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Wednesday, October 13, 2021 Futures Up/Down % Last Dow 34.00 0.10% 34,295 S&P 500 5.75 0.14% 4,346 Nasdaq 61.75 0.42% 14,715 U.S. futures recover from overnight losses ahead of Dow component JPMorgan earnings and inflation data later this morning (CPI), reversing overnight losses despite weakness in Dow component Apple (AAPL), which is down about -0.5% after reports it expects to make 10 million fewer iPhone than planned and is poised to slash iPhone production goal due to chip crunch. Oil prices and Treasury yields decline, while gold rises ahead of a key reading of consumer price September inflation. Futures are getting a boost after better economic data in China as September exports rose 28.1% from last year as consumer demand outpace supply chain disruptions and power shortages, while last night’s passage of a debt ceiling extension by House lawmakers puts at least one market concern to the side until early December. In Asian markets, The Nikkei Index fell -90 points to 28,140, the Shanghai Index rose 14 points to 3,561 and the Hang Seng Index was closed. In Europe, the German DAX is up over 100 points to 15,250, while the FTSE 100 is slightly lower at 7,120. U.S. stocks ended lower following a choppy session on Tuesday, with investors nervous about upcoming third-quarter earnings reports. In addition to the CPI data, the Federal Reserve will release minutes from its last policy meeting, and investors are looking for further clues on when the central bank could begin tapering its bond-buying program. Market Closing Prices Yesterday The S&P 500 Index dropped -10.54 points, or 0.24%, to 4,350.65 The Dow Jones Industrial Average fell -117.72 points, or 0.34%, to 34,378.34 The Nasdaq Composite slipped -20.28 points, or 0.14%, to 14,465.92 The Russell 2000 Index advanced 13.63 points, or 0.61% to 2,234.27 Events Calendar for Today 7:00 AM ET MBA Mortgage Applications Data 8:30 AM ET Consumer Price Index (CPI) Headline MoM for September…est. +0.3% 8:30 AM ET CPI Core: Ex Food & Energy MoM for September…est. +0.2% 8:30 AM ET Consumer Price Index (CPI) Headline YoY for September…est. +5.3% 8:30 AM ET CPI Core: Ex Food & Energy YoY for September…est.+4.0% 10:30 AM ET Weekly DOE Inventory Data 4:30 PM ET API Weekly Inventory Data Earnings Calendar: Earnings Before the Open: AYR, BLK, DAL, JPM, SOTK Earnings After the Close: ETWO, ODC Other Key Events: China CPI, PPO for September Macro Up/Down Last Nymex -0.56 80.08 Brent -0.60 82.82 Gold 11.60 1,772.80 EUR/USD 0.0034 1.1562 JPY/USD -0.04 113.56 10-Year Note -0.015 1.565% World News China September exports rose1% from last year as consumer demand outpace supply chain disruptions and power shortages Japanese Core Machine Orders (M/M) Aug: -2.4% (exp 1.4%; previous 0.9%); Core Machine Orders (Y/Y) Aug: 17.0% (exp 13.9%; previous 11.1%) The House on Tuesday voted along party lines to raise the U.S. borrowing limit into December, as Democratic lawmakers wrestled with how to set a new ceiling for U.S. debt later this year over Republican resistance. Sector News Breakdown Consumer Duckhorn Portfolio Inc ($NAPA) said selling stockholders are offering 12 mln shares of common stock Monster Beverage ($MNST) downgraded to Hold from Buy at Jefferies Energy, Industrials and Materials International Paper ($IP) announces up to $2B share repurchase program Boeing ($BA) is the latest federal contractor to mandate COVID-19 vaccinations for all employees by December 8 under the Biden administration’s new rules saying its 125K U.S. employees must show proof of vaccination or have an approved religious or medical exemption by the deadline. Yesterday, Chicago soybean futures fell to the lowest level in nearly a year following a U.S. Department of Agriculture report that showed larger than expected yields of soybeans and corn; the USDA showed an uptick of nearly 100M bushels to U.S. corn ending stocks Glencore Plc ($GLNCY) said that it had reached an agreement to sell its zinc business in Bolivia to Canada’s Santa Cruz Silver Mining for some $110M Rattler Midstream LP ($RTLR), a subsidiary of Diamondback Energy, Inc. (FANG) announces strategic midland basin gas gathering & processing joint venture; invested approximately $104 mln in cash to acquire a minority interest in joint venture Vistra ($VST) announces $2 billion share repurchase program Gran Tierra Energy Inc. ($GTE) said that Q3 production grew 53% and that it expects the gains to continue in Q4; said it has produced an average of 28,957 barrels of oil a day in the quarter, compared with 18,944 barrels a day in the prior year period and 23,035 barrels a day QoQ Greenbrier ($GBX) announced the acquisition of more than 3,600 railcars, a portion of which will be held in GBX Leasing Financials BlackRock ($BLK) Q3 adj EPS $10.95 vs. est. $9.35; Q3 revs $5.05B vs. est. $4.9B; qtrly long-term net inflows of $98 billion; assets under management at qtr-end were $9.46 trillion vs $7.81 trillion at end of Q3 AvidXchange ($AVDX)64M share IPO price $25.00 AllianceBernstein L.P. ($AB) preliminary assets under management decreased to $742 billion during September 2021 from $761B at the end of August. Firmwide net inflows were outweighed by market depreciation, resulting in a 2% decline in AUM. In the month of September, net inflows to Retail and Private Wealth were partially offset by net outflows from Institutions. Ellington Financial Inc ($EFC) commenced an underwritten public offering of 5 mln shares of common stock RenaissanceRe Holdings Ltd. ($RNR) estimates that losses from certain 2021 catastrophe events will have a net negative impact of approximately $725 million on the Company’s Q3 results of operations Manning & Napier ($MN) preliminary assets under management (AUM) of $22B for September, compared with $22.7B as of Aug.31. Healthcare Sarepta ($SRPT) announces $500M common stock offering and guiding Q3 revs about $166.9M vs. est. $172M; had approximately $1.6 bln in cash, cash equivalents and investments as of September 30, 2021 CRISPR Therapeutics ($CRSP) shares slipped after announcing updated results from the company’s early-stage trial of its CAR-T cell therapy CTX110 as two patients in the phase 1 trial experienced Grade 3 or higher infections, with one patient having HHV-6 encephalitis, and another developing pseudomonal sepsis that resolved in four days. CytoSorbents ($CTSO) receives full FDA investigational device exemption approval to begin U.S. star-d trial on apixaban and rivaroxaban removal by the DrugSorb-ATR™ antithrombotic removal system during urgent cardiothoracic surgery Homology Medicines ($FIXX) announced the pheEDIT Phase 1 clinical trial for HMI-103, a one-time, in vivo product candidate that utilizes a gene editing approach for phenylketonuria, or PKU, based on the investigational new drug application, or IND, clearance from the FDA Apollo EndoSurgery ($APEN)4M share Spot Secondary priced at $7.75 Bicycle Therapeutics ($BCYC)24M share Secondary priced at $54.00 Relay Therapeutics ($RLAY)21M share Secondary priced at $26.50 Biogen ($BIIB) announces results of a new analysis of immune response to the COVID-19 vaccine among people with multiple sclerosis (MS). Teva Pharmaceuticals Europe BV, a European affiliate of Teva ($TEVA) presents new analyses of the COBRA study, which concluded no evidence was found to suggest that infants were adversely affected by maternal exposure to glatiramer acetate (GA) during pregnancy and breastfeeding with use of COPAXONE Technology, Media & Telecom Apple ($AAPL) suppliers Broadcom ($AVGO), Texas Instruments ($TXN) struggling to deliver enough chips; Apple expects to make 10 million fewer iPhone than planned and is poised to slash iPhone production goal due to chip crunch – Bloomberg (watch shares of $AAPL suppliers including $CRUS, $QRVO, $STM, $AVGO, $SWKS) SAP AG ($SAP) raised its 2021 projections for non-IFRS cloud revenue at constant currencies to range from EUR9.4B to EUR9.6B, up from its earlier view of EUR9.3 billion and EUR9.5 billion; also boosts cloud and software revenue at constant currencies view to EUR23.8 billion to EUR24.2 billion from its earlier view of EUR23.6 billion to EUR24 billion. Qualcomm ($QCOM) announces new $10.0 billion stock repurchase authorization IAC Inc. ($IAC) reports September Angi Inc. total revenue up 18% from last year with Dotdash revenue up 25%, and its Search business revenue up 74% from last year and Emerging & Other revenue was up 33% from last year Vimeo Inc ($VMEO) total revenue for September 2021 up 33%; subscribers for September 2021 up 14%; ARPU for September 2021 up 16% Smart Global Holding ($SGH) Q4 adj EPS $2.16 vs. est. $1.60; Q4 revs $467.7M vs. est. $461.3M; sees Q1 adj EPS $1.80-$2.20 vs. est. $1.49; sees Q1 revenue $440M-$480M vs. est. $458.55M; GAAP gross margin of 25.2%, up 620 basis points versus the year ago quarter and non-GAAP gross margin of 26.4%, up 690 basis points versus the year ago quarter VOXX International ($VOXX) 2Q EPS $0.01 vs est. $0.07 on sales $143.1Mm vs est. $134.4Mm

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

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