MARKET RECAP at 4 pm ET

Wall Street ended slightly higher as

investors engaged in bargain hunting
Coming Up
after last week's declines. Treasury
yields fell as investors saw recent
weakness in U.S. government bonds as
a buying opportunity. Gold prices
firmed as the dollar retreated. Oil
prices slid as worries about more
interest rate hikes stoked demand
concerns.

STOCKS Close Chng % Chng Yr-high Yr-low

DJIA 32889.09 72.17 0.22 35492.22 28660.94

Nasdaq 11466.98 72.04 0.63 12269.56 10265.04

S&P 500 3982.24 12.20 0.31 4195.44 3794.33
Toronto 20260.13 40.94 0.20 22213.07 17873.18
FTSE 7935.11 56.45 0.72 8047.06 7448.69
Eurofirst 1824.49 19.46 1.08 1846.42 1678.85
Nikkei 27423.96 -29.52 -0.11 27821.22 25661.89 A file photo of people shopping at a Target store during Black Friday sales in Chicago, Illinois,
Hang Seng 19943.51 -66.53 -0.33 22700.85 19303.73 November 25, 2022. REUTERS/Jim Vondruska

TREASURIES Yield Price

The Conference Board is expected to month from 107.1 in January. The
10-year 3.9258 6 /32 report that consumer confidence Chicago Purchasing Managers'
2-year 4.7804 2 /32 index possibly rose to 108.5 this Index (PMI) is scheduled for release
5-year 4.1695 6 /32
30-year 3.9346 2 /32

FOREX Last % Chng

KEY ECONOMIC EVENTS
Euro/Dollar 1.0607 0.58 Events ET Poll Prior
Dollar/Yen 136.25 -0.15 -$89.67
Advance goods trade balance for Jan 0830 --
Sterling/Dollar 1.2057 0.95 bln
Dollar/CAD 1.3577 -0.24 Wholesale inventories advance for Jan 0830 -- 0.1%
USD/CNH (Offshore) 6.9602 -0.29 Retail inventories ex-auto advance for Jan 0830 -- 0.4%
Monthly home price mm for Dec 0900 -- -0.1%
COMMODITIES ($) Price Chng % Chng
Monthly home price yy for Dec 0900 -- 8.2%
Front Month Crude /barrel 75.73 -0.59 -0.77 Monthly Home Price Index for Dec 0900 -- 392.3
Spot gold (NY/oz) 1816.75 5.94 0.33
CaseShiller 20 mm SA for Dec 0900 -0.5% -0.5%
Copper U.S. (front month/lb) 0.0401 0.0005 1.38
CRB Index Total Return 293.61 1.70 0.58 CaseShiller 20 mm NSA for Dec 0900 -- -0.8%
CaseShiller 20 yy NSA for Dec 0900 5.8% 6.8%
S&P 500 Price $ Chng % Chng
Chicago PMI for Feb 0945 45 44.3
GAINERS Consumer Confidence for Feb 1000 108.5 107.1
Union Pacific Corp 212.20 19.48 10.11
Enphase Energy Inc 210.78 11.82 5.94
Rich Federal Composite Index for Feb 1000 -- -11
Solaredge Technologies Inc 313.63 17.45 5.89 Rich Federal Services Index for Feb 1000 -- -6
LOSERS Rich Fed Manufacturing Shipments for Feb 1000 -- -3
DISH Network Corp 12.20 -1.07 -8.06
Texas Services Sector Outlook for Feb 1030 -- -15
Lumen Technologies Inc 3.40 -0.16 -4.49
EQT Corp 33.51 -1.22 -3.51 Dallas Federal Services Revenues for Feb 1030 -- 4.9
and is likely to show a reading of 45.0
in February, up from 44.3 in the
previous month. Separately, the S&P
CoreLogic Case Shiller national
home price index for December is
scheduled for release. Also, the
Commerce Department is expected to
release wholesale inventories data
for January.

Federal Reserve Bank of Chicago

President Austan Goolsbee is
scheduled to speak at Ivy Tech
Community College on its Elkhart
campus in Indiana.

Target Corp is expected to report a fall

in fourth-quarter sales, but all eyes will
be on the retailer's forecast for the full
year after rival Walmart warned that its
earnings would take a hit from
consumer spending being pressured by
a slowing economy.

AMC Entertainment Holdings Inc is

expected to show a fall in fourth-
quarter revenue due to reduced footfall A file photo of a Target shopping cart seen in front of a store logo in Azusa, California, November
in its theaters amid an economic 16, 2017. REUTERS/Lucy Nicholson
slowdown.

Novavax Inc will report its fourth- the company's key financial goals at general accusing the company of
quarter earnings. Focus will be on the only the second investor day in the charging restaurants that use its online
company's forecast for COVID-19 Wall Street firm's 154-year history. ordering platform with fees in excess of
vaccine sales as well as its pipeline of a cap imposed by the state during the
flu and respiratory syncytial virus (RSV) Chevron Corp will provide a business COVID-19 pandemic.
vaccines. update to Wall Street analysts. The
Norwegian Cruise Line Holdings Ltd company reported record 2023 Grayscale Investments LLC is set to
is expected to post a rise in fourth- earnings and has pledged to keep hold an on-the-record briefing with
quarter revenue, helped by strong on- expanding U.S. oil production and has members of the media ahead of the
board spending and bookings as taken advantage of U.S. approvals to oral arguments in its lawsuit against the
COVID-19 protocols on cruises ease. expand operations in Venezuela with U.S. Securities and Exchange
Investors will look for comments on the five oil exports this month. Investors Commission on March 7.
impact of inflationary pressures on will be listening for update on its
consumer spending, Russia's invasion Kazakhstan oil production and pipeline Brazil's primary budget data for
of Ukraine and higher fuel prices. venture, renewable fuels business, January is likely to post a surplus of
carbon emissions targets, and 82.633 billion reais, up from 72.821
HP Inc is expected to report a drop in development of natural gas projects off billion reais in December. Separately,
first-quarter revenue as it grapples with the coast of Israel. the country's statistics agency, IBGE, is
a slowdown in the personal computers expected to report unemployment
market. Analysts will be looking for FDA panel adviser is likely to discuss rate likely fell to 8.0% in December,
commentary on demand as well as and make recommendations on Pfizer following a 8.1% rise in November.
gains from a retrenchment plan Inc's vaccine for prevention of acute Also, Chile's government statistics
announced in November. respiratory disease caused by RSV in agency, INE, is scheduled to release
60 years of age and older adults. manufacturing output in the Andean
Goldman Sachs Group Inc's Chief nation likely dropped 3.5% in January,
Executive David Solomon and his key GrubHub will urge a judge to dismiss a following a 4.1% drop in the previous
executives are scheduled to present lawsuit by Massachusetts' attorney month.

2
Market Monitor
Stocks eked out a slight gain as
investors engaged in some bargain
hunting after last week's losses, the
biggest percentage declines of 2023 for
Wall Street's main benchmarks, as
jitters persisted about coming interest
rate hikes to tame stubbornly high
inflation. "A little bit of a bounce
because Friday’s reaction was an
overreaction," said Ken Polcari,
managing partner at Kace Capital
Advisors in Boca Raton, Florida. "If
inflation does not subside and it
continues to creep higher over the next
couple of months (the Fed) absolutely
could force it higher. The realization
now is there is no pivot coming this
year and the people who still think a
pivot is coming this year need their
heads examined." The Dow Jones
Industrial Average rose 0.22% to
32,889.09, the S&P 500 gained 0.31% Traders work on the floor of the New York Stock Exchange in New York City, February 27, 2023.
to 3,982.24 and the Nasdaq REUTERS/Brendan McDermid
Composite was up 0.63% at
11,466.98.
greenback's recent rise and looked exports to Poland via a key pipeline.
Treasury yields declined as some ahead for the release of jobs data and Brent futures fell 1% to $82.33 a
investors saw recent weakness in U.S. consumer prices for February. With barrel, while U.S. West Texas
government bonds as a buying February coming to an end after the Intermediate (WTI) crude fell 0.84% to
opportunity, but fears of higher interest dollar's almost 3% climb during the $75.68 a barrel. Also weighing on oil,
rates continued to be a top concern. month on stronger-than-expected U.S. the U.S. Energy Information
"Immediately before the release, we economic data, investors are Administration reported last week that
saw yields drop and since the data the consolidating recent positions, said Joe U.S. crude stockpiles rose to their
price action has extended in Manimbo, senior market analyst at highest since May 2021. Bob Yawger
steepening fashion," said Benjamin Convera in Washington. The dollar at Mizuho, a bank, said in a note that
Jeffery, a strategist on the U.S. Rates index, which measures the currency "another big build likely this week."
Strategy Team at BMO Capital against six major peers, fell 0.51% to
Markets. "We remain cautiously bullish 104.67. The euro rose 0.57% to Gold prices were up as the dollar
ahead of month-end and another round $1.0606, while the dollar fell 0.16% retreated, although worries of further
of dip buying seen in duration this against the Japanese yen too 136.24 interest rate hikes from the U.S.
morning," he said. Benchmark 10- yen. Federal Reserve weighed on the
year notes were up 6/32, yielding bullion. "Given how the Fed's favoured
3.9258%. 2-year notes rose 1/32 to Oil prices slid as strong U.S. economic measure of inflation accelerated in
yield 4.7845%. 30-year bonds were data had investors bracing for more January, appetite for zero-yielding gold
2/32 higher, yielding 3.9346%. interest rate hikes from the U.S. may be soured by rate-hike bets in the
Federal Reserve to fight inflation, which near term – ultimately dragging prices
The dollar fell, tracking a slide in U.S. could slow economic growth and oil lower," Lukman Otunuga, senior
Treasury yields, as investors demand. Losses were limited by oil research analyst at FXTM, said. Spot
consolidated gains after the supply concerns after Russia halted gold rose 0.33% to $1,816.75 an
ounce. U.S. gold futures were up
0.37% at $1,823.80 per ounce.

3
Top News
Broadcom faces EU antitrust producing 4,000 cars per week, the Pfizer in talks to buy cancer
warning on $61 billion VMware deal - company said on Monday, quadrupling drugmaker Seagen - WSJ
sources from May when Chief Executive Elon Pfizer is in early-stage talks to acquire
U.S. chipmaker Broadcom is set to Musk had compared investment in cancer drugmaker Seagen in a
receive an EU antitrust warning about Tesla's new plants to "gigantic money potential multi-billion dollar deal, the
the possible anti-competitive effects of furnaces." To read more, click here Wall Street Journal reported, after
its proposed $61 billion bid for cloud advanced discussions between Merck
computing company VMware in the EU says not taking sides as Big and Seagen fell through last year. The
coming weeks, people familiar with the Tech 'fair share' debate dominates report on Sunday, which cited people
matter said. The European mobile meet familiar with the matter, said the offer
Commission opened an investigation in EU industry chief Thierry Breton said could be well over $30 billion but there
December, saying the deal, announced he was not taking sides in a clash could be a number of hurdles, including
last year, would allow Broadcom to between Big Tech and European the potential for a stringent antitrust
restrict competition in the market for telecoms operators over who should review of any proposal. Seagen had a
certain hardware components which fund the rollout of 5G and broadband market capitalization of roughly $30
interoperate with VMware's software. as the world's largest telecoms billion, as of Friday's close. Pfizer
The EU competition enforcer, which will conference opened in Barcelona. declined to comment on the WSJ
decide on the deal by June 7, declined Speaking at the Mobile World report, while Seagen did not
to comment. The Commission will set Congress (MWC), Breton defended a immediately respond to a Reuters
out its concerns in a statement of 12-week consultation launched last request for comment. The Merck-
objections, the people said. Companies week which could require Big Tech to Seagen deal reportedly failed over
can subsequently ask for a closed shoulder more of the costs. "For me the concerns that the Federal Trade
hearing to defend their deals in front of real challenge is to make sure that by Commission (FTC) would launch an
senior Commission and national 2030 our fellow citizens and business antitrust investigation, but analysts said
competition officials as well as rivals on our streets across the EU – the Pfizer combination was not raising
and the Commission's lawyers. including here in Barcelona – have any red flags. "A Pfizer/Seagen
access to fast, reliable and data- combination will invite less scrutiny
Musk's plan for a cheap Tesla car is intense Gigabit connectivity," he said. from the FTC due to less overlap of
what fans hope to hear this week Representatives from tech firms their products when compared to a
Tesla Chief Executive Elon Musk has including Alphabet, Meta and Netflix Merck/Seagen deal," said Zhiqiang
for years teased the world with his attending the MWC are expected to Shu, analyst at Berenberg Capital
dream of an affordable electric car. push back against the idea. Market.
This week, fans hope, he will explain
what he has in mind - and perhaps how
he can afford to build it. Musk said last
year he shelved the plan for a $25,000
car, known as Model 2, and he hasn't
mastered the new battery technology
that he has stated would be crucial to
the cheap cars. The low-priced car is
expected to be the centerpiece of
Musk's 'Master Plan Part Three', which
he will offer at an 'Investor Day' on
Wednesday, along with plans for
factory expansion and capital
spending. The low-priced car is
expected to be the centerpiece of
Musk's 'Master Plan Part Three', which
he will offer at an 'Investor Day' on
Wednesday, along with plans for
factory expansion and capital
spending. Separately, Tesla's German A file photo of Tesla Model S charging at a Tesla supercharger station in Cabazon, California, May
plant in Brandenburg near Berlin is now 18, 2016. REUTERS/Sam Mircovich

4
Twitter lays off 10% of current it is working with Honor, Lenovo-owned gave its own products a competitive
workforce - NYT Motorola, Nothing, OPPO, Vivo and advantage. The FAS determined in
Twitter has laid off at least 200 Xiaomi Corp to develop the devices. August 2020 that Apple had abused its
employees, or about 10% of its Satellite-based communications can dominant position, then issued a
workforce, the New York Times send and receive data in remote or directive requiring Apple to remove
reported late on Sunday, in its latest rural regions where other provisions giving it the right to reject
round of job cuts since Elon Musk took telecommunications networks are not third-party apps from its App Store.
over the micro-blogging site last available. Qualcomm announced that it That move followed a complaint from
October. The layoffs on Saturday night was adding the capabilities to its chips cybersecurity company Kaspersky Lab,
impacted product managers, data earlier this year. which had said a new version of its
scientists and engineers who worked Safe Kids application had been
on machine learning and site reliability, Bath & Body Works calls investor declined by Apple's operating system.
which helps keep Twitter's various Third Point's proxy contest Separately, Apple supplier Foxlink has
features online, the NYT report said, "misguided" halted production at its assembly
citing people familiar with the matter. Bath & Body Works said investor Third facility in the southern Indian state of
Twitter did not immediately respond to Point's potential proxy contest is Andhra Pradesh after a massive fire
a Reuters request for comment. The misguided and is a result of the led part of the building to collapse, two
company has a headcount of about specialty retailer not willing to appoint local government officials told Reuters.
2,300 active employees, according to the hedge fund's former co-chief To read the full story, click here
Musk last month. investment officer to its board.
Billionaire investor Daniel Loeb had last Union Pacific shares rise after CEO
Snap to roll out chatbot powered by week told the company that Third Point Fritz to step down amid investor
OpenAI's ChatGPT was planning a board challenge as the pressure
Snap, which owns photo messaging addition of new directors does not Shares of Union Pacific surged, a day
app Snapchat, said it is rolling out an address his concerns about after the U.S. railroad operator
artificial intelligence chatbot powered governance, capital allocation and announced that its Chief Executive
by OpenAI's ChatGPT technology, as executive pay. Bath & Body Works said Lance Fritz would step down this year
the company seeks to enter the buzzy in the last twelve months the board has amid pressure from investor Soroban
field of generative AI. The chatbot, appointed four highly qualified Capital Partners. The gains, which put
called My AI, will be available to directors, of which Lucy Brady, a senior the stock on course for its biggest rise
subscribers of Snap's premium executive at Conagra Brands, was since March 2020, come after some
subscription Snapchat+, the company proposed by Third Point. In a letter to Wall Street analysts backed the
said in a blog post. ChatGPT, which its shareholders, the company said the leadership change at the company that
can generate prose in response to potential proxy contest was due to the has struggled with labor shortages and
prompts, has captivated the tech board's unwillingness to appoint Loeb's service issues. Union Pacific's shares
industry. Microsoft and Alphabet's former partner Munib Islam to the have dropped more than 25% over the
Google both announced their own AI board. Islam, who played a key role in past 10 months. Soroban, which owns
chatbots earlier in February. My AI was Third Point's activist campaigns, left an about $1.6 billion stake in Union
trained to have a fun and lighthearted the firm in 2020 and is now a senior Pacific, urged the company on Sunday
tone and will be able to offer creative executive at LTS One, an investment to consider its former chief operating
ideas like potential gifts for a friend's partnership. officer Jim Vena for the role — a choice
birthday or write a poem about a that was backed by brokerage BMO
certain topic, Snap said. Apple pays $12.1 million fine for Capital Markets. "We believe that Vena
alleged app market abuse in Russia may be uniquely positioned to instill a
Qualcomm, Android phone makers - Antimonopoly Service strong operating culture at UNP and
developing satellite messaging U.S. tech giant Apple has paid a 906 position the company to capitalize on
feature million rouble fine in a Russian antitrust the volume growth opportunities
Qualcomm said it was working with a case alleging abuse of its dominance in available throughout its network,"
group of Android smartphone the mobile apps market, Russia's BMO's Fadi Chamoun said in a note.
companies to add satellite-based Federal Antimonopoly Service (FAS) Other analysts said a new leadership
messaging capabilities to their devices. said. Apple, which did not immediately has the potential to improve the
The San Diego, California-based respond to a request for comment, has company's operating ratio — a key
company, which is the world's biggest previously "respectfully disagreed" with profitability metric. Shares of the
supplier of chips that connect mobile a FAS ruling that Apple's distribution of company ended 10.01% higher at
phones to wireless data networks, said apps through its iOS operating system $212.02.

5
Revellers celebrate "Ash Monday" by participating in a colourful "flour war", a traditional festivity marking the end of the carnival season and the start
of the 40-day Lent period until the Orthodox Easter, in the port town of Galaxidi, Greece, February 27. REUTERS/Alkis Konstantinidis

Insight and Analysis

Boom, bust or a bit of both: US, Some highly rated US companies FOCUS-Aviation industry turns to
global economies are a confounding take unusual funding route as rates childcare, free iPhones to lure
mix rise workers
Dana Peterson, the chief economist at Some highly rated U.S. companies The North American aviation industry is
the Conference Board, sees a clear have issued bonds that convert to wooing workers with daycare centers,
conclusion in the sharp decline of the shares to raise several billion dollars so cheaper transport and free iPhones to
U.S. business group's Leading far this year, in what bankers said compete in a tight market where
Economic Index: If recession isn't signals a shift in a market that has long salaries for entry-level, low-skilled jobs
already taking hold in the U.S., then it been dominated by companies with few often lag those at e-commerce
will soon. Tell that to Matt Malone, the other options to raise money. companies. Shortages of workers like
CEO of Groundworks, and the Investment-grade-rated companies customer service agents led to long
response is anything but recessionary - have traditionally avoided such lines and delayed luggage during the
with his residential foundation and convertible securities because they risk peak summer travel season last year,
water management company still giving away shares at a discount to the marring the industry's recovery from
booking strong sales, pressing to fill market price, lowering the value of their the COVID-19 pandemic and spurring
several hundred open jobs, and seeing stock. Credit-worthy companies have demand for new initiatives to attract
consumers ready to spend. "We've found in the past that they can raise workers. ACI is now preparing
been talking about impending funds more cheaply in investment- guidance for them on making jobs at 24
recession for several quarters now," grade bond markets. -hour centers outside city cores more
said Malone. friendly to workers.

6
CANADA
Market Monitor COMING UP

Statistics Canada data is scheduled to

Canada's main stock index closed The U.S. dollar fell 0.25% against its report Canada's gross domestic
higher buoyed by gains in industrials Canadian counterpart at C$1.3575. product (GDP) likely remained flat in
and materials stocks tracking a December, while the annualized GDP
rebound in global equities from a selloff likely gained 1.5% in the fourth quarter.
in the previous week, while Uni-Select
hit an all-time intraday high on a buyout
deal.
TSE's S&P/TSX composite Price C$ Chng % Chng

The Toronto Stock Exchange's S&P/ GAINERS

Uni-Select Inc 46.97 6.69 16.61
TSX composite index rose 0.20% to Hudbay Minerals Inc 6.75 0.44 6.97
20,260.13. Ero Copper Corp 21.95 1.41 6.86
First Quantum Minerals Ltd 27.92 1.34 5.04
The industrials sector was 0.55% LOSERS

higher at $401.24, whereas the REUTERS/Mark Blinch

Advantage Energy Ltd 8.22 -0.41 -4.75
Cargojet Inc 119.67 -3.98 -3.22
materials sector rose 1.30% to
Tilray Brands Inc 3.73 -0.12 -3.12
$362.28. Bausch Health Companies Inc 12.68 -0.34 -2.61

Top News
Auto parts firm LKQ to buy Uni- pay $100 million. Money will go to a Kearl and the company is currently
Select in $2.1 billion deal court-appointed receiver who is above that level.
LKQ said it would buy Uni-Select in an repaying victims of Stanford's $7.2
all-cash deal valued at about C$2.8 billion fraud, which was uncovered in Canaccord's special committee does
billion, looking to tap into the Canadian Feb. 2009, two months after the arrest not approve management-led C$1.13
company's strong presence in the of Bernard Madoff. Stanford's Ponzi billion buyout offer
aftermarket auto parts business. In scheme was at the time considered the Canaccord Genuity’s special
Canada, Uni-Select deals with over largest other than Madoff's. The committee of the board of directors
1,000 customers and supports over settlements require a judge's approval. said it does not support a takeover bid
16,000 automotive repair and collision launched by the Canadian brokerage's
repair shops. Uni-Select's shareholders Imperial reducing contractor management group at a price of
will receive C$48 per share, a premium workforce at Kearl oil sands project C$11.25 per share. The offer price
of 19.2% to the stock's close on Friday. Imperial Oil is reducing the number of marked a 31% premium to the stock's
The equity value of the transaction is contractors working at its Kearl oil close on Jan. 6, with the initial proposal
C$2.11 billion, based on calculations sands site in northern Alberta as part of announced by the management group
by Reuters. measures to cut operating costs at the valuing the firm at nearly C$1.13 billion.
project, a company spokeswoman said. The special committee said it has been
TD, other banks reach $1.35 billion Imperial is deferring some non-critical in negotiations with the management
settlements to end Stanford work or moving it off site, group but could not come to an
litigation spokeswoman Lisa Schmidt said, agreement, prompting it to explore
Three banks agreed to pay $1.35 adding the company has not laid off potential strategic alternatives to
billion to resolve litigation by former any employees. There is no impact on enhance shareholder value. The
Allen Stanford investors who accused oil production at Kearl, a 240,000 barrel committee said its financial adviser
them of contributing to the imprisoned -per-day bitumen mining project that RBC Capital Markets suggested an
financier's massive Ponzi scheme. has been operating since 2013. offer of C$12.75-C$15.75 would be fair.
Canada's Toronto-Dominion Bank will Schmidt declined to say how many The takeover bid was launched after
pay $1.205 billion, HSBC Holdings will people would be impacted but said Canaccord's stock lost 44% of their
pay $40 million and Independent Bank Imperial is trying to maintain an value in 2022, with its shareholders
Group, formerly Bank of Houston, will average of 2,000 people on site at raising concerns the public markets
were undervaluing the company.

7
WEALTH NEWS
ECONOMY
U.S. core capital goods orders post
largest gain in five months; shipments
surge
New orders for key U.S.-manufactured
capital goods increased by the most in five
months in January while shipments of those
so-called core goods rebounded, suggesting
that business spending on equipment picked
up at the start of the first quarter. Orders for
non-defense capital goods excluding aircraft,
a closely watched proxy for business
spending plans, rose 0.8% last month.
These core capital goods orders dropped
0.3% in December. Economists polled by
Reuters had forecast core capital goods
orders edging up 0.1%. Core capital goods
orders increased 5.3% on a year-on-year
basis in January.

INFLATION
Fed's Jefferson: "No illusion" inflation fight will be quick
Inflation for a broad array of services in the United States remains "stubbornly high," Federal Reserve Governor Philip
Jefferson said, though slower-growing wages might help slow prices in those parts of the economy as well.

ASIA CREDIT
JPMorgan proposes new Asia credit index with lower China weighting -sources
JPMorgan is proposing a new Asia credit index with slashed China weighting in parallel to its existing $85 billion Asia credit
index, two sources said, amid growing geopolitical tensions and dimming appetite for Chinese property bonds.

DEAL SCRUTINY
U.S. FTC seeks to block ICE's $13 billion takeover of Black Knight - Politico
The U.S. Federal Trade Commission is expected to challenge Intercontinental Exchange's $13 billion deal for mortgage
software company Black Knight, Politico reported citing three people with direct knowledge of the matter.

TAKEOVER
CD&R to take Focus Financial private in over $7 billion deal
Focus Financial Partners has agreed to be taken private by affiliates of buyout firm Clayton, Dubilier & Rice (CD&R) in an all-
cash transaction valued at more than $7 billion including debt, the companies said.

SELL OFF
Syneos Health eyes sale of company as contract backlog shrinks-sources
Syneos Health is making a new effort to sell itself after a reduced backlog of contracts for providing clinical research to drug
developers led to a 52% plunge in its shares over the past year, according to people familiar with the matter.

TAKEOVER
Altria in talks to buy vaping startup NJOY for about $2.75 billion - WSJ
Marlboro maker Altria Group is in advanced talks to buy e-cigarette startup NJOY Holdings Inc for at least $2.75 billion, the
Wall Street Journal reported, citing people familiar with the matter.

8
ON THE RADAR
Events ET Poll Prior
Wed: S&P Global Manufacturing PMI Final for Feb 0945 -- 47.8
Construction spending mm for Jan 1000 0.2% -0.4%
ISM Manufacturing PMI for Feb 1000 48 47.4
ISM Manufacturing Prices Paid for Feb 1000 45.1 44.5
ISM Manufacturing Employment Index for Feb 1000 -- 50.6
ISM Manufacturing New Orders Index for Feb 1000 -- 42.5

Thu: Initial jobless claims 0830 195,000 192,000

Jobless claims 4-week average 0830 -- 191,250
Continued jobless claims 0830 1.665 mln 1.654 mln
Unit Labor Costs Revised for Q4 0830 1.6% 1.1%
Productivity Revised for Q4 0830 2.6% 3.0%

Fri: S&P Global Comp Final PMI for Feb 0945 -- 50.2
S&P Global Services PMI Final for Feb 0945 -- 50.5
ISM N-Manufacturing PMI for Feb 1000 54.5 55.2
ISM N-Manufacturing Bus Act for Feb 1000 -- 60.4
ISM N-Manufacturing Employment Index for Feb 1000 -- 50
ISM N-Manufacturing New Orders Index for Feb 1000 -- 60.4
ISM N-Manufacturing Price Paid Index for Feb 1000 -- 67.8

KEY RESULTS
Company Name* Quarter ET Smart Estimates EPS Estimates** Year Ago Rev Estimates (mln)

Advance Auto Parts Q4 BMO $2.36 $2.39 $2.07 $2,421.11

Agilent Technologies Q1 AMC $1.30 $1.30 $1.21 $1,697.22
Autozone Q2 BMO $21.82 $21.91 $22.30 $3,561.76
DENTSPLY SIRONA Q4 BMO $0.32 $0.32 $0.76 $941.37
First Solar Q4 AMC -$0.16 -$0.16 $1.23 $989.28
HP Q1 AMC $0.74 $0.74 $1.10 $14,122.65
J M Smucker Co Q3 BMO $2.13 $2.12 $2.33 $2,221.27
Monster Beverage Q4 AMC $0.63 $0.63 $0.60 $1,598.00
Norwegian Cruise Line Holdings
Q4 7:00 -$0.86 -$0.85 -$1.95 $1,502.11
Ltd
Ross Stores Q4 AMC $1.24 $1.24 $1.04 $5,173.21
Sempra Energy Q4 7:00 $2.04 $2.04 $2.16 $3,785.53
Verisk Analytics Q4 AMC $1.19 $1.18 $1.47 $616.40
*Includes companies on S&P 500 index. **Estimates may be updated or revised; release times based on company guidance or past practice.

I/B/E/S EPS and revenue estimates, and StarMine Smart Estimates, provided by Refinitiv.