$SYF

$SYF-Bearish activity detected in Synchrony with 6346 puts trading, or 4x the recent avg daily put volume in the name. Shares near $29.06(-1.31) with ATMIV lifting by 4.70 point and 53% of todays put premium trading offer side. The OCT 20th 28.00 Puts are being bought.

$PACW Sep 4 P $SOFI May 5 P $SOFI Jan 4 P $PSEC Nov 6 P $ALLY May12 24.5 P $KEY May 9 P $LC Jan 5 P $BABA Sep 75 P $ARCC May 17 P $WBD Oct 10 P $DB Jun 9 P $OZK Jun 30 P $KRE May 40 P $SYF Jun 26 P $HBAN Jun 9 P $DBX May 20 P $DAL Jun 27 P $DIS Jun 80 P $JPM Jun 100 P $WFC Jan 30 P $XLF Sep 30 P

$PACW Sep 4 P $SOFI May 5 P $SOFI Jan 4 P $PSEC Nov 6 P $ALLY May12 24.5 P $KEY May 9 P $LC Jan 5 P $BABA Sep 75 P $ARCC May 17 P $WBD Oct 10 P $DB Jun 9 P $OZK Jun 30 P $KRE May 40 P $SYF Jun 26 P $HBAN Jun 9 P $DBX May 20 P $DAL Jun 27 P $DIS Jun 80 P $JPM Jun 100 P $WFC Jan 30 P $XLF Sep 30 P

3/17 Upgrades: $AAL $AIT $CB $COLB $DUK $FIS $GDS $GOOGL $LPSN $NVDA $SBT $SYF $WBD 3/17 Downgrades: $BFH $KLR $DOCN $NVCR EBS $VEEV $FRC $XM $TEX $MGNX $RNG $HNST $SYF $REE

$SYF Synchrony Finl Option Alert: Apr 21 $30 Calls at the Ask: 3850 @ $2.4 vs 0 OI; Earnings 4/17 Before Open [est] Ref=$29.55

3850 $SYF Apr23 30.0 Calls $2.40 (CboeTheo=2.28) ASKSIDE AMEX IV=67.4% +13.9 AMEX 1 x $2.15 - $2.40 x 2 NOM CROSS - OPENING SSR Vol=3857, OI=0,

RECAP 11/7 Unusual Puts: $SYF Dec 32 P $CCL Jun 5 P $JPM Dec 135 P $BAC Dec 38 P $LI Jun 18 P $F Jun 12 P $COIN Nov 50 P $LYFT Jan 10 P $ARKK Jan 25 P

$SYF Dec 32 P $CCL Jun 5 P $JPM Dec 135 P $BAC Dec 38 P $LI Jun 18 P $F Jun 12 P $COIN Nov 50 P $LYFT Jan 10 P $ARKK Jan 25 P

6925 $SYF Dec22 32.0 Puts $0.925 (CboeTheo=0.86) ASKSIDE [AMEX] IV=49.8% +4.3 PHLX 604 x $0.75 - $0.95 x 208 AMEX FLOOR - OPENING Vol=8021, OI=3754,

**__TRIMESTRALI USA DELLA SETTIMANA DI MAGGIOR IMPATTO__** **__Lunedì 24 Ottobre 2022__** Cadence Design (CDNS) Discover (DFS) Alexandria RE (ARE) WR Berkley (WRB) Brown&Brown (BRO) Packaging America (PKG) Zions (ZION) Kirby (KEX) **__Martedì 25 Ottobre 2022__** Alphabet A (GOOGL) Alphabet C (GOOG) Visa A (V) Coca-Cola (KO) Texas Instruments (TXN) United Parcel Service (UPS) NextEra Energy (NEE) Raytheon Technologies (RTX) Lockheed Martin (LMT) Chubb (CB) General Electric (GE) 3M (MMM) Illinois Tool Works (ITW) Sherwin-Williams (SHW) General Motors (GM) Valero Energy (VLO) Archer-Daniels-Midland (ADM) Moody’s (MCO) Chipotle Mexican Grill (CMG) Centene (CNC) Biogen (BIIB) Kimberly-Clark (KMB) Twitter Inc (TWTR) MSCI (MSCI) PACCAR (PCAR) Halliburton (HAL) Ameriprise Financial (AMP) Corning (GLW) Equity Residential (EQR) Synchrony Financial (SYF) IDEX (IEX) Boston Properties (BXP) Teradyne (TER) Juniper (JNPR) F5 Networks (FFIV) PulteGroup (PHM) Robert Half (RHI) Pentair (PNR) JetBlue (JBLU) **__Mercoledì 26 Ottobre 2022__** Microsoft (MSFT) Meta Platforms (META) Thermo Fisher Scientific (TMO) Bristol-Myers Squibb (BMY) ADP (ADP) Boeing (BA) ServiceNow Inc (NOW) General Dynamics (GD) Waste Management (WM) CME Group (CME) Boston Scientific (BSX) Ford Motor (F) Norfolk Southern (NSC) O’Reilly Automotive (ORLY) Kraft Heinz (KHC) Amphenol (APH) Hess (HES) KLA Corp (KLAC) Roper Technologies (ROP) Hilton Worldwide (HLT) Enphase (ENPH) IQVIA Holdings (IQV) Cognizant A (CTSH) Old Dominion Freight Line (ODFL) Digital (DLR) Otis Worldwide (OTIS) AvalonBay (AVB) Fortive (FTV) Raymond James Financial (RJF) eBay (EBAY) DTE Energy (DTE) United Rentals (URI) Rollins (ROL) Mid-America Apartment (MAA) Teledyne Technologies (TDY) Align (ALGN) Garmin (GRMN) Cincinnati Financial (CINF) Essex Property (ESS) Tyler Technologies (TYL) Avery Dennison (AVY) UDR (UDR) Everest (RE) VF (VFC) Masco (MAS) Fortune Brands (FBHS) Invesco (IVZ) Ryder System ® **__Giovedì 27 Ottobre 2022__** Apple (AAPL) Amazon.com (AMZN) Mastercard (MA) Merck&Co (MRK) McDonald’s (MCD) Linde PLC (LIN) Comcast (CMCSA) Honeywell (HON) Intel (INTC) Caterpillar (CAT) S&P Global (SPGI) American Tower (AMT) Gilead (GILD) Northrop Grumman (NOC) Altria (MO) Southern (SO) Fiserv (FISV) Keurig Dr Pepper (KDP) Edwards Lifesciences (EW) L3Harris Technologies (LHX) American Electric Power (AEP) Republic Services (RSG) DexCom (DXCM) Capital One Financial (COF) Arthur J Gallagher (AJG) Newmont Goldcorp (NEM) Xcel Energy (XEL) Warner Bros Discovery (WBD) ResMed (RMD) Baidu (BIDU) Carrier Global (CARR) PG E (PCG) Baxter (BAX) Seagen (SGEN) Willis Towers Watson (WTW) T Rowe (TROW) Weyerhaeuser (WY) CBRE A (CBRE) Hartford (HIG) FirstEnergy (FE) Principal Financial (PFG) Southwest Airlines (LUV) VeriSign (VRSN) Laboratory America (LH) West Pharmaceutical Services (WST) CMS Energy (CMS) Monolithic (MPWR) LKQ (LKQ) Textron (TXT) Kimco (KIM) International Paper (IP) ABIOMED (ABMD) Bio-Rad Labs (BIO) Western Digital (WDC) Stanley Black Decker (SWK) Teleflex (TFX) Eastman Chemical (EMN) BorgWarner (BWA) Allegion PLC (ALLE) AO Smith (AOS) Universal Health Services (UHS) Mohawk Industries (MHK) **__Venerdì 28 Ottobre 2022__** Exxon Mobil (XOM) Chevron (CVX) AbbVie (ABBV) Charter Communications (CHTR) Colgate-Palmolive (CL) Aon (AON) WW Grainger (GWW) Coterra Energy (CTRA) Church&Dwight (CHD) Royal Caribbean Cruises (RCL) Newell Brands (NWL)

RECAP 10/12 Unusual Puts: $AAPL Oct28 137 P $WBD Nov 7.5 P $BHC Nov 6 P $OXY Jan 37 P $INTC Jan-24 15 P $AAL Dec 9 P $CCL Nov 6 P $NKLA Oct14 3 P $KWEB Oct 23.5 P $SYF Dec 31 P $CNK Oct 10 P

Just took another look at $SYF, the Puts look like a winner.

17082 $SYF Nov22 28.0 Puts $1.10 (CboeTheo=1.00) ASKSIDE MIAX 1 IV=59.4% +3.8 NOM 18 x $0.85 - $1.10 x 210 PHLX AUCTION - OPENING Vol=21k, OI=80

$10000 SYF Aug22 30.0 Puts $0.85 (CboeTheo=0.81) ASKSIDE CBOE IV=51.5% -1.1 AMEX 655 x $0.70 - $0.90 x 1 NOM AUCTION - OPENING Post-Earnings Vol=10k, OI=145,

RECAP 6/16 Unusual Puts: $FSR Jan 5 P $BITO Jul 12 P $WBD Jul 12.5 P $RDBX Jul 5 P $SIX Dec 20 P $SYF Jul 27 P $STWD Jul 18 P $SHEL Jun 50 P $XRX Aug 13 P

SWEEP DETECTED: >> 4944 $SYF Jul22 31.0 Puts $1.25 (CboeTheo=1.15) ASKSIDE [MULTI] IV=53.6% +3.4 NOM 1 x $1.05 - $1.25 x 1312 CBOE ISO - OPENING Vol=15k, OI=26

3040 $SYF MAY2022 $38 Cs trade 0.9

3040 $SYF MAY2022 $38 Cs trade 0.9

Upgrades 3/28: $BAC $BK $DE $ITW $KLAC $NAPA $STAA . Downgrades 3/28: $ADS $AMD $BCS $BYND $C $CF $CPB $FITB $FL $GHLD $HNST $ITT $KBH $KMT $MCHP $MO $MTB $NMTC $NTR $QRVO $SEIC $SLG $SNBR $SYF $TER $TREX

Upgrades 1/3: $ALNY $AVB $BXP $CHRW $COO $CP $IIVI $MCD $NVCR $NVT $PNC $PYPL $REG $REGN $RF $RKT $SE $SEAT $SLG $UAL $WFC $WOLF . Downgrades 1/3: $ACC $ATUS $CAKE $CARR $CHTR $EXC $FTV $GMAB $HBAN $JBLU $KC $KIM $LUV $MMC $MPW $NAVI $QSR $ROST $SAVE $SYF $TT $USB

Upgrades 10/29: $AGYS $ARGX $AXU $AYX $BC $BTU $CAT $CHKP $CNSL $DRVN $EQT $HBNC $HLI $LOB $PFBC $RPRX $SAIA $SIMO $SYF $TAK $VC $XEL . Downgrades 10/29: $BSIG $FTDR $FUTU $HSY $MO $MPWR $NEXA $NLY $NOC $NVO $PAA $PAGP $SBUX $SPSC $STM $SWI $WERN $ZEN

Upgrades 10/20: $CLW $F $HAL $IEX $TEL $TMO $WTI . Downgrades 10/20: $ARRY $APO $ASND $AVIR $BBL $BHP $CMP $FSLR $GRTX $KSU $MU $NFLX $QRVO $RIO $SEDG $SHLS $SYF $VALE $WDC $WLTW $WU $ZTO

Tuesday, October 19, 2021 Futures Up/Down % Last Dow 125.00 0.34% 35,254 S&P 500 2o.25 0.45% 4,497 Nasdaq 52.50 0.34% 15,343 U.S. stock markets are looking to open higher, extending the winning streak for the S&P 500 to 5-days ahead of a busy morning of quarterly earnings, including vaccine maker and Dow component Johnson & Johnson (JNJ) and Procter & Gamble (PG). A modest pullback in 10-year Treasury note yields, which traded at 1.584% overnight, and a weaker U.S. dollar are also providing early support Tuesday. Oil prices look to extend gains, with WTI crude and Brent pushing higher. In Asian markets overnight, The Nikkei Index jumped 190 points to 29,215, the Shanghai Index rose 25 points to 3,593, and the Hang Seng Index climbed 377 points (1.49%) to 25, 787. In Europe, the German DAX is up a few points to trade just under 15,500, while the FTSE 100 also edges higher above the 7,200 level. U.S. stocks finished higher on Monday as investors prepare for strong earnings this week with 72 of the S&P 500 expected to report this week while overlooking worries over inflation, supply-chain issues and energy supply as oil prices closed higher again. Data Sunday night showed growth in China slowed to 4.9% for 3Q, hurt by a crackdown on tech, and real estate as well as power-shortage and supply-chain problems. Heavy weight tech stocks helped paced gains again on Monday ahead of key earnings from Netflix tonight and Tesla, Intel later this week. Small cap stocks, banks and energy were among underperformers as the Dow Jones Industrial Average finished Monday lower. Market Closing Prices Yesterday The S&P 500 Index gained 15.09 points, or 0.34%, to 4,486.46 The Dow Jones Industrial Average fell -36.15 points, or 0.10%, to 35,258.61 The Nasdaq Composite spiked 124.47 points, or 0.84%, to 15,021.81 The Russell 2000 Index advanced 2.19 points, or 0.10% to 2,267.84 Events Calendar for Today 7:45 AM ET ICSC Weekly Retail Sales 8:30 AM ET Housing Starts MoM for September 8:30 AM ET Building Permits MoM for September 8:55 AM ET Johnson/Redbook Weekly Sales 4:30 PM ET API Weekly Inventory Data Earnings Calendar: Earnings Before the Open: BK, CBSH, DOV, FITB, FMBI, HAL, IRDM, JNJ, KSU, MAN, MRTN, ONB, PG, PM, SBNY, SI, SNV, SYF, TRV Earnings After the Close: EQBK, FULT, IBKR, ISRG, LRN, NFLX, OMC, PZN, SMBK, UAL, UCBI, WDFC, WTFC Other Key Events: Google ($GOOGL) announced a virtual event for October 19th at 1PM ET / 10AM PT, officially introducing the Pixel 6 and Pixel 6 Pro The European Society of Gene and Cell Therapy (ESGCT) Congress 2021 is taking place virtually this year from October 19-22 Needham Virtual Global Access Inaugural Needham Biotech Private Company Virtual 1×1 Forum, 10/19-10/20 Macro Up/Down Last Nymex 0.99 83.43 Brent 0.53 84.86 Gold 14.10 1,781.70 EUR/USD 0.0055 1.1663 JPY/USD -0.21 114.09 10-Year Note +0.008 1.592% World News Senate Democrats on Tuesday will unveil a scaled-back version of a Biden administration proposal to crack down on wealthy tax cheats after conservative groups and the bank industry raised major privacy concerns, three people with knowledge of the coming announcement said, the Washington Post reported. Initially, the Department of Treasury and Senate Democrats had proposed requiring financial institutions to provide the Internal Revenue Service with additional information on bank accounts with more than $600 in annual deposits or withdrawals RBA Minutes of Oct Meeting: Reiterates they won’t hike rates until CPI is stably in 2-3% target band, central estimate is that economy will return to growth in Dec Qtr of this year & to pre Delta path in H2 2022, Delta interrupted Australian economic recovery, less accommodative policy would all else equal , see lower housing prices/credit growth but would also result in fewer jobs & lower wages Sector News Breakdown Consumer Tupperware Brands Corporation ($TUP) announces the entry into a definitive agreement for the sale of its House of Fuller beauty business in Mexico Energy, Industrials and Materials Halliburton ($HAL) Q3 adj EPS $0.28 vs. est. $0.28 on revs $3.86B vs. est. $3.9B Hexcel Corp. ($HXL) Q3 adj EPS $0.13 vs. est. $0.08; Q3 sales rise 16% YoY to $333.8M vs. est. $348.7M; commercial aerospace sales rise 30% YoY to $167.2M, space & defense sales up 1.5% YoY to $110.4M and industrial sales rise 14% YoY to $56.2M Steel Dynamics ($STLD) Q3 adj EPS $4.96 vs. est. $4.57; Q3 revs $5.1B vs. est. $4.98B; believe shipments could be in range of 2.0 mln tons to 2.2 mln tons in 2022; Record steel and steel fabrication operating income of $1.4 billion and $89 million, respectively; record cash flow from operations of $631 million and record adjusted EBITDA of $1.4 billion TechnipFMC ($FTI) and Talos Energy ($TALO) announced that they have entered into a long-term strategic alliance to develop and deliver technical and commercial solutions to Carbon Capture and Storage projects along the United States Gulf Coast AgEagle Aerial Systems ($UAVS) entered into a definitive agreement to buy Sensefly from Parrot at a valuation of $23M in cash and stock Financials Crypto stocks ($COIN, $MARA, $RIOT, $MSTR) in the spotlight as Bitcoin continued its climb toward all-time highs (last above $62K), bolstered by optimism over the launch of the first Bitcoin futures exchange-traded fund in the U.S. on Tuesday Silvergate Capital ($SI) Q3 EPS $0.88 vs. est. $0.71; did not record a provision for loan losses for the Q3, Q2 or Q3 of FY20 as a result of management’s assessment of the level of the allowance for loan losses, and the amount and mix of the loan portfolio, among other factors; book value per common share was $33.10, compared to $32.84 at June 30, and $15.18 at September 30, 2020 Bank of New York ($BK) Q3 EPS $1.04 vs. est. $0.99; Q3 revs $4.0B vs. est. $3.95B; qtrly total noninterest expense of $2.9 billion, increased 9%; at qtr end, aum of $2.3 trillion, increased 13%; qtrly total fee and other revenue of $3.39 bln vs $3.14 bln; qtrly asset servicing fees $1.22 bln vs $1.17 bln Commerce Bancshares ($CBSH) q3 eps $1.05 vs. Est. $0.99, q3 revenue $351.54m vs. Est. $349.85m Fifth Third ($FITB) Q3 EPS $0.97 vs. est. $0.91; raises dividend by 11%; Q3 NII $1.19B vs. $1.17B Synovus ($SNV) Q3 adj EPS $1.20 vs. est. $1.08; Q3 net charge-off ratio declined 6 bps from prior quarter to 0.22%; the non-performing loan and asset ratios each fell 1 bp to 0.41% and 0.45%, respectively; and criticized and classified loans declined 22% Credit Suisse ($CS) is in discussions with the U.S. government to settle a criminal investigation regarding the bank’s role in a $42B Mozambique bond scandal – Bloomberg Berkshire Hills Bancorp, Inc. ($BHLB) has entered into a partnership with Upstart (UPST), a leading artificial intelligence (AI) lending platform designed to improve access to affordable credit while reducing the risk and costs of lending. Equity LifeStyle Property ($ELS) 3Q adj FFO/share $0.65 vs. est. $0.62 on revs $332.9Mm vs est. $171.1Mm EverQuote ($EVER) guides 3Q revs $106.5-107.5Mm vs est. $110.2Mm; sees 3Q net loss $6.0-5.5Mm vs est. net loss $4.7Mm; plans to implement approx 10% structure reduction in non-marketing op exp FB Financial ($FBK) 3Q adj EPS $0.89 vs est. $0.81, NII on tax-equivalent basis $89.2Mm vs est. $88.5Mm PacWest Bancorp ($PACW) 3Q EPS $1.17 vs est. $1.03; NII $279.8Mm vs est. $278.4Mm ServisFirst Bancshares, Inc. ($SFBS) Q3 EPS $0.96, in-line with estimates; Total loans grew $163.1 million, or 8% annualized, during the quarter, while loans, excluding the impact of Paycheck Protection Program (“PPP”) loan forgiveness, grew $370.4 million, or 18% annualized; Book value per share increased to $20.56, a 17% increase year-over-year Zions Bancorp ($ZION) Q3 EPS $1.45 vs. est. $1.33; loan growth excluding PPP loans, was 5.6% on an annualized basis; reported continued strong deposit growth at an annualized pace of 9.3%; announced $46 million reversal of loss reserves into income (compared to positive +$55 mln); qtrly net interest income remained stable at $555 million Healthcare Johnson & Johnson ($JNJ) Q3 adj EPS $2.60 vs. est. $2.35; Q3 revs $23.34B vs. est. $23.72B; maintained its 2021 sales forecast for its COVID-19 vaccine at $2.5 billion and reported $502 million in sales of the single-dose shot in Q3; raises FY21 adjusted EPS view to $9.65-$9.70 from $9.50-$9.60 and boosts FY21 revenue view to $94.1B-$94.6B from $93.8B-$94.6B (est. $94.3B) Sage Therapeutics ($SAGE) and Biogen ($BIIB) announce plans to submit a new drug application (NDA) for Zuranolone to the U.S. FDA in the second half of 2022 with rolling submission expected to start in early 2022 Following the pre-NDA meeting, the companies confirmed the current efficacy and safety databases are expected to be adequate for filing with confirmed pathways for MDD and PPD. The planned initial submission package will be for the treatment of MDD with an anticipated PPD filing thereafter The FDA intends to allow Americans to get a different COVID-19 vaccine as a booster from the one that originally had, The New York Times’ reported, which could reduce the appeal of Johnson & Johnson ($JNJ) vaccine and provide flexibility to doctors and other vaccinators The U.S. FDA has approved Reddy’s Laboratories’ ($RDY) generic version of Bristol-Myers Squibb’s ($BMY) multiple myeloma treatment Revlimid (lenalidomide) capsules. Calithera Biosciences ($CALA) is acquiring two clinical-stage compounds from Takeda Pharmaceutical (TAK) to bolster its precision oncology pipeline in a cash and stock deal; Calithera will pay $10M upfront cash and $35M in Calithera Series A preferred stock. Entasis Therapeutics ($ETTX) announces positive topline results for sulbactam-durlobactam (SUL-DUR) from Phase 3 ATTACK trial; SUL-DUR first to achieve statistical non-inferiority in 28-day all-cause mortality in carbapenem-resistant Acinetobacter ($CRAB) patients; Statistically significant difference in clinical cure at Test of Cure vs. colistin; targeting NDA submission in mid-2022 Paratek Pharmaceuticals ($PRTK) announces enrollment of first patient in phase 2b study evaluating Nuzyra® (omadacycline) for nontuberculous mycobacterial pulmonary disease caused by mycobacterium abscesses complex Technology, Media & Telecom Micron ($MU): Commodity DRAM prices likely to fall 15-20% in 1Q22. Following peak shipments in the second and third quarters, the memory sector has entered a period of correction in the fourth quarter of 2021 that may last for 1-2 quarters, and commodity DRAM prices, in particular, will face higher downward pressure – Digitimes.com https://bit.ly/3G2l5D5

Wednesday, September 15, 2021 Futures Up/Down % Last Dow 20.00 0.06% 34,484 S&P 500 6.25 0.14% 4,441 Nasdaq 34.50 0.22% 15,414 S&P futures are higher as major averages look to rebound from selling pressure yesterday that saw all 11 sectors close in the red, with basic materials and industrials being the largest losers, followed not far behind by financials which dropped on cautious trading commentary from various banks at a sell-side conference and a drop in Treasury yields as CPI inflation data for August was tamer than expected. Healthcare and technology were among the sectors that faced the least downside pressure. Megacaps were mixed at the close as Apple ($AAPL) continues to fade even after it unveiled the much-awaited iPhone 13, managing to settle just above its 50-day moving average. U.S. listed China stocks tumble again overnight, led by declines in the casino/gaming sector on stricter restrictions. Overnight, Microsoft ($MSFT) board approves new share buyback of up to $60B in shares; raises quarterly dividend 11% to 62c per share. Overseas, China economic data disappointed across the board as monthly retail sales came in well below views, along with misses in industrial production and as China’s new home prices grew at their slowest pace in eight months. In Asian markets, The Nikkei Index fell -158 points to 30,511, the Shanghai Index dipped -6 points to 3,656, and the Hang Seng Index declined -469 points to 25,033. In Europe, the German DAX is down about -15 points to 15,705, while the FTSE 100 is up a few points at 7,040. Busy morning of economic data with manufacturing, import prices and industrial production on the calendar. Market Closing Prices Yesterday The S&P 500 Index dropped -25.68 points, or 0.57%, to 4,443.05 The Dow Jones Industrial Average fell -292.06 points, or 0.84%, to 34,577.57 The Nasdaq Composite slumped -67.82 points, or 0.45%, to 15,037.76 The Russell 2000 Index declined -30.80 points, or 1.37% to 2,209.98 Events Calendar for Today 7:00 AM ET MBA Mortgage Applications Data 8:30 AM ET Empire Manufacturing for September…est. 18.0 8:30 AM ET Import Prices MoM for Aug…est. +0.3% 8:30 AM ET Export Prices MoM for Aug…est. +0.4% 9:15 AM ET Industrial Production MoM for Aug…est. 0.4% 9:15 AM ET Capacity Utilization for Aug…est. 76.4% 10:30 AM ET Weekly DOE Inventory Data Earnings Calendar: Earnings Before the Open: WEBR Earnings After the Close: none Other Key Events: Barclay’s Financial Services Conference (virtual) 2021, 9/13-9/15 Citigroup 2021 Global Technology Conference (virtual), 9/13-9/15 Piper 2021 D.C. Bank Field Trip, 9/13-9/15 Baird Global Healthcare Conference 2021 (virtual), 9/14-9/15 Barclay’s Financial Services Conference (virtual) 2021, 9/13-9/15 HC Wainwright 23rd Annual Global Investment Conference (virtual), 9/13-9/15 Jefferies Software Conference (virtual), 9/14-9/15 Lake Street 5th Annual Best Ideas Growth Conference (virtual), 9/14-9/15 Macro Up/Down Last Nymex 1.09 71.52 Brent 1.04 74.63 Gold -2.80 1,801.70 EUR/USD 0.0023 1.1826 JPY/USD -0.35 109.34 10-Year Note +0.00 1.279% World News China’s retail sales grew a disappointing5% in August from a year ago, well below the forecast for 7% growth, as the country dealt with the worst outbreak of Covid-19 since its initial spread in early 2020. Industrial production growth was also slightly below expectations, up 5.3% in August versus predictions of 5.8% growth China’s new home prices grew at their slowest pace in eight months in August, official data showed on Wednesday. Average new home prices in China’s 70 major cities grew 0.2% month-on-month in August after increasing 0.3% in July. Compared with a year earlier, China’s new home prices grew 4.2% in August, down from a 4.6% increase in July. North Korea launched two short-range ballistic missiles off its east coast on Wednesday, South Korean and Japanese officials said, as Pyongyang returns to weapons tests after saying that its patience for talking had worn thin. UK Aug CPI higher at +0.7% m/m vs 0.5% consensus, 3.2% y/y vs 2.9% consensus; UK Aug CPI Core higher at +0.7% m/m vs 0.4% cons, 3.1% y/y vs 2.9% consensus – U.K. inflation surge prompts bets for sharper rate increases Sector News Breakdown Consumer Yum China ($YUMC) said its adjusted operating profit would take a 50% to 60% hit in Q3 as the spread of the Delta variant in China led to restaurant closures and “sharply reduced sales”; says same-store sales in August declined by mid-teens percentage Y/Y, or close to an approximately 20% decline compared to August 2019 S. casinos with operations in Macau looking sharply lower for a second straight day as Macau government proposes to revise the city’s gaming law, tightening direct supervision of casinos in the world’s largest gambling hub. Reuters noted Macau’s secretary for economy and finance said there were still some deficiencies in industry supervision. P. Morgan downgraded Macau gaming names Galaxy Entertainment (GXYEF), MGM China (MCHVF) SJM Holdings (SJMHY), Melco (MLCO), Wynn Macau (WYNMF) and Sands China (SCHYY) from overweight to neutral or underweight due to heightened scrutiny on capital management and daily operations ahead of license renewals Academy Sports (ASO)645M share Secondary priced at $44.75 Leslie’s ($LESL)8M share Secondary priced at $22.00 DavidsTea ($DTEA) tumbled 25% after the tea retailer said its ecommerce and wholesale sales fell by nearly one-third in its fiscal second quarter European Wax Center ($EWCZ) guides FY21 revs $173-178Mm vs est. $178.2Mm, sees FY system-wide sales $788-793Mm; sees FY adj net income $26.5-28.5Mm Dutch Bros ($BROS) 21M share IPO priced at $23.00 On Holding ($ONON)1M share IPO priced at $24.00 Energy, Industrials and Materials Workhorse Group ($WKHS) shares fell after hours Tuesday as the co voluntarily dismissed its legal challenge against a U.S. Postal Service ($USPS) move to award a multibillion-dollar contract to Oshkosh Defense (OSK) for making postal delivery vehicles, Reuters reported The American Petroleum Institute ($API) showed a draw of 5.44M barrels of oil for the week ending September 10, while gasoline inventories showed a draw of 2.76M barrels, distillate inventories show a draw of 2.89M barrels and Cushing inventories show a draw of 1.36M barrels The first all-civilian mission to orbit Earth is set to take off tonight, within a five-hour launch window that opens at 8:02 p.m. ET. SpaceX will power the expedition, known as Inspiration4, using one of its Dragon capsules atop a reusable Falcon 9 rocket JinkoSolar ($JKS) Q2 EPS $0.22 vs. et. Loss (-$0.16); Q2 revs $1.23B vs. est. $1.22B; Q2 shipments were 5,203 MW; said total Q3 revenue is expected to be in range of $1.24B-$1.37B vs. est. $1.6B; for FY 2021, estimates total shipments (including solar modules, cells and wafers) to be in range of 25 GW-30GW FTC Solar ($FTCI) announced that Tony Etnyre will step down as CEO and board member; board has appointed Sean Hunkler as his successor effective Sep.24. Raytheon Technologies (RTX) has agreed to acquire advanced space electronics supplier SEAKR Engineering Financials BRP Group ($BRP) 8M share Secondary priced at $30.50 Capital One ($COF) reports August net charge-offs 1.54% vs. 1.45% last month and reports August 30-plus day delinquencies 1.79% vs. 1.71% last month Synchrony ($SYF) reported August charge-off rate 2.59% vs. 2.24% last month and also reports August 30-plus day delinquencies 1.33% vs. 1.37% last month The Federal Housing Finance Agency and the U.S. Department of Treasury suspend certain parts of the 2021 Preferred Stock Purchase Agreement with Fannie Mae (FNMA) and Freddie Mac (FMCC). “This suspension will provide FHFA time to review the extent to which these requirements are redundant or inconsistent with existing FHFA standards, policies, and directives that mandate sustainable lending standards,” said Acting Director Sandra L. Thompson CPI Card Group ($PMTS) files to sell 6.56M shares of common stock for holders Healthcare Dice Molecules Holdings ($DICE) 12M share IPO priced at $17.00 Procept BioRobotics ($PRCT)56M share IPO price $25.00 Tyra Biosciences ($TYRA)8M share IPO priced at $16.00 Pfizer ($PFE) is seeking FDA approval for use of its COVID-19 vaccine in children aged six months to five years, the Financial Times reports. The company is aiming to gain such approval in November Avalo Therapeutics ($AVTX)5M share Spot Secondary priced at $2.20 Sage Therapeutics ($SAGE) announced that the U.S. FDA has granted Fast Track Designation to SAGE-718 for development as a potential treatment for Huntington’s disease. Fast Track is a process designed to facilitate the development and review of new treatments for serious conditions with unmet medical need such as HD Theravance Biopharma ($TBPH) shares down over 30% after announcing its hypotension treatment did not meet main goal, halts non-respiratory disease related programs; also announces cost reduction program to focus on commercializing respiratory therapeutics to maximize shareholder value; will reduce the headcount by ~75%, which will result in annualized operating expense savings of ~$165M in 2022; Unicycive Therapeutics ($UNCY) will be added as a member of the Russell Microcap Index as part of the 2021 Russell indexes reconstitution after the market opens on September 20, 2021 Technology, Media & Telecom Microsoft ($MSFT) board approves new share buyback of up to $60B in shares; raises quarterly dividend 11% to 62c per share Skillsoft ($SKIL) raises FY22 revenue view to $670M-$690M from $645M-$675M and boosts FY22 bookings view to $690M-$710M from $660M-$690M; reaffirms FY22 adjusted EBITDA view $155M-$175M Live Nation (LYV)23M share Spot Secondary priced at $86.90 CS Disco (LAW)5M share Secondary priced at $53.00 Aspen Group (ASPU) 1Q EPS ($0.03) vs est. ($0.05) on revs $19.4Mm vs est. $19.2Mm Bentley Systems, Incorporated ($BSY) announced that its Seequent business unit has acquired Canadian software company Minalytix, the developer of MX Deposit. Sonim Technologies ($SONM) said it plans to effect a one-for-ten reverse split of its issued and outstanding common stock, effective Sep.15.

+Initiations 8/30: $ADS $AVTR $COOK $DUOL $EWCZ $HSTO $KMT $KRTX $LEVI $MRSN $NRZ $PTRA $RRGB $SITM $SYF $TEAM $WEBR  . -Initiations 8/30: $TPIC

Tuesday, July 20, 2021 Futures Up/Down % Last Dow 178.00 0.53% 34,017 S&P 500 20.25 0.49% 4,272 Nasdaq 73.50 0.50% 14,614 U.S. stock futures are looking to rebound after major averages posted their worst single day returns in months with attention turning to earnings reports. Major U.S. stock benchmarks dropped sharply on Monday as the Dow Jones Industrial Average marked its worst drop since late October falling -725 points (off earlier lows down over 900 points), amid growing concerns about the global spread of the delta variant of the coronavirus that causes COVID-19. The benchmark S&P 500 index ended down 1.6% at 4,258, getting a boost late day to push back above its 50-day moving average of 4,240 (off lows below 4,235), while the Nasdaq Composite Index declined 1.1% at 14,275. The declines for stocks came as the 10-year Treasury note yield fell to a five-month low beneath 1.18%. The CBOE Volatility Index ($VIX), the SPX option derived measure of implied volatility, lifted $4.05 or 21.95% today to close at $22.50 (off earlier highs above 25). U.S. crude oil slides below $70 in biggest one-day drop since September as OPEC and its allies agreed to increase production at the same time the COVID-19 delta variant threatens global demand. All 30 of the components of the Dow Jones Industrial Average finished lower Monday. In Asian markets, The Nikkei Index declined -264 points to 27,338, the Shanghai Index slipped a few points to 3,536 and the Hang Seng Index dropped -230 points to 27,259. In Europe, the German DAX is higher by 50 points to 15,190, while the FTSE 100 rebounds 40 points to 6,885. Market Closing Prices Yesterday The S&P 500 Index dropped -68.67 points, or 1.59%, to 4,258.49 The Dow Jones Industrial Average fell -725.81 points, or 2.09%, to 33,962.04 The Nasdaq Composite sunk -152.25 1.42 points, or 1.06%, to 14,274.98 The Russell 2000 Index declined -32.56 points, or 1.51% to 2,130.68 Events Calendar for Today 7:45 AM ET ICSC Weekly Retail Sales 8:30 AM ET Housing Starts MoM for June…est. 1.59M 8:30 AM ET Building Permits MoM for June…est. 1.7M 8:55 AM ET Johnson/Redbook Weekly Sales 4:30 PM ET API Weekly Inventory Data Earnings Calendar: Earnings Before the Open: $ALLY, $BMI, $CATC, $CFG, $DOV, $FMBI, $GATX, $HAL, $HCA, $IRDM, $KEY, $MAN, $MBWM, $OMC, $ONB, $PEBO, $PM, $SBNY, $SI, $SNV, $SYF, $TRV Earnings After the Close: $AGR, $AIR, $CMG, $FOR, $FULT, $HOPE, $HWC, $IBKR, $ISRG, $NFLX, $PNFP, $PZN, $RUSHA, $RXN, $SMBL, $SNBR, $UAL, $UCBI, $XM Macro Up/Down Last Nymex 0.25 66.67 Brent 0.00 68.62 Gold 4.70 1,817.35 EUR/USD -0.001 1.179 JPY/USD -0.07 109.39 10-Year Note +0.02 1.6% Sector News Breakdown Consumer Inter Parfums ($IPAR) 2Q net sales $207.6Mm vs. est. $151.3Mm; guides FY net sales about $750Mm vs. est. $715.1Mm, sees FY EPS $1.95 vs est. $1.72 Tesla ($TSLA) Semi electric truck is finally about to go into production, Electrek reports. Sources familiar with the matter tell Electrek one of the last steps before starting production is happening as the general assembly line is debugged and the drive axle production line is ready. Energy, Industrials and Materials Halliburton ($HAL) Q2 EPS $0.26 vs. est. $0.23; Q2 revs $3.71B vs. est. $3.74B Crown Holdings ($CCK) Q2 adj EPS $2.14 vs. est. $1.78; Q2 sales $2.86B vs. est. $2.92B; sees Q3 EPS $1.90-$2.00 vs. est. $1.79 and raises year EPS to $7.30-$7.40 from prior $6.60-$6.80 (est. $6.89) B. Hunt ($JBHT) Q2 EPS $1.61 vs. est. $1.57’ Q2 revs $2.91B vs. est. $2.71B; Total freight transactions in the Marketplace for J.B. Hunt 360 increased to $500 million in the second quarter 2021 compared to $281 million in the prior year quarter. ICS revenue on the platform increased 73% to $396 million versus a year ago PPG Industries ($PPG) shares fell -7%; Q2 adj EPS $1.94 vs. est. $2.20; Q2 sales nearly $4.4B vs. est. $4.36B and up about 45% yoy; Q2 sales volumes grew about 24% year over year, supported by strong demand recovery across many end-use markets; sees 3q sales volume +21% to +23%; expect that aggregate input and logistics costs will be sequentially higher in q3, compared to q2 Steel Dynamics ($STLD) 2Q EPS $3.32 vs est. $3.42 on sales $4.5B vs est. $4.22B, qtrly steel and fabrication shipments of $2.9Mm tons and $189,000 tons, respectively; says continue to see strong steel demand coupled with extremely low customer steel inventories; auto sector remains strong despite chip shortages; believes 3Q earnings could represent another record performance SPX Flow ($FLOW) confirmed its Board of Directors previously received and rejected an unsolicited, conditional, non-binding proposal from Ingersoll Rand Inc. ($IR) to acquire all outstanding shares of SPX Flow common stock for $85.00 per share in cash Vale ($VALE) produced less iron ore than expected during Q2 saying Q2 iron ore output rose 11.3% Q/Q to 75.7M metric tons and climbed 12% Y/Y, but the analyst consensus estimate called for ~78M mt.; Q2 production of iron ore pellets jumped 27.4% Q/Q to 8M metric tons and 13.3% from the year-earlier quarter Financials ($KEY) 2Q EPS $0.72 vs est. $0.54, NII $1.0B vs est. $1.0B, qtrly return on avg tangible common equity 22.3%; says will evaluate an increase to common stock dividend in 4Q, announced new common share repurchase authorization of up to $1.5B Silvergate Capital ($SI) Q2 EPS 80c vs. est. 51c; Q2 deposits $11.4B, an increase of $4.4B, or 62.4%, from Q1, and an increase of $9.7B or 580.6%, from last year Signature Bank ($SBNY) Q2 EPS $3.57 vs. est. $3.14; Q2 CET1 capital ratio 10.03%, Q2 net charge-off .12% and Q2 book value per share $106.24; Q2 net interest income for 2021 q2 was $457.2 mln, an increase of $70.1 mln Synovus ($SNV) Q2 adj EPS $1.20 vs. est. $1.04; Q2 core transaction deposits increased $702.4M or 2% sequentially; Q2 provision for credit losses of $24.6M; qtrly net interest income of $381.9 mln increased $8.0 mln sequentially Synchrony ($SYF) Q2 EPS $2.12 vs. est. $1.39; Q2 book value per share $23.48, Q2 CET1 capital ratio 17.8% and Q2 net charge-offs 3.57%; qtrly net interest income decreased $84 million, or 2%, to $3.3 billion Cryptocurrency-exposed stocks fall in premarket trading after the selloff in Bitcoin accelerated and pushed the token below $30,000 for the first time in around a month, down over 3% at $29,600 while Ethereum prices fall over 4% to $1,750 (shares of $MARA, $RIOT, $MSTR lower) BCB Bancorp ($BCBC) 2Q EPS $0.45 vs. est. $0.40, NII $24.1Mm vs. est. $23.7Mm; increases qtrly dividend to $0.16/share Chubb Limited ($CB) announced its Board of Directors has authorized a new one-time incremental share repurchase program of up to $5 billion through June 30, 2022 Equity LifeStyle Properties ($ELS) 2Q adj FFO $0.61 vs est. $0.55; revs $156.2Mm vs est. $158.8Mm; sees Q3 FFO $0.59-$0.65 and year $2.42-$2.52 vs. est. $0.65 and $2.40 respectively FB Financial ($FBK) 2Q adj EPS $0.88 vs est. $0.75; NII on tax-equivalent basis $87.3Mm vs est. $83.8Mm FNB Corp. ($FNB) Q2 EPS $0.31 vs. est. $0.29; Q2 revs 4308M vs. est. $305.7M; Q2 net interest income ($NII) $227.9M; Total average deposits grew $3.2 billion, or 11.9%, led by increases in average non-interest-bearing deposits of $1.9 billion, or 23.5% PacWest Bancorp. ($PACW) Q2 EPS $1.52 vs. est. $0.97; Q2 net interest income $270.1M vs. $264.6M in Q1 ServisFirst Bancshares (SFBS) 2Q EPS $0.92 vs. est. $0.93, total loans grew $517.3 ex impact of PPP, deposits +17% yr/yr Wintrust Financial ($WTFC) Q2 EPS $1.70 vs. est. $1.59; Q2 net interest income $279.6M vs. $263.1MM last year; Q2 net interest margin 2.62% vs. 2.73% last year Zion Bancorp ($ZION) 2Q EPS $2.08 vs est. $1.29, CET1 ratio 11.3% vs 10.2% at beginning of pandemic; released more than $120Mm of allowance for credit losses Healthcare Ardelyx ($ARDX) shares tumble 75%; received a letter from the FDA on July 13 stating that, as part of its ongoing review of the co’s New Drug Application for the control of serum phosphorus in adult patients with chronic kidney disease on dialysis, the FDA has identified deficiencies that preclude discussion of labeling and post-marketing requirements/commitments at this time Cytokinetics ($CYTK) announces $200M common stock offering Thousands of opioid-crisis lawsuits filed against major drugmakers and distributors are nearing a conclusion, with the outlines of a $26 billion deal between states and four companies expected to be announced this week and a $1 billion settlement to resolve some of New York’s claims likely on Tuesday, Dow Jones reported. Drug distributors AmerisourceBergen Corp. ($ABC), Cardinal Health Inc. ($CAH) and McKesson Corp. ($MCK) and Johnson & Johnson ($JNJ) have been negotiating the $26 billion settlement for more than two years HCW Biologics ($HCWB) 7M share IPO priced at $8.00 PLx Pharma ($PLXLP) rises after saying Vazalore, a liquid-filled aspirin capsule, will be available in over 8,000 Walgreens (WBA) stores across U.S. in August Regeneron ($REGN) announced that Japan’s Ministry of Health, Labour and Welfare, or MHLW, has approved Regeneron’s casirivimab and imdevimab antibody cocktail to treat patients with mild to moderate COVID-19 Technology, Media & Telecom IBM Corp. ($IBM) Q2 operating $2.33 vs. est. $2.29; Q2 revs $18.75B vs. est. $18.29B; Q2 cloud & cognitive software revs up 6% to $6.1B, Q2 Global Business revenue $4.3B, up 11.6% and Q2 Global Technology Services revenue $6.3B, up 0.4%; GAAP gross profit margin of 48.0%, flat; said it sees FY revenue to grow based on mid-July 2021 foreign exchange rates and continues to expect adjusted free cash flow of $11 billion to $12 billion in 2021 Omnicom ($OMC) 2Q EPS $1.60 vs est. $1.38 on revs $3.57B vs est. $3.38B (organic +24.4%); says experienced improvement in biz in 2Q, op mgn 15.9% vs est. 14.3% Rapid7, Inc. ($RPD) acquired IntSights Cyber Intelligence Ltd., a leader in contextualized external threat intelligence and proactive threat remediation for approximately $335 million in cash and stock; RPD sees revs and adj EPS above high end of prior guidance

/*============================================= = Wednesday, June 9, 2021 = =============================================*/ Futures Up/Down % Last Dow -25.00 0.07% 34,561 S&P 500 2.25 0.05% 4,228 Nasdaq 28.50 0.20% 13,839 U.S. stock futures are mixed with Dow futures slipping, S&P futures flat and Nasdaq futures looking higher as Treasury yields fall to their lowest levels in weeks (1.50% for the 10-year) ahead of key inflation data later this week. Stock averages flirted with record highs on Tuesday, as the S&P neared but could not hold its early gains (ended Tuesday at 4,227, just off its closing high on May 7 of 4,232) while the Russell 2000 neared its all-time best close as investors appear wary ahead of inflation data due on Thursday in the form of consumer prices (CPI). Consumer discretionary and energy were the best performing major S&P 500 sectors on the day, while utilities were the weakest group. A lack of clear market catalysts kept institutional investors on the sidelines, while retail traders fueled the ongoing meme stocks rally with more volatility from the likes of AMC, GME, BBBY, WKHS, BB, with new names such as CLOV and WEN added to the fray. Fear remains non-existent in the market as the CBOE volatility index (VIX) touched its lowest level in over a year. It appears for the time being the “meme stocks” are taking over from crypto as the place to be as Bitcoin prices slid. Oil prices inch higher with WTI crude above $70 per barrel for the first time since October 2018 and Bitcoin rebounds. In Asian markets, The Nikkei Index fell -102 points to 28,860, the Shanghai Index rose 11 points to 3,591 and the Hang Seng Index dipped -38 points to 28,742. In Europe, the German DAX is down about -80 points to 15,555, while the FTSE 100 slides about -40 points to 7,050. China data showed May PPI +9.0% y/y vs +8.5% poll, +6.8% in April, May CPI +1.3% y/y vs +1.6% poll, +0.9% in April (CPI highest in eight months). Chinese stocks edge higher despite the fastest factory inflation since 2008 as benign CPI suggests only limited pass-through to consumers Market Closing Prices Yesterday The S&P 500 Index inched higher 0.74 points, or 0.02%, to 4,227.26 The Dow Jones Industrial Average fell -30.42 points, or 0.09%, to 34,599.82 The Nasdaq Composite gained 43.19 points, or 0.31%, to 13,924.91 The Russell 2000 Index advanced 24.58 points, or 1.06% to 2,343.76 Events Calendar for Today 7:00 AM ET MBA Mortgage Applications Data 10:00 AM EST Wholesale Inventories for April 10:30 AM ET Weekly DOE Inventory Data Earnings Calendar: Earnings Before the Open: BF/B, $CPB, $DAKT, $LOVE, $UNFI, $VRA Earnings After the Close: $ENZ, $GEF, $GME, $KLXE, $LAKE, $OXM, $RH, $TCL, $VRNT Other Key Events: Baird Global Consumer, Technology & Services Conference 2021 (virtual), 6/8-6/10 Deutsche Bank Global Consumer Conference (virtual), 6/7-6/10 Goldman Sachs Healthcare Conference (virtual), 6/8-6/10 Goldman Sachs 25th Annual European Financials Conference (virtual), 6/8-6/10 Jefferies Healthcare Virtual Conference, 6/8-6/10 Oppenheimer Virtual Software & Semiconductor Bus Tour, 6/7-6/11 Piper Global Exchange & FinTech Conference (virtual), 6/9-6/10 REITWeek 2021 Investor Virtual Conference, 6/8-6/10 UBS Global Industrials and Transportation Conference, 6/8-6/9 Macro Up/Down Last Nymex 0.11 70.16 Brent 0.12 72.34 Gold -2.60 1,890.25 EUR/USD 0.0019 1.2192 JPY/USD -0.06 109.44 10-Year Note -0.019 1.509% World News China’s factory gate prices rose at their fastest annual pace in over 12 years in May as the producer price index (PPI) increased 9.0% from a year earlier (est. 8.5%), the National Bureau of Statistics (NBS) said driven by significant price increases in crude oil, iron ore and non-ferrous metals. On a monthly basis, the PPI rose 1.6%, up from a 0.9 uptick in April. China’s consumer price index (CPI) rose 1.3% in May in annual terms, the biggest increase in eight months. That was still slower than analysts’ forecast for a 1.6% increase, after a 0.9% gain in April. S. Senate passed a wide ranging $250b Bill designed to counter China & compete with China Bipartisan group meeting, Republican Senators came out of the meeting saying that they made a lot of progress, there is work to be done to reach an agreement, Manchin says a positive meeting, moving in the right direction. Sector News Breakdown Consumer Casey General ($CASY) Q4 EPS $1.12 vs. est. 88c; Q4 revs $2.38B vs. est. $2.22B Calavo Growers ($CVGW) Q2 adj EPS $0.43 vs. est. $0.44; Q2 revs $276.82M vs. est. $267.07M; sees Q3 revs $280M-$300M vs. est. $295.8M; sees Q3 adjusted EBITDA $11M-$15M; Q2 Fresh segment revenue decreased 5%, due primarily to 9% growth in avocado volume, offset by a 10% decrease in avocado prices and 31% lower tomato revenue Limoneira ($LMNR) Q2 adj EPS 10c vs. est. 6c; Q2 revs $45.1M in-line with ests; believes it is prudent to not provide lemon guidance at this time until covid-19 vaccine is widely distributed; continues to believe avocado revenue in fiscal 2021 will be strong due to market factors and positive initial crop indicators Target Corp. ($TGT) raises its quarterly dividend by 32% to $0.90 Energy, Industrials and Materials The American Petroleum Institute ($API) showed crude oil stockpiles fell -2.1m bbl vs -3.5m expected: Cushing -420k: Gasoline +2.4m: Distillates +3.75m Air Products ($APD) and Baker Hughes (BKR) announced a strategic global collaboration to develop next generation hydrogen compression aimed at lowering the cost of production and accelerating the adoption of hydrogen as a zero-carbon fuel Ahead of its investor and analyst conference today, UPS (UPS) announced 2023 financial targets with FY23 consolidated revenue ranging from approximately $98 billion to approximately $102 billion vs. $99.92B consensus SPX Corporation ($SPXC) signs an agreement to sell 100% of the issued and outstanding stock of its wholly-owned subsidiary, SPX Transformer Solutions, to GE-Prolec Transformers, for $645 million in cash; lowers FY21 adjusted EPS view to $2.17-$2.37 from $3.06-$3.26 and lowers FY21 revenue view to $1.25B from $1.70B (est. $1.69B) ABM Industries ($ABM) Q2 adj EPS $0.82 vs. est. $0.71; Q2 revs $1.5B vs. est. $1.48B; raises year EPS view to $3.30-$3.50 from prior $3.00-$3.25 (est. $3.18); maintaining its guidance for FY 2021 Gaap income from continuing operations Boeing ($BA) seeks increase in $3.9bn Air Force One fixed-price contract; Manufacturer’s supplier problems could delay new jets for White House by a year – Financial Times reported Sherwin-Williams ($SHW) raises Q2 sales guidance and full year 2021 sales and diluted net income per share guidance; raises FY 2021 consolidated net sales guidance to be up a high-single to low-double-digit percentage over full year 2020; raises FY21 EPS view to $9.15-$9.45 from $8.80-$9.07 (est. $9.32) Global Ship Lease ($GSL) agrees to purchase 12 container ships from Borealis Finance LLC for an aggregate purchase price of $233.9M; GSL’s fleet will comprise 62 container ships with a total capacity of 322,770 TEU Vale ($VALE) said it will prepay an outstanding ~$2.5B balance related to project financing for the Nacala logistics corridor that serves the Moatize coal mine in Mozambique. Financials Cohen & Steers ($CNS) reports preliminary AUM $94.2B as of May 31; an increase of $1.4B from assets under management at April 30. The increase was due to net inflows of $760M and market appreciation of $815M, partially offset by distributions of $201M Amazon ($AMZN) is considering replacing JPMorgan (JPM) in its co-brand card deal, Bloomberg reported saying American Express (AXP) and Synchrony Financial (SYF) are being considered as an alternative UP Fintech ($TIGR)5M share Secondary priced at $24.50 Healthcare Karyopharm Therapeutics ($KPTI) announces key management changes to its commercial organization LYRA Therapeutics ($LYRA) announces positive outcome of end-of-phase 2 meeting with the FDA for lyr-210 for the treatment of chronic rhinosinusitis Option Care Health ($OPCH) 15M share Spot Secondary priced at $20.00 Technology, Media & Telecom Comtech ($CMTL) Q3 sales $139.4M vs. est. $140.7M; Q3 adj EPS 26c vs. est. loss of (1c); still sees FY adj Ebitda $74M-$76M vs. est. $74.5M; lowers FY net sales $580M-$590M from prior $610.0M-$620.0M (est. $616.4M) Pegasystems ($PEGA) expands share repurchase program to $60M UiPath ($PATH) Q1 EPS loss ($1.11) vs. (33c) last year; Q1 revs $186.2M vs. $113.1M last year Ondas Holding ($INDS)4M share Spot Secondary priced at $7.00

$SYF - BERKSHIRE HATHAWAY DISSOLVES STAKE IN SYNCHRONY FINANCIAL

$SYF raised to $56

4650 $SYF APR2021 $42 / $47 call spreads bought 1.1, rolled from MAR2021 $38 / $42 call spreads

4650 $SYF APR2021 $42 / $47 call spreads bought 1.1, rolled from MAR2021 $38 / $42 call spreads

2800 $SYF Jan22 25.0 Puts trade $1.75 ASKSIDE CBOE 09:45:10 IV=46.7% FLOOR - OPENING ExDiv Vol=3500, OI=2381

1000 $SYF Jan21 29th 38.0 Puts trade $0.85 ASKSIDE BOX 11:12:25 IV=60.2% +11.5 FLOOR - OPENING 52WeekHigh Vol=4000, OI=1,

SWEEP DETECTED: >>1500 $SYF Feb21 37.0 Puts trade $2.50 (FT Theo=2.34) ASKSIDE [MULTI] 15:47:12 IV=45.8% +2.0 OPENING Vol=1500, OI=199,

2700 $SYF 24DEC20 $30 Cs bought 1.60-1.65

2700 $SYF 24DEC20 $30 Cs bought 1.60-1.65

20032 $SYF 18SEP20 $25 Cs bought 1.27

20032 $SYF 18SEP20 $25 Cs bought 1.27

$syf cRUISING

@everyone 3) Other setups that I am watching are: $FB $SYF & $EQR Calls as well as $BBBY & $HSIC Puts. These all had significant Unusual Options Activity in the last week or so and are beginning to set up. You can check them out by using the filter function to search for the symbols on the UOA Database See you next week!

nothing against SYF

id rather be in SYF THAN XLF type garbage

what do you think of that $SYF UOA Chris?

15725 $SYF JAN2022 $42 Cs bought 1.27

15725 $SYF JAN2022 $42 Cs bought 1.27

agrresive leaps in SYF Sychrony

15725 $SYF Jan22 42.0 Calls trade $1.27 (FT Theo=0.80) Above Ask! CBOE 13:33:57 IV=51.2% +8.2 LATE - OPENING Vol=19k, OI=42

$SYF $HIG $AIG etc

in $SYF Aug 20.0 Puts for run into earnings (July 21 BMO)