Daily US Equity Opening News - China approves NVDA H200 chips for import; ASML orders surge

TODAY'S AGENDA:

US INDEX FUTURES: ES +0.2%, NQ +0.8%, YM -0.1%, RUT +0.3%
DAY AHEAD: The main events today are the FOMC rate decision (preview below; analysts expect unchanged rates, but with potential dissent), and key US earnings reports, including from MSFT, META, TSLA, LRCX, LVS, IBM, NOW, URI, and WM. The BoC is also expected to keep rates on hold today, at 2.25% (preview below). In energy, weekly API inventory data reportedly showed headline crude stocks posting a surprise draw of -0.2mln bbls (exp. +1.8mln), Cushing -0.0mln bbls, distillates posted a surprise build of +2.0mln bbls (exp. -0.6mln), while gasoline stocks posted a surprise draw of -0.4mln bbls (exp. +1.0mln). The more widely followed DoE inventory report will be published later today. Speakers today include: Fed Chair Powell (post-meeting remarks), BoC Governor Macklem (post-meeting remarks), and ECB's Schnabel. In supply, the US will sell USD 30bln of 2yr FRNs.
BROKER MOVES: AMAT upgraded at Mizuho; WAL downgraded at JPMorgan. For the full list, click here.
MAJOR MORNING MOVES RECAP: MSFT/META/TSLA, NVDA, AMZN, AI, AMAT, RGNX, STX, TXN, ASML, SBUX, T, PPG, ELV, QRVO. For the full list, click here.
US DAILY CONFERENCE CALENDAR: For the full list, click here.
PREVIEW - FOMC POLICY ANNOUNCEMENT (19:00GMT/14:00EST) - The FOMC policy announcement is due at 19:00GMT/14:00EST, followed by Chair Powell’s press conference at 19:30GMT/14:30EST. The Committee is widely expected to leave rates unchanged at 3.50-3.75%; around 58% of economists surveyed by Reuters expect rates to remain on hold through the quarter. Despite the anticipated hold, some dissent is expected, and traders may be more attentive to any forward guidance on policy. Money markets are pricing around 45bps of cuts by year-end, with the first 25bps reduction seen by July. Goldman Sachs expects an uneventful meeting, with no change to the policy rate, only minor statement adjustments, and limited insight into the future policy path. Chair Powell is likely to reiterate that the FOMC has already delivered three cuts to support labour market stability and is well positioned to assess incoming data. As in recent meetings, guidance is expected to be more important than the decision itself, particularly regarding how long policymakers intend to remain patient before easing comes into view. Analysts at Wrightson said that political pressures will loom over the press conference.
Click here for Newsquawk's FOMC preview.
PREVIEW - BOC POLICY ANNOUNCEMENT (14:45GMT/09:45EST) - The BoC rate decision, Monetary Policy Report are due at 14:45GMT09:45EST, followed by a press conference with Governor Macklem at 15:30GMT/10:30EST. The central bank is unanimously expected to keep rates on hold at 2.25%, according to Bloomberg-surveyed analysts, as well as current OIS pricing. A Reuters poll shows around 75% of economists expect rates to remain unchanged in 2026, up from about 60% in the comparable December poll. Expectations for renewed tightening have been pared back amid worsening US-Canada trade relations, heightened uncertainty ahead of USMCA renegotiations later this year, and a rise in the unemployment rate in December. Money markets now price roughly 12bps of hikes by year-end, down from around 35bps. Recent data have been mixed, with unemployment rising despite full time job gains, headline inflation accelerating, and average core measures easing slightly. The meeting includes an updated MPR, with attention on the neutral rate estimate (currently seen at 2.25-3.25%), though no change is expected.
Click here for Newsquawk's BoC preview.

NEWS:

INDEX

S&P 400 and S&P 600 - S&P announced index changes, which include Advanced Energy (AEIS) replacing Comerica (CMA) in the S&P 400 at the open on 2nd February; Dutch Bros (BROS) replacing PotlatchDeltic (PCH); Amneal Pharmaceuticals (AMRX) will replace TTM Technologies (TTMI) in the S&P 600 on 30th January; TTM Technologies (TTMI) will replace Civitas Resources (CIVI) in the S&P 400 on 30th January; LegalZoom (LZ) to replace Elme Communities (ELME) in S&P 600 on 2nd February.

TECH

NVIDIA (NVDA) - China approved its first batch of NVIDIA H200 AI chips for import, covering several hundred thousand units, Reuters reported, citing sources (later it was reported that the figure could be over 400k). Approval was granted during CEO Huang’s China visit, with most chips allocated to three major internet companies. Chinese firms have ordered over 2mln chips amid strong demand, Reuters added. Separately, Digitimes reports that supply chains say NVIDIA plans limited cooperation with Intel (INTC) foundry for its 2028 Feynman platform.
Texas Instruments (TXN) - Shares rose in extended US trading after it issued a stronger than expected Q1 outlook, signalling a recovery in demand for industrial equipment and vehicles. Q4 2025 (USD): EPS 1.27 (exp. 1.29); EPS included a 0.06/shr reduction not included in original guidance; Revenue +10% Y/Y at 4.42bln (exp. 4.44bln); trailing 12-month cash flow from operations 7.2bln, FCF 2.9bln, reflecting continued benefits from 300mm manufacturing, while investment over the period included USD 3.9bln in R&D and SG&A, and USD 4.6bln in capex; USD 6.5bln was returned to owners. The CEO said the results underscored the strength of the business model, product portfolio and scale advantages, while highlighting disciplined long-term investment; said revenue in its data centre segment rose +70% in Q4. For Q1, sees EPS between 1.22–1.48 (exp. 1.28), and revenue of 4.32–4.68bln (exp. 4.42bln).
ASML Holding (ASML) Q4 2025 (EUR): Orders reached a record 13.2bln (exp. 6.85bln), driven by strong demand for advanced chip-making equipment as rapid AI infrastructure development boosted investment in its most sophisticated machines. Revenue 9.72bln (exp. 9.26bln; guided 9.2-9.8bln), gross profit 5.07bln (exp. 4.98bln). Announced a share buyback of up to EUR 12bln, and intends to declare a Total dividend for 2025 of EUR 7.50/shr (+17% Y/Y). Execs said 2026 should be another growth year, driven by a significant increase in EUV sales, and growth in installed-base services, noting customers’ more positive medium-term outlook has been underpinned by AI-related demand, as evidenced by record order intake. Sees Q1 revenue at 8.2-8.9bln (exp. 8.11bln), gross margin 51-53%. For FY26, sees total net sales between 34-39bln (exp. 36.5bln), with gross margin between 51-53% (exp. 52.9%).
SK Hynix (HXSCL) FY25 (KRW): Revenue 97.1tln (exp. 96.6tln), Operating profit 47.2tln (exp. 46.0tln), reflecting strong HBM-led momentum with HBM revenue more than doubling Y/Y and growth accelerating in Q4. Q4 revenue 32.83tln (exp. 31.3tln), Q4 operating profit 19.17tln (exp. 16.69tln), Q4 net income 15.22tln (exp. 13.31tln), aided by server demand and tight supply conditions. Management said it continues to consider a US stock listing but has made no decision. Ahead, it expects a considerable increase in capex during 2026, sees server set growth in the high-teens percentages and DRAM demand rising by over 20% Y/Y in 2026, while flagging short-term shipment adjustments due to deteriorated consumer sentiment; PC and mobile memory demand is expected to trail the broader market, and supply tightness is anticipated in Q1.
Applied Materials (AMAT) - Shares rose in afterhours trading following an upgrade at Mizuho, which lifted its rating to ‘Outperform’ from ‘Neutral’, and raised its price target to USD 370 (from USD 275). Mizuho said AMAT should benefit from accelerating spending in the US, Taiwan and Japan; sees WFE spending +13% Y/Y this year and +12% Y/Y next year.
OpenAI, SoftBank (SFTBY) - SoftBank is in talks to invest up to USD 30bln more in OpenAI, according to the WSJ citing sources. OpenAI is seeking up to USD 100bln in new capital, potentially valuing it at up to USD 830bln, the report added.
Anthropic - Raised its FY26 revenue forecast by 20% and expects sales of up to USD 18bln this year, and USD 55bln next year, according to The Information. It also delayed expectations for reaching cash flow positivity, the report said.
C3.AI (AI) - In talks to merge with startup Automation Anywhere, according to The Information. Discussions are ongoing, and no agreement has been finalized.
Seagate (STX) - Seagate shares rose in extended trading after reporting quarterly earnings and revenue that topped expectations, and issued stronger guidance, supported by robust AI-driven demand for data storage. Q2 2026 (USD): Adj. EPS 3.11 (exp. 2.84), Revenue 2.83bln (exp. 2.76bln), with December-quarter results exceeding expectations and setting records for gross margin, operating margin and adj. EPS, while exabyte shipments reached new company highs. Exec said revenue per terabyte sold remained relatively stable, near-line capacity is fully allocated through calendar 2026, and Mozaic 3 is qualified with all major US CSP customers and on track for global CSP qualification in H1 calendar 2026, supporting a long-term areal density roadmap extending to 10TB per disk early next decade. The CEO said results reflected durable data centre demand and the ramp of HAMR-based Mozaic products. For Q3, sees adj. EPS at 3.20-3.60 (exp. 3.01), and revenue at 2.8-3.0bln (exp. 2.79bln). For FY26, Seagate sees capex at 4-6% of revenues.
Logitech (LOGI) Q3 2026 (USD): Adj. EPS 1.93 (exp. 1.81), Revenue 1.42bln (exp. 1.41bln), with broad-based growth across categories, regions and both consumer and business channels, and record operating income outside pandemic peaks despite tariff headwinds. The CEO said performance reflected portfolio quality, strong innovation and global operational capabilities, highlighting new products such as the MX Master 4 mouse. For Q4, sees revenue at 1.07-1.09bln (exp. 1.08bln), and operating income at 155-165mln. For FY26, sees revenue of 4.825-4.845bln (exp. 4.81bln), and operating income of 900-910mln.
Corning (GLW) Q4 2025 (USD): EPS 0.73 (exp. 0.71), Revenue 4.41bln (exp. 4.36bln); sees Q1 core revenue 4.2-4.3bln (exp. 4.26bln) and Q1 Core EPS 0.66-0.70 (exp. 0.67).
Qorvo (QRVO) - Shares fell over in extended trading on soft guidance. Q3 2026 (USD): Adj. EPS 2.17 (exp. 1.86), Revenue 992.96mln (exp. 984.6mln); adj. gross margin rose around 260bps Y/Y. The CEO said results reflected strength at the largest customer and broad segment growth, while noting seasonal softness ahead and continued Android business resizing. CFO said Q3 revenue, adj. gross margin and adj. EPS compared favourably with guidance and highlighted ongoing cost and productivity actions to structurally lift margins. Sees Q4 adj. EPS at 1.05-1.35 (exp. 1.37), Q4 revenue at 775-825mln (exp. 905.38mln), and an adj. gross margin between 48-49%, implying a similar Y/Y gross margin improvement at the midpoint.
Microchip (MCHP) - Upgraded at BofA to 'Buy' from 'Neutral' with a USD 95 PT (prev. 78). Microchip is trading at a premium multiple, but the firm sees significant headroom for earnings upgrades since its raised calendar year 2027 sales forecast of USD 7bln is below the company's prior USD 8bln+ peak.
F5 (FFIV) - Shares rose in extended trading after a Q1 beat and raised FY guidance. Q1 2026 (USD): Adj. EPS 4.45 (exp. 3.65), Revenue +7% Y/Y at 822mln (exp. 758.06mln), driven by product revenue growth of +11% Y/Y, systems revenue +37% Y/Y. The CEO said results reflected alignment with durable demand drivers such as hybrid multicloud adoption, enterprise AI uptake and the need for converged platforms. Sees Q2 adj. EPS at 3.34-3.46 (exp. 3.39), Q2 revenue at 770-790mln (exp. 748.26mln). For FY26, raised guidance, sees adj. EPS at 15.65-16.05 (exp. 15.11), and FY revenue growth of +5-6% (prev. saw 0-4%).
Automatic Data Processing (ADP) Q2 2026 (USD): EPS 2.62 (exp. 2.58), Revenue 5.4bln (exp. 5.34bln). Guidance: FY EPS view +9-10% (exp. 10.91), FY revenue +6%, implying 21-7-21.8bln (exp. 21.75bln)
Amphenol (APH) Q4 2025 (USD): Adj. EPS 0.97 (exp. 0.93), Revenue 6.44bln (exp. 6.19bln); sees Q1 sales at 6.9-7bln (exp. 6.55bln) and Q1 adj. EPS at 0.91-0.93 (exp. 0.88).
Circle Internet (CRCL) - Upgraded at Mizuho to 'Neutral' from 'Underperform' with a USD 77 PT (prev. 70). Since all Polymarket bets are settled in USD coin, Mizuho now sees USDC on Polymarket as a "looming catalyst" for Circle Internet. The firm said 2026 is off to a strong start for Polymarket with annualized volumes of USD 50bln. The current run-rate could drive 25% potential upside to USDC's market capitalization, with even more upside plausible given the multitude of prediction events "ranging from will Jesus return before 2027 to Super Bowl."
Nextpower (NXT) Q3 2026 (USD): EPS 1.10 (exp. 0.94), Revenue 909mln (exp. 816mln); raised FY26 EPS view to 4.26-4.36 (exp. 4.28, prev. 4.04-4.25) and raised FY26 revenue view to 3.425-3.50bln (exp. 3.45bln, prev. 3.275-3.475bln). Upgraded at KeyBanc to 'Overweight 'from 'Sector Weight'. The firm said "another beat and raise" quarter from Nextpower solidifies the company's long-term growth algorithm. The stock's risk/reward skews favorably amid "increasingly visible multi-year growth drivers and a platform that is broadening beyond traditional trackers."
WeRide (WRD) - Announced the launch of WeRide GENESIS1, a proprietary general-purpose simulation model bridging physical and generative AI. The platform generates realistic virtual worlds and rare driving scenarios to accelerate large-scale autonomous vehicle training and validation, improving performance, speeding iteration cycles, and reducing time and costs versus road testing.

CONSUMER DISCRETIONARY

Amazon (AMZN) - Said it will cut about 16,000 roles as part of further organizational changes aimed at reducing layers and bureaucracy. Impacted US employees will be given time to seek internal roles or receive severance and transition support, while the company said it will continue hiring in strategic areas.
Archer-Daniels-Midland (ADM) - The SEC charged ADM and former executives Vince Macciocchi and Ray Young, and sued Vikram Luthar, over accounting and disclosure fraud inflating Nutrition results in fiscal years 2019, 2021 and 2022. ADM settled, paying USD 40mln, created a Fair Fund, while individuals paid penalties.
Packaging Corporation of America (PKG) Q4 2025 (USD): EPS 2.32 (exp. 2.41), Revenue 2.36bln (exp. 2.44bln). Corrugated shipments were slightly down vs the record 2024 levels, with a seasonally weaker mix; paper volumes were higher Y/Y, with strong price realisation. Execs noted an unfavourable December volume and mix in legacy corrugated, and weaker production and sales in the acquired Greif business vs prior guidance. The CEO said order books strengthened through the quarter, with significantly improved demand seen in January, and integration of Greif has progressed well with no planned outages in H1. Sees Q1 EPS at 2.20 (exp. 2.28), reflecting higher per-day corrugated volumes Y/Y, full containerboard mill capacity but lower output Q/Q due to fewer operating days and maintenance, higher domestic prices with containerboard increases from March, export prices flat to slightly down, slightly lower paper volumes and prices, broad cost inflation offset partly by Wallula benefits and a lower assumed tax rate, with potential downside from recent winter storms.
Starbucks (SBUX) Q1 2026 (USD): Adj. EPS 0.56 (exp. 0.59), Revenue 9.9bln (exp. 9.65bln); comp sales +4% (exp. 1.88%). Outlook: Expects approximately 600 to 650 net new coffeehouses globally across company-operated and licensed businesses in 2026; FY EPS 2.15-2.40 (exp. 2.34); FY Global and US comp sales growth of 3% or greater (exp. 2.8%). CFO continues to expect coffee prices and tariff pressures to peak in Q2 and find some relief in H2 '26 - conference call.
V.F. Corporation (VFC) Q3 2026 (USD): EPS 0.56 (exp. 0.43), Revenue 2.8bln (exp. 2.76bln); affirmed FY26 guidance.
Greif (GEF) Q1 2026 (USD): Adj. EPS 0.48 (exp. 0.68), Revenue 994.8mln (exp. 1.01bln); results came amid muted demand, margin expansion across the business and meaningful cost reductions, while leverage was reduced to 1.2x and around USD 130mln was returned to shareholders through share repurchases, exec said; entered FY26 with strong momentum with an ability to deliver earnings and cash flow improvements despite a weak industrial backdrop. For FY26, sees adj. EBITDA of at least 630mln, and adj. FCF of at least 315mln, noting guidance is set at the low-end, given the lack of a clear industrial demand inflection, and ongoing price and cost considerations.
Brinker International (EAT) Q2 2026 (USD); EPS 2.87 (exp. 2.63), Revenue 1.45bln (exp. 1.41bln). Raised FY26 EPS view to 10.45-10.85 (exp. 10.44, prev. 9.90-10.50) and raised FY26 revenue view to 5.76-5.83bln (exp. 5.75bln, prev. 5.6-5.7bln).
BYD Co. (BYDDY) - considering expanding in India, including local vehicle assembly, as demand for its electric models rises, Bloomberg reports. The company is assessing local assembly options and seeking safety and regulatory approvals for additional models due to import quotas.
Ford (F) - SK Innovation said ending its US battery joint venture with Ford (an USD 11bln plan announced four years ago to build battery factories and an electric pickup assembly plant in the US) caused an asset loss of KRW 3.7tln (around USD 2.6bln).

MATERIALS

Silver Margins - CME said it is increasing margin requirements on Comex silver futures after prices hit a record. Margins for non-heightened risk profiles will rise to 11% (from 9%), while heightened risk margins will increase to 12.1% (from 9.9%). Margins on platinum and palladium futures will also be raised.
China Silver - China’s only pure-play silver fund halted trading on Wednesday after heavy investment pushed its premium far above underlying assets, Bloomberg reports. The UBS SDIC Silver Futures Fund LOF also paused new subscriptions and said its premium over Shanghai Futures Exchange silver contracts was about 36%.
Base Metals - Goldman Sachs said that the rally in base metals this year may face headwinds as high prices and bullish sentiment conflict with weaker demand from manufacturers, particularly in China, adding that producers are responding negatively, and demand is starting to pull back.
Gold Market - Tether Holdings is accumulating more than a ton of gold each week in a high-security Swiss bunker, making it the world’s largest known bullion holder outside banks and governments, using a repurposed Cold War-era nuclear shelter, Bloomberg reports.
Copper Prices - Standard Chartered sees H1 2026 copper prices at USD 12.96k, easing to USD 11.47k in H2. It said that USD softness and sharp moves in gold/silver have supported copper.
PPG Industries (PPG) Q4 2025 (USD): Adj. EPS 1.51 (exp. 1.58), Revenue 3.91bln (exp. 3.77bln); organic sales +3% Y/Y, with Global Architectural Coatings organic sales +2%, Performance Coatings +3% driven by aerospace and protective and marine coatings, and Industrial Coatings +4%, including double-digit volume growth in packaging coatings; pricing was +4% Y/Y. The CEO said growth momentum accelerated in Q4 with volume and price contributions across all regions, noting sequential improvement in architectural coatings and strong aerospace demand despite mixed European conditions. For FY26, sees EPS between 7.70-8.10 (exp. 8.06), implying mid-single-digit growth at the midpoint, and expects organic sales to grow flat to low single-digits; it added that EPS growth would be weighted to H2 2026 following a flat to low single-digit H1.
Air Products and Chemicals (APD) - Raised quarterly dividend to USD 1.81/shr (prev. 1.79/shr).
Scotts Miracle-Gro (SMG) - Reportedly makes a deal to sell its cannabis-supply unit, via WSJ.
Wacker Chemie (WKCMF) - Reported preliminary FY25 EBITDA -42% Y/Y to EUR 430mln, or about EUR 530mln ex-special effects; EBIT was around EUR -180mln, the net result is seen as a EUR 800mln loss, and sales fell 4% to about EUR 5.49bln due to weak demand, lower utilisation, pricing, and currency effects.
Bolivia-China - Bolivia’s new government is cancelling a planned zinc project awarded to a Chinese consortium and demanding fixes at a Chinese-built steel plant. Mining Minister Marco Calderon cited terrible overpricing behind the USD 350mln refinery cancellation, and said contract compliance deficiencies were found at the Mutun steel complex, Bloomberg reports.
Fresnillo (FNLPF) - Reported 2025 attributable gold output of 600.3koz, beating guidance, while silver production fell 13.5% to 48.7moz, but met targets. Fresnillo cut its 2026 gold and silver guidance due to mine-plan changes and delays, though it expects production to recover from 2027.

INDUSTRIALS

General Dynamics Corporation (GD) Q4 2025 (USD): EPS 4.17 (exp. 4.11), Revenue 14.4bln (exp. 13.80bln); ends year with 118bln backlog.
GE Vernova Inc. (GEV) Q4 2025 (USD): Revenue 11.00bln (exp. 10.17bln). Raised FY26 revenue view to 44-45bln (exp. 42.1bln, prev. 41-42bln) and now sees FY28 revenue at 56bln, up from 52bln. Expects Y/Y growth in gas equipment orders in Q1 for the power unit - conference call.
Deere & Co. (DE) - Will shift excavator production from Japan to a new USD 70mln facility in North Carolina and build a distribution centre in Indiana to boost US manufacturing.
Volvo (VLVLY) Q4 2025 (SEK): EPS 4.73 (exp. 4.34), Revenue 123.8bln (exp. 121.7bln), operating income 12.8bln (exp. 11.7bln), supported by resilient truck demand and pricing, with management noting a slight improvement in some markets. Board proposes an ordinary dividend of SEK 8.50/shr, plus an extra dividend of SEK 4.50/shr. Raised its FY26 North America truck order guidance to 265k units (prev. saw 250k), signalling improved demand visibility in the region.
Lockheed Martin (LMT) - Received a USD 129.99mln Air Force contract for the Royal Australian Air Force C-130J maintenance and aircrew training systems programme.
RTX (RTX) - Awarded a USD 193.71mln US Army contract modification for procurement of tube-launched optically tracked guided missiles, bringing cumulative value to USD 193.71mln.
Otis (OTIS) Q4 2025 (USD): EPS 1.03 (exp. 1.03), Revenue 3.8bln (exp. 3.87bln); sees FY26 adj. EPS up mid to high single digits; sees FY26 revenue at 15.0-15.3bln (exp. 15.26bln).
Textron (TXT) Q4 2025 (USD): Adj. EPS 1.73 (exp. 1.70), Revenue 4.2bln (exp. 4.06bln); sees FY26 adj. EPS 6.40-6.60 (exp. 6.84) and sees FY26 revenue ~15.5bln (exp. 15.46bln).
Lennox International (LII) Q4 2025 (USD): Adj. EPS 4.45 (exp. 4.72), Revenue 1.2bln (exp. 1.26bln); sees FY26 adj. EPS 23.50-25.00 (exp. 24.52).

HEALTHCARE

US Drug Prices - The US plans to cut the prices it pays for Botox (ABBV) and diabetes drug Trulicity (LLY) under legislation expected to save more than USD 200bln over a decade, the CMS said; also includes Gilead's (GILD) HIV drug Biktarvy and Pfizer's (PFE) arthritis treatment Xeljanz. The drugs will enter government price negotiations next year, with cuts taking effect in 2028 under the Inflation Reduction Act.
Elevance Health Inc. (ELV) Q4 2025 (USD): Adj. EPS 3.33 (exp. 3.10), Revenue 49.3bln (exp. 49.82bln); sees FY26 adj. EPS at 25.5 (exp. 27.01) and FY26 in a low single-digit decline Y/Y. CEO expects Medicaid membership to decline and the acuity of the population may shift over time; 2026 is a year of execution and repositioning - conference call.
Danaher Corporation (DHR) Q4 2025 (USD): Adj EPS 2.23 (exp. 2.16), Revenue 6.84bln (exp. 6.80bln), Current FY EPS 7.80 (exp. 7.73), Next FY EPS 8.50 (exp. 8.42); Biotechnology Revenue 2.03bln (exp. 2.03bln); Life Sciences 2.09bln (exp. 2.07bln). Sees Q1 revenue up low-single digit percent and sees FY26 EPS 8.35-8.50 (exp. 8.42). CEO said there's modest recovery in pharmaceutical, especially in Europe; academic and research demand is fairly muted in USA and China, though generally stable.
Biogen (BIIB) - Announced that the US FDA has granted Breakthrough Therapy Designation for litifilimab for the treatment of cutaneous lupus erythematosus.
Becton Dickinson (BDX) - Said it has repurchased USD 250mln of its stock to date in FY26. Board also authorised repurchases of up to 10mln additional common shares, alongside remaining capacity under authorisations approved in 2021 and 2025.
Teva Pharmaceutical (TEVA) Q4 2025 (USD): Non-GAAP EPS 0.96 (exp. 0.64), Revenue 4.7bln (exp. 4.33bln); sees FY26 adj. EPS at 2.57-2.77 (exp. 2.77) and FY26 revenue at 16.4-16.8bln (exp. 16.99bln).
Regenxbio (RGNX) - Said the FDA placed a clinical hold on its RGX-111 gene therapy for MPS I after a tumor was detected in one treated patient during routine MRI, and also applied a hold to the related RGX-121 program for MPS II. An investigation is ongoing, causality has not been established, and no additional tumour cases have been reported.

ENERGY

Energy Inventories - Weekly API inventory data reportedly showed headline crude stocks posting a surprise draw of -0.2mln bbls (exp. +1.8mln), Cushing -0.0mln bbls, distillates posted a surprise build of +2.0mln bbls (exp. -0.6mln), while gasoline stocks posted a surprise draw of -0.4mln bbls (exp. +1.0mln). The more widely followed DoE inventory report will be published later today.
LNG Demand - China’s rapid shift to electric trucks, which surpassed gas-powered sales last year, is threatening demand for natural gas, Bloomberg said. Heavy-duty electric and new-energy truck sales nearly tripled to over 230,000 units, reaching 20% of total sales, CVNews reported.
Energy Transfer (ET) - Raised its quarterly cash distribution by over +3% Y/Y to USD 0.335/common unit.
Sunoco LP (SUN) - Raised its quarterly cash distribution by over +1.25% Y/Y to 0.9317/common unit.
BP (BP), Shell (SHEL) - BP and Shell are seeking US OFAC licenses to develop natural gas fields shared between Trinidad and Tobago and Venezuela, Trinidad’s energy minister said. Shell is pursuing approval for the Loran-Manatee project, while BP is seeking a license to develop the Cocuina-Manakin field, part of Venezuela’s Plataforma Deltana gas project with around 1 Tcf of proven reserves.

COMMUNICATIONS

Alphabet (GOOG) - China "celebrity stock picker" Dan Bin’s Shenzhen Oriental Harbor Investment Management reported USD 1.316bln in US stock holdings at end-Q4 2025, up from USD 1.292bln. The firm shifted towards US tech, with Google replacing NVIDIA (NVDA) as its top holding at about USD 406mln, after a 40.55% stake increase and a near 29% quarterly gain, while exiting Coinbase (COIN), Netflix (NFLX), Astera Labs (ALAB), BitMine Immersion Technologies (BMNR), Broadcom (AVGO) and TSMC (TSM). Meanwhile, the UK's CMA proposed a package of measures to help businesses and consumers make active and informed choices when using Google. Measures include making sure publishers, including news and other content producers, get a fairer deal over how their content is used in Google's AI overviews. The CMA has launched a consultation on conduct requirements relating to Google’s general search and search advertising services.
AT&T Inc (T) Q4 2025 (USD): EPS 0.53 (exp. 0.46), Revenue 33.5bln (exp. 32.87bln), Wireless postpaid phone net additions +421k (exp. 440k), adj operating income 6.1bln (exp. 5.91bln), adj. EBITDA 11.2bln (exp. 11.1bln). Board has now approved an authorization to repurchase an additional 10,000 shares of common stock. Expects to maintain current annualized dividend of 1.11/shr. Expects to return 45bln+ to shareholders through 2026-2028. Guidance: FY26 EPS 2.25-2.35 (exp. 2.21); Through 2028, sees revenue growth of low single digits; Sees annual capex at 23-24bln annually between 2026-28. Executive said average deployment cost per fibre passing increased at approximately 2% annually - conference call.

FINANCIALS

MSCI (MSCI) Q4 2025 (USD): Adj. EPS 4.66 (exp. 4.58), Revenue 822.5mln (exp. 823.7mln).
Progressive Corp (PGR) Q4 2025 (USD): EPS 5.02 (exp. 4.43); CFO to retire, Andrew Quigg to succeed.
Stifel Financial (SF) - Raises quarterly dividend +11% to 0.51/shr.
Stellar Bancorp (STEL) - To be acquired by Prosperity Bancshares (PB) in a USD 2bln cash and stock deal.
Intercontinental Exchange (ICE) - Announced the launch of Reddit Signals and Sentiment that will give actionable news.
Western Alliance (WAL) - Downgraded at JPMorgan to 'Neutral' from 'Overweight' with a USD 105 PT (prev. 100). JPM argues that only two interest rate cuts are likely to occur this year per the forward curve, which limits any material relief from lower rates for the bank. In addition, JPMorgan sees "very little relief" in 2027 earnings, credit rate, and deposit costs for Western Alliance.

CONSUMER STAPLES

Walmart (WMT) - Said to be raising pay as it invests more heavily in pharmacy workers, Axios reports.
Stride (LRN) Q2 2026 (USD): EPS 2.50 (exp. 2.32), Revenue 631.3mln (exp. 627.9mln); sees Q3 revenue at 615-645mln (exp. 614mln) and FY26 revenue at 2.48-2.555bln (exp. 2.51bln).

REAL ESTATE

BXP (BXP) Q4 2025 (USD): FFO 1.76 (exp. 1.80). Sees FY26 FFO at 6.88-7.04 (exp. 7.01) and Q1 FFO at 1.56-1.58 (exp. 1.63).

UTILITIES

Consolidated Edison (ED) - Raised quarterly dividend to 0.8875/shr (prev. 0.85/shr).

MACRO

US Govt Shutdown - US lawmakers are in talks with the White House to avoid a partial government shutdown as Democrats threaten to block funding amid backlash over President Trump’s immigration crackdown in Minnesota. Senate Majority Leader Thune said negotiations continue as a 30th January funding deadline approaches.
Fed Chair Job - Bloomberg said that bond traders are increasing bets on a more dovish Fed, as BlackRock (BLK) chief investment officer Rick Rieder gains momentum to succeed Jerome Powell. Flows into SOFR and fed funds futures have accelerated as betting markets place Rieder as the leading candidate for Fed chair, the report said.

TRADE

US-South Korea - President Trump said the US would find a solution with South Korea on planned tariff increases, adding the two sides were making good deals. Separately, his administration warned South Korea against discriminatory regulation or investigations of technology firms, with discussions involving Coupang, the WSJ reports.

GEOPOLITICS

US-Iran - President Trump said a large US naval armada, led by the aircraft carrier Abraham Lincoln, is heading toward Iran and warned that time is running out for Tehran to make a nuclear deal. He said the fleet is ready to act if needed and cautioned that any future attack would be far worse if Iran does not come to the table.