$CWK

Thursday, August 5, 2021 Futures Up/Down % Last Dow 55.00 0.16% 34,745 S&P 500 9.25 0.22% 4,404 Nasdaq 33.50 0.22% 15,107 U.S. futures are looking up modestly, rising roughly about 0.2% across the board into one of the heaviest days of corporate earnings of the season, as major averages continue to hold not far off record highs. The S&P 500 index has held the pivotal 4,400 level for over a week now, as overall major averages have moved sideways for two or three weeks now, bolstered by rising on better economic data, earnings results, and an accommodative Fed, which has offset rising Delta variant concerns and fears of further global restrictions to contain the rise in cases and tighter government restrictions in China. Oil prices edge higher after sliding sharply the last 3-days on demand concerns. Bitcoin prices are down about 4% holding just above the $38,000 level while Ethereum slips nearly 4% to 2,600 in the crypto sector. Ahead of tomorrow’s nonfarm payrolls report, investors will get two more labor market data points with the Challenger jobs report at 7:30 and the weekly jobless claims. Euro Stoxx 50 rises 0.5% around best levels for the week. Wednesday’s after-hours big-name earnings were disappointing for the most part, which could weigh on sentiment. Major averages ended the session mixed on Wednesday, following conflicting signals on the economy that showed a hot services sector, but a labor market that continues to struggle to find workers. The Institute for Supply Management survey on Wednesday jumped to a record high of 64.1 in July, but the ADP Employment Report showed private payrolls only rose by 330,000 last month, well shy of the 695,000 estimate ahead of tomorrow’s payrolls. The Dow Jones saw the biggest fall, dragged lower by a decline of more than 6% in Amgen in the wake of its quarterly results, accounting for about 103 points to the downside while energy was the weakest sector on the day, suffering its biggest daily percentage drop since July 19. In Asian markets, The Nikkei Index gained 144 points to 27,728, the Shanghai Index dipped -10 points to 3,466 and the Hang Seng Index declined -221 points (0.84%) to settle at 26,204. In Europe, markets are little changed as the German DAX is up a few points at the 15,700 level, while the FTSE 100 is down a couple of points at 7.120. Market Closing Prices Yesterday The S&P 500 Index slipped -20.49 points, or 0.46%, to 4,402.66 The Dow Jones Industrial Average fell -323.73 points, or 0.92%, to 34,792.67 The Nasdaq Composite edged higher 19.24 points, or 0.13%, to 14,780.53 The Russell 2000 Index declined -27.26 points, or 1.23% to 2,196.32 Events Calendar for Today 7:30 AM ET Challenger Job Layoffs for July 8:30 AM ET Weekly Jobless Claims 8:30 AM EST Continuing Claims 10:30 AM ET Weekly EIA Natural Gas Inventory Data Earnings Calendar: Earnings Before the Open: ABMD, ADNT, AES, AHCO, AKBA, AMRS, ARWR, AVEO, BBGI, BCRX, BDX, BERY, BKI, BLDR, BLL, BV, CAH, CARS, CCOI, CHH, CI, CNP, COMM, CRAI, DDOG, DIN, DLX, DUK, ECOM, EPAM, EPC, EVRG, FOUR, GCP, GNL, GOGO, GOLF, GTN, HBI, HBIO, HII, HL, IDCC, INSM, IRM, IRWD, ITI, K, KPTI, LAMR, LAUR, LNG, LXP, MMS, MPLN, MRNA, MUR, MYE, NINE, NS, NTLA, PCTY, PBH, PBPB, PEI, PENN, PH, PNW, PPL, PRTY, PWR, PZZA, RC, RDUS, REGN, ROLL, SEAS, SSYS, TEN, THS, TRGP, UFS, USPH, VG, VIAC, VST, W, WD, WOW, WRK, XEC, XERS, XTNT, XXII, YETI, ZIXI, ZTS Earnings After the Close: AAOI, AEE, AEL, AIG, AINV, ALRM, ALTR, AMBC, APLE, APPN, ARNA, ASTG, AVLR, AXON, BAND, BECN, BGS, BHF, BIGC, BKD, BL, BRBR, BRKS, BYND, CARG, CDXS, CGNX, CHRS, CHUY, CLNE, CNXN, COLD, CSOD, CVNA, CWK, DBX, DHX, DIOD, EB, ECOR, EGLE, ENTA, ENV, ERII, EXEL, EXPE, FEYE, FLDM, FLS, FND, FOXF, FSR, FTSI, G, GDYN, GEOS, GH, GKOS, GPRO, GRPN, GSBD, HASI, HCAT, HCI, HEAR, HTA, IFF, ILMN, IHRT, IOVA, IRTC, ITT, JCOM, KALA, KAMN, LGF.A, LNT, LOCO, LTHM, MAIN, MDRX, MNST, MP, MSI, MTW, MTZ, NET, NKTR, NVAX, NWSA, NYMT, OLED, OUT, PBYI, PK, PODD, POST, PRA, QDEL, RAMP, RDFN, REZI, RMD, RUN, SFM, SGMO, SHAK, SPCE, SQ, SYNA, TDC, TGH, TMDX, TMST, TRUE, TRUP, TTOO, VLDR, VMEO, VOYA, VV, WSC, Y, YELP, ZEUS, ZG, ZNGA Macro Up/Down Last Nymex 0.37 68.52 Brent 0.26 70.64 Gold 0.40 1,811.75 EUR/USD 0.0005 1.1842 JPY/USD 0.03 109.51 10-Year Note -0.004 1.19% Sector News Breakdown Consumer Boot Barn ($BOOT) Q1 EPS $1.35 vs est. $0.88 in revs $306.3M vs est. $288.9M; same-store sales +78.9% vs 1Q20, +52.3% vs 1Q19; opened 3 new stores in the quarter Costco ($COST) reported total comparable sales for July of +13.8%; July U.S. comparable sales excluding fuel, currencies +8.5% L.F. Beauty ($ELF) 1Q EPS $0.15 vs est. $0.15 on sales $97Mm vs est. $79.3Mm; guides FY adj EPS $0.65-0.68 vs est. $0.67, sees FY sales $356-364Mm vs est. $350.5Mm Etsy Inc. ($ETSY) shares tumble -13% on guidance; 2Q EPS $0.68 vs est. $0.63 on revs $528.9Mm vs est. $524.7Mm, qtrly consolidated GMS $3.0B +13%; guides 3Q revs $500-525Mm vs est. $524.7Mm, sees 3Q GMS $2.9-3.0B Frontdoor Inc. ($FTDR) Q2 EPS $0.76 vs est. $0.63 on revs $462M vs est. $466M, sees Q3 revenue $470M-$480M, lowered FY revenue outlook to $1.6B-$1.62B (est. $1.64B) from $1.63B-$1.65B Jack in the Box ($JACK) Q3 EPS $1.79 vs est. $1.49 on revs $269.5M vs est. $258.5M, same-store sales +10.2%, systemwide sales +10.6%, company-operated same-store sales +9.0%, sees FY21 capex $40M-$45M, FY22 capex $65M-$75M Leslie’s ($LESL) Q3 adj EPS $0.64 vs. est. $0.55; Q3 revs $596.54M vs. est. $570.37M; Q3 comparable sales growth of 23.9%; raises FY21 adjusted EPS view 80c-85c from 75c-80c (est. 77c) and boosts FY21 revs to $1.31B-$1.33B from $1.28B-$1.3B (est. $1.3B); Adjusted EBITDA of $179.3 million compared to $119.8 million in the prior year quarter, an increase of 49.7% MGM Resorts ($MGM) 2Q adj EPS ($0.13) vs est. ($0.30) on net revs $2.3B vs est. $2.28B, MGM China net revs $311Mm, LV Strip net revs $1.0B, regional net revs $856Mm Rent-A-Center ($RCII) 2Q adj EPS $1.63 vs est. $1.35 on revs $1.2B vs est. $1.14B, qtrly comps +16.6% led by e-comm; guides FY revs $4.55-4.67B vs est. $4.56B, sees Rent-A-Center segment revs $2.02-2.06B, sees FY adj EPS $5.90-6.40 vs est. $5.66; announces $250Mm repurchase auth Uber ($UBER) Q2 EPS $0.58 on revs $3.93B vs. est. $3.74B; Q2 gross bookings grew 114% yoy to $21.9 billion, or 104% on a constant currency basis, with Mobility Gross Bookings of $8.6 billion and Delivery Gross Bookings of $12.9 billion; Q2 Adj EBITDA Loss $509M vs. est. loss $324.5M; sees Q3 Adj EBITDA loss below $100M vs. est. loss $95.4M Wynn Resorts (WYNN) 2Q adj EPS ($1.12) vs est. ($1.61) on revs $990.1Mm vs est. $932.5Mm, Wynn Macau revs $184Mm, LV ops revs $355.1Mm ADT Inc. ($ADT) adj EPS ($0.07) vs est. $0.25 on revs $1.304B vs est. $1.28B; Gross recurring monthly revenue (RMR) additions grew 28%; end of period RMR of $352 million increased by 4%; solid customer retention with attrition at 13.3% Driven Brands ($DRVN) 12M share Secondary priced at $29.50 European Wax Center ($EWCZ)6M share IPO priced at $17.00 Weber ($WEBR) 18M (which was cut down from 46.8M) share IPO priced at $14.00 Energy APA Inc. ($APA) Q2 adj EPS $0.70 vs. est. $0.57’ Q2 revs $1.75B vs. est. $1.46B; qtrly adjusted production, which excludes Egypt noncontrolling interest and tax barrels, was 342,000 boe per day; at current strip prices, we expect to generate approximately $1.7B of free cash flow this year Earthstone Energy ($ESTE) files for offering of up to 6.2 mln shares of class a common stock by selling stockholders Marathon Oil ($MRO) Q2 EPS $0.22 vs. est. $0.15; Q2 revs $1.14B vs. est. $1.09B; Q2 oil-equivalent production of 348,000 net boed; raising 2021 full year oil-equivalent production guidance by 5,000 net boed; Q2 oil production of 170,000 net bopd; raised quarterly base dividend by 25% to 5c; raising the midpoint of its 2021 full year U.S. oil-equivalent production guidance by 5,000 net boed Warrior Met Coal ($HCC) 2Q adj EPS $0.25 vs est. ($0.18) on revs $227.4Mm vs est. $128.3Mm; not providing FY guide at this time Whiting Petroleum ($WLL) Q2 adj EPS $3.01 vs. est. $1.97; Q2 revs $352M vs. est. $244.27M; said generated net cash provided by operating activities of $183M and $111M in adjusted free cash flow during the quarter and over $200 million through six months; raises FY21 production view to 88-92 MBOE per day from 82-88 Financials Allstate Corp. ($ALL) Q2 adj EPS $3.79 vs. est. $3.04; Q2 revs $12.65B vs. est. $10.51B; announces new $5B repurchase program; 2Q Book Value Per Shr $86.33; Q2 Catastrophe Loss $952M; Q2 Property-Liability Premiums Earned $10.01B; 2Q Property-Liability Premiums Written $10.32B;2Q Property-Liability Combined Ratio 95.7 Fleetcor ($FLT) Q2 EPS $2.30 vs est. $2.94, adj EPS $3.15, on revs $667.4M vs est. $637.3M; its board increased its share repurchase authorization by$1B; sees Q3 adj EPS $3.35-$3.55 vs est. $3.36, and raised outlook for FY adj EPS to $12.80-$13 (est. $12.61) from $12.32-$12.88 and FY revs to $2.74B-$2.79B (est. $2.68B) from $2.6B-$2.7B Lemonade ($LMND) Q2 EPS loss (-$0.90) vs. est. loss (-$0.89); Q2 revs $28.2M vs. est. $26.8M; customer count increased by 48% to 1,206,172 yoy; premium per customer, defined as in force premium divided by customers, was $246 at the end of the second quarter, up 29% yoy; raises FY21 revenue view to $123M-$125M from $117M-$120M (est. $118.94M); narrows FY21 adjusted EBITDA view to ($173M)-($169M) from ($173M)-($163M) Lincoln National ($LNC) Q2 adj operating EPS $3.17 vs. est. $2.35; Q2 revs $4.85B vs. est. $4.72B; Reports book value per share, including AOCI, of $115.00, up 7%; BVPS, excluding AOCI, of $75.45, up 9% MetLife ($MET) announces new $3B share repurchase authorization; Q2 adj EPS $2.37 vs. est. $1.57; Q2 revs $18.52M vs. est. $15.77B; qtrly premiums, fees & other revenues $11.22 bln vs $10.49 bln; qtrly net investment income $5.28 bln vs $4.09 bln; book value of $75.86 per share at qtr-end, down 4% from $78.65 per share at June 30, 2020 RE/MAX Holdings ($RMAX) 2Q adj EPS $0.63 vs est. $1.31 on revs $77.2Mm vs est. $76.4Mm; guides 3Q revs $86.5-91.5Mm vs est. $79.1Mm; sees FY revs $321-336Mm vs est. $308.7Mm Western Union (WU) Q2 adj EPS $0.48 vs. est. $0.47; Q2 revs $1.3B vs. est. $1.26B; reaffirms FY21 adj EPS view $2.00-$2.10 vs. est. $2.06; reaffirms FY21 revenue growth view mid-to-high single digits; Consumer-to-Consumer (C2C) transactions increased 15% in the quarter, while revenues increased 15% on a reported basis, or 12% constant currency. Robinhood ($HOOD) filed with the SEC a prospectus related to the offer and sale from time to time of up to 97,876,033 shares of Class A common stock of Robinhood Markets, Inc. by certain selling stockholders

/*============================================= = 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

GS initiated on the CRE brokers today $CBRE $JLL $NMRK $CWK

8/6 AMC EPS Winners: $TMUS, $DXC, $RSG, $MHK, $CWK, $BECN, $MSI, $TDS, $G, $PRAH, $WWD, $OTEX, $SWX, $ZG, $FSLR, $A, $TTD, $STMP