Daily US Equity Opening News - AMZN slides after Q4 miss and higher capex view; BE, RBLX, & RDDT top expectations; Dismal MOH outlook

TODAY’S AGENDA:

US INDEX FUTURES: ES +0.5%, NQ +0.7%, YM +0.5%, RUT +1.4%
DAY AHEAD: NOTE: US nonfarm payrolls data that was originally scheduled for today will not be released due to the partial US government shutdown; the data is now due for release on 11th February. In later trade, US consumer credit data for December will be released. In geopolitics, Iran said talks with the US in Oman today are likely to mark the start of a longer diplomatic process, rather than a quick resolution to rising tensions; the talks will focus on broad topics, and aim to outline a road map for further negotiations, according to Iranian state media. In energy, Baker Hughes will release its weekly rig count data. Today’s speakers include: Fed Vice Chair Jefferson (voter, dove).
BROKER MOVES: VST upgraded at Goldman Sachs; AMZN downgraded at DA Davidson. For the full list, click here.
MAJOR MORNING MOVES RECAP: AMZN, AAPL, BE, RBLX, RDDT, FTNT, UAA, HIMS, COTY, STLA, MOH, DOCS. For the full list, click here.

NEWS:

CONSUMER DISCRETIONARY

Amazon (AMZN) - Amazon shares fell in extended trading after it missed earnings expectations and alarmed investors by forecasting a sharply higher capital spending driven by aggressive investment in AI infrastructure. Q4 2025 (USD): EPS 1.95 (exp. 1.96), including charges, with revenue at 213.4bln (exp. 211.23bln). AWS net sales saw its fastest growth in 13 quarters, rising +24% Y/Y to 35.58bln, the AWS backlog rose +40% Y/Y to 244bln; advertising revenues rose +22% Y/Y; its chips business was growing triple digits Y/Y. Execs noted strong demand for Trainium3 and substantial interest in Trainium4. The CEO said the group will “invest aggressively” to be a leader in AI and is “very confident” in strong long-term returns, highlighting strong AWS transitions, rapid innovation and progress on Project Kuiper/Amazon Leo. Sees Q1 revenue of 173.5-178.5bln (exp. 175.2bln), implying growth of between +11-15% Y/Y; expects ~200bln of capex in FY26, predominantly in AWS, with most FY26 investments directed toward AI, chips, robotics and low-earth-orbit satellites. Amazon filed for a mixed shelf.
Coty (COTY) - Coty shares fell in extended trading after it withdrew its FY26 guidance, and warned of a weaker-than-expected Q3, citing a leadership transition and a challenging beauty market backdrop. Q2 2026 (USD): Adj. EPS 0.14 (exp. 0.18), Revenue 1.68bln (exp. 1.66bln), with performance driven by continued pressure in Consumer Beauty amid a challenging promotional backdrop, while Prestige trends were more resilient. The interim CEO acknowledged that financial performance over the past 18 months has been disappointing, reflected in the share price. Sees Q3 adj. EPS (excluding the equity swap) to be roughly breakeven (exp. 0.07), with LFL revenue seen down mid-single-digits Y/Y. The company withdrew prior FY26 guidance for EBITDA and free cash flow, citing the complex beauty market backdrop and leadership transition.
Toyota Motor (TM) - Appointed CFO Kenta Kon to replace Koji Sato as CEO, with Sato moving to vice chair and a new chief industry officer role. The automaker said the leadership changes aimed to speed decision-making amid global trade disruption and rising competition from Chinese EV makers. It reported nine-month net sales declining -26.1% Y/Y to JPY 3.03tln, operating profit JPY 3.20tln (prev. 3.68tln Y/Y), sales JPY 38.1tln (prev. 35.7tln Y/Y); raised its FY net view to JPY 3.57tln (from JPY 2.93tln), and sees FY26 group at JPY 50tln (from JPY 49tln).
Stellantis (STLA) - Stellantis will take a EUR 22.2bln charge as part of a business reset, including plans to issue up to EUR 5bln of perpetual hybrid bonds, and it suspended its 2026 dividend; sees H2 net income at EUR -21bln to -19bln, and revenue of EUR 78-80bln; further details will be unveiled on 21st May. CFO said is still in negotiations with suppliers over payments related to suspended EV models.
Nio (NIO) - Nio shares jumped in APAC trading after the Chinese EV maker signalled its first quarterly profit. Q4 preliminary adj. operating profit is seen between CNY 0.70-1.2bln, marking a turning point after years of heavy losses.
MGM Resorts (MGM) Q4 2025 (USD): Adj. EPS 1.60 (vs 0.45 Y/Y), Revenue 4.6bln (exp. 4.44bln). Las Vegas Strip resorts revenue was -3% Y/Y at 2.2bln, reflecting ongoing headwinds, while consolidated adj. EBITDA +20% Y/Y, supported by diversification across regions and digital. The CEO expressed optimism for 2026, citing a solid base of group and convention business, completion of MGM Grand renovations, steady regional operations, premium mass momentum at MGM China, double-digit revenue growth at BetMGM North America and a long-term international growth pipeline including MGM Osaka.
Under Armour Inc. (UAA) Q3 2026 (USD): Adj. EPS 0.09 (exp. -0.02), Revenue 1.33bln (exp. 1.31bln); raised FY adj. EPS view of 0.10-0.11 (exp. 0.05, prev. 0.03-0.05) and updated FY26 revenue view to +4% from +4-5%; raised FY adj. operating income outlook. In North America, it believes the December quarter marked the most challenging phase of its business reset, and expects greater stability ahead.
Boyd Gaming (BYD) Q4 2025 (USD): Adj. EPS 2.21 (exp. 1.94), Revenue 1.10bln (exp. 1.02bln). Management cited strong play from core customers and disciplined operations supporting property-level margins, alongside continued capital investment progress; its monetised FanDuel equity generated nearly USD 1.8bln in gross proceeds. CEO is optimistic for FY26, expecting benefits from sustained core customer strength, returns on capital projects and a diversified FCF profile underpinned by a strong balance sheet.

TECH

Intel (INTC) and AMD (AMD) - Companies notified Chinese customers of server CPU shortages, with Intel warning of delivery lead times of up to six months and AMD eight to 10 weeks, sources cited by Reuters said. Shortages reflect strong AI-driven demand, manufacturing constraints and limited foundry capacity.
Apple (AAPL) - Apple is scaling back plans for an AI-based virtual health coach as it rethinks its approach to wellness services, Bloomberg reports. The initiative was wound down in recent weeks, with planned features instead to be rolled out gradually within Apple’s Health app.
Tech Issuance - Oracle’s record bond sale has eased debt market concerns and could spur further borrowing by technology companies to fund data centres, Goldman Sachs said. Oracle raised USD 25bln this week, attracting over USD 129bln of orders, easing fears around funding needs estimated at up to USD 5tln, Bloomberg reports. Meanwhile, the WSJ reports that a prolonged selloff in software stocks is spilling into debt markets, with prices of bonds and loans issued by software companies also falling; investor concern over AI coding tools has weighed on major names such as Salesforce (CRM) and ServiceNow (NOW), increasing fears of contagion given tech’s large presence in loan portfolios.
Strategy (MSTR) Q4 2025 (USD): EPS -42.93 (vs -3.03 Y/Y), Revenue 123.0mln (exp. 118.5mln). Capital markets and treasury metrics highlighted a Bitcoin holding of 713,502 bitcoins after it raised USD 25.3bln of capital in 2025, including 41,002 bitcoins acquired in January 2026 alone. In 2025, five preferred equity IPOs were completed, and a USD 2.25bln reserve was established, providing more than two-and-a-half years of dividend coverage. The CEO said the company remains focused on expanding STRC to drive growth in Bitcoin Per Share for common shareholders; the CFO said the capital structure is stronger and more resilient following accounting, tax and credit rating developments that supported broader corporate bitcoin adoption.
Microchip Technology (MCHP) - Microchip Technology shares slipped in extended trading despite the company beating quarterly estimates and issuing guidance above expectations. Q3 2025 (USD): EPS 0.44 (exp. 0.43), Revenue 1.186bln (exp. 1.19bln); non-GAAP operating profit grew faster than revenue sequentially, reflecting margin expansion and execution of its nine-point recovery plan. The CEO said results exceeded expectations on a broad-based end-market recovery and improving operational momentum. Sees Q4 EPS between 0.48-0.52 (exp. 0.49), and Q4 revenue of 1.24-1.28bln (exp. 1.24bln).
Atlassian (TEAM) - Atlassian shares fell in extended trading as investors looked past a strong earnings beat and focused on guidance showing a slowdown in cloud revenue growth, reinforcing concerns about a decelerating outlook despite solid current performance. Q2 2026 (USD): Adj. EPS 1.22 (exp. 1.14), Revenue 1.59bln (exp. 1.54bln). Cloud ARR customers with >USD 10,000 +12% Y/Y reaching 55,369, while Cloud revenue +26% Y/Y, marking its first USD 1bln Cloud revenue quarter; total customers surpassed 350,000, and Rovo exceeded 5mln monthly active users. The CEO said Q2 closed with incredible momentum, highlighting strong enterprise and startup demand and milestones across Cloud and AI-driven products. Sees Q3 revenue of 1.689-1.697bln (exp. 1.65bln). Sees FY26 total revenue growth of around 22% Y/Y, with Cloud sales rising +24.3% Y/Y, Data Centre +20.0% Y/Y.
Fortinet (FTNT) Q4 2025 (USD): EPS 0.81 (exp. 0.74), Revenue 1.91bln (exp. 1.86bln); billings exceeded the high end of guidance on broad-based demand, with continued momentum in Unified SASE and Security Operations and firewall unit market share at 55%. Board authorised a 1.0bln increase in its share buyback programme, lifting total authorised repurchases to USD 10.25bln through February 2027, with 1.38bln remaining available as of 4th February. Sees Q1 EPS between 0.59-0.63 (exp. 0.65), and Q1 revenue of 1.70-1.76bln (exp. 1.72bln). Sees FY26 EPS between 2.94-3.00 (exp. 2.94) and Q1 revenue at 7.50-7.70bln (exp. 7.51bln).
Monolithic Power Systems (MPWR) Q4 2025 (USD): EPS 4.79 (exp. 4.74), Revenue 751.16mln (exp. 741.69mln); sees Q1 revenue of 770-790mln (exp. 738.38mln); CFO Blegen to retire.
Gen Digital (GEN) Q3 2026 (USD): Non-GAAP EPS 0.64 (exp. 0.63), Revenue 1.24bln (exp. 1.23bln); raised FY26 EPS view to 2.54-2.56 (exp. 2.54, prev. 2.51-2.56) and raised FY26 revenue view to 4.955-4.975bln (exp. 4.94bln, prev. 4.92-4.97bln).
VeriSign (VRSN) Q4 2025 (USD): EPS 2.23 (exp. 2.28), Revenue 425mln (exp. 424mln); raised quarterly dividend by 5.2% to 0.81/shr; sees FY26 revenue at 1.72-1.74bln (exp. 1.72bln).
BILL Holdings (BILL) Q2 2026 (USD): Adj. EPS 0.64 (exp. 0.56), Revenue 414.7mln (exp. 399.93mln); sees Q3 adj. EPS at 0.53-0.57 (exp. 0.51) and Q3 revenue of 397.5-407.5mln (exp. 395.15mln).
Impinj (PI) Q4 2025 (USD): Adj. EPS 0.50 (exp. 0.51), Revenue 92.8mln (exp. 92.79mln); sees Q1 adj. EPS at 0.08-0.13 (exp. -0.20) and Q1 revenue of 71-74mln (exp. 90.47mln).
Uber (UBER) - Announced a partnership with WeRide (WRD) an expansion of their strategic partnership to deploy at least 1,200 robotaxis across the Middle East. The deployment, which will span Abu Dhabi, Dubai, and Riyadh, is expected to be completed as soon as 2027.
Zscaler (ZS) - Zscaler acquired SquareX to extend zero trust security into web browsers, enabling organisations to deploy lightweight browser extensions without third-party browsers. The deal closed on 5th February; terms were undisclosed.
Palantir Technologies (PLTR) - UK defence secretary Healey said Peter Mandelson had no role in awarding a GBP 240.6mln data analytics contract to Palantir. The MoD deal, awarded without competition in December, drew scrutiny after questions over Mandelson’s links to a lobbying firm that lists Palantir as a client.
Oracle (ORCL), OpenAI, DTE Energy (DTE) - Michigan AG Nessel urged regulators to reconsider approval for DTE Energy to supply power to a large data centre planned by Oracle and OpenAI, saying customer protections were insufficient. She criticised fast-track, confidential reviews and called DTE, Oracle and OpenAI untrustworthy partners.

COMMUNICATIONS

Roblox (RBLX) - Roblox shares rose in extended trading after it beat Q4 expectations, and issued a stronger than expected bookings guidance for Q1, outweighing concerns about rising losses and engagement headwinds from age checks. Q4 2025 (USD): EPS -0.45 (exp. -0.46), Revenue 2.22bln (exp. 2.09bln). Q4 DAUs +69% Y/Y to 144mln, with international DAUs +79% Y/Y and US/Canada +32% Y/Y. Engagement strengthened: hours +88% Y/Y to 35bln, led by APAC and +41% growth in US/Canada. Exec said results underpinned a sharp share price reaction as user growth and content diversification drove robust engagement gains. Sees Q1 revenue of 1.69-1.74bln (exp. 1.71bln); sees FY26 bookings at 8.28-8.55bln (exp. 8.06bln).
Reddit (RDDT) Q4 2025 (USD): EPS 1.24 (exp. 0.93), Revenue 726mln (exp. 667.06mln); Q4 DAU +19% Y/Y to 121.4mln. The CEO said the company is entering a new era focused on sharper execution, global expansion and product innovation centred on real people and conversations. Sees Q1 revenue of 595-605mln (exp. 577.08mln) and Q1 adj. EBITDA of 210-220mln.
Warner Music Group (WMG) Q1 2026 (USD): Adj. EPS 0.33 (exp. 0.40), Revenue 1.84bln (exp. 1.77bln). The CEO said 2026 is off to a strong start, with creative success driving consistent market share growth and financial performance, adding that Warner has an “exciting slate of new music ahead” and is leading with AI to unlock greater value for artists, songwriters and shareholders, positioning the company well for long-term success.
Warner Bros. Discovery (WBD), Hasbro (HAS) - HBO is developing a TV series based on the Baldur’s Gate video game franchise set in Hasbro’s Dungeons & Dragons universe, according to Deadline.
News Corp (NWSA) Q2 2026 (USD): Adj. EPS 0.40 (exp. 0.37), Revenue 2.36bln (exp. 2.30bln). Performance was driven by sustained strength at Dow Jones and Digital Real Estate Services, both delivering double-digit profit growth; Dow Jones revenue rose 8% Y/Y, alongside record digital advertising revenue. The CEO noted accelerating growth from Q1, and sees favourable signs for H2, adding that prospects for Q3 are “auspicious”. It expanded its partnership with Bloomberg to include AI rights for Dow Jones content, and continued executing on its enlarged buyback programme.

FINANCIALS

Goldman Sachs (GS) - Goldman Sachs has been working with AI startup Anthropic for six months to develop AI agents to automate roles in trade and transaction accounting and client onboarding, CIO Marco Argenti told CNBC. The early-stage agents, built on Anthropic’s Claude model, are expected to significantly cut processing time and launch soon.
Blackstone (BX) - Blackstone-backed Liftoff Mobile postponed its IPO after a tech stock rout driven by concerns about AI’s impact on operating companies. A spokesperson said current market conditions prompted the business to take additional time before listing, Bloomberg reports.
Cboe (CBOE) Q4 2025 (USD): Adj. EPS 3.06 (exp. 2.95), Revenue 671.1mln (exp. 662.23mln); sees FY26 revenue up in the "mid-single-digit" range and sees FY26 organic net revenue growth from Data Vantage in the "mid-to-high-single digit" range.
Affirm Holdings (AFRM) Q2 2026 (USD): EPS 0.37 (vs 0.23 Y/Y), Revenue 1.12bln (exp. 1.06bln); Q2 GMV +36% Y/Y to 13.8bln (vs +35% Y/Y a year earlier), with over 40% of growth from direct merchant point-of-sale integrations and the remainder split broadly evenly between direct-to-consumer and wallet partnerships. Sees Q3 revenue at 0.97-1.0bln (exp. 975.7mln and FY26 revenue of 4.09-4.15bln (exp. 4.06bln).
Citigroup (C) - Citi executives are increasingly optimistic they can complete compliance work tied to major consent orders later this year, according to Reuters, citing sources. Lifting the orders would mark a major turning point for Citigroup, freeing it to refocus on profit growth after six years of intensive remediation and potentially reopen the door to acquisitions blocked since the USD 900mln Revlon transfer error.
Carlyle GRoup (CG) Q4 2025 (USD): Distributable EPS 1.01 (Exp. 0.99), Revenue 1.9bln (exp. 1.05bln).
Societe Generale (SCGLY) - Launched a EUR 1.46bln share buyback after Q4 net income rose +36% to EUR 1.42bln (exp. 1.22bln); equity and fixed-income trading units missed forecasts; CEO reiterated a focus on investor payouts.
Banco Sabadell (BNDSY) - Reported EUR 1.775bln net profit for 2025 (vs 1.83bln Y/Y) and announced a share buyback of up to EUR 800mln after fending off a hostile BBVA (BBVA) bid.

HEALTHCARE

TrumpRx - The White House launched TrumpRx, a direct-to-consumer platform offering discounted medicines from Novo Nordisk (NVO), Eli Lilly (LLY), AstraZeneca (AZN), Pfizer (PFE) and EMD Serono, with more than 40 drugs listed. Companies warned that pricing deals have hurt sales.
Illumina (ILMN) Q4 2025 (USD): Adj. EPS 1.35 (exp. 1.23), Revenue 1.16bln (exp. 1.11bln). Exec said the quarter marked a return to growth, supported by improving momentum in H2, particularly in clinical markets as adoption of NGS-based testing continued to expand; said that H2 momentum reinforces confidence heading into 2026. Sees FY26 adj. EPS between 5.05-5.20 (exp. 5.07), and FY26 revenue of 4.5-4.6bln (exp. 4.41bln).
Molina Healthcare (MOH) Q4 2025 (USD): Adj. EPS -2.75 (exp. 0.33, vs 5.05 Y/Y), Revenue 11.375bln (exp. 10.9bln). Exec said results reflected pressure in Medicaid margins amid an imbalance between rates and medical cost trends, though the group said it continued to generate positive pretax Medicaid margins at the trough of the cycle. Sees FY26 adj. EPS of at least 5.00 (exp. 13.76), and revenue of USD 44.5bln (exp. 46.79bln), guiding FY revenue -2% (exp. +4.2%). FY adj earnings guidance burdened by USD 2.50/shr related to implementation of new medicaid contract. Said 1bln MAPD product no longer fits co’s strategy to focus solely on its USD 5bln dual‑eligible medicare business. The CEO said the company remains confident in its durable operating platform, characterising 2026 as a trough year for industry margins, and added management remains optimistic on the future earnings trajectory supported by anticipated rate restoration and embedded earnings; challenging operating environment catalyst for smaller and less diverse health plans to consider strategic options; is confident in outlook for Medicaid business, rates and trends will eventually be balanced, adding that he remains optimistic about future earnings; Not contemplating Medicaid part A exit as there is no State where the regulatory environment is friendly to managed care.
Centene Corporation (CNC) Q4 2025 (USD): Adj. EPS -1.19 (exp. -1.22), Revenue 49.7bln (exp. 48.39bln); sees FY26 adj. EPS at least 3.00 (exp. 2.99) and FY26 revenue of 186.5-190.5bln (exp. 192.47bln).
Biogen Inc. (BIIB) Q4 2025 (USD): adj. EPS 1.99 (exp. 1.62), Revenue 2.3bln (exp. 2.20bln); sees FY26 EPS of 15.25-16.25 (exp. 15.01) and FY26 revenue to decline by a mid-single digit percentage Y/Y.
Gilead - US FDA approves label update for Kite's (GILD) Yescarta for relapsed or refractory PCNSL.
Hims & Hers Health (HIMS) - US FDA commissioner Marty Makary said the FDA will be taking action against companies producing "illegal copycat drugs" claiming to be similar to FDA-approved products; HIMS shares are weighed by the news, Novo Nordisk (NVO) and Eli Lilly (LLY) have seen a bounce in premarket trade after yesterday's weakness.
Mettler-Toledo International (MTD) Q4 2025 (USD): Adj. EPS 13.36 (exp. 12.81), Revenue 1.13bln (exp. 1.11bln); raised FY26 EPS view to 46.05-46.70 (exp. 45.83, prev. 45.35-46.00).
Roivant (ROIV) Q3 2026 (USD): -0.38 (exp -0.31), Revenue 2mln (exp. 6.14mln); sees cash runway into profitability. Roivant completed enrollment in its Phase 2 PHocus trial of mosliciguat in PH-ILD in under 12 months and remains on track to report topline data in 2H26. Roivant also highlighted multiple upcoming catalysts: Phase 3 initiation for brepocitinib in 2026, Phase 3 topline data for brepocitinib (NIU) in 2H26, registrational and proof-of-concept data for IMVT-1402 in 2H26, Phase 3 batoclimab data in thyroid eye disease in 1H26, and additional potentially registrational data across GD and MG in 2027.
Pfizer (PFE) - Said the FDA has set a action date for Hympavzi in Q2 2026.
Medtronic (MDT) - A California jury found Medtronic owes Applied Medical Resources USD 382mln for unlawfully monopolising the blood-vessel sealing device market by under-pricing and bundling its LigaSure product, Reuters reports. The verdict said Medtronic violated antitrust law. Medtronic said it will appeal.
GSK (GSK) - Nucala (mepolizumab) was approved by the European Commission for the treatment of chronic obstructive pulmonary disease (COPD).

ENERGY

Strait of Hormuz - Some super tanker operators are increasing speeds through the Strait of Hormuz amid rising US-Iran tensions, according to ship-tracking data cited by Bloomberg. Very Large Crude Carriers are traveling at up to 17 knots, vs a typical top speed of about 13 knots, as crews seek to reduce exposure in the chokepoint.
Oil Services - Oilfield service companies are looking to Middle East production growth to offset a slowdown in US shale, Bloomberg writes. Executives from Helmerich & Payne (HP) and Patterson-UTI cited opportunities in Saudi Arabia, echoing views from SLB (SLB) and Weatherford that the region will lead an activity rebound from late 2026 through 2027.
Russian Tankers - More than a dozen tankers carrying Russian Urals crude, totalling 10-12mln bbls, are heading toward East Asia or idling en route as sellers seek buyers in China after India reduced purchases, Bloomberg reports. Several vessels are marked “for orders”, indicating no confirmed buyer or discharge port.
BP (BP) - United Steelworkers urged workers at BP’s 440k BPD Whiting refinery in Indiana to prepare for a strike or lockout after talks stalled; around 98% of the 800 unionised workers backed strike authorisation, after the previous three-year labour agreement expired in January.
ConocoPhillips (COP) - Said its recovering billions owed by Venezuela from the nationalisation of its oil projects is a priority over new drilling; CEO cited roughly USD 10bln in favourable arbitration judgments, saying efforts to recoup the money take precedence despite US calls to revive Venezuelan oil output.

MATERIALS

Rio Tinto (RIO), Glencore (GLNCY) - Rio Tinto shares hit a record in APAC trade after the miner ended merger talks with Glencore, stating that the companies could not agree a value-creating deal. The proposed merger had faced shareholder opposition.
China Metals - Ample liquidity and limited investment options have driven Chinese speculators into metals markets, pushing global prices sharply higher as the real economy weakens, Bloomberg reports. Copper, gold and silver reached record highs last month, while trading activity on Chinese futures exchanges surged, highlighting challenges for authorities trying to redirect capital.
Silver Prices - Silver swung sharply as thin liquidity drove volatility, falling nearly 10% before rebounding. Spot prices rose as much as 6% in APAC trading after earlier sliding toward USD 64/oz, following its 20% drop in the prior session that erased gains from last month’s rally.
Copper Prices - Copper extended its pullback from a record, falling for a third day to about USD 12,750/ton on the LME, as attention returned to weakening demand after speculative buying. Prices are down 3.1% since last Friday, with exchange-monitored stockpiles at their highest since 2003.
Iron Ore Prices - Iron ore fell below 100/ton as Chinese demand softened ahead of the Lunar New Year and supply remained ample. Futures for 61%-content ore dropped to USD 99.55/ton in Singapore, marking a fourth weekly decline as port and mill stockpiles rose.

CONSUMER STAPLES

Philip Morris International Inc (PM) Q4 2025 (USD): EPS 1.70 (exp. 1.70), Revenue 10.4bln (exp. 10.38bln), sees FY26 adj. EPS of 8.38-8.53 (exp. 8.34); on track to outperform 2024-2026 growth algorithm; sees Q1 adj. EPS at 1.80-1.85 (exp. 1.89).
Estee Lauder (EL) - Post-earnings on Thursday, Wells Fargo lowered it's EL PT to USD 105 (prev. 111) and kept an 'Equal Weight' rating. The firm noted that "the bar was exceptionally high," more than 40 times FY27 EPS. Results/guidance needed to be pristine, but reality is rarely so linear. With one blip in China TR and tougher second half of the year comparable sales ahead, the bull case was dinged.

INDUSTRIALS

Bloom Energy (BE) - Bloom Energy shares rose in extended trading as traders welcomed strong Q4 performance, with revenue and earnings beating expectations, and a second straight year of positive operating cash flow, along with upbeat guidance for 2026. Q4 2025 (USD): Adj. EPS 0.45 (exp. 0.30), Revenue 777.7mln (exp. 645.32mln); gross margin 31.9%; service gross margin 16.9%; product and service revenue 700.2mln; total backlog stood at ~20bln, with product backlog ~6bln; all product shipments now 800 V dc ready. The CEO said bring-your-own-power has shifted from a slogan to a business necessity for AI hyperscalers and manufacturing facilities, calling the trend secular and growing. Sees FY26 adj. EPS between 1.33-1.48 (exp. 1.12), and FY26 revenue of 3.1-3.3bln (exp. 2.6bln); sees FY26 gross margin around 32%, and FY26 operating income of 425-475mln.
Hub Group (HUBG) - Sees FY25 revenue at USD 3.7bln (exp. 3.67bln) and FY26 revenue at USD 3.65-3.95bln (exp. 3.78bln). Hub Group said it identified a USD 77mln accounting error that understated purchased transportation costs and accounts payable in the first nine months of 2025. The company will restate its Q1–Q3 2025 financials, said there is no impact to cash or operating cash flow, and is assessing potential effects on 2024 and 2023 statements. Following the update, HUBG was double downgraded at Stifel to 'Sell' from 'Buy' with a USD 27 PT (prev. 52). Stifel assumes the issue persisted into Q4 and creates a "materially lower margin jumping off point for future earnings." The firm's "best estimation of a conservative, yet reasonable" 2027 earnings per share benchmark is USD 1.75, which lowers its PT to USD 27 and yields 47% downside from the current share levels.
UK Defence Stocks - The UK is hosting “Dragons’ Den”-style events to attract private investment into defence startups, amid concerns over the pace of government funding, Bloomberg reports. Defence Secretary Healey said that blending private and public capital is needed as the government plans to increase defence spending to 2.6% of GDP by 2027.

REAL ESTATE

Digital Realty (DLR) Q1 2026 (USD): Core FFO/shr 1.86 (exp. 1.83), Revenue 1.63bln (exp. 1.58bln). Noted record leasing across 0–1MW+ interconnection offerings and a substantial backlog supporting revenue visibility into 2026 and beyond. The CEO said results reflected robust top-line growth, strong leasing momentum and progress in scaling development through its private capital strategy while expanding the PlatformDIGITAL footprint to meet rising cloud and AI demand. Sees FY26 core FFO/shr between 7.90-8.00 (exp. 7.87), and FY26 revenue of 6.6-6.7bln (exp. 6.6bln).
Equity Residential (EQR) Q4 2025 (USD): FFO/shr 1.03 (exp. 1.04), Revenue 781.9mln (exp. 789.34mln). Management expects operating momentum to improve through the year as new apartment supply declines and rental demand fundamentals remain supportive. Sees 2026 FFO/shr between 4.02-4.14 (exp. 4.13).
Camden Property Trust (CPT) Q4 2025 (USD): Core FFO 1.76 (exp. 1.73), Revenue 390.79mln (exp. 393.29mln); sees Q1 core FFO 1.64-1.68 (exp. 1.71) and sees FY26 core FFO of 6.60-6.90 (exp. 6.92).
Regency Centers (REG) Q4 2025 (USD): Nareit FFO 1.17 (exp. 1.17); sees FY26 nariet FFO at 4.83-4.87 (exp. 4.82).
Ventas (VTR) Q4 2025 (USD): FFO 0.89 (prev. 0.81 last year).

UTILITIES

Vistra (VST) - Upgraded at Goldman Sachs to 'Buy' from 'Neutral'. The firm cites the recent pullback in the shares and its higher estimates for the upgrade. The Meta deal indicates Vistra is able to secure sizeable power purchase agreement contracts with a shorter ramp, even amid policy uncertainty and affordability rhetoric.
Chesapeake Utilities (CPK) - Chesapeake Utilities was selected by Accomack County to begin engineering a natural gas pipeline expansion on Virginia’s Eastern Shore. The county will contribute USD 6.5mln from a state grant to support a first phase covering engineering, permitting and land acquisition for a pipeline from Maryland to Virginia.
Tepco - Tokyo Electric Power plans to restart a reactor at its Kashiwazaki Kariwa nuclear plant on Monday after an electrical issue halted the process last month. The No. 6 reactor was briefly restarted on 21st January before being stopped, with the resumption seen as a milestone since the 2011 Fukushima disaster.

MACRO

Crowded Trades - Wall Street’s most popular trades, from tech stocks to gold and cryptocurrencies, are retreating as a broad selloff deepens. Investors are pulling back amid mounting anxiety over stretched valuations, with no single trigger according to Bloomberg, as Bitcoin fell below USD 70k and risk appetite weakened.
US Yield Curve - The US Treasury yield curve neared its steepest in more than four years as the gap between 10yr and 2yr yields widened to almost 74bps, reflecting expectations of Fed interest-rate cuts, alongside concerns about persistent inflation, fiscal deficits and signs of labour market weakness. Overnight, Treasury yields fell, with the 10yr touching a three-week low before rebounding. Markets are pricing around a 23% chance of a 25bps Fed rate cut in March.
China/Japan - China approved some rare earth exports to Japan, Kyodo reported.
BoJ - A BoJ board member Kazuyuki Masu said further rate increases will be needed to complete monetary policy normalisation.
ECB - ECB staff criticised calls by a senior official to change the approach to banking supervision, saying the remarks left employees deeply unsettled, Bloomberg reports. In a letter to Supervisory Chair Buch, staff objected to comments by Latvian board member Purgaile urging a new supervisory mindset.
RBI - The RBI kept rates unchanged at 5.25%, signalling a prolonged pause after ending its easing cycle. Policymakers cited support from higher government spending, and a surprise US trade deal to lower tariffs, retaining a neutral policy stance.