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Thursday, September 23, 2021 Futures Up/Down % Last Dow 162.00 0.47% 34,291 S&P 500 23.25 0.53% 4,407 Nasdaq 83.50 0.55% 15,247 U.S. stocks are looking at another move higher following strong gains on Wednesday despite the FOMC taking a more “hawkish” stance on both rates and the timeline on asset purchase tapering during yesterday’s meeting. Stocks jumped on Wednesday after the Federal Reserve cleared the way to ease monthly bond purchases “soon” and signaled interest rate increases may follow more quickly than expected. Stocks pared gains late as Fed Chair Jerome Powell spoke at his press conference but still closed up solidly. Fed officials indicated that they see interest rates seen rising to 1% in 2023, faster than projected by the Fed in its projections in June, and then to 1.8% in 2024. Nine of eleven major S&P 500 sectors ended the day higher. However, of note, all 11 groups retreated from the moments before Powell’s press conference began, into the close. The Dow Transport index slid to 6-month lows following weakness from Fed-Ex (FDX) earnings results and guidance the night prior. In Asian markets, The Nikkei Index was closed, the Shanghai Index rose 13 points to 3,642 and the Hang Seng Index gained 289 points to 24,510. In Europe, the German DAX is up over 130 points (0.89%) to 15,645, while the FTSE 100 rises about 20-points to move above 7,100. Oil prices are slipping but still holds near two-month high with global stockpiles tightening. In China news, the WSJ reported China is preparing for the “demise” of Evergrande, signaling Beijing’s reluctance to get involved and bail out the company. Events Calendar for Today 8:30 AM ET Weekly Jobless Claims…est. 320K 8:30 AM EST Continuing Claims…est. 2.65M 9:45 AM ET Markit Manufacturing PMI, Sept-F…est. 61.5 9:45 AM ET Markit Services PMI, Sept-F…est. 55.0 9:45 AM ET Markit Composite PMI-Sept-F 10:00 AM ET Leading Index MoM for Aug…est. +0.7% 10:30 AM ET Weekly EIA Natural Gas Inventory Data 11:00 AM ET Kansas City Fed Manufacturing for Sept…prior 22 Earnings Calendar: Earnings Before the Open: DRI, DYNT, IWSY, RAD Earnings After the Close: AEHR, AGTC, AIR, CAMP, $COST, MTN, $NKE, PRGS, $RSSS Other Key Events: Credit Suisse 7th Annual Oil & Gas Non-Bus Tour (virtual), 9/21-9/23 DA Davidson Diversified Industrials & Services Conference (virtual), 9/22-9/23 Goldman Sachs 30th Annual Communacopia Conference (virtual), 9/21-9/23 JPMorgan 12th Annual U.S. All Stars Conference (virtual), 9/21-9/23 Oppenheimer Fall Healthcare Life Sciences & MedTech Summit (virtual), 9/20-9/23 Roth Capital 8th Annual Solar Symposium (virtual), 9/20-9/23 Sidoti Fall Small Cap Conference (virtual), 9/22-9/23 Wells Fargo 4th Annual Consumer Conference (virtual), 9/22-9/23 Market Closing Prices Yesterday The S&P 500 Index gained 41.45 points, or 0.95%, to 4,395.64 The Dow Jones Industrial Average rose 338.48 points, or 1.00%, to 34,258.32 The Nasdaq Composite jumped 150.45 points, or 1.02%, to 14896.85 The Russell 2000 Index advanced 32.38 points, or 1.48% to 2,218.56 Macro Up/Down Last Nymex -0.32 71.91 Brent -0.27 75.92 Gold 3.80 1,772.00 EUR/USD 0.0028 1.1715 JPY/USD 0.11 109.89 10-Year Note +0.003 1.335% World News China is preparing for the “demise” of Evergrande, signaling Beijing’s reluctance to get involved and bail out the company (the gov’t will only step in should the company’s failure turn disorderly) – WSJ https://on.wsj.com/3i2x8WH Sector News Breakdown Consumer Steelcase ($SCS) 2Q EPS $0.21 vs est. $0.23 on revs $724.8Mm vs est. $761.3Mm; guides 3Q revs $755-785Mm vs est. $713Mm, sees 3Q EPS $0.07-0.11 vs est. $0.09 Funko ($FNKO) entered into a new credit agreement for a term loan facility of $180M and a revolving credit facility of $100M that mature September 17, 2026 Brilliant Earth ($BRLT)33M share IPO priced at $12.00 Hyatt ($H) 7M share Secondary priced at $74.50 Sovos Brands ($SOVO)3M share IPO priced at $12.00 Energy, Industrials & Materials HB Fuller (FUL) 3Q adj EPS $0.79 vs est. $0.79 on revs $827Mm vs est. $797.6Mm; guides FY revs +17-18% vs est. +14.4%, sees FY adj EBITDA abut $460-470Mm vs est. $463Mm KB Homes (KBH) 3Q EPS $1.60 vs est. $1.62 on revs $1.47B vs est. $1.57B; qtrly homes delivered +35% to $3,425, ending backlog value +89% to $4.84B; inventory +19% to $4.66B as of Aug. 31; repurchased 4.7Mm shares for $188.2Mm Northrop Grumman ($NOC) upgraded to Neutral from Sell at Goldman Sachs with a $350 price target and General Dynamics (GD) also upgraded to Neutral from Sell at Goldman Sachs with a $176 price target in the defense sector; L3Harris Technologies (LHX) downgraded to Sell from Neutral at Goldman Sachs with a $207 price target, Lockheed Martin (LMT) downgraded to Neutral from Buy with $402 tgt and Woodward ($WWD) downgraded to Sell from Neutral with $102 tgt Loop Capital started Regal Beloit Corp (RBC) with a Buy rating and $180 price target and Timken (TKR) with a Hold rating and $72 price target Grinrod Shipping ($GRIN)842M share Spot Secondary priced at $13.50 Syncrude Canada, majority-owned by Suncor Energy ($SU), cut September supplies due to a mechanical disruption at its Alberta oil sands site, Bloomberg reported Financials Chinese Estates (Holdings) Ltd. is planning to sell all of its shares in China Evergrande Group, as the property investment company is worried about the recent stock-price volatility and financial condition of debt-laden Evergrande. Chinese Estates, which currently holds 751.09 million shares or a 5.66% stake in Evergrande, expects to record a realized loss on the stake of about 1.38 billion Hong Kong dollars ($177.2 million) for the year ending December Remitly Global (RELY)16M share IPO priced at $43.00 The9 ($NCTY), Polygon, an Ethereum scaling platform, and Protocol Labs, a major contributor of open-source projects are forming an ecosystem collaboration on NCTY’s Non-Fungible Token (NFT) platform NFTSTAR and GameFi Play-to-Earn projects Safehold (S$AFE)2M share Secondary priced at $76.00 Willis Towers Watson ($WLTW) raises share buyback program by $4B Raymond James Financials ($RJF) posts Private Client Group assets in fee-based accounts of $643.5B grew 33% Y/Y, thanks to the net addition of financial advisers; record client assets under administration of $1.21T rose from $945.2B in the year ago period and $1.18T in the prior month. Healthcare The FDA has granted Emergency Use Authorization for a booster dose of Pfizer ($PFE)/BioNTech’s ($BNTX) COVID-19 vaccine for those 65 and older, those who work in healthcare settings, and adults at high risk of severe COVID-19. The authorization includes people whose “frequent institutional or occupational exposure to SARS-CoV-2 puts them at high risk of serious complications of COVID-19.” Sterling Check (STER)285M share IPO priced at $23.00 Eargo, Inc. (EAR) shares fell -50% on reports it is the target of a criminal investigation by U.S. DOJ related to insurance reimbursement claims submitted on behalf of customers covered by federal employee health plans; the co is withdrawing its financial guidance for fiscal year ending December 31, 2021 Spectrum Pharma (SPPI) Journal of Clinical Oncology Abstract listing for co.’s ‘poziotinib for patients with HER2 exon 20 mutant non–small-cell lung cancer Cigna Corp (CI) named Eric Palmer as president and chief executive officer of Evernorth, its health services unit that mainly houses its pharmacy benefit management business; also announced several other leadership changes Medirom Healthcare (MRM) rises 39%; after saying that it will buy Japanese private hair salon operator Zacc Kabushiki Kaisha in an all-cash deal of 370.0 mln yen ($3.36M) Thorne HealthTech (THRN) 7M share IPO priced at $10.00 Stifel initiated Buy ratings on Mirati Therapeutics (MRTX) with a $202 price target, Kinnate Biopharma (KNTE) with a $32 price target, and Repare Therapeutics (RPTX) with a $48 price target; Hold ratings on Ideaya Biosciences (IDYA) and Revolution Medicines (RVMD) Needham started SAGE Therapeutics (SAGE) at a Buy and added it to its Conviction List; also initiated Buy ratings on Intra-Cellular Therapeutics (ITCI), Avadel Pharmaceuticals (AVDL), Jazz Pharmaceuticals ($JAZZ), Biogen ($BIIB), Harmony Biosciences ($HRMY), and Hold ratings on Neurocrine Biosciences ($NBIX) and ACADIA Pharmaceuticals (ACAD) Technology, Media & Telecom Blackberry ($BB) shares rose 8% after earnings; Q2 EPS ($0.06) vs est. ($0.07) on revenue $175M vs est. $163.5M Facebook ($FB) chief technology officer Mike Schroepfer said in a Facebook post: “After 13 amazing years at Facebook, I have made the decision to step down as Chief Technology Officer and transition to a new part time role as Facebook’s first Senior Fellow at the company sometime in 2022 EngageSmart ($ESMT)55M share IPO priced at $26.00 Roku ($ROKU) upgraded to Buy from Neutral at Guggenheim

Friday, August 13, 2021 Futures Up/Down % Last Dow 50.00 0.14% 35,452 S&P 500 3.25 0.07% 4,457 Nasdaq 3.50 0.02% 15,081 Following a third straight record close for the S&P 500 and Dow Jones Industrial Average, futures are again looking to push higher, building on the continued upward momentum. Volumes were very light on Thursday and market breadth was negative, but that didn’t stop major averages from climbing all day despite another rise in producer prices (PPI inflation data) as the S&P 500 recorded its 47th record close this year (on track to beat its record of 62 record highs registered in 2017). Volume on U.S. exchanges was just 8.38 billion shares, making it one of the slowest trading days of the year. The average for the full session over the last 20 trading days is around 9.5 billion shares. It’s also now been 323 calendar days since the S&P 500 last ended, on a closing basis, a decline of 5% or more from a record high (according to Reuters). In Asian markets, The Nikkei Index slid -37 points to dip back below the 28,000 level, the Shanghai Index dipped -8 points to 3,516 and the Hang Seng Index dropped -126 points to 26,391. In Europe, the German DAX is higher by 75 points to move above the 16,000 level, while the FTSE 100 is up over 25 points to 7,220. After a consolidation day, crypto assets are surging again this morning, on track for weekly highs for Bitcoin around $46,500, Ethereum up over $3,250 and Bitcoin cash ($BCH) up 5% around $640. In stock news, the FDA amended the emergency use authorizations granted for Pfizer ($PFE)/BioNTech ($BNTX) and Moderna ($MRNA) COVID-19 vaccines on Thursday, allowing their use as booster shots in certain immunocompromised individuals Market Closing Prices Yesterday The S&P 500 Index gained 13.13 points, or 0.30%, to 4,460.83 The Dow Jones Industrial Average edged higher 14.88 points, or 0.04%, to 35,499.85 The Nasdaq Composite jumped 51.13 points, or 0.35%, to 14,816.26 The Russell 2000 Index declined -6.27 points, or 0.28% to 2,244.07 Events Calendar for Today 8:30 AM ET Import/Export Prices MoM for July 10:00 AM ET University of Michigan Sentiment, Aug-P 1:00 PM EST Baker Hughes Weekly rig count data Earnings Calendar: Earnings Before the Open: CL, ME, VERO Other Key Events: Cowen 9th Annual Internet & Media Bus Tour (virtual), 8/9-8/13 Credit Suisse 4th Annual FinTech Conference (virtual), 8/11-8/13 Macro Up/Down Last Nymex -0.02 69.07 Brent 0.03 71.34 Gold 10.10 1,761.90 EUR/USD 0.0018 1.1748 JPY/USD -0.14 110.27 10-Year Note -0.025 1.342% Sector News Breakdown Consumer AirBnB ($ABNB) Q2 gross bookings $13.4B up 320% vs. est. $11.19B; saw strong demand for bookings in q2, achieving highest gross nights booked of any quarter; number of active listings grew in q2; active listings in non-urban destinations in Europe & N. America increased 8% from Q1 2021 to Q2; expect q3 rev to be co’s strongest qtrly rev on record and to deliver the highest adj Ebitda dollars and margin ever; expect GBV in q3 2021 to be well above 2019 levels, but below co saw in q2 due to impact of booking timing differences and cancellations DoorDash ($DASH) 2Q revs $1.2B vs est. $1.08B, qtrly total orders +69% to 345Mm, qtrly marketplace gov +70% to $10.5B; guides 3Q marketplace gov $9.3-9.8B with adj EBITDA $0-100Mm vs est. $44Mm; guides FY marketplace gov $39-40.5B w/ adj EBITDA $150-350Mm vs est. $213.5Mm JBS SA, the world’s largest meatpacker, said late Thursday it has proposed buying the remaining common shares in Pilgrim’s Pride (PPC) for $26.50 per share in order to delist its U.S.-based subsidiary, which represents a premium of about 17% to PPC’s last close PepsiCo Inc. ($PEP) and Boston Beer Co. (SAM) said they plan to partner on an alcoholic version of the Mountain Dew soft drink with the brand Hard Mtn Dew. The coming product is a nod to what the companies see as evolving tastes of drinkers, executives said Tuesday. Fiesta Restaurant ($FRGI) Q2 EP S0.11, in-line with ests; Q2 revs $91.2M, consensus $157.49M; Comp restaurant sales at Pollo Tropical increased 43.5%; comparable restaurant sales at Taco Cabana increased 15.6% Flowers Foods ($FLO) Q2 adj EPS $0.32 vs. est. $0.28; Q2 revs $1.02B vs. est. $1.01B; raises FY21 EPS view to $1.17-$1.22 from $1.10-$1.17 (est. $1.15), while narrows FY21 revenue view to $4.26B-$4.30B from $4.23B-$4.30B (est. $4.25B); Q2 adjusted EBITDA decreased 5.0% to $122.1M Luminar Technologies ($LAZR) 2Q adj EPS ($0.08) vs est. ($0.08) on revs $6.3Mm vs est. $6.32Mm; guides FY revs $30-33Mm vs est. $27.35Mm Mister Car Wash ($MCW) Q2 adj EPS $0.14 on revs $197.1M (vs. $101.9M last year); Q2 comp store sales increased 93% for the second quarter of 2021 compared to Q2 fiscal 2020; sees FY21 revenue net growth of about 30% and comparable stores sales growth of 29% to 33% Rush Street interactive ($RSI) Q2 adj EPS loss (-$0.04) vs. est. loss (-$0.12); Q2 revs $122.8M vs. est. $112.4M; boosts FY21 revenue view to $465M-$495M from $440M-$480M (est. $467.69M) Hall of Fame Resort & Entertainment (HOFV) Q2 revenue +39% to $2.4M, Q2 net income was $15.5M, Q2 Adj EBITDA loss ($5.6M) vs $1.3M YoY and Q2 cash balance, including restricted cash, of $73.7M vs $68.5M as of March 31, 2021 Energy, Industrials and Materials Kansas City Southern (KSU) says its board has determined that the latest unsolicited proposal from Canadian Pacific Railway (CP) does not constitute a superior proposal, and reaffirms its support of a merger with Canadian National Railway (CNI). Earlier this week, CP submitted a new $300 per share offer that values KSU at $31B. Under the terms of the CNI, KSU holders would receive $200 in cash and 1.129 CNI shares Boeing’s (BA) Starliner space capsule launch is facing delays of several months as it will likely need repairs, the WSJ reported Maxeon Solar (MAXN) 2Q EPS ($1.99) vs est. ($1.39) on revs $176Mm vs est. $181.1Mm; guides 3Q revs $220-240Mm vs est. $220Mm Hydrofarm Holdings (HYFM) Q2 adj EPS $0.30 vs. est. $0.20; Q2 sales $133.8M vs. est. $134.7M; sees FY sales up 45%-50% XL Fleet Corp. (XL) 2 EPS ($0.08) vs est. ($0.06) on revs $3.7M vs est. $4.4M; OEMs have pushed out the opening of new orders and extended lead times, indicating the shortage of its new commercial fleet vehicles will stretch into 2022 Financials com ($LZ) Q2 adj EPS $0.03 vs est. $0.02 on revs $150.4M vs est. $140.5M, gross margin 67% from 68% in Q1; sees Q3 revs $143M-$147M, FY revs $570M-$578M vs est. $564.36M, FY adj EBITDA $55M-$59M, says 2021 quarterly revenue growth rates are affected by the impact Covid-19 had on business formations in 2020 Rocket Companies ($RKT) Q2 adj EPS $0.46 vs. est. $0.49; Q2 revs $2.67B vs. est. $2.92B; Achieved record purchase closed loan origination volume, nearly doubling year-over-year; fourth consecutive quarter of meeting or exceeding guidance for closed loan, net rate lock volume, and gain on sale margins; generated $84 billion in mortgage origination closed loan volume and gain on sale margin of 2.78% SoFi Technologies ($SOFI) Q2 EPS ($0.48) vs est. ($0.06) on adj revenue $237.22M vs est. $218.6M, adj EBITDA $11.24M; Q2 total products 3.7M (+123% YoY), total members 2.6M (+113% YoY); sees Q3 adj net sales $245M-$255M vs est. $260.3M, adj EBITDA ($7M)-$3M; reaffirms FY guidance for adj net revs $980M and adj EBITDA $27M ZipRecruiter (Z$IP) Q2 net loss ($25.8M) adj EBITDA loss ($1.7M), sales $183M vs est. $160.4M; sees Q3 adj EBITDA $10M-$16M, sales $182-$188M vs est. $156M; raised FY forecast for sales to $651M-$665M from $580M-$600M (est. $595.3M); adj EBITDA to $30M-$38M from $20M-$28M Healthcare The FDA amended the emergency use authorizations granted for Pfizer ($PFE)/BioNTech ($BNTX) and Moderna ($MRNA) COVID-19 vaccines on Thursday, allowing their use as booster shots in certain immunocompromised individuals Acutus Medical ($AFIB) Q2 EPS loss (-$0.89) vs. est. loss (-$0.84); Q2 revs $4.71M vs. est. $4.15M; leaving its year guidance unchanged and projects revenue to range between $22.0 million and $30.0 million; said Q2 direct segments which grew nearly 45% sequentially as compared to the first quarter of 2021 Bio-Life Solutions ($BLFS) 2Q adj EPS $0.00 vs est. ($0.07) on revs $31.2Mm vs est. $27.6Mm; guides FY revs $108-117Mm vs est. $110.5Mm Co-Diagnostics ($CODX) 2Q revs $27.4Mm vs est. $20.8Mm; guides 3Q EPS $0.19-0.22 vs est. $0.22, sees 3Q revs $23-25Mm vs est. $18.1Mm Moderna ($MRNA) announced the publication of a new study showing that its COVID-19 vaccine led to durable antibody levels against newly detected COVID-19 variants. Seer Inc. ($SEER) 2Q EPS ($0.27) vs est. ($0.28) on revs $1.3Mm vs est. $787K Spectrum Pharma (SPPI) 2Q adj EPS ($0.25) vs est. ($0.26), ended qtr with cash, equivalents & marketable of $158.8Mm Technology, Media & Telecom Disney ($DIS) 3Q adj EPS $0.80 vs est. $0.55 on revs $17.02B vs est. $16.76B, qtr end Disney+ paid subs 116Mm, qtr end ESPN+ paid subs 14.9Mm, qtr end Hulu paid subs 42.8Mm; pleased with company’s trajectory amidst ongoing challenges of covid Globant S.A. ($GLOB) 2Q adj EPS $0.88 vs est. $0.84 on revs $305.3Mm vs est. $288.2Mm; guides 3Q adj EPS at least $0.92 vs est. $0.85, sees 3Q revs at least $325Mm vs est. $292.7Mm; guides FY adj EPS at least $3.58 vs est. $3.40 and revs at least $1.236B vs est. $1.145B Latch Inc. ($LTCH) Q2 loss ($40.1M) vs ($15M) loss YoY on revenue $9M vs est. $10.1M, adj EBITDA ($17.4M) from ($13.4M) YoY, total bookings $95.8M (+102% YoY), booked ARR $48.8M (+122% YoY); issued Q3 guidance for total bookings $55M-$90M, revenue $10M-$11M vs est. $14.79M, adj EBITDA ($32M)-($28M); now sees FY bookings $325-$340M and lowered its FY rev outlook to $38M-$42M from $47M-$51M vs est. $49.1M LiveXLive Media ($LIVX) Q1 EPS loss (-$0.12) vs. est. loss (-$0.06); Q1 revs up 269% to $38.8M vs. est. $28.03M; raises FY22 revenue view to $115M-$125M from $110M-$120M (est. $114.19M); Paid subscribers as of June 30, 2021 increased 32% to over 1,162,000, a net increase of approximately 285,000, as compared to 877,000 subscribers at June 30 Sierra Wireless ($SWIR) 2Q adj EPS ($0.03) vs est. ($0.15) on revs $132.8Mm vs est. $119.8Mm, says product demand remains very strong, limited production has resumed at Vietnam facility but experiencing production interruptions due to covid Viavi Solutions ($VIAV) Q4 adj EPS $0.22 vs. est. $0.19; Q4 revs $310.9M vs. est. $300.83M; sees Q1 adj EPS $0.20-$0.22 vs. est. $0.20; sees Q3 revs $303M-$317M vs. est. $309.01M Cricut ($CRCT) Q2 EPS $0.22 vs. est. $0.20; Q2 revs $334.49M vs. est. $319.08M; Connected machine revenue was $146.3 million, up 29.0% over Q2 2020; subscriptions revenue was $50.7 million, up 110.9% over Q2 2020; accessories and materials revenue was $137.5 million, up 40.4% over Q2 2020; gross margin was 39.0%, up from 31.1% over Q2 2020 ContextLogic (WISH) Q2 revs $656M vs. est. $722.9M; shares tumble over 20% after saying demand slowed and costs rose more than expected (downgraded ay Cowen and JPM)

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Algo long $FATE and $SPPI at 50.46 and 4.13

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