Daily US Equity Opening News - MSFT falls on slowing cloud growth; META and TSLA top expectations; SAP cloud revenue disappoints

TODAY'S AGENDA:

US INDEX FUTURES: ES +0.2%, NQ +0.1%, YM +0.1%, RUT +0.4%
DAY AHEAD: US Factory orders for November are due. In supply, the US Treasury will auction USD 44bln of 7yr notes. Notable US corporates reporting today include: WDC, V, KLAC, SNDK, AJG, AAPL. At 16:30PM EST, US President Trump is expected to make an announcement.
BROKER MOVES: HCC upgraded at UBS; FSLR downgraded at BMO. For the full list, click here.
MAJOR MORNING MOVES RECAP: MSFT, META, TSLA, MA, LMT, IBM, SAP, NOW, LUV, DOW, MO, RCL, IP, WHR, JOBY, HCC . For the full list, click here.
US DAILY CONFERENCE CALENDAR: NDAQ. For the full list, click here.

NEWS

TECH

Microsoft (MSFT) - Shares fell in extended trading, where traders focused on slowing cloud growth and lighter than expected operating margin guidance despite earnings and revenue beating forecasts. Q2 2026 (USD): EPS 4.14 (exp. 3.85), boosted by a 7.6bln net gain from OpenAI investments (equivalent to +1.02/shr); Revenue 81.3bln (exp. 80.28bln). Q2 cloud revenue +26% Y/Y to 51.5bln, Q2 Intelligent Cloud +29% to 32.9bln, Q2 Azure and other cloud services growth +39% Y/Y (down from 40% in Q1); Productivity and Business Processes +16% at 34.1bln; More Personal Computing -3% at 14.3bln. Q2 commercial RPO +110% Y/Y to 625bln. Exec said customer demand continues to exceed supply, it is in the “early innings” of AI diffusion, and paid Microsoft 365 Copilot seats reached 15mln, with daily Copilot users tripling Y/Y. For Q3, sees revenue at 80.65-81.75bln (exp. 81.25bln), Intelligent Cloud sales at 34.1-34.4bln, Productivity and Business Processes sales at 34.25-34.55bln (exp. 33.78bln), More Personal Computing 12.3-12.8bln (exp. 13.6bln), sees Q3 Azure growth between 37–38% (exp. 37.1%), and sees Q3 operating margin at 45.1% (exp. 45.5%). CapEx is seen down sequentially, and currency effects will support sales growth by around 3%; FY26 operating margins are seen up slightly. Morgan Stanley removed MSFT as "Top Pick", noting investor focus has narrowed more tightly towards areas seen as the key indicators of GenAI fitness, namely Azure growth and M365 Commercial Cloud, and Azure growth at 38% cc only exceeded company guidance by 1 percentage point, disappointing investors expecting a beat in the 2%-3% range.
Samsung Electronics (005930 KS) - Reported record Q4 results, as AI-driven memory demand lifted earnings, with operating profit exceeding KRW 20tln and revenue reaching about KRW 93.8tln. The memory business drove growth despite rising costs, while smartphone profits fell. Q4 net profit +153.3% Y/Y to KRW 19.64tln (exp. 18.6tln), Q4 revenue +23.8% Y/Y to KRW 93.8tln; operating profit KRW 20.1tln (vs 6.49tln Y/Y), with Device Solutions sales +33% Q/Q as Memory delivered record quarterly revenue and operating profit on stronger HBM and high-value-added product demand, while Device eXperience revenue −8% Q/Q amid softer smartphone launches and competition. R&D spend KRW 10.9tln in Q4, and a record KRW 37.7tln for the FY. Announced a KRW 3.57tln share buyback and plans to dispose of KRW 1.1tln worth of treasury shares. Management said the AI boom is expected to continue into Q1, supporting structural growth in servers and memory, with HBM4 deliveries starting this quarter. Smartphones face soft demand, but profitability is targeted via flagship launches and cost optimisation. For Q1 exec commentary points to semiconductor earnings recovery on new products, continued AI-driven memory strength, cautious smartphone demand, and growth focus in displays and consumer electronics.
NVIDIA (NVDA), Microsoft (MSFT), Amazon (AMZN), SoftBank (SFTBY) - NVIDIA, Microsoft and Amazon are in talks to invest up to USD 60bln in OpenAI, The Information reports. FT said OpenAI is in talks to raise about USD 40bln from NVIDIA, Amazon and Microsoft as part of a USD 100bln funding round valuing the group at USD 750bln. NVIDIA may invest USD 20bln, Amazon USD 10bln+, Microsoft several billions, with SoftBank discussing an additional USD 30bln.
NVIDIA (NVDA) - Helped China's DeepSeek hone AI models that were later used by the Chinese military, Reuters reports, citing a letter the chairman of a US House of Representatives committee. Meanwhile, CEO Huang said he hopes China will allow the H200 to be sold, while he believes China is still deciding, and the company has not yet received purchase orders for the H200. His remarks follow a Reuters report on Wednesday which stated China had approved ByteDance, Alibaba (BABA) and Tencent (TCEHY) to buy over 400k H200 chips, with conditional licences, while other firms queue for approval.
SAP SE (SAP) - SAP forecast cloud revenue growth as customers accelerate their switch away from legacy technology ahead of a servicing deadline. Q4 2025 (EUR): Adj. operating profit 2.83bln (exp. 2.75bln), Revenue 9.68bln (exp. 9.7bln), Cloud revenue 5.6bln (exp. 5.64bln) with exec noting resilient enterprise demand; total cloud backlog +30% Y/Y to 77.3bln, and FY cloud revenue +26% to 21.0bln. SAP announced a new two-year share buyback of up to EUR 10bln. The CEO said SAP Business AI is becoming a key growth driver, featuring in around two-thirds of Q4 cloud order entry. Sees FY26 cloud revenue growth +23-25% to EUR 25.8–26.2bln, cloud and software revenue between EUR 36.3-36.8bln, operating profit growth of +14-18% to EUR 11.9–12.3bln, FCF of around EUR 10bln; it noted current cloud backlog growth is expected to decelerate slightly in 2026 before overall revenue growth accelerates through 2027.
IBM (IBM) - IBM shares rose in afterhours trading following a Q4 beat and it issued a slightly a better-than-expected outlook, supported by strong software and infrastructure performance and a newly approved dividend. Q4 2025 (USD): Adj. EPS 4.52 (exp. 4.29), Revenue 19.7bln (exp. 19.21bln); Software delivered double-digit growth, Infrastructure also posted double-digit growth driven by adoption of the next-generation mainframe, while the generative AI book of business exceeded 12.5bln. CEO said IBM enters 2026 with momentum and confidence; Q1 guidance includes constant currency revenue growth similar to FY26, and an operating tax rate in the mid-teens; FY26 revenue growth seen at more than 5% (revenue exp. 70.15bln), with software revenue growth accelerating to 10%, FCF up about USD 1bln Y/Y, around USD 1bln of incremental productivity savings; Confluent is expected to be accretive to EBITDA in its first full year post-close, and to FCF in year two.
STMicroelectronics NV (STM) - STMicroelectronics, a chip supplier to Tesla (TSLA) and Apple (AAPL), forecast Q1 revenue above estimates after consumer electronics demand showed signs of recovery late last year; expects USD 3.04bln (exp. 2.92bln). Q4 revenue EUR 3.33bln (exp. 3.28bln), Q4 gross margin 35.2% (exp. 35.1%), with strength in Personal Electronics and modest upside in CECP and Industrial offsetting weaker-than-expected Automotive, while Q4 revenues returned to Y/Y growth. The CEO said results came in above the mid-point of the outlook on a better product mix and highlighted improving Y/Y momentum. Sees Q1 revenue at USD 3.04bln (exp. 2.94bln) and better-than-average seasonality, with gross margin seen at 33.7% (exp. 33.3%); management added that Y/Y growth is expected to accelerate from Q4. For 2026, STMicro plans net capex between USD 2.0-2.2bln.
ServiceNow (NOW) - ServiceNow shares dropped in extended trading as a better-than-expected quarterly sales outlook was outweighed by persistent investor concern that AI could disrupt its core software business, Bloomberg said. Q4 2025 (USD): Adj. EPS 0.92 (exp. 0.87), Revenue 3.57bln (exp. 3.53bln); Subscription revenue 3.47bln. Management cited accelerated net new business, growth in licensed users, workflows and transactions, and a continued Rule of 55+ profile; CEO said the company “significantly beat Q4 expectations” and is building an AI control tower for enterprise operations. Q1 subscription revenue guidance USD 3.65-3.655bln; FY26 subscription revenue guidance USD 15.53-15.57bln.
Lam Research (LRCX) Q4 2025 (USD): Adj. EPS 1.27 (exp. 1.17), Revenue 5.34bln (exp. 5.24bln); highlighted strength across its product and services portfolio supporting transitions to more complex 3D devices and advanced packaging, with AI-driven demand accelerating customer investment. The CEO said it delivered a strong quarter to cap a record year and is increasing execution velocity to support customers’ growth and target multi-year outperformance. Sees Q1 adj. EPS between 1.25-1.45 (exp. 1.20) and Q1 revenue at 5.4-6.0bln (exp. 5.33bln).
Fair Isaac Corp (FICO) Q1 2026 (USD): EPS 7.33 (exp. 7.08), Revenue 512mln (exp. 502mln); backed FY26 EPS view of 38.17 (exp. 40.70) and FY26 reveune view of 2.35bln (exp. 2.44bln).
Calix (CALX) Q4 2025 (USD): EPS 0.39 (exp. 0.38), Revenue 272.4mln (exp. 267.36mln); sees Q1 EPS at 0.34-0.40 (exp. 0.38) and Q1 revenue at 275-28mln (exp. 272mln).
First Solar (FSLR) - Downgraded at BMO Capital to 'Market Perform' from 'Outperform' with a USD 263 PT (prev. 285). The firm "initially dismissed as aspirational" Tesla (TSLA) CEO Elon Musk's remarks last week about potentially building a significant vertically integrated solar photovoltaic modules manufacturing base to self-generate. However, Musk's remarks during Tesla's earnings call suggest "this is likely to become a bona fide effort" in the next few quarters. BMO believes Tesla's efforts could be an overhang on First Solar shares "for some time" and weigh on investor sentiment.
Nokia (NOK) Q4 2025 (EUR): EPS 0.16 (exp. 0.17), Revenue 6.13bln (prev. 6.12bln), adj. operating profit 1.06bln (exp. 1.06bln); sees strong demand in network infrastructure.
Sony Group (SONY) - Sony Music Group and Singapore’s GIC are forming a joint venture to acquire music catalogues, planning to invest USD 2-3bln. Sony will manage and license the copyrights, while GIC will provide capital and investment expertise, the companies said.

COMMUNICATIONS

Meta Platforms (META) - Shares rose in extended trading after it beat expectations, and issued stronger-than-expected sales guidance, citing robust advertising demand continuing into the new year. Q4 2025 (USD): Adj. EPS 8.88 (exp. 8.22), Revenue 59.89bln (exp. 58.46bln). Q4 family daily active people averaged 3.58bln in December (+7% Y/Y), with over 3.5bln using at least one app daily, including over 2bln DAUs each on Facebook and WhatsApp; Q2 ad pricing was +18% Y/Y overall, with Reels watch time +30% Y/Y; Reality Labs losses expected to be similar in 2026 to 2025, viewed as the peak, while AR glasses sales more than tripled last year. The CEO said 2026 should be the year AI “dramatically changes the way people work” and highlighted progress toward personal superintelligence. Q1 2026 revenue seen at 53.5-56.5bln (exp. 51.4bln), assuming an FX tailwind of around 4%; FY26 revenue growth expected to be below Q1 levels, as FX benefits fade, tougher comps emerge, and less-personalised ads roll out in the EU. FY26 expenses guided at USD 162-169bln, capex USD 115-135bln, tax rate 13-16%, with operating income still expected to exceed 2025.
Comcast (CMCSA) Q4 2025 (USD): Adj. EPS 0.84 (exp. 0.73), Revenue 32.3bln (exp. 32.34bln), Adj. net income 3.06bln (exp. 2.23bln), FCF 4.37bln; Domestic broadband customers -181k (exp. -168k).
Bumble (BMBL), Match Group (MTCH) - A wave of cyberattacks hit Bumble, Panera Bread, Match Group and CrunchBase, as experts warned of renewed social engineering threats targeting US companies, Bloomberg reports. Bumble said it contacted law enforcement after a contractor’s account was compromised in a recent phishing incident.

FINANCIALS

Mastercard (MA) Q4 2025 (USD): Adj. EPS 4.76 (exp. 4.24), Revenue 8.8bln (exp. 8.78bln). Cross-border volume growth of 14% on a local currency basis; gross dollar volume growth of 7% on a local currency basis. Sees Q1 adj net revenue growth in the low teens and FY adj net revenue growth at the high end of low double digits. Said the overall macroeconomic environment is supportive, and we continue to see healthy consumer and business spending.
Blackstone Inc. (BX) Q4 2025 (USD): Distributable EPS 1.75 (exp. 1.53), Revenue 4.36bln (exp. 3.68bln); AUM 1.275tln (exp. 1.273tln).
Nasdaq Inc. (NDAQ) Q4 2025 (USD): EPS 0.96 (exp. 0.92), Revenue 1.39bln (exp. 1.37bln).
Raymond James Financial (RJF) Q1 2026 (USD): EPS 2.86 (exp. 2.83), Revenue 3.74bln (exp. 3.78bln).
Ameriprise Financial (AMP) Q4 2025 (USD): EPS 10.83 (exp. 10.31), Revenue 4.96bln (exp. 4.74bln).
Robinhood Markets (HOOD) - Seeking a key role in SpaceX’s planned IPO, competing with Wall Street banks to secure shares for retail investors, Bloomberg reports. The broker would likely use its IPO access platform to sell stock at the IPO price before public trading.
Marsh & McLennan Companies (MRSH) Q4 2025 (USD): EPS 2.12 (exp. 1.98), Revenue 6.6bln (exp. 6.56bln).
Deutsche Bank (DB) - Deutsche saw a profitable year, boosted by higher trading income, and announced a new share buyback. Q4 2025 (EUR): Net income 1.3bln (prev. 1.6bln Y/Y), Revenue 7.73bln (exp. 7.64bln); FY25 revenue 32.1bln (exp. 31.9bln); announced a EUR 1bln share buyback. Fixed-income and currencies revenue rose 6% Y/Y to 2bln (exp. 1.94bln).
ING Groep NV (ING) - ING reported quarterly profit above estimates and raised its 2027 profit guidance, saying it expects a return on tangible equity of more than 15%. It reported Q4 pretax profit of EUR 2.1bln (prev. 2.56bln Y/Y), revenue of EUR 5.80bln (prev. 5.41bln Y/Y), NII EUR 3.82bln (prev. 3.68bln Y/Y); sees FY26 total income around EUR 24bln.
Carlyle Group (CG) - Russia’s Lukoil PJSC agreed to sell most of its international assets to Carlyle Group, excluding holdings in Kazakhstan, Bloomberg reports. The transaction is subject to regulatory approvals, and Lukoil said it is continuing talks with other potential buyers. Terms were not disclosed.
Crypto - Banking and cryptocurrency lobbyists and executives plan to meet at the White House on Monday to discuss disputed digital-asset legislation, Bloomberg reports. The talks follow Coinbase CEO Armstrong’s public withdrawal of support for a key draft bill intended to reshape the US crypto market structure.

CONSUMER DISCRETIONARY

Tesla (TSLA) - Shares are firmer in extended trading after it beat Q4 EPS estimates, and announced its planned Optimus robot production before end-2026; investors looked through revenues falling for the first time amid boycotts linked to Elon Musk’s political ties, tougher competition from Chinese rivals and the removal of electric vehicle subsidies, which together weighed on sales and profits. Q4 2025 (USD): Adj. EPS 0.50 (exp. 0.45), Revenue 24.9bln (exp. 24.76bln). Active FSD subscriptions +38% Y/Y to 1.1mln, global vehicle inventory rose to 15 days (+25%), while the company said Cybercab, Tesla Semi and Megapack 3 remain on schedule for 2026 volume production; Optimus Gen 3 is due to be unveiled in Q1 with mass-production design and initial production before end-2026. Management said it is focused on an “autonomous future”, expects FSD in dozens of major cities by year-end, and has begun paid driverless rides without safety monitors in Austin; Model S and X are to be wound down next quarter. Tesla announced a USD 2bln investment in xAI Series E preferred shares, expected to close in Q1. Sees FY26 capex exceeding USD 20bln (vs USD 8.5bln in FY25), with 2026 described as a very large investment year focused on batteries, energy, AI chips and capacity expansion; no layoffs are planned, and headcount will rise at Fremont. During the FY, Tesla recognised USD 430mln of revenues and USD 285mln of cost of revenues from xAI for the purchase of its Megapack products.
Royal Caribbean Group (RCL) Q4 2025 (USD): Adj. EPS 2.80 (exp. 2.79), Revenue 4.26bln (exp. 4.26bln); sees Q1 adj. EPS at 3.18-3.28 (exp. 2.93) and FY adj. EPS at 17.70-18.10 (exp. 17.65). "Looking ahead, demand remains strong".
Toyota Motor (TM) - Retained its position as the world’s biggest carmaker for a sixth year, widening its lead over Volkswagen (VWAGY). Global sales in 2025 rose 4.6% to 11.3mln vehicles, while production climbed 5.7%; Volkswagen’s sales fell 0.5%
Levi Strauss (LEVI) Q4 2025 (USD): Adj. EPS 0.41 (exp. 0.39), Revenue 1.8bln (exp. 1.71bln); sees FY26 adj. EPS at 1.40-1.46 (exp. 1.48).
PulteGroup (PHM) Q4 2025: EPS 2.56 (exp. 2.78), Revenue 4.50bln (exp. 4.33bln); net new orders totaled 6,428 homes with value of 3.5bln.
Whirlpool (WHR) Q4 2025 (USD): Adj. EPS 1.10 (exp. 1.52), Revenue 4.1bln (exp. 4.27bln); sees FY26 adj. EPS at about 7.00 (exp. 7.21) and FY26 revenue at 15.3-15.6bln (exp. 15.59bln).
Tractor Supply (TSCO) Q4 2025 (USD): EPS 0.43 (exp. 0.46), Revenue 3.9bln (exp. 3.99bln); sees FY26 EPS at 2.13-2.33 (exp. 2.31).
International Paper (IP) Q4 2025 (USD): Continuing operations adj. EPS -0.08 (exp. 0.25), Revenue 6.01bln (exp. 5.89bln). International Paper plans to split into two publicly traded companies, separating its North American operations from its EMEA packaging business. The EMEA unit will be spun off to shareholders, with IP retaining a meaningful stake, and is expected to list in both London and New York. The separation is targeted to complete within 12–15 months, subject to approvals.
Nissan Motor (NSANY) - December global sales fell 6.7% Y/Y to 272.8k units.
Hyundai Motor (HYMPY) - Q4 operating profit missed estimates as US tariffs and a pullback in EV adoption weighed on performance. Profit fell about 40% Y/Y to USD 1.2bln.
UK Car Production - UK 2025 car production fell to the lowest since 1956 after a cyberattack shut Jaguar Land Rover and US tariffs hurt automakers. Output dropped 8% to 717,371 vehicles, according to the Society of Motor Manufacturers and Traders.
Remy Cointreau (REMYY) - Q3 sales returned to growth, rising 2.8% organically to EUR 245.8mln, topping expectations, driven by improved US demand; Cognac sales rose 3.2% to EUR 150.2mln; Remy backed FY guidance despite weakness in China.
Swiss Watch Exports - Swiss watch exports returned to growth after four months as brands rushed shipments to the US following tariff easing, Bloomberg reports. Exports rose 3.3% in December to CHF 2.1bln; FY exports totalled CHF 25.6bln, down 1.7% from 2024.
Prada SpA (PRDSY) - Cut ties with 222 suppliers since 2020 after auditing labour practices, following more than 850 inspections across Italy, FT reports. The company found breaches, including unsafe conditions and unauthorised subcontracting.
Las Vegas Sands (LVS) Q4 2025 (USD): Adj. EPS 0.85 (exp. 0.77), Revenue 3.649bln (exp. 3.34bln); performance was driven by continued recovery and growth momentum across its integrated resort portfolio, with management highlighting benefits from ongoing capital investment programmes. The CEO said the group remains enthusiastic about growth opportunities in Singapore and Macao as these investments come through.

MATERIALS

Dow (DOW) Q4 2025 (USD): Adj. EPS -0.34 (exp. -0.46), Revenue 9.46bln (exp. 9.46bln). sees Q1 revenue at 9.4bln (exp. 10.3bln) and initial FY26 capex at USD 2.5bln. Volume decreased 2% Y/Y, led by declines in Packaging & Specialty Plastics, driven by lower merchant olefins sales in Europe, the Middle East, Africa and India (EMEAI) following the idling of a cracker in the region earlier in the year. Sequentially, volume decreased 2%, led by normal seasonality across building & construction. Local price was down 8% Y/Y and down 3% sequentially. Dow also launched Transform to Outperform to raise the competitive industry benchmark for productivity and growth to enable improved returns, targeting at least USD 2bln near-term Op. EBITDA improvement; to cut around 4,500 jobs. Actions aim to radically simplify the Company's operating model, streamline its processes, reset its cost structure and modernise how it serves customers. Benefits will be accretive to 2025 earnings levels and Dow's previously announced USD 1bln cost savings program. The Company anticipates ~USD 1.1-1.5bln in one-time costs associated with Transform to Outperform, including ~USD 600-800mln in severance for ~4,500 Dow roles and ~USD 500-700mln in other one-time costs.
Sherwin-Williams Company (SHW) Q4 2025 (USD): Adj. EPS 2.23 (exp. 2.16), Revenue 5.60bln (exp. 5.57bln), sees FY26 adj. EPS of 11.50-11.90 (exp. 12.39); sees 2026 adj. EPS at 11.50-11.90 (exp. 12.38) and sees 2026 revenue up in low to mid-single digits from 23.53bln in 2025 (exp. 24.64bln). Sees Q1 revenue up in mid-single digits from 5.31bln from a year ago (exp. 5.58bln).
Warrior Met Coal (HCC) - Upgraded at UBS to 'Buy' from 'Neutral' with a USD 108 PT (prev. 100). The firm believes met coal prices will stay higher in the near term as weather disruptions pressure an "already tight" physical premium coking coal market. UBS says the company can post double-digit returns as Blue Creek ramps up. It sees further share upside considering a second longwall and higher coal prices that the market is not yet pricing in.
India Gold - The World Gold Council said that India’s gold imports are expected to fall as record prices curb jewellery demand. Bullion imports dropped 11% Y/Y to 710.9 tons in 2025, and may decline to between 600-700 tons in 2026, after global jewellery consumption hit a 5yr low.
US Aluminium - The US Midwest aluminium premium topped USD 1/pound for the first time as President Trump’s tariffs raised domestic costs, Bloomberg reports. The premium reached USD 1.005/pound, after climbing steadily since a 50% import tariff pushed it above USD 0.64 in early June.
BHP Group (BHP) - BHP Group risks up to USD 2bln in losses after China restricted its Jimblebar iron ore, Goldman Sachs said. Analysts estimate about USD 1bln/yr from wider discounts on fines, plus another USD 1bln from lump product discounts.
First Quantum Minerals (FM) - Seeking a buyer for its copper and zinc mine in Turkey to strengthen its balance sheet, according to Bloomberg. The company began a sales process this month for the Cayeli mine, valued at around USD 400mln.

INDUSTRIALS

Caterpillar (CAT) Q4 2025 (USD): Adj. EPS 5.16 (exp. 4.70), Revenue 19.1bln (exp. 17.85bln). Guidance: Guides sales towards the top end of its +5-7% CAGR target range; Q1 sales seen stronger Y/Y; Sees FY26 capex at 3.5bln; Caterpillar Q4 Machines Retail Statistics: Asia/Pacific -12% (prev. -16%), EAME -7% (prev. +19%), Latin America +15% (prev. +8%), North America +15% (prev. +9%), World +6% (prev. +6%).
Honeywell International (HON) Q4 2025 (USD): Adj. EPS 2.59 (exp. 2.53), Revenue 9.76bln (exp. 9.98bln). Guidance: FY EPS 10.35-10.65 (exp. 10.42), FY revenue 38.8-39.8bln (exp. 39.64bln).
Lockheed Martin (LMT) Q4 2025 (USD): EPS 5.80 (exp. 5.75), Revenue 20.3bln (exp. 19.86bln); sees FY26 EPS at 29.35-30.25 (exp. 29.41) and FY26 revenue at 77.5-80.0bln (exp. 77.85bln).
Norfolk Southern (NSC) Q4 2025 (USD): Adj. EPS 3.22 (exp. 2.76), Revenue 3.0bln (exp. 3.0bln).
Southwest Airlines (LUV) - Shares rose in extended trading after the airline beat analyst expectations, signalling progress in its turnaround after a challenging year. Q4 2025 (USD): Adj. EPS 0.58 (exp. 0.57), Revenue 7.4bln (exp. 7.51bln); sees Q1 adj. EPS >=0.45 (exp. 0.32) and FY26 adj. EPS >=4.00 (exp. 3.22).
L3Harris Technologies (LHX) Q4 2025 (USD): Adj. EPS 2.86 (exp. 2.76), Revenue 5.65bln (exp. 5.77bln); sees FY26 EPS at 11.30-11.50 (exp. 12.39) and FY26 revenue at 23-23.5bln (exp. 23.34bln).
Trane Technologies (TT) Q4 2025 (USD): EPS 2.86 (exp. 2.82), Revenue 5.14bln (exp. 5.09bln); expects FY26 GAAP and adjusted continuing EPS for full-year 2026 of 14.65-14.85 (exp. 14.78).
Parker-Hannifin Corporation (PH) Q2 2026 (USD): Adj. EPS 7.65 (exp. 7.16), Revenue 5.2bln (exp. 5.07bln); FY EPS view 30.40-31 (exp. 30.35).
C.H. Robinson (CHRW) Q4 2025 (USD): EPS 1.23 (exp. 1.13), Revenue 3.91bln (exp. 3.98bln).
United Rentals (URI) Q4 2025 (USD): Adj. EPS 11.09 (exp. 11.80), Revenue 4.21bln (exp. 4.24bln); sees FY26 revenue at 16.8-17.3bln (exp. 17.08bln); authorised a new USD 5bln share repurchase programme; raised quarterly dividend by 10% to 1.97/shr.
Waste Management (WM) Q4 2025 (USD): Adj. EPS 1.93 (exp. 1.95), Revenue 6.31bln (exp. 6.39bln); sees 2026 revenue at 26.43-26.63bln (exp. 26.64bln).
Dover (DOV) Q4 2025 (USD): Adj. EPS 2.51 (exp. 2.49), Revenue 2.1bln (exp. 2.09bln); sees FY26 adj. EPS 10.45-10.65 (exp. 10.63).
A.O. Smith (AOS) Q4 2025 (USD): Adj. EPS 0.90 (exp. 0.84), Revenue 915mln (exp. 928mln); sees FY26 EPS at 3.85-4.15 (exp. 4.03) and FY26 revenue at 3.9-4.02bln (exp. 4.01bln).
Deluxe Corp (DLX) Q4 2025 (USD): Adj. EPS 0.96 (exp. 0.83), Revenue 535mln (exp. 517mln); sees FY26 adj. EPS at 3.90-4.30 (exp. 3.69) and FY26 revenue at 2.11-2.175bln (exp. 2.13bln).
ABB Ltd (ABBNY) Q4 2025 (USD): Basic EPS 0.70 (exp. 0.66), Revenue 9.1bln (exp. 8.8bln); demand supported by data-centre investment driving power-grid products and improving profitability; announced a USD 2bln share buyback. Expects higher profitability in 2026 on the back of strong data-centre-related demand and operational leverage. FY26 comparable revenue growth seen up to +9%, and a slight improvement in the operational EBITA margin.
Joby Aviation (JOBY) - Shares fell in extended trading after it announced that it is raising USD 1bln through a sale of shares and convertible senior notes due 2032. Secondary offering priced between USD 11.35-11.75. The funding will support plans to double production capacity by 2027.

HEALTHCARE

Roche (RHHBY) - Said profit growth will again outpace sales this year, with EPS ex-items seen rising by a high single-digits, and sales growing in the mid-single-digits, despite weaker-than-expected results for its Vabysmo eye drug. FY25 core EPS 19.46 (exp. 19.66), revenue CHF 61.5bln (exp. 61.5bln), core operating profit CHF 21.8bln (exp. 21.8bln); Pharmaceuticals Division sales +9% Y/Y, led by Phesgo, Xolair, Ocrevus, Hemlibra and Vabysmo, while Diagnostics sales +2% Y/Y as pathology and molecular demand offset China pricing reforms; US sales +8% on uptake of key biologics, Europe +5% despite biosimilar pressure on Actemra/RoActemra and Perjeta conversion to Phesgo, Asia-Pacific -12% due to China reforms. The board proposed a dividend increase to CHF 9.80/shr. Management said portfolio momentum remains strong across core franchises and expects continued disciplined capital allocation.
AstraZeneca (AZN) - Said it will invest USD 15bn in China through 2030 to expand manufacturing and R&D, strengthening its capabilities in advanced therapies such as cell therapy and radioconjugates.
Eli Lilly (LLY) - Partnering with Repertoire Immune Medicines in a deal worth up to USD 1.93bln to develop therapies for multiple autoimmune diseases. Repertoire will receive USD 85mln upfront, up to USD 1.84bn in milestones, and tiered royalties on sales.
Thermo Fisher Scientific (TMO) Q4 2025 (USD): Adj. EPS 6.57 (exp. 6.45), Revenue 12.2bln (exp. 11.95bln).
Sanofi (SNY) - Posted higher-than-expected quarterly profit, helped by sales of Dupixent, and plans a EUR 1bln share buyback. Q4 adj. EPS was EUR 1.53 (exp. 1.45). It forecasts high single-digit sales growth in 2026, with profit rising slightly faster.
InMode (INMD) - Steel Partners offered to buy a 51% stake in InMode for USD 18/shr, according to a statement.

CONSUMER STAPLES

Altria Group (MO) Q4 2025 (USD): Adj. EPS 1.30 (exp. 1.32), Net revenue 5.08bln (exp. 5.02bln). Expects 2026 adj. diluted EPS growth to be weighted to H2. Sees FY26 adj. EPS at 5.56-5.72 (exp. 5.59).

ENERGY

Valero Energy (VLO) Q4 2025 (USD): Adj. EPS 3.82 (exp. 3.27), Revenue 30.4bln (exp. 28.79bln).

MACRO

FOMC recap - The FOMC kept rates unchanged at 3.50–3.75% in a 10–2 vote (Waller and Miran both called for a 25bps reduction; Miran had previously voted for a 50bps cut in December), signalling data dependence. Statement language was upgraded on growth and labour market stability, and little changed on inflation. Chair Powell said policy is appropriate, near neutral, and future decisions will be made meeting by meeting, offering little by way of guidance on the future path for rates. Powell avoided questions around his plans after his term ends in May, as well as on the Governor Cook legal case, which Powell said may be the Fed's most important legal case in history.
Government Shutdown - Talks between senior Senate Democrats and the Trump administration to avert a government shutdown have moved closer to Democrats’ demands, according to Bloomberg. No agreement has been reached, and without a deal, funding will lapse on Saturday for much of the federal government. US Senate Majority Leader John Thune said a government shutdown could be avoided by the end of the week after Senate Minority Leader Chuck Schumer outlined Democrats’ demands related to ICE, CNN reports.
China Growth - More than a dozen Chinese provinces cut economic growth targets for 2026, signalling a likely reduction in the national goal for the first time in four years, Bloomberg said. Most regions, including Guangdong and Zhejiang, lowered GDP targets by 0.5ppt or adopted lower ranges.
China Investment - China tightened its Mutual Recognition of Funds scheme, limiting where global managers can allocate money for mainland clients, Bloomberg reports. The decade-old USD 86bln programme allows cross-border fund investment with Hong Kong. The changes, aimed at protecting retail investors, apply only to new funds after demand surged.
China Property - Chinese property stocks surged after a local media report said regulators no longer require developers to submit key debt-control metrics. Bloomberg said that Chinese developers had stopped regularly reporting “three red lines” leverage metrics as early as 2023 after officials eased the rules; at least three halted submissions around 2023, with others suspending reporting from early last year.
Japan Elections - A Nikkei poll showed Japan’s Liberal Democratic Party, led by PM Takaichi, is likely to increase seats and win a lower house majority in the 8th February election; the LDP is seen exceeding 233 seats from 198, as it seeks a mandate for expansionary fiscal policy.

TRADE

US-China - China said it is willing to work with the US to uphold leaders’ consensus, use the China-US economic and trade consultation mechanism, manage differences and advance cooperation, Commerce Ministry spokesperson He Yongqian said, responding to remarks by USTR Greer on possible new trade talks.

GEOPOLITICS

Iran - CNN reported US President Trump is considering a large-scale strike on Iran after stalled nuclear talks, though no decision is final. US and EU demands were rejected by Tehran, which warned any military action would trigger war, while Iran said it remains open to a fair nuclear deal. Elsewhere, the EU is set to impose sanctions on Iran over its crackdown on protests, including listing the Revolutionary Guard as a terrorist organisation; EU foreign ministers meeting in Brussels will vote on the measures.
Denmark - US, Danish and Greenlandic officials held talks on Wednesday to discuss a new framework deal on Greenland, aiming to address President Trump’s push for greater US presence without ceding the territory. Denmark said discussions focused on Arctic security while respecting the Kingdom’s red lines.
Venezuela - Venezuela’s interim leader faces pressure over plans for the oil industry as she tries to balance the interests of foreign investors, the Trump administration and domestic socialist supporters, Bloomberg reports; the report adds that the proposals have failed to satisfy any of the three audiences.