Daily US Equity Opening News - DHR to acquire MASI; Elliott builds stake in NCLH; INFY partners with Anthropic

TODAY’S AGENDA:

US INDEX FUTURES: ES -0.5%, NQ -0.9%, YM -0.2%, RUT -0.4%
DAY AHEAD: A third round of US-brokered peace talks between Russia and Ukraine are also taking place in Geneva, following two earlier rounds in Abu Dhabi that failed to produce major breakthroughs; talks have shifted beyond humanitarian exchanges to core political and security disputes, especially Russia’s push for recognition of control over parts of eastern Ukraine, including remaining areas of Donetsk, which Kyiv rejects. Talks will also cover security guarantees and future military presence. Expectations for a breakthrough are low, with Ukraine refusing territorial concessions or elections under insecure conditions. Elsewhere, the NAHB housing market index for February is due. Today’s speakers’ slate includes: Fed’s Barr (voter, neutral) on AI and the labour market (we are not expecting a text, but a Q&A is expected), Fed’s Daly (2027 voter, dovish) will also speak on AI (a text and Q&A are expected). Notable companies reporting today include: Palo Alto Networks (PANW), Kenvue (KVUE), Cadence Design (CDNS), and Republic Services (RSG).
BROKER MOVES: DLTR upgraded at Rothschild & Co Redburn; RIVN downgraded at DA Dadvidson. For the full list, click here.
MAJOR MORNING MOVES RECAP: MASI, NCLH, FISV, INFY, AAPL, MU, GIS, CNH, GPC, WBD/NFLX/PSKY. For the full list, click here.
US DAILY CONFERENCE CALENDAR: HON, KO, EMR, GM, URI, AMD, CDNS, MRVL, SNPS, VRT, MDLZ, IBM, APD. For the full list, click here.

NEWS:

TECH

Apple (AAPL) - Apple will hold a product launch on 4th March, and is preparing to announce several new devices in the coming weeks. The company invited media to in-person events in New York, Shanghai and London, describing them as an ‘experience’, signalling a lower-key format than its typical campus launches in California, Bloomberg said. Separately, Apple is revamping video features in Apple Podcasts, making it easier for users to switch between video and audio in its iOS 26.4 developer beta, Bloomberg reports. The move reflects a broader industry shift toward visual content.
Qualcomm (QCOM) - Said the UK lawsuit alleging its chip royalties caused smartphone owners to overpay has been withdrawn.
Memory Chips, Sony (SONY) - A global memory chip shortage is reportedly delaying technology product launches, affecting smartphones, laptops, gaming consoles including Sony PlayStation, and data centre hardware, Digitimes reports, with the supply crunch in DRAM and NAND reshaping launch timelines across the tech industry.
Micron (MU) - A WSJ article notes Micron is investing USD 200bln to expand memory-chip production amid the industry’s largest supply crunch in more than 40 years, driven by data centre demand. The chipmaker is constructing new facilities to boost capacity as memory chips face shortages linked to AI-related growth.
Anthropic, Infosys (INFY) - Anthropic’s discussions to extend a Pentagon contract have stalled over safeguards the AI company seeks for its Claude tool. Anthropic wants protections to prevent use for mass surveillance of Americans or autonomous weapons, while the Pentagon aims to deploy Claude, provided its use complies with the law, Bloomberg reports. Separately, Infosys has partnered with Anthropic to develop and deliver AI services for businesses in complex, regulated industries; Anthropic’s Claude models will be integrated into Infosys’s AI offerings to automate workflows and accelerate software delivery.
OpenAI - OpenAI’s hiring of personal AI specialist Peter Steinberg and comments from industry figures have fuelled predictions that AI agents could replace most smartphone apps by taking over data management and decision-making tasks, Digitimes reports.
GlobalFoundries (GFS) - GlobalFoundries and Renesas Electronics announced an expanded strategic via a multi-billion-dollar manufacturing partnership, broadening Renesas’ access to GlobalFoundries’ differentiated technology platforms. The agreement aims to support secure and resilient supply chains and aligns with US priorities to strengthen domestic semiconductor production for economic and national security.
Fiserv (FISV) - Jana Partners has built a stake in Fiserv, WSJ reports.
Leidos Holdings (LDOS) Q4 2025 (USD): Adj. EPS 2.76 (exp. 2.61), Revenue 4.21bln (exp. 4.38bln); sees FY26 adj. EPS at 12.05-12.45 (exp. 12.29) and FY26 revenue of 17.5-17.9bln (exp. 17.89bln).
Uber Technologies (UBER) - Plans to expand its food-delivery business into seven new European markets in 2026—Czech Republic, Greece, Romania, Austria, Denmark, Finland, and Norway—with the move expected to generate an additional USD 1bln in gross bookings over three years, driven by strong demand from merchants and consumers, according to Reuters, citing Uber's global delivery head Susan Anderson.
Indra Sistemas (ISMAY) - Third Point has built a significant stake in Indra Sistemas and is backing Chairman Angel Escribano’s plan to acquire a smaller rival, Bloomberg reports. The activist investor did not disclose the size of its holding.

COMMUNICATIONS

Warner Bros. Discovery (WBD) - Set a March 20th shareholder vote on Netflix’s (NFLX) bid and recommends rejecting Paramount Skydance’s latest offer, but will reopen talks with Paramount, giving it one week to submit a higher proposal; WBD remains fully committed to the Netflix deal, though Paramount has indicated ~USD 31/share is not its final bid and WBD expects an improved offer, with Netflix agreeing to a 7-day negotiation window.
Shopify (SHOP) - Upgraded at Truist to 'Buy' from 'Hold' with a USD 150 PT (prev. 110). Shopify is one of the few software companies to show strong accelerating growth recently, the firm said, which views the recent large drawdown in software valuations related to AI fears as having created an attractive buying opportunity for long-term investors in Shopify. Shopify can materially benefit from agentic commerce and continue to grow its share beyond the current 14%-plus of US e-commerce going forward.
Social media names - The government of Spain has ordered an investigation into major social media platforms over alleged AI-generated child sexual abuse material, according to Prime Minister Pedro Sánchez, Reuter reports. Prosecutors have been directed to examine platforms, including X, Meta Platforms (META).
Snap (SNAP) - Launching creator subscriptions to help users earn recurring income from their most engaged fans, as the company looks to diversify beyond advertising, CNBC reports. With user growth slowing, Snap is focusing on building more predictable revenue streams through paid features.
Germany Social Media Ban - Germany is moving closer to introducing age restrictions on social media, with the co-governing Social Democrats backing Chancellor Merz’ proposal to limit services for those under 16. The measure could heighten tensions with US President Trump, Bloomberg said.
ByteDance, Disney (DIS), Paramount Skydance (PSKY) - ByteDance said it will strengthen safeguards to prevent unauthorised IP use on its AI video generator Seedance 2.0, after cease-and-desist letters from Disney and Paramount Skydance. ByteDance did not detail the measures it plans to implement. Disney alleged that the tool used copyrighted characters without permission.

CONSUMER DISCRETIONARY

Alibaba (BABA) - Alibaba launched Qwen 3.5 on Monday, positioning it as a flagship upgrade for the agentic AI era amid intensifying competition in advanced AI systems in China and globally. Said its Qwen3.5 model is 60% cheaper to use and delivers 8× better large-scale processing than its predecessor, while also introducing “visual agentic capabilities,” enabling it to independently take actions across mobile and desktop applications.
Tripadvisor (TRIP) - Starboard Value plans to push for a shake-up of Tripadvisor’s board, according to the WSJ citing a letter. The activist is preparing to nominate a majority slate to the TRIP’s board.
Hyatt Hotels (H) - Hyatt Executive Chairman Tom Pritzker will retire and not stand for re-election to the board, citing his association with Jeffrey Epstein. In a statement, Pritzker said he decided to step down after discussions with fellow board members, adding that ensuring a proper transition at Hyatt was part of his stewardship responsibility.
Rivian Autmotive (RIVN) - Downgraded at DA Davidson to 'Underperform' from 'Neutral' with a USD 14 PT (prev. 15). The stock jumped 27% on Friday due to positive tone of the R2 launch, but the firm believe that R1 outlook was below its expectations while also noting that R2 launch is not "without significant risks. To make its current outlook, Rivian will have to deliver the best mid-size EV launch since 2021 without the benefit of tax credits or a mass-channel dealer network.
Genuine Parts (GPC) - Intended to split its auto-parts unit from its industrial-parts unit to create two separate public firms, WSJ reports citing sources
InterContinental Hotels (IHG LN) - Reported a +13% rise in FY operating profit to USD 1.27bln (prev. 1.0bln Y/Y), and basic EPS of USD 4.80 (prev. 3.90/ Y/Y); it announced a USD 950mln share buyback, and expects steadier US trading and continued corporate travel growth in 2026.
Norwegian Cruise Line (NCLH) - Elliott Investment Management has built a stake of more than 10% in Norwegian Cruise Line, and plans to push for changes to improve the cruise operator’s performance, according to the WSJ. The activist investor is now among Norway’s largest shareholders, and may seek to engage with management, potentially including a proxy fight, the report notes.

ENERGY

Energy Transfer (ET) Q4 2025 (USD): Adj. EPS 0.25 (exp. 0.34), Revenue 25.3bln (exp. 26.0bln); raised FY26 adj. EBITDA view to 17.45-17.85bln (exp. 17.5bln, prev. 17.3-17.7bln).
Crude Prices - Citi’s analysts said oil prices may stay supported near term amid tighter enforcement of US sanctions on Russia and Iran, with Brent potentially rising to near USD 70/bbl, Reuters reports. The bank expects Russia-Ukraine and Iran peace deals by or during summer, potentially pushing Brent to USD 60-62/bbl.
MOL - Hungarian refiner MOL said it has asked the Energy Ministry to release strategic oil reserves after supplies via Druzhba stopped on 27th January. To offset the disruption, MOL will supply its refineries with seaborne crude, with initial shipments expected to arrive at Croatia’s Omisalj port in early March, Reuters reports.
ExxonMobil (XOM) - Australia’s Federal Court fined Mobil Oil Australia AUD 6mln for misleading claims about “Mobil Synergy Fuel” at nine petrol stations in Queensland, between 2020-2024. The Exxon-owned unit admitted the fuel was the same, or substantially the same, as unadditised fuel at other sites.

INDUSTRIALS

SpaceX - SpaceX and xAI are competing in a Pentagon contest to develop voice-controlled, autonomous drone swarming technology, according to Bloomberg. The move follows Elon Musk’s announcement in early February that the two companies would merge, marking an expansion into AI-enabled weapons development.
ZIM Integrated (ZIM) - Hapag-Lloyd (HPGLY) said it has signed an agreement to acquire 100% of the outstanding shares of ZIM Integrated Shipping Services for USD 35.00/shr in cash, valuing the transaction at ~USD 4.2bln. Hapag-Lloyd said the acquisition will be financed through a combination of existing cash reserves and external financing of up to USD 2.5bln. The transaction is expected to close by the end of 2026, subject to customary regulatory approvals and closing conditions.
Allegion (ALLE) Q4 2025 (USD): Adj. EPS 1.94 (exp. 1.98), Revenue 1.03bln (exp. 1.04bln); sees FY26 adj. EPS 8.70-8.90 (exp. 8.86).
Fluor Corporation (FLR) - Announced it has generated ~USD 1.35bln in gross proceeds from the sale of 71 million shares of NuScale Power (SMR).
CNH Industrial (CNH) Q4 2025 (USD): Adj. EPS 0.07 (exp. 0.11), Revenue 5.16bln (exp. 4.96bln), sees FY26 adj. EPS between 0.35-0.45 (exp. 0.52).
Builders FirstSource (BLDR) Q4 2025 (USD): EPS 1.12 (exp. 1.28), Revenue 3.4bln (exp. 3.46bln); sees FY26 revenue of 14.8-15.8bln (exp. 15.14bln).
Boeing (BA), Deutsche Lufthansa (DLAKY) - Lufthansa said most Allegris business-class seats on its new Boeing 787 aircraft will be available for booking from 15th April, after delayed certification had restricted access. All but three seats will be bookable, compared with four of 28 currently available in the premium section of the Dreamliner.
TOTO (TOTDY) - Activist Palliser Capital has taken a stake in Toto and is urging the Japanese washlet maker to increase promotion and disclosure of its advanced ceramics segment, Bloomberg reports. Palliser highlighted the unit’s electrostatic chucks used in NAND manufacturing, describing Toto as an undervalued AI memory beneficiary.
Grupo Aeromexico (AERO) - Q4 revenue USD 1.438bln (vs 1.435bln Y/Y). Management said the company closed the year with strong momentum, confirming a recovery trend that accelerated in H2.

MATERIALS

Albemarle (ALB) - Upgraded at BofA to 'Buy' from 'Neutral' with a USD 190 PT (prev. 167). The firm sees improving fundamentals for Albemarle with lithium prices doubling since its October downgrade. The recent weakness in the shares provides an attractive entry point. BofA believes Albemarle has executed well through the downturn and is well-positioned for the recovery.
BHP Group (BHP) - Reported earnings at the upper end of analyst expectations, as stronger copper production and a record metals rally offset weaker iron ore performance. It reported underlying profit +22% Y/Y to USD 6.2bln (exp. 6.03bln) for the six months to December, and raised its dividend. Copper contributed more than half of group profit for the first time, reflecting diversification efforts under CEO Mike Henry. Acquisitions and improvements at the Escondida mine also supported results. BHP aims to raise up to USD 10bln in asset sales to fund copper expansion. BHP also announced that it will receive USD 4.3bln upfront from Wheaton Precious Metals under a silver streaming deal linked to its 33.75% stake in Peru’s Antamina mine, delivering output without raising reported debt.
Vulcan Materials (VMC) Q4 2025 (USD): Adj. EPS 1.70 (exp. 2.11), Revenue 1.91bln (exp. 1.96bln).
Antofagasta (ANFGY) - Reported 2025 revenue of USD 8.62bln (exp. 8.5bln), as higher copper prices and volumes lifted results. EBITDA rose to USD 5.2bln (exp. 5.15bln), supported by cost controls and USD 115mln in savings. Anto guided FY26 copper output between 650-700k tonnes, capex of USD 3.4bln, and recommended a final dividend of 0.48/shr. Execs said copper’s strong fundamentals, driven by electrification and energy security, supported record prices in 2025 and underpin long-term value.

HEALTHCARE

Eli Lilly (LLY) - Plans to turn India into a key global supply chain hub, Reuters reports, citing a senior executive. Sales of Mounjaro have doubled within months of launch, making it a top-selling drug by value in the country. The company currently has no manufacturing facility in India, but it aims to export locally produced medicines worldwide as part of its supply network.
UnitedHealth (UNH) - UnitedHealth Group CEO Stephen Hemsley has for at least seven years made private investments worth tens of millions of dollars in healthcare startups, including companies that do business with or compete against UnitedHealth, WSJ reports. The stakes were taken through affiliates of his investment firm, and were not disclosed by the startups or to UnitedHealth shareholders.
Medtronic (MDT) Q3 2026 (USD): EPS 1.36 (exp. 1.34), Revenue 9.02bln (exp. 8.89bln); backed FY26 EPS view of 5.62-5.66 (exp. 5.65) and FY26 organic revenue growth view of 5.5%.
Labcorp (LH) Q4 2025 (USD): Adj. EPS 4.07 (exp. 3.94), Revenue 3.52bln (exp. 3.56bln); sees FY26 adj. EPS 17.55-18.25 (exp. 17.52) and FY26 revenue of 14.61-14.79bln (exp. 14.63bln).
Pfizer (PFE) - The BREAKWATER trial Cohort 3 analysis demonstrated a statistically significant and clinically meaningful improvement in progression-free survival in patients with BRAF V600E–mutant metastatic colorectal cancer. The BRAFTOVI regimen showed a statistically significant and clinically meaningful improvement in PFS—a key secondary endpoint—based on blinded independent central review, compared with FOLFIRI with or without bevacizumab.
Ocular Therapeutix (OCUL) - Announced that its Phase 3 SOL-1 trial of Axpaxli met the primary endpoint, showing statistically significant superiority at Week 36 versus aflibercept in patients with wet age-related macular degeneration, with additional secondary endpoints also demonstrating favorable results. Biotech reporter at STAT News, Adam Feuerstein, writes that Bulls and bears both have something to chew on. Axpaxli's durability is almost exactly what OCUL predicted, but they guessed wrong on Eylea. Fluid control data favours Axpaxli. BCVA doesn't, but TBD with more data disclosure. Investor reaction vs retinal specialist reaction is the next thing to pay attention to."
Johnson & Johnson (JNJ) - Announced that the US FDA approved a new simplified monthly dosing schedule for Rybrevant Faspro in combination with Lazcluze for first-line treatment of EGFR-mutated advanced non-small cell lung cancer (NSCLC).
Roche (RHHBY) - Said its Phase 3 MAJESTY study in adults with primary membranous nephropathy met its primary endpoint, demonstrating statistically significant and clinically meaningful results with Gazyva/Gazyvaro. The study showed that significantly more patients achieved complete remission at two years with Gazyva/Gazyvaro compared with tacrolimus. Safety findings were consistent with the well-established profile of the drug, with no new safety signals identified.
Masimo (MASI), Danaher (DHR) - Danaher Corporation said it will acquire Masimo Corporation for USD 180/shr in cash, valuing the deal at ~USD 9.9bln including debt. Masimo will operate within Danaher’s Diagnostics segment alongside Radiometer, Leica Biosystems, Cepheid and Beckman Coulter Diagnostics. The deal is expected to be accretive to earnings, adding USD 0.15–0.20/shr in the first full year and about USD 0.70 by year five.
GSK (GSK) - Exdensur has been approved by the European Commission for severe asthma with type 2 inflammation and chronic rhinosinusitis with nasal polyps.

CONSUMER STAPLES

General Mills (GIS) - Expects FY26 organic net sales -1.5 to -2%, FY adj. operating profit and FY adj. EPS -16 to -20%.
Dollar Tree (DLTR) - Upgraded at Rothschild & Co Redburn to 'Buy' from 'Neutral' with a USD 165 PT (prev. 75). The firm views the company's 12% earnings growth outlook as attractive at the stock's current valuation, particularly with the potential upside presented by its multi-price rollout. Following the Family Dollar divestment, Dollar Tree is a "higher quality, higher-return, more cash-generative opportunity than it has been for the past decade, warranting a higher valuation than recent history,"
Dollar General (DG) - Downgraded at Rothschild & Co Redburn to 'Sell' from 'Neutral' with a USD 111 PT. Dollar General is now trading at a premium valuation multiple. Rothschild believes a lower multiple than history could be warranted, given Dollar General's lower sales outlook, lower margin profile, and lower new store returns relative to its historical performance.
Nestle (NSRGY), Danone (DANOY) - HHS Secretary RFK Jr. is preparing to launch “Operation Stork Speed,” a Trump administration review of US infant-formula ingredients, focusing on issues including seed oils and heavy metals, WSJ reports. While federal nutrient requirements are widely seen as overdue for re-examination, the administration is unlikely to remove seed oils from formula guidelines, the report states.

FINANCIALS

JPMorgan (JPM) January Master Trust net charge off 1.65% (prev. 1.59% M/M).
eToro (ETOR) Q4 2025 (USD): Adj. EPS 0.71 (exp. 0.60), Revenue 3.87bln (prev. 5.85bln last year).
Gemini Space Station (GEMI) - Gemini Space Station to part ways with CFO, COO, and CLO, Bloomberg reports.
Goldman Sachs (GS) - Plans to remove race, gender identity, sexual orientation and other diversity factors from the criteria its board’s governance committee uses to identify potential director candidates, according to the WSJ.

UTILITIES

DTE Energy (DTE) - Maintained FY26 operating EPS view of 7.59-7.73 (exp. 7.73).

TRADE

Critical Minerals - Mexico and Canada plan to present a joint action plan on minerals, infrastructure and supply chains in H2. The plan aims to expand investment, boost trade, reduce regulatory obstacles and facilitate investment. A Mexican finance ministry delegation will visit Canada to continue the discussion.
Canada-US - Canadian PM Mark Carney appointed veteran public servant Janice Charette as chief trade negotiator with the US, placing her at the centre of a review of the North American trade pact amid strained bilateral relations.

MACRO

EU - EU leaders set a June deadline to advance the stalled Capital Markets Union, with France’s Macron and Commission President von der Leyen warning that at least nine countries could proceed via “enhanced cooperation” if all 27 fail to agree; six major economies are discussing a “two-speed” Europe, amid concerns about competitiveness and falling trade surplus. Elsewhere, Euro-area finance ministers are seeking to expand the EUR’s global role amid market volatility linked to US President Trump and a weaker USD. Finance Ministers said recent geopolitical events risk the financial system being used as a political tool, making it vital to safeguard the EUR’s international role and the EU’s monetary sovereignty.