>>> Jana Partners (Barry Rosenstein) discloses updated portfolio positions in 13

Jana Partners (Barry Rosenstein) discloses updated portfolio positions in 13F filing: Confirms new LW position, Increased RPD TRMB EHAB SPY positions, Exited BL QDEL
Highlights from Q3 2024 filing as compared to Q2 2024 (all amounts are approximate):
  • New positions in: LW (3.53 mln shares, also has calls)
  • Increased positions in: RPD (to 3.66 mln shares from 2.72 mln shares), TRMB (to 4.88 mln from 4.18 mln), EHAB (to 2.14 mln from 2.08 mln), SPY (to 0.48 mln from 0.44 mln)
  • Maintained positions in: MRCY (6.94 mln shares), WOLF (6.17 mln shares), THS (4.91 mln shares)
  • Closed positions in: BL (from 1.15 mln shares), QDEL (from 1.03 mln)
  • Decreased positions in: FYBR (to 3.91 mln shares from 9.58 mln shares), FIS (to 1.59 mln from 3.14 mln)

>>> TCI Fund (Christopher Hohn) discloses updated portfolio positions in 13F fil

TCI Fund (Christopher Hohn) discloses updated portfolio positions in 13F filing: Increased MSFT position, Cut CNI holding
Highlights from Q3 2024 filing as compared to Q2 2024 (all amounts are approximate):
  • Increased positions in: MSFT (to 11.99 mln shares from 10.53 mln)
  • Maintained positions in: CP (54.91 mln shares), GE (48.18 mln), FER (19.1 mln shares), GOOG (16.93 mln), V (16.8 mln), MCO (13.25 mln), SPGI (10.4 mln), GOOGL (6 mln)
  • Decreased positions in: CNI (to 35.44 mln from 39.49 mln)

>>> D1 Capital discloses updated portfolio positions in 13F filing: New BAC GEHC

D1 Capital discloses updated portfolio positions in 13F filing: New BAC GEHC SBUX positions, Exited NU PFE INVH, Increased WMG XPO
Highlights from Q3 2024 filing as compared to Q2 2024 (all amounts are approximate):
  • New positions in: BAC (4.41 mln shares), GEHC (2.86 mln), SBUX (1.19 mln), LINE (1.05 mln), ENTG (641K), PTC (468K), AME (465K), VRT (423K), META (252K), ANSS (230K), CEG (184K)
  • Increased positions in: WMG (to 5.26 mln shares from 2.75 mln shares), XPO (to 4.71 mln from 2.56 mln), VIK (to 2.59 mln from 0.88 mln), RCL (to 1.57 mln from 1.51 mln)
  • Closed positions in: NU (from 14.61 mln shares), PFE (from 7.62 mln), INVH (from 3.4 mln), MRVL (from 1.55 mln), GEV (from 1.37 mln), FWONK (from 0.62 mln), WDAY (from 518K), FLUT (from 435K), ELV (from 296K), PODD (from 271K), TPX (from 132K), RIVN (from 101K)
  • Decreased positions in: CART (confirmed -- to 22.55 mln shares from 28.91 mln shares), PM (to 3.29 mln from 6.09 mln), LEN (to 0.4 mln from 2.42 mln), LYV (to 1.83 mln from 3.54 mln), WRBY (to 7.86 mln from 9.44 mln), QSR (to 1.33 mln from 2.84 mln), HDB (to 1.92 mln from 3.43 mln), HUT (to 0.91 mln from 1.16 mln), SQ (to 1.63 mln from 1.83 mln), MSFT (to 152K from 312K), PDD (to 384K from 468K), MTZ (to 665K from 743K), SPOT (to 604K from 680K), STZ (to 533K from 574K)

>>> Hyperion Asset Management discloses updated portfolio positions in 13F filin

Hyperion Asset Management discloses updated portfolio positions in 13F filing: Increased SQ AMZN SPOT positions
Highlights from Q3 2024 filing as compared to Q2 2024 (all amounts are approximate):
  • Increased positions in: SQ (to 2.81 mln shares from 2.67 mln), AMZN (to 1.49 mln from 1.42 mln), ABNB (to 347K from 345K), SPOT (to 542K from 500K), ASML (to 182K from 141K), INTU (to 149K from 133K), V (224K from 222K)
  • Maintained positions in: PLTR (3.67 mln shares), ROKU (0.38 mln)
  • Decreased positions in: TSLA (to 1.55 mln shares from 1.85 mln shares), MSFT (to 567K from 601K), GOOGL (257K from 259K), WDAY (to 505K from 526K), CRM (to 132K from 151K), NOW (to 302K from 314K), COST (to 69K from 73K), META (250K from 253K)

>>> Walt Disney beats by $0.03, reports revs in-line; guides FY25 EPS above cons

Walt Disney beats by $0.03, reports revs in-line; guides FY25 EPS above consensus; provides outlooks for FY26 and FY27 (102.72)
  • Reports Q4 (Sep) earnings of $1.14 per share, excluding non-recurring items, $0.03 better than the FactSet Consensus of $1.11; revenues rose 6.3% year/year to $22.57 bln vs the $22.49 bln FactSet Consensus.
  • Co issues upside guidance for FY25, sees EPS of high-single digit growth vs. +4% yr/yr $5.17 FactSet Consensus.
    • Approximately $15 billion in cash provided by operations
    • Approximately $8 billion of capital expenditures
    • Target dividend growth that tracks our earnings growth
    • Targeting $3 billion in stock repurchases
  • Fiscal 2026:
    • Double digit adjusted EPS growth
    • Double digit growth in cash provided by operations
  • Fiscal 2027:
    • Double digit adjusted EPS growth

>>> Tapestry: Capri Holdings (CPRI) announces termination of merger with TPR; TP

Tapestry: Capri Holdings (CPRI) announces termination of merger with TPR; TPR reaffirms FY25 guidance and approved an additional $2 billion share repurchase program (51.26)
  • CPRI announced the mutual termination of its definitive merger agreement with Tapestry, Inc. Capri and Tapestry mutually agreed that terminating the merger agreement was in the best interests of both companies as the required closing condition of receiving necessary U.S. regulatory approvals was unlikely to be met by the merger agreement's outside date of February 10, 2025.
  • The Company also announced its strategies to return to growth, which management will discuss on a call today at 11:00 a.m. ET. The Company will share more details of its strategies at an Investor Day in late February 2025.
  • TPR announced the following:
    • Given Tapestry's strong operational results, robust balance sheet, significant free cash flow generation, and outlook for growth, the Company is well-positioned to return meaningful capital to shareholders:
    • Share Repurchase Program: The Company's Board of Directors has approved an additional $2 billion share repurchase program, which Tapestry expects to implement at least in part through an Accelerated Share Repurchase program. The Company intends to fund the repurchases through a combination of cash on hand and future issuance of debt. Together with the existing $800 million outstanding on the Company's prior authorization, there will be a total of $2.8 billion available for share repurchases over this fiscal year and beyond.
    • Dividend: In Fiscal 2025, as previously announced, Tapestry expects to maintain its annual dividend rate of $1.40 per common share. Tapestry is committed to increasing its dividend at least in-line with earnings growth over time to achieve the stated target payout ratio of 35% to 40%.
    • Capri and Tapestry mutually agreed that terminating the merger agreement at this time is in the best interest of both companies, as the outcome of the legal process is uncertain and unlikely to be resolved by the February 10, 2025 outside date.
    • Based upon the termination of the merger agreement, the Company will redeem the senior notes associated with the planned acquisition totaling $6.1 billion in accordance with the Special Mandatory Redemption feature, for a price equal to 101% of their principal amount and accrued interest. There is no break fee associated with the transaction. Tapestry has agreed to reimburse Capri's expenses incurred in connection with the transaction of approximately $45 million.
    • TPR reaffirms guidance for FY25 (Jun), sees EPS of $4.50 to $4.55 vs. $4.57 FactSet Consensus; sees FY25 (Jun) revs of over $6.75 bln vs. $6.77 bln FactSet Consensus.
    • Tapestry, Inc.'s Chief Financial Officer and Chief Operating Officer, Scott Roe, said, "Tapestry's steadfast commitment to deliver meaningful shareholder value is unchanged. Our strong and consistent cash flow underpins our foundational commitments to invest in our brands and business as well as fund our dividend program. Further, today's additional $2 billion share repurchase authorization highlights the strength and flexibility of our balance sheet to unlock incremental value, while maintaining our firm commitment to a solid investment grade rating. We are confident in our compelling long-term organic growth agenda and the opportunity to deliver enhanced value to all stakeholders for years to come."

>>> US Gapping down

Gapping down
In reaction to earnings/guidance:
  • IBTA -19.3%, HROW -18.9%, TSHA -14.5%, ZK -10.4%, AFYA -8.7%, NU -6.5%, AAP -6.2%, JJSF -6%, TTEK -5.5%, BILI -4.8%, BV -3.7%, NICE -3.7%, HP -3.3%, DADA -3.2%, CSCO -3%, DDD -1.7% (guides Q3 revs below consensus; also to delay 10-Q filing), JD -1%
Other news:
  • JTAI -13.8% (stock offering by selling shareholder)
  • NVCT -11.8% (Reports Encouraging NXP800 Interim Data Supporting Ongoing Enrollment in Phase 1b Study in Patients with Platinum-Resistant ARID1a-Mutated Ovarian Cancer)
  • ZLAB -6.3% (commences $200 mln ADS offering)
  • CPRI -5.6% (Capri Holdings (CPRI) announces termination of merger with TPR)
  • DMAC -4.2% (announces dosing of first patient in Phase 2 Trial of DM199)
  • BFH -3.2% (provides performance update for October 2024: End-of-period credit card and other loans $17.9 bln vs. $18.4 bln last year)
  • RYTM -2.6% (publication of Results from Phase 3 Study of Setmelanotide in Patients Between 2 and 5 Years Old in The Lancet Diabetes & Endocrinology)
  • BABA -1.6% (Soros Capital new position)
  • ENGN -1.5% (files $300 mln mixed shelf securities offering; also stock offering by selling shareholders)
  • ODD -1.4% (fund to sell $100 mln of shares back to ODD)
  • FLUT -1.1% (Soros Capital increases position)
  • SLRN -1% (files $400 mln mixed shelf securities offering)
  • VTR -1% (commences 10.6 mln share offering)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • DLO +19.6%, TARS +11.6%, NN +8.4%, DIS +8%, SONO +6.7%, TLN +5.6%, BZH +5.1%, NTES +3.4%, ASML +3.3% (long-term outlook), DGII +2.8%, CAPR +2.3%, NOMD +1.5%, KLIC +1.2% (also announces new $300 mln share repurchase program, raises dividend), KYTX +1%, SBH +1%
Other news:
  • ZETA +11.5% (Responds to Short-Seller Report; authorizes $100 million stock repurchase program)
  • TIL +9% (files $200 mln mixed shelf securities offering)
  • TPR +5.9% (Capri Holdings (CPRI) announces termination of merger with TPR)
  • ACIU +5.8% (reports positive interim results from phase 2 trial of ACI-7104.056 Active Immunotherapy in Early Parkinson's Disease)
  • CNH +5.2% (David Einhorn builds new position, calls shares cheap, according to CNBC)
  • PTCT +3.3% (receives FDA approval for AADC Deficiency Gene Therapy)
  • BOOM +2.3% (CEO to retire)
  • KSCP +2.3% (VZ announces partnership with KSCP)
  • MKL +2.2% (authorizes new $2 bln share repurchase program)
  • ALLO +1.8% (to discontinue enrollment in Phase 1 cohort in the ALPHA2 trial)
  • CBUS +1.8% (Achieves Additional Milestone for Next Generation Gene Edits for Sclerotinia Resistance in Canola)
  • SEZL +1.3% (files mixed shelf securities offering)
  • XRAY +1.3% (CEO bought 11,306 shares)
  • RILY +1% (to delay 10-Q filing)
  • DHI +1% (Soros Capital new position)
Gapping down
In reaction to earnings/guidance:
  • IBTA -19.3%, HROW -18.9%, TSHA -14.5%, ZK -10.4%, AFYA -8.7%, NU -6.5%, AAP -6.2%, JJSF -6%, TTEK -5.5%, BILI -4.8%, BV -3.7%, NICE -3.7%, HP -3.3%, DADA -3.2%, CSCO -3%, DDD -1.7% (guides Q3 revs below consensus; also to delay 10-Q filing), JD -1%

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • DLO +16.7%, ZETA +16%, DGII +8.7%, BZH +8.2%, NN +8%, TARS +7.5%, SONO +5.8%, KSCP +4.7%, BXC +4.1%, NTES +3.9%, TIL +3.8%, CNH +3.5%, PTCT +3.3%, ODD +3.1%, CBRL +2.9%, ASML +2.9%, EXAS +2.4%, MKL +2.2%, SYNA +2%, ALLO +1.8%, KLIC +1.7%, XRAY +1.6%, OVV +1.5%, SPB +1.4%, RILY +1.2%, KYTX +1%, DFS +0.8%, AFRM +0.7%, NOC +0.6%
  • Gapping down:
    • HROW -26.7%, IBTA -21.9%, TSHA -14%, TTEK -10.2%, JTAI -9.5%, BILI -6%, NU -5.7%, NICE -5%, DADA -4.5%, CSCO -4.4%, DMAC -4.2%, JD -4.2%, ZK -4.1%, BV -3.7%, HP -3.3%, ZLAB -2.8%, RYTM -2.6%, BABA -2%, JJSF -2%, DDD -2%, SOLV -1.2%, ITRI -1.1%, SLRN -1%, CPA -1%, UHAL -0.9%, AFYA -0.9%