CVS, $NVST, $CAT, $SYK, $TDC, $TWLO, $RSX, $AMZN, $ALXN BEARISH $BK, $ELS, $KMX, $MCK, $NIO, $WFC, $NVDA, $TLT, $VALE, $INFY

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/*============================================= = MORNING UPDATE - Thursday 05/27/21 = =============================================*/ Futures Up/Down % Last Dow -9.00 0.03% 34,271 S&P 500 -8.25 0.20% 4,184 Nasdaq -54.50 0.40% 13,646 Stock futures are edging slightly lower ahead of a busy morning of economic data, as investors await monthly GDP (2nd estimate for Q1 with estimate about 6.4% – in-line with prior reading), jobless claims data, durable goods and pending home sales. The narrative remains the same day after day as the U.S. economy continues to show improvement/rebound from pandemic lows, which has raised concerns over rising inflation and fears the Fed could pull back on its asset purchases/monetary policy – but most official have said over the last week they don’t feel it will be necessary to change course since rising price pressures likely will just be transitory. Market fears remain non-existent again as the CBOE Volatility Index (VIX) comes into the day below the 18 level (was above 27 just over a week ago). In Asian markets, The Nikkei Index fell -93 points to 28,549, the Shanghai Index rose 15 points to 3,608 and the Hang Seng Index fell -52 points to 29,113. In Europe, the German DAX is down over 40 points to 15,400, while the FTSE 100 is down a few points to 7,015. Stocks edged higher on Wednesday, with the SmallCap Russell 2000 index leading (up nearly 2%), and the tech heavy Nasdaq Composite, as markets were once again spurred by further reassuring talk from Federal Reserve officials that spiking inflation will be “transitory” with Treasury yields remaining lower. Fed Vice Chair Randal Quarles was the latest Fed official to ease worries about inflation. Outside of SmallCap and tech, momentum related sectors fueled the rally with social media “meme” stocks surging ($GME, $AMC, $EXPR, $KOSS), along with electric vehicle names and Bitcoin leveraged stocks. Events Calendar for Today 8:30 AM EST Gross Domestic Product (GDP) Q1 (2nd) …est. 6.5% 8:30 AM EST GDP Price Deflator Q1 (2nd) …est. 4.1% 8:30 AM EST GDP Consumer Spending for Q1 (2nd) 8:30 AM EST Core PCE Prices for Q1…est. 2.3% 8:30 AM EST PCE Prices Prelim for Q1 8:30 AM EST Weekly Jobless Claims…est. 425K 8:30 AM EST Continuing Claims…est. 3.68M 8:30 AM EST Durable Goods for April…est. 0.7% 8:30 AM EST Durable Goods Ex Transports for April…est. 0.8% 10:00 AM EST Pending Home Sales MoM for April…est. 0.8% 10:30 AM ET Weekly EIA Natural Gas Inventory Data 11:00 AM EST Kansas City Fed Manufacturing for May Earnings Calendar: Earnings Before the Open: $AMWD, $BBY, $BURL, $DG, $DLTR, $DXLG, $GCO, $HLNE, $MOV, $PLAN, $SAFM, $TITN Earnings After the Close: $ADSK, $BOX, $COST, $CRM, $DELL, $DOMO, $GPQ, $HPQ, $KRT, $LGF.A, $OLLI, $ULTA, $VEEV, $VMX, $YEXT Other Key Events: Goldman Sachs TechNet Conference Asia Pacific 2021 (virtual), 5/24-5/28 Microsoft Build Conference (virtual), 5/25-5/27 New Relic Future Stack Conference (virtual), 5/25-5/27 UBS Global Oil & Gas Conference (virtual), 5/25-5/27 Wolfe Research Transport & Industrials Conference (virtual), 5/25-5/27 Cowen Digital Dining Summit (virtual), 5/27 Market Closing Prices Yesterday The S&P 500 Index climbed 7.86 points, or 0.19%, to 4,195.99 The Dow Jones Industrial Average rose 10.59 points, or 0.03%, to 34,323.05 The Nasdaq Composite jumped 80.82 points, or 0.59%, to 13,738.00 The Russell 2000 Index surged 43.52 points, or 1.97% to 2,249.27 Macro Up/Down Last Nymex -0.48 65.73 Brent -0.50 68.37 Gold -1.00 1,895.70 EUR/USD 0.0012 1.2204 JPY/USD 0.02 109.17 10-Year Note +0.012 1.586% Sector News Breakdown Consumer American Eagle ($AEO) 1Q adj EPS $0.48 vs. est. $0.46 on revs $1.03B vs. est. $1.02B, says digital momentum continued with revs +57% (Aerie +158%, AE +20%); total inventory +2% vs 2019 Cavaco Industries ($CVCO) Q4 EPS $2.71 vs. est. $1.92; Q4 revs $306.5M vs. est. $293.79M; home sales order rates improved 50% over last year’s quarter; backlogs increased $131M during the quarter; Designer Brands ($DBI) 1Q adj EPS $0.12 vs. est. ($0.18) on sales $703.2Mm vs. est. $651Mm, comps +52.2% Elf Beauty ($ELF) Q4 adj EPS $0.71 vs. est. $0.10; Q4 sales $92.7M vs .est. $82.4M; sees 2022 adj EPS 64c-67c vs. est. 71c and sees year revs $343M-$350M vs. est. $334.3M; Q4 Selling, general and administrative expenses rose 23% to $57.9M Modine Manufacturing ($MOD) Q4 adj EPS $1.14 vs. est. $0.27; Q4 sales $514.9M vs. est. $493M; sees full-year 2022 YoY sales up 12%-18% William-Sonoma ($WSM) Q1 adj EPS $2.93 vs. est. $1.83; Q1 revs $1.75B vs. est. $1.52B; Q1 comp brand revenue growth accelerated to 40.4%, with all brands accelerating sequentially including West Elm at 50.9%, Pottery Barn at 41.3%, Williams Sonoma at 35.3% and Pottery Barn Kids and Teen at 27.6%; raising fiscal year 2021 outlook to low double-digit to mid-teen net revenue growth; for long-term, planning for net rev growth of mid-to-high single digits & non-Gaap operating margin expansion Azek ($AZEK) 15M share Secondary priced at $43.50 Crocs Inc. ($CROX) will replace Cantel Medical Corp. ($CMD) in the S&P MidCap 400, and Organogenesis Holdings Inc. ($ORGO) will take Crocs’ spot in the S&P SmallCap 600 before trading opens on June 2, according to S&P Dow Jones Indices. Energy, Industrials and Materials Vertex Energy ($VTNR) surged after hours after agreeing to acquire the Mobile refinery in Alabama from Royal Dutch Shell (RDS.A) for $75M Ranpak Holdings ($PACK) 5M share Spot Secondary priced at $21.00 The Department of Homeland Security issued a new security directive for pipeline owners and operators on Thursday after a hack of the Colonial Pipeline disrupted fuel supplies in the southeastern United States for days this month Healthcare Change Healthcare ($CHNG) 4Q adj EPS $0.42 vs. est. $0.36 on revs $855.2Mm vs. est. $840.2Mm; says due to recently announced transaction with Optuminsight, will no longer by providing guidance Ironwood Pharmaceuticals ($IRWD) announces agreement with Teva (TEVA) involving Linzess® (linaclotide) 72 mcg dosage strength Myovant Sciences ($MYOV) and Pfizer ($PFE) receive FDA approval for Myfembree®, the first once-daily treatment for heavy menstrual bleeding associated with uterine fibroids Nextgen Healthcare ($NXGN) Q4 adj EPS 21c vs. est. 19c; Q4 revs $144.2M vs. est. $140.1M; sees FY22 adj EPS 89c-95c vs. est. 99c; sees FY22 revs $574M-$584M vs. est. $577.2M; Subscription services revenue in Q4 generated $38.2M, or 16% growth over the prior year period, driven by demand for patient experience-related solutions. Day One ($DAWN) 10M share IPO priced at $16.00 Oak Street Health ($OSH)05M share secondary priced at $62.00 Ocugen ($OCGN) says it is on track to submit emergency use authorization application (EUA) to U.S. FDA for its COVID-19 vaccine, Covaxin, in June; awaiting feedback from FDA after master file regarding vaccine was submitted in March R1 RCM ($RCM) 15M share secondary priced at $22.50 Singular Genomics Systems ($OMIC)2M share IPO priced at $22.00 VIR Biotech ($VIR) received FDA emergency use approval for its antibody treatment co-developed with Glaxo ($GSK) to treat mild-to-moderate COVID-19 in people aged 12 years and older Technology, Media & Telecom NVIDIA ($NVDA) Q1 non-Gaap EPS $3.66 vs. est. $3.28; Q1 revs $5.66B vs. est. $5.41B; qtrly data center revenue of $2.05B, up 79% from a year earlier; Q1gaming revenue of $2.76B, up 106% from a year earlier; sees Q2 revs expected to be $6.30B, plus or minus 2% vs. est. $5.5B; Q2 Gaap and non-Gaap gross margins are expected to be 64.6% and 66.5%, respectively, plus or minus 50 bps after Q1 margins 64.1% vs 65.1% YoY and Q1 non-Gaap gross margin 66.2% vs 65.8% YoY Disneyland ($DIS) to allow non-California guests starting on June 15; Disneyland extends reservation window to 120 days DXC Technology ($DXC) Q4 adj EPS 74c vs. est. 70c; Q4 revs $4.385B vs. est. $4.28B; Q4 bookings were $4.7B; sees FY22 adj EPS $3.45-$3.65 vs. est. $3.44; sees FY22 revenue $16.6B-$16.8B vs. est. $16.91B Nutanix ($NTNX) Q3 adj EPS loss (41c) vs. est. loss (49c); Q3 revs $344.5M vs. est. $334.45M; Q3 billings down 3.2% YoY to $371.1M; guides Q4 ACV billings $170M-$175M and Q4 adjusted gross margin roughly 81.5%-82% Okta Inc. ($OKTA) 1Q adj EPS ($0.10) vs. est. ($0.20) on revs $251Mm vs. est. $238.3Mm; guides 2Q adj EPS loss $0.35-0.36 vs. est. loss $0.11, sees 2Q revs $295-297Mm vs. est. $258.2Mm; guides FY adj EPS loss $1.13-1.16 vs. est. loss $0.44, sees FY revs $1.215-1.225B vs. est. $1.09B; says CFO stepping down June 1st, Brett Tighe (Treasurer) will be interim CFO Ooma Inc. ($OOMA) Q1 EPS $0.11c vs. est. $0.08; Q1 revs $45.6M vs. est. $44.31M; sees Q2 EPS 8c-10c vs. est. 6c; guides Q2 revs $46.0M-$46.8M vs. est. $45.12M; sees FY22 EPS 30c-38c vs. est. 29c; sees year revs $185M-$187M vs. est. $183.64M Pure Storage ($PSTG) Q1 adj EPS 0c vs. est. loss (6c); Q1 revs $412.7M vs. est. $403.91M; sees Q2 revs $470M vs. est. $455.85M; sees Q2 non-GAAP operating income $15M; Q1 Subscription services revenue $162.8 million, up 35% YoY; Q1 GAAP gross margin 68.3%; non-GAAP gross margin 70.5% QAD Inc. ($QADA) 1Q EPS $0.09 vs. est. $0.12 on revs $83Mm vs. est. $78.9Mm, subscription revs $36.7Mm; guides 2Q subscription revs $38.5Mm, maintenance revs $26zmm, sees 2Q op income $1Mm incl stock comp exp $5Mm; guides FY subscription revs $160Mm, maintenance revs $102Mm, op inc $12Mm incl stock comp exp $17Mm Snowflake ($SNOW) 1Q EPS ($0.70) vs. est. ($0.16) on revs $228.9Mm vs. est. $212.9Mm, qtr-end total customers were 4,532; guides 2Q product revs $235-240Mm vs. est. $251Mm; guides FY product revs $1.02-1.04B vs. est. $1.09B Workday ($WDAY) 1Q adj EPS $0.87 vs. est. $0.73 on revs $1.18B vs. est. $1.16B, qtrly subscription revs $1.03B +17%; guides 2Q subscription revs $1.095-1.097B; raises FY subscription revs guide to $4.425-$4.44B, raises FY adj op mgn guide to 18-19%; Zuora ($ZUO) 1Q adj EPS ($0.02) vs. est. ($0.04) on revs $80.3Mm vs. est. $79Mm; guides 2Q adj EPS loss $0.04-0.03 vs. est. loss $0.02, sees 2Q revs $82.5-84.5Mm vs. est. $81.8Mm; guides FY adj EPS loss $0.10-0.06 vs. est. loss $0.08, sees FY revs $337-339Mm vs. est. $336.3Mm FIGS ($FIGS)4M share IPO priced at $22.00 Thryv Holdings ($THRY)24M share Secondary priced at $23.50

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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

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$KR, $DG, DLTH, $AZEK, $CBRL, $KIRK, $MIK, $QH have earnings this morning

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Largest Notional Sell On Close Order Imbalances $VZ $JPM $V $MRK $YUMC $ETR $CHGG $TMO $AZEK $BABA

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