$INCY

**INCY** INCY was previous down 29% YTD, as last week saw INCY almost reduce it's YTD performance slashed in half rising 11% last week. Recent activity has shown activity increasing on option chain during this previous move. We nay continue to see a ramp in activity and unusual volume as this continues to push upwards. INCY has respected its weekly trend, and has recent bounced from the bottom of the trendline with a gap to fill overhead over fridays close to the $75 level. Firdays close can be a entry for the gap fill for $75 or allowing price to rise to the $78 level if broken and held for a swing to the PT 1: $80, PT 2: $82, PT 3: $85

U.S. futures are holding steady, only moderately lower from yesterday’s closing all-time highs for the major averages as investors brace for the FOMC meeting, with results expected tomorrow afternoon. Bitcoin prices surging to highs, up over 4% around $63,400 in another broad spike for crypto assets; Ethereum +3.25% at $4,450. House Speaker Pelosi is planning to go ahead with plans to vote this week on President Biden’s two bills even though Democratic moderates are echoing Senator Manchin’s complaints that they don’t know full cost & economic impact. In corporate news, JNJ, TEVA, ENDP and ABBV win the first case for pharmaceutical companies in the four-year litigation over the drugs in a $50B opioid litigation case. In commodity prices, gold holds below $1,800, oil is little changed around $84 per barrel and Wheat hit $8.00 a bushel Monday, highest levels since 2012 as world reserves declined following extreme weather. The Aussie dollar drops and the curve bull steepens after the RBA scraps its April 2024 yield target and signals openness to earlier rate hikes. Tesla $TSLA falls over 4%, is falling off a record high close of $1,208.59 – follows tweet from CEO Musk overnight saying there has been no contract signed yet with Hertz and that the Hertz deal has zero effect on Tesla’s economic. Wall Street’s main indexes notched record closing highs again on Monday, adding to the big totals in October as Tesla $TSLA shares surged and the energy sector gained on rising oil prices while investors looked ahead to a major Federal Reserve meeting later in the week. The Dow Jones Industrial Average briefly eclipsed 36,000 points for the first time before slipping just below. Along with the barrage of earnings again this week, the Federal Reserve is expected to approve plans to scale back its $120 billion monthly bond-buying program on Wednesday. The small-cap Russell 2000 index was a standout, rising 2.7% for its biggest daily percentage gain since late August. Economic data was mixed as the ISM U.S. manufacturing activity slowed in October, with all industries reporting record-long lead times. In Asian markets, The Nikkei Index slipped -0.43% to 29,520, the Shanghai Index dropped -1.1% to 3,505, and the Hang Seng Index fell -0.22% to 25,099. In Europe, the German DAX is up +0.4% at 15,875, while the FTSE 100 declines around -0.6% below 7,250. Events Calendar for Today · 7:45 AM ET ICSC Weekly Retail Sales · 8:55 AM ET Johnson/Redbook Weekly Sales Earnings Calendar: · Earnings Before the Open: AME, APO, ARCB, AVNS, BBGI, BCC, BHC, BLD, BLMN, CEIX, CLW, CMI, COP, CRSR, CTLT, DD, EL, EPD, ESPR, ETN, EXLS, EXPD, EXTR, GNRC, GPN, HEES, HEP, HSC, HSIC, IART, IDXX, INCY, IPGP, IT, KKR, LCII, LDOS, LEA, LGIH, LPX, MIME, MLM, MMP, MPC, MPLX, MYGN, NRZ, NXST, NYMT, OMCL, PFE, PINC, RL, ROK, SABR, SAGE, SEE, TMX, TNC, UAA, VAL, WEC, WLK, XHR, XYL ZBRA · Earnings After the Close: ACT, AFG, AIZ, AKAM AMGN, ANDE, ATVI, AWK, AYX, BFAM, BGFV, BKH, BRY, BXC, CASA, CDK, CERS, CHK, COUR, CRK, CSLT, CZR, DCO, DCPH, DEI, DENN, DOX, DRRX, DVN, EGHT, EIX, ENLC, EXAS, EXEL, FMC, FNF, FRSH, GAIN, GNW, GPOR, HALO, HCC, HLF, HRB, HURN, INFI, INSP, KAI, KAMN, KAR, LPI, LSCC, LSI, LYFT, MANT, MDLZ, MG, MGNX, MOD, MRCY, MTCH, NP, NSA, OKE, OVV, PAA, PAGP, PAYC, PKI, PRO, PRTS, PRU, RAMP, RARE, RCKY, RM, RRR, SGRY, SKY, SRC, STE, TCS, TMUS, TVTY, UIS, UNM, VECO, VOYA, VRSK, WTTR, WU, ZG Other Key Events: · China Caixin Services PMI for October · Wolfe Research Wealth Symposium, 11/2-11/3 $virtual · Senator Manchin says he is prepared to support a Build Back Better plan that combats inflation, is fiscally responsible, and will create jobs. The plan the House is finalizing meets those tests-it is fully paid for, will reduce the deficit, and brings down costs for health care, child care, elder care, and housing

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

Monday, September 27, 2021 Futures Up/Down % Last Dow 91.00 0.26% 34,765 S&P 500 1.25 0.03% 4,447 Nasdaq -48.50 0.32% 15,270 U.S. stock futures are looking higher, led by the energy complex after WTI crude tops $75 for the first time since July and Brent crude hitting 3-year highs following a massive stock market recovery late last week as fears about China Evergrande Group ‘s debt crisis issues waned and investors bet on further economic reopening from the pandemic. Despite the Chinese property developer missing a bond coupon payment, the S&P 500 still finished the week up 0.5% (though U.S. listed China stocks fell sharply on the week). Last week, Federal Reserve Chairman Jerome Powell said the U.S. economy has recovered sufficiently for the central bank to potentially announce the start of bond-purchase tapering at its next meeting, which failed to dent investor optimism, even as Treasury yields and the dollar rallied as the FOMC pushed up its timeline for interest rate hikes. In Asian markets, The Shanghai Composite Index slipped 0.8%, while Hong Kong’s Hang Seng Index edged up 0.1%. The Nikkei Index was down slightly at 30,240, the Shanghai Index dipped -30 points to 3,583 and the Hang Seng Index edged higher 16 points to 24,208. In Europe, the German DAX rises following election results, up around 100-points (0.6%) at 15,625, while the FTSE 100 is up slightly above 7,060. Oil futures rise with WTI crude oil futures topping $75 a barrel for the first time since July, amid an escalating energy crunch across Europe and now China. Energy is the clear premarket leader among the S&P sectors, most of which are higher. Materials and Info Tech are slightly lower. Treasury yields are moving to their best levels since late June, with the benchmark 10-year yield above 1.49% and the 30-year topping 2%, extending last week gains which saw the largest one-week yield gain since June 25, as it rose nearly 8 basis points. The 10-year was yielding 1.495%, up from 1.454%. Markets await data on new U.S. orders for durable goods in August at 8:30 AM ET. Market Closing Prices Yesterday The S&P 500 Index gained 6.50 points, or 0.15%, to 4,455.48 The Dow Jones Industrial Average rose 33.18 points, or 0.10%, to 34,798.00 The Nasdaq Composite slipped -4.54 points, or 0.03%, to 15,047.70 The Russell 2000 Index declined -10.97 points, or 0.49% to 2,248.07 Events Calendar for Today 8:30 AM ET Durable Goods Orders for Aug 8:30 AM ET Durable Goods Ex: Transportation for Aug 10:30 AM ET Dallas Fed Manufacturing for Sept 1:00 PM ET U.S. to sell $61 bln 5-year notes 1:00 PM ET U.S. to sell $60 bln 2-year notes Earnings Calendar: Earnings Before the Open: $AYTU, $IBIO, $SANW Earnings After the Close: $CNXC Other Key Events: BMO Capital Washington DC Property Tour, 9/27-9/28 Cantor Global Healthcare Conference (virtual), 9/27-9/30 Macro Up/Down Last Nymex 1.08 75.06 Brent 1.16 79.25 Gold -1.15 1,749.25 EUR/USD -0.0019 1.1701 JPY/USD 0.22 110.95 10-Year Note +0.03 1.491% World News House Speaker Nancy Pelosi pledged to pass a $550 billion infrastructure bill this week and signaled that the headline amount on a bigger package of spending and tax measures will be lowered from $3.5 trillion German inflation is likely to accelerate from already high levels and will stay above 2% through mid-2022, exceeding the European Central Bank’s target for the 19-nation euro zone, the Bundesbank said in a monthly report on Monday Widening power shortages in China have halted production at numerous factories including many supplying Apple and Tesla. On Monday, State Grid Corp pledged to ensure basic power supply and avoid electricity cuts. China’s power crunch, caused by tight coal supplies and toughening emissions standards, has hurt production in industries across several regions – Dow Jones Sector News Breakdown Consumer Scotts Miracle-Gro ($SMG) mentioned positively in Barron’s saying the co has a dominant franchise in the consumer lawn and garden market, and it has a fast-growing hydroponics business catering mainly to the marijuana industry. Scotts has seen its stock fall over 40% from an April high to a recent $146 on lower consumer demand in 2022 and narrower profit margins concerns but yet the stock looks inexpensive Lordstown Motors ($RIDE) downgraded to Sell from Neutral at Goldman Sachs Tesla’s ($TSLA) Shanghai factory is expected to produce 300,000 cars in the first nine months of the year, despite a global semiconductor shortage, Reuters reported Gores Guggenheim Inc ($GGPI) rises after Swedish electric car maker Polestar agrees to go public through merger with GGPI, at a valuation of $20 bln including debt https://bit.ly/3udy8fD Energy, Industrials and Materials Lockheed Martin ($LMT) was awarded a $1.1B modification to a previously awarded fixed-price incentive advance acquisition contract. Piedmont Lithium ($PLL) files automatic mixed securities shelf BP plc ($BP) says panic buying has caused 30% of its 1,200 gasoline stations in the U.K. to run out of the two main grades of fuel. Healthcare Acceleron Pharma Inc. ($XLRN) is in advanced discussions to be acquired by a large pharmaceutical company for about $180 a share in cash, according to people familiar with the matter, Bloomberg reported late Friday https://bloom.bg/3ANfEVx Pfizer ($PFE), Opko ($OPK) said late Friday the FDA extended the review period for the biologics license application for somatrogon SeaSpine Holdings Corp. ($SPNE) said late Friday it expects its total revenue for q3 of 2021 to grow in mid-single digit range; said it is unable to confirm its prior revenue guidance for q4 and full-year 2021 at this time Syndax Pharmaceuticals ($SNDX) and Incyte ($INCY) announce global collaboration to develop and commercialize axatilimab for chronic graft-versus-host disease and other fibrotic diseases; Syndax to receive $152 million in cash ($117 million upfront plus a $35 million equity investment, with potential for $450 million in additional milestone payments) ASLAN Pharmaceuticals (ASLN) shares fall after announcing data conclusively establishing proof of concept for ASLAN004 in atopic dermatitis; said topline data from multiple-ascending-dose study supports a potentially differentiated safety and efficacy profile. ASLAN004 achieved a statistically significant improvement vs. placebo in the primary efficacy endpoint of percent change from baseline in EASI with significant improvements in other efficacy endpoints Astellas Pharma ($ALPMY) and Seagen ($SGEN) announced that Japan’s Ministry of Health, Labor and Welfare has approved PADCEV (enfortumab vedotin) for radically unresectable urothelial carcinoma that has progressed after anti-cancer chemotherapy. Technology, Media & Telecom Google ($GOOGL), seeking to overturn the EU’s $5B antitrust decision from 2018, is arguing that its Android operating system for mobile devices has boosted competition rather than stifled it – WSJ Several Apple ($AAPL) and Tesla ($TSLA) suppliers have halted production at some of their Chinese facilities to comply with Beijing’s tighter energy consumption policy, putting supply-chain continuity at risk during a peak season for electronics goods including the latest iPhones. – Nikkei reports https://s.nikkei.com/3m1F7EF Vizio ($VZIO) a positive mention in Barron’s saying stock buyers should consider newly public Vizio, which completed upfront advertising negotiations with more than $100 million in commitments, up fourfold from last year com’s ($AMZN) Whole Foods Market is implementing a grocery delivery fee across the U.S., rolling back a perk the retailer had offered for paying Prime members since it began offering home delivery from the organic grocer

Upgrades 9/23: $ARGX $AVB $DADA $EQR $ERJ $GD $INCY $NOC $OKE $PLUG $ROKU $ROLL $VTR $WMG . Downgrades 9/23: $AMGN $COMM $DAL $EAR $LHX $LMT $SGFY $TRMB $VIPS

Wednesday, September 22, 2021 Futures Up/Down % Last Dow 220.00 0.65% 34,018 S&P 500 26.25 0.61% 4,369 Nasdaq 57.50 0.38% 15,081 Stocks looking to bounce, with U.S. futures sharply higher after last night as reports indicated that troubled Chinese property developer Evergrande’s main unit Hengda Real Estate Group co says will make coupon payment for onshore bond due Sept. 23rd. That buys Evergrande some time, although debt restructuring is still likely. Also, the House passed a bill Tuesday that would temporarily fund the government and suspend the debt limit. The legislation could fail in the Senate, as Minority Leader Mitch McConnell says Republicans will vote against raising the debt ceiling. The government would shut down on Oct. 1 and the U.S. would be unable to pay its bills sometime in October if Congress does not pass legislation addressing both issues. Bond markets unphased by the news with the 10-year stuck around 1.33%. Meanwhile, the FOMC began its 2-day meeting yesterday and announces its policy decision and releases its economic projections today at 14 2:00 PM ET and Chairman Powell follows with the press conference at 2:30 ET. In corporate news, shares of transportation giant Fed-Ex (FDX) slides over 5% after cutting its profit outlook on higher costs and stalled growth in shipments, while Adobe ($ADBE) slips after 3Q update disappointed the high expectations of investors. In Asian markets, The Nikkei Index reopened, falling -200 points to 29,639, the Shanghai Index rises 14 points to 3,629 and the Hang Seng Index gains 122 points to 24,221. In Europe, the German DAX is up 110 points to 15,450, while the FTSE 100 rises over 80 points to 7,070. Bitcoin prices recover, above $42,000 after briefly dropping below $40K last night. Markets have been put on edge this week by trouble in the Chinese property market, especially the precarious situation of its largest builder of homes, Evergrande. The company is a massive issuer of debt both inside China and offshore to international investors. Market Closing Prices Yesterday The S&P 500 Index slipped -3.58 points, or 0.08%, to 4,354.15 The Dow Jones Industrial Average lost -47.93 points, or 0.14%, to 33,922.54 The Nasdaq Composite gained 32.49 points, or 0.22%, to 14,746.40 The Russell 2000 Index advanced 3.98 points, or 0.18% to 2,186.18 Economic Calendar: 7:00 AM ET MBA Mortgage Applications Data 10:00 AM ET Existing Home Sales MoM for August 10:30 AM ET Weekly DOE Inventory Data 2:00 PM ET FOMC Rate Decision (no change to rate or asset taper expected) Earnings Calendar: Earnings Before the Open: $GIS Earnings After the Close: $FUL, $KBH, $SCS Other Key Events: Credit Suisse 2021 Consumer Retail Conference (virtual), 9/21-9/22 Credit Suisse 7th Annual Oil & Gas Non-Bus Tour (virtual), 9/21-9/23 DA Davidson Diversified Industrials & Services Conference (virtual), 9/22-9/23 Goldman Sachs 30th Annual Communacopia Conference (virtual), 9/21-9/23 JPMorgan 12th Annual U.S. All Stars Conference (virtual), 9/21-9/23 Oppenheimer Fall Healthcare Life Sciences & MedTech Summit (virtual), 9/20-9/23 Roth Capital 8th Annual Solar Symposium (virtual), 9/20-9/23 Sidoti Fall Small Cap Conference (virtual), 9/22-9/23 Stephen’s 11th Annual Bank Forum, in Little Rock, AR, 9/20-9/22 Wells Fargo 4th Annual Consumer Conference (virtual), 9/22-9/23 Macro Up/Down Last Nymex 1.18 71.67 Brent 1.09 75.45 Gold -3.20 1,775.00 EUR/USD 0.0005 1.1728 JPY/USD 0.32 109.53 10-Year Note +0.009 1.333% Sector News Breakdown Consumer StitchFix ($SFIX) 4Q EPS $0.19 vs est. ($0.13) on revs $571.2Mm vs est. $547.9Mm, qtrly active clients 4.2Mm +18%; guides 1Q net revs $560-575Mm vs est. $588Mm; sees FY22 net revs at least +15% yr/yr vs est. +18% Freshworks ($FRSH)5M share IPO priced at $36.00 Hyatt Hotels ($H) announced a public offering of 7M shares of common stock Shares in Entain ($GMVHY) rise after the owner of bookmakers Bwin, Coral and Ladbrokes said it was considering an improved 2800p takeover bid from U.S. rival DraftKings, having rejected an earlier 2500p offer from the latter. Energy, Industrials & Materials FedEx ($FDX) 1Q adj EPS $4.37 vs est. $4.91 on revs $22B vs est. $21.9B, adj op margin 6.8% vs est. 8.5%; guides FY adj EPS $19.75-21.00 vs est. $$21.10; sees CAPEX $7.2B The American Petroleum Institute ($API) showed a draw of 6.11M barrels of oil for the week ending September 17; showed a draw of 432K barrels, distillate inventories show a draw of 2.72M barrels and Cushing inventories show a draw of 1.75M barrels k.a. Brands Holding ($AKA) 10M share IPO priced at $11.00 Core & Main ($CNM) announced its addition to the Russell 1000 index BHP’s Cerro Colorado copper mine in Chile is granted another 90 days to obtain environmental approval for its operational continuity plan, the country’s First Environmental Court says, agreeing to suspend a ban on pumping water from an aquifer during the period Financials LPL Financial ($LPLA) reported total advisory and brokerage assets at end of Aug about $1.16 trillion, up 2.4% vs end of July 2021 Armada Hoffler Properties ($AHH) was started at a Buy with a $15 price target at Stifel who says it is attractively priced when accounting for its moderate growth and average leverage JPMorgan Chase (JPM) raised its quarterly dividend to $1.00 from $0.90, payable October 31 to shareholders of record on October 6 Coinbase ($COIN) intends to publicly roll out a proposal for a regulatory framework to federal officials in the coming days, CoinDesk reported last night. The report follows news from last week when Coinbase said it was cancelling plans for its “Lend” platform after the Securities and Exchange Commission threatened to sue the company over the product VersaBank ($VBNK)5M share IPO priced at $10.00 Healthcare The U.S. House of Representatives approved a bill enabling banks to do business with cannabis companies without fear of penalty, Bloomberg reports. The so-called SAFE Banking Act would be a boon for marijuana companies (watch shares of $TLRY, $CGC, $GTBIF, $CURLF, $TCNNF) Biogen ($BIIB) launch of Aduhelm having slower than projected sales has led the company to consider cost-cutting measures including layoffs, stat news reports, citing an unidentified person familiar with the matter. Just over 100 patients infused w/ Aduhelm as of sept. 11: STAT News bluebird bio ($BLUE) submitted a Biologics License Application (BLA) to the FDA for betibeglogene autotemcel (beti-cel) gene therapy for patients with β-thalassemia who require regular red blood cell transfusions Incyte ($INCY) said the FDA approved its co’s Opzelura cream for treating eczema with boxed warnings, flagging risks of serious infections, increased risk of heart attack, stroke, or cardiac death. The drug belongs to a class of treatments known as JAK inhibitors, which have been under the FDA’s scrutiny over safety risks Amwell ($AMWL) announced the appointment of Robert Shepardson to the position of CFO and Head of M&A. Shepardson will join the company as CFO on October 31st and will work together during a transition period through the end of 2021 with current CFO Keith W. Anderson Johnson & Johnson ($JNJ) said that a large, global study showed its Covid-19 vaccine is more effective when given as a two-dose regimen, and that other data indicate the efficacy of the vaccine does not wane. – STAT News Rhythm Pharmaceuticals ($RYTM) said that Britain’s Medicines & Healthcare Products Regulatory Agency has granted marketing authorization to Imcivree (setmelanotide) for the treatment of obesity and the control of hunger associated with genetically confirmed loss-of-function biallelic pro-opiomelanocortin (POMC) Technology, Media & Telecom Adobe ($ADBE) 3Q adj EPS $3.11 vs est. $3.01 on revs $3.94B vs est. $3.89B, qtrly digital media annualized recurring revs $11.67B; guides 4Q adj EPS $3.18 vs est. $3.08 Coherent ($COHR) was downgraded to Neutral with a $273 price target from Positive at Susquehanna J2 Global board ($JCOM) announced that its board approved its previously announced separation into two independent publicly traded companies – J2 Global, Inc., which will be known as Ziff Davis, Inc. after the separation Liberty Global ($LBTYA) is selling its Poland operations to iliad S.A.’s Polish mobile subsidiary Play for PLN7B ($1.8B) subject to customary debt and working capital adjustments. Marin Software ($MRIN) said it entered into a Revenue Share Agreement with Google LLC ($GOOGL) for the Company to develop its enterprise tech platform and software products. The Agreement is effective as of October 1, 2021. Toast ($TOST)74M share IPO priced at $40.00 Warner Music Group ($WMG) announced a sale of 2.34M shares of common stock by affiliates of access industries and the company will not receive any proceeds from the offering Ambarella ($AMBA) upgraded to Overweight from Sector Weight at KeyBanc

i remember that > @JPwhoisbrown said: Lol Sip used to pump INcy a lot

Lol Sip used to pump INcy a lot

feel like incy going to 60 or 90 on this news

$INCY Halted due to pending news

Tuesday, September 14, 2021 Futures Up/Down % Last Dow 39.00 0.11% 34,793 S&P 500 4.25 0.11% 4,464 Nasdaq 4.50 0.03% 15,434 U.S futures are looking flattish to slightly higher ahead of key inflation data later this morning, as the August Consumer Price Index (CPI) is expected to show a MoM increase of +0.4% and YoY rise 5.3% (which would mark a 4th straight month above 5%). The data could set the tone for the rest of the day as the 10-year Treasury yield is up 1.5 bps to 1.339% ahead of the data, while the dollar index is down slightly around 92.60. In Asian markets, The Nikkei Index rose 222 points to 30,670, the Shanghai Index dropped -52 points (1.42%) to settle at 3,662 and the Hang Seng Index declined -311 points (1.21%) to 25,502. In Europe, the German DAX is up about 15 points to 15,720, while the FTSE 100 is down about -20 points to 7,050. On Monday, the S&P snapped its longest losing streak since February (5-days) while the blue-chip Dow Jones Industrial produced its best daily gain since early August as investors bought energy and financial assets to start the week. The Dow closed up by about 262 points, or 0.8%, to 34,870, halting a five-session skid and notching its best point and percentage advance since Aug. 5. The S&P 500 index climbed 10 points, or 0.2%, to around 4,469, also ending a five-session slide. The Nasdaq Composite Index slipped 0.1% at around 15,106, extending its string of declines to four straight sessions, representing the longest such skid since a five-session slump ended July 19. Of note later today, investors await AAPL’s first fall event at 1PM ET / 10AM PT, with expectations for a new iPhone, and updates on other products. Events Calendar for Today 6:00 AM ET NFIB Small Business Optimism for Aug 7:45 AM ET ICSC Weekly Retail Sales 8:30 AM ET Consumer Price Index (CPI) MoM for Aug…est. +0.4% 8:30 AM ET Consumer Price Index (CPI) YoY for Aug…est. +5.3% 8:30 AM ET CPI Core: Ex: Food & Energy MoM for Aug…est. +0.4% 8:30 AM ET CPI Core: Ex: Food & Energy YoY for Aug…est. +4.2% 8:55 AM ET Johnson/Redbook Weekly Sales 4:30 PM ET API Weekly Inventory Data Earnings Calendar: Earnings Before the Open: A LOT, CNM, FCEL, PETM Earnings After the Close: ASPU, EWCZ, IBEX, SKIL Other Key Events: Apple (AAPL) announces product launch event today China Retail Sales and Industrial Output for Aug Barclay’s Financial Services Conference (virtual) 2021, 9/13-9/15 BMO Capital 2021 Real Estate Conference (virtual), 9/13-9/14 Citigroup 2021 Global Technology Conference (virtual), 9/13-9/15 Cowen 2nd Annual Health, Wellness & Beauty Summit (virtual), 9/13-9/14 Credit Suisse 34th Annual Basic Materials Conference (virtual), 9/13-9/14 Deutsche Bank 11th Annual Aircraft, Finance & Leasing Conference, 9/13-9/14, in NY JPMorgan Gaming, Lodging, Restaurant & Leisure Management Forum, 9/13-9/14 Piper Global Technology Conference (virtual), 9/13-9/14 Piper 2021 D.C. Bank Field Trip, 9/13-9/15 Baird Global Healthcare Conference 2021 (virtual), 9/14-9/15 Barclay’s Financial Services Conference (virtual) 2021, 9/13-9/15 HC Wainwright 23rd Annual Global Investment Conference (virtual), 9/13-9/15 Jefferies Software Conference (virtual), 9/14-9/15 Lake Street 5th Annual Best Ideas Growth Conference (virtual), 9/14-9/15 Market Closing Prices Yesterday The S&P 500 Index gained 10.15 points, or 0.23%, to 4,468.73 The Dow Jones Industrial Average rose 261.91 points, or 0.76%, to 34,869.63 The Nasdaq Composite slipped -9.91 points, or 0.07%, to 15,105.58 The Russell 2000 Index advanced 13.24 points, or 0.59% to 2,240.78 Macro Up/Down Last Nymex 0.56 71.01 Brent 0.61 74.13 Gold -7.10 1,786.65 EUR/USD -0.0004 1.1807 JPY/USD 0.10 110.09 10-Year Note +0.015 1.338% World News UK July Employment Change higher at 183k vs 178k consensus while UK July Unemployment Rate in-line at 4.6% Japan July Industrial O/P in line fell -1.5% m/m and 13.3% y/y; Japan July Capacity Utilization -3.4% vs 6.2% previous Sector News Breakdown Consumer Herbalife Nutrition ($HLF) cuts Q3 EPS and sales view; cuts FY21 revenue view to 4.5%-8.5% from 8.5%-12.5% and EPS to $4.55-$4.95 from $4.70-$5.10 (est. $4.99) saying they recently observed lower than expected levels of activity amongst its independent distributors that has led to a decrease in expected third quarter and full year net sales AMZN ($AMZN) has increased its average starting wage in the United States to more than $18 an hour, a ~6% hike, and plans to hire another 125,000 warehouse and transportation workers, according to Reuters Figs ($FIGS) files to sell 8.83M shares of Class A common stock for holders Volt information Sciences ($VOLT) 3Q adj EPS $0.05 vs est. $0.04 on revs $217.5Mm vs est. $213Mm Energy, Industrials, Materials The Pentagon has awarded Lockheed Martin Corp ($LMT) annualized contracts for 2021 and option years 2022 and 2023, worth up to $6.6 billion to support operations and sustainment of the global F-35 fleet, its F-35 Joint Program Office said Exelon ($EXC) upgraded to Buy from Neutral at Mizuho and raise tgt to $53 from $47.50 Matrix Service Company ($MTRX) 4Q adj EPS ($0.40) vs est. ($0.03) on revs $174.9Mm vs est. $177.2Mm, backlog as of June 30 was $462.6Mm; says award activity in the first quarter of fiscal 2022 has accelerated and we are expecting increasing awards and improving backlog as we move through the fiscal year MP Materials ($MP) announces offering of 4M shares of common stock for holders Financials Intuit ($INTU) said it would buy email marketing company Mailchimp for about $12 billion in a cash-and-stock deal (confirmed a late day WSJ report that INTU was in works to acquire the company) AllianceBernstein L.P. ($AB) said preliminary assets under management increased to $761 billion during August 2021 from $748 billion at the end of July. Market appreciation and firmwide net inflows drove the 2% increase. In the month of August, net inflows to Retail and Institutions were partially offset by modest net outflows from Private Wealth. Discover Financial Services ($DFS) said credit card delinquency rate 0.92% at August end vs 0.93% at July end and credit card charge-off rate 1.14% at August end vs 1.09% at July end Invesco Ltd. ($IVZ) preliminary month-end assets under management ($AUM) of $1,562.7 billion, an increase of 2.2% versus previous month-end. Total net inflows were $13.6 billion. The firm achieved net long-term inflows of $8.4 billion this month. Manning & Napier, Inc. ($MN), reported preliminary assets under management as of August 31, 2021 of $22.7 billion, compared with $22.5 billion at July 31, 2021, and $22.3 billion at June 30, 2021. Opendoor Technologies ($OPEN) announces offering of 28M shares of common stock for holders Victory Capital Holdings, Inc. ($VCTR) reported assets under management ($AUM) of $164.9 billion as of August 31, 2021. Life Storage ($LSI)5M share $306M Spot Secondary offering priced at implied $122.40 Healthcare Incyte ($INCY) announces ruxolitinib cream data accepted for presentation at the 2021 European academy of dermatology and venereology (EADV) virtual congress KalVista Pharmaceuticals (KALV) announces the lifting of FDA clinical hold for phase 2 trial of KVD824 MaxCyte, Inc. ($MXCT) 2Q EPS ($0.05) vs est. ($0.07) on revs $7.1Mm vs est. $5.7Mm; guides FY revs about $30Mm vs est. $28.2Mm Akerna ($KERN) will acquire business management software system 365 Cannabis in a $17M deal; Akerna will pay $4M in cash and $13M in stock, with a potential earn-out of $8M. The transaction is expected to close in Q4. Avantor ($AVTR)83M share Secondary priced at $42.00 Technology, Media & Telecom Oracle ($ORCL) Q1 adj EPS $1.03 vs. est. $0.97; Q1 revs $9.73B vs. est. $9.77B; Q1 Cloud Services and License Support Revenue $7.37B, Q1 Cloud License And On-Premise License Revenue $813M; Q1 Hardware Revenue $763M and Q1 Services Revenue $781M; Q1 GAAP operating income was up 7% to $3.4 billion, and GAAP operating margin was 35%; Non-GAAP operating income was up 4% to $4.3 billion; sees Q2 EPS $1.09-$1.13 vs. est. $1.08 and sees Q2 revs up 3%-5% SeaChange Int’l ($SEAC) 2Q adj EPS loss ($0.03) vs est. ($0.09) on revs $6.5Mm vs est. $5Mm IAC/InterActiveCorp (IAC) said August revenue for ANGI up 21%, DotDash up 29%, search up 67%; said August rev for emerging and other up 33% Vimeo Inc. ($VMEO) August total rev up 33%, August average revenue per user up 15% Semiconductor equipment makers Advanced Energy ($AEIS), Applied Materials ($AMAT) and Lam Research ($LRCX) all downgraded to Neutral from Positive at Susquehanna, while the firm upgraded KLA Corp. ($KLAC) to Positive from Neutral at Susquehanna Sportradar ($SRAD) 19M share IPO priced at $27.00

Tuesday, August 17, 2021 Futures Up/Down % Last Dow -221.00 0.62% 35,313 S&P 500 -21.25 0.49% 4,452 Nasdaq -59.50 0.39% 15,075 U.S. equity-index futures are looking lower this morning, while global stocks have fallen for a second day amid several market concerns. U.S. major averages hit record highs (S&P 500 and Dow record high closes for a 5th straight session) on Monday as investors moved into defensive sectors (Healthcare, Staples, Utilities) and stocks recovered from losses earlier in the session, shaking off glum economic data out of China and the U.S., but start the day on shaky ground yet again. Several factors playing into the morning decline including: 1) concerns that more lockdowns could be needed to contain the coronavirus pandemic; 2) Treasury yields fall ahead of an address by Federal Reserve Chairman Jerome Powell on the health of the world’s largest economy; 3) Dow component Home Depot (HD) reports a top and bottom-line beat, but weaker-than-expected comp sales drag shares lower; 4) Federal Reserve Bank President Eric Rosengren said Monday he could be prepared to begin rolling back economic stimulus this fall. But he said he wouldn’t boost interest rates until the employment picture improves; 5) China markets tumble following another regulatory crackdown after China published detailed rules to tackle unfair competition and companies’ handling of critical data; the draft regulations ban unfair competition and restrict the use of user data. Investors were also digesting news from Afghanistan, where thousands of civilians desperate to flee the country thronged Kabul airport after the Taliban seized the capital. Asian stocks retreat for fourth day as the Hang Seng and Shanghai Composite lose ground after China issues draft rules targeting unfair online competition. The Kosdaq sinks 2.3% as Korean selloff resumes following Monday’s holiday. The Nikkei Index fell -98 points to 27,424, the Shanghai Index tumbled -70 points (or 2%) to 3,446 and the Hang Seng Index declined -435 points (1.66%) to 25,745. In Europe, the German DAX is down around -40 points to 15,885, while the FTSE 100 is up a few points to 7,165. Wal-Mart earnings expected later this morning as well. Market Closing Prices Yesterday The S&P 500 Index gained 11.71 points, or 0.26%, to 4,479.71 The Dow Jones Industrial Average rose 110.02 points, or 0.31%, to 35,625.40 The Nasdaq Composite slumped -29.13 points, or 0.20%, to 14,793.76 The Russell 2000 Index declined -19.69 points, or 0.89% to 2,203.41 Events Calendar for Today 7:45 AM ET ICSC Weekly Retail Sales 8:30 AM ET Advance Retail Sales MoM for July…est. (-0.02%) 8:30 AM ET Retail Sales Ex; Autos MoM for July…est. 0.1% 8:55 AM ET Johnson/Redbook Weekly Sales 9:15 AM ET Industrial Production MoM for July…est. 0.5% 9:15 AM ET Capacity Utilization for July…est. 75.7% 10:00 AM ET Business Inventories MoM for June…est. 0.8% 10:00 AM ET NAHB Housing Market Index for Aug…est. 80 4:30 PM ET API Weekly Inventory Data Earnings Calendar: Earnings Before the Open: AIT, CRTD, HD, OB, PINC, WMT Earnings After the Close: A, CDK, CREE, CRMT, DNUT, INST, JKHY, LZB Other Key Events: EnerCom Oil & Gas Conference (virtual), 8/15-8/18 BWS Financial Growth and Value Conference (virtual), 8/16-8/17 Needham MedTech and Diagnostics Conference (virtual), 8/16-8/17 Truist Atlanta Bank Summit (virtual) 8/16-8/17 Davidson West Coast Bank Tour (virtual), 8/17-8/18 Deutsche bank Transportation Conference (virtual), 8/17-8/18 Macro Up/Down Last Nymex -0.33 66.96 Brent -0.23 69.28 Gold 6.55 1,794.00 EUR/USD -0.0012 1.1766 JPY/USD 0.05 109.29 10-Year Note -0.027 1.23% World News The Fed’s Rosengren said last night his preference would be to start tapering bond purchases in the fall, potentially October or November, no later than December; says if we get another strong labor market report, he would be supportive of announcing taper program in September Sector News Breakdown Consumer Home Depot ($HD) shares fall -4% on comp sales miss; Q2 EPS $4.53 vs. est. $4.43; Q2 revs $41.12B vs. est. $40.73B; Q2 comp sales rose 4.5% below est. 5.6% and comparable sales in the U.S. increased 3.4% vs. est. 4.9%; number of customer transactions declined by 5.8% YoY to 481.7 million, but the average ticket size grew 11% to $82.48 Stanley Black & Decker ($SWK) agreed to acquire the remaining 80% ownership stake in MTD Holdings Inc., a privately held global manufacturer of outdoor power equipment, for $1.6 billion in cash Gan Ltd. ($GAN) Q2 EPS loss (-$0.07) vs. est. loss (-$0.01); Q2 revs $34.6M vs. est. $34.53M; sequential revenue growth of 24%, driven by strong international results in b2c segment; reiterates revenue guidance of $125 – $135 million, or 270% YoY growth at the mid-point; backs FY21 revenue view of $125M-$135M Lightning eMotors ($ZEV) Q2 EPS loss (-$0.79) vs. est. loss (-$0.14); Q2 revs $5.9M vs. est. $5.37M; sees Q3 revs $4M-$6M vs. est. $10.58M; sees Q3 adjusted loss from operations $12M-$13M; no longer expects to meet full year guidance; said no orders have been cancelled and company expects to fulfill those orders in future quarters; sees for qtr ending sept 30, vehicle and powertrain sales of 28 units to 40 units Elys Game Technology ($ELYS) Q2 revenue $11.7M vs est $10.89M; 2Q Betting Handle +134% YoY to $220.1M; Q2 GGR +153.8% YoY to $14.9M; Q2 total revenue +143% YoY to $11.7M Spirit Airlines ($SAVE) said it expects total operating revenues in the range of $885M – $955M vs. $1.05B consensus and adjusted operating expenses between $1,030M and $1,040M; expects a negative revenue impact of ~50M from 2,826 flight cancellations between July 30 and August 9, due to airport staffing shortages and adverse weather; also noted softer-than-expected booking trends and increased close-in guest cancellations, likely due to a resurgence in COVID-19 cases Energy, Industrials and Materials Ammo Inc. ($POWW) Q1 adj EPS $0.13 on revs $44.5M, up 360%; says raising 2022 revenue guidance from $190M to $210M, including reiterating our expectation for Q2 revenue of at least $51M and sees Q3 revs about $60M; increasing our Adjusted EBITDA guidance for fiscal 2022 from $65M to $70M Clean Energy Fuels Corp. ($CLNE) announced a slew of new deals in response to the demand for renewable natural gas ($RNG), a fuel produced from organic waste, as more fleets adopt and expand their use of the low-carbon transportation fuel. RNG represents more than 74 percent of the 26 million gallons of fuel Clean Energy expects to provide through these recent signed agreements. Clean Energy has a stated goal of providing 100 percent zero-carbon renewable fuel at its stations by 2025. Financials Opendoor Technologies inc. ($OPEN) announces proposed convertible senior notes offering Healthcare Berkshire Hathaway reduced its stakes in large cap Pharma names Merck (MRK) by 48.8% to 9.2M shares, AbbVie ($ABBV) by 10.2% to 20.5M shares and Bristol-Myers (BMY) by 15.3% to 26.3M shares and exited shares in Biogen ($BIIB) according to 13F filings The Biden administration is planning to announce that most Americans who have received the coronavirus vaccine will need booster shots eight months after being fully vaccinated as the delta variant sparks a surge in Covid-19 cases – Washington Post Eli Lilly and Company ($LLY) today announced executive leadership changes and the creation of neuroscience and immunology business units. These changes will increase Lilly’s focus on introducing breakthrough new medicines to millions of people with unmet needs. Incyte ($INCY) and InnoCare announced that Incyte and a subsidiary of InnoCare have entered into a collaboration and license agreement for the development and commercialization of tafasitamab, a humanized Fc-modified cytolytic CD19 targeting monoclonal antibody, in China Clovis ($CLVS) renews at-the-market equity program with $125M offering Globus Medical ($GMED) announced that Excelsius3D, an intelligent intraoperative 3-in-1 imaging system, has been granted 510(k) clearance by the FDA Solid Biosciences Inc. ($SLDB) ends q2 with about $249 mln cash and investments; cash runway into q4 2022; said net loss for Q2 of 2021 was $18.7M vs. $19.0M for Q2 of 2020 Technology, Media & Telecom Roblox Corp. ($RBLX) shares fall -6%; Q2 EPS loss (-$0.25) vs. est. $0.24; Q2 revs $454.1M vs. est. $689.2M; qtrly bookings increased 35% over q2 2020 to $665.5M; qtrly average daily active users ($DAUs) were 43.2 mln, an increase of 29%; qtrly average bookings per DAU was $15.41, a slight increase year over year Chinese stocks listed in the U.S. ($BIDU, $BABA, $DIDI, $JD, $NTES) fall in premarket trading following Beijing’s latest moves to tighten its grip on the nation’s internet giants and after SEC Chair Gary Gensler issued his most direct warning yet about the risks of investing in Chinese companies Sea Limited ($SE) Q2 EPS loss (-$0.61) vs. est. loss (-$0.52); Q2 revs $2.3B vs. est. $1.93B; digital entertainment active users 725.2 million, +45% y/y; digital entertainment paying users 92.2 million, +85% y/y; said is raising the guidance for both digital entertainment and e-commerce for the full year of 2021. We expect bookings for digital entertainment to be between $4.5 billion and $4.7 billion, representing 44.4% growth from 2020 at the midpoint of the revised guidance Fabrinet ($FN) Q4 Non-GAAP EPS $1.31 vs. est. $1.22; Q4 revs $509.6M vs. est. $487.5M; sees Q1 revs $510M-$530M vs. est. $491.5M Telos Corp. ($TLS) Q2 adj EPS $0.04 vs. est. $0.02; Q2 revs $52.56M vs. est. $53.7M; backs FY21 rev view to $283M-$295M vs. est. $288.75M; said sees FY21 adjusted EBITDA $33M-$36M. Upstart Holdings, inc. ($UPST) announces proposed private offering of $575,000,000 of convertible senior notes due 2026 Global-e Online ($GLBE) Q2 EPS (2c) vs 2 est’s 0c; Q2 rev $57.3M vs est $47.6M; Q2 adjusted EBITDA $7.6M vs. $3.1M YoY; sees Q3 rev $54.3M-$56.3M vs $48.4M; sees Q3 adj EBITDA $2.8M-$3.8M and GMV of $328M-$338M; raises FY21 rev view to $227M- $231M from $209M-$213.5M vs est $210.95M; raises FY21 GMV view to $1.35B-$1.37B from $1.21B-$1.255B

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.

Upside: -NOVN +32% (reports positive topline results from pivotal Phase III trial of SB206 in patients with molluscum contagiosum) -PGEN +28% (announces positive topline results from Phase 1b/2a study of AG019 ActoBiotics, a Novel Therapy designed to address the underlying cause of Type 1 Diabetes; primary endpoints were met) -GENE +15% (US Patent Office grants foundational pharmacogenomic patent) -MX +15% (confirms 21% improved rival bid of $35/shr cash unsolicited proposal from Cornucopia Investment Partners) -ZDGE +9.5% (earnings, guidance) -ATC +8.4% (MKS Instruments said to have approached Atotech for acquisition) -ADMP +5.9% (provides update on clinical trial start-up progress for tempol in the treatment of COVID-19) -RFP +5.6% (announces $1/share Special Dividend, and $50M in lumber investments) -PLAY +5.3% (earnings, guidance) -AUTL +5.1% (presents new data on obe-cel in r/r Indolent B cell lymphomas and gives an update of obe-cel in r/r Adult ALL at the European Hematology Association Virtual Congress) -MBIO +5.0% (announced updated interim Phase 1/2 data for MB-106) -TYME +5.0% (comprehensive strategic review identified breast cancer as a priority indication for development, a focus on second-line pancreatic cancer, and continuation of trial in high-risk sarcomas) -LIFE +2.5% (presents poster demonstrating functional selectivity of second Anti-NRP2 Antibody) -OCGN +1.4% (Roth Capital broker downgrade) -AVO +1.3% (earnings, guidance) Downside: -ORPH -52% (application for MIPLYFFA under priority review with FDA, expected Prescription Drug User Fee Act action date of June 17; company not aware for reason for stock volatility) -VRTX -14% (reports primary endpoint achieved in Phase 2 Study of VX-864 in Alpha-1 Antitrypsin Deficiency but magnitude of treatment effect observed unlikely to translate into substantial clinical benefit) -CVAC -11% (downside momentum) -INCY -4.0% (FDA extendes the New Drug Application review period for ruxolitinib cream for the treatment of atopic dermatitis) -ADC -3.9% (prices 4.0M shares at implied $71.50/shr to raise $286M) -SNOW -3.7% (provides 2029 financial targets) -ELY -3.6% (to join S&P MidCap 400) -LTHM -3.2% (prices 13M shares at $17.50/shr) -AGNC -3.1% (reports tangible net book value) -RCL -2.1% (two guests aboard Celebrity Millennium test positive for COVID during required end-of-cruise testing) -CHWY -1.4% (earnings, guidance)

Thursday, May 20, 2021 Futures Up/Down % Last Dow -151.00 0.45% 33,680 S&P 500 -16.00 0.41% 4,094 Nasdaq -49.00 0.37% 13,184 Stock futures are looking lower to start, on track for a 4th straight day of losses (S&P hasn’t fell 4-straight days since 2/16-2/22) as markets were surprised in the Fed’s discussion on easing back bond purchases if the economy improves quickly, in its minutes from their April FOMC meeting released yesterday. Energy and Materials were the biggest drags on the market, along with a plunge across the crypto currency space, led by Bitcoin, Ethereum, and the like. Today however, the crypto space is rebounding from overnight weakness with Bitcoin back above the $40K level (after dropping to $30K on Wednesday). The Nasdaq Composite Index is on pace for its worst monthly performance since September 2020, off by more than 5%, as rising inflation fears dent high growth stocks. Treasury yields are down slightly after topping 1.68% on Wednesday. In Asian markets, The Nikkei Index rose 53 points to 28,098, the Shanghai Index slipped -4 points to 3,506, and the Hang Seng Index dropped -143 points to 28,450. In Europe, the German DAX is up about 65 points to 15,180, while the FTSE 100 is little changed at 6,950. Dow component Cisco Systems (CSCO) slips after issuing a lower Q4 outlook. Market Closing Prices Yesterday The S&P 500 Index slipped -12.15 points, or 0.29%, to 4,115.638 The Dow Jones Industrial Average fell -164.62 points, or 0.48%, to 33,896.04 The Nasdaq Composite dipped -3.90 points, or 0.03%, to 13,299.74 The Russell 2000 Index declined -17.24 points, or 0.78% to 2,193.64 Events Calendar for Today 8:30 AM ET Weekly Jobless Claims…est. 450K 8:30 AM EST Continuing Claims…est. 3.64M 8:30 AM EST Philly Fed Business Survey for May…est. 43.0 10:00 AM EST Leading Index MoM for April…est. 1.4% 10:30 AM ET Weekly EIA Natural Gas Inventory Data Earnings Calendar: Earnings Before the Open: BJ, BRC, HRL, KSS, MNRO, PLCE, RL, WMS, WOOF Earnings After the Close: AINV, AMAT, DECK, PANW, ROST Other Key Events: S. Commerce Secretary Gina Raimondo plans to hold a May 20 meeting with senior U.S. auto industry leaders and other industry officials on a semiconductor shortage that has cut production JPMorgan Homebuilding & Building Products Conference (virtual), 5/19-5/20 UBS Financial Institutions Conference (virtual), 5/19-5/21 American gas Association Financial Forum (virtual), 5/19-5/20 Virtual Display Week 2021, 5/17-5/21 Macro Up/Down Last Nymex -0.92 62.44 Brent -1.41 65.25 Gold -2.95 1,866.65 EUR/USD 0.0012 1.2187 JPY/USD -0.26 108.96 10-Year Note -0.02 1.661% Sector News Breakdown Consumer Lithia Motors (LAD)11M share Secondary priced at $322.00 Oatly Group (OTLY)376M share IPO priced at $17.00 per ADS Chipotle Mexican Grill (CMG) upgraded to Buy from Neutral with a price target of $1,700, up from $1,575 at UBS Copart Inc. (CPRT) Q3 EPS $1.09 vs. est. $0.80; Q3 revs $733.9M vs. est. $629.6M; Q3 revenue, gross profit, and net income were $733.9 million, $381.3 million, and $286.8 million, respectively L Brands (LB) Q1 adj EPS $1.25 vs. est. $1.21; q1 revs $3.02B vs. est. $3.01B; guides Q2 EPS $0.80-$1.00 vs. est. $0.76; nit providing yearly guidance; appoints CFO’s for Bath & Body Works and Victoria Secret standalone businesses; Victoria’s Secret total comparable sales for q1 ended May 1, 2021 increased 9% YoY; Q1 L Brands Stores & direct comp +21% vs. +4% Yoy Hormel Foods (HRL) Q1 EPS 42c vs. est. 41c; Q1 sales $2.61B vs. erst. $2.41B Shoe Carnival (SCVL) 1Q EPS $3.02 vs. est. $1.40 on sales $328.5Mm vs. est. $274.4Mm; guides 2Q sales $268-278Mm vs. est. $281.9Mm, sees 2Q EPS $1.00-1.20 vs. est. $0.94; says plans to modernize about 100 stores by May 2022 with goal of modernizing 2/3 of store fleet in next 3-5 years; will continue to evaluate repurchase of shares during remainder of 2021; not providing 2H21 guide at this time Energy, Industrials and Materials Ingersoll-Rand (IR) upgraded to Buy from Hold at Deutsche Bank and raise tgt to $54 from $50 noting it is the third worst performer in the MI/EE group year-to-date, and sees the current level as an optimal entry point into a very high quality Canadian Solar (CSIQ) Q1 EPS 36c vs. est. 41c; Q1 revs $1.09B vs. est. $1.05B; Q1 total module shipments 3,139 MW, up 42% YoY and 5% quarter-over-quarter increase; of the total, 267 MW was shipped to the company’s own utility-scale solar power projects; sees Q2 revs $1.4B-$1.5B vs. est. $1.37B HollyFrontier (HFC) downgraded to Sell from Neutral with a price target of $34, down from $36 at Goldman Sachs SolarEdge (SEDG) upgraded to Buy from Neutral but cut target to $290 from $312 Sun Country Airlines (SNCY)25M share Secondary priced at $34.50 Triumph Group (TGI) Q4 adj EPS 10c vs. est. 8c; Q4 revs $466.83M vs. est. $436.26M; is not providing guidance for the year Valaris ltd (VAL) has been awarded a contract of about 45 days with W&T offshore in U.S. Gulf of Mexico for Valaris ju-117 ZTO Express (ZTO) Q1 adj EPS 14c vs est. 15c; Q1 revs $987.9M vs. est. $950.86M Healthcare Incyte (INCY) announced that data from the primary analysis of the Phase 2 OPTIC trial will be presented during an oral session at the 2021 American Society of Clinical Oncology (ASCO) Meeting June 4-8 Pfizer Inc. (PFE) and partner BioNTech SE (BNTX) said they have reached a new agreement with the European Commission to supply up to 1.8 billion additional doses of their COVID-19 vaccine; the agreement is to provide 900 million doses initially with an option for the EC to request up an additional 900 million doses Voyager Therapeutics (VYGR) announces strategic shift and leadership transitions Y-Mabs (YMAB) enters into exclusive distribution agreement with Adium Pharma S.A. for Danyelza® (naxitamab-GQGK) and omburtamab in Latin America Technology, Media & Telecom Cisco Systems (CSCO) Q3 EPS $0.83 vs. est. $0.82; Q3 revs $12.8B vs. est. $12.56B; sees Q4 rev growth 6%-8% YoY (est. $12.82B); sees Q4 EPS $0.81-$0.83 vs. est. $0.85; Continued momentum in transforming business to software and subscriptions: 81% of software revenue sold as a subscription, up from 76% last quarter Waymo is talking to outside investors about raising as much as $4 billion in additional capital to fuel its self-driving efforts. And the company has discussed plans to eventually list publicly, spinning out from its parent Alphabet Inc. (GOOGL), according to people familiar with the plans, Bloomberg reported https://bloom.bg/2Sas0Wk Keysight Technologies (KEYS) 2Q adj EPS $1.44 vs. est. $1.34 on revs $1.22B vs. est. $1.21B; guides 3Q revs $1.205-1.225B vs. est. $1.2B, guides 3Q adj EPS $1.39-1.45 vs. est. $1.38 Synopsys (SNPS) Q2 adj EPS $1.70 vs. est. $1.52; q2 revs $1.024B vs. est. $988.7M; said market demand is strong, and we see a new wave of growth on the horizon, driven by an increasing need for highly complex, connected, specialized, and secure chips and systems; raises FY21 non-GAAP EPS view to $6.38-$6.45 from $6.23-$6.30 and boosts FY21 revenue view to $4.04B-$4.09B from $4.0B-$4.05B, consensus $4.03B Silicon Labs (SLAB) to buy back up to $150M shares ViacomCBS (VIAC) upgraded to Buy from Neutral with a price target of $53, up from $38 at Bank America Procore (PCOR)47M share IPO priced at $67.00

+Initiations 1/7: $ACCD $AIRC $ARAY $ARCT $AWK $BDTX $CHTR $CVLB $DADA $EVH $INCY $INOV $KNOP $MGTA $NOG $NTST $ORTX $TDOC $TLMD $VEEV . -Initiations 1/7: $FMCC

$AKAM $INCY $CHWY 🤑 todas andan on fire

$INCY peleando el 38.2% de Fib. Retracements, aún con momentum

$INCY estuvo en todo!! felicidades a los que la agarraron

INCY nos fue bien

Yo en INCY ando buscando más el multibreakout. un par de días para que consolide.

@haleksander con INCY lo que veo en 4h es medias moviles y price action, si ves en la siguiente imagen toca el SMA200 y agarra tendencia al alza. Luego $95 es un nivel de soporte de casi dos meses, si lo rompe no me extrañaria que vuelva a ser el soporte. Como bien lo dijiste los indicadores dan buenas señales esperando que las EMAs de MACD esten sobre 0 para el momentum.

Buenos días a todos, $INCY se ve bien en time frame D, 4h, 15min... ahorita está peleando el nivel en 95 RSI Laguerre en 15 min por cruzar y los otros time frames iniciando. Como la ven?

$INCY esta queriendo romper el triangulo