$LGND

Upside momentum continues with S&P futures edging higher, looking to make it a 9th straight day of gains overall, and the Nasdaq Composite looking at an 11th straight day of advances, with no signs of caution by investors heading into key inflation data today and tomorrow. The producer price index (PPI) for October is expected at 8:30 AM, and the consumer price index (CPI) tomorrow, but still no concerns exhibited in the bond market with the 10-year yield at its lowest level in 2-weeks around 1.45%, while gold prices are steady at $1,829 an ounce. The S&P 500 closed at an all-time high for the eighth consecutive session last night, extending the longest winning streak since 1997, as investors added the impact of $1 trillion in fresh government stimulus. That coupled with removed travel lockdowns, a strong earnings season, and positive vaccine news has boosted stocks over the last month. In Asian markets, The Nikkei Index fell -0.75% to 29.285, the Shanghai Index gained 0.24% to settle at 3,507 and the Hang Seng Index rose 0.2% to 24,813. In Europe, the German DAX is up 45 points to 16,090, while the FTSE 100 rise 0.2% to 7,313. Stocks keep pushing higher, making new all time highs each day the past week for the Dow, Nasdaq, S&P 500 and Russell 2000. Events Calendar for Today 6:00 AM ET NFIB Small Business Optimism Index for Oct 7:45 AM ET ICSC Weekly Retail Sales 8:30 AM ET Producer Price Index MoM for October…est. 0.6% 8:30 AM ET Producer Price Index YoY for Oct…est. 8.7% 8:30 AM ET PPI Ex: Food & Energy MoM for October…est. 0.5% 8:30 AM ET PPI Ex Food & Energy YoY for October…est. 6.8% 8:55 AM ET Johnson/Redbook Weekly Sales 4:30 PM ET API Weekly Inventory Data Earnings Calendar: Earnings Before the Open: AFI, AGEN, APRN, BSY, CAH, CCO, CEVA, CNCE, CORR, CSII, CTG, DRNA, EBIX, ECOM, FSS, HAE, HAIN, HCI, HGV, HRMY, IGT, IIVI, ITCI, KPLT, MIDD, MRNS, MRSN, MSGE, OCGN, OSG, OWL, PLTR, PRPL, PRTY, SEAS, SSTI, STWD, SYY, TGI, VCEL, WHF, WKHS, WNC, WRK, XPEL Earnings After the Close: ACHV, AIRG, ALTO, ARLO, ASH, AVID, AXON, CALA, CCXI, CLPT, CNNE, COIN, CPRX, CPSI, CRIS, DAR, DASH,DNUT, DOCS, DSP, DV, EGAN, ELY, EPAY, EPM, EVBG, FC, FGEN, FLGT, FUBO, G, GO, HCKT, HYLN, ID, INO, KODK, LAW, LGND, LPRO, MCFE, MNKD, MODN, NVTS, OCX, ORGO, PAR, PAY, PAYS, PLUG, POSH, PUBM, PXLW, REI, RNG, RPAY, SAIL, SCSC, SEER, SGMS, SILK, SKIN, TMDX, TWNK, TWOU, U, UPST, VERI, VRM, VZIO, WES, WYNN Other Key Events: Baird 51st Annual Global Industrial Conference, 11/9-11/12 (virtual) Bank America 2021 Banking & Financials Conference, 11/9-11/10 (virtual) Cowen 7th Annual Software Bus Tour, 11/9/110 (virtual) Credit Suisse 30th Annual Healthcare Conference, 11/8-11/11 (virtual) JPMorgan Global Consumer, Retail & Luxury Conference, 11/8-11/11 (virtual) EEI Financial Conference, 11/7-11/9 (virtual) REITWorld 2021 Annual Conference, 11/9-11/12 (virtual) China PPI, CPI and M2 Money Supply for October Sector News Breakdown Consumer AMC Entertainment ($AMC) Q3 EPS ($0.44) vs est. ($0.53) on revenue $763.2M vs est. $708.3M; currently has liquidity availability over $1.8B, does not anticipate the need to borrow under revolver lines over the next 12 months CarLotz ($LOTZ) 3Q EPS ($0.03) vs est. ($0.21) on revs $68Mm vs est. $55.2Mm, will continue to open new hubs in 2022, though fewer than in 2021; says expects sequential qtrly improvement in retail units sold and retail GPU in 4Q Clarus Corp ($CLAR) 3Q adj EPS $0.50 vs est. $0.48 on sales $109Mm vs est. $106.1Mm; guides FY sales $362.5Mm vs est. $359.7Mm Freshpet ($FRPT) shares fell -14%; Q3 EPS (5c) vs est. 7c profit on revenue $107.6M vs est. $115.5M; now sees FY sales approx. $445M from prior guidance of sales exceeding $445M, adj EBITDA approx. $50M from prior view above $61M Hertz ($HTZZ)5M share Secondary priced at $29.00 R. Horton ($DHI) Q4 EPS $3.70 vs. est. $3.40; Q4 revs $8.1B vs. est. $7.94B; consolidated pre-tax profit margin improved 480 basis points to 21.3% and consolidated pre-tax income increased 63% to $1.7B; Q4 net sales orders down 33% to 15,949 homes; sees FY22 revenue $32.5B-$33.5B above consensus $32.22B International Flavors & Fragrances Inc. ($IFF) Q3 EPS $1.47 vs. est. $1.16; Q3 revs $3.07B vs. est. $2.61B; sees FY21 revs $11.55B vs. est. $10B; sees FY21 adjusted operating EBITDA margin 21% Inter Parfums ($IPAR) Q3 EPS $1.20 vs. est. $0.68; Q3 revs $263M vs. est. $262.69M; said our largest brands, notably Montblanc, Jimmy Choo, Coach, GUESS and Lanvin performed exceptionally well in the Q3 turning in gains of 26%, 40%, 98%, 27%, and 37%, respectively, as compared to 2019’s third quarter Jack Henry Associates ($JKHY) 1Q EPS $1.38 vs est. $1.32 on revs $488.1Mm vs est. $489.4Mm; guides FY adj revs $1.87-1.875B vs est. $1.91B, sees FY EPS $4.64-4.73 vs est. $4.59 Masonite ($DOOR) 3Q adj EPS $1.99 vs est. $1.87 on revs $652Mm vs est. $675Mm; guides FY adj EPS $7.95-8.25 vs est. $8.13, sees FY sales +15-17% vs est. +18.6% RealReal ($REAL) Q3 adj EPS ($0.47) vs est. ($0.50) on revenue $119M vs est. $113.3M, adj EBITDA ($31.5M) vs est. ($36M), gross profit per order $94 vs $90 YoY, GMV $368M was +50% vs 2020 and +46% vs 2019, orders 757k (+38% YoY) ThredUp ($TDUP) 3Q EPS ($0.15) vs est. ($0.16) on revs $63.3Mm vs est. $61.8Mm, qtrly active buyers 1.4Mm and orders 1.3Mm (+14% and 28%, respectively); guides 4Q revs $69-71Mm vs est. $62.8Mm Trex Company ($TREX) Q3 EPS $0.64 vs. est. $0.58; Q3 revs $336M vs. est. $325.6M; guides Q4 revs $295M-$305M vs. est. $276.3M; Net income grew 73% to $74M; diluted earnings per share of $0.64, up 73%; EBITDA grew 76% to $108M; EBITDA margin of 32.2% Energy, Industrials and Materials General Electric ($GE) to split into three public companies – GE Aviation, GE Healthcare, and the combined GE Renewable Energy, GE Power, and GE Digital businesses to become three industry-leading, global, investment-grade public companies Advanced Energy Industries, Inc. ($AEIS) Q3 adj EPS $0.89 vs. est. $0.82; Q3 revs $346.1M vs. est. $341.52M; sees Q4 adj EPS 92c plus/minus 25c vs. est. $1.12; sees Q4 revs $355M plus/minus $20M vs. est. $373.09M. Amyris, Inc. ($AMRS) shares fell -25%; 3Q adj EPS ($0.27) vs est. ($0.15) on revs $48Mm vs est. $64.2Mm; sees FY revs $330-370Mm vs est. $391.6Mm; says supply chain challenges impacting near-term performance and growth trajectory Cabot ($CBT) Q4 adj EPS $1.01 vs. est. $1.03; Q4 revs $904M vs. est. $915.01M; Q4 Reinforcement Materials led the way delivering an increase in EBIT of $167 million while Performance Chemicals also recorded strong results; sees FY22 EPS $5.20-$5.60 vs. est. $5.52 Virgin Galactic ($SPCE) Q3 EPS loss (-$0.32) vs. est. loss (-$0.28); Q3 revs $2.6M vs. est. $1.6M; commercial service on track for q4 2022; strong ticket sales at updated pricing of $450,000 per seat; cash position remains strong at approximately $1.0 billion Financials CoreCivic, Inc. ($CXW) Q3 adj FFO/share $0.48, adj EPS $0.28 vs est. $0.18, revenue $471.2M vs est. $467.1M, adj EBITDA $100.9M vs est. $85.3M; is not providing full-year guidance due to uncertainties surrounding the resurgence of Covid-19 caused by the Delta variant and the administration’s executive actions and policies related to immigration and criminal justice, but will provide FY22 guidance in February when reporting 4Q21 results Cohen & Steers, Inc. ($CNS) preliminary assets under management of $101.6 billion as of October 31, 2021, an increase of $4.3 billion from assets under management at September 30, 2021. The increase was due to net inflows of $138 million and market appreciation of $4.4 billion, partially offset by distributions of $203 million. First Advantage ($FA) files to sell 15M shares of common stock for holders Lemonade Inc. ($LMND) will acquire Metromile in an all-stock transaction that implies a fully diluted equity value of approximately $500 million, or just over $200 million net of cash PayPal ($PYPL) Q3 non-GAAP EPS $1.11 vs. est. $1.07; Q3 revs $6.18B vs. est. $6.23B; Q3 total payment volume of $310B, growing 26%, and 24% on an FX-neutral basis; 4.9 billion payment transactions in qtr, up 22%; expects to add about 55Mm NNAs, including about 3 million active accounts from the acquisition of Paidy; 13.3M NNAs added in qtr , bringing total active accounts to 416 million, up 15%; expects FY TPV growth to be in the range of about 33%-34% at current spot rates and about 31%-32% on an FX basis Robinhood ($HOOD) said a third party had obtained access to email addresses of about 5 mln of its customers, while full names for a different group of nearly 2 mln people in an incident, which took place on Nov. 3; said 310 people had more personal information, including names, birth, dates and zip codes compromised, while 10 customers had more extensive account details revealed Third Coast Bancshares ($TCBX)5M share IPO priced at $25.00

Tuesday, August 31, 2021 Futures Up/Down % Last Dow 37.00 0.10% 35,389 S&P 500 2.25 0.06% 4,527 Nasdaq -0.50 0.00% 15,597 U.S. equity futures are again extending gains as the backdrop remains the same, with softer bond yields boosting tech stocks after last night’s record high close, and as investors continue to bet on the prospect of central bank stimulus lasting over the final months of the year. The S&P 500 and the Nasdaq Composite added to their record-setting pace of gains on Monday, driven by a rally in information technology stocks, but the Dow Jones Industrial Average lagged behind its equity benchmark peers. The S&P 500 closed up 0.4% at around 4,529, establishing an intraday record high at 4,537.36, while the Nasdaq Composite Index ended 0.9% higher at roughly 15,266, following its own intraday record on Monday at 15,288.08. Growth stocks have led the market Friday and today, after Federal Reserve Chairman Jerome Powell recently stressed that the central bank should not overreact to a recent jump in inflation. While the central bank is expected to begin reducing its bond purchases later this year, Fed officials have emphasized that the timing of such a move won’t impact any later decision to raise interest rates from near zero. China’s post-COVID recovery appears to have stalled in August, with an official economic activity reading coming in barely above the 50-point mark that separates growth from contraction. Still overseas markets moved higher. In Asian markets, The Nikkei Index jumped 300 points to 28,8089, the Shanghai Index rose 15 points to 3,543 and the Hang Seng Index climbs 339 points (1.33%) to 25,878. In Europe, the German DAX is higher by about 30 points to 15,915, while the FTSE 100 is down about 30-points to 7,120. In stock news, shares of Zoom Video ($ZM), the face of the pandemic stay at home trade tumbled overnight on disappointing earnings results. Market Closing Prices Yesterday The S&P 500 Index gained 19.42 points, or 0.43%, to 4,528.79 The Dow Jones Industrial Average fell -55.96 points, or 0.16%, to 35,399.84 The Nasdaq Composite surged 136.39 points, or 0.90%, to 15,265.89 The Russell 2000 Index declined -11.16 points, or 0.49% to 2,265.99 Events Calendar for Today 7:45 AM ET ICSC Weekly Retail Sales 8:55 AM ET Johnson/Redbook Weekly Sales 9:00 AM ET CaseShiller 20 City Index for June…est. 1.8% 9:00 AM ET Monthly Home Price Index MoM for June 9:45 AM ET Chicago PMI for Aug…est. 68.0 10:00 AM ET Consumer Confidence for Aug…est. 124.0 4:30 PM ET API Weekly Inventory Data Earnings Calendar: Earnings Before the Open: $CHS, $DBI, $DXLG Earnings After the Close: $AMBA, $AMWD, $CAL, $CRWD, $PVH, $PYCR Other Key Events: Jefferies Semiconductor, IT Hardware & Comm Infrastructure Summit 2021 (virtual), 8/31-9/1 Citigroup Asia Tech, Media & telecom Virtual Conference, 8/27-8/31 Piper Sandler 2021 Texas Bank Forum (virtual), 8/30-9/1 Piper Houston E&P Bus Tour, 8/30-8/31 China Caixin Manufacturing PMI for Aug Macro Up/Down Last Nymex -0.59 68.62 Brent -0.45 72.96 Gold 6.50 1,816.85 EUR/USD 0.0034 1.1831 JPY/USD -0.03 109.89 10-Year Note +0.003 1.287% World News Chinese Manufacturing PMI Aug 50.1 vs. expected 50.2 and previous 50.4; the Non-Manufacturing PMI Aug 47.5 below expected 52.0 and prior reading of 53.3; the Composite PMI Aug 48.9 below previous 52.4 S. completes withdrawal of forces from Afghanistan after 20-year war; U.S. ends its military presence in Afghanistan on Tuesday with the final flight out of Kabul – Reuters Japan Aug consumer Conference lower:7 vs 37.5 previous; Japan July Housing Starts beat at 9.9% y/y vs 4.8% consensus; Japan July Unemployment Rate lower: 2.8% vs 2.9% consensus German Aug Unemployment Change lower: -53k vs -40k consensus; and German Aug Unemployment Rate lower: 5.5% vs 5.6% consensus Sector News Breakdown Consumer American Woodmark ($AMWD) Q1 adj EPS $0.70 vs. est. $1.48; Q1 revs $442.6M vs. est. $461.79M; said while delivering sales growth across all channels our adjusted EBITDA margins of 7.3% were below expectations Bed Bath & Beyond Inc. ($BBBY) announced that Cindy Davis has stepped down from her positions as Executive Vice President, Chief Brand Officer, and President of Decorist effective August 30, 2021. The Company also announced the appointment of Rafeh Masood, Executive Vice President and Chief Digital Officer, as Chief Digital Officer & interim Chief Brand Officer, to lead the combined brand, marketing and digital teams effective immediately. Performance Food Group ($PFGC) is moving into the S&P MidCap 400 following its planned acquisition of Core-Mark Holding Co. ($CORE) while taking CORE’s place in the SmallCap 600 is TreeHouse Foods ($THS), which is being displaced in the Midcap 400 by PFGC Energy, Industrials and Materials Nordson (NDSN) 3Q EPS $2.42 vs est. $2.08 on revs $647Mm vs est. $604.3Mm; guides FY revs +11-12% from 8%-10% and vs est. +10.3%, sees FY EPS $4.75-7.95 vs est. $7.58 ReneSola (SOL) Q2 adj EPS $0.11 vs. est. $0.05; Q2 revs $18.5M vs. est. $20.75M; sees Q3 revenue $19M-$21M vs. est. $26.93M; sees FY21 revenue $90M-$100M vs. est. $97.49M Saudi Aramco may reduce the official selling price of its flagship Arab Light crude by 58c/bbl from its previous month for October sales to Asia – Bloomberg Financials StoneCo (STNE) 2Q qtrly payment volume +58.6%, revs -8.1%, SMB net adds 188K; suspending Fy take rate and adjusted net margin views Tradeweb Markets (TW) announced it has appointed Sara Furber as its Chief Financial Officer, effective September 7, 2021. She succeeds Robert Warshaw, who will leave the company following a period of transition Healthcare Inspire Medical Systems, Inc. ($INSP) said that a Centers for Medicare and Medicaid Services ($CMS) panel has unanimously approved a recommendation to increase the previously proposed reimbursement for Inspire procedure performed in Ambulatory Surgical Centers (ASCs) as indicated on the CMS website as posted today. Ligand ($LGND) headed to the SmallCap 600 to replace Cincinnati Bell (CBB), which is to be acquired by Macquarie Infrastructure and Real Assets Galapagos ($GLPG) announced the planned retirement of CEO Onno van de Stolpe Sonnet ($SONN) announces successful completion of the discovery phase for its next preclinical pipeline candidate (SON-1410) Technology, Media & Telecom Zoom Video ($ZM) 2Q adj EPS $1.36 vs est. $1.16 on revs $1.022B vs est. $991Mm; guides 3Q total revs $1.015-1.02B vs est. $1.013B, sees 3Q adj EPS $1.07-1.08 vs est. $1.09; guides FY revs $4.005-4.015B vs est. $4.007B, sees FY adj EPS $4.75-4.79 vs est. $4.67; 2Q number of customers contributing more than $100,000 in TTM rev up 131% YoY; 2Q GAAP Operating Margin of 28.8% and Non-GAAP Operating Margin of 41.6% Yandex ($YNDX) said it would buy Uber’s ($UBER) stakes in their joint foodtech, delivery and self-driving businesses, and increase its stake in a mobility-focused joint venture as part of a $1 billion deal; YNDX added that it had received a call option to purchase Uber’s remaining stake in mobility businesses for up to $2 billion. Google ($GOOGL) will invest $1.2 billion by 2030 to expand its cloud computing infrastructure in Germany and to increase the use of renewable energy. Apple ($AAPL) and Google ($GOOGL) must allow developers to use other payment systems, new Korean law declares; South Korea will require the companies to allow competing payment systems, threatening their 30% cut of most in-app digital sales – WSJ https://on.wsj.com/3yx4Qc8 Digital Turbine ($APPS) is moving into the MidCap 400, to replace Ligand Pharmaceuticals ($LGND)

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$LGND 64.9%

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