$IVZ

$F Jun09 11.5 P $C Jun30 41 P $BP Jun 34 P $IVZ Jun 15 P $PG Jul 140 P $LNG Jun 130 P

$F Jun09 11.5 P $C Jun30 41 P $BP Jun 34 P $IVZ Jun 15 P $PG Jul 140 P $LNG Jun 130 P

6900 $IVZ Jun23 15.0 Puts $0.65 (CboeTheo=0.59) ASKSIDE BOX IV=41.3% +8.0 EMLD 7 x $0.55 - $0.65 x 37 NOM FLOOR - OPENING Vol=8405, OI=156

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UNUSUALLY HEAVY OPTION VOLUME ON TODAY'S OPEN INCLUDE INVESCO $IVZ IBM $IBM AMERICAN EXPRESS $AXP GENERAL ELECTRIC $GE LOCKHEED MARTIN $LMT

Tuesday, October 12, 2021 U.S. equity futures are looking mixed to slightly higher despite the cautious tone heading into the start of the third quarter earnings season with a focus on surging energy prices, faster inflation and their combined effect on growth prospects in the world’s biggest economies. Stock markets slumped in the final hour of the trading day Monday, with major averages finishing at the session lows as the Dow fell 0.72%, the S&P 500 was down 0.69%, and the Nasdaq moved down 0.64%. Overnight, Asian markets fell amid news that indebted China property giant Evergrande had missed a third coupon payment in as many weeks, reigniting concerns that its collapse could trigger contagion in regional bond markets. Bond markets reopen after being closed for the Columbus Day holiday, with the 10-year yield holding around the 1.6% level. Oil prices are trading near seven-year highs amid a global power crunch. In Asian markets, The Nikkei Index dropped -267 points to 28.230, the Shanghai Index fell -45 points to 3,546, and the Hang Seng Index declined -362 points (1.43%) to 24,962. China Evergrande Group once again misses payment on the firm’s 9.5% note due 2022 and its 10% bond due 2023. Also adding to concerns, Shanghai-based developer Sinic Holdings Group said that it doesn’t expect to pay the principal or interest due Oct 18 for a $250 mln bond not helping Asian sentiment. In Europe, the German DAX is lower by about -40 points to 15,155, while the FTSE 100 slips -30 points to 7,115. Market Closing Prices Yesterday · The S&P 500 Index dropped -30.15 points, or 0.69%, to 4,361.19 · The Dow Jones Industrial Average fell -250.19 points, or 0.72%, to 34,496.06 · The Nasdaq Composite slumped -93.34 points, or 0.64%, to 14,486.20 · The Russell 2000 Index declined -12.45 points, or 0.56% to 2,220.64 Events Calendar for Today · 6:00 AM ET NFIB Small Business Optimism · 7:45 AM ET ICSC Weekly Retail Sales · 8:55 AM ET Johnson/Redbook Weekly Sales · 10:00 AM ET JOLTs Job Openings for Aug · 4:30 PM ET API Weekly Inventory Data Earnings Calendar: · Earnings Before the Open: None · Earnings After the Close: VOXX Other Key Events: · American Society of Retina Specialists Annual Scientific Meeting, in San Antonio, TX 10/8-10/12 World News · German ZEW said economic sentiment missed: 22.3 vs 24.0 consensus; current conditions missed: 21.6 vs 28.5 consensus; the economic situation has worsened, economic o/l for next 6 months has got considerably worse · The NFIB Small Business Optimism Index: 99.1 vs. 99.5 consensus, 100.1 in August. · China’s widening power crisis, which has forced rationing across the country and threatens to derail economic growth, is prompting policy makers to rethink the pace of the nation’s energy transition – Bloomberg Sector News Breakdown Consumer · Tesla (TSLA) sold 56,006 China-made vehicles in September, up 26.5% M/M from August’s sales of 44,264 units, and the highest since it started production in Shanghai about two years ago, Reuters reports. · Automobile sales in China declined 19.6% Y/Y in September to 2.07M vehicles, falling for a fifth consecutive month; sales of passenger cars in September fell 17% Y/Y to 1.58M vehicles, the China Passenger Car Association said · MGM Resorts ($MGM) upgraded to Outperform from Neutral at Credit Suisse and up tgt to $68 from $33 · Trex Company ($TREX) downgraded to Neutral from Outperform at Baird and cut tgt to $108 from $116 saying decking channel checks suggest sell-through demand will be slower in Q3 and Q4 · Vroom ($VRM) has agreed to acquire California based United Auto Credit Corporation for $300M in cash Energy, Industrials and Materials · Matson ($MATX) guides Q3 diluted EPS $6.39-$6.58 above est. $4.39 saying they continued to see strong demand with higher year-over-year volumes compared to the largely pandemic-reduced volumes in the third quarter of last year; expects Q3 operating income for Ocean Transportation of $358M-$363M and Logistics operating income of $15M-$16M · TechnipFMC ($FTI) awarded a substantial long-term charter and services contract by Petrobras (PBR) for the pipelay support vessel Coral do Atlântico; said contract is between $250M-$500M · AO Smith ($AOS) raises quarterly dividend to $0.28 from $0.26 · AZZ Inc. ($AZZ) Q2 adj EPS $0.76 vs. est. $0.62; Q2 revs $216.45M vs. est. $219.95M; raises FY22 EPS view to $2.90-$3.20 from $2.65-$3.05 (est. $3.03); revises FY22 revenue view to $865M-$925M from $855M-$935M (est. $924.2M) · Hecla Mining ($HL) announced preliminary production results for the third quarter. Highlights include: Silver production of 2.7M ounces, decreased due to lower grades at Greens Creek based on mine sequencing, partially offset by Lucky Friday production. Gold production of 42,206 ounces, in line with the same period in the prior year Financials · China Evergrande Group once again misses payment on the firm’s 9.5% note due 2022 and its 10% bond due 2023. Also adding to concerns, Shanghai-based developer Sinic Holdings Group said that it doesn’t expect to pay the principal or interest due Oct 18 for a $250 mln bond. · Square ($SQ) upgraded to Overweight from Neutral with a $300 price target at Atlantic Equities · Arch Capital Group Ltd. ($ACGL) said Q3 results will be negatively impacted by the effects of Hurricane Ida and the July flooding events in Central Europe, as well as from other minor global events; sees pre-tax catastrophe losses of $330M-$345M in Q3 across its property casualty insurance and reinsurance segments, net of reinsurance recoveries and reinstatement premiums; board boosts share buyback program to $1.5b total · Artisan Partners Asset Management Inc. ($APAM) prelim assets under management as of September 30, 2021 totaled $173.6 billion. Artisan Funds and Artisan Global Funds accounted for $85.4 billion of total firm AUM, while separate accounts and other AUM accounted for $88.2B · Cohen & Steers, Inc. ($CNS) preliminary assets under management of $97.3 billion as of September 30, 2021, a decrease of $3.2 billion from assets under management at August 31, 2021. The decrease was due to market depreciation of $3.9 billion and distributions of $306 million, partially offset by net inflows of $1.1 billion. · Franklin Resources, Inc. ($BEN) preliminary month-end assets under management of $1,530.1 billion at September 30, 2021, compared to $1,572.1 billion at August 31, 2021. This month’s decrease in AUM primarily reflected market depreciation and slight long-term net outflows, excluding a $2 billion fixed income institutional redemption that had minimal impact on revenue. · Invesco Ltd. ($IVZ) preliminary month-end assets under management of $1,528.6B, a decrease of 2.2% versus previous month-end. Total net inflows were $4.2B. The firm achieved net long-term inflows of $3.2 billion this month. Money market net inflows were $1.0 billion. AUM was negatively impacted by unfavorable market returns, which decreased AUM by $36 billion. · Virtus Investment Partners, Inc. ($VRTS) preliminary assets under management (AUM) as of September 30, 2021 of $177.3 billion. The decrease in AUM from June 30, 2021 reflected market performance and open-end fund net outflows, partially offset by positive net flows in retail separate accounts, exchange traded funds, and institutional. Healthcare · GlaxoSmithKline’s ($GSK) consumer healthcare unit is drawing buyout interest from private equity firms such as Advent, CVC and KKR, ahead of the drugmaker’s planned separation from the unit next year, Bloomberg News reported, citing sources Technology, Media & Telecom · GitLab Inc. ($GTLB) has raised the expected pricing range of its IPO to between $66-$69 a share from between $55-$60 a share last week. The all-remote software company is still offering 8.42 million shares in the IPO, with the new pricing expectation boosting what the company will raise to $580.98 million · Relay Therapeutics ($RLAY) announces $350M common stock offering · Quanterix ($QTRX) announces that its Simoa phospho-Tau 181 (pTau-181) blood test has been granted Breakthrough Device designation by the U.S. FDA as an aid in diagnostic evaluation of Alzheimer’s Disease (AD). · SeaSpine Holdings Corporation ($SPNE) announced the full commercial launch of its NorthStar OCT Posterior Cervical Fixation System

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

Wednesday, August 11, 2021 Futures Up/Down % Last Dow 32.00 0.09% 35,187 S&P 500 -2.25 0.06% 4,427 Nasdaq -32.00 0.21% 15,012 U.S. stocks are looking mixed ahead of key economic data today, coming a day after the Dow Jones Industrial Average and the benchmark S&P 500 each rose to record highs, buoyed by gains in economically sensitive value stocks such as materials, industrials, and building products after the Senate passed a $1 trillion infrastructure plan today with 19 Republicans joining all 50 Democrats voting to approve the bill that includes $550B in new funding, and it will now move to the House. Early this morning the Senate Democrats passed the $3.5 trillion budget framework, opening a path for President Joe Biden’s economic agenda. However, tech weakness dragged down the Nasdaq Composite led by large cap names on Tuesday, with more weakness early. Crude posted its biggest intraday gain in more than two weeks, while the U.S. dollar climbed to a three-week high and Treasury yields hit their highest levels since mid-July (1.34%). Meanwhile, Cleveland Fed President Loretta Mester said supply disruptions are raising prices, but it’s unclear whether they will lead to continuous gains in inflation. Those headlines come ahead of today’s consumer price index (CPI) which is expected to show a 4.3% year-over-year core print, 5.3% year-over-year “core” overall. Treasury yields continue to edge higher ahead of today’s CPI reading, with the 10-year up about 3 bps to 1.37%, meanwhile the U.S. dollar overs around 3-week highs. In Asian markets, The Nikkei Index jumped 182 points (0.65%) to settle at 28,070, the Shanghai Index was up slightly at 3,532 and the Hang Seng Index gained 54 points to 26,660. In Europe, the German DAX is up slightly at 15,785, while the FTSE 100 rises around 35 points to 7,200. Events Calendar for Today 7:00 AM ET MBA Mortgage Applications Data 8:30 AM ET Consumer Price Index (CPI) MoM for July…est. 0.5% 8:30 AM ET CPI Ex: Food & Energy (core) MoM for July…est. 0.4% 8:30 AM ET Consumer Price Index (CPI) YoY for July…est. 5.3% 8:30 AM ET CPI Ex: Food & Energy (core) YoY for July…est. 4.3% 10:30 AM ET Weekly DOE Inventory Data 1:00 PM ET U.S. to sell $41 bln in 10-year notes 2:00 PM ET Federal Budget for July Earnings Calendar: Earnings Before the Open: ALT, BLI, CERE, EVGO, FTCI, HAE, $HYLN, OPTN, RADI, RPRX, TELA, TH, WEN Earnings After the Close: ADMA, AMWL, AOSL, ARRY, AVT, AZPN, $BLNK, $BMBL, CACI, CCAP, DM, DUOL, $EBAY, EGY, FOSL, GHLD, HIMS, KRMD, MNKD, MSGM, NAVB, OPEN, PTRA, RGLD, $RIDE, ROOT, SONO, $STEM, TCON, TIG, VRM, $XONE Other Key Events: BTIG HIMSS Digital Health Booth Tour (virtual), 8/11-8/12 Canaccord Genuity 41st Annual Growth Conference (virtual), 8/10-8/12 Cowen Annual Communications Infrastructure Hybrid Summit, 8/9-8/12 Cowen 9th Annual Internet & Media Bus Tour (virtual), 8/9-8/13 Credit Suisse 4th Annual FinTech Conference (virtual), 8/11-8/13 Goldman Sachs Power, Utilities, MLP & Pipeline Conference 2021 (virtual) – 8/11 JPMorgan Auto Conference (virtual), 8/11-8/12 KeyBanc Capital Markets Technology Leadership Virtual Forum, 8/9-8/12 Oppenheimer 24th Annual Technology, Internet & Comm Conference (virtual), 8/10-8/12 Piper Biotech Virtual Tour, 8/10-8/12 Susquehanna 2021 Energy, Industrials & Airlines Conference (virtual), 8/10-8/11 UBS Financial Services Conference (virtual), 8/10-8/12 Wells Fargo 6th Annual FinTech & Technology Services Forum (virtual), 8/10-8/11 Market Closing Prices Yesterday The S&P 500 Index gained 4.40 points, or 0.10%, to 4,436.75 The Dow Jones Industrial Average rose 162.82 points, or 0.46%, to 35,264.67 The Nasdaq Composite dropped -72.09 points, or 0.49%, to 14,788.09 The Russell 2000 Index advanced 4.55 points, or 0.20% to 2,239.36 Macro Up/Down Last Nymex -0.59 67.70 Brent -0.55 70.08 Gold 7.30 1,736.25 EUR/USD -0.0009 1.1711 JPY/USD 0.17 110.74 10-Year Note +0.029 1.371% Sector News Breakdown Consumer Darling Ingredients ($DAR) 2Q EPS $1.17 vs est. $0.89 on revs $1.2B vs est. $1.11B Grocery Outlet ($GO) Q2 adj EPS $0.47 vs. est. $0.24; Q2 revs $775.5M, in-line with consensus; Q2 comparable store sales decreased by 10.0% compared to a 16.7% increase in the same period last year; continues to expect to open between 36 and 38 stores in fiscal 2021 with one closure PLBY Group ($PLBY) Q2 revenue $49.9M vs. est. $46.9M; Revenue grew 44% yoy, to $49.9M, driven by growth in both direct-to-consumer and licensing revenues; Direct-to-consumer revenue grew 88% yoy, to $28.0M, and licensing revenue grew 12% yoy, to $15.4M; net loss was $8.9M Poshmark ($POSH) 2Q revs $81.8Mm vs est. $80.3Mm, GMV +25% to $449.6Mm; guides 3Q revs $81-83Mm vs est. $82.4Mm, sees 3Q adj EBITDA $1.0-2.0Mm vs est. $1.4Mm Shift Technologies ($SFT) Q2 EPS ($0.41) vs est. ($0.44) on revs $155M vs est. $129.4M; sees Q3 revenue $155M-$170M vs est. $134.5M, raises FY revs guidance to $575M-$595M from $480M-$520M vs est. $509.2M WW International ($WW) tumbles -25%; Q2 EPS $0.12 vs. est. $0.65; Q2 revs $311.4M vs. est. $337M; guides year revs $1.3B vs. est. $1.38B; sees year EPS $1.10-$1.25 below est. $2.00; revised the estimated cost of its previously disclosed 2021 restructuring plan to approximately $22.0 million in fiscal 2021; Q2 2021 End of Period Digital Subscribers up 6% year-over-year to an all-time Q2-end high Energy, Industrials and Materials CNBC reports that the White House will call on OPEC and its oil-producing allies to boost oil production. Also, Iraq plans to increase oil production to eight million barrels per day ($BPD) by the end of 2027, Iraqi Oil Minister Ihsan Abdul Jabbar told the Iraqi news agency (INA) on Tuesday The American Petroleum Institute ($API) said that crude inventories fell 816,000 barrels last week, gasoline inventories fell 1.11M barrels, ahead of EIA weekly data later this morning Chesapeake Energy Corp ($CHK) raised its adjusted core income and production guidance for the full year after beating Q2 consensus estimates; also initiated a variable return program to deliver 50% of free cash flow to shareholders on a quarterly basis, payable in the 2022 first quarter; raised its total annual production forecast to 415,000 barrels of oil equivalent per day (boepd) to 435,000 boepd, from previous its range of 410,000 boepd to 420,00 boepd HyreCar ($HYRE) 2Q adj EPS ($0.36) vs est. ($0.12) on revs $9.1Mm vs est. $8.9Mm, new drivers to the platform +49% N5 Global ($NVEE) 2Q adj EPS $1.34 vs est. $1.00 on revs $$179.5Mm vs est. $174.1Mm; guides FY gr revs $705-727Mm vs est. $699.1Mm, sees FY adj EPS $4.20-4.55 vs est. $4.18 Shoals Technologies Group ($SHLS) Q2 adj EPS $0.09 vs. est. $0.08; Q2 revs $59.7M vs. est. $59.5M; sees full year revenues to be in range of $230M-$240M, up 31% to 37% and sees full year adjusted net income to be in range of $47M-$51M Financials Coinbase ($COIN) trading volume in Q2 was $462B, an increase of 38% compared to Q1, topping the $381.6MM est.; Q2 revs $2.23B vs. est. $1.85B; Q2 adj ebitda $1.15B vs. est. $961.5M; Q2 verified users 68 million vs. est. 63.1 million; qtrly retail monthly transacting users (MTUs) grew to 8.8 million, up 44% from q1 2021; Q2 net income of $1.6 billion, up from $32.3M a year earlier Bottomline Technologies ($EPAY) 4Q core EPS $0.27 vs est. $0.26 on revs $122.1Mm vs est. $122.9Mm, subscription revs +15% to $101Mm BrightSpire Capital ($BRSP)25M share Secondary priced at $9.00 Invesco Ltd. ($IVZ) preliminary month-end assets under management (AUM) of $1,528.4 billion, an increase of 0.2% versus previous month-end. Total net inflows were $3.5 billion. The firm achieved net long-term inflows of $1.7 billion this month. Open Lending Corp. ($LPRO) Q2 EPS $0.60 vs est. $0.17 on revenue $61.1M vs est. $49M, adj EBITDQA $46.1M; facilitated 46,408 certified loans in the quarter, +148% YoY; reaffirmed previous FY guidance for revenue $184M-$206M, certified loans 181k-206k, and adj EBITDA $125M-$168M Riot Blockchain ($RIOT) said in July 2021 produced 444 Bitcoin, an increase of approximately 771% over its July 2020 production of 51 Bitcoin; as of July 31, 2021, riot held approximately 2,687 Bitcoin, all of which were produced by its self-mining operations Truist Financial Corporation ($TFC) said its wholly owned bank subsidiary, Truist Bank, has signed a definitive agreement to acquire Service Finance Company, LLC, a leading national provider of point-of-sale (POS) financing solutions for the home improvement industry, for $2 billion Upstart Holdings ($UPST) 2Q adj EPS $0.62 vs est. $0.25 on revs $194Mm vs est. $157.8Mm; guides 3Q revs $205-215Mm vs est. $161.6Mm; guides FY revs approx $750Mm from $600Mm prior and vs est. $601.5Mm Healthcare BioCryst Pharmaceuticals (BCRX) has withdrawn its public offering of common stock, previously announced on August 9 Health Catalyst (HCAT)245M share Secondary priced at $53.00 Inari Medical (NARI) 2Q EPS $0.08 vs est. $0.08 on revs $63.5Mm vs est. $59.6Mm; guides FY revs $250-255 (prior $240-250Mm) vs est. $247Mm

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

Upgrades 7/12: $AMG $CAKE $CVET $EAT $FTV $GBX $HSKA $IR $IVZ $MFC $PK $RGA $RHP $TRV $TSC  . Downgrades 7/12: $APAM $CHTR $CLOV $ESRT $IDXX $MMM $RKT $STMP $SWAV $UAL $WSO

$IVZ Hearing $JPM takeover chatter via Dealreporter (unconfirmed)

29000 $IVZ JAN2021 $18 Cs bought 0.55, 29000 JAN2021 $18 Ps sold 1.5, alongside 2.9 million shares sold

29000 $IVZ JAN2021 $18 Cs bought 0.55, 29000 JAN2021 $18 Ps sold 1.5, alongside 2.9 million shares sold

1,750 $IVZ 100 20 JAN 23 15 PUT @3.30 LMT

Notable gainers among liquid option names this morning include $HOG (+25.4%), $XLNX (+9.1%), $FFIV (+7.9%), $IVZ (+3.2%), and $LH (+2.7%),