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Thursday, October 28, 2021 Futures Up/Down % Last Dow 54.00 0.15% 35,443 S&P 500 11.25 0.26% 4,556 Nasdaq 74.50 0.47% 15.662 U.S. futures are looking at a rebound after a late day swoon erased record gains for stocks, as markets again await another earnings barrage, with yesterday and today the two busiest days of the quarter. Drama out of Washington D.C. also adding to the volatility as investors remain hopeful on a spending bill. As for Wednesday, a midday all-time high for the Nasdaq 100 was marred by a late day sell-off in U.S. stocks, as the S&P 500 and Dow each retreated from records set just the previous day, led by weakness in energy stocks as oil prices tumbled from 7-year highs and long-dated Treasury yields also slumped, with the 30-year falling as much as 10bps below 2%. Corporate earnings have generally been better-than-expected, but constant reminders about rising costs, supply-chain issues, and labor shortages on conference calls brings into question the strength of markets going forward. Couple that with expectations for the Fed to begin its asset tapering plans in November and chances of interest rate hikes in mid-2022 to help prevent inflation getting further out of hand remains a market concern. Shares of Dow components McDonald’s, Coca-Cola and Microsoft rallied behind strong earnings. In fact, the Nasdaq outperformed behind large cap winners (TSLA, GOOGL MSFT, AMZN), though breadth was decisively negative and SmallCaps plunged with the Russell 200 falling nearly 2%. President Biden’s infrastructure and social-spending plans still remain “up-in-the-air” which also adds uncertainty. In Asian markets, The Nikkei Index fell about 1% to 28,820, the Shanghai Index slipped -1.23% to 3.518 and the Hang Seng Index dipped about -0.25% to 25,555. In Europe, the German DAX is down -0.15% at 15,680, while the FTSE 100 is also down roughly -0.2% at 7,240. Market Closing Prices Yesterday The S&P 500 Index dropped -23.11 points, or 0.51%, to 4,551.68 The Dow Jones Industrial Average fell -266.19 points, or 0.74%, to 35,490.69 The Nasdaq Composite little changed, or 0.00%, to 15,235.84 The Russell 2000 Index declined -43.58 points, or 1.90% to 2,252.49 Events Calendar for Today 8:30 AM ET Weekly Jobless Claims…est. 290K 8:30 AM EST Continuing Claims…est. 2.415M 8:30 AM ET Gross Domestic Product (GDP) for Q3-A…est. 2.7% (down from prior) 8:30 AM ET GDP Consumer Spending for Q3-A…prior month 12.0% 8:30 AM ET GDP Price Deflator for Q3…est. 5.5% 8:30 AM ET Core-PCE Prices Advance for Q3…est. 4.5% 10:00 AM ET Pending Home Sales MoM for September…est. 0% 10:30 AM ET Weekly EIA Natural Gas Inventory Data 11:00 AM ET Kansas City Fed Manufacturing for October 1:00 PM ET U.S. to sell $62 bln 7-year notes Earnings Calendar: Earnings Before the Open: AB, ABMD, ADS, AEP, AGCO, ALNY, AMT, AOS, ATI, BAX, BC, BSIG, BTU, CARR, CAR, CBRE, CBZ, CFR, CG, CMCO, CMCSA, CMS, CNX, COLB, CONE, COOP, COR, CWT, DBD, EME, EXP, FCN, GPI, GVA, HBAN, HSY, IBP, ICE, ITW, KBR, KDP, KEX, LECO, LH, LKQ, MA, MCO, MDD, MO, MRK, NEM, NLSN, NOC, OSK, OSIS, OSTK, PBF, RGEN, RLGY, RS, SAH, SAIA, SNDR, SWI, SWK, TAP, TFX, TPX, TREE, TW, TXT, VC, VLY, WEX, WST, XEL, YUM Earnings After the Close: AAPL, ABCB, ACHC, AGL, AMZN, ASPN, ATEN, ATR, AVT, AX, BIO, BY, CDNA, CHE, COHU, COLM, CPT, CUZ, CWST, DECK, DVA, DXCM, EB, EMN, FISI, FTDR, FTV, GILD, HIG, HUBG, LOPE, LPLA, LTC, NGRC, MHK, MMSI, MPWR, MSTR, NATI, NXGN, PEB, POWI, PSB, PTCT, QUMU, RMD, RSG, SBCF, SBUX, SGEN, SKX, SKYW, SM, SPNE, SSNC, SYK, TEX, TXRH, VCRA, VRSN, WDC, WRAP, WRE, X, ZEN Macro Up/Down Last Nymex -1.61 81.05 Brent -1.37 83.21 Gold -2.10 1,801.20 EUR/USD -0.0006 1.1598 JPY/USD -0.23 113.57 10-Year Note +0.012 1.541% Sector News Breakdown Consumer eBay Inc. (EBAY) 3Q adj EPS $0.90 vs est. $0.89 on revs $2.5B vs est. $2.46B; guides 4Q adj EPS $0.72-0.76 vs est. $1.00, sees 4Q revs $2.57-2.62B vs est. $2.65B; raising estimated FY share buyback from $5.0B to $7.0B Ford Motor (F) announces resumption of stock dividend in 4q; 3Q adj EPS $0.51 vs est. $0.27 on revs $35.7B vs est. $32.5B; expects cash flow over current planning period to be more than sufficient to fund growth, announces resumption of regular stock dividend in 4Q; no changes to FY adj FCF guide of $4.0-5.0B Boot Barn (BOOT) Q2 EPS $1.25 vs est. $0.93 on revenue $312.7M (+67.1% vs 2Q19) vs est. $291M, same-store sales +61.7% YoY, +53.6% vs 2019; sees new unit growth 10% in FY22; named Jim Watkins as CFO with current CFO Greg Hackman continuing as VP and COO Churchill Downs (CHDN) 3Q EPS $1.57 vs est. $1.47 on revs $393Mm vs est. $406.8Mm Fresh Del Monte Produce Inc. (FDP) said it is raising prices on bananas, pineapples and fresh-cut fruit in response to unprecedented market conditions and inflationary pressures being felt across all industries iRobot (IRBT) Q3 EPS $1.67 vs. est. $0.70; Q3 revs $440.7M vs. est. $417.04M; cuts FY21 non-GAAP EPS view to $1.15-$1.74 from $2.25-$3.15 (est. $2.70) and lowers FY21 revenue view to $1.56B-$1.59B from $1.55B-$1.62B (est. $1.58B) Noodles (NDLS) Q3 adj EPS 12c vs est. 9c on in-line revenue $125.1M with digital sales 52% of total revs; system-wide comp sales +16.3% vs est. +14.3%, avg unit volume $1.38M, +16% YoY; now sees 7-9 new restaurants in 2021, down from prior outlook for 10-15; anticipates system-wide unit growth of at least 8% next year O’Reilly Auto (ORLY) Q3 EPS $8.07 vs. est. $7.18; Q3 sales $3.48B vs. est. $3.3B; gross profit margin 52.3% vs. 52.4% y/y; raises year rev outlook to $12.9B-$13.2B from prior $12.3B-$12.6B (est. $12.73B) Sleep Number (SNBR) 3Q EPS $2.22 vs est. $1.44 on revs $640Mm vs est. $587.1Mm; sees FY EPS $7.25 vs est. $7.15; Spirit Airlines (SAVE) Q3 adj EPS ($0.69) was a narrower loss than est. ($1.02) on in-line revs $922.6M; load factor 77.6%, capacity +3.5% vs 3Q19; is slowing the pace to push back to full fleet utilization, expects to produce 53B-55B available seat miles in 2022 VICI Properties (VICI) 3Q adj FFO/shr $0.45 on revs $375.7Mm; guides FY adj FFO/shr $1.7901.80 vs est. $1.84 Wyndham Hotels (WH) 3Q EPS $1.09 vs est. $0.91 on net revs $463Mm vs est. $463Mm; guides FY RevPAR growth about 43%, sees fee-related and other revs $1.21-1.23B; guides FY adj EPS $2.93-3.03 vs est. $2.69 Yum China (YUMC) Q3 adj EPS $0.22 vs. est. $0.31; Q3 revs $2.55B vs. est. $2.51B; qtrly total system sales increased 1% year over year, with increases of 1% at both KFC and Pizza Hut, excluding f/x; increasing gross new stores target to over 1,700 in 2021; expect that covid-19, especially the delta variant outbreaks, will continue to affect consumer behavior and impact our same-store sales recovery. Solo Brands, Inc. (DTC) prices 12.9M share IPO at $17.00 per share Scientific Games Corp (SGMS) announces sale of lottery business to Brookfield business partners for $6.05 billion; deal consisting of $5.825 bln in cash & an earn-out of up to $225 mln based on achievement of certain ebitda targets in 2022 & 2023 Energy, Industrials & Materials Allison Transmission (ALSN) 3Q EPS $0.89 vs est. $0.90 on revs $567Mm vs est. $584Mm; guides FY sales $2.325-2.4B vs est. $2.36B Flowserve Corp. (FLS) 3Q adj EPS $0.29 vs est. $0.40 on revs $866.1Mm vs est. $899Mm; guides FY revs down 2-4% vs est. -2.3%, sees FY EPS $1.45-1.65 (was $1.40-1.45) vs est. $1.58, sees CAPEX $70-80Mm vs prior $65Mm Kraton (KRA) Q3 adj EPS $0.98 vs. est. $0.79; Q3 revs $526.9M vs. est. $459.1M; Polymer segment operating income of $43.8 million, compared to an operating loss of $5.1 million YoY; Chemical segment operating income of $35.7M, compared to an operating loss of $401.7M YoY Sunnova Energy (NOVA) Q3 EPS ($0.25) vs est. ($0.13) on revenue $68.9M vs est. $67.4M; reaffirmed FY21 view for adj EBITDA $80M-$85M, customer additions 55k-58k; set FY22 guidance for adj EBITDA $117M-$137M, customer additions 83k-87k Tronox Holdings (TROX) Q3 adj EPS $0.72 vs. est. $0.64; Q3 revs rose 29% to $870M vs. est. $905.3M United Rentals (URI) 3Q adj EPS $6.58 vs est. $6.80 on revs $2.6B vs est. $2.58B; guides FY revs $9.6-9.75B vs est. $9.6B, sees FY adj EBITDA $4.325-4.4B vs est. 4.3B Financials Aflac (AFL) Q3 adj EPS $1.53 vs. est. $1.32; Q3 revs $5.2B vs. est. $5.34B; in yen terms, Aflac Japan’s net premium income was ¥323.1 bln for quarter, or 4.0% lower than a year ago AvalonBay (AVB) Q3 core FFO $2.06 vs est. 1.97, EPS $0.56 vs est. $0.77, same-store sales +1.2%; sees Q4 core FFO $2.19-$2.29 vs est. $2.11, raised FY core FFO view to $8.18-$8.28 from $7.92-$8.12 CyrusOne Inc. (CONE) 3Q adj FFO/shr $1.02 vs est. $0.99 on revs $304.1Mm vs est. $290.4Mm; guides FY revs $1.18-1.2B vs est. $1.17B Invitation Homes (INVH) Q3 core FFO 38c/shr vs est. 36c, EPS 12c vs est. 10c, revenue $510M vs est. $497.8M; same-store NOI +11.9% YoY on same-store revs +7.9%; raised FY21 core EPS view to $1.49 at midpoint from $1.44, adj FFO ro $1.28 at midpoint from $1.24 Lending Club (LC) Q3 EPS $0.26 vs est. $0.03 on revenue $246.2M vs est. $221.2M; sees Q4 revs $240M-$250M vs est. $235.7M, loan originations $2.8-$3B; raised FY view for revenue to $796M-$806M from $750M-$780M Raymond James (RJF) Q4 EPS $2.06 vs. est. $1.71; Q4 revs $2.7B vs. est. $2.54B; quarter-end records for client assets under administration of $1.18 trillion, financial assets under management of $191.9B, and net loans at Raymond James Bank of $25B The SEC asked at least one asset manager not to proceed with plans for a leveraged bitcoin exchange-traded fund, according to a person familiar with the matter. The SEC indicated it wants to limit new bitcoin-related products to those that provide unleveraged exposure to bitcoin futures contracts, such as the ProShares Bitcoin Strategy exchange-traded fund, which was launched last week, the person said. https://on.wsj.com/3GvG2qg Healthcare Align Technology (ALGN) 3Q adj EPS $2.87 vs est. $2.60 on revs $1.02B vs est. $978Mm; guides FY revs $3.9-3.95B vs est. $3.94B; says clinical study validates benefits of the Itero Element 5D imaging system Alnylam (ALNY) reports positive topline 18-month results from Helios-a phase 3 study of Vutrisiran in patients with HATTR amyloidosis with polyneuropathy BioMarin (BMRN) Q3 GAAP EPS loss (-$0.20) vs. est. loss (-$0.25); Q3 revs $408.7M vs. est. $435.32M; Lower Kuvan product revenues primarily due to generic competition due to the loss of exclusivity in the U.S.; Lower Aldurazyme product revenues due to timing of product fulfillment to Genzyme Edwards LifeSciences (EW) Q3 EPS $0.54 vs. est. $0.53; Q3 revs $1.3B vs. est. $1.32B; sees FY21 adjusted EPS at high end of $2.07-$2.27 (est. $2.26) and reaffirms FY21 revenue view $5.2B-$5.4B (est. $5.32B); TAVR sales grew 15%; underlying 14%; U.S. TAVR sales grew 12%; OUS approximately 20% Encompass Health (EHC) Q3 adj EPS $1.03 vs. est. $1.06; Q3 revs $1.28B vs. est. $1.31B; cuts FY21 adj EPS view to $4.23-$4.38 from $4.32-$4.47 and lowers FY21 revenue view to $5.08B-$5.13B from $5.1B-$5.25B (est. $5.18B) Molina Healthcare (MOH) Q3 adj EPS $2.83 vs. est. $2.79; Q3 revs $7.04B vs. est. $6.79B; backs FY21 EPS view of no less than $13.25 vs. est. $13.38 and backs FY21 revenue view of no less than $27.5B vs. est. $26.97B; consolidated MCR for Q3 was 88.9%, compared to 85.9% in the third quarter of 2020 Teladoc (TDOC) Q3 EPS loss (-$0.53) vs. est. loss (-$0.65); Q3 revs $521.66M vs. est. $516.6M; Q3 visits topped 3.9M, 37% higher than Q3 2020; sees Q4 EPS loss (73c)-(53c) vs. est. loss (69c); sees Q4 revs $536M-$546M vs. est. $539.74M; sees Q4 total visits 3.9M-4.1M

Thursday, September 30, 2021 Futures Up/Down % Last Dow 160.00 0.47% 34,425 S&P 500 20.25 0.46% 4,369 Nasdaq 70.50 0.48% 14,810 U.S. futures are looking at a bounce after stocks ended mixed on Wednesday as the technology sector struggled again as the 10-year Treasury yield was volatile, rising to highs around 1.55%, the highest levels since the summer. Helping market sentiment comes news out of D.C. as Senate Democrats say they have a bill they believe can avoid a Friday government shutdown while finding support across party lines. Majority Leader Chuck Schumer will hold a vote this morning, paving the way to President Joe Biden’s desk prior to the midnight deadline. The fate of the looming debt ceiling, which could prevent any further government borrowing beyond October 1, and the passage of both a $1 trillion infrastructure bill and a broader $3.5 trillion budget plan, remain unknown as House Democrats continue to bicker over the size, scope and timing of the twin pieces of legislation. China markets edged higher overnight after mixed data as PMI manufacturing showed a contraction, but services PMI beat consensus. In Asian markets, The Nikkei Index fell -91 points to 29,452, the Shanghai Index rose 31 points to 3,568 and the Hang Seng Index declined -87 points to 24,575. In Europe, the German DAX is down over -40 points to 15,320, while the FTSE 100 edges higher a few points to 7,120. European natural gas and power markets hit fresh record highs as supply constraints persist. U.S. markets come into the final trading day of the month with losses, the worst month this year as the Dow is down -2.75%, the S&P 500 -3.6%, the Nasdaq Composite down -4.9% and the Russell 2000 down -2.1%. Later today, markets get final Q2 GDP, weekly jobless claims, and PCE inflation data. Events Calendar for Today 8:30 AM ET Weekly Jobless Claims…est. 335K 8:30 AM EST Continuing Claims…est. 2.80M 8:30 AM ET Gross Domestic Product (GDP) for Q2-Final…est. 6.6% 8:30 AM ET GDP Personal Consumption for Q2-F…est. 8:30 AM ET GDP Deflator for Q2-F…est. 6.1% 8:30 AM ET PCE Prices Final for Q2-F 8:30 AM ET Core PCE Deflator Q2-F…est. 6.1% 9:45 AM ET Chicago PMI for Sept…est. 65.0 10:30 AM ET Weekly EIA Natural Gas Inventory Data Earnings Calendar: Earnings Before the Open: ANGO, $BBBY, $KMX, MKC, $PAYX Earnings After the Close: JEF Other Key Events: Cantor Global Healthcare Conference (virtual), 9/27-9/30 North American Spine Society Annual Meeting, in Boston 9/29-10/2 Wolfe Utilities & Midstream Conference 2021, 9/28-9/31 Market Closing Prices Yesterday The S&P 500 Index gained 6.83 points, or 0.16%, to 4,359.46 The Dow Jones Industrial Average rose 90.73 points, or 0.26%, to 34,390.72 The Nasdaq Composite slipped -34.24 points, or 0.24%, to 14,512.44 The Russell 2000 Index declined -4.47 points, or 0.20% to 2,225.31 Macro Up/Down Last Nymex -0.11 74.72 Brent -0.22 78.42 Gold -1.75 1,724.60 EUR/USD -0.0025 1.1573 JPY/USD 0.01 111.97 10-Year Note -0.015 1.524% World News China Manufacturing PMI for Sept reported at 49.6, below the 50.0 estimate and prior 50.1 reading, the first contraction since Feb. 2020. China Non-Manufacturing PMI for Sept at 53.2, above est. 49.8 and prior reading of 47.5 in Aug Senate Democrats said they have a bill they think can avoid a Friday government shutdown while finding support across party lines. Majority Leader Chuck Schumer will hold a vote this morning, paving the way to President Joe Biden’s desk prior to the midnight deadline. Sector News Breakdown Consumer Herman Miller ($MLHR) 1Q adj EPS $0.49 vs est. $0.50 on sales $789.7Mm vs est. $648.2Mm; guides 2Q adj EPS $0.55-0.61 vs est. $0.57, sees 2Q sales $1.025-1.065B vs est. $748.3Mm Churchill Downs ($CHDN) board approved a $500M share buyback program McCormick ($MKC) Q3 EPS $0.80 vs. est. $0.72; Q3 sales rose 8% to $1.55B vs. est. $1.54B; sees adjusted eps $2.97 to $3.02 down from prior $3.00-$3.05 (est. $3.01), while boosts the lower end of sales range for year to +12% to +13%, from prior +11% to +13% and sees operating income +2% to +4%, down from prior +6% to +8% Uber Technologies ($UBER) has launched the first official Holiday Shop on the Uber Eats platform in partnership with Proper Companies’ holiday division Starbucks ($SBUX) downgraded to Neutral from Overweight at Atlantic Equities Kaival Brands ($KAVL)7M share Spot Secondary priced at $1.70 Olaplex Holdings ($OLPX)7M share IPO priced at $21.00 Energy, Industrials, & Materials Virgin Galactic ($SPCE) shares rise 10%; is cleared to fly by the FAA following an investigation after the Unity 22 flight went slightly off-course in July. The FAA approved corrective actions that include updated calculations to expand the airspace for future flights and ensuring real-time mission notifications are sent to air traffic control. Landec Corp. ($LNDC) Q1 adj EPS loss (-$0.23) vs. est. loss (-$0.12); Q1 revs $128.8M vs. est. $129.2M; reiterates FY22 guidance with estimates loss of (-$0.03) and revs $547.2M Orion (ORN) announced two contract awards for its Marine segment totaling ~$200M. Solar Integrated Roofing ($SIRC) said its subsidiary USA Solar Networks has entered into a nationwide partnership with Sunnova Energy International (NOVA) to provide financing services across its National Dealer and Contractor Network. Financials FactSet ($FDS) upgraded to Neutral from Sell at UBS and raise tgt to $415 from $303 Healthcare Perrigo ($PRGO) shares rose 11%; said it agreed to settle with tax authorities over a 2018 demand by the Irish Office of the Revenue Commissioners that the company pay 1.64B euros ($1.90B) in taxes. Ireland said in 2018 that intellectual property sales by Perrigo were taxed as tradable income at 12.5%, when it should have been treated as a chargeable gain at a rate of 33% Regeneron’s ($REGN), as published in the New England Journal of Medicine (NEJM), COVID-19 antibody cocktail REGEN-COV (Casirivimab and Imdevimab) led to a 70% reduction in the risk of hospitalization or death in high-risk infected individuals. AIM ImmunoTech ($AIM) announces clinical trial agreement for a phase 2a human challenge trial of Ampligen as a potential intranasal prophylaxis against respiratory viruses Lilly ($LLY) and Incyte ($INCY) said Olumiant significantly improved hair regrowth to at least 80% scalp coverage as early as 24 weeks across first completed phase 3 studies for alopecia areata Lilly ($LLY) said Tirzepatide led to greater improvements in liver fat content and abdominal adipose tissue compared to titrated insulin degludec in adults with type 2 diabetes in an MRI sub-study phase 3 SURPASS-3 clinical trial. The results were presented today at the 57th European Association for the Study of Diabetes ($EASD) Annual Meeting in an EASD-sponsored symposium. Technology, Media & Telecom Nintendo ($NTDOY) issued a press release insisting that Bloomberg’s seeming revelation that Nintendo was pushing developers to build 4K-resolution games for an upcoming but potentially canceled “Switch Pro” handheld was entirely incorrect. Separately, it says that it has no plans for any new Nintendo Switch other than the slightly refined OLED model that’ll be out next week. Snowflake ($SNOW) upgraded to Buy from Neutral at BTIG with $353 tgt

/*============================================= = Thursday JUN 03 2021 = =============================================*/ Thursday, June 3, 2021 Futures Up/Down % Last Dow -146.00 0.42% 34,444 S&P 500 -18.25 0.44% 4,187 Nasdaq -62.50 0.46% 13,611 Stock futures are edging lower, with investors expressing some caution ahead of key economic data jobs reports later this morning. Stocks finished Wednesday with slim gains ahead of today’s ADP private payrolls and jobless claims and tomorrow’s nonfarm payrolls. Investors have been closely watching for signs of inflation and indications on whether the Fed could put the brakes on the rebounding U.S. economy sooner than anticipated. Politico is reporting this morning that President Biden wants $1 trillion in new spending in the infrastructure bill. Energy stocks were market leaders on Wednesday, led higher as oil prices advanced on improving demand expectations as the economy strengthens and as the dollar weakens. The benchmark S&P 500 is up about 12% this year, and within about 1% of its record high, as investors anticipate an economic rebound from the coronavirus pandemic. The big story this week remains the strength in a group of stocks favored by retail investors on forums such as Reddit’s WallStreetBets, led this week by surges in AMC Theatres ($AMC), Bed Bath & Beyond ($BBBY), and Blackberry ($BB), following the early year surge in GameStop ($GME) which has not given up its gains. In Asian markets, The Nikkei Index rose 111 points to 29,058, the Shanghai Index slipped -12 points to 3,584 and the Hang Seng Index declined -331 points to 28,966. In Europe, the German DAX is lower by about 60 points to 15,540, while the FTSE 100 is down over 50 points to 7,050. Events Calendar for Today 7:30 AM EST Challenger Layoffs for May 8:15 AM EST ADP Employment Change for May…est. 650K 8:30 AM ET Weekly Jobless Claims…est. 390K 8:30 AM EST Continuing Claims…est. 3.615M 8:30 AM EST Q1 Nonfarm Productivity…est. 5.5% 8:30 AM EST Q1 Unit Labor Costs…est. (-0.4%) 9:45 AM EST Markit Composite, May-F…prior 68.1 9:45 AM EST Markit Services PMI, May-F…est. prior 70.1 10:00 AM EST ISM Non-Manufacturing PMI for May…est. 63.0 10:30 AM ET Weekly EIA Natural Gas Inventory Data 11:00 AM ET Weekly DOE Inventory Data Earnings Calendar: Earnings Before the Open: $CIEN, $CONN, $DLTH, $EXPR, $HOV, $SCWX, $SJM, $SWIM, $TTC Earnings After the Close: $ASAN, $AVGO, $COO, $CRWD, $DOCU, $FIVE, $IDT, $JOAN, $MDB, $NX, $PD, $PHR, $SAIC, $SUMO, $TLYS, $WORK, $ZUMZ Other Key Events: Bernstein Strategic Decisions Conference (virtual), 6/2-6/4 Cowen 49th Annual TMT Conference (virtual), 6/1-6/3 Goldman Sachs 3rd Asia Spotlight Symposium (virtual), 6/1-6/4 Jefferies Global Healthcare Conference, 6/1-6/3 KeyBanc Capital Markets Industrials & Basic Materials Conference (virtual), 6/1-6/4 Piper Consumer Marketplace Conference (virtual), 6/2-6/4 William Blair 40th Annual Growth Stock Conference (virtual), 6/1-6/3 Wells Fargo Energy Conference (virtual), 6/2-6/3 Market Closing Prices Yesterday The S&P 500 Index climbed 6.08 points, or 0.14%, to 4,208.12 The Dow Jones Industrial Average rose 25.07 points, or 0.07%, to 34,600.38 The Nasdaq Composite gained 19.85 points, or 0.14%, to 13,756.33 The Russell 2000 Index advanced 3.09 points, or 0.13% to 2,297.83 Macro Up/Down Last Nymex -0.10 68.73 Brent -0.04 71.31 Gold -12.00 1,896.35 EUR/USD -0.0014 1.2197 JPY/USD 0.13 109.69 10-Year Note +0.01 1.601% World News China Caixin services PMI 55.1 vs 56.2 estimate, composite PMI 53.8 vs 54.7 The EIA weekly report on U.S. oil inventories, supply and demand is at 11:00 this morning, pushed back a day due to the Memorial Day holiday. UK May Markit Services PMI (final) higher: 62.9 vs 61.8 consensus Eurozone May Markit Services PMI (final) higher: 55.2 vs 55.1 consensus Sector News Breakdown Consumer PVH Corp. ($PVH) Q1 EPS $1.92 vs. est. $0.83; Q1 revs $2.08B vs. est. $1.93B; Abel-Hodges to Step Down as CEO of Calvin Klein and move to an advisory position; sees Q2 EPS $1.15-$1.18 vs. est. $1.22; sees Q2 revs up 34% to 35% from prior year; raises FY21 EPS view to $6.50 from $6.00 (est. $6.16); raises FY21 revenue growth view to 24%-26% from 22%-24% SpartanNash ($SPTN) Q1 adj EPS $0.56 in-line with ests; Q1 revs $2.66B vs. est. $2.7B; reaffirms FY21 adj EPS view of $1.65-$1.80 (est. $1.76) and also backs FY21 revs view $8.8B-$9B vs. est. $8.93B; now expects that Retail comparable sales will be negative 5.0% to 7.0% for 2021 Sportsman’s Warehouse ($SPWH) Q1 EPS 28c vs. est. loss (4c); Q1 revs $327M vs. est. $252.23M; Q1 comp store sales increased 24.1% YoY; Q1 adjusted EBITDA was $23.5 million compared to $8.2 million in the comparable prior year period Churchill Downs ($CHDN) bans trainer Bob Baffert for 2 years after Kentucky Derby winner Medina Spirit’s second positive drug test Conn’s ($CONN) Q1 adj EPS $1.55 vs. est. 30c; Q1 revs $291.3M vs. est. $293.77M; Q1 comp store sales up 19.4%; Q1 e-commerce sales up 95.7% HeadHunter ($HHR)5M share Secondary priced at $37.00 Energy, Industrials & Materials NRG Energy Inc. ($NRG) and Exelon Corp. ($EXC): watch utilities after suppliers to PJM Interconnection LLC’s grid, which serves more than 65 million people, will get $50 a megawatt-day to provide capacity for the year starting June 2022, according to yesterday auction results – down sharply from $140 in the previous auction, held in 2018 (ests, were for the price to fall to about $85). The results showed that the capacity price for the Chicago-area zone, known as ComEd, was $68.96 compared with $195.55 in the last auction. The price for the Pennsylvania and New Jersey zone, known as EMAAC, fell to $97.86 percent, from $165.73 The American Petroleum Institute ($API) showed a draw of 5.36M barrels of oil for the week ended May 28; gasoline inventories showed a build of 2.51M barrels, distillate inventories show a build of 1.59M barrels and Cushing inventories show a build of 741K barrels Patterson-UTI Energy ($PTEN) reports an average of 72 drilling rigs operating for the month of May, 2021 Westport Fuel ($WPRT)2M share secondary prices at $5.50 Financials The Federal Reserve will begin to unwind the corporate bond holdings it acquired last year through an emergency lending facility launched to calm credit markets at the height of the pandemic, the central bank said. The Fed said the sale of its holdings in the Secondary Market Corporate Credit Facility, which includes bonds of companies purchased in the secondary market and exchange-traded funds that invest in corporate bonds, will be “gradual and orderly.” Cushman & Wakefield ($CWK) announces offering of 10M ordinary shares for holders Arch Capital (ACGL) announces $500 million public offering of depositary shares representing series G preferred shares MarketAxess ($MKTX) May trading volume of $478.7B consists of $204.4B in credit volume and $274.3B in rates volume; total credit volume decreased 10.6% this month year-over-year with a 37.9% rise in Eurobond trading volume. Allstate ($ALL) downgraded to Neutral from Buy at Citi Cushman & Wakefield ($CWK) 10M share Spot Secondary priced at $18.75 Healthcare Syneos Health ($SYNH) announces offering of 10.85M shares of common stock for holders Tilray ($TLRY) upgraded to Overweight from Neutral at Cantor Fitzgerald Technology, Media & Telecom com ($BILL) files to sell 10.6M shares of common stock for holders ai ($AI) Q4 EPS loss (24c) vs. est. loss (26c); Q4 revs $52.3M vs. est. $50.6M; sees FY22 revs $243M-$247.0M vs. est. $239.94M Elastic ($ESTC) Q4 adj EPS loss (8c) vs. est. loss (16c); Q4 revs $177.6M vs. est. $157.94M; sees Q1 adj EPS loss (13c)-(10c) vs. est. loss (12c); sees Q1 revs $171M-$173M vs. est. $168.78M; Q4 Revenue of $177.6 million, Up 44% YoY, Q4 SaaS Revenue of $51.3 million, Up 77% YoY and FY21 Revenue of $608.5 million, Up 42% YoY FireEye ($FEYE) entered into a definitive agreement to sell the FireEye Products business, including the FireEye name, to a consortium led by Symphony Technology Group in an all-cash transaction for $1.2B; board approves share repurchase program of up to $500M Guidewire ($GWRE) Q3 adj EPS loss (16c) vs. est. loss (24c); Q3 revs $164M vs. est. $157.74M; sees year revs $732M-$738M up from $725M-$733M prior (est. $730.4M) NetApp ($NTAP) authorizes additional $500M stock buyback; raises quarterly dividend by 4% to 50c per share; Q4 EPS $1.17 vs. est. $1.12; Q4 revs $1.56B vs. est. $1.50B; Q4 billings up 12% at 1.74B; sees Q1 EPS 89c-97c vs. est. 87c; sees Q1 revs $1.37B-$1.47B vs. est. $1.37B Semtech ($SMTC) Q1 adj EPS 53c vs. est. 52c; Q1 revs $170.4M vs. est. $164.31M; Q1 Wireless and Sensing products group net sales increased 7% sequentially and 78% year-over-year for a new record that included record net sales for our LoRa(R) platforms and proximity sensing products; guides Q2 adj EPS 57c-65c vs. est. 57c; sees Q2 revs $177M-$187M vs. est. $169.58M Smartsheet ($SMAR) Q1 Non-Gaap EPS loss (9c) vs. est. loss (14c); Q1 revs $117.1M vs. est. $111.81M; Q1 calculated billings grew 48% YoY to $132.8M; Q2 net operating cash flow was negative $3.0M, net free cash flow was negative $8.2M; number of all customers with annualized contract values (“ACV”) of $5,000 or more grew to 12,655, an increase of 32% YoY; sees FY22 EPS loss (44c)-(36c) vs. est. loss (40c); sees FY22 revenue $510M-$515M vs. est. $502.76M Splunk ($SPLK) Q1 EPS ($2.89) vs. est. loss (70c); Q1 revs $502M vs. est. $491.32M; sees Q2 revenue $550M-$570M vs. est. $561.36M; sees Q2 ARR $2.59B-$2.62B and Q2 Cloud ARR $950M-$960M; said Q1 net loss widened on higher operating expenses, driven in part by its transition to the cloud Cambium Networks ($CMBM) 2M share Secondary priced at $48.00 dLocal ($DLO)41M share IPO priced at $21.00 Flex ($FLEX) files mixed securities shelf