$MODN

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

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

Monday, August 9, 2021 Futures Up/Down % Last Dow -110.00 0.32% 34,979 S&P 500 -8.25 0.19% 4,421 Nasdaq 10.50 0.07% 15,106 Stock futures traded mostly lower Monday as investors increased bets the Federal Reserve would pull back on stimulus following a stronger-than-expected U.S. jobs report last week. Stocks closed higher on Friday, adding to its string of weekly advances as the S&P 500 index hits its 44th record high after a strong monthly jobs report fuels a further rotation into riskier assets. The U.S. economy added 943,000 jobs in July as hiring surged and employers raised wages to lure workers. It marked the second straight month of impressive growth. For the week, unofficially, the S&P rose 0.94%, the Dow added 0.78%, and the Nasdaq gained 1.11%. U.S. Treasury yields rose Friday after the jobs report, rising 8.7 bps at 1.3036%, its highest of the day, as equity indexes closed at record highs (back down at 1.28%). The financial sector saw its biggest daily percentage gain since July 20, while materials scored their best day in nearly a month as consumer discretionary stocks lagged. In Asian markets, The Nikkei Index gained 91 points to 27,820, the Shanghai Index rises 36 points (over 1%) to 3,494, the Hang Seng Index jumps 104 points to 26,283. In Europe, the German DAX is down -30 points to 15,730, while the FTSE 100 is down about -25 points, dipping just below 7,100. Bitcoin prices are higher by over 5% to $45,000 while Ethereum prices extend last week gains, also up over 5% topping $3,000. Oil prices looking lower again as WTI Crude slips 3.75% or over $2.50 to $65.70 (lowest levels since June) as worries about the COVID Delta variant’s impact on global growth increase. Goldman Sachs cut its forecast for China Q3 and full-year GDP, but does expect the government to bring the outbreak under control in about a month. Also, China’s crude imports slipped to the lowest since May last month after operations were halted at key ports on the east coast due to a typhoon. The nation imported 41.24 metric tons of crude in July, according to data. Gold prices slide $22 or over 1$ at $1,742.00 an ounce – but well-off overnight lows after plunging just below $1,700 an ounce Market Closing Prices Yesterday The S&P 500 Index gained 7.42 points, or 0.17%, to 4,436.52 The Dow Jones Industrial Average rose 144.26 points, or 0.41%, to 35,208.51 The Nasdaq Composite declined -59.36 points, or 0.40%, to 14,835.76 The Russell 2000 Index advanced 11.75 points, or 0.53% to 2,247.76 Events Calendar for Today 10:00 AM EST JOLTs Job Openings for June Earnings Calendar: Earnings Before the Open: AGEN, AMRX, APD, AVYA, AXSM, BALY, BFLY, BHV, CEVA, CRNC, DISH, DRNA, DS, EBIX, ELAN, ENR, EPZM, HE, III, ITCI, JOUT, KOS, LINC, MPAA, RDNT, SCPL, SGMS, SNDX, TGNA, TSN, TTD, USFD, VTRS, WHF, WKHS Earnings After the Close: ACM, ADMS, AMC, APEI, APPF, APPS, ASUR, AVD, BCEI, BRP, CABO, CARA, CBT, CCXI, CF, CMBM, CMP, CSTL, CXW, DDD, DOOR, ELY, ETH, EVBG, FGEN, FSK, FTK, GBDC, GOOD, HALO, IIIV, IIN, INO, IPAR, LOTZ, MESA, MODN, MYO, NCMI, NHI, OMER, OSH, OUST, PEN, PLNT, PRPL, QLYS, REAL, REI, RETA, RPAY, SAIL, SENS, SNCR, STE, SWAV, TALK, TPTX, VUZI, WES, ZIOP Other Key Events: BTIG Biotechnology Conference 2021 (virtual), 8/9-8/10 Cowen Annual Communications Infrastructure Hybrid Summit, 8/9-8/12 Cowen 9th Annual Internet & Media Bus Tour (virtual), 8/9-8/13 KeyBanc Capital Markets Technology Leadership Virtual Forum, 8/9-8/12 Needham 10th Annual Industrial Technologies 1:1 Conference (virtual), 8/6-8/9 Macro Up/Down Last Nymex -2.60 65.68 Brent -2.53 68.17 Gold -22.00 1,741.00 EUR/USD -0.0006 1.1756 JPY/USD -0.08 110.17 10-Year Note -0.008 1.28% World News China’s export growth slowed in July, adding to concerns the economy’s recovery will face fresh pressure in the second half of the year. Exports grew 19.3% in dollar terms in July from a year earlier, while imports rose 28.1%, the customs administration said Saturday. That left a trade surplus of $56.58 billion for the month. Sector News Breakdown Consumer Sanderson Farms ($SAFM) is said close to a deal to sell itself to Cargill and Continental Grain for about $4.5B. The deal, which could be announced as soon as tomorrow, is expected to value Sanderson Farms (SAFM) at $203 per share – WSJ https://on.wsj.com/3yAS4dD Philip Morris ($PM) has raised its bid for British drugmaker Vectura ($VEGPF) to 165 pence, or $2.29, per share, according to Reuters, citing the tobacco company. Tesla ($TSLA) upgraded to Buy from Hold at Jefferies and up tgt to $850 from $700 as sees higher global battery electric demand, more battery and assembly capacity coming on stream, a broader and mix-accretive model line-up with more Model Ys and the new S and no legacy issues to contend with Conagra Brands ($CAG) files automatic mixed securities shelf Spectrum Brands Holdings ($SPB) mentioned positively in Barron’s, calling it an undervalued stock that lets investors bet on multiple Covid-era trends at once. It has the defensive characteristics of a consumer- staples brand and its debt problems appear to be easing. Ross Stores ($ROST) and WW Int’l ($WW) will benefit from shoppers buying new wardrobes and getting back in shape for a return to the office according to Barron’s. Starbucks ($SBUX) and Ruth’s Hospitality Group ($RUTH) fell on delta concerns, but both have seen sales momentum as cities reopen ManpowerGroup ($MAN) announces new stock repurchase program for up to 4M shares Haverty’s ($HVT) announces new $25M stock repurchase program Energy Oil prices looking lower as WTI Crude slips 3.75% or over $2.50 to $65.70 (lowest levels since June) as worries about the COVID Delta variant’s impact on global growth increase. Goldman Sachs cut its forecast for China Q3 and full-year GDP, but does expect the government to bring the outbreak under control in about a month. Also, China’s crude imports slipped to the lowest since May last month after operations were halted at key ports on the east coast due to a typhoon. The nation imported 41.24 metric tons of crude in July, according to data. Saudi Aramco made net profit of 95.5 billion riyals ($25.5 billion) in the second quarter, the highest level since the end of 2018. Free cash flow rose to $22.6 billion Financials Berk­shire Hath­away Inc. ($BRKA) said Q2 net earn­ings rose 7%, boosted by im­proved re­sults for its rail­road, util­i­ties and en­ergy com­pa­nies. Op­er­at­ing earn­ings, which ex­clude some in­vest­ment re­sults, rose to $6.7B from $5.5B in the year prior. Prof­its in­creased within the com­pa­ny’s rail-road, util­i­ties and en­ergy di­vi­sions but de­clined at the com­pa­ny’s vast in­sur­ance op­er­a­tions Hudson Pacific Properties ($HPP), a real estate investment trust that leases space in West Los Angeles, could gain on bets its Hollywood producer and plastic surgeon tenants won’t give up their offices according to Barron’s. Boston Properties ($BXP) was also recommended for its exposure to the thriving health care and tech sectors in Boston and the San Francisco Bay Area. DiamondRock ($DRH) files automatic mixed securities shelf Healthcare Exact Sciences ($EXAS) has approached Invitae ($NVTA) about a possible merger, Bloomberg reported late Friday while saying the companies are not in active talks, and if a deal materializes, it could be an all-stock deal with a low premium https://bit.ly/37wMxch Eton Pharmaceuticals’ ($ETON) antiepileptic topiramate oral solution FDA action date has been delayed three months to November 6, 2021, according to an SEC filing after a decision was expected on Friday. Lexicon ($LXRX) files $200M mixed securities shelf Epizyme Inc. ($EPZM) rises after announcing a deal with Hutchmed China to develop Tazverik, a medicine used to treat certain patients with epithelioid sarcoma and others with follicular lymphoma Elanco ($ELAN) Q2 adj EPS $0.28 vs. rest. $0.26; Q2 revs $1.28B vs. est. $1.23B; sees Q3 adj EPS $0.15-$0.19 vs. est. $0.20; sees Q3 revs $1.075B-$1.1B vs. est. $1.09B Industrials & Materials HVAC stocks Carrier Global ($CARR), Lennox International ($LII), Trane Technologies ($TT), and Johnson Controls International ($JCI)-have all reported strong calendar Q2 earnings and are up an average of more than 40% this year, according to Barron’s. Article notes the HVAC business is rapidly becoming one of the most consistent end markets in the industrial universe, and it’s also becoming an important ESG play Air Products ($APD) Q3 adj EPS $2.31 vs. est. $2.36; Q3 revs $2.6B vs. est. $2.49B; sees Q4 adj EPS $2.44-$2.54 vs. est. $2.51; narrows FY21 adj EPS view to $8.95-$9.05 from $8.95-$9.10 (est. $9.07); sees 2021 cap-ex spending of about $2.5B Barrick Gold ($GOLD) Q2 adj EPS $0.29 vs. est. $0.28; Q2 revs $2.89B vs. est. $3.06B Technology, Media & Telecom Dish ($DISH) Q2 EPS $1.06 vs. est. $0.89; Q2 revs $4.49B vs. est. $4.43B; Q2 Net Pay-TV subscribers decreased approximately 67,000, compared to a net decrease of approximately 96,000 in the year-ago quarter; closed the quarter with 10.99M Pay-TV subscribers, including 8.55M DISH TV subscribers and 2.44M SLING TV subscribers Nokia ($NOK) could continue to rally (after rising 56% YTD) according to Barron’s as it recovers from a period of underperformance. It will benefit from telecom operators upgrading their equipment to support 5G and the work- at-home trend. It’s also a meme stock favored by retail investors. Corporate tech spending is forecast to rise again, and two stocks to benefit from the trend are Microsoft ($MSFT) and Cisco Systems ($CSCO), according to Barron’s. LinkedIn, owned by Microsoft, could get a boost from increased worker mobility and job listings. Evercore ISI analyst Amit Daryanani sees a path for Cisco to reach $100 per share TikTok owner ByteDance Ltd. is reviving plans to list in Hong Kong by early next year even as Chinese authorities widen their crackdown on the country’s technology companies, the Financial Times reported