$SPNE

Top Earnings Tu 8/2 Aft: $PEAK $PFSI $PMT $POWL $PRTS $PRU $PSTL $PTRA $PUMP $PXD $PYPL $QUAD $RCKY $RIGL $RNG $SBUX $SCI $SEDG $SKY $SLRC $SOFI $SPNE $SPT $SRPT $STE $TCS $TEX $THG $TRUE $TSLX $TSP $TX $UNM $VCYT $VMD $VOYA $VRAY $VREX $VRSK $VTSI $WCN $WEYS $WSR $WTTR (3/3)

+Initiations 4/22: $APLE $BHR $CGTX $CLDT $EA $EEFT $ELY $EQRX $FERG $HLMN $IRT $IRWD $LIND $NVEI $PLYA $RLJ $RWAY $SGHC $SPIR $SPNE $TTEC $TTWO $WE . -Initiations 4/22: $VNO

Thursday, October 28, 2021 Futures Up/Down % Last Dow 54.00 0.15% 35,443 S&P 500 11.25 0.26% 4,556 Nasdaq 74.50 0.47% 15.662 U.S. futures are looking at a rebound after a late day swoon erased record gains for stocks, as markets again await another earnings barrage, with yesterday and today the two busiest days of the quarter. Drama out of Washington D.C. also adding to the volatility as investors remain hopeful on a spending bill. As for Wednesday, a midday all-time high for the Nasdaq 100 was marred by a late day sell-off in U.S. stocks, as the S&P 500 and Dow each retreated from records set just the previous day, led by weakness in energy stocks as oil prices tumbled from 7-year highs and long-dated Treasury yields also slumped, with the 30-year falling as much as 10bps below 2%. Corporate earnings have generally been better-than-expected, but constant reminders about rising costs, supply-chain issues, and labor shortages on conference calls brings into question the strength of markets going forward. Couple that with expectations for the Fed to begin its asset tapering plans in November and chances of interest rate hikes in mid-2022 to help prevent inflation getting further out of hand remains a market concern. Shares of Dow components McDonald’s, Coca-Cola and Microsoft rallied behind strong earnings. In fact, the Nasdaq outperformed behind large cap winners (TSLA, GOOGL MSFT, AMZN), though breadth was decisively negative and SmallCaps plunged with the Russell 200 falling nearly 2%. President Biden’s infrastructure and social-spending plans still remain “up-in-the-air” which also adds uncertainty. In Asian markets, The Nikkei Index fell about 1% to 28,820, the Shanghai Index slipped -1.23% to 3.518 and the Hang Seng Index dipped about -0.25% to 25,555. In Europe, the German DAX is down -0.15% at 15,680, while the FTSE 100 is also down roughly -0.2% at 7,240. Market Closing Prices Yesterday The S&P 500 Index dropped -23.11 points, or 0.51%, to 4,551.68 The Dow Jones Industrial Average fell -266.19 points, or 0.74%, to 35,490.69 The Nasdaq Composite little changed, or 0.00%, to 15,235.84 The Russell 2000 Index declined -43.58 points, or 1.90% to 2,252.49 Events Calendar for Today 8:30 AM ET Weekly Jobless Claims…est. 290K 8:30 AM EST Continuing Claims…est. 2.415M 8:30 AM ET Gross Domestic Product (GDP) for Q3-A…est. 2.7% (down from prior) 8:30 AM ET GDP Consumer Spending for Q3-A…prior month 12.0% 8:30 AM ET GDP Price Deflator for Q3…est. 5.5% 8:30 AM ET Core-PCE Prices Advance for Q3…est. 4.5% 10:00 AM ET Pending Home Sales MoM for September…est. 0% 10:30 AM ET Weekly EIA Natural Gas Inventory Data 11:00 AM ET Kansas City Fed Manufacturing for October 1:00 PM ET U.S. to sell $62 bln 7-year notes Earnings Calendar: Earnings Before the Open: AB, ABMD, ADS, AEP, AGCO, ALNY, AMT, AOS, ATI, BAX, BC, BSIG, BTU, CARR, CAR, CBRE, CBZ, CFR, CG, CMCO, CMCSA, CMS, CNX, COLB, CONE, COOP, COR, CWT, DBD, EME, EXP, FCN, GPI, GVA, HBAN, HSY, IBP, ICE, ITW, KBR, KDP, KEX, LECO, LH, LKQ, MA, MCO, MDD, MO, MRK, NEM, NLSN, NOC, OSK, OSIS, OSTK, PBF, RGEN, RLGY, RS, SAH, SAIA, SNDR, SWI, SWK, TAP, TFX, TPX, TREE, TW, TXT, VC, VLY, WEX, WST, XEL, YUM Earnings After the Close: AAPL, ABCB, ACHC, AGL, AMZN, ASPN, ATEN, ATR, AVT, AX, BIO, BY, CDNA, CHE, COHU, COLM, CPT, CUZ, CWST, DECK, DVA, DXCM, EB, EMN, FISI, FTDR, FTV, GILD, HIG, HUBG, LOPE, LPLA, LTC, NGRC, MHK, MMSI, MPWR, MSTR, NATI, NXGN, PEB, POWI, PSB, PTCT, QUMU, RMD, RSG, SBCF, SBUX, SGEN, SKX, SKYW, SM, SPNE, SSNC, SYK, TEX, TXRH, VCRA, VRSN, WDC, WRAP, WRE, X, ZEN Macro Up/Down Last Nymex -1.61 81.05 Brent -1.37 83.21 Gold -2.10 1,801.20 EUR/USD -0.0006 1.1598 JPY/USD -0.23 113.57 10-Year Note +0.012 1.541% Sector News Breakdown Consumer eBay Inc. (EBAY) 3Q adj EPS $0.90 vs est. $0.89 on revs $2.5B vs est. $2.46B; guides 4Q adj EPS $0.72-0.76 vs est. $1.00, sees 4Q revs $2.57-2.62B vs est. $2.65B; raising estimated FY share buyback from $5.0B to $7.0B Ford Motor (F) announces resumption of stock dividend in 4q; 3Q adj EPS $0.51 vs est. $0.27 on revs $35.7B vs est. $32.5B; expects cash flow over current planning period to be more than sufficient to fund growth, announces resumption of regular stock dividend in 4Q; no changes to FY adj FCF guide of $4.0-5.0B Boot Barn (BOOT) Q2 EPS $1.25 vs est. $0.93 on revenue $312.7M (+67.1% vs 2Q19) vs est. $291M, same-store sales +61.7% YoY, +53.6% vs 2019; sees new unit growth 10% in FY22; named Jim Watkins as CFO with current CFO Greg Hackman continuing as VP and COO Churchill Downs (CHDN) 3Q EPS $1.57 vs est. $1.47 on revs $393Mm vs est. $406.8Mm Fresh Del Monte Produce Inc. (FDP) said it is raising prices on bananas, pineapples and fresh-cut fruit in response to unprecedented market conditions and inflationary pressures being felt across all industries iRobot (IRBT) Q3 EPS $1.67 vs. est. $0.70; Q3 revs $440.7M vs. est. $417.04M; cuts FY21 non-GAAP EPS view to $1.15-$1.74 from $2.25-$3.15 (est. $2.70) and lowers FY21 revenue view to $1.56B-$1.59B from $1.55B-$1.62B (est. $1.58B) Noodles (NDLS) Q3 adj EPS 12c vs est. 9c on in-line revenue $125.1M with digital sales 52% of total revs; system-wide comp sales +16.3% vs est. +14.3%, avg unit volume $1.38M, +16% YoY; now sees 7-9 new restaurants in 2021, down from prior outlook for 10-15; anticipates system-wide unit growth of at least 8% next year O’Reilly Auto (ORLY) Q3 EPS $8.07 vs. est. $7.18; Q3 sales $3.48B vs. est. $3.3B; gross profit margin 52.3% vs. 52.4% y/y; raises year rev outlook to $12.9B-$13.2B from prior $12.3B-$12.6B (est. $12.73B) Sleep Number (SNBR) 3Q EPS $2.22 vs est. $1.44 on revs $640Mm vs est. $587.1Mm; sees FY EPS $7.25 vs est. $7.15; Spirit Airlines (SAVE) Q3 adj EPS ($0.69) was a narrower loss than est. ($1.02) on in-line revs $922.6M; load factor 77.6%, capacity +3.5% vs 3Q19; is slowing the pace to push back to full fleet utilization, expects to produce 53B-55B available seat miles in 2022 VICI Properties (VICI) 3Q adj FFO/shr $0.45 on revs $375.7Mm; guides FY adj FFO/shr $1.7901.80 vs est. $1.84 Wyndham Hotels (WH) 3Q EPS $1.09 vs est. $0.91 on net revs $463Mm vs est. $463Mm; guides FY RevPAR growth about 43%, sees fee-related and other revs $1.21-1.23B; guides FY adj EPS $2.93-3.03 vs est. $2.69 Yum China (YUMC) Q3 adj EPS $0.22 vs. est. $0.31; Q3 revs $2.55B vs. est. $2.51B; qtrly total system sales increased 1% year over year, with increases of 1% at both KFC and Pizza Hut, excluding f/x; increasing gross new stores target to over 1,700 in 2021; expect that covid-19, especially the delta variant outbreaks, will continue to affect consumer behavior and impact our same-store sales recovery. Solo Brands, Inc. (DTC) prices 12.9M share IPO at $17.00 per share Scientific Games Corp (SGMS) announces sale of lottery business to Brookfield business partners for $6.05 billion; deal consisting of $5.825 bln in cash & an earn-out of up to $225 mln based on achievement of certain ebitda targets in 2022 & 2023 Energy, Industrials & Materials Allison Transmission (ALSN) 3Q EPS $0.89 vs est. $0.90 on revs $567Mm vs est. $584Mm; guides FY sales $2.325-2.4B vs est. $2.36B Flowserve Corp. (FLS) 3Q adj EPS $0.29 vs est. $0.40 on revs $866.1Mm vs est. $899Mm; guides FY revs down 2-4% vs est. -2.3%, sees FY EPS $1.45-1.65 (was $1.40-1.45) vs est. $1.58, sees CAPEX $70-80Mm vs prior $65Mm Kraton (KRA) Q3 adj EPS $0.98 vs. est. $0.79; Q3 revs $526.9M vs. est. $459.1M; Polymer segment operating income of $43.8 million, compared to an operating loss of $5.1 million YoY; Chemical segment operating income of $35.7M, compared to an operating loss of $401.7M YoY Sunnova Energy (NOVA) Q3 EPS ($0.25) vs est. ($0.13) on revenue $68.9M vs est. $67.4M; reaffirmed FY21 view for adj EBITDA $80M-$85M, customer additions 55k-58k; set FY22 guidance for adj EBITDA $117M-$137M, customer additions 83k-87k Tronox Holdings (TROX) Q3 adj EPS $0.72 vs. est. $0.64; Q3 revs rose 29% to $870M vs. est. $905.3M United Rentals (URI) 3Q adj EPS $6.58 vs est. $6.80 on revs $2.6B vs est. $2.58B; guides FY revs $9.6-9.75B vs est. $9.6B, sees FY adj EBITDA $4.325-4.4B vs est. 4.3B Financials Aflac (AFL) Q3 adj EPS $1.53 vs. est. $1.32; Q3 revs $5.2B vs. est. $5.34B; in yen terms, Aflac Japan’s net premium income was ¥323.1 bln for quarter, or 4.0% lower than a year ago AvalonBay (AVB) Q3 core FFO $2.06 vs est. 1.97, EPS $0.56 vs est. $0.77, same-store sales +1.2%; sees Q4 core FFO $2.19-$2.29 vs est. $2.11, raised FY core FFO view to $8.18-$8.28 from $7.92-$8.12 CyrusOne Inc. (CONE) 3Q adj FFO/shr $1.02 vs est. $0.99 on revs $304.1Mm vs est. $290.4Mm; guides FY revs $1.18-1.2B vs est. $1.17B Invitation Homes (INVH) Q3 core FFO 38c/shr vs est. 36c, EPS 12c vs est. 10c, revenue $510M vs est. $497.8M; same-store NOI +11.9% YoY on same-store revs +7.9%; raised FY21 core EPS view to $1.49 at midpoint from $1.44, adj FFO ro $1.28 at midpoint from $1.24 Lending Club (LC) Q3 EPS $0.26 vs est. $0.03 on revenue $246.2M vs est. $221.2M; sees Q4 revs $240M-$250M vs est. $235.7M, loan originations $2.8-$3B; raised FY view for revenue to $796M-$806M from $750M-$780M Raymond James (RJF) Q4 EPS $2.06 vs. est. $1.71; Q4 revs $2.7B vs. est. $2.54B; quarter-end records for client assets under administration of $1.18 trillion, financial assets under management of $191.9B, and net loans at Raymond James Bank of $25B The SEC asked at least one asset manager not to proceed with plans for a leveraged bitcoin exchange-traded fund, according to a person familiar with the matter. The SEC indicated it wants to limit new bitcoin-related products to those that provide unleveraged exposure to bitcoin futures contracts, such as the ProShares Bitcoin Strategy exchange-traded fund, which was launched last week, the person said. https://on.wsj.com/3GvG2qg Healthcare Align Technology (ALGN) 3Q adj EPS $2.87 vs est. $2.60 on revs $1.02B vs est. $978Mm; guides FY revs $3.9-3.95B vs est. $3.94B; says clinical study validates benefits of the Itero Element 5D imaging system Alnylam (ALNY) reports positive topline 18-month results from Helios-a phase 3 study of Vutrisiran in patients with HATTR amyloidosis with polyneuropathy BioMarin (BMRN) Q3 GAAP EPS loss (-$0.20) vs. est. loss (-$0.25); Q3 revs $408.7M vs. est. $435.32M; Lower Kuvan product revenues primarily due to generic competition due to the loss of exclusivity in the U.S.; Lower Aldurazyme product revenues due to timing of product fulfillment to Genzyme Edwards LifeSciences (EW) Q3 EPS $0.54 vs. est. $0.53; Q3 revs $1.3B vs. est. $1.32B; sees FY21 adjusted EPS at high end of $2.07-$2.27 (est. $2.26) and reaffirms FY21 revenue view $5.2B-$5.4B (est. $5.32B); TAVR sales grew 15%; underlying 14%; U.S. TAVR sales grew 12%; OUS approximately 20% Encompass Health (EHC) Q3 adj EPS $1.03 vs. est. $1.06; Q3 revs $1.28B vs. est. $1.31B; cuts FY21 adj EPS view to $4.23-$4.38 from $4.32-$4.47 and lowers FY21 revenue view to $5.08B-$5.13B from $5.1B-$5.25B (est. $5.18B) Molina Healthcare (MOH) Q3 adj EPS $2.83 vs. est. $2.79; Q3 revs $7.04B vs. est. $6.79B; backs FY21 EPS view of no less than $13.25 vs. est. $13.38 and backs FY21 revenue view of no less than $27.5B vs. est. $26.97B; consolidated MCR for Q3 was 88.9%, compared to 85.9% in the third quarter of 2020 Teladoc (TDOC) Q3 EPS loss (-$0.53) vs. est. loss (-$0.65); Q3 revs $521.66M vs. est. $516.6M; Q3 visits topped 3.9M, 37% higher than Q3 2020; sees Q4 EPS loss (73c)-(53c) vs. est. loss (69c); sees Q4 revs $536M-$546M vs. est. $539.74M; sees Q4 total visits 3.9M-4.1M

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

@everyone U.S. equity futures extend yesterday’s rally amid apparent progress on the debt-ceiling impasse in Washington, while in Europe, natural gas prices and power fell after Russia offered to ease Europe’s energy crisis as U.S. stocks are looking at a stronger open. Yesterday, the S&P 500 erased a -1.3% loss in its biggest reversal since February to settle modestly higher as investors grew more optimistic that congressional Democrats and Republicans could reach a deal to avert a government debt default with October 18th, the date Treasury Secretary Janet Yellen has estimated the government will run out of money and not be able to service its existing debts, if the ceiling remains in place. China markets and U.S. listed Chinese stocks (BABA, BIDU, JD) are rising as President Biden and his Chinese counterpart Xi Jinping agreed to hold a virtual summit by the end of the year. Late yesterday, top U.S. Senate Republican Mitch McConnell said his party would support an extension of the federal debt ceiling into December. The offer could provide an off-ramp to a months-long standoff between President Joe Biden’s Democrats and McConnell’s Republicans, who had been expected on Wednesday to block a third attempt by Senate Democrats to raise the $28.4 trillion debt ceiling. In Asian markets, The Nikkei Index rose 149 points to 27,678, the Shanghai Index remained closed for its Golden Week holiday, and the Hang Seng Index surged 735 points, or over 3% to settle at 24,701. The picture remains bright in Europe as well with the German DAX up 175 points to 15,150 and the FTSE 100 rising 67 points or nearly 1% to 7,060. The monthly nonfarm payroll report also in focus tomorrow. Market Closing Prices Yesterday · The S&P 500 Index gained 6.51 points, or 0.15%, to 4,363.55 · The Dow Jones Industrial Average rose 90.49 points, or 0.26%, to 34,416.99 · The Nasdaq Composite dropped -64.79 points, or 0.44%, to 14,501.91 · The Russell 2000 Index declined -26.67 points, or 1.19% to 2,214.96 Events Calendar for Today · 7:30 AM ET Challenger Layoffs for Sept · 8:30 AM ET Weekly Jobless Claims · 8:30 AM EST Continuing Claims · 10:30 AM ET Weekly EIA Natural Gas Inventory Data · 3:00 AM ET Consumer Credit for Aug Earnings Calendar: · Earnings Before the Open: CAG, HELE, LW · Earnings After the Close: ACCD Other Key Events: · China’s Caixin Services PMI for Sept · Piper Global Chemicals M&A Conference (virtual), 10/7 · International Conference on Molecular Targets & Cancer Therapeutics (virtual), 10/7-10/10 Consumer · Costco ($COST) reported net sales of $19.50 billion for the retail month of September, the five weeks ended October 3, 2021, an increase of 15.8% from $16.84 billion last year; Total Company Comparable Sales rose 14.3%, Sept E-Commerce Sales rose 10.6%, Sept total co. Comparable Sales ex-impacts of gas prices, foreign exchange rose 9.4% and Sept E-Commerce sales ex-impacts of gas prices, foreign exchange rose 9.6% · Levi Strauss ($LEVI) Q3 EPS $0.48 vs. est. $0.37; Q3 revs up 41% YoY to $1.5B vs. est. $1.48B; authorizes $200M share buyback; qtrly gross margin was 57.6% of net revenues, up from 54.3%; said qtrly DTC net revenues increased 34% due to increased revenues from our company-operated stores; sees 4q net rev growth 20-21% YoY · Resources Connection ($RGP) Q1 EPS $0.43 vs. est. $0.25; Q1 revs $183.1M vs. est. $175.7M; sees Q2 revs $186M-$190M vs. est. $176.9M · Carnival Cruise Line ($CCL) announced plans for more ship restarts for January and February, as it works towards the return of its full fleet sailing from U.S. homeports in the spring of 2022 · Life Time Group ($LTH) 39M share IPO priced at $18.00 Energy, Industrials and Materials · Crude futures extend Wednesday’s slump. WTI drops as much as 3.2% before recovering near $75.80. Brent follows similar price action, settling just shy of the $80 mark. · Emerson Electric Co ($EMR) is in talks to merge its software assets with industrial software company Aspen Technology Inc (AZPN), Bloomberg News reported on Wednesday, citing people with knowledge of the matter. https://bloom.bg/3AlySkj · U.S. Silica Holdings, Inc. ($SLCA) said to explore strategic alternatives for industrial & specialty products (ISP) segment · Rocket Lab USA ($RKLB) announced that it has been selected to launch NASA’s Advanced Composite Solar Sail System on the Electron launch vehicle. Financials · Chubb ltd ($CB) files mixed securities shelf · Credit Acceptance ($CACC) increased the size of its revolving secured line of credit facility from $340M to $385M · Realogy ($RLGY) forms strategic joint venture with Centerbridge Partners to accelerate growth of title insurance underwriter; Centerbridge to purchase controlling interest of Realogy’s title insurance underwriter for $210M in cash · RLI Corp. ($RLI) announced an estimated range of pretax catastrophe losses of $30M-$35M, net of reinsurance, in Q3 Healthcare · Denali Therapeutic ($DNLI) announced positive Phase 1 clinical results and regulatory progress for two investigational small molecule therapeutics in development for the treatment of amyotrophic lateral sclerosis, ALS, at the 2021 Annual Northeast ALS · SeaSpine Holdings Corp. ($SPNE) announced the successful completion of the first cases in both the United States and Australia for the 7D Percutaneous Spine Module · Moderna ($MRNA) announced it will build a mRNA facility in Africa with the goal of producing up to 500M doses of vaccines each year at the 50-microgram dose level; the company anticipates investing up to $500M in this new facility · Osmotica Pharmaceuticals ($OSMT) 14M share Spot Secondary priced at $2.50 · Theseus Pharmaceuticals ($THRX) 10M share IPO priced at $16.00 Technology, Media & Telecom · IAC/InterActiveCorp. ($IAC) has reached a roughly $2.7 billion deal to buy magazine publisher Meredith Corp. (MDP), with holders to receive $42.18 per share in an all-cash deal. As a result of the deal, Meredith will become part of DotDash, IAC’s digital-publishing division. · Dutch antitrust authority finds Apple ($AAPL) in-app payment system anti-competitive – Reuters reports citing sources; Dutch authority has ordered apple to change app store practices; Apple has appealed to Dutch court to block publication of regulatory decision · Alibaba ($BABA), Baidu ($BIDU), NetEase ($NTES), Didi Global ($DIDI) among U.S.-listed Chinese stocks rising as concerns around U.S/China trade relations and Evergrande’s debt crisis appeared to ease. Fund giant Fidelity is putting money back into Chinese stocks and thinks the recent “indiscriminate” selling caused by the debt crisis at property giant Evergrande is presenting opportunities in the country’s beaten up bond markets. Reuters reported. “There are companies that have seen good haircuts on their debt that are not justified,” Fidelity’s global Chief Investment Officer Andrew McCaffery said during a roundtable, adding that some other parts of Asia had also been impacted. · Twitter, Inc. ($TWTR) to sell MoPub to AppLovin Corp. (APP), a leading marketing software company, for $1.05 billion in cash. The transaction will enable Twitter to accelerate the development of owned and operated revenue products and drive growth · Citrix Systems Inc ($CTXS) said David j. Henshall steps down as president, chief executive officer and member of board of directors and Bob Calderoni appointed interim president and chief executive officer; sees Q3 revenue at midpoint to high end of guidance range of $765M-$775M vs. est. $778M

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

Friday, September 10, 2021 Futures Up/Down % Last Dow 167.00 0.48% 34,920 S&P 500 17.25 0.38% 4,500 Nasdaq 58.50 0.37% 15,608 U.S. futures are looking sharply higher, with the S&P 500 and Dow Jones Industrial Average looking to snap their respective 4-day losing streaks, the longest for the S&P since the middle of June. There hasn’t been much news for the recent sputtering of stocks on this holiday shortened week, though it is noteworthy that major averages remain roughly 1% off all-time highs in what has been a momentous run the last few months on dovish Fed policy and strong corporate earnings. Wall Street got a sentiment boost overnight after U.S. President Joe Biden and China President Xi Jinping held a surprise 90-minute phone call late Thursday, the first between the two world leaders in seven months. Asia shares got a boost from news of the talks, with the positive sentiment flowing through into a European session that was still navigating yesterday’s tapering decision from the ECB and news showing that the ongoing spread of Delta variant coronavirus infections lead to the slowest monthly economic growth in the UK since the January lockdowns. In Asian markets, The Nikkei Index jumped 373 points (1.25%) to 30,331, the Shanghai Index rose 10 points to 3,703 and the Hang Seng Index surged 489 points (1.91%) to 26,205. The German DAX gains 50 points to 15,675, while the FTSE 100 rises 25 points to 7,050. Market Closing Prices Yesterday The S&P 500 Index dropped -20.79 points, or 0.46%, to 4,493.28 The Dow Jones Industrial Average fell -151.69 points, or 0.43%, to 34,879.38 The Nasdaq Composite slipped -38.38 points, or 0.25%, to 15,248.25 The Russell 2000 Index declined -0.60 points, or 0.13% to 2,249.13 Events Calendar for Today 8:30 AM ET Producer Price Index (PPI) MoM for Aug…est. 0.6% 8:30 AM ET Producer Price Index (PPI) YoY for Aug…est. 8.2% 8:30 AM ET PPI Core Ex: Food & Energy MoM for Aug …est. 0.5% 8:30 AM ET PPI Core Ex: Food & Energy YoY for Aug…est. 6.6% 10:00 AM ET Wholesale Inventories MoM for July…est. 0.6% 1:00 PM EST Baker Hughes Weekly rig count data Earnings Calendar: Earnings Before the Open: KR Other Key Events: Barclay’s Global Consumer Staples Conference (virtual) 2021, 9/8-9/10 Barclay’s CEO Energy-Power Conference 2021 (virtual), 9/8-9/10 Citigroup Annual BioPharma Conference (virtual), 9/8-9/10 Citigroup GEMS Conference 2021 (virtual), 9/8-9/10 Cowen 14th Annual Global Transportation & Sustainable Mobility Conference, 9/8-9/10 Credit Suisse 2021 Global Steel & Mining Conference (virtual), 9/8-9/10 Deutsche Bank 2021 Technology Conference (virtual), 9/9-9/10 JMP Securities Fintech Forum: Artificial Intelligence, Virtual Conference, 9/10 Wells Fargo 2021 Healthcare Conference (virtual), 9/9-9/10 Macro Up/Down Last Nymex 1.12 69.18 Brent 1.04 72.57 Gold -0.40 1,794.20 EUR/USD 0.0006 1.1831 JPY/USD 0.23 109.95 10-Year Note +0.0287 1.3258% World News The Federal Reserve’s Robert Kaplan and Eric Rosengren will sell all their stocks, Wall Street Journal reporter Michael S. Derby said via Twitter. The moves come after the policymakers were criticized for actively trading stocks and bonds last year. UK Jul GDP misses at +0.1% MoM vs. 0.6% consensus; on a YoY basis, +7.5% vs 8.0% consensus; UK July Industrial Production +1.2% MoM vs 0.4% consensus and +3.8% YoY vs 3.0% consensus Germany Aug CPI (final) +3.9% YoY in line; and flat MoM in line Sector News Breakdown Consumer American Outdoor Brands ($AOUT) Q1 Non-GAAP EPS $0.48 vs. est. $0.24; Q1 revs $60.8M vs. est. $57.4M; sees Q2 sales up more than 20%; Gross margin of 47.7% increased 70 basis points over the comparable quarter last year; Adjusted EBITDAS was $9.6 million, or 15.7% of net sales, compared with $8.7 million, or 17.3% of net sales; sees year EEPS $2.02-$2.26 vs. est. $2.21 Dave & Buster’s ($PLAY) Q2 EPS $1.07 vs. est. $0.58; Q2 sales $377.6M vs. est. $358.5M; Q2 comp sales rose 3.6%; expects Q3 comparable store sales to be about in line with qtr-to-date trends compared to Q3 2019; sees Q3 Ebitda to be significantly higher than Q3 2019 Ebitda of $39.8M; sees total of four new store openings during fiscal year 2021 and relocation of one existing location Toyota Motor Corp ($TM) cut its production forecasts for September and October, blaming shortages of chips and other parts as suppliers; said it will produce 70,000 fewer vehicles than previously planned this month, and 330,000 fewer vehicles next month. National Beverage ($FIZZ) Q1 EPS $0.58 vs. est. $0.51; Q1 revs $311.7M vs. est. $299.19M; Gross margin was 40%; operating income was $70.3 million or 22.6% of sales; and cash was $245.5M Zumiez ($ZUMZ) Q2 EPS $0.94 vs est. $0.79 on revenue $268.7M vs est. $180.5M; Q3 sales through Sept 6th +23.2% YoY vs 1st 37 days in 3Q20; not providing outlook for Q3 or full-year at this time Destination XL ($DXLG)73M share Spot Secondary priced at $6.10 VICI Properties ($VICI) 100M share Secondary priced at $29.50 Energy, Industrials and Materials Fortress Transportation ($FTAI) 12M share Secondary priced at $25.50 Radiant Logistics ($RLGT) Q4 EPS in-line $0.21 on revenue $257.9M vs est. $227.35M Yellow Corp ($YELL) less-than-truckload, percent change for shipments per workday in qtd was down 5.2%; LTL percent change for revenue per shipment in qtd was up 18.5% Financials Affirm ($AFRM) Q4 EPS loss (-$0.48) vs. est. loss (-$0.29); Q4 revs $261.8M vs. est. $226.39M; Q4 GMV $2.5B, up 106%; Active merchants grew by 412% to nearly 29,000 for Q4, including several thousand newly integrated Shopify merchants; Q4 active consumers grew 97% to 7.1M; sees Q1 revenue $240M-$250M vs. est. $233.89M; sees FY22 revenue $1.16B-$1.19B vs. est. $1.17B; sees FY22 GMV $12.45B-$12.75B Ryman Hospitality Properties ($RHP) said it expects positive cash flow in Q3 of $16M-19M despite the recent impact of attrition and cancellations related to the COVID-19 delta variant spread (compares with a negative cash flow of $1M in Q2, and -$32M in Q2 of last year) United Insurance Holdings ($UIHC) estimates current year catastrophe losses of ~$27M for Q3. Farmer Bros. ($FARM) Q4 EPS loss (-$0.24) on revs $102.86M WillScot Mobile Mini ($WSC)41M share Spot Secondary priced at $28.50 Healthcare Apellis ($APLS) announced that while its phase 3 OAKS study evaluating intravitreal pegcetacoplan in patients with geographic atrophy met the primary endpoint for both monthly and every-other-month treatment, the DERBY study did not meet the primary endpoint of GA lesion growth, showing a reduction of 12% and 11% with monthly and every-other-month treatment Cigna ($CI) assumed at Market Perform from Outperform at Cowen with a price target of $235, down from $300 Humana ($HUM) assumed at Outperform from Market Perform at Cowen and raise tgt to $479 from $470 OrthoPediatrics ($KIDS) entered into a distribution agreement with a subsidiary of SeaSpine ($SPNE) to exclusively distribute the 7D Surgical FLASH Navigation platform for pediatric applications. Agilon Health ($AGL) 17M share Secondary priced at $30.00 Impel NeuroPharma ($IMPL) 3M share Secondary priced at $15.00 Ortho Clinical Diagnostics ($OCDX) 22M share Secondary priced at $17.50 Senators may seek to cap the prices that Medicare pays for certain medications so that they’re no higher than what other government programs, like the Department of Veterans Affairs, will pay, STAT reports exclusively Technology, Media & Telecom Sumo Group Plc ($SUMO) Q2 EPS loss (-$0.11) vs. est. loss (-$0.14); Q2 revs $58.8M vs. est. $56.69M; sees revenue $236.8M-$238.8M vs. est. $200.9M; sees adjusted loss per share 51c to 52c vs. est. loss (79c) Verint Systems ($VRNT) Q2 EPS $0.58 vs. est. $0.42; Q2 revs $216M vs. est. $207.74M; sees Q3 revs $215M-$220M vs. est. $220.2M; sees year revs $872M plus/minus 2% vs. est. $863.2M Zscaler ($ZS) Q4 Non-GAAP EPS $0.14 vs. est. $0.09; Q4 revs $197.1M vs. est. $186.8M; sees Q1 EPS about $0.12, in-line with ests on revs $210M-$212M vs. est. $200M; sees year revs $940M-$950M vs. est. $902M; sees year billings $1.23 billion to $1.25 billion above est. $1.14 billion PowerSchool ($PWSC) Q2 revenue $145.4M vs. est. $142.86M; sees Q3 revenue $140M-$143M vs. est. $142.86M; sees Q3 adjusted EBITDA $36M-$39M; sees FY21 revenue $542M-$545M vs. est. $536.85M Bumble ($BMBL) 18M share Secondary priced at $54.00 McAfee ($MCFE) 20M share Secondary priced at $22.50 Sea Limited (SE) 11M share Secondary priced at $318.00 ChipMOS (IMOS) reports August revenue of $86.7M (-0.8% M/M; +26.1% Y/Y). Taiwan Semiconductor Manufacturing Co.’s (T$SM) August revenue was up 11.8% Y/Y to NT$137.43B or about $4.98B; sales were up 10.3% compared to July 2021. Take-Two ($TTWO) backs FY22 EPS view $1.95-$2.20 (below est. $4.58) and backs FY22 net bookings view $3.2B-$3.3B; reiterated its outlook for its fiscal year 2022, ending March 31, 2022, which was originally provided on May 18, 2021 and reiterated on August 2, 2021

Thursday, July 8, 2021 Futures Up/Down % Last Dow -494.00 1.43% 34,074 S&P 500 -60.25 1.40% 4,289 Nasdaq -196.50 1.33% 14,606 Stocks slide around the globe, as the S&P 500 and Nasdaq Composite tumble following fresh all-time highs on Wednesday. A delayed reaction? Stocks were little changed late afternoon following the release of the FOMC Minutes from its prior meeting, where Fed officials saw a tightening of monetary policy potentially happening sooner than expected as the economy recovers from the pandemic, but no move to taper asset purchases seems imminent. At the same time, worries about the economic recovery continue to weigh as the Covid-19 delta variant has spread rapidly in countries with lagging vaccination rates, as the WHO urged caution on worldwide reopenings. In Asian markets, The Nikkei Index dropped -248 points to 28,118, the Shanghai Index slid -28 points to 3,525 and the Hang Seng Index tumbled 2.9% or 800 points to settle at 27,153. In Europe, markets are broadly lower as the German DAX drops over 270 points to 15,420, while the FTSE 100 slides around 2% to hold just above the 7,000 level. European equities are deep in the red with most indexes printing fresh lows for the week. Eurostoxx 50 drops as much as 1.9%, while all Stoxx 600 sectors are in the red, with miners, retail and banks performing the worst. Market Closing Prices Yesterday The S&P 500 Index gained 14.59 points, or 0.34%, to 4,358.13 The Dow Jones Industrial Average rose 104.42 points, or 0.30%, to 34,681.79 The Nasdaq Composite edged higher 1.42 points, or 0.01%, to 14,665.06 The Russell 2000 Index declined -21.66 points, or 0.95% to 2,252.85 Events Calendar for Today 8:30 AM ET Weekly Jobless Claims…est. 350K 8:30 AM EST Continuing Claims…est. 3.335M 10:30 AM ET Weekly EIA Natural Gas Inventory Data 11:00 AM ET Weekly DOE Inventory Data 3:00 PM ET Consumer Credit for May…est. $18.4B Earnings Calendar: Earnings Before the Open: $HELE Earnings After the Close: $ACCD, $DCT, $KSHB, $LEVI, $PSMT Other Key Events: China Producer Price Index and Consumer Price Index for June Macro Up/Down Last Nymex -0.80 71.40 Brent -0.66 72.77 Gold 7.10 1,810.75 EUR/USD 0.0036 1.1826 JPY/USD -0.82 109.84 10-Year Note -0.066 1.255% Sector News Breakdown Consumer GAN ($GAN) rises after saying sees Q2 revs between $34-$35M, beating the consensus of $23.98M; positive Adj. EBITDA to be $3-$7M as higher than expected revenue more than offset strategic investments in talent and technology Overstock ($OSTK) initiated with a Buy and $150 tgt at Needham WD-40 ($WDFC) Q3 EPS $1.52 vs. est. $1.15; Q3 sales rose 39% to $136.4M vs. est. $108.33M; sees FY sales $475m-$490m vs. rest. $461.85M; do not expect to see sales growth of current magnitude over long-term Tesla ($TSLA) introduced a new, lower-priced version of the Model Y to the China market; the Standard Range Model Y starts at 276,000 yuan ($42,600) after government subsidies and incentives; Tesla began taking orders for the vehicle on Thursday. Didi ($DIDI) shares on track for a 4th straight decline after IPO last week, extending the losses suffered as Asian stocks listed in New York also drop following a day of declines for tech companies in Hong Kong. Stellantis ($STLA) slips after saying adjusted operating income margins in 1H are expected to exceed previously communicated FY margin guidance range of 5.5% to 7.5%; said expects negative industrial free cash flows in 1H Energy, Industrials and Materials American Petroleum Institute ($API) showed a draw of 7.98M barrels of oil for the latest week; gasoline inventories showed a draw of 2.74M barrels, distillate inventories show a build of 1.09M barrels and Cushing inventories show a build of 152K barrels. Freeport McMoRan ($FCX) downgraded to Underweight from Equal Weight at Barclays Rio Tinto ($RIO) and South Korean steelmaker POSCO agreed to jointly develop technologies to transition to a low-carbon emission steel value chain. Maxar Technologies ($MAXR) contracts for WorldView Legion satellite constellation capacity through an expanded agreement with a key international defense and intelligence customer (multi-year, $35M contract) Sonoco ($SON) updates $115 million project horizon progress; announces intentions to close 70,000 tons/year of capacity at Hartsville mill complex; investment to convert Hartsville, S.C., corrugated medium machine to urb scheduled to be completed in q2 of 2022 The Federal Aviation Administration issued an emergency directive requiring main rotor inspections for ~400 Textron ($TXT) Bell helicopters after Canadian and U.S. investigators discovered a possible flaw while probing a fatal crash last week. Financials Cryptocurrency-exposed stocks like $RIOT, $MARA, $MSTR, looking sharply lower in premarket trading with Bitcoin sinking back below $33,000 per token, down over 5%, with Ethereum down over 7% to slip below $2,200 Charles Schwab ($SCHW) downgraded to Neutral from Conviction Buy at Goldman Sachs Pzena Investment Management Inc. ($PZN) preliminary total AUM as of June 30, 2021 was $53.1 bln Healthcare Amgen ($AMGN) said the U.S. FDA has accepted a Biologics License Application ($BLA) and granted Priority Review for Tezepelumab in the treatment of asthma; Tezepelumab is being developed by Amgen in collaboration with AstraZeneca ($AZN) Ideaya Biosciences ($IDYA)64M share Secondary priced at $17.25 SeaSpine Holdings ($SPNE) said the U.S. FDA has granted a 510k clearance for the company’s 7D Percutaneous Spine Module for minimally invasive surgery Technology, Media & Telecom Alphabet Inc’s ($GOOGL) slides as thirty-seven U.S. states and district attorneys general sued Google on Wednesday, alleging the search giant bought off competitors; also alleged that the co was using restrictive contracts to unlawfully maintain a monopoly for its app store on Android phones Tessco Technologies ($TESS) shares jump over 30% after the company said Wednesday evening it expects 2022 1Q total revenue of $105M, 9% higher than a year earlier