Daily US Equity Opening News - HPQ slides after mixed guidance; WDAY outlook disappoints, FSLR profit misses; IBM upgraded

TODAY'S AGENDA:

US INDEX FUTURES: ES +0.3%, NQ +0.4%, YM +0.3%, RUT +0.4%
DAY AHEAD: Today's speakers include: Fed's Barkin (2027 voter, neutral; no text expected, but there is a Q&A) in a moderated discussion, Fed's Schmid (2028 voter, hawk; no text expected, but there is a Q&A) on the policy outlook, Fed's Musalem (2028 voter, hawk; no text expected, but there is a Q&A) will speak on the role of the Fed; elsewhere, Riksbank's Thedeen is set to speak. Notable US companies reporting today include: Nvidia (NVDA; preview below), Salesforce (CRM), Synopsys (SNPS), Snowflake (SNOW). On the supply slate, the US Treasury will auction USD 28bln of 2yr FRNs and USD 70bln of 5yr notes.
BROKER MOVES: IBM upgraded at UBS; KR downgraded at Wells Fargo. For the full list, click here.
MAJOR MORNING MOVES RECAP: NVDA, ORCL, IBM, WBD, KR, LOW, HPQ, WDAY, FSLR. For the full list, click here.
US DAILY CONFERENCE CALENDAR: BKR, CTVA, CAT, BLK, PSX, GS, C, WMB, ANET, SNDK, AMAT, KEYS, MU, HOOD, NOW, PANW, QCOM. For the full list, click here.
PRIMER - Nvidia (NVDA) Earnings - Investors closely watch its metrics given its leadership in AI, with its guidance also of paramount importance, in addition to the Blackwell production ramp, and gross margins. Nvidia continues to benefit from surging CapEx, with AMZN, GOOGL, META and MSFT having already committed USD 622bln in 2026, while CEO Huang has reiterated the strong trajectory of AI chip demand. Although some do note signs of risk to Nvidia's long-held dominance are also emerging from hyperscalers' plans to design their own cheaper AI chips. Participants will be looking at the geopolitical landscape as commentary regarding China still remains a wildcard. Options pricing suggests a move of roughly +/- 5.5%. In terms of Nvidia performance, YTD shares are up 2.7% and trading at around USD 190/shr, vs ATH's of USD 203.20/shr. After earnings and the conference call, attention turns to the GTC in mid-March.
Newsquawk's full Nvidia (NVDA) earnings primer is here

MACRO

State of the Union - President Trump delivered a record-long State of the Union address, defending his leadership and describing the past year as a “turnaround for the ages.” He promoted tariffs as strengthening the US economy and said they would “substantially replace” income taxes. He offered limited detail on Iran, China and Ukraine.
BoJ - PM Takaichi nominated Ayano Sato of Aoyama Gakuin University and Toichiro Asada of Chuo University to the BoJ policy board, replacing Asahi Noguchi and Junko Nakagawa. The JPY weakened on the announcement amid expectations of continued easy monetary policy. Analysts said the picks, viewed as reflationist and dovish, may reduce expectations of near-term rate hikes, lower short- and medium-term yields, weaken the yen and lift long-term inflation expectations, though some saw limited practical change and Governor Ueda’s influence remaining strong.

GEOPOLITICS

Ukraine - The Trump administration formally warned Ukraine not to strike targets in Russia that could affect US economic interests, Kyiv’s ambassador to Washington said, after a November drone attack on Novorossiysk damaged tankers and a terminal partly owned by Chevron (CVX) and Exxon (XOM). The warning did not cover Russian military or energy infrastructure.

TECH

China Chips - China’s leading chipmakers, backed by Beijing, are seeking a fivefold increase in advanced semiconductor output to support domestic AI demand despite US restrictions, Nikkei reports. Huawei and SMIC (SMICY) are leading efforts to advance 7nm and 5nm-like production technologies as the country pushes to expand self-sufficiency in high-end chip manufacturing.
Nvidia (NVDA) - Nvidia has not sold any H200 AI chips to China two months after President Trump allowed shipments, according to Commerce Department assistant secretary for export enforcement David Peters, Bloomberg reports.
Microsoft (MSFT) - Japan’s Fair Trade Commission conducted an on-site inspection of Microsoft’s Japan unit on 25th February on suspicion of violating the Antimonopoly Act by unfairly restricting customers of its Azure cloud service from using rival providers, Nikkei reports. Authorities are also investigating the US parent as they seek to clarify the situation.
Apple (AAPL) - Apple is preparing to introduce touch-screen Mac laptops later in 2026, with 14-inch and 16-inch MacBook Pro models gaining OLED displays and support for standard touch features such as scrolling and zooming. The devices will include a Dynamic Island at the top of the display and a refreshed macOS interface optimised for both touch and traditional keyboard and trackpad input.
SAP (SAP) - Cautious mention in Bloomberg, which writes that investors and partners are questioning the value of its AI products; some early users have reportedly expressed disappointment, raising concerns as the company looks to AI to drive growth and counter competition from LLMs.
HP Inc. (HPQ) - Shares fell in extended trading after it issued mixed guidance, with Q2 earnings expectations below estimates, and FCF seen at the low end of its range, overshadowing stronger-than-expected Q1 results. Q1 2026 (USD): EPS 0.81 (exp. 0.77), Revenue 14.44bln (exp. 13.93bln). Management cited strong Personal Systems growth, including momentum in AI PCs, and said execution remained solid despite industry headwinds and rising memory costs. Sees Q2 EPS between 0.70-0.76 (exp. 0.74). Backed its FY26 adj. EPS outlook between 2.90-3.20 (exp. 3.04), and expects FCF at 2.8-3.0bln; anticipates results toward the lower end of guidance range given a fluid operating environment and added costs from current US trade-related regulations and related mitigations, adding that US trade regulations and memory chip costs will weigh on annual results.
CoreWeave (CRWV), Meta Platforms (META) - CoreWeave is seeking an USD 8.5bln delayed-draw term loan from banks, backed by contracts under which Meta agreed to pay up to USD 14.2bln, and a separate deal worth more than USD 5bln. Pricing is discussed at 2.25ppts points over SOFR (around 6%), with closing expected in March.
Workday (WDAY) - Shares fell extended trading following a soft outlook. Q4 2025 (USD): Adj. EPS 2.47 (exp. 2.32), Revenue 2.53bln (exp. 2.52bln). Subscription revenue was USD 2.36bln, in line with expectations, as management cited longer sales cycles for some large enterprise and public sector deals amid macroeconomic uncertainty, while continuing to invest in its agentic AI roadmap. Sees Q1 revenue of 2.335bln (exp. 2.53bln) and an adj. operating margin of 30.5%. Sees FY27 subscription revenue at 9.925-9.950bln (exp. 9.54bln), representing growth of around 12-13%, and expects a adj. operating margin of approximately 30.0%.
First Solar (FSLR) Q4 2025 (USD): EPS 4.84 (exp. 5.17), Revenue 1.68bln (exp. 1.57bln). It announced a non-exclusive US patent licensing agreement with Oxford PV covering perovskite photovoltaic technologies, supporting potential thin film-perovskite product development. Sees FY26 revenue of 4.9-5.2bln (exp. 6.11bln), volume sold between 17.0-18.2GW, and capex at 0.8-1.0bln.
GoDaddy (GDDY) Q4 2025 (USD): EPS 1.80 (exp. 1.59), Revenue 1.27bln (exp. 1.27bln). Sees Q1 revenue at 1.25-1.27bln (exp. 1.28bln). Sees FY26 revenue of 5.195-5.275bln (exp. 5.28bln).
Tempus (TEM) Q4 2025 (USD): EPS -0.04 (exp. -0.05), Revenue 367mln (exp. 363mln); sees FY26 revenue of 1.59bln (exp. 1.58bln) and FY26 adj. EBITDA of ~65mln.
Oracle (ORCL) - Upgraded at Oppenheimer to 'Outperform' from 'Perform' with a USD 185 PT. The firm says that while its call may be early, since it will take time for Oracle to show financial success as a more capital-intensive business in future results, Oppenheimer sees a favourable risk/reward after the stock's multiples have been cut by more than half since September. The firm argues that Oracle is a strong EPS compounder and AI winner as sentiment shifts and amid mitigating risks.
IBM (IBM) - Upgraded at UBS to 'Neutral' from 'Sell' with an unchanged price target of USD 236. The firm says the stock's risk/reward is more balanced going forward following the 22% selloff in 2026. The competitive risk from AI to IBM's Z vertically integrated platform is now largely reflected in the shares. UBS does not expect IBM to see mainframe disintermediation over the next several years, given its "strong customer stickiness, customer data sovereignty and complex vertically integrated stack that provides quantum-safe encryption."
Enphase Energy (ENPH) - Upgraded at Jefferies to' Buy' from 'Hold' with a USD 57 PT (prev. 42). Following a 2026 volume trough, the firm sees demand and margin visibility to improve. The primary constraint that had kept the firm on the sidelines was uncertainty around the magnitude and sustainability of volume growth following what it expects to be a trough year in 2026, but its checks now point to growing confidence in the PPL offering, highlighted by a collaboration with Greentech, the largest US solar distributor.
Uber (UBER), Joby (JOBY) - Uber is partnering with Joby Aviation to launch Uber Air, allowing users to book Joby’s all-electric air taxis directly in the Uber app, including seamless trips with Uber Black transfers. Joby plans to begin passenger flights in Dubai later this year while continuing FAA certification for future US operations.
Oddity (ODD) Q4 2025 (USD): Adj. EPS 0.20 (exp. 0.14), Revenue 153mln (exp. 151mln); expects Q1 revenue to decline 30% Y/Y citing higher costs for customer acquisition and said they experienced a dislocation with its largest ad partner, driven by algorithm changes. They identified the root cause of the problem and expects acquisition costs to return to normal levels in Q3 and Q4. Hopes to see material improvement in H2 2026. Dislocation is causing increases in new user acquisition costs that are not correlated with market or our historical experience, the company said.
Taiwan AI Stocks - Global funds bought a net USD 2.77bln of Taiwan equities on Tuesday, the largest one-day inflow since December 2005, according to Bloomberg. The purchases marked a sixth consecutive day of foreign buying, indicating sustained overseas interest in Taiwanese stocks amid the AI-driven rally in chipmakers.
Pony AI - Pony AI reported record Robotaxi performance during the 2026 Chinese New Year holiday, with continuous operations across Guangzhou, Shenzhen, Beijing and Shanghai. In Shenzhen, YTD paid orders exceeded the FY25 total, with an average 26 paid orders per vehicle per day, which it said was driven by fleet expansion and higher utilisation.
OpenAI, Roblox (RBLX) - OpenAI appointed former Roblox executive Arvind KC as chief people officer, as it takes steps toward a public listing.

COMMUNICATIONS

Warner Bros. Discovery (WBD), Paramount Skydance (PSKY), Netflix (NFLX) - Warner board determined Paramount Skydance’s revised all-cash USD 31.00/shr offer (prev. offered USD 30/shr) could reasonably lead to a “Superior Proposal” to its existing USD 27.75/shr Netflix deal, and will hold further talks. Paramount’s bid includes a USD 7bln regulatory termination fee, payment of WBD’s USD 2.8bln Netflix break fee, elimination of USD 1.5bln financing costs, and a USD 0.25/quarter ticking fee after September 2026.
Meta Platforms (META) - Meta is testing the integration of stablecoin payments into its apps through its existing payments platform, according to Bloomberg. The limited trial will use existing stablecoins, though it is unclear which tokens are involved.
CoStar (CSGP) Q4 2025 (USD): Adj. EPS 0.31 (exp. 0.27), Revenue 900mln (exp. 889.6mln). Backed its FY26 revenue view of 3.78-3.82bln (exp. 3.81bln), and adj. EPS view of 1.22-1.33 (exp. 1.33).
Lumen Technologies (LUMN) - Targets FY28 margin expansion, free cash flow and enterprise revenue growth; selected to expand Anthropic's fibre network across North America.
AMC Entertainment (AMC) - Plans to continue closing underperforming theatres; CFO told investors it sees significant opportunity to reduce its footprint.

CONSUMER DISCRETIONARY

The TJX Companies (TJX) Q4 2026 (USD): Adj. EPS 1.43 (exp. 1.38), Revenue 17.74bln (exp. 17.38bln), comp sales +5% (exp. +3.67%); sees Q1 adj. EPS at 0.97-0.99 (exp. 1.03) and announced a USD 2.50-2.75bln share buyback for FY27. Sees Q1 EPS at 0.97-0.99 (exp. 1.02) and FY27 EPS at 4.93-5.02 (exp. 5.16). Intends to increase quarterly dividend by 13% to 0.48/shr.
Lowe's Companies (LOW) Q4 2025 (USD): Adj. EPS 1.98 (exp. 1.94), Revenue 20.6bln (exp. 20.35bln), SSS: +1.3% (exp. flat). Guidance: FY EPS 12.25-12.75 (exp. 12.90), next FY rev. view 92-94bln (exp. 93.31bln), FY26 SSS seen flat to +2%.
Lucid Group (LCID) - Shares fell in extended trading after it reported a wider than expected Q4 loss despite revenue growth beating estimates, underscoring ongoing profitability challenges, while its FY26 vehicle production view also missed expectations. Q4 2025 (USD): EPS -3.62 (exp. -2.67), Revenue 522.7mln (exp. 459.54mln). Delivered 5,345 vehicles in Q4, 15,841 vehicles in 2025. Cited progress in nearly doubling production, reducing unit costs and advancing its autonomy and robotaxi strategy despite a challenging macro backdrop. Sees FY26 production between 25k-27k vehicles (exp. 33k). Separately, the company filed a prospectus supplement to register for resale up to 69.1mln shares to satisfy contractual obligations related to prior private placements and prepaid forward transactions, with no new shares issued by Lucid.
Camping World Holdings (CWH) Q4 2025 (USD): Adj. EPS -0.73 (exp. 0.47), Revenue 1.2bln (exp. 1.16bln).
Cava (CAVA) Q4 2025 (USD): EPS 0.04 (exp. 0.03), Revenue 275mln (exp. 268mln).
Aston Martin (ARGGY) - Aston Martin forecast another year of free cash outflows, saying it expects to materially improve on the GBP 410mln outflow in 2025, but gave no timeline for turning positive. The automaker reported a GBP 493mln total loss last year, with US tariffs adding pressure to its turnaround.
DoorDash (DASH) - Will exit Qatar, Singapore, Japan and Uzbekistan, citing intense competition and thin margins in food delivery, BBG reports. The decision follows a review of local conditions and will include operational changes.
MercadoLibre (MELI) - Shares of MercadoLibre fell in extended trading after it reported Q4 profits below expectations. Q4 EPS 11.03 (exp. 11.44), Q4 revenue USD 8.76bln (exp. 8.46bln). Total Payment Volume +42.1% Y/Y to USD 83.7bln, Gross Merchandise Volume +36.8% Y/Y to USD 19.9bln.
Wynn Resorts (WYNN) - Wynn said hackers obtained certain employee data and that it is investigating with external cybersecurity experts. Said there has been no impact on guests or operations, and that properties remain fully operational.
Capri Holdings (CPRI) - Appointed Tyler Reddien as CFO and COO, effective 30th March. Reddien most recently served as CFO of The Body Shop and previously held senior roles at Natura and Hertz.

FINANCIALS

HSBC Holdings (HSBC) - FY25 pre-tax profit USD 29.91bln (exp. 28.86bln), FY25 revenue USD 68.27bln (exp. 67.36bln). Management said 2025 reflected decisive execution across all four businesses and set a target to deliver return on average tangible equity of 17%+ ex-notable items, between 2026-2028 (versus 13.3% in 2025).
Blue Owl (OWL) - Reportedly hosted a call with wealth advisors to address the recent fallout, WSJ sources report; One advisor cited said he came away from the call more confident in the Co's portfolio valuations, will recommend clients remain invested.
Nasdaq (NDAQ) - Raised medium‑term revenue outlook and outlines strategy for its next phase of scalable growth at 2026 investor day. Raised medium-term solutions revenue outlook to 9-12% growth and committed to actioning AI productivity programme with an expense efficiency target of USD 100mln by 2027. Nasdaq is maintaining its medium‑term expense guidance at 5-8% and is reaffirming its 2026 expense outlook. Maintained non-gaap operating expense growth of 5-8% and reiterated confidence to meet or exceed its USD 100mln cross-sell run-rate rev target by year-end 2027.
Circle Internet Group (CRCL) Q4 2025 (USD): EPS 0.43 (exp. 0.25), Revenue 770mln (exp. 745mln); sees FY26 other revenue of 150-170mln and reported USDC circulation grew 62% Y/Y to 75.3bln.
JPMorgan (JPM) - The bank filed for an USD 80bln mixed securities shelf.
PayPal (PYPL) - Stripe Inc. is considering an acquisition of all or parts of PayPal Holdings, according to sources cited by Bloomberg. The payments company has reportedly expressed preliminary interest in a potential deal for the digital payments firm or even certain assets. Talks remain at an early stage.

HEALTHCARE

GSK (GSK) - Will pay USD 950mln in cash to acquire biotech 35Pharma, centreing on 35Pharma’s experimental pulmonary hypertension drug HS235, strengthening GSK’s future respiratory pipeline.
Exelis (EXEL) - Sees FY26 adj. EPS between 2.14-2.19 (exp. 2.19), and FY26 revenue at 2.28-2.32bln (exp. 2.31bln). Said it closed 2025 with robust growth across business segments, a strong balance sheet and solid free cash flow. Authorised a new USD 500mln share repurchase programme.
Johnson & Johnson (JNJ) - Johnson & Johnson submitted a supplemental BLA to the FDA seeking approval of Imaavy as a treatment for warm autoimmune haemolytic anaemia. The rare disease has no approved treatments.
Alcon (ALC) Q4 2025 (USD): Core EPS 0.78 (exp. 0.79), Revenue 2.7bln (exp. 2.72bln). Sees FY26 net sales growth between 5-7% Y/Y, core EPS growth between 9-12% Y/Y, core operating margin expansion of 70-170bps Y/Y.
Sandoz (SDZNY) - FY25 revenue USD 11.09bln (exp. 11.1bln), with biosimilars +13% to USD 3.29bln, and generics +2% to USD 7.79bln; Core EBITDA was USD 2.41bln (exp. 2.36bln); sees 2026 revenue growth in the mid-to-high single-digits, and proposed a USD 0.80 dividend.
RBC on Pharma - RBC initiated Eli Lilly (LLY) shares with an ‘Outperform’ rating and a USD 1,250 price target, citing expectations that its obesity franchise will dominate through 2030. The firm said consensus materially undervalues upcoming catalysts, while noting some investor nervousness over elevated expectations and positioning risks as the company nears a USD 1tln market capitalisation. RBC initiated Pfizer (PFE) with an ‘Underperform’ rating and a USD 25 price target. RBC cited an “insurmountable” USD 15-20bln revenue cliff through 2030, and limited near-term pipeline visibility to offset losses. While a 6% dividend yield offers some downside support, RBC said it does not counter structural headwinds or a lack of 2026 catalysts. RBC initiated AbbVie (ABBV) with an ‘Outperform’ rating and a USD 260 price target. Said shares have underperformed due to concerns that its “beat-and-raise” story has ended and competition may pressure immunology growth. RBC said AbbVie remains early in indication expansion and expects continued share outperformance. RBC initiated Bristol Myers (BMY) with a ‘Sector Perform’ rating and a USD 60 price target. The firm notes large-cap pharma’s most significant Phase 3 path, and said the recent re-rating reflects macro factors, valuation and H2 2026 catalyst positioning rather than derisked fundamentals, with risk/reward appearing balanced at current levels. RBC initiated Merck (MRK) with an ‘Outperform’ rating and a USD 142 price target. Expects investor enthusiasm to continue, driven by near-term launches and Phase 3 readouts supporting estimate upgrades. Sees Keytruda’s late-2028 loss of exclusivity as de-risking and anticipates a return to growth in the early 2030s.

ENERGY

OPEC+ - Some OPEC+ delegates expect the group will agree to resume modest production increases this Sunday regarding April policy, Bloomberg reports. The group hasn’t yet settled on a course of action ahead of its Sunday meeting, three sources said. Escalating risks of conflict between the US and Iran are also clouding the outlook. Other reports suggest that OPEC+ will consider a 137kbpd oil output increase.
Energy Inventories - API data reportedly showed headline crude stocks posting a larger than expected build of +11.4mln bbls (exp. +1.5mln), Cushing +1.8mln bbls, distillate inventories saw a larger than expected draw of -2.8mln bbls (exp. -1.6mln), as did gasoline stocks at -1.5mln bbls (exp. -0.6mln). The more widely followed DoE weekly inventory report will be published later today.
Cuba - The Trump administration plans to reassure energy companies that they can continue selling oil and fuel to private Cuban businesses, BBG reports.
Asia LNG Demand - Australia is shipping LNG to East Canada as Asian demand weakens, Bloomberg reports. East Canada is set to receive its first Australian cargo on the Maran Gas Hector on Thursday, according to ship-tracking data compiled by Kpler, which dates back to 2008.
EOG Resources (EOG) Q4 2025 (USD): Adj. EPS 2.27 (exp. 2.20), Revenue 5.64bln (exp. 5.38bln). Sees FY26 total expenditures of 6.3-6.7bln, excluding property acquisitions and certain non-cash items, with a plan to hold Q4 2025 oil production flat through 2026.
Talos Energy (TALO) Q4 2025 (USD): Adj. EPS -0.44 (exp. -0.34), Revenue 392mln (exp. 429mln).

MATERIALS

Lithium - Zimbabwe suspended all raw mineral and lithium exports immediately.
Nippon Steel (NPSCY) - Nippon Steel shares fell in Tokyo after the company said it plans to raise JPY 600bln through an upsized convertible bond sale to help repay bridge loans used for its acquisition of US Steel; the planned issuance totals almost USD 4bln.
Newmont (NEM) - Plans to invest ~USD 800mln in Argentina’s Cerro Negro mine to restart and expand the Cerro Negro Expansion 1 project, Reuters reports. The investment is intended to extend the mine’s operational life beyond 2035.
Mosaic (MOS) - Shares of Mosaic fell in extended trading after it reported a Q4 earnings miss, despite revenue topping expectations. Q4 2025 (USD): Adj. EPS 0.22 (exp. 0.47), Revenue 3bln (exp. 2.94bln). Said deferred demand and higher raw material costs weighed on results, with demand expected to recover into the planting season. Sees FY26 capex of USD 1.5bln, and an adj. effective tax rate in the low-to-mid 30% range.

CONSUMER DEFENSIVE

Diageo (DEO) - Diageo cut FY guidance for a second time, and now sees a 2-3% decline in organic net sales, as demand weakens in the US and China. The company also said it will reduce its dividend. The CEO said they are not looking to sell the Guinness or Moet-Hennessy stake and noted that surveys suggest the impact of GPS-1s on Spirits is really rather small.
Boston Beer (SAM) - Shares fell in extended US trading despite posting a narrower than expected Q4 loss and a revenue beat, with sales declining Y/Y amid weaker shipment volumes and challenging market conditions. Q4 2025 (USD): EPS -2.12 (exp. -2.51), Revenue 409mln (exp. 381.8mln). Execs said it maintained market share in a challenging environment, while continuing to invest in core brands. Sees FY26 EPS, including tariffs, between 8.50-11.00 (exp. 10.70), noting results remain highly sensitive to changes in volume projections, supply chain performance, inflationary pressures and tariff policy.
Interparfums (IPAR) Q4 2025 (USD): EPS 0.88 (exp. 0.79), Revenue 386mln (exp. 372.23mln). cited resilience across its prestige fragrance portfolio, favourable FX dynamics, and successful launches, despite macroeconomic headwinds and US tariffs. Backed its FY26 revenue view of 1.48bln (exp. 1.51bln), and EPS view of 4.85 (exp. 4.90), noting it will monitor global developments early in the year before potentially revisiting guidance.

INDUSTRIALS

Axon Enterprise (AXON) Q4 2025 (USD): EPS 0.03 (exp. -0.02), Revenue 797mln (exp. 755mln); sees FY26 revenue growth of 27-30% (exp. 3.44bln) and targets 2028 revenue of 6bln.
US military - US must overhaul military readiness and tech metrics, Axios reports citing General Catalyst Institute.
Leonardo (FINMY) - Beat its 2025 guidance as defence orders increased. 2025 revenue was +9.8% to EUR 19.50bln, exceeding its forecast of around EUR 18.6bln.

REAL ESTATE

Realty Income (O) Q4 2025 (USD): AFFO/shr 1.08 (exp. 1.08), Revenue 1.49bln (exp. 1.39bln). Management highlighted USD 2.4bln of Q4 investment volume and an active 2026 pipeline underpinning initial investment volume guidance of approximately USD 8.0bln, alongside healthy portfolio occupancy and tenant credit. Sees FY26 AFFO/shr at 4.38-4.42 (exp. 4.43), with real estate depreciation per share of 2.68, same-store rent growth between 1.0-1.3% and occupancy of 98.5%.
Fannie Mae, Freddie Mac - FHFA Director Pulte says Fannie Mae and Freddie Mac IPO this year is very likely, with a combined worth of USD 500-700bln.

CONSUMER STAPLES

Kroger (KR) - Downgraded at Wells Fargo to 'Equal Weight' from 'Overweight' with a USD 68 PT (prev. 70). The firm is turning more cautious and moving to the sidelines. While Wells sees opportunity under new leadership, it also expects investment against an already challenged grocery backdrop in 2026. The firm sees near-term earnings risk with muted core growth at best.