Daily US Equity Opening News - INTC slides on Q1 guidance miss; AMZN, ADSK plans job cuts; DIS to announce new CEO in early 2026

TODAY’S AGENDA:

US INDEX FUTURES: ES -0.1%, NQ -0.2%, YM -0.4%, RUT -0.3%
DAY AHEAD: US University of Michigan prelim sentiment data for January are expected to show gains for sentiment, conditions and expectations, while 1yr inflation outlook is seen unchanged at 4.2%, and the longer-term gauge is seen rising to 3.4% from 3.2%. In energy, Baker Hughes will publish its weekly rig count data. In geopolitics, following Russian President Putin's talks with US envoys Witkoff and Kushner on a peace plan for Ukraine, further negotiations are expected today; ahead of the talks, a Kremlin aide said disagreements over territorial demands remain unresolved, limiting prospects for any long-term settlement.
BROKER MOVES: FTNT upgraded at TD Cowen; SCCO downgraded at JPM. For the full list, click here.
MAJOR MORNING MOVES RECAP: NVDA, INTC, CSX, ISRG, SPOT, SLB, AMZN, DIS, CI, COF. For the full list, click here.

NEWS:

TECH

NVIDIA (NVDA) - China informed biggest tech firms that they can prep orders for NVIDIA's H200 chips, according to Bloomberg, citing sources. Companies are now allowed to discuss things such as the number of chips they would require. The source also suggests China will encourage firms to purchase a specific number of domestic chips.
Data Centres - The US government urged grid operators to secure backup power from facilities including data centres as a record winter storm threatens blackouts. Energy Secretary Wright said about 35 gigawatts of unused capacity could be made available to support the power system if needed.
Intel (INTC) - Intel shares fell over 12% in extended trading after it issued softer-than-expected Q1 guidance, citing supply constraints and production efficiency challenges despite a quarterly earnings beat. Q4 2025 (USD): Adj. EPS 0.15 (exp. 0.08), Revenue 13.67bln (exp. 13.39bln). Management said it exceeded Q4 expectations across revenue, gross margin and EPS despite industry-wide supply shortages, where it missed a lot of opportunities, and couldn’t get enough supply to meet orders; CFO expects available supply to be at its lowest level in Q1 before improving in Q2 and beyond, noting healthy demand fundamentals as AI adoption reinforces the x86 ecosystem. CEO reiterated growing conviction in CPUs’ role in the AI era, cited the introduction of first products on Intel 18A as a milestone, and said priorities are execution, engineering excellence and capitalising on AI. Sees Q1 adj. EPS of 0.00 (exp. 0.05), and Q1 revenue at 11.7–12.7bln (exp. 12.55bln).
Apple (AAPL) - Apple expanded hardware chief John Ternus’s responsibilities to include managing design teams, reinforcing his position as a leading internal successor to CEO Tim Cook. Cook, who has led Apple since 2011 and turned 65 in November, made the move quietly at the end of last year. Reports stated that Cook is not expected to step down as CEO imminently, however. Elsewhere, Apple accused the European Commission of using political delay tactics to stall new app policy changes as a pretext for investigations and fines.
NVIDIA (NVDA) - Corvex secured a long-term GPU lease agreement to deploy a dedicated cluster of NVIDIA H200 GPUs for an AI-driven battery technology provider. The deployment supports core AI research and development, offering secure, managed on-premises infrastructure with high performance, scalability, compliance controls and lower-cost hyperscaler-class operations.
Autodesk (ADSK) - Plans to cut about 1,000 jobs, roughly 7% of its workforce, mainly in sales, as part of a sales and marketing reorganisation. The company expects pretax restructuring charges of USD 135-160mln, plus USD 90-110mln in Q4.
SanDisk (SNDK) - Short interest in SanDisk has risen to 7.5% of float vs around 4% in early November, lifting short-squeeze risk to an “extreme” level, according to S3 Partners said. Mark-to-market losses on short positions have reached about USD 3bln.
Jabil (JBL) - Appointed Steve Raymund as chairman of its board and named Thomas T. Edman and Raejeanne Skillern as new directors. Raymund has been a Jabil director since 1996 and previously served as lead director.
Fortinet (FTNT) - Upgraded at TD Cowen to 'Buy' from 'Hold'. The firm said its channel checks on Fortinet suggest stability throughout fiscal 2026. The firm sees upside to Q4 billings and revenue estimates and believes its fiscal 2026 billings estimate of 11.6% will be revised higher. AI is "not eating security software but rather augmenting it".
Ericsson (ERIC) - Raised its 2025 dividend to SEK 3 (from SEK 2.85) and said it will propose a USD 1.7bln share buyback, citing strong free cash flow, a solid cash position, cost cutting and proceeds from selling its US-based Iconectiv business.

CONSUMER DISCRETIONARY

US Home Down Payments - President Trump distanced himself from an administration proposal to let savers use 401(k) funds for home down payments, saying he preferred keeping retirement savings intact. The idea had been part of efforts to address housing affordability concerns, but was downplayed.
Amazon (AMZN) - Plans a second round of corporate job cuts next week, targeting roughly 30,000 roles in total, sources told Reuters. Cuts are expected across AWS, retail, Prime Video and HR. CEO Jassy said the reductions reflect company culture, not financial or AI reasons.
Wendy’s (WEN) - Said its board is making progress on a comprehensive CEO selection process, evaluating internal and external candidates with support from an executive search firm. The chairman said the process is progressing well, while the board works closely with interim CEO Ken Cook.
Ford (F) - Ford’s chief government affairs officer Christopher Smith is expected to leave the automaker within weeks, according to Bloomberg citing sources. Smith has led Ford’s global government relations since 2022, with his departure coming amid rapid US policy shifts under the Trump administration.
Tesla (TSLA) - Tesla lost the largest share of new-car sales in California last year, with registrations falling to 9.9% from 11.6% in 2024, according to Experian data.
Li Auto (LI) - Short interest in Li Auto’s Hong Kong-listed shares rose to a record 9.6% of free float, up from about 1% a year earlier, as competition in China’s premium SUV market intensifies, Bloomberg reports. The company has been the most shorted Chinese automaker since September.
Lululemon (LULU) - Resumed online sales of its “Get Low” leggings after complaints they were see-through, adding disclaimers advising US and Canadian shoppers to size up and wear skin-tone, seamless underwear. Sales were briefly halted last week following criticism that the leggings were sheer and not squat-proof.

INDUSTRIALS

CSX (CSX) Q4 2025 (USD): Adj. EPS 0.42 (exp. 0.41), Revenue 3.51bln (exp. 3.54bln). Results reflected a subdued industrial demand environment, with the company taking actions to adjust its cost structure. The CEO said it retains a strong operational foundation, and is positioned to deliver improved financial performance in 2026 by focusing on productivity, cost control and capital discipline while continuing to provide safe and reliable service.
Honeywell (HON) - Announced leadership appointments for Honeywell Aerospace, naming Josh Jepsen as CFO and Bob Buddecke, Dave Marinick and Rich DeGraff as business unit leaders, reporting to CEO Jim Currier, ahead of its planned spin-off in H2 2026.
Deere & Co. (DE) - Said CFO Joshua Jepsen will resign effective 19th February, a decision unrelated to any financial or accounting issues. Ryan Campbell was appointed acting CFO. Campbell has served as president since May 2022 and was CFO from March 2019 to May 2022.
J.B. Hunt (JBHT), Triumph (TFIN) - Triumph announced that J.B. Hunt Transport Services has joined the Triumph Network, strengthening Triumph’s role as a provider of secure, scalable payment solutions. The collaboration expands the network’s reach and supports its aim to deliver tools that improve efficiency and trust across the freight industry.
Alaska Air (ALK) Q4 2025 (USD): EPS 0.43 (exp. 0.11), Revenue 3.63bln (exp. 3.64bln). Management pointed to improving demand trends, with bookings turning positive Y/Y in early January, and managed corporate revenues +20% Y/Y for Q1, alongside momentum from the Alaska–Hawaiian integration and Alaska Accelerate initiatives. Sees Q1 EPS of -1.50 to -0.50 (exp. -0.70), with unit revenues expected to be solidly positive, and EPS approximately flat Y/Y. For the FY26, sees EPS between 3.50-6.50 (exp. 5.52), capacity growth of +2%–3%, and capex at 1.4-1.5bln, reflecting a wide range of potential macroeconomic outcomes.
FedEx (FDX) - Said that it planned to cut up to 500 jobs and invest as much as EUR 78mln as part of a major overhaul to its domestic operations in France; would reduce its station footprint from 103 to 86 stations, simplify its network and eliminate overlapping infrastructure.

COMMUNICATIONS

Disney (DIS) - Expects to announce the appointment of its next CEO in early 2026, according to a filing. Chairman James Gorman said management succession planning remains a top board priority, with directors conducting an ongoing evaluation of potential successors aligned with the company’s long-term strategy.
Alphabet (GOOG) - A US federal judge expressed strong scepticism about Google’s proposed antitrust settlement with Epic Games over app store practices, questioning whether it unfairly benefits the two companies at the market’s expense, Bloomberg reports. The judge said parts of the undisclosed deal appeared troubling during a court hearing.
Meta (META) - UK's Ofcom opened an investigation into Meta Platforms following concerns regarding compliance with statutory requests for information.
TikTok - TikTok and its parent ByteDance confirmed that it had closed a deal transferring parts of TikTok’s US operations to American investors, avoiding a US ban. A new US entity is led by Oracle (ORCL), Silver Lake and MGX, with Shou Chew on the board and Adam Presser as CEO.
Spotify (SPOT) - Goldman Sachs upgraded Spotify to 'Buy' from 'Neutral', but cut its PT to USD 700 (prev. 735), citing improved risk/reward after a selloff ahead of its Q4 report. The firm highlighted premium price increases, new tiers, user growth and faster advertising revenue growth from 2026.

FINANCIALS

JPMorgan (JPM) - President Trump filed a USD 5bln lawsuit against JPMorgan Chase and CEO Jamie Dimon, alleging illegal account closures for political reasons after the 6th January 2021 Capitol riot, BC reports. JPMorgan said the claims lack merit, citing regulatory and legal risk as the basis for its actions. Separately, JPM raised Dimon’s pay to USD 43mln for 2025, a +10.3% increase vs 2024; the package includes a USD 1.5mln base salary and USD 41.5mln in performance-based incentive compensation, according to a filing.
Capital One Financial (COF) - Agreed to acquire fintech Brex for USD 5.15bln in cash and stock, gaining access to technology used by thousands of companies for corporate credit cards, expenses and rewards, WSJ reports. Brex also oversees nearly USD 13bln in deposits at partner banks and money-market funds. The consideration is split approximately 50% cash and 50% stock. Q4 2025 (USD): Adj. EPS 3.86 (exp. 4.14), Revenue 15.6bln (exp. 15.47bln). Management cited solid top-line growth and strong, stable credit performance, with the CEO highlighting the benefits of long-term strategic investment and confidence in future growth opportunities.
SLM (SLM) Q4 2025 (USD): EPS 1.12 (exp. 0.94), NII 377mln (exp. 382.7mln).
Citi (C) - To reportedly lay off around 1,000 workers in March after bonus season, Reuters reports, citing sources.

HEALTHCARE

Intuitive Surgical (ISRG) Q4 2025 (USD): Adj. EPS 2.53 (exp. 2.27), Revenue 2.87bln (exp. 2.76bln). Worldwide procedures +18% Y/Y, with da Vinci procedures +17% and Ion procedures +44%, and 532 da Vinci systems placed (vs 493 Y/Y). Management cited clearance for additional indications in Q4, including nipple-sparing mastectomy and several general surgery procedures. Sees FY26 worldwide da Vinci procedure growth of 13-15%, gross profit margin 67-68% of revenue (including an estimated tariff impact of around 1.2% of revenue +/- 10bps), operating expense growth 11-15%, and non-cash stock compensation expense of 0.89–0.92bln. Intuitive said primary FY26 growth drivers are US general surgery and international procedures outside urology, with capex expected to return to more normalised levels.
Cigna (CI) - Said its plan to end drug rebates will cut earnings by USD 500–600mln, CEO said at a congressional hearing on health-care affordability. The move, announced in October with client concessions, marked the first quantified impact and previously triggered the stock’s sharpest drop since 2008, Bloomberg said.
Sanofi (SNY) - Said its amlitelimab drug showed promising results in two late-phase studies for treating moderate to severe eczema in patients aged 12+. The treatment was well tolerated with a safety profile consistent with earlier data, and Sanofi plans to proceed with global regulatory submissions.
Abbott Healthcare (ABT) - Under regulatory scrutiny in India amid an investigation into cough syrup abuse.

MATERIALS

Alcoa (AA) Q4 2025 (USD): EPS 1.26 (exp. 1.01), Revenue 3.45bln (exp. 3.27bln). Alumina production +1% Q/Q to 2.48mln MT on higher Australian refinery output; aluminium production +4% Q/Q to 604k tonnes on progress restarting San Ciprian; alumina third-party shipments +5% Q/Q, aluminium shipments +9% Q/Q. The CEO said 2025 saw delivery against operational, strategic and capital allocation objectives with multiple production records and continued momentum. Sees FY26 alumina production between 9.7-9.9mln tonnes, shipments between 11.8-12.0mln tonnes, aluminium production between 2.4-2.6mln tonnes, shipments 2.6-2.8mln tonnes. Q1 Alumina segment adj. EBITDA is expected to see sequential -30mln impacts, and Q1 Aluminium segment adj. EBITDA sequential -70mln impacts.
Southern Copper (SCCO) - Downgraded at JPMorgan to 'Underweight' from 'Neutral' with a USD 117.50 PT (prev. 119.50). For investors seeking exposure to metals in Latin America, JPMorgan highlights Vale as its top pick and sees Antofagasta as an interesting opportunity. The firm sees growing signs of near-term vulnerability for copper prices, saying the move higher has been driven more by technical factors and investor positioning than by fundamental strength.

ENERGY

SLB (SLB) Q4 2025 (USD): Adj. EPS 0.78 (exp. 0.74), Revenue 9.75bln (exp. 9.55bln).
Venezuela Crude - Venezuela’s interim government unveiled a bill to loosen state control of the oil industry to attract investors and lift output, analysts cited by the WSJ said. The reform may help firms already operating, including Chevron (CVX), but falls short of President Trump’s push for USD 100bln in investment after the 3rd January ouster of Nicolas Maduro, and his goal of USD 50/bbl oil prices.
Energy Loans - The Trump administration said it will cancel ~30bln of Energy Department financing approved under former President Biden, and revise a further USD 53bln of funding. The decision follows a review of transactions by the department’s Loan Programs Office.
Valero (VLO) - Raised quarterly dividend to USD 1.20/shr (prev. 1.13).

CONSUMER STAPLES

Booz Allen Hamilton (BAH) Q3 2026 (USD): Adj. EPS 1.77 (exp. 1.27), Revenue 2.6bln (exp. 2.73bln); raised FY26 adj. EPS view to 5.95-6.15 (exp. 5.57, prev. 5.45-5.65); narrowed FY26 revenue view to 11.3-11.4bln (exp. 11.35bln, prev. 11.3-11.5bln). Lowered FY26 FCF view to 825-900mln (prev. 850-900mln).
Clorox (CLX) - Agreed to acquire GOJO Industries for USD 2.25bln in cash, including USD 330mln in anticipated tax benefits, implying a net purchase price of USD 1.92bln. The deal adds the Purell brand. Deal is expected to close before the end of Clorox’s FY26. Clorox also reaffirmed its FY26 outlook, and said it sees the GOJO acquisition as accretive to adj. EPS in year two.

UTILITIES

WEC Energy (WEC) - Scott Lauber will become Chairman following its annual meeting, subject to election, while Gale Klappa will retire from the board and be named Chairman Emeritus. Klappa previously served as CEO and non-executive chairman.

MACRO

US Fiscal - The Republican-controlled House passed 2026 funding bills reversing several Trump administration spending cuts, including for medical research, refugee aid and the Education Department. The Senate is expected to approve the package before the 30th January shutdown deadline, and the White House said Trump plans to sign it.
Japan Election - Japanese PM Takaichi dissolved the lower house to call a snap election for 8th February, seeking to strengthen her narrow majority. The campaign period will be the shortest on record at 16 days, raising concerns about voter turnout during winter conditions.
BoJ - The BoJ kept its policy rate at 0.75%, and raised growth forecasts for FY25 and FY26, while maintaining hawkish inflation views. It lifted its FY26 core inflation outlook to 1.9% (from 1.8%), signalling confidence that further rate hikes may be justified. The decision was expected by economists and reflects caution after last month’s increase and ahead of a snap election. The JPY remained under pressure after the BoJ announcement.
Japan Stocks - The dividend yield on Japanese stocks fell below the 10yr government bond yield for the first time in at least two decades following a selloff in Japanese sovereign debt. The Topix dividend yield is about 2.28% vs a 2.34% compound bond yield, Bloomberg notes.
China Growth - China is expected to set a 2026 GDP growth target range of 4.50-5.00%, signalling tolerance for modest deceleration from last year’s 5% growth, sources told SCMP. The move reflects emphasis on economic rebalancing and policy flexibility, with the target due to be unveiled in early March, the Chinese outlet reported.
PBoC - China’s PBoC injected a record net CNY 1tln of medium- to long-term liquidity into banks in January, reinforcing its dovish stance. The central bank used longer-dated tools, including reverse repos and a 1yr lending facility, to support markets with ample liquidity.
China Stocks - China’s securities regulator is considering tighter rules for mainland companies listing in Hong Kong after concerns over deal quality from an offshore fundraising surge, Bloomberg reports. The China Securities Regulatory Commission is weighing higher regulatory and compliance thresholds for H-share listings and greater scrutiny for dual-listed Chinese companies.
RBNZ - RBNZ Governor Breman defended backing Fed Chair Powell after criticism from the country’s Foreign Minister. Breman said the decision reflected support for central bank independence, stressing the Reserve Bank’s autonomy rather than involvement in US politics. Elsewhere, Breman declined to counter market expectations for a rate hike this year, marking a shift from recent comments; she said policy decisions would be based on a holistic assessment of incoming data. Overnight, data showed inflation rose above the RBNZ’s 1-3% target band in Q4 as the economic recovery lifted price pressures; CPI increased 3.1% Y/Y (vs 3.0% in Q3), with quarterly inflation of 0.6% topping expectations.

GEOPOLITICS

NATO - President Trump suggested invoking NATO’s Article 5 to deploy allied troops to the US-Mexico border, framing it as a way to deter illegal immigration and free US border agents. The remarks, made in a social media post, were seen as provocative rhetoric toward European allies, Bloomberg said.
Board of Peace - President Trump said his new Board of Peace was withdrawing Canada’s invitation to join, following criticism from PM Carney at the World Economic Forum. Trump announced the move in a social media post while travelling back to the US.
Russia - Russian President Putin held four hours of talks with US envoys Steve Witkoff and Jared Kushner on a peace plan for Ukraine, with further negotiations due to start Friday. A Kremlin aide said disagreements over territorial demands remain unresolved, limiting prospects for any long-term settlement.

TRADE

US-EU - EU lawmakers plan to vote on ratifying the bloc’s trade deal with the US after President Trump withdrew a tariff threat linked to opposition over Greenland. European Parliament President Metsola said the reversal cleared the way for a vote, the final step for the accord to take effect.
US-China - The Trump administration removed two officials from a Commerce Department office focused on countering Chinese technological threats, according to the WSJ citing sources; the departures from the Bureau of Industry and Security have raised concerns among some US officials about a softer stance toward China amid ongoing trade talks.