$HXL

Top Earnings Mon 4/24 Aft: $AAN $AGNC $AMP $ARE $BRO $CADE $CCK $CDNS $CHX $CLF $CNI $EFSC $FRC $FSBC $HLX $HMST $HOPE $HSII $HSTM $HTLF $HXL $IBTX $KREF $MEDP $NBN $NBR $NBTB $NBTX $NTB $PCH $PKG $RBB $RRC $SEVN $SMBK $SSD $TBI $TENB $TRST $WHR $WSBC Top Earnings Tu 4/25 Pre: $MMM $ABB $ADM $ARCC $AWI $ABG $BKU $BIIB $CATC $CAC $CNC $CBU $GLW $CVAC $DHR $DOW $FBP $FCF $FRME $FISV $GATX $GEHC $GE $GM $GEO $HAL $HBIO $HUBB 4IVZ $JBLU $KMB $LH $LKFN $LTH (1/2) Top Earnings Tu 4/25 Pre: $MCD $MCO $MSCI $NXRT $NEE $NEP $NTRS $NVS $ONB $OMF $PCAR $PEBO $PEP $PII $PHM $RTX $ST $SHW $SSTK $SFNC $SITC $SBSI $SPOT $SCL $THC $TRU $UBS $UPS $VZ $XRX (2/2)

$OLN $HXL $DHR $DOW

Tuesday, October 19, 2021 Futures Up/Down % Last Dow 125.00 0.34% 35,254 S&P 500 2o.25 0.45% 4,497 Nasdaq 52.50 0.34% 15,343 U.S. stock markets are looking to open higher, extending the winning streak for the S&P 500 to 5-days ahead of a busy morning of quarterly earnings, including vaccine maker and Dow component Johnson & Johnson (JNJ) and Procter & Gamble (PG). A modest pullback in 10-year Treasury note yields, which traded at 1.584% overnight, and a weaker U.S. dollar are also providing early support Tuesday. Oil prices look to extend gains, with WTI crude and Brent pushing higher. In Asian markets overnight, The Nikkei Index jumped 190 points to 29,215, the Shanghai Index rose 25 points to 3,593, and the Hang Seng Index climbed 377 points (1.49%) to 25, 787. In Europe, the German DAX is up a few points to trade just under 15,500, while the FTSE 100 also edges higher above the 7,200 level. U.S. stocks finished higher on Monday as investors prepare for strong earnings this week with 72 of the S&P 500 expected to report this week while overlooking worries over inflation, supply-chain issues and energy supply as oil prices closed higher again. Data Sunday night showed growth in China slowed to 4.9% for 3Q, hurt by a crackdown on tech, and real estate as well as power-shortage and supply-chain problems. Heavy weight tech stocks helped paced gains again on Monday ahead of key earnings from Netflix tonight and Tesla, Intel later this week. Small cap stocks, banks and energy were among underperformers as the Dow Jones Industrial Average finished Monday lower. Market Closing Prices Yesterday The S&P 500 Index gained 15.09 points, or 0.34%, to 4,486.46 The Dow Jones Industrial Average fell -36.15 points, or 0.10%, to 35,258.61 The Nasdaq Composite spiked 124.47 points, or 0.84%, to 15,021.81 The Russell 2000 Index advanced 2.19 points, or 0.10% to 2,267.84 Events Calendar for Today 7:45 AM ET ICSC Weekly Retail Sales 8:30 AM ET Housing Starts MoM for September 8:30 AM ET Building Permits MoM for September 8:55 AM ET Johnson/Redbook Weekly Sales 4:30 PM ET API Weekly Inventory Data Earnings Calendar: Earnings Before the Open: BK, CBSH, DOV, FITB, FMBI, HAL, IRDM, JNJ, KSU, MAN, MRTN, ONB, PG, PM, SBNY, SI, SNV, SYF, TRV Earnings After the Close: EQBK, FULT, IBKR, ISRG, LRN, NFLX, OMC, PZN, SMBK, UAL, UCBI, WDFC, WTFC Other Key Events: Google ($GOOGL) announced a virtual event for October 19th at 1PM ET / 10AM PT, officially introducing the Pixel 6 and Pixel 6 Pro The European Society of Gene and Cell Therapy (ESGCT) Congress 2021 is taking place virtually this year from October 19-22 Needham Virtual Global Access Inaugural Needham Biotech Private Company Virtual 1×1 Forum, 10/19-10/20 Macro Up/Down Last Nymex 0.99 83.43 Brent 0.53 84.86 Gold 14.10 1,781.70 EUR/USD 0.0055 1.1663 JPY/USD -0.21 114.09 10-Year Note +0.008 1.592% World News Senate Democrats on Tuesday will unveil a scaled-back version of a Biden administration proposal to crack down on wealthy tax cheats after conservative groups and the bank industry raised major privacy concerns, three people with knowledge of the coming announcement said, the Washington Post reported. Initially, the Department of Treasury and Senate Democrats had proposed requiring financial institutions to provide the Internal Revenue Service with additional information on bank accounts with more than $600 in annual deposits or withdrawals RBA Minutes of Oct Meeting: Reiterates they won’t hike rates until CPI is stably in 2-3% target band, central estimate is that economy will return to growth in Dec Qtr of this year & to pre Delta path in H2 2022, Delta interrupted Australian economic recovery, less accommodative policy would all else equal , see lower housing prices/credit growth but would also result in fewer jobs & lower wages Sector News Breakdown Consumer Tupperware Brands Corporation ($TUP) announces the entry into a definitive agreement for the sale of its House of Fuller beauty business in Mexico Energy, Industrials and Materials Halliburton ($HAL) Q3 adj EPS $0.28 vs. est. $0.28 on revs $3.86B vs. est. $3.9B Hexcel Corp. ($HXL) Q3 adj EPS $0.13 vs. est. $0.08; Q3 sales rise 16% YoY to $333.8M vs. est. $348.7M; commercial aerospace sales rise 30% YoY to $167.2M, space & defense sales up 1.5% YoY to $110.4M and industrial sales rise 14% YoY to $56.2M Steel Dynamics ($STLD) Q3 adj EPS $4.96 vs. est. $4.57; Q3 revs $5.1B vs. est. $4.98B; believe shipments could be in range of 2.0 mln tons to 2.2 mln tons in 2022; Record steel and steel fabrication operating income of $1.4 billion and $89 million, respectively; record cash flow from operations of $631 million and record adjusted EBITDA of $1.4 billion TechnipFMC ($FTI) and Talos Energy ($TALO) announced that they have entered into a long-term strategic alliance to develop and deliver technical and commercial solutions to Carbon Capture and Storage projects along the United States Gulf Coast AgEagle Aerial Systems ($UAVS) entered into a definitive agreement to buy Sensefly from Parrot at a valuation of $23M in cash and stock Financials Crypto stocks ($COIN, $MARA, $RIOT, $MSTR) in the spotlight as Bitcoin continued its climb toward all-time highs (last above $62K), bolstered by optimism over the launch of the first Bitcoin futures exchange-traded fund in the U.S. on Tuesday Silvergate Capital ($SI) Q3 EPS $0.88 vs. est. $0.71; did not record a provision for loan losses for the Q3, Q2 or Q3 of FY20 as a result of management’s assessment of the level of the allowance for loan losses, and the amount and mix of the loan portfolio, among other factors; book value per common share was $33.10, compared to $32.84 at June 30, and $15.18 at September 30, 2020 Bank of New York ($BK) Q3 EPS $1.04 vs. est. $0.99; Q3 revs $4.0B vs. est. $3.95B; qtrly total noninterest expense of $2.9 billion, increased 9%; at qtr end, aum of $2.3 trillion, increased 13%; qtrly total fee and other revenue of $3.39 bln vs $3.14 bln; qtrly asset servicing fees $1.22 bln vs $1.17 bln Commerce Bancshares ($CBSH) q3 eps $1.05 vs. Est. $0.99, q3 revenue $351.54m vs. Est. $349.85m Fifth Third ($FITB) Q3 EPS $0.97 vs. est. $0.91; raises dividend by 11%; Q3 NII $1.19B vs. $1.17B Synovus ($SNV) Q3 adj EPS $1.20 vs. est. $1.08; Q3 net charge-off ratio declined 6 bps from prior quarter to 0.22%; the non-performing loan and asset ratios each fell 1 bp to 0.41% and 0.45%, respectively; and criticized and classified loans declined 22% Credit Suisse ($CS) is in discussions with the U.S. government to settle a criminal investigation regarding the bank’s role in a $42B Mozambique bond scandal – Bloomberg Berkshire Hills Bancorp, Inc. ($BHLB) has entered into a partnership with Upstart (UPST), a leading artificial intelligence (AI) lending platform designed to improve access to affordable credit while reducing the risk and costs of lending. Equity LifeStyle Property ($ELS) 3Q adj FFO/share $0.65 vs. est. $0.62 on revs $332.9Mm vs est. $171.1Mm EverQuote ($EVER) guides 3Q revs $106.5-107.5Mm vs est. $110.2Mm; sees 3Q net loss $6.0-5.5Mm vs est. net loss $4.7Mm; plans to implement approx 10% structure reduction in non-marketing op exp FB Financial ($FBK) 3Q adj EPS $0.89 vs est. $0.81, NII on tax-equivalent basis $89.2Mm vs est. $88.5Mm PacWest Bancorp ($PACW) 3Q EPS $1.17 vs est. $1.03; NII $279.8Mm vs est. $278.4Mm ServisFirst Bancshares, Inc. ($SFBS) Q3 EPS $0.96, in-line with estimates; Total loans grew $163.1 million, or 8% annualized, during the quarter, while loans, excluding the impact of Paycheck Protection Program (“PPP”) loan forgiveness, grew $370.4 million, or 18% annualized; Book value per share increased to $20.56, a 17% increase year-over-year Zions Bancorp ($ZION) Q3 EPS $1.45 vs. est. $1.33; loan growth excluding PPP loans, was 5.6% on an annualized basis; reported continued strong deposit growth at an annualized pace of 9.3%; announced $46 million reversal of loss reserves into income (compared to positive +$55 mln); qtrly net interest income remained stable at $555 million Healthcare Johnson & Johnson ($JNJ) Q3 adj EPS $2.60 vs. est. $2.35; Q3 revs $23.34B vs. est. $23.72B; maintained its 2021 sales forecast for its COVID-19 vaccine at $2.5 billion and reported $502 million in sales of the single-dose shot in Q3; raises FY21 adjusted EPS view to $9.65-$9.70 from $9.50-$9.60 and boosts FY21 revenue view to $94.1B-$94.6B from $93.8B-$94.6B (est. $94.3B) Sage Therapeutics ($SAGE) and Biogen ($BIIB) announce plans to submit a new drug application (NDA) for Zuranolone to the U.S. FDA in the second half of 2022 with rolling submission expected to start in early 2022 Following the pre-NDA meeting, the companies confirmed the current efficacy and safety databases are expected to be adequate for filing with confirmed pathways for MDD and PPD. The planned initial submission package will be for the treatment of MDD with an anticipated PPD filing thereafter The FDA intends to allow Americans to get a different COVID-19 vaccine as a booster from the one that originally had, The New York Times’ reported, which could reduce the appeal of Johnson & Johnson ($JNJ) vaccine and provide flexibility to doctors and other vaccinators The U.S. FDA has approved Reddy’s Laboratories’ ($RDY) generic version of Bristol-Myers Squibb’s ($BMY) multiple myeloma treatment Revlimid (lenalidomide) capsules. Calithera Biosciences ($CALA) is acquiring two clinical-stage compounds from Takeda Pharmaceutical (TAK) to bolster its precision oncology pipeline in a cash and stock deal; Calithera will pay $10M upfront cash and $35M in Calithera Series A preferred stock. Entasis Therapeutics ($ETTX) announces positive topline results for sulbactam-durlobactam (SUL-DUR) from Phase 3 ATTACK trial; SUL-DUR first to achieve statistical non-inferiority in 28-day all-cause mortality in carbapenem-resistant Acinetobacter ($CRAB) patients; Statistically significant difference in clinical cure at Test of Cure vs. colistin; targeting NDA submission in mid-2022 Paratek Pharmaceuticals ($PRTK) announces enrollment of first patient in phase 2b study evaluating Nuzyra® (omadacycline) for nontuberculous mycobacterial pulmonary disease caused by mycobacterium abscesses complex Technology, Media & Telecom Micron ($MU): Commodity DRAM prices likely to fall 15-20% in 1Q22. Following peak shipments in the second and third quarters, the memory sector has entered a period of correction in the fourth quarter of 2021 that may last for 1-2 quarters, and commodity DRAM prices, in particular, will face higher downward pressure – Digitimes.com https://bit.ly/3G2l5D5

Monday, October 18, 2021 U.S. equity futures are looking lower after posting strong gains last week, with oil prices extending their near-term rally into a ninth consecutive week, as concerns over surging inflation pressures and the weakest China growth rate in more than a year tamed optimism linked to a strong start to the third quarter earnings season. Chinese Q3 GDP missed, rising +0.2% q/q vs 0.5% consensus, and was +4.9% y/y vs 5.2% consensus amid a rolling power crisis, supply chain disruptions and a crackdown on the tech sector. In the U.S., the earnings flood begins this week with 72 names in the S&P 500 expected to report quarterly results this week. In corporate news today, Apple (AAPL) is holding its second major launch event of the Fall where it is expected to unveil the first redesign of its MacBook Pro laptop in at least five years (starts at 1:00 PM ET). In Asian markets, The Nikkei Index dipped -43 points to 29,025, the Shanghai Index slipped a few points to settle at 3,568, and the Hang Seng Index rose 78 points to 25,409. In Europe, the German DAX is lower by -0.6% or nearly 100-points to drop below 15,500, while the FTSE 100 dips -0.3% to hold above the 7,200 level. U.S. stocks look to build on last week’s gains where large-cap tech names propelled the advance Friday, with shares of Amazon.com (AMZN) and Tesla (TSLA) each rising more than 3% on no specific news, while the SmallCap Russell 2000 underperformed, falling -0.35% as investors bailed on value stocks for growth stocks. Strong quarterly earnings from Dow component Goldman Sachs (GS) also boosted financials as investors prepare for a flood of reports next week. Shares of cryptocurrency and blockchain-related firms gained last week as bitcoin topped $60,000 for the first time since April, with expectations growing that U.S. regulators would allow a futures-based ETF. Market Closing Prices Yesterday The S&P 500 Index jumped 33.11 points, or 0.75%, to 4,471.37 The Dow Jones Industrial Average rose 382.20 points, or 1.09%, to 35,294.76 The Nasdaq Composite climbed 73.91 points, or 0.50%, to 14,897.34 The Russell 2000 Index declined -8.52 points, or 0.37% to 2,265.65 Events Calendar for Today 9:15 AM ET Industrial Production MoM for September…est. +0.2% 9:15 AM ET Capacity Utilization for September…est. 76.5% 10:00 AM ET NAHB Housing Market Index for October…est. 76 4:00 PM ET Net Long-term TIC Flows for August Earnings Calendar: Earnings Before the Open: ACI, GNTY, STT Earnings After the Close: CFB, ELS, FBK, FNB, HXL, PACW, SFBS, STLD, ZION Other Key Events: Apple (AAPL) announces October 18th event (New MacBooks, a Mac Mini, and AirPods are anticipated) Macro Up/Down Last Nymex 1.43 83.71 Brent 1.11 85.97 Gold -6.70 1,763.50 EUR/USD -0.0012 1.1586 JPY/USD 0.15 114.37 10-Year Note +0.042 1.618% World News China’s industrial output rose +3.1% in September from a year earlier, missing expectations of up +4.5%, and slowing from 5.3% in August, official data showed. Retail sales grew +4.4% in September on-year, compared with a forecast 3.3% increase and a 2.5% rise in August. Fixed asset investment increased +7.3% in the first nine months from the same period a year earlier, missing expectations for a +7.9% rise Chinese Q3 GDP missed, rising +0.2% q/q vs 0.5% consensus; +4.9% y/y vs 5.2% consensus; Chinese Q3 GDP YTD missed +9.8% y/y vs 10.1% consensus; Chinese Sep Unemployment Rate lower: 4.9% vs 5.1% consensus Sector News Breakdown Consumer Lennar ($LEN) said its board increased share repurchase authorization by up to the lesser of $1 billion in purchase price, or 25 million in shares, of the outstanding Class A or Class B common stock Zillow Group ($ZG) is taking a break from buying U.S. homes after the online real estate giant’s pivot into tech-powered house-flipping hit a snag, Bloomberg reported saying after buying more than 3,800 homes in Q2, it will stop pursuing new home purchases as it works through a backlog of properties already in its pipeline Energy, Industrials and Materials S. crude oil futures closed at fresh seven-year highs last week at $82.28 for WTI crude and $8.86 for Brent as a natural gas supply crunch in Europe and optimism about demand in the U.S. continued to propel the recent rally. For the week, WTI rose 3.7% and Brent added 3%, the eighth straight weekly gain for both. Occidental Petroleum ($OXY) upgraded to Buy from Hold at Truist Steel Dynamics ($STLD) downgraded to Equal Weight from Overweight at Morgan Stanley and firm also downgraded S. Steel (X) to Underweight from Equal Weight Virgin Galactic ($SPCE) downgraded to Sell from Neutral at UBS with $15 tgt Healthcare Biogen Inc’s ($BIIB) said a late-stage experimental treatment for an inherited form of amyotrophic lateral sclerosis (ALS) failed to reach its main goal, but secondary measures and biomarkers showed favorable trends. Tofersen is designed to suppress the production of SOD1, a protein that can accumulate to toxic levels in ALS patients with mutations in a specific gene. Revance ($RVNC) shares fell over -30% late Friday after the FDA declined to approve its frown line injection treatment, citing issues with the company’s manufacturing facility; o other concerns were raised by the agency Avadel ($AVDL) shares slide over -20% after saying the U.S. FDA notified the co that the agency is still reviewing the marketing application of its sleep disorder drug, FT218, and the decision will likely not be taken this month (prior review was expected by Oct. 15) Omeros Corporation ($OMER) said they received a Complete Response Letter (CRL) from the U.S. FDA regarding its Biologics License Application ($BLA) for narsoplimab in the treatment of hematopoietic stem cell transplant-associated thrombotic microangiopathy ($HSCT-TMA). PTC Therapeutics ($PTCT) downgraded to Underperform from Neutral at Bank America with a $38 price target Oyster Point Pharma ($OYST) announced that the FDA has approved Tyrvaya Nasal Spray 0.03 mg for the treatment of the signs and symptoms of dry eye disease MeiraGTx ($MGTX) mentioned positively in Barron’s saying shares could more than double as the company will present its gene-regulating “switches” at next week’s conference of the European Society of Gene and Cell Therapy, and to Wall Street investors in mid-December. Notes shares have fallen from a 2019 peak of $30 to a recent $14, leaving its market cap below $600 million The plan to roll out Merck & Co’s ($MRK) promising antiviral pill to treat COVID-19 risks repeating the inequities of vaccine distribution, potentially leaving the nations with the greatest need once again at the back of the line, international health groups say – Reuters Technology, Media & Telecom Dell Inc. ($DELL) with a positive mention in Barron’s saying the company is about to become much more attractive to investors as it prepares to spin off its valuable stake in software maker VMware (VMW) in early November, arguing that Dell will emerge with a solid balance sheet and simpler structure. Netflix ($NFLX) estimates that its latest megahit, “Squid Game,” will create almost $900 million in value for the company, and only cost about $21M to make. Netflix estimates that 89% of people who started the show watched at least 75 minutes – more than one episode – and 66% of viewers, or 87 million people, have finished the series in the first 23 days Disney ($DIS) downgraded to Equal Weight from Overweight at Barclays and cut tgt to $175 from $210 Members of a congressional committee questioned whether Amazon (AMZN) executives misled them during an investigation of the company’s business practices and if they may have lied under oath – WSJ reports Upstart ($UPST) downgraded to Underperform from Neutral at Bank America saying the LT thesis intact, but near-term upside priced in

Upgrades 9/24: $ALLO $ALV $BJRI $CAKE $CHUY $CNP $CRM $IFS $PLAY $RRGB $SLG $SR $TENB $VLY $VNO . Downgrades 9/24: $AVAL $HXL $INFN $NET $ROKU

Tuesday, July 27, 2021 Futures Up/Down % Last Dow -110.00 0.31% 34,924 S&P 500 -10.25 0.23% 4,404 Nasdaq -8.50 0.06% 15,109 Global stock markets and U.S. futures decline amid a further Chinese selloff as Beijing undertook an extensive regulatory overhaul in the country. Focus turns back to the Fed and earnings as Fed officials are expected to discuss an eventual tapering of the stimulus at a meeting concluding tomorrow while Tesla Inc. ($TSLA) rose in premarket trading after an earnings beat. The S&P 500 and Dow closed at new all-time bests in sideways trading Monday as investors prepare for the Fed’s two-day policy meeting and ahead of quarterly earnings. Big tech in focus tonight with Apple, Microsoft, and Alphabet ($GOOGL) expected to post results while China stocks look to recover as big cap Alibaba ($BABA) and Baidu ($BIDU) each fall more than 5% on Monday after Beijing recently unveiled new rules on private tutoring and online education firms, the latest in a series of crackdowns on the technology sector that have roiled financial markets. The S&P 500 energy index was the strongest gainer among 11 sector indexes yesterday, jumping 2.5%, with health care the worst performer. Bitcoin prices pullback slightly after Bloomberg reported late yesterday that Amazon ($AMZN) denies will accept bitcoin, launch crypto coin in 2022 – said an Amazon spokesperson denied the report form City A.M. Crypto assets were up between 15%-20% on Monday after the reports initially surfaced. In Asian markets, The Nikkei Index climbed 136 points to 27,970, the Shanghai Index dropped over 80 points (2.49%) to settle at 3,381 and the Hang Seng Index plunged again, falling over 1,000 points for a 2nd straight day (4.22%) to 25,086. In Europe, the German DAX is down over 70 points to 15,550, while the FTSE 100 is off about 30 points to dip below the 7,000 level. Market Closing Prices Yesterday The S&P 500 Index gained 10.51 points, or 0.24%, to 4,422.30 The Dow Jones Industrial Average rose 82.76 points, or 0.24%, to 35,144.31 The Nasdaq Composite edged higher 3.72 points, or 0.03%, to 14,840.71 The Russell 2000 Index climbed 7.27 points, or 0.33% to 2,216.92 Events Calendar for Today 7:45 AM ET ICSC Weekly Retail Sales 8:30 AM ET Durable Goods Orders for June…est. 2.1% 8:30 AM ET Durable Goods Ex Transportation for June…est. 0.8% 8:55 AM ET Johnson/Redbook Weekly Sales 9:00 AM ET CaseShiller 20 City Index for May…est. 1.6% 9:00 AM ET Monthly Home Prices MoM for May 10:00 AM ET Consumer Confidence for July…est. 123.9 10:00 AMET Richmond Fed Manufacturing for July…prior 22 4:30 PM ET API Weekly Inventory Data Earnings Calendar: Earnings Before the Open: AAN, ABG, ADM, ARCH, AWI, BSX, CIT, CNC, CTS, CVLT, DTE, ECL, ENTG, FELE, FISV, GE, GLW, GPK, HUBB, IQV, IVZ, JBLU, LECO, LW, MMM, MSCI, NXRT, PCAR, PHM, PII, RGEN, ROK, RTX, SHW, SIRI, SSTK, ST, SWK, TPB, UPS, WM, XRX Earnings After the Close: $AAPL, AAT, AGYS, $AMD, ASH, ATEN, AXTI, BXP, BYD, CAC, CAKE, CHE, CHRW, CSGP, EGP, EHC, ENPH, EQR, EXR, FCF, FIBK, $GOOGL, HA, HAFC, HBNC, HIW, HRZN, HT, HVT, IEX, JBT, JNPR, LBRT, MANH, MASI, MAT, MDLZ, MPWR, MSFT, MTDR, MXIM, NAVI, NBR, NLOK, NOV, OLN, OVV, PGRE, QS, SBUX, STAG, SYK, TDOC, TENB, TER, TRMK, USNA, V, WHG, WIRE, WSBC Other Key Events: Alzheimer’s Association International Conference (AAIC) 2021 (virtual), 7/26-7/30 Society of Cataract & Refractive Surgery, 7/23-7/27, in Las Vegas Macro Up/Down Last Nymex 0.01 71.92 Brent 0.19 74.69 Gold -030 1,797.35 EUR/USD -0.0017 1.1786 JPY/USD -0.28 110.11 10-Year Note -0.022 1.254% Sector News Breakdown Consumer Tesla Motors ($TSLA) Q2 non-GAAP EPS $1.45 vs. est. $0.96; Q2 revs $11.96B vs. est. $11.3B; said produced and delivered over 200,000 vehicles, achieved an operating margin of 11.0% and exceeded $1B of GAAP net income for the first time in our history; qtrly automotive gross margin 28.4% vs 25.4% reported last year; qtrly automotive rev of which regulatory credits $354 mln vs $428 mln reported last year; qtrly vehicle asp declined by 2% yoy as Model S & Model X deliveries were reduced in q2 due to the product updates; records $23 million in bitcoin-related impairments after crypto’s second-quarter plunge PulteGroup, Inc. ($PHM) and Invitation Homes ($INVH), the nation’s premier single-family home leasing company, announced today the formation of an innovative strategic relationship Stanley Black & Decker ($SWK) Q2 EPS $3.08 vs. est. $2.87; Q2 revs $4.3B vs. est. $4.21B; raises FY21 EPS view to $11.35-$11.65 from $10.70-$11.00 (est. $11.19) and sees FY21 organic revenue growth 16%-18% TriNet Group ($TNET) Q2 adj EPS $1.56 vs. est. $0.81; Q2 revs rose 16% to $1.1B as compared to the same period last year; Q2 adjusted EBITDA was $154 million, compared to Adjusted EBITDA of $199 million, in the same period last year; total Worksite Employees ($WSEs) increased 9% compared to the same period last year, to approximately 340,000; sees FY revs up 10%-12% YoY Energy Range Resources ($RRC) 2Q adj EPS $0.24 vs est. $0.24 on adj revs $644Mm vs est. $569.9Mm, qtrly production avg 2.10 BCFE/day, about 31% liquids; says remains on track to spend at or below $425Mm capital budget; guides FY production avg about 2.15 BCFE/day with about 30% liquids Financials com Inc ($AMZN) on Monday denied a media report saying the e-commerce giant was looking to accept bitcoin payments by the end of the year. The report from London’s City A.M. newspaper sent Bitcoin prices surging above $40K before it trimmed gains to last trade around $37,500. “Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,” said a spokesperson from Amazon AGNC Investment ($AGNC) Q2 EPS loss (83c); reports $16.39 tangible net book value per common share as of June 30, decreased ($1.33) per common share, or -7.5%, from $17.72 per common share as of March 31. American Campus Communities ($ACC) 2Q adj FFO/shr $0.42 vs est. $0.37 on revs $208.5Mm vs est. $187.8Mm; guides 3Q FFO/shr $0.32-0.36 vs est. $0.32, sees FY FFO/shr $1.95-2.09 vs est. $1.92 Ameriprise ($AMP) 2Q adj EPS $5.27 vs est. $5.21 on revs $3.42B vs est. $3.37B, AUM +28% to $1.2T Brandywine ($BDN) Q2 FFO $0.32 vs. est. $0.32; sees 2021 FFO $1.34-$1.40 vs. est. $1.36; Core Portfolio: 90.5% occupied and 92.5% leased; New and Renewal Leases Signed: 435,000 square feet; Rental Rate Mark-to-Market: Increased 22.2% / 13.7% on accrual / cash basis; Same Store Net Operating Income: 0.5% on an accrual basis and 1.8% on a cash basis Brown & Brown ($BRO) Q2 adj EPS 49c vs. est. 40c; Q2 revs $727.3M vs. est. $679.46M Heartland Financial ($HTLF) Q2 EPS $1.41 vs. est. $1.26; Q2 revs $173.7M vs. est. $174.7M; Q2 net interest margin was 3.37% compared to 3.44%during the first quarter of 2021 and 3.81% during the second quarter of 2020 Independence Realty ($IRT) 2Q EPS $0.03 vs est. $0.01, sees FY same-store property NOI growth 6.5-7.5%, sees FY core FFO/share $0.76-0.78 vs est. $0.75; announces 14M share secondary offering Sun Communities ($SUI) 2Q core FFO/shr $1.80 vs est. $1.61 on revs $603.9Mm vs est. $374.9Mm, says home sales volume +89.5% to 1,158 homes for qtr ended June 30, 2021; guides FY core FFO/shr $6.25-6.37 vs est. $6.03 TransUnion ($TRU) Q2 adj EPS 96c vs. est. 91c; Q2 revs $774M vs. est. $745.78M; sees FY21 adj EPS $3.63-$3.70 vs. est. $3.54; sees FY21 revenue $3.034B-$3.059B vs. est. $2.98B Healthcare Biogen ($BIIB) and Ionis ($IONS) announced that topline data from a Phase 1b placebo-controlled, multiple ascending dose clinical study showed that BIIB080/IONIS-MAPT met its primary objective of safety and tolerability in patients with mild Alzheimer’s disease. HealthStream Inc. ($HSTM) 2Q EPS $0.08 vs est. ($0.04) on revs $64.8Mm vs est. $60.6Mm; guides FY revs $253-257Mm vs est. $251.3Mm, sees FY adj EBITDA $48-50Mm vs est. $42.8Mm ObsEva ($OBSV) rises 25%; after entering a pact for Organon to exclusively develop and commercialize ebopiprant, a treatment for preterm labor Medpace ($MEDP) Q2 GAAP EPS $1.06 vs. est. $0.99; Q2 revs $278.3M vs. est. $272.1M; raises FY21 EPS view to $4.31-$4.50 from$4.24-$4.42 (est. $4.38); sees FY21 revs $1.11B-$1.15B vs. est. $1.13B; net new business awards were $387.6M in Q2, representing an increase of 52.5% Universal Health ($UHS) Q2 adj EPS $3.76 vs. est. $2.68; Q2 revs $3.2B vs. est. $3.01B; increases 2021 full year earnings guidance and announces $1 billion increase to stock repurchase program authorization; sees year EPS $11.46-$12.16 (above prior $10.05-$11.05) vs. est. $11.00; sees year revs $12.35B-$12.5B vs. est. $12.33B Industrials & Materials General Electric ($GE) Q2 adj EPS 5c vs. est. 4c; Q2 revs $18.3B vs. est. $18.13B; Q2 Industrial organic revenues $16.9B, up 7%; reiterates FY21 adjusted EPS view 15c-25c vs. est. 26c; raises 2021 outlook for Industrial free cash flow range from $2.5B-$4.5B to $3.5B-$5.0B 3M ($MMM) Q2 adj EPS $2.59 vs. est. $2.26; Q2 revs $8.95B vs. est. $8.55B; Q2 operating cash flow was $1.9B with adjusted free cash flow of $1.6B contributing to adjusted free cash flow conversion of 103%; raises FY21 EPS view to $9.70-$10.10 from $9.20-$9.70 (est. $9.81) and also boosts FY21 revenue view to up 7%-10% from up 5%-8% China is considering imposing more tariffs on steel exports as it seeks to cap domestic production and tame surging prices. Potential rates being discussed range from 10% to 25% and products include hot-rolled coil, according to two people familiar with the matter – Bloomberg (watch shares of $X, $STLD, $RS, $NUE) Axalta Coating ($AXTA) Q2 EPS $0.54 vs. est. $0.46; Q2 sales $1.13B vs. est. $1.08B; Q2 sales increased 72.6% year-over-year, including a 5.3% foreign currency benefit, driven by 56.4% higher volumes and 9.3% higher average price and product mix; sees FY 2021 adjusted eps $1.85-$2.00 vs. est. $2.06; sees FY adjusted Ebit $685-$725 mln and sees FY 2021 net sales growth about 20%-22% Hexcel Corp. ($HXL) 2Q adj EPS $0.08 vs est. $0.01 on sales $320Mm vs est. $324Mm, continues to withhold financial guidance Crane Co. ($CR) 2Q adj EPS $1.83 vs est. $1.38 on sales $796Mm vs est. $743.6Mm; guides FY adj EPS $5.95-6.15 vs est. $5.73, sees FY core sales +7-9%, sees FY net sales $3.1B vs est. $3.03B Packaging Corp. ($PKG) 2Q adj EPS $2.17 vs est. $1.78 on sales $1.9B vs est. $1.78B, guides 3Q EPS $2.37 vs est. $2.11 PotlatchDeltic ($PCH) Q2 EPS $2.77 vs. est. $2.52; Q2 revs $447.5M vs. est. $422.2M; Generated record Total Adjusted EBITDDA of $275.0M and Total Adjusted EBITDDA margin of 61%; historic lumber prices drove record Wood Products Adjusted EBITDDA of $204.6M Simpson Manufacturing ($SSD) Q2 EPS $1.66 vs. est. $1.60; Q2 revs $410.3M vs. est. $393.68M; raises FY21 CapEx view to $55M-$60M from $50M-$55M TFI International Inc. ($TFII) 2Q adj EPS $1.44 vs est. $0.96 on revs $1.84B vs est. $1.35B, increased qtrly dividend by 21% to $0.23/share

Monday, July 26, 2021 Futures Up/Down % Last Dow -112.00 0.32% 34,839 S&P 500 -10.25 0.23% 4,393 Nasdaq -20.50 0.14% 15,077 Stocks are pulling back after another record high for stocks on Friday as markets ready for the biggest week of quarterly earnings (about 1/3 of the S&P 500 report this week) including mega-cap giants including Apple, Amazon, Facebook, Microsoft, Alphabet, Tesla, and Boeing among them. Sentiment was hurt by China’s widening crackdown of the technology sector and a statement from Beijing that the U.S.-China relationship was “now in a stalemate and faces serious difficulties” as high-level talks began. The comment sunk Asian markets as The Nikkei Index rose 285 points to 27,833, but the Shanghai Index tumbled -82 points to 3,467 and the Hang Seng Index plunged -1,129 points (or 4.13%) to settle at 26,192. In Europe, the German DAX is down over -60 points to 15,600, while the FTSE 100 dips about -0.25% to hold just above the 7,000 level. The yield on the benchmark 10-year Treasury fell to 1.246% as investors awaited the Federal Reserve’s outlook. The FOMC 2-day meeting begins Tuesday and ends Wednesday with a policy statement/press conference from Fed Chairman Jerome Powell. Stock averages posted strong returns last week as the S&P 500 rose 1.96%, the Dow rose 1.08%, and the Nasdaq added 2.84% in a big comeback (and then some) as the major indices rode a rally back into record territory, posting four-straight up days after a big selloff to start the week. The S&P, Nasdaq and Dow closed at all-time highs to make it four winning weeks out of five with the Dow ending above 35,000. It took 69 trading days to go from 34k to 35k, which is the longest since 29k to 30k took 218 days. The 10-year Treasury yield also had a big comeback, but ended the week around 1.29%, just below where it was last Friday (it had dropped to as low on 1.12% on Tuesday). Bitcoin prices rose above its 50-day moving average on Saturday for the first time since May 12. It rose again Sunday, its sixth consecutive day of gains, to above $38K. Bitcoin traded above the technical level after comments from Ark Investment Management LLC’s Cathie Wood and Tesla Inc. Chief Executive Officer Elon Musk helped boost its momentum. Prices took off yesterday after London’s City A.M. newspaper said Amazon ($AMZN) is looking to accept bitcoin payments by year-end – the story is boosting shares of Bitcoin miners, banks etc.: $SI, $MARA, $RIOT, $MSTR, $COIN. Market Closing Prices Yesterday The S&P 500 Index gained 44.31 points, or 1.01%, to 4,411.79 The Dow Jones Industrial Average rose 238.20 points, or 0.68%, to 35,061.55 The Nasdaq Composite surged 152.39 points, or 1.04%, to 14,836.99 The Russell 2000 Index advanced 10.17 points, or 0.46% to 2,209.65 Events Calendar for Today 10:00 AM ET New Home Sales MoM for June 10:30 AM ET Dallas Fed Manufacturing for July Earnings Calendar: Earnings Before the Open: $ARLP, $BOH, $CBU, $HAS, $LII, $LMT, $OTIS, $PETS, $RPM Earnings After the Close: $ACC, $ADC, $AGNC, $AGRX, $AMKR, $AMP, $ARE, $ARI, AXTA, $BDN, $BRO, $CALX, $CATY, $CDNS, $CR, $FFIV, FRME, $FSTX, $HLX, $HMST, $HSII, $HTLF, $HXL, $IRT, $JJSF, KREF, MEDP, MEDS, $NBTB, $PKG, $RBB, $RRC, $SSD, $SUI, $TBI, $TNET, $TSLA, $UHS Other Key Events: Alzheimer’s Association International Conference (AAIC) 2021 (virtual), 7/26-7/30 Society of Cataract & Refractive Surgery, 7/23-7/27, in Las Vegas Macro Up/Down Last Nymex -0.56 71.51 Brent -0.48 73.62 Gold 6.30 1,808.45 EUR/USD 0.0023 1.1794 JPY/USD -0.28 110.27 10-Year Note -0.04 1.245% World News Germany July IFO climate8 vs 102.1 cons; Expectations 101.2 vs 103.3 consensus; Assessment 100.4 vs 101.5 consensus; German IFO: Supply problems are weighing on economy in both industry & retail; majority of firms complain of materials shortage and “massive” price increases; industry says it is short of production targets Sector News Breakdown Consumer Hasbro ($HAS) Q2 adj EPS $1.05 vs. est. $0.48; Q2 revs $1.32B vs. est. $ 1.17B Travel and leisure stocks rallied in the initial reopening stage of the pandemic, but the surge has fizzled with the spread of the delta variant. Barron’s identifies six stocks that can be bargains during the next leg of the reopening. Hilton ($HLT), Host Hotels & Resorts ($HST), MGM Growth Properties ($MGP), Royal Caribbean ($RCL), Travel + Leisure ($TNL), and Wyndham Hotels & Resorts ($WH) have some attributes to withstand uncertain stretches amid the rise in Covid variant, according to Barron’s China confirmed that the country is banning for-profit school tutoring companies after a report on the possible move sent shares of tutoring firms TAL Education ($TAL), New Oriental ($EDU) and Gaotu Techu ($GOTU) plunging on Friday. Companies that teach school subjects can no longer accept overseas investments, according to a Bloomberg report, which cited a notice from China’s State Council. Listed firms can no longer raise capital through stock markets Airbnb ($ABNB) CEO told Barron’s that the industry still has room to grow despite the delta variant. The pandemic has opened up a whole new business, such as monthly rentals, as people work from new places. He expects longer stays to be the bread and butter at some point TripAdvisor ($TRIP) is the cheapest online travel stock to buy according to Barron’s saying while it has struggled to make the most of its hundreds of millions of users, that could soon change as the company has started a new travel subscription service that offers discounted hotel rates and other benefits; shares now around $36, look inexpensive, having fallen from a March peak of $65 Amazon ($AMZN) is said to be looking to accept bitcoin payments by the end of the year and its exploring its own token for next year. Amazon has been working on the plan since 2019, according to a City A.M. report, which cites an unidentified insider General Motors ($GM) and its Cruise robo-taxi subsidiary have filed a lawsuit to stop Ford Motor ($F) from using the name “BlueCruise” to market its hands-free driving technology Energy, Industrials and Materials RBC Bearings ($ROLL) is in advanced talks to buy ABB Ltd.’s ($ABB) mechanical power transmission business, for between $2.5 billion and $3 billion Bloomberg reported this weekend Lithium Americas ($LAC) rises after a U.S. federal judge ruled that LAC may conduct excavation work at its Thacker Pass lithium mine site in Nevada, which could become one of the country’s biggest lithium mines producing 30,000 tonnes Otis Worldwide ($OTIS) Q2 adj EPS 79c vs. est. 71c; Q2 revs $3.7B vs. est. $3.45B; Q2 new equipment orders were up 23.9% and backlog was up 10%; raises FY21 adjusted EPS view to $2.89-$2.93 from $2.78-$2.84 (est. $2.87) and boosts FY21 revs view to $14.1B-$14.2B from $13.6B-$13.9B Canada’s Unifor union says ~900 workers have gone on strike at Rio Tinto’s ($RIO) Kitimat aluminum smelting plant and Kemano power generating facility in British Columbia over labor contracts with the company Seadrill ($SDRLF) said it entered into agreements with creditors to raise $350 million in new financing and reduce its liabilities by over $4.9 billion Financials Robinhood ($HOOD) IPO coming soon, and Barron’s cautious on shares; notes Robinhood is a truly transformational company, but its problem is the quality and sustainability of its revenue, notes is also highly dependent on cryptocurrency trading, another area under close review by the SEC KeyCorp ($KEY), M&T Bank ($MTB) among bank stocks with yields above 3%, according to Barron’s noting this year’s rally in bank stocks appears to have slowed to a sputter, but investors should stick around given banks’ reliable dividends Healthcare Bristol Myers ($BMY) decided to voluntarily withdraw the indication for Opdivo as a single agent for patients with hepatocellular carcinoma Incyte Corporation ($INCY) said the FDA issued a Complete Response Letter regarding its Biologics License Application (BLA) for retifanlimab, an intravenous PD-1 inhibitor, for the treatment of adult patients with locally advanced or metastatic squamous cell carcinoma of the anal canal (SCAC) who have progressed on, or who are intolerant of, platinum-based chemotherapy. Genetron Holdings ($GTH) announces that its Ayvakit (avapritinib) companion diagnostic (CDx) kit, developed in partnership with CStone Pharmaceuticals has entered the priority review and approval process in China. PerkinElmer, Inc. ($PKI) entered into an agreement to acquire BioLegend, a leading, global provider of life science antibodies and reagents, for approximately $5.25 billion in a combination of cash and stock, subject to certain adjustments Tonix Pharmaceuticals ($TNXP) said it will stop enrollment in the Phase 3 Rally study of TNX-102 SL 5.6 mg for the management of fibromyalgia, sending shares lower by over 30% Technology, Media & Telecom Tencent Music ($TME) shares fall -14% after Chinese regulators ordered the company to give up exclusive music streaming rights and pay half a million yuan in fines Check Point ($CHKP) Q2 EPS $1.61 vs., est. $1.56; Q2 revs $526.1M vs. est. $523.7M Consumer spending on videogames in the second quarter eked out a 2% gain against very tough pandemic comps, as data from NPD Group’s Q2 2021 Games Market Dynamics report show overall spending hit $14B for the April-June quarter, with gains across PC, cloud and non-console VR content, mobile and subscription spending as well as hardware.

$HXL is interesting one to watch Carv

1,050 $HXL 100 18 DEC 20 50 CALL @.80 LMT