• When Beyond entered into the Securities Purchase Agreement dated October 15, 2024 (the "Purchase Agreement"), the parties agreed that The Container Store would secure new financing on terms commercially acceptable to Beyond as a condition to closing. Given the importance of The Container Store establishing a sustainable capital structure, Beyond negotiated for and obtained a right to determine, in its sole discretion, the adequacy of The Container Store's financing arrangements.
• Based on the financing proposal presented to date, Beyond has concerns regarding The Container Store's ability to reach agreement with lenders on terms that would satisfy the financing requirements under the Purchase Agreement.

• Dream Finders Homes (DFH) will replace Haynes International (HAYN) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, November 25.
  • Haynes International is being acquired in a deal expected to close soon pending final closing conditions.

• Reports Q3 (Sep) earnings of $3.50 per share, excluding non-recurring items, $0.08 worse than the FactSet Consensus of $3.58; revenues fell 1.5% year/year to $854.71 mln vs the $864.9 mln FactSet Consensus.
  • Consolidated capacity, measured in available seat miles (ASMs), increased by 9.5% in the quarter compared to 3Q23.
    
  • Passenger traffic for the quarter, measured in terms of revenue passenger miles (RPMs), increased by 7.6% compared to 3Q23.
    
  • The Company reported an 86.2% load factor in 3Q24, a 1.6 percentage-point decrease compared to 3Q23.
    
  • Operating cost per available seat mile excluding fuel (Ex-fuel CASM) decreased by 1.6% in the quarter to 5.7 cents when compared to 3Q23.
    
  • Revenue per available seat mile (RASM) decreased by 10.1% to 11.0 cents compared to 3Q23, driven by a decrease of 8.7% in passenger yields and 1.6 percentage points in load factor.

• Douglas Reynolds, President, commented on the announcement.
• "The Board of Directors of Energy Services believes that the best way to show our appreciation and commitment to the Company's shareholders is to increase last year's $0.06 cash dividend to $0.12 by beginning a $0.03 per share quarterly dividend."

• Until a successor is appointed, Mr. Teehan's responsibilities will be assumed by Catherine Owen Adams, the Company's Chief Executive Officer, who has more than 30 years of commercial experience in the pharmaceutical industry.

• Co announces it has completed a series of transactions that collectively reduced the Company's principal amount of debt outstanding by $278 million since October 1, 2024, bringing the Company's total principal debt reduction to $519 million since January 1, 2024.
• Accordingly, our Board of Directors today has authorized an increase in our previously announced debt repurchase authorization, replenishing the authorization to a total of $250 million of available liquidity to repurchase our outstanding indebtedness.
• Co anticipates that the meaningful reduction in our outstanding debt this year will result in a significant reduction of cash interest expense going forward.

• The dividend is payable December 16, 2024 to stockholders of record December 2, 2024.

• Client assets under administration of $1.544 trillion, up 25% yr/yr, down 2% sequentially. 
• Private Client Group assets under administration of $1.477 trillion, up 25% yr/yr, down 2% sequentially.
• Private Client Group assets in fee-based accounts of $862.8 billion, up 29% yr/yr, down 1% sequentially.
• Financial assets under management of 241.1 billion, up 23% yr/yr, down 2% sequentially

• Co announces that it has acquired Adlumin, Inc., a provider of an enterprise-grade security operations platform for organizations of all sizes. Building upon Adlumin's and N-able's existing proven partnership providing extended detection and response capabilities and managed detection and response services, the acquisition will allow N-able to incorporate Adlumin's innovative technology with N-able's industry-leading platform that combines security, unified endpoint management, and data protection solutions.
• With this acquisition, N-able aims to scale its security portfolio and fast-growing annual recurring revenue (ARR) from the existing partnership, and set a new standard of security excellence for managed services providers and internal IT teams.
• The aggregate consideration payable by N-able in connection with the acquisition consists of approximately: $100 million in cash at the closing, subject to customary adjustments for cash, indebtedness, working capital and transaction expenses, 1,570,762 shares of the Company's Common Stock issued at the closing, $120 million in cash installments of $52.5 million and $67.5 million, respectively, on the first and second anniversary of the closing, and up to an aggregate of $30 million in potential cash earn-out payments payable in 2025 and 2026 based upon the achievement of certain performance metrics against defined targets.
• N-able anticipates that this acquisition will be immediately accretive to ARR growth and accretive to cash flow by the fourth quarter of 2025.
• Co also issues upside guidance for Q4 (Dec), sees Q4 (Dec) revs of $113.3-$114.8 mln vs. $112.39 mln FactSet Consensus.

• Myriad's gold-standard Genomic Instability Score to determine Homologous Recombination Deficiency will be reported for all samples analyzed with Illumina's updated research assay, TruSight Oncology 500 v2 (TSO 500 v2).
• Previously, GIS to determine HRD was only available as a separate product. As a result, a broad array of cancer types will receive GIS results and their HRD status.

• Co announces that it has entered into a $5.4 billion reinsurance agreement with Reinsurance Group of America (RGA), including $2.4 billion of long-term care reserves.
• Inclusive of previous LTC reinsurance transaction, upon closing MFC will have cumulatively reduced LTC reserves by 18% and LTC morbidity sensitivity by 17%.
• Transacted LTC block is younger, with a greater proportion of active life reserves than our previous transaction.
• Modest negative 4% LTC cede further validates our reserves and assumptions.
• Accretive to core ROE, and an attractive core earnings multiple of 11.4 times; neutral impact to core EPS.

The stock market had a mixed showing. The major indices ultimately settled near their best levels of the session thanks to a late afternoon push higher. The S&P 500 closed less than one point higher than yesterday after being down as much as 1.0%. The Nasdaq Composite traded as low as 1.4% and closed only 0.1% lower. The Dow Jones Industrial Average, which traded down as much as 0.4%, closed 0.3% higher than yesterday. 

Many stocks participated in the afternoon improvement, which mostly occurred after the cash session concluded in the bond market. The 10-yr yield settled four basis points higher at 4.41% and the 2-yr yield settled three basis points higher at 4.30%. Treasury yields initially moved lower in response to some geopolitical angst as reports indicated Ukraine had fired UK-made missiles into Russia.

Early safe-haven buying dissipated, though, after Fed Governor Bowman (FOMC voter) indicated that she would like to proceed cautiously in bringing down the policy rate and after today's $16 billion 20-yr bond auction met weak demand. 

Weakness in the mega cap space limited index performance throughout the session. Retailers were also noticeably weak after Target's (TGT 121.72, -33.16, -21.4%) disappointing guidance. 

S&P 500 sector performance was mixed, leaving the health care (+1.2%) and energy (+1.0%) sectors at the top of the leaderboard while the consumer discretionary (-0.6%), financials (-0.3%), and information technology (-0.2%) sectors brought up the rear.

• Nasdaq Composite: +26.4%
• S&P 500: +24.1%
• S&P Midcap 400: +16.2%
• Dow Jones Industrial Average: +15.2%
• Russell 2000: +14.7%

Reviewing today's economic data:

• Weekly MBA Mortgage Applications Index, which increased 1.7% with purchase applications increasing 2% and refinance applications rising 2%
• Weekly EIA crude oil inventories showed a build of 545,000 barrels

Thursday's economic calendar features:

• Weekly Initial Claims at 8:30 ET (Briefing.com consensus 221K; Prior 217K)
• Weekly Continuing Claims at 8:30 ET (Prior 1873K)
• November Philadelphia Fed Index at 8:30 ET (Briefing.com consensus 7.0; Prior 10.3)
• October Existing Home Sales at 10:00 ET (Briefing.com consensus 3.90 mln; Prior 3.84 mln)
• October Leading Home Sales at 10:00 ET (Briefing.com consensus -0.3%; Prior -0.5%)

• Earnings/guidance gainers: SNOW +16.6%, UTI +5.1%
• Earnings/guidance losers: PANW -5.3%, MMS -5.2%, NVDA -3.6%, JACK -3.1%

• Reports Q3 (Oct) earnings of $0.81 per share, excluding non-recurring items, $0.06 better than the FactSet Consensus of $0.75; revenues rose 93.6% year/year to $35.08 bln vs the $33.15 bln FactSet Consensus.
  • Data Center revenue was a record, up 112% from a year ago and up 17% sequentially. The strong year-on-year and sequential growth was driven by demand for Hopper computing platform for training and inferencing of large language models, recommendation engines, and generative AI applications.
    • Completed a successful mask change for Blackwell, our next Data Center architecture, that improved production yields. Blackwell production shipments are scheduled to begin in the fourth quarter of fiscal 2025 and will continue to ramp into fiscal 2026.
    • Both Hopper and Blackwell systems have certain supply constraints, and the demand for Blackwell is expected to exceed supply for several quarters in fiscal 2026.
  • Gaming revenue was up 15% from a year ago and up 14% sequentially. These increases were driven by sales of our GeForce RTX 40 Series GPUs and game console SoCs.
  • Professional Visualization revenue was up 17% from a year ago and up 7% sequentially. These increases were driven by the continued ramp of RTX GPU workstations based on our Ada architecture.
  • Automotive revenue was a record, up 72% from a year ago and up 30% sequentially. These increases were driven by our self-driving platforms.
• Co issues in-line guidance for Q4 (Jan), sees Q4 revs of $37.5 bln, plus/minus 2%, implying $36.75-38.25 bln vs. $37.09 bln FactSet Consensus.
  • GAAP and non-GAAP gross margins are expected to be 73.0% and 73.5%, respectively, plus or minus 50 basis points.
    

• In conjunction with the rebrand, the Company's common stock will begin trading on the New York Stock Exchange at the market open on December 3, 2024, under the Company's new name and new ticker symbol of "RPT".
• This will replace the Company's current ticker symbol, "AJX."
• The rebranding initiative highlights a new chapter in the Company's evolution as an opportunistic real estate investment platform and will reinforce the beneficial relationship with Rithm Capital Corp. (RITM).

• Reports Q3 EPS of $0.05, $0.07 better than the $(0.02) FactSet Consensus estimate; revenue increased 7.5% yr/yr to $671.5 mln vs. the $669.5 mln consensus estimate.
• Adjusted EBITDA increased $14.4 million, or 25.1%, to $71.4 million in the third quarter of 2024 compared to $57.0 million in the third quarter of 2023, primarily due to increased revenue from both our early childhood education centers and before- and after-school sites.

• Under the amended agreement, the aircraft delivery schedule has been revised to reduce the number of aircraft expected in 2024 and 2025 whereby all 50 firm aircraft are due for delivery by the end of 2027 (previously, end of 2025).
• The amended agreement provides for other benefits and considerations related to delivery delays in 2024 as well as the deferred schedule through 2027

• The complaint, filed November 19, 2024, in the U.S. District Court for the Northern District of California, alleges that at least the Eoptolink 400G QSFP-DD LR4, Eoptolink 400G QSFP-DD FR4, Eoptolink 400G QSFP-DD DR4, Eoptolink 100G QSFP28 LR4, Eoptolink 100G QSFP28 DR1+, and Eoptolink 100G QSFP28 CWDM4, infringe one or more of the asserted of Applied Optoelectronic, Inc. (AOI) optical transceiver patents.

• Co announces it has entered into an agreement to acquire Metro Supply Company, a leading commercial and industrial mechanical insulation distributor with approximately $35 million in annual revenue.
• Metro Supply Company operates two branches and serves the New York/New Jersey and Baltimore/Washington metropolitan areas. The transaction is expected to close in the fourth quarter.

• Co announces a strategic multi-year partnership that will enable global enterprises to develop and scale easy, efficient, and trusted AI products, apps, and workflows powered by the latest state-of-the-art models. Anthropic's newest Claude 3.5 models will be available for users to securely leverage within Snowflake Cortex AI, Snowflake's fully managed AI service that provides a suite of generative AI features, on Amazon Web Services (AMZN).
• In addition, Snowflake's agentic AI products, including Snowflake Intelligence and Cortex Analyst, will leverage Claude as one of the key large language models (LLMs) powering these experiences.
• By bringing together Claude's best-in-class reasoning, planning, and problem-solving, with Snowflake's industry-leading platform trusted by more than 10,000 organizations across the globe, enterprises can unlock the full potential of their data through conversational assistants and large-scale language processing. Claude's advanced language models will further enhance how data agents in Snowflake can deeply analyze data, run ad-hoc analytics, generate visualizations, and execute other multi-step workflows

• The Newbuild Vessels are of the same specification and cost as the vessels announced by the Company on August 23, 2024, and will be able to carry a wide variety of gas products, from petrochemicals such as ethylene and ethane, to LPG and clean ammonia. The Newbuild Vessels are expected to be delivered to the Company in November 2027 and January 2028 respectively.
• With the two additional Newbuild Vessels, Navigator now has four vessels in its newbuilding program, three of which are due for delivery in 2027 and one in 2028.

• Reports Q3 (Oct) earnings of $0.20 per share, excluding non-recurring items, $0.05 better than the FactSet Consensus of $0.15; revenues rose 28.3% year/year to $942.1 mln vs the $899.31 mln FactSet Consensus.
• Product revenue of $900.3 million in the third quarter, representing 29% year-over-year growth.
• Net revenue retention rate of 127%.
• 542 customers with trailing 12-month product revenue greater than $1 million.
• Agrees to Acquire Datavolo: Co also announces it has signed a definitive agreement to acquire Datavolo, the company built to rapidly accelerate the creation, management, and observability of multimodal data pipelines for enterprise AI1. With this acquisition, Snowflake will deepen its service in the 'bronze layer' of the data lifecycle and will deliver a simple way for data engineering teams to integrate all of their enterprise systems with Snowflake's unified platform, where they can then unlock data for AI and ML, apps and analytics, and leverage the scale, performance, and built-in governance of the AI Data Cloud. Together, Datavolo and Snowflake will both simplify data engineering workloads and deliver unmatched data interoperability and extensibility - a building block for effective enterprise AI.
• Q4 Outlook: Guides for product revenue of $906-$911 mln and non-GAAP operating margin of 4%.

• The quarterly dividend will be paid on Jan. 22, 2025, to all shareholders of record as of the close of business on Dec. 31, 2024.

• Reports Q1 (Oct) earnings of $1.56 per share, excluding non-recurring items, $0.08 better than the FactSet Consensus of $1.48; revenues rose 13.9% year/year to $2.14 bln vs the $2.12 bln FactSet Consensus.
  • Next-Generation Security ARR grew 40% year over year to $4.5 billion.
    
  • Remaining performance obligation grew 20% year over year to $12.6 billion.
• Co issues in-line guidance for Q2 (Jan), sees EPS of $1.54-1.56, excluding non-recurring items, vs. $1.55 FactSet Consensus; sees Q2 revs of $2.22-2.25 bln vs. $2.23 bln FactSet Consensus.
  • Next-Generation Security ARR of $4.70 billion to $4.75 billion, representing year-over-year growth of between 35% and 36%.
    
  • Remaining performance obligation of $12.9 billion to $13.0 billion, representing year-over-year growth of between 20% and 21%.
• Co issues in-line guidance for FY25 (Jul), sees EPS of $6.26-6.39 (up from $6.18-6.31), excluding non-recurring items, vs. $6.28 FactSet Consensus; sees FY25 revs of $9.12-9.17 bln (up from $9.10-9.15 bln) vs. $9.13 bln FactSet Consensus.
  • Next-Generation Security ARR of $5.52 billion to $5.57 billion, representing year-over-year growth of between 31% and 32%.
    
  • Remaining performance obligation of $15.2 billion to $15.3 billion, representing year-over-year growth of between 19% and 20%.

• Reports Q4 (Sep) earnings of $1.16 per share, excluding non-recurring items, $0.07 better than the FactSet Consensus of $1.09; revenues fell 6.2% year/year to $349.3 mln vs the $356.69 mln FactSet Consensus.
  • Jack in the Box same-store sales of (2.1%) in Q4 2024, (1.3%) for FY 2024
  • Del Taco same-store sales of (3.9%) in Q4 2024, (1.5%) for FY 2024. 
• Co issues guidance for FY25, sees EPS of $5.05-5.45, may not be comparable to $6.22 FactSet Consensus.
  • Includes dilutive impact from refranchising 13 Del Taco restaurants in Q1
  • Jack in the Box Same Store Sales of flat to +1% vs. FY 2024.
  • Del Taco Same Store Sales approximately flat to -1.0% vs. FY 2024
• On November 14, 2024, the Board of Directors declared a cash dividend of $0.44 per share, to be paid on December 30, 2024, to shareholders of record as of the close of business on December 12, 2024. 

• The PRIME initiative provides enhanced support to developers of promising medicines to optimize development plans and accelerate evaluation.
• Pivotal trials of NX-5948 are planned to initiate in 2025.