$IMOS

Top Earnings Th 5/4 Pre: $ABUS $ACIW $AEP $AGIO $ALCO $ALNY $AMTX $AOMR $APG $APRN $APTV $ARGX $ARHS $ARNC $ARW $ATI $AUPH $BALL $BCE $BDX $BERY $BHC $BKI $BKTI $BLD $BPMC $BRKR $BSIG $BUD $BV $BVH $BWA $CAH $CARS $CCLD $CCLP $CCOI $CCRD $CEG $CG $CGNX $CIM $CLDT (1/5) Top Earnings Th 5/4 Pre: $CMRX $CNQ $COMM $COP $CRAI $CWEN $DCO $DDOG $DGII $DINO $DLX $DNB $DNOW $DOC $DSGR $DTC $DXYN $ECVT $ENOV $EQNR $ESMT $EVA $FOCS $FOUR $FTDR $FUN $GCI $GECC $GEL $GHI $GLT $GOLF $GPP $GPRE $GTES $H $HAYW $HEP $HII $IBP $ICE $IDA (2/5) Top Earnings Th 5/4 Pre: $IDCC $IMOS $IMXI $INFU $INSM $IRM $IRMD $IRWD $ITCI $ITRI $ITT $JLL $K $KPTI $KRTX $KTB $KYMR $LAMR $LANC $LAUR $LEE $LNTH $LQDA $LQDT $MAC $MCS $MDU $MFA $MGPI $MLM $MMP $MNTX $MODV $MPLN $MRNA $MSGS $MT $MTSI $MYE $NFE $NJR $NRG (3/5) Top Earnings Th 5/4 Pre: $NRP $NS $NTCT $NTLA $NVCR $NVO $NWN $NXE $OCN $OCSL $OGE $OGN $ONEW $OPCH $OWL $PACK $PARA $PARAA $PAX $PBH $PCG $PENN $PH $PLNT $PLTK $PLX $PLYM $PNW $PPL $PRMW $PRVA $PTLO $PTON $PWP $PWR $PZZA $RACE $RCL $RCM $REGN $RITM $SABR $SBH (4/5) Top Earnings Th 5/4 Pre: $SCU $SELB $SHAK $SHEL $SPH $SRE $SSRM $STVN $STWD $SUP $SWK $SXC $TCPC $TELNY $TFX $TGLS $THRY $TIXT $TRGP $TTSH $TU $UNIT $UPBD $VEON $VIA $VITL $VMC $VNT $W $WBX $WCC $WD $WLK $WLKP $WOW $WRK $WRLD $XFOR $XPO $XPRO $XTNT $XYL $ZTS (5/5)

Monday, November 8, 2021 Futures Up/Down % Last Dow 72.00 0.20% 36,287 S&P 500 4.25 0.09% 4,694 Nasdaq 9.00 0.06% 16,360 U.S. futures are looking to open at new record highs (again) after Washington passed a smaller form of its highway, broadband and other infrastructure improvement spending deal this weekend, as the $1 trillion infrastructure bill passed through Congress on Friday. A very important week of economic data coming up with monthly CPI, PPI inflation data mid-week. Crypto assets rising to records ahead of the inflation reports as Bitcoin up 8% nearing $66K, Ethereum record highs up over 6% above $4,700, Litecoin tops $200, up over 5.75% as crypto assets surging again. Tech futures underperform following weakness in Tesla (TSLA) after its CEO Elon Musk on Saturday asked his 62.5 million followers on Twitter in a poll if he should sell 10% of his Tesla stock. The world’s richest person had previously said he could face a “massive” tax bill this year as he has to exercise a large number of stock options coming due next year. In Asian markets, The Nikkei Index fell -100 points to 29,507, the Shanghai Index rose 0.2% to just under 3,500, and the Hang Seng Index declined 100 points to 24,763. In Europe, the German DAX is down about -0.1% at 16,035, while the FTSE 100 is flat holding just above 7,300. Last week the S&P 500, Nasdaq and Dow notched their fifth straight weekly advances (longest streak for the S&P since Aug 2020); for the week, the S&P 500 rose 2%, the Dow added 1.42%, the Nasdaq gained 3.05% and the Russell 200o over 6%. The Nasdaq 100 (QQQ) notched its 10th winning session in a row on Friday while the S&P 500 scored another record high on Friday and booked a week of solid gains following a strong U.S. jobs report and positive data for Pfizer’s experimental pill against COVID-19, which helped boost travel and other economic reopen sectors. The news kept the run going for equities after investors earlier in the week digested the Federal Reserve’s decision to start reducing its monthly bond purchases put in place to support the economy. Market Closing Prices Yesterday The S&P 500 Index gained 17.47 points, or 0.37%, to 4,697.53 The Dow Jones Industrial Average rose 203.72 points, or 0.56%, to 36,327.95 The Nasdaq Composite climbed 31.28 points, or 0.20%, to 15,971.59 The Russell 2000 Index advanced 34.65 points, or 1.44% to 2,437.08 Events Calendar for Today No major U.S. economic data Earnings Calendar: Earnings Before the Open: ATRO, AXSM, BKI, COTY, DS, EDIT, EHTH, GATO, GTES, HLIO, KOS, LINC, NERV, NSSC, RDNT, RDUS, RETA, THS, TTD, USFD, VAC, VUZI, WOW, ZIXI Earnings After the Close: ACAD, AEIS, AEL, AMBC, AMC, AMPH, AMRS, APEI, APPF, APTS, ASUR, ATER, AVEO, BAND, BRP, CARA, CBT, CHRS, CLRS, CLOV, CSSE, CSTL, CXW, DDD, DOOR, ENV, FIVN, FLDM, FRPT, FSK, FTK, GOSS, HIL, IEA, IFF, IIN, INST, IPAR, JKHY, KERN, LMND, LOTZ, MRC, MRTX, MWA, NCMI, NEWR, NNI, NVRO, NVTA, OCIUL, OUST, PRA, PRI, PRIM, PYPL, RBLX, REAL, SANM, SCOR, SDC, SNCR, SPCE, SWSP, SWAV, SWX, TCMD, TREX, TRIP, TWO, XNCR, ZIOP, ZNGA Other Key Events: Credit Suisse 30th Annual Healthcare Conference, 11/8-11/11 (virtual) JPMorgan Global Consumer, Retail & Luxury Conference, 11/8-11/21 (virtual) EEI Financial Conference, 11/7-11/9 (virtual) REITWorld 2021 Annual Conference, 11/9-11/12 (virtual) Macro Up/Down Last Nymex 1.22 82.49 Brent 1.09 83.83 Gold -0.50 1,818.50 EUR/USD -0.0002 1.1564 JPY/USD 0.05 113.46 10-Year Note +0.032 1.485% World News China’s export growth moderated slightly to 27.1% yoy in October, above the 22.8% consensus expectation, implying a sequential gain of 2.6% in October (a modest slowdown from +3.0% in September) despite electricity constraints in October. At the same time, imports rose 20.6% yoy in October, missing expectations of a 26.2% surge, but fell 3.2% sequentially in October (vs. -0.7% in September). As a result of the far bigger growth in exports over imports, the monthly trade surplus rose further to a record high of $84.5bn in October, supporting the appreciation of the Chinese yuan in October, even as China’s economy has slowed down sharply in recent months. China’s trade surplus with the United States was $40.75 billion in October based on customs data showed on Sunday, down from $42 billion in September. For the first ten months of the year, the surplus was $320.67 billion – Reuters Highway, broadband and other infrastructure improvement spending deal this weekend, as the $1 trillion infrastructure bill passed through Congress on Friday and among parts of the deal, allows for $7.5 billion spending for building out a network of electric vehicle chargers and another $7.5 billion for low or zero-emission buses and ferries. Sector News Breakdown Consumer Tesla Inc ($TSLA) CEO Elon Musk on Saturday asked his 62.5 million followers on Twitter in a poll if he should sell 10% of his Tesla stock. The world’s richest person had previously said he could face a “massive” tax bill this year as he has to exercise a large number of stock options coming due next year. “Note, I do not take a cash salary or bonus from anywhere. I only have stock, thus the only way for me to pay taxes personally is to sell stock,” Musk said on Twitter on Saturday. Rivian Automotive ($RIVN) raises IPO price range to $72.00-$74.00 from $57.00-$62.00. Separately, Barron’s noted Rivian Automotive (RIVN) is set to go public this coming week at a market value that could exceed that of Honda Motor (HMC) despite having sold just a handful of vehicles, with a market cap around $64 billion Haverty’s (HVT) announces special cash dividend, quarterly cash dividend, and additional authorization under stock repurchase program Peloton ($PTON) has halted hiring across all departments effective immediately, CNBC reported late Friday, a day after it slashed its full-year outlook amid slowing momentum for its fitness products Coty ($COTY) agrees to sell additional partial stake in Wella to KKR in exchange for about 56% of Preferred Coty shares owned by KKR Marriott Vacations ($VAC) Q3 adjusted EPS $1.60 vs. est. $1.42; Q3 revs $1.05B vs est. $1.07B; said occupancies at our resorts this quarter were very strong despite the Delta variant and contract sales were within 3% of 2019 levels, driving 25% sequential growth in Adjusted EBITDA Energy China’s crude oil imports plunged in October to the lowest since September 2018, as large state-owned refiners withheld purchases because of rising prices while independent refiners were restrained by limited quotas to import. The world’s biggest crude oil importer brought in 37.8 million tonnes last month, data from the General Administration of Customs showed on Sunday, equivalent to 8.9 million barrels per day (bpd). – Reuters FirstEnergy ($FE) agrees to sell a 19.9% stake in its three regulated transmission businesses to Brookfield Asset Management (BAM) for $2.4B Financials Berkshire Hathaway Inc ($BRK/A) said that global supply chain disruptions kept a lid on its ability to generate profit; Q3 operating profit rose 18% but missed analyst forecasts amid goods shortages that crimped consumer spending; net income, meanwhile, fell 66%, reflecting lower gains from stock holdings such as Apple Inc and Bank of America Corp. Alleghany ($Y) mentioned positively in Barron’s saying shares should not be overlooked noting under CEO Weston Hicks, Alleghany has used a similar strategy to create an attractive, smaller-scale version of Warren Buffett’s Berkshire Hathaway ($BRK.A) R. Berkley ($WRB) announced that its Board of Directors has declared a special cash dividend on its common stock of $1.00 per share to be paid on December 22 to stockholders of record at the close of business on December 7 Healthcare Cannabis stocks rose late Friday after Marijuana Moment reported a fresh Republican-led attempt to legalize marijuana. The States Reform Act led by Rep. Nancy Mace (R-SC) is still in the preliminary stage, and a final version is expected to be filed later this month. As U.S. health authorities expand use of the leading Covid-19 vaccines, researchers investigating heart-related risks linked to the shots are exploring several emerging theories, including one centered on the spike protein made in response to vaccination. Researchers aren’t certain why the messenger RNA vaccines, one from Pfizer Inc. ($PFE) and partner BioNTech SE ($BNTX) and the other from Moderna Inc., are likely causing the inflammatory heart conditions myocarditis and pericarditis in a small number of cases. – WSJ https://on.wsj.com/3mQqCVY Alcon ($ALC) has acquired Ivantis, developer and manufacturer of the novel Hydrus Microstent, a minimally-invasive glaucoma surgery (MIGS) device designed to lower intraocular pressure for open-angle glaucoma patients in connection with cataract surgery for $475M in upfront consideration Genetron Holdings ($GTH) has formed a strategic partnership with oncology laboratory solution provider NeoGenomics (NEO) to drive global oncology drug research and development. Industrials & Materials Boeing ($BA) directors agreed to a $237.5 million settlement of claims that they turned a blind eye to safety issues related to 737 Max jetliners whose crashes have cost the company more than $20 billion, according to court documents Blade Air Mobility ($BLDE) is bringing ride-sharing to helicopters-just don’t call it the Uber ($UBER) of the sky. The stock can take off without that comparison, Barron’s reported. Blade Air Mobility is a less risky way to invest in the eVTOL future, though certainly not risk-free BHP is close to a deal to sell its controlling interest in two Australian coal mines to Stanmore Resources Ltd. ($STMRF) for ~$1.25B, the Wall Street Journal reports. Technology, Media & Telecom New Oriental Education & Technology ($EDU), Gaotu Techedu ($GOTU), and Tal Education ($TAL) shares all rising over 20% after the WSJ reported that China plans to issue more than a dozen licenses that would allow companies to offer after-school tutoring. The report said Gaotu Techedu (GOTU) and Yuanfudao, a unit of Tencent ($TCEHY), have held talks about resuming tutoring to students in the ninth grade and below https://on.mktw.net/3EVcxg5 Trinseo ($TSE) has begun work to explore the divestiture of its Styrenics businesses and plans to launch a formal sales process in Q1 of 2022. The scope of this potential divestiture is expected to include the Feedstocks and Polystyrene reporting segments as well as the company’s 50% ownership of Americas Styrenics AU Optronics ($AUOTY) reports October revenue of NT$30.38B (+18.1% Y/Y, -9.9% M/M); the total panel area shipment reached around 2.08 million square meters in October 2021, down by 4.3% month-over-month. ChipMOS ($IMOS) reports October revenue of $82.3M (-2.3% M/M; +10.7% Y/Y).

Friday, October 8, 2021 Futures Up/Down % Last Dow 42.00 0.12% 34,678 S&P 500 2.50 0.06% 4,392 Nasdaq 0.00 0.00% 14,881 After a week of overnight swings and market volatility, U.S. futures come into Friday’s trading looking flat, with the S&P little changed at 4,390 after a strong session on Thursday was met with a late day pullback, as major averages finished well off their best levels. U.S. futures steady as investors anticipate a key employment report that could offer clues on the Fed’s timeline for reducing bond purchases. Nonfarm payroll data at 8:30 AM with an est. for +500K jobs added, private payrolls est. +455K, manufacturing payrolls +25K and the unemployment rate to fall to 5.1% from 5.2%; average hourly earnings expected to rise +0.4% (vs. last month +0.6%). Equities rose and Treasuries sank on Thursday after Senate leaders pulled the U.S. from the brink of default with a deal for a short-term debt ceiling increase in the amount of $480B to a $28.9 trillion debt limit. However, this could be short lived as the agreement only funds Treasury debt until Dec. 3, meaning Senators will again face a deadline for default. In Asian markets, the Shanghai Index opened for trading after a week long pause to celebrate its Golden Week holiday, rising 24 points to 3,592, the Hang Seng Index gained 136 points to 24,837 and the Nikkei advanced 370 points (1.34%) to 28,048. In Europe, the German DAX is down a few points at 15,235, while the FTSE 100 is up a few at 7,085. Oil prices are higher, heading for its seventh weekly gain with WTI crude nearing $80 Market Closing Prices Yesterday The S&P 500 Index gained 36.21 points, or 0.83%, to 4,399.76 The Dow Jones Industrial Average rose 337.95 points, or 0.98%, to 34,754.94 The Nasdaq Composite surged 152.10 points, or 1.05%, to 14,654.02 The Russell 2000 Index advanced 35.14 points, or 1.59% to 2,250.09 Events Calendar for Today 8:30 AM ET Non-Farm Payrolls for September…est. +500K 8:30 AM ET Private Payrolls for September…est. +455K 8:30 AM ET Manufacturing Payrolls for September…est. +25K 8:30 AM ET Unemployment Rate for September…est. 5.1% 8:30 AM ET Average Hourly Earnings for September…est. +0.4% 10:00 AM ET Wholesale Inventories MoM for Aug 1:00 PM EST Baker Hughes Weekly rig count data Macro Up/Down Last Nymex 0.58 78.86 Brent 0.65 82.60 Gold 0.90 1,762.00 EUR/USD 0.0014 1.1563 JPY/USD 0.23 111.82 10-Year Note +0.021 1.593% World News The U.S. Senate on Thursday approved legislation to temporarily raise the federal government’s $28.4 trillion debt limit and avoid the risk of a historic default this month, but it put off until early December a decision on a longer-lasting remedy. German Aug Trade Balance smaller surplus: +€13.0b vs +€15.8b consensus; German August Exports lower down -1.2% vs +0.5% consensus and German Aug Imports higher rising +3.5% vs 1.8% consensus Sector News Breakdown Consumer Home Depot ($HD) and Lowe’s ($LOW) both downgraded to Hold from Buy at Loop Capital Tesla ($TSLA) CEO Elon Musk confirmed that the car maker is moving its headquarters from Fremont, California to Austin, Texas, where the company has been constructing a new factory for a little over a year. CEO Musk also said a global shortage of chips and ships is the only thing standing in the way of the company maintaining sales growth in excess of 50% Oatly Group ($OTLY) upgraded to Overweight from Neutral with a $21 price target Drive Shack ($DS) reports prelim Q3 revs of $75M vs. est. $76.74M Scientific Games ($SGMS) wins 10-year Vermont lottery systems contract; company’s advanced platforms and game services will modernize lottery play and maximize revenues for programs in green mountain state Thor Industries ($THO) increases regular quarterly dividend 5% to 43c per share Energy, Industrials and Materials Dow Transports finished the day down -0.25% just above the 14,500 level, but slipping below its 50-day MA at 14,515 B. Hunt ($JBHT) downgraded to Underweight on relative valuation at JPMorgan Union Pacific ($UNP) upgraded to Overweight from Neutral with a price target of $247, up from $234 at JPMorgan on recent selloff Sundial Growers Inc. ($SNDL) announced it will acquire liquor and pot retailer Alcanna in an all-stock deal with a total consideration of about C$346M Financials Pzena Investment Management Inc. ($PZN) prelim AUM as of Sept 30 of $50.8 bln Chubb ($CB) announced a definitive agreement to acquire the life and non-life insurance companies that house the personal accident, supplemental health and life insurance business of Cigna (CI) in seven Asia-Pacific, or APAC, markets for $5.75B in cash Healthcare Accolade Inc. ($ACCD) Q2 revs $73.3M vs. est. $70.4M; Q2 adj Ebitda loss (-$19.4M) vs. est. loss (-$21.9m); sees FY revs $303M-$307M, from prior view $300M-$305M (est. $303.4M); guides Q3 adj Ebitda loss $21.5M-$24.5M vs. est. loss $20.2M, but Q3 revs above views Quidel ($QDEL) guides Q3 revs $505M-$510M vs. est. $186.3M; says covid-19 revenues for Q3 of 2021 expected to be about $406M, compared with $375.7M YoY Allogene Therapeutics ($ALLO) shares fall over 35% after reporting the FDA put a clinical hold of Allocar T trials based on a single patient case in alpha2 trial; believes data from alpha trials demonstrates a favorable clinical profile of allo-501a Apollo EndoSurgery ($APEN) sees 3Q revs $16-16.4Mm vs est. $14.4Mm; sees 3Q net loss $6.1-7.3Mm vs est. net loss $8.3Mm BeiGene’s ($BGNE) BRUKINSA (zanubrutinib) has been approved in Australia for the treatment of adult patients with Waldenström’s macroglobulinemia who have received at least one prior therapy or in first line treatment for patients unsuitable for chemo-immunotherapy. Mirati Therapeutics ($MRTX) to collaborate with Sanofi ($SNY) on phase 1/2 study evaluating combination of adagrasib with a SHP2 inhibitor in KRAS g12c-mutated lung cancer Nkarta ($NKTX) provided updates on its NKX019 and NKX101 clinical development programs saying patients have been dosed in the international phase 1 trial of NKX019 in advanced B-cell malignancies IsoPlexis (ISO)333M share IPO priced at $15.00 Pyxis Oncology ($PYXS)5M share IPO priced at $16.00 Prelude Therapeutics ($PRLD) shares fall after announces presentation of encouraging data from multiple programs at the AACR-NCI-EORTC virtual international conference on molecular targets and cancer therapeutics Relay Therapeutics ($RLAY) announces interim clinical data for RLY-4008, in a first-in-human trial in patients with FGFR2-altered cholangiocarcinoma and multiple other solid tumors Technology, Media & Telecom VMware ($VMW) authorized new stock buyback program for up to $2B Samsung Electronics Co Ltd ($SSNLF) said Q3 operating profit likely jumped 28% to its highest in three years, helped by rising memory chip prices and brisk sales of its new foldable smartphones; estimated July-September profit at 15.8 trillion won ($13.3 billion) vs. est. of 16.1 trillion won. ChipMOS (IMOS) reports Q3 revenues rose 25.9% on a Y/Y basis to $257.2M (+2.6% Q/Q) vs. a consensus of $262.90M. Taiwan Semiconductor Manufacturing Co.’s ($TSM) September revenue was up 19.7% Y/Y to NT$152.69B or about $5.44B. AU Optronics ($AUOTY) reports September revenue rose 26.5% Y/Y to NT$33.0B (+0.9% M/M); Q3 revenues rose 35.3% Y/Y NT$99.05B Oracle ($ORCL), Telecom Italia, and Noovle, TIM Group’s cloud company, have signed a collaboration agreement to offer multi-cloud services for enterprises and the public sector organizations in Italy. Sirius XM ($SIRI) downgraded to Neutral from Overweight with a price target of $7, down from $8 at JPMorgan

Friday, September 10, 2021 Futures Up/Down % Last Dow 167.00 0.48% 34,920 S&P 500 17.25 0.38% 4,500 Nasdaq 58.50 0.37% 15,608 U.S. futures are looking sharply higher, with the S&P 500 and Dow Jones Industrial Average looking to snap their respective 4-day losing streaks, the longest for the S&P since the middle of June. There hasn’t been much news for the recent sputtering of stocks on this holiday shortened week, though it is noteworthy that major averages remain roughly 1% off all-time highs in what has been a momentous run the last few months on dovish Fed policy and strong corporate earnings. Wall Street got a sentiment boost overnight after U.S. President Joe Biden and China President Xi Jinping held a surprise 90-minute phone call late Thursday, the first between the two world leaders in seven months. Asia shares got a boost from news of the talks, with the positive sentiment flowing through into a European session that was still navigating yesterday’s tapering decision from the ECB and news showing that the ongoing spread of Delta variant coronavirus infections lead to the slowest monthly economic growth in the UK since the January lockdowns. In Asian markets, The Nikkei Index jumped 373 points (1.25%) to 30,331, the Shanghai Index rose 10 points to 3,703 and the Hang Seng Index surged 489 points (1.91%) to 26,205. The German DAX gains 50 points to 15,675, while the FTSE 100 rises 25 points to 7,050. Market Closing Prices Yesterday The S&P 500 Index dropped -20.79 points, or 0.46%, to 4,493.28 The Dow Jones Industrial Average fell -151.69 points, or 0.43%, to 34,879.38 The Nasdaq Composite slipped -38.38 points, or 0.25%, to 15,248.25 The Russell 2000 Index declined -0.60 points, or 0.13% to 2,249.13 Events Calendar for Today 8:30 AM ET Producer Price Index (PPI) MoM for Aug…est. 0.6% 8:30 AM ET Producer Price Index (PPI) YoY for Aug…est. 8.2% 8:30 AM ET PPI Core Ex: Food & Energy MoM for Aug …est. 0.5% 8:30 AM ET PPI Core Ex: Food & Energy YoY for Aug…est. 6.6% 10:00 AM ET Wholesale Inventories MoM for July…est. 0.6% 1:00 PM EST Baker Hughes Weekly rig count data Earnings Calendar: Earnings Before the Open: KR Other Key Events: Barclay’s Global Consumer Staples Conference (virtual) 2021, 9/8-9/10 Barclay’s CEO Energy-Power Conference 2021 (virtual), 9/8-9/10 Citigroup Annual BioPharma Conference (virtual), 9/8-9/10 Citigroup GEMS Conference 2021 (virtual), 9/8-9/10 Cowen 14th Annual Global Transportation & Sustainable Mobility Conference, 9/8-9/10 Credit Suisse 2021 Global Steel & Mining Conference (virtual), 9/8-9/10 Deutsche Bank 2021 Technology Conference (virtual), 9/9-9/10 JMP Securities Fintech Forum: Artificial Intelligence, Virtual Conference, 9/10 Wells Fargo 2021 Healthcare Conference (virtual), 9/9-9/10 Macro Up/Down Last Nymex 1.12 69.18 Brent 1.04 72.57 Gold -0.40 1,794.20 EUR/USD 0.0006 1.1831 JPY/USD 0.23 109.95 10-Year Note +0.0287 1.3258% World News The Federal Reserve’s Robert Kaplan and Eric Rosengren will sell all their stocks, Wall Street Journal reporter Michael S. Derby said via Twitter. The moves come after the policymakers were criticized for actively trading stocks and bonds last year. UK Jul GDP misses at +0.1% MoM vs. 0.6% consensus; on a YoY basis, +7.5% vs 8.0% consensus; UK July Industrial Production +1.2% MoM vs 0.4% consensus and +3.8% YoY vs 3.0% consensus Germany Aug CPI (final) +3.9% YoY in line; and flat MoM in line Sector News Breakdown Consumer American Outdoor Brands ($AOUT) Q1 Non-GAAP EPS $0.48 vs. est. $0.24; Q1 revs $60.8M vs. est. $57.4M; sees Q2 sales up more than 20%; Gross margin of 47.7% increased 70 basis points over the comparable quarter last year; Adjusted EBITDAS was $9.6 million, or 15.7% of net sales, compared with $8.7 million, or 17.3% of net sales; sees year EEPS $2.02-$2.26 vs. est. $2.21 Dave & Buster’s ($PLAY) Q2 EPS $1.07 vs. est. $0.58; Q2 sales $377.6M vs. est. $358.5M; Q2 comp sales rose 3.6%; expects Q3 comparable store sales to be about in line with qtr-to-date trends compared to Q3 2019; sees Q3 Ebitda to be significantly higher than Q3 2019 Ebitda of $39.8M; sees total of four new store openings during fiscal year 2021 and relocation of one existing location Toyota Motor Corp ($TM) cut its production forecasts for September and October, blaming shortages of chips and other parts as suppliers; said it will produce 70,000 fewer vehicles than previously planned this month, and 330,000 fewer vehicles next month. National Beverage ($FIZZ) Q1 EPS $0.58 vs. est. $0.51; Q1 revs $311.7M vs. est. $299.19M; Gross margin was 40%; operating income was $70.3 million or 22.6% of sales; and cash was $245.5M Zumiez ($ZUMZ) Q2 EPS $0.94 vs est. $0.79 on revenue $268.7M vs est. $180.5M; Q3 sales through Sept 6th +23.2% YoY vs 1st 37 days in 3Q20; not providing outlook for Q3 or full-year at this time Destination XL ($DXLG)73M share Spot Secondary priced at $6.10 VICI Properties ($VICI) 100M share Secondary priced at $29.50 Energy, Industrials and Materials Fortress Transportation ($FTAI) 12M share Secondary priced at $25.50 Radiant Logistics ($RLGT) Q4 EPS in-line $0.21 on revenue $257.9M vs est. $227.35M Yellow Corp ($YELL) less-than-truckload, percent change for shipments per workday in qtd was down 5.2%; LTL percent change for revenue per shipment in qtd was up 18.5% Financials Affirm ($AFRM) Q4 EPS loss (-$0.48) vs. est. loss (-$0.29); Q4 revs $261.8M vs. est. $226.39M; Q4 GMV $2.5B, up 106%; Active merchants grew by 412% to nearly 29,000 for Q4, including several thousand newly integrated Shopify merchants; Q4 active consumers grew 97% to 7.1M; sees Q1 revenue $240M-$250M vs. est. $233.89M; sees FY22 revenue $1.16B-$1.19B vs. est. $1.17B; sees FY22 GMV $12.45B-$12.75B Ryman Hospitality Properties ($RHP) said it expects positive cash flow in Q3 of $16M-19M despite the recent impact of attrition and cancellations related to the COVID-19 delta variant spread (compares with a negative cash flow of $1M in Q2, and -$32M in Q2 of last year) United Insurance Holdings ($UIHC) estimates current year catastrophe losses of ~$27M for Q3. Farmer Bros. ($FARM) Q4 EPS loss (-$0.24) on revs $102.86M WillScot Mobile Mini ($WSC)41M share Spot Secondary priced at $28.50 Healthcare Apellis ($APLS) announced that while its phase 3 OAKS study evaluating intravitreal pegcetacoplan in patients with geographic atrophy met the primary endpoint for both monthly and every-other-month treatment, the DERBY study did not meet the primary endpoint of GA lesion growth, showing a reduction of 12% and 11% with monthly and every-other-month treatment Cigna ($CI) assumed at Market Perform from Outperform at Cowen with a price target of $235, down from $300 Humana ($HUM) assumed at Outperform from Market Perform at Cowen and raise tgt to $479 from $470 OrthoPediatrics ($KIDS) entered into a distribution agreement with a subsidiary of SeaSpine ($SPNE) to exclusively distribute the 7D Surgical FLASH Navigation platform for pediatric applications. Agilon Health ($AGL) 17M share Secondary priced at $30.00 Impel NeuroPharma ($IMPL) 3M share Secondary priced at $15.00 Ortho Clinical Diagnostics ($OCDX) 22M share Secondary priced at $17.50 Senators may seek to cap the prices that Medicare pays for certain medications so that they’re no higher than what other government programs, like the Department of Veterans Affairs, will pay, STAT reports exclusively Technology, Media & Telecom Sumo Group Plc ($SUMO) Q2 EPS loss (-$0.11) vs. est. loss (-$0.14); Q2 revs $58.8M vs. est. $56.69M; sees revenue $236.8M-$238.8M vs. est. $200.9M; sees adjusted loss per share 51c to 52c vs. est. loss (79c) Verint Systems ($VRNT) Q2 EPS $0.58 vs. est. $0.42; Q2 revs $216M vs. est. $207.74M; sees Q3 revs $215M-$220M vs. est. $220.2M; sees year revs $872M plus/minus 2% vs. est. $863.2M Zscaler ($ZS) Q4 Non-GAAP EPS $0.14 vs. est. $0.09; Q4 revs $197.1M vs. est. $186.8M; sees Q1 EPS about $0.12, in-line with ests on revs $210M-$212M vs. est. $200M; sees year revs $940M-$950M vs. est. $902M; sees year billings $1.23 billion to $1.25 billion above est. $1.14 billion PowerSchool ($PWSC) Q2 revenue $145.4M vs. est. $142.86M; sees Q3 revenue $140M-$143M vs. est. $142.86M; sees Q3 adjusted EBITDA $36M-$39M; sees FY21 revenue $542M-$545M vs. est. $536.85M Bumble ($BMBL) 18M share Secondary priced at $54.00 McAfee ($MCFE) 20M share Secondary priced at $22.50 Sea Limited (SE) 11M share Secondary priced at $318.00 ChipMOS (IMOS) reports August revenue of $86.7M (-0.8% M/M; +26.1% Y/Y). Taiwan Semiconductor Manufacturing Co.’s (T$SM) August revenue was up 11.8% Y/Y to NT$137.43B or about $4.98B; sales were up 10.3% compared to July 2021. Take-Two ($TTWO) backs FY22 EPS view $1.95-$2.20 (below est. $4.58) and backs FY22 net bookings view $3.2B-$3.3B; reiterated its outlook for its fiscal year 2022, ending March 31, 2022, which was originally provided on May 18, 2021 and reiterated on August 2, 2021

Energy, Industrials & Materials Canadian Pacific Railway Ltd. ($CP) is planning to make a new, increased offer for Kansas City Southern ($KSU), according to people familiar with the matter as per the WSJ, reigniting a takeover battle with Canadian National Railway (CNI. Canadian Pacific’s board of directors met Monday to authorize a bid that values Kansas City Southern near $300 per share, or about $27 billion – WSJ reports AECOM ($ACM) Q3 adj EPS $0.73 vs. est. $0.72; Q3 revs $3.41B vs. est. $3.23B; said total wins of $3.7B resulted in a 1.1 book-to-burn ratio; backlog in the Company’s design business increased by 8% over the prior year, including 7% contracted backlog growth, and total backlog of $39.7B continues to provide long-term visibility; raises FY21 adjusted EBITDA view to $810M-$830M Bonanza Creek ($BCEI) Q2 revs $156M vs. est. $137.57M; average sales volumes for the second quarter of 42.3 thousand barrels of oil equivalent per day with oil representing 49.5% of total volumes; Revising production guidance up from 40 to 44 MBoe/d to 41 to 44 MBoe/d, and lowering LOE guidance from $3.00 to $3.25 per Boe to $2.85 to $3.00 per Boe for Q3 Cabot Corp. ($CBT) 3Q adj EPS $1.35 vs est. $1.18 on sales $917Mm vs est. $804.8Mm; sees 4Q demand to remain strong across segments, have been successfully implementing price increases to maintain robust margins; guides FY adj EPS $4.85-5.05 vs est. $4.92 CF Industries ($CF) Q2 EPS $1.14 vs. est. $1.57; Q2 sales $1.59B vs. est. $1.62B; gross ammonia production for q2 of 2021 was approximately 2.2 mln tons; projects capital expenditures for full year 2021 will be in range of $500M Nutrien ($NTR) Q2 adj EPS $2.08 on revs $9.76B; raises FY21 adj EPS view to $4.60-$5.10 from $2.55-$3.25 and boosts FY21 adjusted EBITDA view to $6B-$6.4B from $4.4B-$4.9B; Q2 nitrogen sales jumped 41% to $982M from $696M YoY, Q2 potash sales soared 39% Y/Y to $817M from $588M a year ago; Q2 seed sales rose 7% Y/Y to $1.21B from $1.14B Syke Enterprise ($SYKE) 2Q adj EPS $0.73 vs est. $0.58 on revs $448.9Mm vs est. $445.4Mm Phillips 66 ($PSX) CEO said the company is considering the funding of a full North American supply chain for lithium-ion battery production, as it broadens into developing battery components for electric vehicles and storage systems Technology, Media & Telecom 3D Systems ($DDD) 2Q adj EPS $0.12 vs est. $0.05 on revs $162.6Mm vs est. $143.3Mm; guides FY gr margin 40-44% vs est. 42.5% Cambium Networks ($CMBM) Q2 non-GAAP EPS $0.45 vs. est. $0.33; Q2 revs $92.7M vs. est. $88.17M; sees Q3 non-GAAP revs $88.0M-$92.0M vs. est. $89.44M; sees Q3 GAAP gross margin 48.3%-49.3% Cloudflare ($NET) announces $1B convertible senior notes offering Digital Turbine (APPS) 1Q revs $212.6Mm (pro forma $292Mm) vs est. $191.3Mm; adj EPS $0.34 vs est. $0.31; guides 2Q revs $300-306Mm vs est. $294.6Mm, sees 3Q adj EPS $0.38 vs est. $0.37 Everbridge ($EVBG) Q2 adj EPS $0.03 vs. est. loss (-$0.23); Q2 revs $86.6M vs. est. $83.91M; sees Q3 adj EPS loss (15c)-(14c) vs. est. loss (11c); sees Q3 revs $94.1M-$94.5M vs. est. $92.61M; raises year EPS and rev outlook I3 verticals ($IIIV) 3Q EPS $0.15 vs est. $0.28 on revs $62Mm vs est. $56.1Mm; guides FY revs $212-222Mm vs est. $211.2Mm, sees FY pro forma adj EPS $0.90-0.96 vs est. $1.04 Model N Inc. ($MODN) 3Q adj EPS $0.16 vs est. $0.02 on revs $51Mm vs est. $48.9Mm; guides 4Q revs %0.5-51Mm vs est. $49.9Mm, 4Q adj eps $0.09-0.11 vs est. $0.02; guides FY revs $192.5-193Mm vs est. $189.6Mm, sees FY adj EPS $0.45-0.47 vs est. $0.23 Qualys Inc. ($QLYS) 2Q adj EPS $0.79 vs est. $0.68 on revs $99.7Mm vs est. $99Mm; guides 3Q revs $103.8-104.4Mm vs est. $102.9Mm; guides FY revs $406-407.5Mm vs est. $403.4Mm, sees FY adj EPS $3.02-3.07 vs est. $2.71 SailPoint ($SAIL) Q2 adj EPS $0.00 vs. est. loss (-$0.06); Q2 revs $102.5M vs. est. $99.24M; said exceeded prior revenue and ARR guidance with Total ARR up 43% YoY; raises FY21 adj EPS view to loss of (8c)-(4c) from (13c)-(5c) and boosts FY21 rev view to $408M-$412M from $404M-$412M 9est. $409.1M); guides Q3 below views Squarespace ($SQSP) Q2 revs $196M vs. est. $188.5M; sees Q3 revs $193M-$198M vs. est. $197.8M; said Q2 unique Subscriptions reached 3.9M, up 15% YoY, while average revenue per unique subscription grew to $193, up 6% YoY Synchronoss ($SNCR) Q2 EPS loss (-$0.27) vs. est. loss (-$0.20); Q2 revs $71.5M vs. est. $66.67M; reiterated it outlook as continues to expect revenue for FY21 to be in a range of $275M-$285M, and adjusted EBITDA in the range of $32M-$37M Verra Mobility ($VRRA) Q2 adj EPS $0.10 vs. est. $0.04; Q2 revs $128.7M vs. est. $110.19M; sees FY21 revs $510M-$530M vs. est. $491.06M; sees adjusted EBITDA in range $240M-$245M vs. $181.8M in 2020 and $241.4M in 2019; announces $100M share buyback plan ChipMOS ($IMOS) reports July revenue of $86.5M (+2.4% M/M; +28.2% Y/Y)

/*============================================= = Thursday, June 10, 2021 = =============================================*/ Futures Up/Down % Last Dow 80.00 0.23% 34,410 S&P 500 2.25 0.07% 4,211 Nasdaq -37.50 0.27% 13,766 U.S. stock futures are mixed into key monthly inflation data as the May Consumer Price Index (CPI) is set to be revealed at 8:30 AM, with an expected MoM rise of 0.4% for both headline and core prices and YoY prices to rise 4.7% (which would be the biggest YoY rise since 2008) and 3.4% (would be highest since YoY core spike since 1993) for headline and core respectively. Treasury yields have been sliding over the last week to one-month lows around 1.50% for the benchmark 10-year ahead of the data, as it appears markets have accepted the recent rise in prices as “transitory” which is what the Fed has been echoing for weeks now. While the Fed has pledged not to hike interest rates before 2023, some economists say that is wishful thinking if these levels of inflation keep up. The S&P 500 flirted with a record high Wednesday before retreating in afternoon trading, once again nearly tagging its 4,238.04-record intraday high. The yield on 10-year Treasuries sank to almost 1.47%, while the 30-year bond touched 2.148%, the lowest since March 1. On a weekly basis, the S&P 500 is on track for its smallest range as a percentage of the prior week’s close since mid-October 2017. In Asian markets, The Nikkei Index rose 97 points to 28,958, the Shanghai Index rose 19 points to 3,610 and the Hang Seng Index slipped -3 points to 28,738. In Europe, the German DAX is up over 320 points to top 15,600, while the FTSE 100 is up around 25 points to 7,105. Not much going on in individual stock news other than several new IPO’s pricing overnight and open for trading today along with momentum sectors remaining very volatile including Reddit/WSB related “meme” stocks and Bitcoin leveraged stocks. Events Calendar for Today 8:30 AM EST Consumer Prices (CPI) MoM for May…est. 0.4% 8:30 AM EST Consumer Prices (CPI) YoY for May…est. 4.7% 8:30 AM EST CPI Ex: Food & Energy MoM for May…est. 0.4% 8:30 AM EST CPI Ex: Food & Energy YoY for May…est. 3.4% 8:30 AM ET Weekly Jobless Claims…est. 370K 8:30 AM EST Continuing Claims…est. 3.602M 10:30 AM ET Weekly EIA Natural Gas Inventory Data 2:00 PM EST Federal Budget for May Earnings Calendar: Earnings Before the Open: A LOT, $FCEL, JW/A, $KSPN, $SIG Earnings After the Close: $AVO, $CGRN, $CHWY, $NVGS, $PLAY, $SEAC, $TPCS, $TYME, $ZDGE Other Key Events: Baird Global Consumer, Technology & Services Conference 2021 (virtual), 6/8-6/10 Deutsche Bank Global Consumer Conference (virtual), 6/7-6/10 FBN Securities Silicon Valley Tech Tour (virtual), 6/10-6/11 Goldman Sachs Healthcare Conference (virtual), 6/8-6/10 Goldman Sachs 25th Annual European Financials Conference (virtual), 6/8-6/10 Jefferies Healthcare Virtual Conference, 6/8-6/10 Oppenheimer Virtual Software & Semiconductor Bus Tour, 6/7-6/11 Piper Global Exchange & FinTech Conference (virtual), 6/9-6/10 REITWeek 2021 Investor Virtual Conference, 6/8-6/10 Market Closing Prices Yesterday The S&P 500 Index slipped -7.71 points, or 0.18%, to 4,219.55 The Dow Jones Industrial Average fell -152.68 points, or 0.44%, to 34,447.14 The Nasdaq Composite dipped -13.16 points, or 0.09%, to 13,911.75 The Russell 2000 Index declined -16.63 points, or 0.71% to 2,327.13 Macro Up/Down Last Nymex 0.08 70.04 Brent 0.14 72.36 Gold -9.00 1,879.55 EUR/USD -0.0018 1.2162 JPY/USD -0.12 19.51 10-Year Note +0.012 1.501% World News A bipartisan group of House moderates on Wednesday unveiled an eight-year, $1.25 trillion infrastructure plan designed to help break the months-long impasse over President Biden’s top domestic legislative priority. The framework offered by the 58-member Problem Solvers Caucus calls for more than $959 billion for traditional infrastructure, including highways, bridges, rail, airports and waterways; $25 billion of that money would be set aside for electric vehicle infrastructure, including electric buses. Sector News Breakdown Consumer GameStop ($GME) Q1 adj EPS loss (-$0.45) vs. est. loss (-$0.84); Q1 sales $1.3B vs. est. $1.16B; says may offer and sell up to 5 mln shares of its common stock, from time to time, in “at-the-market” offerings – shares slip on offering; named two Amazon executives as its CEO and CFO – Matt Furlong will succeed George Sherman as CEO and Mike Recupero will succeed Jim Bell as CFO; continues to suspend guidance; says Q2 sales trends continue to reflect momentum, with may total sales increasing approximately 27% compared to last year; Oxford Industries ($OXM) Q1 adj EPS $1.89 vs. est. $1.06; Q1 sales $266M vs. est. $233.1M; raises FY21 EPS view to $4.85-$5.15 from $2.80-$3.20 (est. $3.05); raises FY21 revenue view to $1.015B-$1.05B from $940M-$980M (est. $968.86M) RH ($RH) shares rise 6%; Q1 adj EPS $4.89 vs. est. $4.10; Q1 revs $860.8M vs. est. $757.65M; raising our outlook for revenue growth in fy21 to a range of 25% to 30% from prior outlook of 15%-20%; sees 2q adj operating margin in range of 25.9% to 26.1% and Q2 revs growth 35%-37%; Q1 adjusted gross margin of 47.3% of sales vs. 41.8% a year ago and 46.1% consensus Celsius Holdings ($CELH)52M share Spot Secondary priced at $62.50 Leslie’s ($LESL) 24.5M share Secondary priced at $27.64 Energy, Industrials and Materials Blocked by US President Joe Biden, Canada’s TC Energy ($TRP) said Wednesday it had officially terminated the Keystone XL Pipeline project, throwing in the towel on a controversial initiative opposed by environmental activists. Callon Petroleum ($CPE) and Continental Resources ($CLR) downgraded to Sector Perform from Outperform at RBC Capital with a price target of $54 (up from $44) and tgt of $40 (up from $34) respectively, citing strong relative performance and believes that its upside is now in line with its peers Marathon Oil ($MRO) upgraded to Outperform from Sector Perform at RBC Capital with a price target of $18 from $14 saying the stock provides an attractive opportunity to express bullishness on oil prices, while the company’s “ultra-low” break-even point and maintenance capital program support robust free cash flow generation at even depressed commodity prices Greif Inc. ($GEF) Q1 adj EPS $1.13 vs. est. $1.06; Q2 sales $1.34B vs. est. $1.26B; Net cash provided by operating activities increased by $52.5 million to a source of $152.3 million; total debt decreased by $368.9 million Financials AllianceBernstein L.P. ($AB) announced that preliminary assets under management increased to $731 billion during May 2021 from $724 billion at the end of April; firmwide net inflows, coupled with market appreciation, drove the 1% increase Franklin Resources, Inc. ($BEN) reported preliminary month-end assets under management of $1,543.5 billion at May 31, 2021, compared to $1,529.3 billion at April 30, 2021. Virtus Investment partners, Inc. ($VRTS) reported total assets under management (aum) as of May 31, 2021 of $175.5 billion. in addition, the company provided services to $3.7 billion of other fee-earning assets that are not included in assets under management. Bank of Hawaii ($BOH) announces the offering of 7.2M depositary shares for gross proceeds of $180M Clarivate ($CLVT)462M share Secondary priced at $26.00 Healthcare Aclaris Therapeutics ($ACRS)04M share Spot Secondary priced at $17.75 Apria ($APR)5M share Secondary priced at $27.00 Clover Health Investments ($CLOV) downgraded to Underperform from Neutral at Bank America with an unchanged price target of $10 noting the 100% rally in the past week and shares are now trading at a 70% premium to Alignment Healthcare (ALHC), its closest comp LifeStance ($LFST) 40M share IPO priced at $18.00 Technology, Media & Telecom The global semiconductor market will rise from 6.8% in 2020 to 19.7% this year to ~$527B according to World Semiconductor Trade Statistics estimates. For 2022, the global semiconductor market is projected to grow by 8.8% to $573B, driven by double-digit growth of the Memory category ChipMOS ($IMOS) reports May revenue of $84.4M (+2.4% M/M; +30.7% Y/Y) TSMC’s ($TSM) May revenue rose 19.8% Y/Y and 0.9% M/M to NT$112.360B Xilinx ($XLNX) has acquired Silexica, a privately-held provider of C/C++ programming and analysis tools; terms not disclosed Genius Sports ($GENI) 22M share Secondary priced at $19.00 Materialise ($MTLS) 4M share Spot Secondary priced at $24.00 PLBY Group ($PLBY)72M share Secondary priced at $46.00 Zeta Global ($ZETA)5M share IPO priced at $10.00 1stDibs ($DIBS)75M share IPO priced at $20.00 com ($MNDY) 3.7M share IPO priced at $155.00 Jamf Holding ($JAMF)5M share Secondary priced at $33.00 Asana ($ASAN) disclosed that its CEO Dustin Moskovitz bought 500K shares of common stock on June 7th in a total transaction size of $19.7M Latch Inc. ($LTCH) 1Q revs $6.6Mm +143%, booked ARR $38.9Mm +120%, total bookings $71.7Mm +89%; says plans to increase investments in sales and marketing as well as new experiences and products; guides 2Q revs $9-10Mm with total bookings $82-87Mm and adj EBITDA ($17Mm) to ($20Mm); sees FY revs $47-51Mm with total bookings $290-325Mm and adj EBITDA ($75Mm) to ($95Mm) Verint Systems ($VRNT) Q1 adj EPS $0.44 vs. est. $0.35 on revs $202Mm vs. est. $196.5Mm, cloud revs up more than 35% YoY; guides FY adj EPS $2.23 at midpoint vs. est. $2.19, sees FY revs $860Mm +/- 2% vs. est. $861.7Mm (sees cloud revs +30-35%, sees new PLE bookings 10+%)