Daily US Equity Opening News - CDNS rises after results; PANW slides on guidance; META strikes deal to buy NVDA chips

TODAY’S AGENDA:

US INDEX FUTURES: ES +0.4%, NQ +0.3%, YM +0.1%, RUT -0.1%DAY AHEAD: Stateside, the highlight is the FOMC minutes from its January meeting (see below for primer). US industrial production is expected to rise in January. Elsewhere, December TIC flows data are due. The Atlanta Fed will update its GDP tracking estimate after today’s data releases; currently, it is tracking Q4 growth at 3.7%. Today’s speakers include: ECB's Schnabel; Fed’s Bowman (voter, dove) will speak on regulation. In supply, the US will auction USD 16bln of 20yr bonds. Notable US corporates reporting today include: Booking Holdings (BKNG), CRH (CRH), Carvana (CVNA), and DoorDash (DASH). In energy, the API will publish its weekly inventory statistics after the US close.
BROKER MOVES: PLTR upgraded at Mizuho; WDAY downgraded at Citizens. For the full list, click here.
MAJOR MORNING MOVES RECAP: META, NVDA, PANW, CDNS, MRNA, VRSK, GPN, DINO, APLD, NYT, GLBE, WING, MCW, PLTR. For the full list, click here.
US DAILY CONFERENCE CALENDAR: BA, BKR, VRT, EMR, RTX, PEP, UNP, NOC, PM, CAT, PH, HON, MO, LMT, AMGN, ARM, INTC. For the full list, click here.

COMPANY NEWS

TECH

Nvidia (NVDA) - Nvidia is expanding its India AI footprint through partnerships with Yotta Data Services and E2E Networks, supplying its advanced Blackwell Ultra GPUs to support local AI infrastructure, Bloomberg reports. Yotta Data Services plans to build one of Asia’s largest AI computing hubs using Nvidia Blackwell Ultra chips in a project exceeding USD 2bln. It includes a four-year, USD 1bln+ deal for a major DGX Cloud cluster, set to launch by August at Yotta’s campus near New Delhi, with added capacity in Mumbai.
Arm Holdings (ARM) - Nvidia sold its remaining 1.1mln shares in Arm Holdings, worth about USD 140mln based on Arm’s latest closing price, according to a filing. The sale was completed in Q4, and it reduces Nvidia’s stake to zero, years after its unsuccessful attempt to acquire the chip designer.
Cadence Design (CDNS) - Shares of Cadence Design rose after it reported Q4 results that topped expectations, along with firm FY profit guidance. Q4 2025 (USD): EPS 1.99 (exp. 1.91), Revenue 1.44bln (exp. 1.42bln). Backlog rose to a record USD 7.8bln following strong Q4 bookings. Execs cited robust demand for AI products, adding that it was positioned to capitalise on AI-related opportunities. For FY26, sees EPS between 8.05-8.15 (exp. 8.03) and sees FY26 revenue of 5.9-6.0bln (exp. 5.94bln).
Palo Alto Networks (PANW) - Shares fell in extended trading after it issued profit guidance below expectations, overshadowing stronger than expected Q2 results. Q2 2026 (USD): Adj. EPS 1.03 (exp. 0.94), Revenue 2.6bln (exp. 2.58bln). RPO +23% Y/Y to 16bln; next-generation security ARR +33% Y/Y to 6.3bln, reflecting continued platformisation trends and growing AI security adoption. Execs cited accelerating customer modernisation of cybersecurity stacks and announced the addition of Chronosphere and CyberArk employees to support future growth. For Q3, sees EPS between 0.78-0.80 (exp. 0.92) and sees Q3 revenue between 2.941-2.945bln (exp. 2.6bln), with RPO between 17.85-17.95bln, and next-generation security ARR between 7.94-7.96bln. For FY26, raises revenue view, sees FY26 revenue at 11.28-11.31bln (exp. 10.53bln), but lowered EPS guidance to 3.65-3.70 (exp. 3.85); sees FY26 RPO at 20.2-20.3bln, next-generation security ARR of 8.52-8.62bln.
Microsoft (MSFT) - Microsoft plans to invest USD 50bln by the end of the decade to expand AI infrastructure across developing countries in the Global South, the company announced. It builds on prior regional AI commitments.
Anthropic, Alphabet (GOOG), Amazon (AMZN), Microsoft (MSFT) - Anthropic expects to pay at least USD 80bln to Amazon, Google and Microsoft through 2029 to run its Claude AI models on their cloud infrastructure, The Information reports. The projected spending underscores the massive computing costs required to train and operate advanced AI systems and the growing dependence of AI developers on major cloud providers.
Palantir (PLTR) - Upgraded at Mizuho to 'Outperform' from 'Neutral'. The firm says the company is delivering total revenue growth, acceleration, and margin expansion "at scale that is unlike anything else in software." With Palantir's valuation multiple having fallen 46% in the first six weeks of 2026, a valuation de-rating has occurred, making the risk/reward attractive. Mizuho cites Palantir's "spectacular" growth, expanding margins, and "newly attractive" risk/reward for the upgrade.
SanDisk (SNDK) - Launched a secondary public offering of USD 3.1bln of common stock currently owned by Western Digital (WDC). The company will not sell shares or receive proceeds. The offering comprises 7.51mln shares, priced at USD 545 between a deal range of USD 535.00-555.00.
Uber (UBER) - Investing over USD 100mln to develop new high-capacity AV charging hubs; will also build DCFC charging stations at conveniently located pit stops throughout priority cities. Charging hub expansion starting in the US in the Bay area, LA & Dallas. Rolling out charging recommendations in the driver app, giving drivers recommendations on stations nearby, with discounts & shortest queues. Partnering with chargepoint operators in markets globally to establish utilisation guarantee agreements.
Axcelis (ACLS) Q4 2025 (USD): Adj. EPS 1.49 (exp. 1.12), Revenue 238mln (exp. 215mln); sees Q1 adj. EPS 0.71 (exp. 0.99) and Q1 revenue of 195mln (exp. 207mln).
Analog Devices (ADI) Q1 2026 (USD): Adj. EPS 2.46 (exp. 2.31), Revenue 3.16bln (exp. 3.11bln); sees Q2 adj. EPS at 2.88 (exp. 2.46) and Q2 revenue of 3.5bln (exp. 3.24bln). Board raised quarterly dividend +11% to USD 1.10/shr.
Garmin (GRMN) Q4 2025 (USD): Adj. EPS 2.79 (exp. 2.40), Revenue 2.10bln (exp. 2.02bln), sees FY26 at 9.35 (exp. 8.78) and revenue 7.9bln (exp. 7.7bln).
Applied Digital (APLD) - Shares slipped in afterhours trading following a filing which showed Nvidia (NVDA) dissolving its 7.7mln share stake in the company. After the news, Roth Capital Partners reiterated a Buy rating and USD 58 price target, stating it is buying shares after the stock fell; the firm cited new colocation leases, including with CoreWeave (CRWV) and a hyperscaler, arguing weakness reflects headline risk, not fundamentals.
Rogers Corporation (ROG) Q4 2025 (USD): EPS 0.89 (exp. 0.60), Revenue 201.5mln (exp. 196.5mln). Sales, gross margin and adj. EPS approached/exceeded the high end of guidance ranges, with cost improvement initiatives driving significantly higher adj. EPS Y/Y. Sees Q1 EPS of 0.45-0.85 (exp. 0.75) and sees Q1 revenue of 193-208mln (exp. 206.4mln).
Workday (WDAY) - Downgraded at Citizens to 'Market Perform' from 'Outperform' folllowing the announcement of the return of it founder Aneel Bhusri as CEO and preannounced Q4 results. Bhusri may need time and investments to drive the organic AI innovation that Workday needs to successfully transition from the software-as-a-service to the AI era. Citizens is concerned that the company's full Q4 results and guidance "may prove to be disappointing to investors."

COMMUNICATIONS

Meta Platforms (META), Nvidia (NVDA) - Meta has struck a multiyear, multibillion-dollar deal to buy millions of next-gen Nvidia Vera Rubin chips, reinforcing Nvidia’s dominance in AI data centre hardware despite rising competition from AMD (AMD), and in-house chips developed by Big Tech, FT reports. Meta will also purchase Nvidia’s standalone CPUs, signalling a shift toward inference-focused AI workloads as spending surges.
AT&T (T) - Four New York City pension funds sued AT&T accusing it of improperly blocking a shareholder vote on a proposal to disclose workforce demographics; the funds claim AT&T wrongly relied on a recent SEC policy change to exclude the measure from its 2026 proxy ballot. AT&T backed 2026 and multiyear guidance, and capital return plans, outlined in its Q4 earnings call.
Alphabet (GOOG) - YouTube fixed a recommendations-system issue that left its site and apps appearing blank for some users. More than 350k problems were reported on Downdetector before complaints dropped back near zero. The company said YouTube, YouTube Music and YouTube Kids are now operating normally.
Live Nation (LYV) - Several state attorneys general, including California’s, are prepared to pursue an antitrust trial to break up Live Nation even if the DoJ opts to settle, Bloomberg reports. California AG said states would consider any deal in good faith, but press ahead unless it meets “very high standards.”
Fiverr International (FVRR) Q4 EPS 0.86 (exp. 0.74), Revenue 107.2mln (exp. 109mln); sees Q1 revenue of 100-108mln (exp. 112.3mln) and sees FY26 revenue of 380-420mln (exp. 457mln).

CONSUMER DISCRETIONARY

Tesla (TSLA) - Tesla avoided a potential 30-day suspension of vehicle sales in California after the state’s Department of Motor Vehicles said the company took corrective action over its marketing of automated-driving features, Bloomberg reports.
Automakers - The UK’s FCA plans to reduce compensation in its GBP 11bln motor finance mis-selling scheme by up to GBP 1bln, potentially exempting carmakers’ in-house lenders from some payouts linked to undisclosed tied finance deals, FT reports. The move follows industry lobbying; most redress will still cover discretionary and excessive commissions, with final rules expected next month, FT adds.
Caesars Entertainment (CZR) - Shares rose in extended trading after digital unit delivered record EBITDA and strong revenue growth, offsetting a wider than expected loss per share. Q4 2025 (USD): EPS -1.23 (exp. -0.12), Adj. EBITDA 901mln (vs 882mln Y/Y), Revenue 2.92bln (exp. 2.88bln). Caesars Digital delivered a record quarterly adj. EBITDA of 85mln, alongside stable performance in the Regional segment and sequential improvement in Las Vegas trends. The CEO said the brick-and-mortar operating environment remains stable into 2026, expects another year of strong net revenue and adj. EBITDA growth in Digital. Sees lower capex and cash interest expenses in 2026, supporting strong free cash flow generation to be used for debt reduction and opportunistic share repurchases.
Toll Brothers (TOL) Q1 2026 (USD): EPS 2.19 (exp. 2.11), Revenue 2.146bln (exp. 1.86bln). Delivered 1,899 homes at an average price of USD 977,000, generating home sales revenue of USD 1.85bln, with adj. home sales gross margin of 26.5% (25bps above guidance), and SG&A at 13.9% of homebuilding revenue (30bps better than guidance). Net signed contracts 2,303 units, worth USD 2.4bln (+3% Y/Y in value as average sales price rose to USD 1,033,000). Sees Q2 deliveries between 2,400-2,500 units, average delivered price per home between USD 975,000-985,000, adj. home sales gross margin of 25.5%. Sees FY26 deliveries between 10,300-10,700 units, average delivered price per home between USD 970,000-990,000, adj. home sales gross margin of 26%.
Hormel Foods (HRL) - Reported Q1 prelim. adj. EPS of 0.34 (exp. 0.32), and Q1 revenue around USD 3bln (exp. 3.1bln). Preliminary results reflect a solid start to the year and align with expectations, supporting confidence in initiatives aimed at returning the business to profitable growth. Will reaffirm its FY26 organic net sales and adj. diluted EPS guidance at the CAGNY conference, and reiterated its long-term growth algorithm of +2-3% organic net sales growth, and +5-7% operating profit growth. Separately, Hormel agreed to sell its whole-bird turkey business to Life-Science Innovations, with the transaction expected to close by the end of Q2 FY26, subject to customary conditions; terms were not disclosed.
Rush Street Interactive (RSI) Q4 2025 (USD): Adj. EPS 0.08 (exp. 0.11), Revenue 325mln (exp. 306mln); sees FY26 revenue of 1.38-1.43bln (exp. 1.32bln).
La-Z-Boy (LZB) Q3 2026 (USD): Adj. EPS 0.61 (exp. 0.59), Revenue 541.6mln (exp. 535.4mln); sees Q4 revenue of 560-580mln (exp. 5901mln).
Wingstop (WING) Q4 2025 (USD): Adj. EPS 1.00 (exp. 0.83), Revenue 176mln (exp. 177mln); domestic SSS -5.8%; sees FY26 SSS growth flat to low-single digit domestic.
Global-E Online (GLBE) Q4 2025 (USD): Adj. EPS 0.49 (exp. 0.40), Revenue 337mln (exp. 328mln); sees Q1 revenue of 247-254mln (exp. 232mln) and sees FY26 revenue of 1.211-1.271bln (exp. 1.18bln).
Mister Car Wash (MCW) - Agreed to be taken private by funds managed by Leonard Green & Partners for USD 7.00/shr in cash, valuing the company at ~USD 3.1bln. Upon closing in H1 2026, subject to approvals, the company will delist from Nasdaq and become privately held.
Madison Square Garden Entertainment (MSGE) - To explore splitting Knicks and Rangers businesses..

MATERIALS

Glencore (GLNCY) - FY core earnings USD 13.5bln (-6% Y/Y), as record copper prices were offset by weaker profits from its coal operations. Despite the decline, it said it will return USD 2bln to shareholders, including an additional USD 800mln top-up distribution. It said it expects to be producing over 1mln tonnes annualised by the end of 2028, and targets around 1.6mln tonnes of copper production by 2035.
Steel Dynamics (STLD) - Steel Dynamics and SGH submitted a revised non-binding indicative offer to acquire 100% of BlueScope Steel at AUD 32.35/shr (AUD 34.00 pre-dividend), valuing the equity at AUD 15bln. Post-close, SGH would retain Australia and Rest of World operations, while Steel Dynamics would acquire North American assets.
Celanese (CE) Q4 2025 (USD): EPS 0.67 (exp. 0.91), Revenue 2.20bln (exp. 2.25bln). Acetyl Chain revenue USD 940mln fell 15% Y/Y, Engineered Materials also declined Y/Y. Management said results reflected anticipated seasonality and softer volumes in Q4, noted it has made progress on priorities, including balance sheet strengthening and growth initiatives, positioning it for continued improvement despite the challenging demand environment. KeyBanc writes that CE's Q4 results came in below expectations as upside in Engineered Materials (EM) is more than offset by weakness in acetyls and acetate tow. While Q1 EPS guidance is somewhat light, the firm thinks the overall outlook is a positive data point given the forecast beat in EM.
Huntsman (HUN) Q4 2025 (USD): Adj. EPS -0.37 (exp. -0.31), Revenue 1.35bln (exp. 1.34bln). Ended the year with ~1.3bln of combined cash and unused borrowing capacity. Execs highlighted restructuring actions and cost controls undertaken during the year to address challenging market conditions. The CEO noted a continued disciplined focus on cash management, balance sheet strength and fixed cost control while awaiting an eventual recovery in core chemical markets.
Hecla Mining (HL) Q4 2025 (USD); EPS 0.20 (exp. 0.18), Revenue 448mln (exp. 355mln).
SSR Mining (SSRM) Q4 2025 (USD): Adj. EPS 0.88 (exp. 0.57), Revenue 521.7 (exp. 453mln); sees FY26 gold equivalent production 450-535k ounces.
Heidelberg Materials (HDLMY) - In talks to buy a nearly 40% stake in Akcansa Cimento from Haci Omer Sabanci Holding, seeking majority control of the cement joint venture, BBG reports; Sabanci’s 39.7% holding was recently valued at about USD 1.1bln after it disclosed a third-party bid; Heidelberg is exploring a competing offer to secure the stake.

INDUSTRIALS

Republic Services (RSG) Q4 2025 (USD): EPS 1.76 (exp. 1.63), Revenue 4.14bln (exp. 4.21bln). Management said 2025 results reflected resilience, healthy pricing, disciplined cost management, offsetting cyclical demand headwinds. Sees FY26 adj. EPS between 7.20-7.28 (exp. 7.30), FY26 revenue of 17.05-17.15bln (exp. 17.32bln).
Global Payments (GPN) Q4 2025 (USD): Adj. EPS 3.18 (exp. 3.16), adj. revenue 2.32bln (exp. 2.32bln); sees FY26 adj. EPS at 13.80-14.00 (exp. 13.78) and announced a USD 2.5bln share repurchase plan.
Verisk Analytics (VRSK) Q4 2025 (USD): EPS 1.82 (exp. 1.61), Revenue 779mln (exp. 774mln); sees FY26 adj. EPS of 7.45-7.75 (exp. 7.72) and FY26 revenue of 3.19-3.24bln (exp. 3.26bln). Increased quarterly dividend to 11% to USD 0.50/shr and increased share repurchase authorisation to 2.5bln.
BAE Systems (BAESY) - Reported FY25 sales of GBP 30.7bln (exp. 30.7bln), with underlying EBIT rising +12% to GBP 3.32bln (exp. 3.27bln), while EPS rose 12% to GBP 0.752/shr; Order intake hit a record GBP 36.8bln, lifting its backlog to GBP 83.6bln. It raised its total dividend +10% to GBP 0.363 (exp. 0.355).
Leonardo DRS (DRS) - Awarded multiple contracts under the Missile Defense Agency Scalable Homeland Innovative Enterprise Layered Defense IDIQ contract, which carries a ceiling value of USD 151bln. The awards position the company to compete for future task orders across a broad range of air and missile defence work.

ENERGY

Japan-US Gas Project - Japanese firms including SoftBank, Toshiba and Hitachi have expressed interest in a US gas project announced by President Trump, according to Japan's Trade Minister. Other Japanese companies are eyeing related crude export and synthetic diamond projects.
Devon Energy (DVN) Q4 2025 (USD): Adj. EPS 0.82 (exp. 0.83), Revenue 4.12bln (exp. 3.61bln). Sees Q1 production between 823-843 MBOEPD, noting that severe winter weather is expected to reduce output by around 10k BOEPD (or 1%), and sees Q1 capex ~900mln.
EQT Corporation (EQT) Q4 2025 (USD): Adj. EPS 0.90 (exp. 0.76), Revenue 2.39bln (exp. 2.16bln). Management said 2025 performance exceeded production forecasts, achieved record-low operating costs and came in below budget on capital spending, resulting in free cash flow significantly above consensus and internal estimates. Sees FY26 total sales volume between 2,275-2,375 BCFE, with maintenance capital expenditures between USD 2.07-2.21bln, inclusive of USD 205-225mln of corporate and capitalised costs; sees FY26 growth capex between USD 580-640mln. Plans to turn-in-line 125-150 net wells in 2026, including 26-36 in Q1, and sees Q1 total sales volume between 560-610 BCFE.
Expand Energy (EXE) Q4 2025 (USD): Adj. EPS 2.00 (exp. 1.87), Revenue 3.27bln (exp. 2.29bln).
HF Sinclair (DINO) Q4 2025 (USD): Adj. EPS 1.20 (exp. 0.45), Revenue 6.46bln (exp. 6.07bln).
Select Water Solutions (WTTR) Q4 2025 (USD): EPS 0.00 (exp. 0.02), Revenue 346.5mln (exp. 320.85mln).
Eni (E) - Considering re-entering oil and gas trading to capture higher returns amid geopolitical volatility, noting rivals like BP, Shell, and TotalEnergies earn billions from trading, FT reports. In early talks with firms, including Mercuria, about a potential joint venture to build commercial expertise.

HEALTHCARE

Eli Lilly (LLY) - Taltz and Zepbound used together delivered superior efficacy in first-of-its-kind Phase 3b trial for adults with psoriasis and obesity or overweight
Kenvue (KVUE) Q4 2025 (USD): EPS 0.27 (exp. 0.22), Revenue 3.78bln (exp. 3.68bln). The CEO said the focus in 2026 will be on further enhancing performance and progressing towards completion of its planned value-creating combination with Kimberly-Clark. Expects pre-tax restructuring expenses and charges totalling about USD 250mln in FY26.
HealthEquity (HQY) - Sees FY26 EPS between 3.87-3.95 (exp. 3.95), FY26 revenue between USD 1.3-1.31bln (exp. 1.31bln). Backed FY26 adj. EBITDA view of USD 555-565mln, and said results are expected to come in near the top-end of prior ranges. At the end of January, Health Savings Account +7% Y/Y to 10.6mln, total accounts +4% Y/Y to 17.8mln, HSA assets +14% Y/Y to USD 36.5bln, HSA investments +26% Y/Y to USD 18.5bln. For FY27, backs revenue guidance between USD 1.38-1.41bln (exp. 1.41bln), adding that updated full guidance for FY27 will be provided alongside results in March.
Johnson & Johnson (JNJ) - Said Rybrevant Faspro receives US FDA breakthrough therapy designation for patients with advanced head and neck cancer.
Moderna (MRNA) - Announced US FDA has accepted its biologics license application for the investigational seasonal flu vaccine mRNA-1010 and will begin review, setting a PDUFA decision date of August 5, 2026. The company proposed a revised pathway seeking full approval for adults 50–64 and accelerated approval for those 65+, with a post-marketing study in older adults. If approved, the vaccine could be available for the 2026/2027 flu season. mRNA-1010 is also under review in Europe, Canada, and Australia, with initial approvals potentially expected in 2026. Moderna President says waiting to see a bit more stability in some of the guidance we're receiving around investment in vaccines - FBN interview.
Insulet Corp (PODD) Q4 2025 (USD): Adj. EPS 1.55 (exp. 1.46), Revenue 784mln (exp. 769mln); sees FY26 adj. EPS up at least 25% and FY26 revenue up 20-22%.
Charles River Laboratories International (CRL) Q4 2025 (USD): EPS 2.39 (exp. 2.35), Revenue 994mln (exp. 987mln); sees FY26 EPS at 10.70-11.20 (exp. 10.89) and appointed Glenn Coleman as CFO and Kerry Dailey as CLO.

FINANCIALS

JPMorgan (JPM) - To open over 160 branches in 30 states in 2026 as the company further invests in its brick-and-mortar network, FT reports. The push is part of a commitment made in 2024 to open over 500 branches in three years.
Riot Platforms (RIOT) - Activist investor Starboard Value is pushing Riot Platforms to speed up its pivot from Bitcoin mining to AI-focused data centers for hyperscalers, Bloomberg reports. It highlights 1.7GW of available US power capacity and sees potential for over USD 1.6B in annual EBITDA if effectively monetized.
Moody's (MCO) Q4 2025 (USD): Adj. EPS 3.64 (exp. 3.43), Revenue 1.9bln (exp. 1.86bln); sees FY26 operating expenses up mid-single-digit % range.
Goosehead Insurance (GSHD) Q4 2025 (USD): Adj. EPS 0.64 (exp. 0.57); Revenue 105.3mln (exp. 99.7mln); sees FY26 revenue up 10-19%.
Figure Tech (FIGR) - Sees Q4 revenue at USD 158-162mln (exp. 154mln) and sees FY25 revenue of USD 505-509mln (exp. 509mln). Announced an offering of 4.23mln shares of Series A blockchain common stock.

CONSUMER STAPLES

Altria (MO) - Maintained FY26 adj. EPS view of 5.56-5.72 (exp. 5.59).
Vita Coco (COCO) Q4 2025 (USD): EPS 0.09 (exp. 0.12), Revenue 128mln (exp. 119mln); sees FY26 revenue of 680-700mln (exp. 684mln).
Nestle (NSRGY) - Cautious mention in Bloomberg, which notes Nestle is facing mounting pressure after an infant formula contamination triggered the largest recall in its history, adding to existing struggles to lift its share price from multi-year lows. Bloomberg said that the crisis complicates turnaround efforts by new CEO Navratil, who is set to outline his strategy when the company reports FY results on Thursday

UTILITIES

FirstEnergy (FE) - FY26 adj. EPS seen between 2.62-2.82 (exp. 2.72). Announced a USD 36bln Energize365 capital investment plan for 2026-2030, representing nearly 30% growth vs its prior five-year plan, and supporting a 10% compounded annual rate base growth through 2030, including over USD 19bln in transmission investments. Said the programme is designed to enhance grid reliability, prepare for future demand and advance energy priorities, positioning it to deliver core EPS compounded annual growth near the top end of 6-8% from 2026-2030. Also raised its quarterly dividend.
Portland General Electric (POR) - Announced a USD 480mln common stock offering - priced at USD 50.70 with the deal range at USD 50.45-51.00.

13-F Filings

Berkshire Hathaway

New: New York Times (NYT).
Raised: Chubb (CB), Chevron (CVX), Domino's Pizza (DPZ), Lamar (LAMR).
Cut: Amazon (AMZN), Bank of America (BAC), DaVita (DVA), Pool Corp (POOL), Aon PLC (AON).
Exited: N/A.
Top: Apple (AAPL), American Express (AXP), Bank of America (BAC), Coca-Cola (KO), Chevron (CVX).

Appaloosa

New Buy: Ball Corporation (BALL).
Raised: Micron (MU), Alphabet (GOOG), Meta (META), American Air (AAL), Owens Corning (OC).
Cut: Alibaba (BABA), Whirlpool (WHR), JD.com (JD), Vistra (VST)
Exited: Fiserv (FISV), Truist Financial (TFC), Caesars Entertainment (CZR), KeyCorp (KEY), Citizens Financial (CFG).
Top Holdings: Alibaba (BABA), Alphabet (GOOGL), Amazon (AMZN), Micron (MU), Meta (META).

Icahn Capital

New: N/A.
Raised: Centuri Holdings (CTRI), Monro (MNRO), SandRidge Energy (SD), Icahn Enterprises (IEP)
Cut: International Flavors (IFF), EchoStar (SATS).
Exited: N/A.
Top: Icahn Enterprises (IEP), CVR Energy (CVI), Southwest Gas (SWX), CVR Partners (UAN), EchoStar (SATS)

Jana Partners

New: Fiserv (FISV).
Raised: Cooper Companies (COO), Alkami Technology (ALKT), Rapid7 (RPD), Six Flags (FUN).
Cut: Markel Group (MKL), Mercury Systems (MRCY), Freshpet (FRPT), Enhabit (EHAB).
Exited: Trimble (TRMB).
Top: Mercury Systems (MRCY), Cooper Companies (COO), Lamb Weston (LW), Markel Group (MKL).

Lone Pine Capital

New: ASML (ASML), DoorDash (DASH), Carpenter Technology (CRS), Tenet (THC), Clean Harbors (CLH)
Raised: KKR (KKR), Nubank (NU), Broadcom (AVGO), Carvana (CVNA), Vulcan Materials (VMC).
Cut: Philip Morris (PM), AppLovin (APP), Booking (BKNG), Amazon (AMZN), LPL Financial (LPLA).
Exited: Meta (META), Starbucks (SBUX), EQT Corp (EQT), Flutter (FLUT), Sea Ltd (SE)
Top: TSMC (TSM), Vistra (VST), Carvana (CVNA), LPL Financial (LPLA), Brookfield (BAM).

Paulson & Co.

New: Solstice Advanced Materials (SOLS).
Raised: Bausch Health (BHC), Thryv (THRY).
Cut: Madrigal Pharma (MDGL).
Exited: Honeywell (HON), Trilogy Metals (TMQ).
Top: Madrigal (MDGL), Perpetua Resources (PPTA), Bausch Health (BHC), Acadian Asset Management (AAMI), Novagold Resources (NG).

Pershing Square

New: Meta Platforms (META).
Raised: Amazon (AMZN).
Cut: Alphabet Class A (GOOGL), Uber (UBER), Brookfield (BAM), Hilton Worldwide (HLT), Restaurant Brands (QSR).
Exited: Chipotle (CMG).
Top: Brookfield (BAM), Uber (UBER), Amazon (AMZN), Alphabet Class C (GOOG), Meta (META).

Point72

New: Akamai (AKAM), Visa (V), Micron (MU), Lululemon (LULU), Paylocity (PCTY).
Raised: TSMC (TSM), Amazon (AMZN), Nvidia (NVDA), Equinix (EQIX), Broadcom (AVGO).
Cut: Meta (META), Airbnb (ABNB), Microsoft (MSFT), T-Mobile (TMUS), S&P Global (SPGI).
Exited: Confluent (CFLT), HP Enterprise (HPE), Walmart (WMT), TransUnion (TRU), Church & Dwight (CHD).
Top: Nvidia (NVDA), TSMC (TSM), Amazon (AMZN), Microsoft (MSFT), Arista Networks (ANET).

Starboard Value

New: Clearwater Analytics (CWAN), Fluor (FLR)
Raised: Kenvue (KVUE), Riot Platforms (RIOT), TripAdvisor (TRIP), Match Group (MTCH).
Cut: Autodesk (ADSK), News Corp. (NWSA), Gen Digital (GEN), Healthcare Realty Trust (HR), Salesforce (CRM).
Exited: Alight (ALIT)
Top: Qorvo (QRVO), Kenvue (KVUE), Algonquin Power (AQN), Bill (BILL), Match Group (MTCH).

Third Point

New: Progressive (PGR), Chipotle (CMG), ARS Pharmaceutical (SPRY)
Raised: NVIDIA (NVDA), Constellation Energy (CEG)
Cut: Microsoft (MSFT), Capital One Financial (COF), Kenvue (KVUE), PG&E (PCG)
Exited: N/A
Top: N/A

Trian Fund Management

New: N/A
Raised: General Electric Aerospace (GE), GE Healthcare (GEHC), Wendy's (WEN)
Cut: Invesco (IVZ), Solventum (SOLV).
Exited: N/A
Top: Janus Henderson (JHG), General Electric Aerospace, Solventum, Wendy's, Ferguson (FERG).

PREVIEW

PRIMER - FOMC MEETING MINUTES (19:00GMT/14:00EST): The Fed left rates unchanged at 3-50-3.75%, as expected, in a 10-2 vote, with Governors Miran and Waller dissenting in favour of a 25bps reduction. Miran had previously voted for a 50bps cut in December. The January statement upgraded its economic assessment, replacing “economic activity has been expanding at a moderate pace” with “expanding at a solid pace”, “job gains have slowed this year” with “job gains have remained low”, and “the unemployment rate has edged up” with it having “shown some signs of stabilisation”. It also simplified “inflation has moved up since earlier in the year and remains somewhat elevated” to “inflation remains somewhat elevated”. In its risk characterisation, December’s addition that the Committee “judges that downside risks to employment rose in recent months” was removed, leaving only that it is attentive to risks on both sides of the mandate. The statement’s tone was slightly more positive on the economy and labour market and broadly unchanged on inflation. Ahead of the decision, traders looked for signals on the future policy path, but the statement offered no immediate clues and Chair Powellʼs press conference provided little by way of new information. Powell noted that decisions will be made on a meeting-by-meeting basis, guided by the data and balance of risks. He said policy is well positioned, reiterating it is currently within a plausible neutral range, but towards the higher end. If Fed sees goods pricing peaking over this year, that suggests the Fed can loosen policy further. Powell highlighted that data since the December meeting has improved the outlook. Inflation remains somewhat elevated. Goods and tariff-related inflation expected to peak around mid-2026, with many effects already passed through. He noted that the labour market has weakened alongside solid growth, but recent data suggests stabilisation following a period of cooling. Job gains remain subdued, and while risks to employment have diminished, they have not disappeared, making it difficult to judge whether the dual mandate is fully in balance. Since the January meeting, Governor Waller (voter) has argued policy remains too restrictive, the labour market “does not look remotely healthy”, and tariff-driven inflation should be looked through. Governor Miran (voter) has said underlying inflation is not problematic and rates should be materially lower, warning policy may be passively tightening, though he added that after this weekʼs jobs data his concerns about the labour market have eased slightly. Governor Cook (voter) stressed stalled disinflation and the need to maintain credibility. Vice Chair Jefferson (voter) described policy as well positioned, expects tariff effects to fade and inflation to ease in 2026. Logan and Hammack (both 2026 voters), characterised rates as around neutral, signalling no urgency to cut unless labour conditions deteriorate materially. Among non-voters, Musalem and Schmid cautioned against further easing with inflation near 3%, while Daly, Barkin and Bostic emphasised resilience but warned inflation remains above target. Note, the minutes are an account of the January 28th meeting, so it will not incorporate the January jobs report and CPI data.

TRADE

Critical Minerals - The US has developed a critical minerals price floor system and is pitching it to allies as the Trump administration and over 50 countries seek to curb reliance on China for key resources, Bloomberg reports. Under Secretary of State Jacob Helberg said multiple agencies crafted the framework, aiming to shield Western firms from Chinese market pressure and bolster supply security.