Daily US Equity Opening News - NET surges after beat-and-raise; LYFT slides after mixed results; HOOD lower after revenue miss

TODAY’S AGENDA:

US INDEX FUTURES: ES +0.5%, NQ +0.7%, YM +0.4%, RUT +0.9%
DAY AHEAD: The BoC’s latest meeting minutes will be published in the afternoon. On Tuesday, API data reportedly showed headline crude stocks posting a larger than expected build of +13.4mln bbls (exp. +0.8mln), Cushing stocks built by +1.4mln, distillates saw a larger than expected draw of -2.0mln bbls (exp. -1.3mln), while gasoline stocks posted a surprise build of +3.3mln bbls (exp. -0.4mln). The more widely followed weekly DoE inventory report will be published later today. Speakers due today include: ECB’s Schnabel; stateside, Fed’s Bowman (voter, dove; no text is expected, but there will be a Q&A), Fed’s Hammack (voter, hawk; no text is expected, but there will be a Q&A), Fed’s Schmid (2028 voter, hawk; text and Q&A are expected). In supply, the US Treasury will auction USD 42bln of 10yr notes. Notable US corporates reporting today include: Cisco (CSCO), AppLovin (APP), Equinix (EQIX), Albemarle (ALB), and Motorola (MSI).
BROKER MOVES: BETA upgraded at Jefferies; MAT downgraded at Citi and JPMorgan. For the full list, click here.
MAJOR MORNING MOVES RECAP: Mag-7, NET, VRT, SHOP, GFS, F, GILD, NTES, HOOD, HUM, KHC, LYFT, U. For the full list, click here.
US DAILY CONFERENCE CALENDAR: C, APO, MU, ALF, BK, AMP, BAC, GS, MS. For the full list, click here.

NEWS:

MACRO

China/France - China is reportedly considering probing wine from France; could consider launching anti-dumping duty to French wine, and potentially take counter measures against the EU if it adopt duties.

INDEX

MSCI ACWI Index - MSCI said 63 securities will be added to and 61 securities will be deleted from the MSCI ACWI Index as part of its MSCI Global Standard Indexes review. Bloomberg noted that Chinese shares recorded their largest net additions to MSCI’s key gauges in nearly three years, after it increased Chinese companies in its Global Standard Indexes by 21 following a review; the index provider added 37 Chinese firms and removed 16, marking the biggest inclusion since May 2023.

TECH

Apple (AAPL) - US President Donald Trump posted a New York Post article on Truth Social alleging that Apple News promotes left-leaning media outlets while excluding conservative sites.
Cloudflare (NET) - Shares rose in extended trading after it reported Q4 earnings and revenue ahead of Wall Street expectations, and issued a 2026 revenue outlook above forecasts. Q4 2025 (USD): Adj. EPS 0.28 (exp. 0.27), Revenue 614.5mln (exp. 591.4mln). Highlighted closing its largest annual contract value deal to date at an average of USD 42.5mln per year, with total new ACV growth of nearly 50% Y/Y, the fastest since 2021. Management said demand is being driven by the shift towards AI and agents, describing it as a fundamental re-platforming of the internet benefiting Cloudflare. Sees Q1 EPS at 0.23 (exp. 0.25), and sees Q1 revenue of 620-621mln (exp. 614.2mln). Sees FY26 EPS between 1.11-1.12 (exp. 1.18), and FY26 revenue of 2.785-2.795bln (exp. 2.74bln).
Semiconductor Manufacturing International Corp. (981 HK) - China’s largest state-owned semiconductor foundry SMIC warned that accelerated spending on AI chips is pulling forward years of demand, risking underused data centre capacity. Co-CEO said companies are building up to 10yrs of capacity within one or two years without fully considering how the facilities will be used.
Samsung Electronics (5930 KS) - Samsung expects strong memory chip demand this year and into 2027, driven by AI, CTO of the chip division said, adding that customer feedback on its next-generation HBM4 high-bandwidth memory chip has been “very satisfactory.”
Lyft (LYFT) - Lyft shares fell in extended trading after mixed Q4 results, as active riders and rides missed Wall Street’s expectations despite higher revenue and profit supported by the release of a valuation allowance. Q4 2025 (USD): Adj. EBITDAS 154.1mln (exp. 1750mln), Revenue 1.59bln (exp. 1.75bln). Rides +14% Y/Y to 945.5mln, while Active Riders +18% Y/Y to 29.2mln, with annual riders reaching a record 51.3mln in 2025, both missing expectations; the company noted driver hours have risen for 12 consecutive quarters and nearly doubled since early 2023, with ETAs down materially. Authorised a new USD 1bln share repurchase programme following its inaugural 2025 buyback. Management reiterated 2027 targets. Sees Q1 gross bookings of 4.86-5.00bln (exp. 4.89bln), with gross bookings expected to grow faster than rides.
Palantir Technologies (PLTR), Airbus (EADSY) - Palantir and Airbus extended their collaboration via a multi-year agreement where Airbus will continue using Palantir’s Skywise civil aviation data platform, which supports aircraft and equipment design, production efficiency, safety and sustainability across Airbus’s industrial operations.
Globalfoundries (GFS) Q1 2026 (USD): Adj. EPS 0.55 (exp. 0.47), Revenue 1.83bln (exp. 1.8bln); sees Q2 EPS of 0.30-0.40 (exp. 0.35) and Q2 revenue of 1.6-1.65bln (exp. 1.61bln).
Palo Alto Networks (PANW) - Announced the completion of its acquisition of CyberArk (CYBR); deal valued at USD 45/shr.
Teradata (TDC) Q4 2025 (USD): Non-GAAP EPS 0.74 (exp. 0.56), Revenue 421mln (exp. 399.75mln); sees FY26 non-GAAP EPS 2.55-2.65 (exp. 2.55) and sees Q1 non-GAAP EPS of 0.75-0.79 (exp. 0.68).
Shopify (SHOP) Q4 2025 (USD): Revenue 3.67bln (exp. 3.59bln); to buyback shares for USD 2bln.
xAI - Jimmy Ba has become the sixth co-founder to leave Elon Musk’s xAI since its 2023 launch, following Tony Wu’s departure from the 12-person founding team, FT reports. More than half a dozen researchers have also exited amid tensions over technical demands and restructuring. Musk plans to combine xAI with SpaceX in a USD 1.5tln deal and take the group public as early as June.
Unity Software (U) Q4 2025 (USD): Adj. EPS 0.24 (exp. -0.21), Revenue 503mln (exp. 492.82mln); sees Q1 revenue of 480-490mln (exp. 492mln).
Pegasystems (PEGA) Q4 2025 (USD): Adj. EPS 0.76 (exp. 0.73), Revenue 504.3mln (exp. 493.6mln); sees FY26 adj. EPS at 2.75 (exp. 2.22) and FY26 revenue of 2bln (exp. 1.85bln).
Lattice Semiconductor (LSCC) Q4 2025 (USD): EPS 0.32 (exp. 0.32), Revenue 145.8mln (exp. 143.2mln); sees Q1 EPS at 0.34-0.38 (exp. 0.33) and Q1 revenue of 158-172mln (exp. 148.2mln).
Kingsoft (KC) - Upgraded at Goldman Sachs to 'Buy' from 'Neutral' with a USD 15.60 PT. The firm views the company as a key beneficiary of Xiaomi's stepped-up AI investments to support its ambition of becoming a leading LLM force, anticipating Kingsoft Cloud to renew its related party transaction agreement with Xiaomi before mid-year.
MNTN (MNTN) Q4 2025 (USD): EPS 0.43 (exp. 0.27), Revenue 87.1mln (exp. 86.2mln).
Rapid7 (RPD) Q4 2025 (USD): Non-GAAP EPS 0.44 (exp. 0.42), Revenue 217mln (exp. 215mln); sees Q1 non-GAAP EPS at 0.29-0.32 (exp. 0.47), Q1 revenue of 207-209mln (exp. 213mln), FY26 non-GAAP EPS of 1.50-1.60, and FY26 revenue of 835-843mln (exp. 870mln).
Kodiak AI (KDK) - US Marine Corps awarded Kodiak AI contract to help develop autonomous military ground vehicles. The company will integrate its Kodiak Driver autonomous system into the Marines’ ROGUE-Fires ground vehicle platform, supporting distributed maritime and expeditionary operations, particularly in the Indo-Pacific.

COMMUNICATIONS

T-Mobile US Inc. (TMUS) Q4 2025 (USD): EPS 1.88 (exp. 2.03), Revenue 24.3bln (exp. 24.17bln). Key metrics: Post-paid net customers +2.38mln (exp. +1.92mln), Post-paid phone ARPU 50.71 (exp. 50.77), adj. EBITDA 8.45bln (exp. 8.42bln), Total customers 142.39mln (exp. 141.67mln), capex 2.47bln (exp. 2.52bln), Postpaid phone net customers +962,000 (exp. +991,709). Guidance: FY adj. FCF 18-18.7bln (exp. 18.90bln), FY core adj. EBITDA 37-37.5bln (exp. 37.3bln). Additionally, T-Mobile unveiled a real-time agentic AI platform built directly into a Wireless network. Starting with Live translation, eligible members can translate phone calls in 50 + languages in real-time on any phone. Live translation Beta begins this Spring, with registration now open for T-mobile postpaid members; Duolingo (DUOL) shares dropped in premarket following the TMUS AI platform reveal.
Warner Bros. Discovery (WBD), Netflix (NFLX), Paramount Skydance (PSKY) - Activist investor Ancora Holdings has built a roughly USD 200mln stake in WBD, and plans to oppose its agreement to sell its movie and television studios and HBO Max streaming service to Netflix, WSJ reports. Ancora believes Warner did not adequately engage with Paramount Skydance after it made a rival all-cash offer of USD 30/shr for the entire business.
NetEase (NTES) Q4 2025 (USD): Adj. EPS 1.58 (exp. 2.03), Revenue 3.90bln (exp. 4.10bln). Revenue rose +3.0% Y/Y, with Games and related value-added services +3.4% Y/Y to 3.1bln, Youdao +16.8% Y/Y to 223.7mln, NetEase Cloud Music +4.7% Y/Y to 281.5mln, and Innovative businesses and others -10.4% Y/Y to 292.8mln. Total operating expenses rose +10.9% Y/Y to 1.3bln. Management highlighted comprehensive AI integration across the game development cycle to enhance scalable production and AI-native gameplay, sustained engagement across core franchises, and strong global traction for titles such as Sword of Justice and Where Winds Meet, which surpassed 80mln cumulative players. Blizzard titles in China delivered record annual revenue, reinforcing the group’s long-term market commitment.
Zillow Group (ZG) Q4 2025 (USD): Adj. EPS 0.39 (exp. 0.41), Revenue 654mln (exp. 650.51mln). FY revenue +16% to 2.6bln, vs 3% growth in the broader residential real estate market. Rentals revenue +45% Y/Y to 168mln, including multifamily revenue +63%, For Sale revenue +11% to 475mln, Mortgages revenue +39% to 57mln, supported by +67% increase in purchase loan origination volume. Average monthly unique users increased +8% to 221mln, visits +2% to 2.1bln.
Warner Bros Discovery (WBD) - Activist investor Ancora Holdings has built a ~USD 200mln stake in WBD and plans to oppose Warner's deal to sell itself to Netflix (NFLX), WSJ reports.
Meta (META) - Instagram head Adam Mosseri is set to testify in Los Angeles in a trial alleging the app’s design fuels youth “social media addiction” and harms mental health, Reuters reports. The case, involving a 20-year-old plaintiff who claims she became addicted at a young age, could shape how Meta and other platforms respond to hundreds of similar US lawsuits. Mark Zuckerberg is also expected to testify.

FINANCIALS

Robinhood (HOOD) - Robinhood shares fell in extended trading after reporting Q4 revenue below expectations, with both crypto and options trading revenue missing forecasts and net deposit growth slowing. Q4 2025 (USD): EPS 0.66 (exp. 0.64), Revenue 1.28bln (exp. 1.34bln). Q4 crypto revenue 221mln (exp. 248.2mln), options revenue 314mln (exp. 331mln). Q4 ARPU increased 16% Y/Y to 191. Management said 2025 was a record year for net deposits, Gold subscribers, trading volumes, revenues and profits, with momentum carrying into early 2026. Shiv Verma has been appointed CFO effective 6th February, succeeding Jason Warnick, who will remain as a strategic adviser until 1st September. Net deposit growth decelerated in Q4 and into January, according to analysts. Management reiterated momentum into 2026 and highlighted diversification across products, including app offerings and prediction markets, against a weaker crypto backdrop, with bitcoin down more than 45% from its October peak. The company sees FY26 adjusted operating expenses and SBC of 2.6-2.725bln, implying around 18% Y/Y growth at the midpoint.
American International Group (AIG) Q4 2025 (USD): Adj. EPS 1.96 (exp. 1.90), Revenue 13.2bln (exp. 12.8bln).
Intercontinental Exchange (ICE) - ICE announced the launch of cryptocurrency futures contracts based on seven CoinDesk indices, including the CoinDesk 20 and CoinDesk 5. The contracts comprise ICE CoinDesk 20 Index Futures, ICE CoinDesk 5 Index Futures, and futures linked to Bitcoin, Ether, Solana, XRP and BNB.
Upstart Holdings (UPST) Q4 2025 (USD): EPS 0.17 (exp. 0.46), Revenue 296.1mln (exp. 288.6mln). Transaction volume +86% Y/Y to 455,788 loans, with conversion rate improving to 19.4% (from 18.0% Y/Y), while total originations +52% Y/Y to ~3.2bln. Auto and home originations each grew fivefold in 2025, and accelerated in Q4, while loans held on the balance sheet declined 20% Q/Q. Sees FY26 revenue at 1.4bln (exp. 1.27bln). For 2025-2028, targets total revenue CAGR of approximately 35% and terminal adj. EBITDA margin of around 25%. Co-founder and CTO Paul Gu will become CEO on 1st May, with Dave Girouard transitioning to Executive Chairman and special adviser.
Assurant (AIZ) Q4 2025 (USD): EPS 5.61 (exp. 5.50), Revenue 3.35bln (exp. 3.28bln); sees 2026 adj. EPS consistent with 2025 levels.
Commerzbank (CRZBY) - Q4 net income EUR 737mln (exp. 628.6mln), Q4 revenue EUR 3.14bln (exp. 3.09bln). Q4 net interest income totalled EUR 2.05bln (exp. 2.04bln; prev. 2.31bln Y/Y), loan-loss provisions were -3.3% Y/Y at EUR 207mln; CET1 ratio stood at 14.7% (exp. 14.6%). FY revenue was EUR 12.2bln (exp. 12bln), net interest income EUR 8.23bln (prev. 8.33bln Y/Y), operating result EUR 4.50bln (prev. 3.83bln Y/Y), and CET1 of 14.7% (prev. 15.1% Y/Y). Sees FY26 net result above EUR 3.2bln (exp. 3.41bln), and sees FY26 net interest income around EUR 8.5bln (prev. saw 8.4bln); CEO said the upgraded outlook reflects progress towards sustainable profitability and capital returns.
ABN Amro (AAVMY) - ABN Amro reported Q4 net income of EUR 410mln (exp. of 497.4mln), citing higher expenses and provisions for bad loans. It also announced EUR 500mln in shareholder distributions, split equally between cash dividends and a share buyback programme.
London Stock Exchange Group (LNSTY) - Elliott Management has built a significant stake in London Stock Exchange Group, and is engaging with CEO to improve performance, FT reports, after LSEG shares have fallen by more than a third over the past year. Elliott urged a multibillion-pound buyback after a GBP 1bln tranche, and margin improvements.

CONSUMER DISCRETIONARY

Smurfit Westrock (SW) Q4 (USD) Net Sales 7.58bln (prev. 7.53bln Y/Y), Adj. EPS 0.34 (prev. 0.47 Y/Y). The CEO said will continue to proactively evaluate more potential closures in our plants, given the current paper market situation - conference call. Saw a firming up of order books in late December in most countries after a weak start to the quarter.
Amazon (AMZN), BETA Technologies (BETA), Astera Labs (ALAB) - Amazon One Medical launched Health Insights, a beta feature for eligible members providing personalised analysis and evidence-based recommendations from routine lab results; the feature is included at no extra cost and integrates with Health AI, One Medical’s conversational agent. Meanwhile, BETA Technologies shares rallied in after-hours trading after a filing showed Amazon had acquired a 5.3% stake. Elsewhere, Amazon is to acquire up to 3.26mln Astera Labs common shares at USD 142.82/shr; the warrant, originally issued in October 2022 and amended in October 2023, allows cashless exercise through 5th February, with shares vesting upon specified payment tranches totalling up to USD 6.5bln for product purchases.
Amazon (AMZN) - Amazon's pharmacy unit will expand its same-day prescription delivery service to about 4,500 US cities and towns by year-end, adding nearly 2,000 new communities, including in Idaho and Massachusetts.
China Auto Sales - Chinese vehicle sales fell by -3.2% Y/Y in January (vs prev. -6.2% Y/Y in December).
Ford (F) Q4 2025 (USD): Adj. EPS 0.13 (exp. 0.19), Revenue 45.9bln (exp. 41.78bln); adj. Ford disclosed a 900mln tariff impact after US officials in December said an October tariff-relief programme would apply retroactively to November rather than May as expected. EBIT was USD 1bln, with Ford Pro revenue of 14.9bln and Ford Blue revenue of 26.2bln. Said Q1 EBIT is expected to be flat sequentially, with a return towards a more normalised EBIT level in Q2 and an underlying run-rate in H2. Sees FY26 adj. EBIT of 8-10bln, including a 2bln headwind from the Novelis fires and a net tariff impact of 2bln, 1bln higher than previously communicated due to late changes in tariff credits. Sees FY26 EBIT for Ford Pro between 6.5-7.5bln, and for Ford Blue between 4-4.5bln, while Ford Model E is expected to post losses between 4-4.5bln. Sees FY26 adj. free cash flow between 5-6bln with capex between 9.5-10.5bln, and continues to target an 8% adj. EBIT margin by 2029. Recorded ~13.8bln of charges in Q4 related to the updated EV strategy and expected disposition of the BOSK investment. Already observed some declines in new and used vehicle prices, especially in EVs. Ford's aluminium supplier reportedly expects the fire-damaged plant to be repaired in June, via WSJ. "The aluminium maker Novelis said that once repairs are completed at its Oswego, N.Y., plant, operations will gradually step up over a period of months to reach regular-rate production. Repairs will cost at least USD 255mln, according to a preliminary estimate filed late last year by the company to receive a county tax exemption for the work."
Hilton Worldwide (HLT) Q4 2025 (USD): Adj. EPS 2.08 (exp. 2.02), Revenue 3.09bln (exp. 2.98bln); sees FY26 adj. EPS at 8.65-8.77 (exp. 9.13) and Q1 adj. EPS of 1.91-1.97 (exp. 1.84).
Lyft (LYFT) Q4 2025 (USD): Revenue 1.59bln (exp. 1.75bln); sees Q1 gross bookings up 17-20% Y/Y at 4.86-5.00bln; affirmed 2027 targets of 1bln EBITDA and 25bln in gross bookings; announced a new 1bln buyback programme. Post earnings, Wells Fargo lowered its price target on LYFT to USD 18 (prev. 26) and noted a material miss against guided Q4 ride volumes. While heightened promotional intensity has receded in Q1, the share loss remains a concern ahead of any meaningful AV entry.
Mattel (MAT) Q4 2025 (USD): Adj. EPS 0.39 (exp. 0.55), Revenue 1.77bln (exp. 1.83bln); sees FY26 adj. EPS at 1.18-1.30 (exp. 1.76).
Tesla (TSLA), Tencent (TCEHY) - Tencent Cloud has partnered with Tesla to provide in-car features in China, including instant transfer of WeChat location data and smart service suggestions based on destinations. The upgrade will be delivered via an over-the-air update to Model 3 and Model Y vehicles in China and will be standard on future vehicles.
Volkswagen (VWAGY) - The European Union will exempt a China-built EV from Volkswagen AG from import duties, the first approval under a new mechanism aimed at easing trade tensions, Bloomberg reports. The EC accepted an application from Volkswagen to sell the Cupra Tavascan compact SUV at or above a proposed minimum import price.
O-I Glass (OI) - Shares fell in extended trading, with traders questioning the sustainability of its earnings gains amid ongoing restructuring, despite upbeat projections. Q4 2025 (USD): EPS 0.20 (exp. 0.19), Revenue 1.5bln (exp. 1.52bln). Results reflected planned restructuring actions, while adj. earnings for FY25 nearly doubled vs 2024, driven by execution of its Fit to Win programme. The CEO said results demonstrated the effectiveness of its strategy, despite lower reported figures due to restructuring. Sees FY26 adj. EPS at 1.65-1.90 (exp. 1.94), sees FY26 adj. EBITDA of 1.25-1.30bln, representing up to 7% growth year on year, and expects FCF of ~200mln in 2026 (+20% vs 2025).
Mattel (MAT) Q4 2025 (USD): Adj. EPS 0.39 (exp. 0.55), Revenue 1.77bln (exp. 1.83bln). December US gross billings grew less than expected, although management cited strong topline growth and positive consumer demand across all regions for the quarter and FY, with international operations delivering growth and market share gains in key categories globally. Sees FY26 adj. EPS at 1.18-1.30 (exp. 1.76), sees FY26 revenue growth between +3-6%. Agreed to acquire the remaining 50% stake in Mattel163 from NetEase (NTES) for USD 159mln, implying a total valuation of USD 318mln for the mobile games studio, which has around 20mln monthly active users and over 550mln downloads; the transaction is expected to close by the end of Q1, with more than half of the purchase price funded from Mattel’s share. Paramount (PSKY) and Mattel also agreed on a global, multiyear licensing deal for the ‘Teenage Mutant Ninja Turtles’ brand, effective from 2027.
Royal Caribbean (RCL) - Raised its quarterly dividend +50% to USD 1.50/shr.

INDUSTRIALS

Vertiv (VRT) Q4 2025 (USD): Adj. EPS 1.36 (exp. 1.29), Revenue 2.88bln (exp. 2.88bln); sees Q1 adj. EPS at 0.95-1.01 (exp. 0.94) and Q1 revenue of 2.5-2.7bln (exp. 2.54bln); sees FY26 adj. EPS at 5.97-6.07 (exp. 5.33) and FY26 revenue of 13.25-13.75bln (exp. 12.39bln).
QXO (QXO) - To purchase Kodiak Building Partners for c. USD 2.2bln; The transaction is expected to be highly accretive to 2026 earnings and will expand QXO’s current addressable market to more than USD 200bln.
RTX (RTX) - Downed multiple drones at the same time using a Coyote Block 3 Non-Kinetic interceptor during a US Army exercise, Axios reports.
Southwest Airlines (LUV) - Southwest said two directors representing Elliott will step down from the board, effective 23rd February. Both were appointed in October 2024 alongside three other Elliott nominees. The company said the departures were not due to any disagreement. Following the changes, Southwest will reduce its board size from 13 to 11.
Wabtec (WAB) Q4 2025 (USD): Adj. EPS 2.10 (exp. 2.08), Revenue 2.97bln (exp. 2.86bln); sees FY26 adj. EPS at 10.05-10.45 (exp. 10.22) and FY26 revenue of 12.19-12.49bln (exp. 11.99bln); raised quarterly dividend by 24% and increased share buyback programme to USD 1.2bln.
Generac Holdings (GNRC) Q4 2025 (USD): Adj. EPS 1.61 (exp. 1.77), Revenue 1.09bln (exp. 1.16bln); sees FY26 revenue up in mid-teens percentage range.
Siemens Energy (SMNEY) - Said it is on track for another year of rising revenue as strong electricity demand boosts sales of gas turbines and power-grid products; group orders rose by over a third to EUR 17.6bln in Q1 (exp. 14.2bln), with its gas business recording its highest-ever order intake; revenue was EUR 9.6bln (exp. 9.83bln), Profit Before Special Items EUR 1.16bln (exp. 992.4mln). Affirmed guidance.
Dassault Systemes (DASTY) Q4 2025 (USD): EPS 0.33 (exp. 0.33), Revenue 1.68bln (exp. 1.74bln). Q4 adj. EBIT EUR 622mln (exp. 654.6mln); cited early traction for its AI-powered Virtual Twins, demonstrating customer value, and announced a strategic partnership with Nvidia (NVDA) to establish new Industry World Models at scale. Sees Q1 revenue rising between 1-5%, and Q1 EPS between 0.25-0.31 (exp. 0.33). Sees FY26 total revenue growth between 3-5%, operating margin between 32.2-32.6%, and diluted EPS between 1.30-1.34.

HEALTHCARE

Moderna (MRNA) - Moderna said the FDA’s Centre for Biologics Evaluation and Research issued a Refusal-to-File letter for its mRNA-1010 influenza vaccine, citing the use of a licensed standard-dose comparator not reflecting the best-available standard of care. No safety or efficacy issues were identified. Moderna requested a Type A meeting. Reviews continue in the EU, Canada and Australia, with potential approvals from late 2026 or early 2027.
Eli Lilly (LLY) - Chinese regulators approved mirikizumab to treat moderately-to-severely active Crohn’s disease and ulcerative colitis, expanding the drug into the world’s second-largest pharma market. The approval marks Lilly China’s first innovative medicine in digestive immunology.
Gilead (GILD) - Gilead shares slipped in extended trading after the company issued a FY26 outlook at the low end of expectations, including a weaker-than-anticipated forecast for its Yeztugo sales and a trimmed growth outlook due to a pricing agreement and insurance coverage uncertainty. Q4 2025 (USD): Adj. EPS 1.86 (exp. 1.83), Revenue 7.9bln (exp. 7.68bln). Yeztugo sales were 96mln (exp. 88mln), while Biktarvy sales rose 5% to 4bln (exp. 3.8bln). Highlighted a strong close to the year, citing the US launch of Yeztugo, described as the first twice-yearly HIV prevention therapy, alongside continued growth from Biktarvy and Descovy. Quarterly dividend was raised +3.8% to 0.82/shr. The Chairman and CEO stated that the group expects potential 2026 launches to include two cancer therapies and an additional HIV treatment, adding that momentum from Yeztugo and Livdelzi in liver disease supports their confidence in continued growth. Sees FY26 adj. EPS between 8.45-8.85 (exp. 8.74), and sees FY26 product sales of 29.6-30bln; also sees FY26 product sales excluding Veklury between 29-29.4bln; sees FY26 Yeztugo sales of 800mln (exp. 907mln).
Humana (HUM) Q4 2025 (USD): Adj. EPS -3.96 (exp. -4.00), Revenue 32.5bln (exp. 32.04bln); adj. benefit ratio 93% (vs 91.3% Y/Y). The company remains confident in strategy and 2026 membership outlook; sees FY26 adj. EPS of at least 9.00 (exp. 11.91). The executive said they hope to soon announce a strategic acquisition in the primary care service - conference call.
Merck (MRK) - The FDA approved Merck’s pembrolizumab, marketed as Keytruda, and pembrolizumab and berahyaluronidase alfa-pmph, marketed as Keytruda Qlex, in combination with paclitaxel, with or without bevacizumab, for adults with platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal carcinoma expressing PD-L1, after one or two prior systemic treatment regimens.
Edwards Lifesciences (EW) Q4 2025 (USD): Adj. EPS 0.58 (exp. 0.62), Revenue 1.57bln (exp. 1.54bln). Results reflected continued execution in the structural heart. The CEO said the strong Q4 and FY reflected differentiated positioning in structural heart and highlighted increased confidence in the 2026 outlook, citing multiple catalysts and the company’s long-standing valve expertise as drivers of sustainable growth and expanding profitability. Sees Q1 adj. EPS of 0.70-0.76 (exp. 0.69) and Q1 revenue at 1.55-1.63bln (exp. 1.57bln). Backed FY26 adj. EPS view of 2.90-3.05 (exp. 2.91), and FY26 revenue growth between +8-10%.
Vertex Pharmaceuticals (VRTX) - Said its treatment povetacicept for myasthenia gravis has been granted orphan drug designation by the FDA.
Novartis (NVS) - Received FDA orphan drug designation for a 2’-methoxyethyl antisense gapmer oligonucleotide targeting MAPT mRNA for the treatment of progressive supranuclear palsy. The designation status is listed as designated, and the product is not FDA approved for the orphan indication.
Atricure (ATRC) - Downgraded at JPMorgan to 'Neutral' from 'Overweight' with a USD 36 PT (prev. 48). Edwards Lifesciences (EW) announced the upcoming launch of a surgical left atrial appendage closure product later this year, a competitive product to AtriCure's AtriClip. The firm says that Medtronic's (MDT) entry into the market was a "significant overhang" on AtriCure shares until investors had a better sense of AtriCure's ability to retain share. Edwards has a much larger presence in the cardiac surgery market as the leading surgical valve replacement manufacturer, which AtriCure's Open business is highly indexed to.

ENERGY

Energy Inventories - API data reportedly showed headline crude stocks posting a larger than expected build of +13.4mln bbls (exp. +0.8mln), Cushing stocks built by +1.4mln, distillates saw a larger than expected draw of -2.0mln bbls (exp. -1.3mln), while gasoline stocks posted a surprise build of +3.3mln bbls (exp. -0.4mln). The more widely followed weekly DoE inventory report will be published later today.
TotalEnergies (TTE) Q4 2025 (USD): Adj. EPS 1.73 (exp. 1.75), Adj. net income 3.84bln (exp. 3.81bln), adj. EBITDA 10.07bln (exp. 9.87bln). Plans a 750mln share buyback in Q1; confirmed its FY26 share buyback guidance of ~15bln. Sees Q1 production above 2.6mln BOE/D (exp. 2.61mln). For FY26, sees cash flow above USD 26bln and net investments of around USD 15bln, alongside a 3% rise in oil and gas production. The CEO said cash flow was stable, highlighting the company’s ability to offset lower hydrocarbon prices through accretive Upstream production growth of 3.9% in 2025, exceeding guidance of above 3%.
Northern Oil and Gas (NOG) - Northern Oil and Gas has over 45k BPD of oil hedged for H1 2026, and over 40k BPD for FY 2026, plus over 285 MMBtu per day of gas for H1 2026, and 295 MMBtu per day for FY 2026. In Q4, it completed 33 transactions, deploying USD 77.0mln; in 2025, it deployed USD 173.5mln across 84 deals.

CONSUMER STAPLES

Kraft Heinz (KHC) Q4 2025 (USD): Adj. EPS 0.67 (exp. 0.61), Revenue 6.35bln (exp. 6.37bln), sees FY26 adj. EPS 1.98-2.10 (exp. 2.47); paused its plan to split into two publicly traded companies.
Philip Morris (PM) - India is not considering easing its ban on e-cigarettes, blocking potential approval of heat-not-burn products like PMI’s IQOS, according to Reuters. The decision is a setback to Philip Morris’ efforts to enter the Indian market with its heated tobacco devices.
Heineken (HEINY) - Heineken said beer volumes declined 1.2% in 2025 (exp. -2.48%), indicating a smaller-than-expected drop in sales for the year. Heineken will cut 5,000-6,000 jobs over the next two years as it faces a slump in demand for alcohol, and as part of efforts to lower costs.

MATERIALS

Nickel - World's biggest nickel mine in Indonesia, Weda Bay, has been told to slash output by 70% to 12mln tonnes, Bloomberg reports
Martin Marietta (MLM) Q4 2025 (USD): Continuing operation EPS 3.85 (exp. 4.99), Revenue 1.53bln (exp. 1.68bln); sees FY26 of 6.420-6.780bln (exp. 7.41bln).

REAL ESTATE

Welltower (WELL) Q4 2025 (USD): Normalised FFO/shr 1.45 (exp. 1.44), Revenue 3.18bln (exp. 2.99bln); same-store NOI growth +15.0%, driven by +20.4% SSNOI growth in the Seniors Housing Operating portfolio. Sees FY26 normalised FFO/shr at 6.09-6.25 (exp. 6.02), sees FY26 net income/shr at 3.11-3.27. Guidance assumes average blended SSNOI growth between 11.25-15.75%, including Seniors Housing Operating between +15.0-21.0%, Seniors Housing Triple-net between +3.0-4.0%, Outpatient Medical between +2.0-3.0% and Long-Term/Post-Acute Care between +2.0-3.0%. Anticipates general and administrative expenses at 260-270mln, including ~60mln of stock-based compensation. Expects to fund 370mln of developments in 2026.

UTILITIES

NiSource (NI) - Backed FY26 adj. EPS view of 2.02-2.07 (exp. 2.05).