• Co updates record and payment dates of its previously-deferred Q1 cash dividend in response to store closures from the pandemic.
• The $0.1375 per share cash dividend is now payable on Dec 30 to stockholders of record at the close of business on Dec 16.
• "In light of a strong third quarter and the significant progress we've made to strengthen our financial liquidity after the onset of COVID-19, we are pleased to pay our deferred first quarter dividend before the close of 2020....looks forward to reinstating our regular quarterly cash dividend and share repurchase program once business visibility improves."

• Co and Tevard Biosciences enter into a collaboration to identify and develop novel tRNA-based gene therapies for Dravet syndrome and other genetic epilepsies.
• Under the collaboration, Tevard will utilize its two unique tRNA-based discovery platforms focused on mRNA Stabilization and Nonsense Codon Suppression to discover and advance novel drug candidates for the treatment of Dravet syndrome and other genetic epilepsies. Zogenix will further develop the candidates through advanced preclinical studies and clinical development, and be responsible for worldwide commercialization.
• Zogenix is responsible for funding the collaboration and, under the terms of the agreement, Tevard will receive an initial collaboration payment of $10 mln. Tevard is also eligible to receive additional milestone payments ranging from $70-100 mln.

• Co provides update on the clinical development and production of mRNA-1273, its vaccine candidate against COVID-19.
  • Interim durability data from NIH-led Phase 1 study of mRNA-1273 published as letter to the editor in NEJM; at day 119, 3 months post-second 100 g dose, binding and neutralizing antibody titers remain high in all participants; results consistent across all age groups (18-55, 56-70 and 71+).
  • Co reaffirms expectation to have 20 mln doses available in U.S. by the end of 2020.
  • Co expects to have between 100-125 mln doses available globally in 1Q21.

• Co has entered into a definitive agreement to sell its Natural Balance premium pet food business to Nexus Capital Management for approx $50 mln in cash.
• The business generated net sales of approximately $220 mln in FY20.
• "Today's announcement helps the Company further focus on the core brands within our pet food and pet snacks portfolio including Rachael Ray Nutrish, Milk-Bone and Meow Mix among others, which together create a unique portfolio with significant long-term growth potential that meets consumer needs across value, mainstream and premium offerings." Co expects the divestiture to be dilutive to its adjusted EPS by $0.05-0.10 on a full-year basis.

• Co promotes Melanie Marein-Efron, its Executive Director of Corporate Development and Finance, to CFO, effective December 2, 2020.
• Ms. Marein-Efron joined URBN in January 2013 as Director of Financial, Planning & Analysis and was subsequently promoted to Executive Director Finance & Corporate Development, her current role. Prior to joining the co, Melanie worked at Campbell Soup, Godiva Chocolate and General Motors in various senior finance roles.

• AIR and Fortress Transportation and Infrastructure Investors (FTAI) announce an agreement to create Serviceable Engine Products, an exclusive seven-year CFM56 used serviceable material partnership.
• The partnership will build USM inventory for the global aviation aftermarket and FTAI's own consumption at The Module Factory, a dedicated commercial maintenance center focused on modular repair and refurbishment of CFM56-7B and CFM56-5B engines.
• Through its worldwide network, AIR will manage the teardown, repair, marketing and sales of spare parts from FTAI's CFM56 engine pool totaling over 200 engines and growing.

• Passenger traffic decreased 40.3% in Mexico, 43.5% in Puerto Rico and 56.1% in Colombia, impacted by severe downturns in business and leisure travel stemming from the COVID-19 pandemic.

• Co announcests acquisition of NotaryCam, a leader in online notarization and original provider of mortgage eClosing solutions.
• By adding NotaryCam, STC advances its strategic vision of digitizing, securing and simplifying the title and closing process.

• Co announces that it has named W. Bryan Buckler Chief Financial Officer effective January 1, 2021.
• Buckler will replace Steve Merrill who is retiring after 13 years with the company, where he held several key leadership roles at Enogex, Enable and his current role of CFO at OGE, which he assumed in 2014.

• Co launches Central Ventures, a venture fund dedicated to discovering emerging businesses that are focused on the garden and pet industries.
• Central Ventures will focus on early-stage North American companies driving change and new thinking in Sustainability, Health & Wellness and Digitally Connected Products and Services.
• Companies backed by the fund will have access to Central's leading go-to-market capabilities, resources, and guidance to help take their businesses to the next level.
• Typical investments will range between $250,000 to $2 mln initially, with reserves for follow-on investments.

• The share repurchase program is in addition to the previously announced share buyback program in which approximately 2.3 million shares remained available for repurchase as of September 30, 2020.

• Co provides a clinical update from its ongoing dose-escalation Phase 1 study of STRO-002, a folate receptor alpha (FolRa) targeting antibody-drug conjugate (ADC), for patients with ovarian cancer.
• At the data cutoff of October 30, 2020, median time on treatment was 19 weeks and 10 patients remained on treatment. Results out of 31 evaluable patients included:
  • 10 patients met RECIST criteria for response. Of which, 1 patient achieved a complete response (CR) and 9 patients achieved a partial response (PR). Of the PRs, 3 were confirmed PRs (cPRs) and
  • 6 unconfirmed PRs (uPRs).
  • 23 patients (74%) achieved disease control at 12 weeks.
  • 18 patients (58%) achieved disease control at 16 weeks.
  • 4 patients (13%) were on treatment for 52 weeks. 3 patients remained on treatment beyond 64 week.
• STRO-002 continues to be well-tolerated and 86% of all treatment-emergent adverse events (AEs) were Grade 1 or 2. Of note, prophylactic corticosteroid eye drops have not been required and no ocular toxicity signals have been observed.
• "The deepening of responses in patients as well as disease control over time demonstrates STRO-002 to be an important potential treatment option for patients with ovarian cancer."

• Earnings/guidance gainers: PD +15.9%, CLDR +10.3%, DOCU +6.7%, SWBI +2.5%, ZUMZ +2.2%, ZUO +2%
• Earnings/guidance losers: YEXT -11.7%, OLLI -10.6%, ULTA -5.4%, MRVL -3.9%

• Co announces it has signed a Letter of Intent to acquire Wenck, a US-based environmental engineering firm with core expertise in air, water, waste, food processing, natural resources, and infrastructure.
• Wenck operates both nationally and internationally, providing complete environmental, engineering, and response solutions with 300 multidisciplinary technical experts.
• The terms of the transaction were not disclosed.
• This acquisition will immediately add depth and breadth to STN's environmental services team, especially in the US Midwest.

• Co provides an update on rent collections, capital deployment, and equity issuance activity.
• As of December 3, 2020, the company has collected 93% of November Base Rent, or 98% of November Base Rent excluding movie theaters.
• Quarter-to-date, the company has completed $262 million of acquisitions and expects to complete fourth quarter acquisitions of $400 to $425 million.
• Company is increasing its full-year capital deployment guidance, including revenue-producing capital expenditures, to $840-$865 million, compared to its prior guidance of $700-$750 million.

• Co announces that it has completed the ramp of its gallium arsenide substrate shipments for its major customer, OSRAM, from its new manufacturing facility in Dingxing, China.
• In March, OSRAM finished its qualification of the new facility and began accepting a portion of its order volume from Dingxing, which it has continued to ramp throughout the year.
  

The S&P 500 declined 0.1% on Thursday, as its record-setting hopes were interrupted by news that Pfizer (PFE 40.10, -0.70, -1.7%) is aiming to distribute only half of its COVID-19 vaccines it originally planned due to supply chain issues. Prior to the late-session news, the benchmark index was trading at all-time highs with a 0.4% gain. 

The Russell 2000 (+0.6%), Dow Jones Industrial Average (+0.3%), and Nasdaq Composite (+0.2%) still closed higher, as investors had broadened their risk exposure outside the S&P 500 throughout the day.

Generally, the Pfizer headline was a good excuse to temper the pervasive bullish sentiment and upwards momentum in the market. Six of the 11 S&P 500 sectors slipped into negative territory on a closing basis, led lower by the utilities (-1.1%) and materials (-0.7%) sectors. The energy (+1.1%) and real estate (+0.7%) sectors outperformed. 

For most of the day, investors were relatively pleased with the slate of macro news and the big gains in Boeing (BA 237.20, +13.35, +6.0%), Tesla (TSLA 593.38, +24.46, +4.3%), and many of the software companies following their earnings reports.

Boeing was boosted by news that Ryanair is ordering 75 737 MAX planes, and Tesla was upgraded to Buy from Hold at Goldman Sachs with a Street-high $780 price target. Software companies Snowflake (SNOW 339.89, +47.20, +16.1%), Zscaler (ZS 185.61, +38.82, +26.5%), and CrowdStrike (CRWD 161.19, +19.35, +13.6%) were among the earnings winners. 

Positive macro news included Senate Majority Leader McConnell observing that a stimulus compromise is "within reach," weekly initial jobless claims decreasing more than expected to 712,000 (Briefing.com consensus 775,000), and the November ISM Non-Manufacturing Index (55.9%) denoting a sixth straight month of expansionary activity (over 50.0%). 

We could nitpick that Senate Minority Leader Schumer (D-NY) didn't believe that Mr. McConnell was in a deal-making mood, jobless claims remained elevated, or that the ISM reading was less than expected, but a bull market tends to look at things positively. As such, despite the Pfizer-induced blip, today was a relatively constructive day. 

The 2-yr yield decreased one basis point to 0.15%, and the 10-yr yield decreased three basis points to 0.92%. The U.S. Dollar Index fell 0.5% to 90.70 -- its lowest level since April 2018. WTI crude futures gained 0.8%, or $0.38, to $45.66/bbl after OPEC+ agreed to a smaller-than-expected 500K bpd production increase, starting in January.

Reviewing Thursday's economic data:

• Initial claims for the week ending November 28 decreased by 75,000 to 712,000 (Briefing.com consensus 775,000) -- the lowest since the pandemic started -- while continuing claims for the week ending November 21 decreased by 569,000 to 5.520 million.
  • The key takeaway is that there were still 712,000 initial jobless claims and 5.520 million continuing claims. In the same weeks a year ago, the totals stood at 206,000 and 1.697 million, respectively.
• The ISM Non-Manufacturing Index slipped to 55.9% in November (Briefing.com consensus 56.3%) from 56.6% in October. The dividing line between expansion and contraction is 50.0%. The November reading reflects a slightly slower pace of expansion than the prior month but the sixth straight reading above 50.0%.
  • The key takeaway from the report is that it didn't reflect any significant weakness in the services sector in November despite the election uncertainty, the surge in coronavirus cases, and restrictions implemented to help contain the spread of the coronavirus.
• The Markit Services PMI for November was revised higher to 58.4 from 57.7 in the preliminary reading.

Looking ahead, investors will receive the Employment Situation Report for November, the Trade Balance for October, and Factory Orders for October on Friday.

• Nasdaq Composite +37.9% YTD
• S&P 500 +13.5% YTD
• Russell 2000 +10.8% YTD
• Dow Jones Industrial Average +5.0% YTD

• Reports Q3 (Oct) loss of $0.01 per share, $0.04 better than the S&P Capital IQ Consensus of ($0.05); revenues rose 7.2% year/year to $77.2 mln vs the $73.83 mln S&P Capital IQ Consensus.
• Subscription revenue was $62.0 million, an increase of 15% year-over-year.
• Customers with ACV equal to or greater than $100,000 was 653, which represents 11% year-over-year growth.
• Dollar-based retention rate was 99%.
• Co issues guidance for Q4, sees EPS of ($0.05)-($0.06) vs. ($0.05) S&P Capital IQ Consensus; sees Q4 revs of $75-$77 mln vs. $74.29 mln S&P Capital IQ Consensus.

• Reports Q3 (Oct) earnings of $1.62 per share, excluding non-recurring items, $0.09 better than the S&P Capital IQ Consensus of $1.53; revenues rose 11.5% year/year to $1.82 bln vs the $1.83 bln S&P Capital IQ Consensus.
  • Net bookings of $5.0 billion equating to a record book to bill of 2.7, $11.2 billion year to date, book to bill of 2.1
• Co issues mixed guidance for FY21, sees EPS of $5.95-6.05, excluding non-recurring items, vs. $6.10 S&P Capital IQ Consensus and prior guidance of $5.80-6.10; sees FY21 revs of $7.10-7.15 bln vs. $6.71 bln S&P Capital IQ Consensus and prior guidance of $7.1-7.2 bln.
• Subsequent to the end of the quarter, the Company's Board of Directors declared a cash dividend of $0.37 per share of the Company's common stock payable on January 29, 2021 to stockholders of record on January 15, 2021.

• Reports Q4 (Oct) earnings of $3.16 per share, $0.05 better than the S&P Capital IQ Consensus of $3.11; revenues fell 1.5% year/year to $681.6 mln vs the $678.32 mln S&P Capital IQ Consensus.
• On a non-GAAP basis, gross margin was 68%, up from 67% last year driven by improvements at both CooperVision and CooperSurgical.
• Co issues downside guidance for Q1, sees EPS of $2.66-$2.86 vs. $2.95 S&P Capital IQ Consensus; sees Q1 revs of $642-$670 mln vs. $670.06 mln S&P Capital IQ Consensus.
  • Given the uncertain scope and duration of the ongoing COVID-19 pandemic, the company is unable to provide formal financial guidance for fiscal year 2021.

• Co announces it has acquired Trans-Hit Biomarkers, a worldwide biospecimen procurement service provider based in Montreal Canada.
• THB has an extensive collection capability for biospecimens and clinical samples through a worldwide partner network of clinical sites and biobanks.
• Co expects the acquisition to be modestly accretive to earnings immediately. Specific terms of the acquisition were not disclosed.

• Reports Q3 (Oct) loss of $0.02 per share, excluding non-recurring items, $0.06 better than the S&P Capital IQ Consensus of ($0.08); revenues rose 16.6% year/year to $89.06 mln vs the $87.22 mln S&P Capital IQ Consensus.
• Co issues guidance for Q4, sees EPS of ($0.10)-($0.08), excluding non-recurring items, vs. ($0.08) S&P Capital IQ Consensus; sees Q4 revs of $87-89 mln vs. $94.06 mln S&P Capital IQ Consensus.

• Reports Q3 (Oct) earnings of $0.15 per share, $0.06 better than the S&P Capital IQ Consensus of $0.09; revenues rose 9.9% year/year to $217.9 mln vs the $208.96 mln S&P Capital IQ Consensus.
• Annualized Recurring Revenue at the conclusion of the third quarter of fiscal 2021 was $756 million, representing 12% year-over-year growth.
• Co issues guidance for Q4, sees EPS of $0.10-$0.12 vs. $0.10 S&P Capital IQ Consensus; sees Q4 revs of $219-$222 mln vs. $215.21 mln S&P Capital IQ Consensus.
• Co issues upside guidance for FY21, sees EPS of $0.40-$0.42 vs. $0.34 S&P Capital IQ Consensus; sees FY21 revs of $862-$865 mln vs. $850.17 mln S&P Capital IQ Consensus.

• Reports Q3 (Oct) earnings of $1.16 per share, $0.40 better than the S&P Capital IQ Consensus of $0.76; revenues rose 2.7% year/year to $271 mln vs the $246.2 mln S&P Capital IQ Consensus.
• Due to store closures, stores were open for approximately 95% of the third quarter of 2020 measured as the total number of store days open in the quarter divided by the total number of store days available.
• For the stores that were open, comparable sales for the thirteen weeks ended October 31, 2020 increased 8.1% compared to the same period a year ago.
• Due to the fast-moving nature of this situation and the uncertainty of impacts on revenue and costs, the company previously withdrew its full year fiscal 2020 guidance. The company is not providing an updated outlook at this time for the fourth quarter or the year.
• Co also announces $100 mln share repurchase program.

• Reports Q2 (Oct) earnings of $0.93 per share, excluding non-recurring items, $0.30 better than the S&P Capital IQ Consensus of $0.63; revenues rose 118.7% year/year to $248.7 mln vs the $222.99 mln S&P Capital IQ Consensus.
• "Our Board again authorized a $0.05 per share dividend to shareholders of record as of December 17, 2020, with payment to be made on January 5, 2021."

• Reports Q3 (Oct) earnings of $0.01 per share, $0.02 better than the S&P Capital IQ Consensus of ($0.01); revenues rose 17.4% year/year to $121 mln vs the $116.91 mln S&P Capital IQ Consensus.
• Subscription revenue was $96.9 million, an increase of 22% from the same period last year.
• Co issues upside guidance for Q4, sees Q4 revs of $123.5-$125.5 mln vs. $122.83 mln S&P Capital IQ Consensus. Sees subscription revenue in the range of $100.5-$101.5 mln. 

• Reports Q3 (Oct) loss of $0.40 per share, excluding non-recurring items, $0.04 better than the S&P Capital IQ Consensus of ($0.44); revenues rose 19.6% year/year to $53.6 mln vs the $51.76 mln S&P Capital IQ Consensus.
• Billings were $55.7 million or 25% year-over-year growth.
• Co issues in-line guidance for Q4, sees EPS of ($0.46) - ($0.42), excluding non-recurring items, vs. ($0.43) S&P Capital IQ Consensus; sees Q4 revs of $53.3-54.3 mln vs. $53.31 mln S&P Capital IQ Consensus.

• Reports Q3 (Oct) earnings of $0.22 per share, excluding non-recurring items, $0.12 better than the S&P Capital IQ Consensus of $0.10; revenues rose 53.5% year/year to $382.92 mln vs the $361.33 mln S&P Capital IQ Consensus.
  • Billings were $440.4 million, an increase of 63% year-over-year vs prior guidance of $380-390 mln.
• Co issues upside guidance for Q4, sees Q4 revs of $404-408 mln vs. $387.45 mln S&P Capital IQ Consensus. Co guides to Q4 billings of $512-522 mln.

• Reports Q3 (Oct) earnings of $0.25 per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of $0.25; revenues rose 13.3% year/year to $750.1 mln vs the $751.01 mln S&P Capital IQ Consensus.
• Co issues in-line guidance for Q4, sees EPS of $0.25-0.33, excluding non-recurring items, vs. $0.28 S&P Capital IQ Consensus; sees Q4 revs of $745.75-824.5 mln vs. $786.40 mln S&P Capital IQ Consensus.
• "Marvell continued to deliver strong revenue growth in the third fiscal quarter. Overall revenue increased 13% year on year, driven by our networking business, which grew revenue 35% year on year. Strong 5G and Cloud product ramps are fueling our ongoing success in these strategic growth markets," said Matt Murphy, Marvell's President and CEO. "Demand continues to increase, and we are guiding fourth fiscal quarter revenue at the mid-point to grow approximately 5% sequentially. Our team is working to mitigate the impact of industry-wide supply constraints that are currently limiting our ability to fully satisfy the increase in demand."

• Reports Q3 (Oct) earnings of $0.65 per share, $0.07 better than the S&P Capital IQ Consensus of $0.58; revenues rose 26.7% year/year to $414.4 mln vs the $405.7 mln S&P Capital IQ Consensus.
• Comparable store sales increased 15.3%.
• The company opened 19 new stores, including one relocation, ending the quarter with 385 stores in 25 states, a year-over-year increase in store count of 11.6%.
• "... Quarter-to-date, our comparable store sales increases are tracking in the low single-digits. That said, this holiday season is subject to many uncertainties regarding the impact of the pandemic and there are a lot of large volume days still ahead of us...."

• Reports Q3 (Oct) loss of $0.09 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of ($0.10); revenues rose 25.8% year/year to $53.77 mln vs the $52.61 mln S&P Capital IQ Consensus.
• Co issues mixed guidance for Q4, sees EPS of ($0.12)-($0.11), excluding non-recurring items, vs. ($0.10) S&P Capital IQ Consensus; sees Q4 revs of $57.0-58.0 mln vs. $55.40 mln S&P Capital IQ Consensus.
• Co issues mixed guidance for FY21, sees EPS of ($0.30)-($0.29), excluding non-recurring items, vs. ($0.28) S&P Capital IQ Consensus; sees FY21 revs of $211-212 mln vs. $208.58 mln S&P Capital IQ Consensus.

• Reports Q3 (Oct) earnings of $1.64 per share, excluding non-recurring items, $0.15 better than the S&P Capital IQ Consensus of $1.49; revenues fell 7.8% year/year to $1.55 bln vs the $1.56 bln S&P Capital IQ Consensus.
• Comparable sales (sales for stores open at least 14 months, including stores temporarily closed due to COVID-19, and e-commerce sales) decreased 8.9% compared to an increase of 3.2% in the third quarter of fiscal 2019. In the third quarter of fiscal 2020, transactions declined 15.4% and average ticket increased 7.6%.
• "Ulta Beauty is well positioned for this gift giving season as consumers continue to seek moments of joy, connection and self-care, and we are encouraged with early holiday sales trends in November. However, the operating environment continues to be dynamic. While it is difficult to predict future impacts of the pandemic on demand this holiday season, we have increased our sales expectations for the fourth quarter and now anticipate comparable store sales will decline in the range of 12% to 14%," continued Dillon. "We know this holiday season will be like no other, but our team is ready and excited to help our guests see the joy of the season."