Daily US Equity Opening News - WMT beats on earnings, but profit outlook falls short; EBAY jumps after earnings/guidance

TODAY'S AGENDA:

US INDEX FUTURES: ES -0.3%, NQ -0.4%, YM -0.3%, RUT -0.5%
DAY AHEAD: The Atlanta Fed will update its GDPnow tracking estimate after today's data in the US morning; yesterday, the gauge was revised down to 3.6% in Q4 (from 3.7%). Supply comes by way of the US Treasury, which will announce sizes for next week's 2yr, 5yr, 7yr Note and 2yr FRN supply; it will also sell USD 9bln of 30yr TIPS. In energy, the DoE will report weekly energy inventories today; API data published after the close on Wednesday reportedly showed headline crude stocks posting a build of +0.6mln bbls (exp. 2.3bln), Cushing seeing a draw of -2.4mln bbls, distillate -1.6mln bbls (exp. -1.6mln), gasoline -0.3mln bbls (exp. -0.2mln). Today's speakers' slate includes: Fed's Kashkari (voter; no text expected, but Q&A is), Fed's Goolsbee (2028 voter; no text/Q&A confirmed). Notable US corporate earnings due today include AKAM, NEM, LYV.
BROKER MOVES: TMUS upgraded at Daiwa; HUN downgraded at JPM. For the full list, click here.
MAJOR MORNING MOVES RECAP: DASH, EBAY, DE, OXY, CHWY, DELL, WMT, TAP, CVNA. For the full list, click here.
US DAILY CONFERENCE CALENDAR: BKR, PCAR, CARR, PG, PH, CSX, ADI, AMAT, META, CARR, MSFT. For the full list, click here.

COMPANY NEWS:

TECH

OpenAI - OpenAI is close to securing the first phase of a new funding round expected to exceed USD 100bln, potentially valuing the company at more than USD 850bln post-money, with a pre-money valuation of USD 730bln, The Information reports. Strategic investors including Amazon (AMZN), SoftBank (SFTBY), Nvidia (NVDA) and Microsoft (MSFT) are expected to commit the bulk of the initial funding, with a second phase involving additional financial investors to follow.
Microsoft (MSFT) - Director John Stanton purchased 5K shares on 18th February, for a total of USD 1.99mln, according to a filing.
Samsung Electronics (SSNLF) - Shares jumped to a record high in APAC trade after local media reported that it is negotiating a price for its latest AI memory chip, HBM4, up to 30% higher than the previous generation, at around USD 700 per unit.
Palantir (PLTR) - A judge ruled that three former Palantir employees likely breached confidentiality and non-solicitation agreements in founding AI startup Percepta, partially siding with Palantir in its lawsuit. However, the court did not halt their work at the new company.
ServiceNow (NOW) - COO Amit Zavery told Bloomberg that the software industry could see consolidation as some firms fail to adapt their businesses for AI adoption.
Atlassian (TEAM) - Appointed James Chuong as CFO, effective 30th March. Chuong most recently served as CFO at LinkedIn.
Uber (UBER) - Reportedly moving to implement stricter driver background checks, New York Times reports.
Dell (DELL) - Has been added to Tactical Outperform List at Evercore. Given strong near-term demand trends across traditional hardware and AI compute, the firm expects upside to current revenue and EPS expectations of USD 31.4bln and USD 3.52 ahead of Q4 earnings on February 26th.
Figma (FIG) Q4 2025 (USD): EPS 0.08 (exp. 0.06), Revenue 304mln (exp. 293mln); sees Q1 revenue of 315-317mln (exp. 293mln) and sees FY26 revenue of 1.366-1.375bln (exp. 1.29bln).
EPAM Systems (EPAM) Q4 2025 (USD): EPS 3.26 (exp. 3.16), Revenue 1.41bln (exp. 1.39bln); sees Q1 EPS at 2.70-2.78 (exp. 2.74) and Q1 revenue of 1.39-1.40bln (exp. 1.4bln). Sees FY26 EPS 12.60-12.90 (exp. 12.55) and sees FY26 revenue up 4.5-7.5%.
Atlassian (TEAM) - Said Wednesday it has appointed James Chuong as CFO, effective March 30th, succeeding Joe Binz. Chuong joins after more than a decade as CFO of LinkedIn and will oversee Atlassian’s finance and legal teams.
Appian (APPN) Q4 2025 (USD): EPS 0.15 (exp. 0.08), Revenue 203mln (exp. 189mln). Sees Q1 EPS at 0.16-0.20 (exp. 0.15) and Q1 revenue of 189-193mln (exp. 188mln). Sees FY26 EPS at 0.82-0.96 (exp. 0.77) and FY26 revenue of 801-817mln (exp. 793mln).
Bitdeer (BTDR) - Announced proposed private placement of USD 300mln of convertible senior notes due 2032. Also, plans a registered direct offering of Class A shares linked to its 5.25% convertible senior notes due 2029, with pricing and share count to be determined and completion tied to related note transactions.

CONSUMER DISCRETIONARY

Ebay (EBAY) - Shares jumped in extended trading after it reported a Q4 beat, issued strong Q1 guidance, and announced the USD 1.2bln acquisition of Depop from Etsy (ETSY). Q4 2025 (USD): Adj. EPS 1.41 (exp. 1.35), Revenue 2.97bln (exp. 2.87bln); Q4 GMV +10% Y/Y to 21.2bln. Management cited momentum across strategic priorities and continued investment in AI to enhance customer experience. Raised its dividend +7% to 0.31/shr, and authorised an additional USD 2bln of share repurchases. Will acquire Depop from Etsy for approximately USD 1.2bln in cash, funded from cash on hand, with the transaction expected to close in Q2 2026. Sees Q1 adj. EPS between 1.53-1.59 (exp. 1.48), and Q1 revenue at 3-3.05bln (exp. 2.8bln).
Etsy (ETSY) - Shares of Etsy jumped in extended trading after it agreed to sell Depop to eBay for USD 1.2bln. Etsy also reported Q4 earnings. Q4 2025 (USD): Adj. EBITDA 222mln (exp. 213.4mln), Revenue 882mln (exp. 884mln), GMS 3.593bln, +2.4% Y/Y; sees Q1 GMS at 2.38-2.43bln.
Booking Holdings (BKNG) Q4 2025 (USD): Adj. EPS 48.80 (exp. 48.67), Revenue 6.3bln (exp. 6.13bln), Q4 gross bookings +16% Y/Y (+11% in constant currency), Q4 room nights +9% Y/Y, amid healthy demand across major regions. FX added around 500bps to growth. Approved a 25-to-1 stock split, effective 2nd April. CEO Glenn Fogel sold USD 2.25mln of stock in transactions on 10th and 15th February, according to a filing, and now holds 19,135 shares. Sees Q1 revenue growth between 14-16% (exp. 5.36bln), room nights growth between 5-7%, gross bookings growth between 14-16%, constant currency revenue growth between 7-9%. Sees FY26 adj. EPS growth in the mid-teens, gross bookings and revenue growth in the low double digits.
DoorDash (DASH) - Shares climbed in extended trading after an initial drop, despite reporting earnings, revenue and guidance below expectations, as investors appeared reassured by strong order growth and management’s confidence in its investment strategy. Q4 2025 (USD): EPS 0.48 (exp. 0.58), Revenue 3.96bln (exp. 3.99bln). Q4 Total Orders +32% Y/Y to 903mln, Marketplace GOV +39% Y/Y to 29.7bln. Management highlighted strong performance at Deliveroo and reiterated investment in building a unified global platform integrating DoorDash, Deliveroo and Wolt, describing it as a significant and costly undertaking to support AI-driven innovation. Sees Q1 Marketplace GOV at 31.0-31.8bln, and adj. EBITDA at 675-775mln (exp. 802mln).
Cheesecake Factory (CAKE) Q4 2025 (USD): Adj. EPS 1.00 (exp. 0.99), Revenue 926mln (exp. 949mln); sees Q1 revenue at 955-970mln (exp. 967mln) and sees FY26 revenue at 3.9bln (exp. 3.91bln); raised quarterly dividend and boosted share buyback by 5mln shares.
Chewy (CHWY) - Upgraded to 'Outperform' from 'Market Perform' at Raymond James, citing valuation for the upgrade following a 33% selloff the Q3 report. The selloff creates an attractive risk/reward, the firm said, liking the setup for Chewy shares, citing low expectations coupled with the company's sales and margin opportunities in 2026.
Wayfair (W) Q4 2025 (USD): Adj. EPS 0.85 (exp. 0.69), Revenue 3.3bln (exp. 3.3bln).
Renault (RNLSY) - FY25 net profit EUR -10.7bln, FY25 revenue EUR 57.9bln (exp. 57.7bln). Reported an operating margin of 6.3% (vs prior guidance of around 6.5%), and proposed a dividend of 2.20 per share. Management said profitability is expected to decline in 2026 amid intensifying competition in Europe and continued investment in new EV launches, while also pursuing expansion in Latin America and Asia. Sees FY26 operating margin around 5.5%.
Volkswagen (VWAGY) - WiWo cites insiders who say Volkswagen has generated an unexpected EUR 6bln cash flow increase, raising concerns over risky accounting practices involving Luxembourg holding companies. Sources described the measures as potentially dangerous financial manoeuvres.
Carvana (CVNA) Q4 2025 (USD): EPS 4.22 (may not compare to exp. 1.16), Revenue 5.6bln (exp. 5.27bln). Q4 reconditioning costs were higher than expected, particularly at locations with lower management tenure, and retail depreciation rates increased sequentially, pressuring Retail GPU, with elevated reconditioning costs expected again in Q1, though Retail GPU is seen rising sequentially. Said it is cooperating with the SEC following a subpoena related to allegations raised by a now-defunct short-selling firm, reiterating that it considers those claims inaccurate and misleading. Sees significant growth ahead in retail units sold and adj. EBITDA in FY26, including sequential increases in both metrics in Q1; reiterated its long-term target of selling 3mln retail units annually at a 13.5% adj. EBITDA margin by 2030-2035. Post earnings, Wells Fargo lowered its CVNA PT to USD 425 from 525 and kept an 'Overweight' rating on the shares. The firm said that while Carvana Q4 retail units beat, it attributes after-hours pressure to the adj. EBITDA/retail GPU shortfalls and lack of specific Q1/2026 guidance. That said, with share gains nicely intact, initiatives resonating, and long-term targets achievable, Wells is a buyer of weakness.
Wendy’s (WEN) - Wendy’s said it regularly reviews strategic priorities to maximise shareholder value and will carefully evaluate any proposal submitted by Trian Partners. It added that it is executing its Project Fresh turnaround plan to strengthen its US business and drive international growth, and expressed confidence in its long-term prospects.

CONSUMER STAPLES

Walmart Inc. (WMT) Q4 2025 (USD): EPS 0.74 (exp. 0.73), Revenue 190.7bln (exp. 190.40bln); announced a new USD 30bln share buyback and raised annual dividend 5% to USD 0.99/shr. Q4 LFL: Grocery inflation +60bps (vs. +130bps Q/Q), US inventory +2.9% (vs. +2.6% Y/Y). Guidance: FY adj. EPS 2.75-2.85 (exp. 2.95), FY revenue up 3.5-4.5%; Q1 EPS 0.63-0.65 (exp. 0.68). CFO said consumer price increases from inflation and President Trump's tariff hikes should ease in the coming months; it is important to start the year with conservative guidance. The CEO said US consumer spending remains resilient; they can continue to see customers in the US as choiceful with their spending.
Nestle (NSRGY) - FY25 net profit CHF 9.03bln (exp. 10.08bln), FY25 revenue CHF 89.5bln (exp. 89.7bln). Organic growth +3.5% (exp. 3.4%), slightly ahead of expectations despite softer profitability. Management said sales growth is expected to accelerate under its reorganisation efforts, with FY26 organic growth seen between 3-4%. Nestle is reviewing options to reduce its exposure to ice cream, and is in advanced negotiations to sell its remaining ice cream business to Froneri as part of portfolio optimisation; Froneri could see PAI Partners increase its holding.
Molson Coors (TAP) - Molson Coors shares fell in extended trading after it issued a weaker-than-expected outlook, warning of significant commodity inflation headwinds, and forecasting a decline in earnings. Q4 2025 (USD): EPS 1.21 (exp. 1.15), Revenue 2.66bln (exp. 2.71bln). Management said it navigated a challenging macro environment and industry dynamics in 2025. It announced a 3yr cost savings programme targeting up to 450mln, with savings beginning in 2026, aimed at mitigating inflationary pressures and supporting investment. Highlighted a strong balance sheet and said solid cash generation, which has supported a growing dividend and ongoing share repurchases alongside investment in brands. Sees FY26 net sales flat +/- 1% vs 2025, and sees underlying EPS decline between 11-15% vs 2025, citing commodity inflation as a meaningful headwind despite expectations for improving top-line trends.
Herbalife (HLF) Q4 2025 (USD): Adj. EPS 0.45 (exp. 0.48), Revenue 1.3bln (exp. 1.24bln); sees Q1 revenue growth of 3-7% and FY26 revenue growth of 1-6%. Announced Cristiano Ronaldo acquired a 10% equity interest in HBL Pro2col Software (USD 7.5mln size), an indirect wholly-owned subsidiary of Herbalife that holds the Pro2col technology. Pro2col is Herbalife's next-generation, digital, personalised health and wellness operating system, designed to drive daily engagement, sustainable behaviour change, and measurable outcomes through a structured, data-driven approach to wellness.
Pernod Ricard (PRNDY) - H1 2025 revenue -5.9% Y/Y (exp. -5.7%) as weaker demand in the US and China weighed on performance; US consumer spending fell 15% over the period, while Chinese sales dropped 28%. Pernod is targeting cost savings to offset slowing demand, and Bloomberg reports that it is considering listing its India business.
Conagra Brands (CAG) - Conagra Brands appointed John Mulligan and Pietro Satriano to its board, effective immediately, increasing board membership to 12. Mulligan is a former COO and CFO of Target (TGT), and previously served 10 years as a McDonald’s (MCD) director. Satriano is a former chairman and CEO of US Foods Holding and previously held leadership roles at Loblaw Companies and LoyaltyOne Canada.

INDUSTRIALS

Boeing (BA) - US FAA & the EU Aviation safety agency approved simulator devices for Boeing's airline pilot training.
Deere & Company (DE) Q1 2026 (USD): Adj. EPS 2.42 (exp. 2.02), Revenue 8.00bln (exp. 7.59bln), raised FY26 net income to 4.5-5.0bln (prev. guided 4.0-4.75%) and capex ~1.4bln.
Pool Corp (POOL) Q4 2025 (USD): Adj. EPS 0.84 (exp. 0.98), Revenue 982mln (exp. 999mln); sees FY26 EPS at 10.85-11.15 (exp. 11.58).
Airbus (EADSY) - Airbus targets 870 aircraft deliveries in 2026 (exp. 880); it delivered 793 aircraft in 2025. It reported a Q4 adj. EBIT of EUR 2.98bln (exp. 2.87bln), and revenue of EUR 25.98bln (exp. 26.5bln). FY EPS was 6.61 (exp. 6.24), and FY revenue was EUR 73.4bln (exp. 73.7bln). Sees FY26 adj. EBIT around EUR 7.5bln (exp. 8.91bln), and free cash flow about EUR 4.5bln. CEO said Airbus delivered on updated guidance amid a complex environment and ongoing Pratt & Whitney engine shortages.
Boeing (BA) - Boeing and Vietnam Airlines finalised an order for 50 737 MAX aircraft, marking the carrier’s first Boeing single-aisle purchase to support domestic and regional growth. Boeing also secured an order for up to 40 787 Dreamliner jets from Sun PhuQuoc Airways.
Quanta Services Inc. (PWR) Q4 2025 (USD): Adj. EPS 3.16 (exp. 3.02), Revenue 7.84bln (exp. 7.36bln), adj. EBITDA 845.3mln (exp. 794.3mln). Guidance: FY adj. EBITDA 3.34-3.5bln (exp. 3.19bln), FY revenue 33.25-33.75bln (exp. 31.5bln), FY adj. EPS 12.65-13.35 (exp. 12.43).
Avis (CAR) - Shares fell over 11% in extended trading. Q4 2025 (USD): EPS -21.25 (exp. -0.19), Revenue 2.66bln (exp. 2.74bln). The net loss in the quarter included 518mln of long-lived asset impairment and related charges after the company shortened the useful life of certain US EV rental cars, reducing their carrying value to fair value. Management said it has reviewed and tightened its fleet strategy, repositioning the business to strengthen the balance sheet and improve customer experience, with a focus on driving more sustainable earnings growth into 2026.

ENERGY

Energy Inventories - API weekly inventory data reportedly showed headline crude stocks posting a build of +0.6mln bbls (exp. 2.3bln), Cushing seeing a draw of -2.4mln bbls, distillate -1.6mln bbls (exp. -1.6mln), gasoline -0.3mln bbls (exp. -0.2mln).
Occidental Petroleum (OXY) - Shares rose in extended trading after Q4 earnings topped expectations, and it outlined cost savings, lower capital spending and improved free cash flow targets for 2026. Q4 2025 (USD): Adj. EPS 0.31 (exp. 0.18), Revenue 5.423bln (exp. 5.62bln). Sees Q1 total production between 1.385-1.425Mboed, interest expense of ~220mln. Sees FY26 total company production between 1.42-1.48Mboed, net CapEx of 5.5-5.9bln, with interest expense of ~810mln. Targets USD 2.5bln of oil and gas cost savings in 2026 vs 2023 levels, ~550mln lower capital spending vs 2025, more than USD 1.2bln of free cash flow improvement, and an additional USD 0.5bln in sustainable cost savings.
Targa Resources (TRGP) Q4 2025 (USD): Revenue 4.06bln (exp. 4.14bln), adj. EBITDA 1.34bln (prev. 1.12bln last year); sees 2026 adj. EBITDA 5.4-5.6bln (prev. 4.96bln in 2025) and is to recommend a Q1 dividend increase of 25% to 1.25.
Texas Pacific Land (TPL) Q4 2025 (USD): EPS 1.79 (exp. 1.77), Revenue 212mln (exp. 214mln); increased quarterly dividend by 12.5% to 0.60/shr.
Cenovus Energy (CVE) Q4 2025 (USD): EPS 0.50 (exp. 0.28), Revenue 10.9bln (prev. 13.2bln in Q3).

MATERIALS

Phosphorus, Herbicides President Trump signed an executive order invoking the Defense Production Act to protect US domestic supplies of elemental phosphorus and glyphosate-based herbicides. Elemental phosphorus is used by the military and processed into white phosphorus for munitions or agricultural applications.
Rio Tinto (RIO) - Rio Tinto Group increased its stake in Nemaska Lithium to 54%, taking majority control as it expands its lithium footprint in Quebec. Rio previously held 50% via its USD 6.7bln acquisition of Arcadium Lithium, and made additional investments to lift its ownership, reinforcing its push into battery metals. Rio reported FY net profits fell 14% Y/Y to USD 9.97bln, adj. net profits fell 0.8% Y/Y to 10.9bln (exp. 10.8bln), underlying EBITDA was USD 25.4bln (exp. 24.7bln), and revenue was USD 57.6bln (exp. 57.0bln).
Reliance (RS) Q4 2025 (USD): Adj. EPS 2.96 (exp. 2.82), Revenue 3.5bln (exp. 3.45bln). Reported record FY shipments of 6.4mln tons, increasing domestic market share to around 17% from 15% in 2024, and cited strong operational execution, market share gains and leverage of operating expenses over higher volumes, partially offset by transitory margin headwinds in certain products and end markets. Sees Q1 EPS of 4.50-4.70 (exp. 4.51), highlighting a healthy demand and strong pricing environment, increasing customer optimism and growing activity in infrastructure, data centre, energy and defence projects.
CRH plc (CRH) - Shares fell in extended trading after it missed Q4 earnings estimates, and issued 2026 guidance that came in at the lower-end of expectations. Q4 2025 (USD): EPS 1.52 (exp. 1.53), Revenue 9.4bln (exp. 9.47bln). Completed a further 0.3bln tranche of its ongoing buyback programme between November 2025 and February 2026, repurchasing 2.2mln shares and bringing total cash returned under the programme since May 2018 to 9.7bln; initiated an additional buyback of up to 0.3bln running through April 2026. Sees FY26 EPS at 5.60-6.05 (exp. 6.05), and capex of 2.8-3bln.
Nutrien (NTR) - Shares fell in extended trading following a Q4 profit miss. Q4 2025 (USD): Adj. EPS 0.83 (exp. 0.91), Revenue 5.34bln (exp. 5.31bln). Increased quarterly dividend +1% to 0.55/shr, and approved a normal course issuer bid to repurchase up to 5% of outstanding shares over 12 months, subject to regulatory acceptance. Sees FY26 retail adj. EBITDA of 1.75-1.95bln, capex of 2-2.1bln, citing supportive potash market fundamentals, improved nitrogen margins and higher retail earnings.
CF Industries (CF) Q4 2025 (USD): EPS 2.59 (exp. 2.47), Revenue 1.872bln (exp. 1.78bln). Management underscored the strength of its North American manufacturing and distribution network and clean energy growth platform. Reiterated its commitment to long-term value creation through accretive investment and capital returns to shareholders.
Kaiser Aluminum (KALU) Q4 2025 (USD): Adj. EPS 1.53 (vs 1.11 Y/Y), Revenue 929mln (vs 765mln Y/Y). Management said results were supported by favourable metal pricing despite non-recurring costs linked to a new roll coat line and a Phase VII planned outage. Sees FY26 Conversion Revenue growth between 5-10% Y/Y, adj. EBITDA growth between 5-15% Y/Y, driven by strengthening operational performance and metal assumptions broadly aligned with current market futures curves, while continuing to focus on cost reductions and balance sheet deleveraging.
Teck Resources (TECK) Q4 2025 (CAD): Adj. EBITDA 1.51bln (vs 835mln Y/Y), Revenue 3.06bln (prev. 2.79bln last year); reaffirmed output guidance, including at the Quebrada Blanca mine.

COMMUNICATIONS

Meta Platforms (META) - Meta is reviving its smartwatch ambitions, with plans to launch a device as early as this year, The Information reports. The revived “Malibu 2” watch is expected to include health tracking and a built-in Meta AI assistant. The move follows Meta’s renewed wearables push, including AI-powered smart glasses with EssilorLuxottica (ESLOY), as the company repositions its hardware strategy around AI.
Warner Bros. Discovery (WBD), Netflix (NFLX), Paramount Skydance (PSKY) - The DoJ has contacted major US theatre chains to discuss the potential impact of a sale of Warner Bros. Discovery. Antitrust lawyers are seeking information on whether a transaction could affect moviegoers, including the possibility of fewer films being released in theaters, Bloomberg reports. Meanwhile, Senate Democrats reportedly threaten a Paramount (PSKY)-Warner Bros Discovery (WBD) probe, according to Semafor. "A group of Democratic senators, unhappy with Paramount CEO David Ellison’s refusal to appear at a hearing two weeks ago over the brewing takeover of Warner Bros. Discovery, are ratcheting up the pressure." "Senate Minority Leader Chuck Schumer, along with others, accused Ellison Thursday of a “pattern of evasion”.
Live Nation Entertainment (LYV) - A federal judge rejected Live Nation’s bid to dismiss a US antitrust lawsuit brought by the DoJ and 39 states, clearing the way for a 2nd March, Reuters reports. While the judge said key monopoly claims over ticketing and venue practices can proceed, some promotion-related claims were dismissed. Live it is “grateful” a district court dismissed all claims related to concert promotion and booking markets, removing what it sees as any basis to break up the company and Ticketmaster, Bloomberg reports.
Omnicom (OMC) Q4 2025 (USD): Adj. EPS 2.59 (vs 2.41 Y/Y), Revenue 5.5bln (exp. 6.93bln). Authorised a USD 5bln share repurchase programme, and executed USD 2.5bln in accelerated share repurchase agreements funded with cash on hand, with initial share delivery expected on 20th February, and final settlement no later than the end of Q2.
Verizon (VZ) - Upgraded at Daiwa to 'Buy' from 'Outperform' with a USD 58 PT (prev. 48). The company reported "stellar" Q4 metrics with 616k postpaid phone net additions, the best result since 2019. The firm sees the "strong" customer adds in Q4 as sustainable in 2026. The firm also upgraded T-Mobile (TMUS) to 'Outperform' from 'Neutral' with a USD 240 PT (prev. 230). The firm says T-Mobile's "mixed" Q4 results were overshadowed by a "strong" capital markets day. Daiwa believes the company should continue to be a growth leader. It cites the pullback in the shares and the guidance for the upgrade.
Social Media Bans - French President Macron said protecting children from the harmful effects of social media and AI will be a priority during France’s 2026 G-7 presidency.

UTILITIES

Edison International (EIX) Q4 2025 (USD): EPS 1.86 (exp. 1.45); FY25 revenue 19.32bln (exp. 18.45bln). Management said results reflect progress in delivering a safer and more resilient energy system, highlighting installation of more than 7,000 miles of covered conductor in high fire risk areas, ongoing wildfire recovery compensation efforts and recently announced rate decreases of 2.3% for residential customers and 5.3% for small and medium-sized businesses. Sees FY26 EPS between 5.90-6.20 (exp. 6.15), and sees FY27 EPS between 6.25-6.65; reiterated confidence in delivering 5-7% core EPS growth from 2025-2028, and extending through 2030.
CenterPoint Energy (CNP) Q4 2025 (USD): Adj. EPS 0.45 (exp. 0.45), guides FY26 adj. EPS between 1.89-1.91 (exp. 1.91).
Evergy (EVRG) Q4 2025 (USD): Adj. EPS 0.42 (exp. 0.55); sees FY26 adj. EPS 4.14-4.34 (exp. 4.28).
Southern Company (SO) Q4 2025 (USD): Adj. EPS 0.55 (exp. 0.56), Revenue 7.0bln (exp. 6.10bln); sees Q1 adj. EPS at 1.20 (exp. 1.27) and FY26 adj. EPS at 4.50-4.60 (exp. 4.56).
American Water (AWK) Q4 2025 (USD): Adj. EPS 1.24 (exp. 1.27), Revenue 1.27bln (prev. 1.20 last year); still sees 2026 adj. EPS at 6.02-6.12 (exp. 6.10).

HEALTHCARE

Drug Trials - In a Sounding Board article published 18th February in The New England Journal of Medicine, Vinay Prasad and Martin Makary announced a new FDA policy making one robust pivotal trial plus confirmatory evidence the default requirement for drug approvals, replacing the prior standard that typically required two pivotal trials.
GSK (GSK), Pfizer (PFE), Shionogi (SGIOY) - GSK said its majority-owned ViiV Healthcare, alongside shareholders Pfizer and Shionogi, reported final phase III LATITUDE data showing long-acting injectable Cabenuva was superior to daily oral therapy in maintaining viral suppression in people with HIV and prior adherence challenges.
Hims & Hers Health (HIMS) - Agreed to acquire Eucalyptus for up to USD 1.15bln, combining USD 240mln in cash at closing with deferred and earnout payments through 2029. The transaction is slated to close mid 2026, pending regulatory approvals and customary conditions.
Insmed (INSM) Q4 2025 (USD): EPS -1.54 (exp. -1.17). Revenue 264mln (exp. 264mln); anticipates 2026 BRINSUPRI revenues of at least 1bln and ARIKAYCE revenues of 450-470mln. 2026 revenue expected at 1.45bln.
Johnson Controls (JCI) - Expects a strategic shift in data center market over next five years.

REAL ESTATE

Invitation Homes (INVH) Q4 2025 (USD): Core FFO 0.48 (exp. 0.48), Revenue 685mln (exp. 685mln); sees FY26 core FFO at 1.90-1.98 (exp. 1.99) and FY26 same store core revenues growth of 1.3-2.5%.
Host Hotels & Resorts (HST) Q4 2025 (USD): Adj. FFO 0.51 (exp. 0.47), Revenue 1.6bln (exp. 1.54bln); sees FY26 adj. FFO at 2.03-2.11 (exp. 2.05) and FY26 revenue of 6.03-6.12bln (exp. 6.12bln) and FY26 adj. EBITDA of 1.74-1.80bln. The company sold the 444-room Four Seasons Resort Orlando at Walt Disney World Resort in Orlando, Florida, and the 125-room Four Seasons Resort and Residences Jackson Hole in Teton Village, Wyoming, for a sale price of 1.1bln (bought them in 2021/22 for a total of 925mln).

FINANCIALS

Blue Owl Capital (OWL) - OWL BDC's announced that they have entered into separate definitive agreements with four leading North American public pension and insurance investors to opportunistically sell USD 1.4B of direct lending investments at 99.7% of par value as of February 12th. The settlement of the sales is expected to be completed in Q1 2026. The FT reports that Blue Owl told investors on Wednesday that Blue Owl Capital Corp II would no longer be able to redeem investments on a quarterly basis but would instead return investors’ capital in episodic payments as it sells down assets in the coming quarters and years.
Morgan Stanley (MS) - Slashed fees in half for trading private shares, Bloomberg reports.
KKR & Co. (KKR) - Director Matt Cohler purchased 43.9K shares on 17th February, for a total of USD 4.51mln, according to a filing.
Apollo Global (APO) - Said a 2020 independent investigation found neither Marc Rowan nor other Apollo employees had business or personal relationships with Jeffrey Epstein, and documents contain no new information. It said former executive Leon Black, who left in 2021, retained Epstein for personal tax advice, and some employees provided information related to that work.