Daily US Equity Opening News - ABT outlook disappoints; MBLY revenue guidance underwhelms

TODAY'S AGENDA:

US INDEX FUTURES: ES +0.6%, NQ +0.9%, YM +0.4%, RUT +0.5%
DAY AHEAD: In data releases, October and November's PCE inflation data is due (preview below). In energy, API data reportedly showed crude crude stocks posting a larger than expected build of +3.0mln bbls (exp. +1.8mln), Cushing +1.2mln bbls, distillate saw a smaller than expected draw of -0.03mln bbls (exp. -0.2mln), while gasoline posted a larger than expected build of +6.2mln bbls (exp. +2.5mln); the more widely followed DoE weekly inventory data is due later today. US President Trump will speak from Davos again on Thursday; other speakers at the gatherings include: Tesla (TSLA) CEO Musk, Pfizer (PFE) CEO Bourla, and Novartis (NOVN SW) CEO Narasimhan. Despite an easing of tensions on the Greenland front, European leaders are still set to meet today over the Greenland situation. Notable US corporate earnings due today include: GE, MKC, HBAN, MBLY, PG, NTRS, ABT, FCX, CSX, INTC, COF, ISRG, AA; in Europe, MC FP will report after the close. Elsewhere, healthcare insurance executives are set to testify at a congressional hearing today.
BROKER MOVES: RGTI upgraded at B. Riley; H downgraded at Evercore ISI. For the full list, click here.
MAJOR MORNING MOVES RECAP: GME, KNX, AAPL, GE, MBLY, PG, ABT, ON/MCHP. For the full list, click here.
US DAILY CONFERENCE CALENDAR: C. For the full list, click here.
PREVIEW - US PCE (15:00GMT/10:00EST): Analysts expect both October and November's headline PCE to rise +0.2% M/M, and the core rate is expected to rise +0.1% M/M. The Bureau of Economic Analysis said US personal income and outlays for October and November 2025, including PCE inflation data (the Fedʼs preferred gauge), will be released on 22nd January. The BEA was unable to produce normal monthly PCE inflation data during the government shutdown because of missing data sources and will approximate October and November PCE using CPI averages. Analysts said differences between CPI and PCE mean November CPI may disproportionately influence the delayed and partly modelled PCE inflation estimates. In November, headline producer prices rose 0.2% M/M, with annual PPI running at around 3.0%. Meanwhile, November CPI showed inflation of 2.7% Y/Y, undershooting expectations and partly distorted by missing data collection during the shutdown. Looking ahead to the December PCE report, due on 20th February, the data are likely to show firmer price pressures than suggested by the latest CPI. While December CPI showed headline inflation at 2.7% Y/Y and core inflation at 2.6%, underlying components point to upside risks for PCE: food prices rose 0.7% M/M, the largest increase since October 2022, and economists noted a widening gap between CPI and PCE measures. PCE places greater weight on categories where prices are currently rising, reflecting actual consumer spending patterns more closely than CPIʼs fixed basket. Analysts at Barclays and Morgan Stanley raised their December PCE forecasts to just under 0.5% M/M, according to Reuters, which could lift the annual rate to 2.8-2.9%. BNP Paribas also warned that PCE inflation is likely to run significantly hotter than CPI. Together with firmer producer price trends, the data suggest PCE may remain close to 3%, reinforcing expectations that price pressures will ease only gradually. Writing after the December inflation data, WSJ Fedwatcher Nick Timiraos said the latest trends are unlikely to alter the Fedʼs wait-and-see stance, as officials want clearer evidence that inflation is levelling off; he added that rate cuts would likely require either weakening job market conditions or further signs of fading price pressures over the coming months. Most Fed officials speaking this year have said that while inflation is easing towards its 2% target, it remains above that level, favouring a cautious stance on policy adjustments; they view current monetary policy as appropriately restrictive, with any cuts contingent on clearer disinflation progress. At the time of writing, money markets are assigning a 5% probability that rates will be cut at the 28th January confab, and just over a 20% chance of a 25bps cut by the 18th March meeting, according to CME data. Through to the end of the year, the statistical mode sees rates at 3.00-3.25% in December (vs the Fedʼs December projections of 3.25-3.50%, and vs the current 3.50-3.75%).

NEWS:

TECH

Apple (AAPL) - Announced a Lunar New Year promotion in China offering discounts of up to CNY 1,000, on selected products from 24-27th January, using specific payment methods.
Nvidia (NVDA) - US lawmakers moved closer to gaining authority to review AI chip sales to China after a House foreign affairs committee approved bipartisan legislation. The proposal would impose congressional oversight on advanced chip exports and ban Nvidia’s Blackwell chip sales to China for at least two years, Bloomberg reports.
OpenAI - OpenAI's chief Altman has been meeting top Middle Eastern investors to secure funding for a new investment round that could total at least USD 50bln, including talks with leading state-backed funds in Abu Dhabi, Bloomberg reports.
Microsoft (MSFT) - Awarded a USD 170.44mln firm-fixed-price Air Force task order for the Cloud One Programme, providing Azure cloud services.
Micron (MU) - Initiated with an 'Outperform' at William Blair. The firm said the memory "supercycle" is driving record profitability for Micron. The company serves as one of the three major global memory suppliers and access to memory has "become a key bottleneck" in AI racks and systems. The firm believes Micron will benefit from significant selling price growth and higher margin products. It expects the company to grow non-GAAP earnings over 275% over the next two years.
CACI International (CACI) Q2 2026 (USD): Adj. EPS 6.81 (exp. 6.49), Revenue 2.2bln (exp. 2.28bln); management cited solid revenue growth, strong EBITDA margin and healthy free cash flow, with expanding backlog and a robust pipeline, alongside continued investment in electronic warfare, Agile software development and space capabilities, including the planned acquisition of ARKA Group. The CEO said the group is well positioned to meet customer mission needs and long-term targets. Raised its FY26 adj. EPS view to 28.25–28.92 (exp. 28.17; prev. saw 27.13–28.03), and sees revenue 9.3–9.5bln (exp. 9.36; prev. saw 9.2–9.4bln).
Rigetti Computing (RGTI) - Upgraded at B.Riley to 'Buy' from 'Neutral'. The firm cites valuation for the upgrade and remains encouraged with Rigetti's near-term commercial trajectory. It sees greater visibility into the company's 2026 estimates following the India C-DAC order.

COMMUNICATIONS

Alphabet (GOOGL) - Upgraded at Raymond James to 'Strong Buy' from 'Outperform' with a USD 400 PT (prev. 315). The firm's updated bottom-up analysis of Google Cloud Platform and Search drives a material upward revision to 2026-2027 estimates, with 2027 revenue now at the high end of the Street and supporting the upgrade. Improving AI Stack momentum is expected to fuel upward revisions and position Alphabet as a high-quality top-line AI acceleration story, with fundamentals, rather than multiple reversion, driving mega-cap Internet performance in 2026.
Warner Bros. Discovery (WBD), Paramount Skydance (PSKY) - Paramount Skydance is extending its deadline for a "hostile" takeover bid of Warner Bros. Discovery, maintaining its USD 30/shr offer despite pressure to increase it. David Ellison’s firm aims to rival Netflix’s (NFLX) all-cash proposal, citing potential regulatory hurdles for the streaming giant and an unfair bidding process, the NY Post reports.
GameStop (GME) - Chairman Ryan Cohen disclosed his stake rose to 9.3%, representing over 42.08mln shares, after buying an additional 500K shares on 21st January, following a 500K share purchase the prior day.
Telenor (TELNY) - Agreed to sell its 24.95% stake in Thailand’s True Corporation to Arise Digital Technology Company for NOK 39bln, as it continues to scale back Asian operations.

FINANCIALS

Huntington Bancshares (HBAN) Q4 2025 (USD): Adj. EPS 0.37 (exp. 0.32); sees FY26 standalone NII 10-13%.
Northern Trust (NTRS) Q4 2025 (USD): EPS 2.42 (exp. 2.35), Revenue 2.14bln (exp. 2.06bln).
Banco Santander (SAN), Meta Platforms (META) - Santander plans to expand the group of staff permitted to use WhatsApp, allowing a small number of investment bankers to use the service after internal complaints that the partial ban was harming client communication, Bloomberg reports.
EQT (EQBBF) - Agreed to acquire Coller Capital to enter secondaries, buying the firm with nearly USD 50bln in assets under management for a base consideration of USD 3.2bln in shares plus up to USD 500mln contingent cash. Coller Capital will operate independently within EQT. The deal is expected to close in Q3.
Deutsche Boerse (DBOEY) - Will acquire Allfunds for EUR 8.80/shr in cash and stock, valuing the firm at about EUR 5.3bln. The deal targets EUR 60mln cost synergies, and EUR 30mln capex savings, with completion expected in H1 2027.
Pinnacle Financial (PNFP) Q4 2025 (USD): Adj. EPS 2.24 (exp. 2.26), Revenue 0.542bln (exp. 0.553bln); management highlighted double-digit growth Y/Y across loans, client deposits, revenue and adj. EPS following the merger with Synovus Financial, with Q4 growth rates accelerating versus Q1–Q2 2025, prior to the deal announcement.

CONSUMER DISCRETIONARY

Alibaba (BABA) - Alibaba is laying the groundwork for a potential listing of its chipmaking division, seeking to capitalize on strong investor interest in the limited group of companies aiming to challenge NVIDIA (NVDA) in the market for AI accelerators, Bloomberg reports, citing people familiar with the matter; the timing has not been determined.
Baidu (BIDU) - Baidu shares rose to a near three-year high in Hong Kong after the official release of its Ernie 5.0 AI model. It said Ernie has 2mln monthly users, 2.4tln parameters and outperforms rival models.
Mobileye Global (MBLY) Q4 2025 (USD): Adj. EPS 0.06 (exp. 0.06), Revenue 446mln (exp. 432mln). Guidance: FY26 Revenue 1.9-1.98bln (exp. 2.01bln). Guidance: "Full-year 2026 financial guidance implies flat to 5% year-over-year revenue growth, including ~19% Y/Y revenue growth expected in the first quarter of 2026."
Interparfums (IPAR) Q4 2025 (USD): Revenue 386mln (exp. 366.76mln). FY sales reached 1.49bln (vs 1.45bln in 2024), supported by favourable FX and broad-based growth across its prestige and luxury fragrance portfolio. Exec said targeted marketing and high service levels across the global distribution network capitalised on a robust holiday season, offsetting softness seen earlier in the year and allowing the group to finish strongly.
Lululemon Athletica (LULU) - Lululemon founder Chip Wilson criticised the company’s board after a see-through leggings product failure, calling it a total operational failure. He blamed the board’s lack of creative experience, weak focus on product quality and short-term priorities.
Hyatt Hotels (H) - Downgraded at Evercore ISI to 'In Line' from 'Outperform'. The firm writes that this is "not a macro call" as it expects industry RevPAR to begin to improve sequentially in Q2, but over the last year Hyatt shares have rerated and the risk/reward "feels more balanced at current levels" with catalysts now realised.

CONSUMER STAPLES

Procter & Gamble Company (PG) Q2 2025 (USD): Core EPS 1.88 (exp. 1.87), Revenue 22.21bln (exp. 22.31bln), Organic revenue 0% (exp. +0.54%); Maintains FY sales, core EPS growth and cash return guidance. Expects commodity costs to be neutral for the year. FY26 EPS growth of 1-6% vs. FY25. CFO anticipates Q2 would be the softest quarter of FY26; P&G is currently below the typical volume growth target of 3-4% across categories in the US. Chinese consumer sentiment is still negative, and growth is concentrated in the online channel.
McCormick (MKC) Q4 2025 (USD): Adj. EPS 0.86 (exp. 0.88), Revenue 1.85bln (exp. 1.85bln); sees FY26 adj. EPS 3.05-3.13 (exp. 3.20).
Walmart (WMT) - Walmart and Tiger Global are offering shares in PhonePe’s initial public offering valued at USD 1.5bln, according to Bloomberg.

MATERIALS

Freeport-McMoRan (FCX) Q4 2025 (USD): Revenue 5.63bln (exp. 5.29bln), Net Income 688mln (exp. 395mln). Activities on track to commence phased restart beginning in Q2 2026 of Grasberg block cave underground mine in Indonesia. Expects consolidated sales 640M pounds of copper, 60 thousand ounces of gold and 22M pounds of molybdenum in Q1 2026
Gold Prices - Goldman Sachs raised its December 2026 gold price forecast by more than 10% to USD 5,400/oz (prev. saw USD 4,900/oz), citing sustained private investor holdings alongside strong demand from central banks and ETFs.
Silver - China exported about 5,100 tons of silver last year, the highest level in at least 16 years, according to customs data, suggesting fears of tighter controls may be overstated.

ENERGY

Energy Inventories - API data reportedly showed crude crude stocks posting a larger than expected build of +3.0mln bbls (exp. +1.8mln), Cushing +1.2mln bbls, distillate saw a smaller than expected draw of -0.03mln bbls (exp. -0.2mln), while gasoline posted a larger than expected build of +6.2mln bbls (exp. +2.5mln). The more widely followed DoE weekly inventory data is due later today.
Kinder Morgan (KMI) Q4 2025 (USD): Adj. EPS 0.39 (exp. 0.37), Revenue 4.51bln (exp. 4.33bln); highlighted its role in supplying over 40% of natgas feedstock to US LNG export facilities. Board raised its cash dividend +2% Y/Y to 0.2925/shr, and expects to declare a dividend of 1.19/shr for FY26 (+2% Y/Y). For FY26, lowered its adj. EPS view to 1.36 (exp. 1.39), while budgeted adj. EBITDA is seen at 8.6bln (+2.5% Y/Y) with net debt/adj. EBITDA targeted at 3.8x; budget assumptions include the impact of the sale of the EagleHawk equity investment.
Venture Global (VG), Repsol (REPYY) - Venture Global said an arbitration tribunal ruled in its favour in a dispute with Repsol over LNG deliveries from the Calcasieu Pass project under a 20yr contract. The ruling follows earlier cases involving BP and Shell.
Oneok (OKE) - Raised quarterly dividend +4% to USD 1.07/shr.
Tepco - Tokyo Electric Power Co. suspended the restart of a nuclear reactor in Niigata prefecture less than a day after resuming operations, halting the No. 6 unit at the Kashiwazaki Kariwa plant, due to an electrical issue after a restart on late Wednesday.

INDUSTRIALS

GE Aerospace (GE) Q4 2025 (USD): EPS from cont ops 2.31, adj, EPS 1.57 (exp. 1.44), revenue 12.7bln (exp. 11.20bln); sees FY26 adj. EPS at 7.10-7.40 (exp. 7.12). Total orders +74% at USD 27bln; FCF 1.8bln Q4 Commercial Engines & Services sales USD 9.47bln (+24%), orders USD 22.84bln (+76%). Guidance: FY26 adj. revenue up by low-single digits, FY26 FCF 8.0-8.4bln, FY26 operating profit 9.85-10.25bln. The CEO said no structural trade off between MRO support and new engine production - conference call. CFO said spare parts growth is going to be primarily driven by narrowbodies in 2026. Expects leap OE to be profitable in 2026 as per the Co.'s plan
Military - US President Trump said they will be making the US military even stronger.
Honeywell (HON) - Honeywell and Flexjet reached a comprehensive agreement resolving all pending litigation between the parties, including related cases involving StandardAero and Duncan Aviation, and agreed to renew and extend their aircraft engine maintenance contract through 2035 as part of the settlement.
RTX (RTX) - Received a USD 380.8mln Navy contract modification, bringing the total definitised contract value to USD 476.5mln, covering Lot Five and Six Tomahawk missile recertification, modernisation, depot operations and spares.
Lockheed Martin (LMT) - Received a USD 202.8mln Army contract modification for inspection, recertification and repair of PAC-3 missiles.
General Dynamics (GD) - The US Army unveiled a new M1E3 Abrams tank at the Detroit Auto Show, showcasing a streamlined weapons development approach. Built by General Dynamics Land Systems alon with more than 10 other companies, it features a hybrid engine from Caterpillar (CAT), a new transmission, missile-defence systems and a redesigned cockpit.
Rocket Lab (RKLB) - Said qualification testing of Neutron’s Stage 1 tank resulted in a rupture during a hydrostatic pressure trial, noting such failures are not uncommon. The company reported no significant damage, said another tank is in production, and will update the Neutron launch schedule during its Q4 earnings call in February.
Knight-Swift (KNX) Q4 2025 (USD): Adj. EPS 0.31 (exp. 0.35), Revenue 1.9bln (exp. 1.9bln); truckload demand was generally stable, with October seasonal project activity ending quickly in November and the absence of a typical broad-based seasonal lift until late in the quarter, leading to lower-than-expected truckload volumes, while December spot-market tightening pressured logistics gross margins and appeared driven mainly by reduced capacity. The CEO said recent trends continued into early January, with network balance modestly better than typical seasonality, adding that FMCSA and DOT actions to revoke invalid CDLs, shut non-compliant schools and address hours-of-service abuses should further reduce capacity and support margin recovery. Sees Q1 adj. EPS between 0.28–0.32 (exp. 0.31), assuming conditions remain fairly stable, with typical seasonal slowing in truckload and modest LTL volume recovery.
Canadian Pacific Kansas City (CP) - Renewing its fleet through a multi-year USD 800mln investment, having bought 100 Wabtec Tier 4 locomotives built in Texas in 2025, with further deliveries from Wabtec and Progress Rail planned in 2026.

HEALTHCARE

Abbott Laboratories (ABT) Q4 2025 (USD): Adj. EPS 1.50 (exp. 1.50), Revenue 11.46bln (exp. 11.80bln); Guidance: Q1 adj. EPS 1.12-1.18 (exp. 1.20); FY adj. EPS 5.55-5.80 (exp. 5.68).
Gilead (GILD) - Said NEJM published Phase 3 ASCENT-04/KEYNOTE-D19 data showing Trodelvy plus Keytruda cut progression or death risk by 35% versus Keytruda plus chemotherapy in first-line PD-L1+ metastatic TNBC, with median PFS of 11.2 versus 7.8 months. Gilead submitted supplemental applications to US and EU regulators.
CVS Health (CVS) - Republican lawmakers said CVS Health may have violated antitrust laws by discouraging independent pharmacies from working with third-party competitors. Scrutiny of health conglomerates has increased across parties and from President Trump, with chief executives from CVS and other insurers set to testify at a congressional hearing on Thursday.
Janux Therapeutics (JANX) - Entered an exclusive global licensing collaboration with Bristol Myers Squibb (BMY) to develop a tumor-activated therapy for solid tumors. Janux will advance the program through an IND submission, after which Bristol Myers Squibb will lead development and commercialisation. The deal includes up to USD 50mln in upfront and near-term milestones, up to ~USD 800mln in additional milestones, and tiered royalties on sales.

TRADE

Russia Energy - China reported a larger-than-expected surge in Russian LNG imports late last year, indicating stronger demand. Customs data showed December imports hit a record 1.9mln tons, more than double ship-tracking estimates, while November figures were also 90% higher. Separately, Bloomberg said that prices of Urals crude for delivery to China fell to a record low as Indian demand eased; cargoes have traded at about USD 10/bbl discount vs Brent futures this week, compared with premiums of about USD 1/bbl in August. Elsewhere, soaring freight rates have prompted some shipowners to deploy new tankers to transport Russian oil, a trade typically dominated by ageing vessels; rates surged at the end of 2025 after the US and European Union blacklisted hundreds of tankers, tightening supply and drawing at least two Greek companies despite sanctions risks.
Japan - Japan’s exports rose 3.1% in 2025 despite tariffs and a 4.1% fall in shipments to the US, the first decline since the pandemic. Growth was led by electronic parts and food, while exports to Europe and Asia, excluding China, stayed solid and shipments to China slipped 0.4%.

GEOPOLITICS

Board of Peace - The US State Department has told diplomats to downplay concerns about President Donald Trump’s proposed Board of Peace, stressing it is intended to complement, not replace, the United Nations. The guidance comes despite Trump arguing the board is needed because the UN has been ineffective in resolving global conflicts. Elsewhere, Russian President Putin said he is willing to use Russian assets frozen in the US to help rebuild Ukrainian regions after a peace treaty; he also said USD 1bln from those US-based assets could be given to President Trump’s proposed Board of Peace.
Ukraine-Russia - Russia said Ukrainian drones hit a Black Sea port late Wednesday, setting four fuel terminals on fire and killing two. The fire at a facility in Taman in the Krasnodar region was extinguished on Thursday morning.
Cuba - The Trump administration is actively seeking Cuban government insiders to help end Communist rule by the end of the year, according to sources cited by the WSJ. Officials see Cuba’s economy as near collapse after losing support from Venezuela’s ousted leader, Maduro, though no concrete plan exists.

MACRO

USD - The dollar’s share of global transactions rose to 50.5% in December (vs 46.8% a month earlier), the highest since 2023, according to Swift's data, underscoring its dominance despite uncertainty linked to US policies.
Aussie Jobs - Australian unemployment unexpectedly fell in December as employment rose more than forecast, strengthening the case for higher interest rates. The jobless rate dropped to 4.1% from 4.3%, while employment increased by 65,200, more than double expectations, driven by full-time jobs.