Daily US Equity Opening News - NVDA H200 sales stalled amid US security review; AMD slides after earnings

TODAY’S AGENDA:

US INDEX FUTURES: ES +0.1%, NQ -0.4%, YM +0.2%, RUT +0.4%
DAY AHEAD: Stateside, the monthly ADP national employment data will be released, where analysts expect 48k from the prior 41k. The ISM services PMI headline is expected to ease to 53.5 from 54.4, where employment is seen nudging up a little, but prices and new orders are seen easing a touch. On the speakers’ slate, Fed’s Cook (voter, neutral) will speak afterhours on monetary policy and the economic outlook. Notable corporate earnings reports due today include: GOOGL, QCOM, ARM, AFL, SNAP, MCK, MET, ORLY, and ALL. In energy, weekly API data reportedly showed headline crude stocks posting a chunky surprise draw of -11.1mln bbls (exp. +0.5mln), Cushing drew down by -1.4mln bbls; distillates drew down more than expected at -4.8mln bbls (exp. -2.3mln), while gasoline stocks saw a larger than expected build of +4.7mln bbls (exp. +1.4mln). The more widely followed DoE data is due later today.
BROKER MOVES: NET upgraded at BTIG; LUMN downgraded at Raymond James. For the full list, click here.
MAJOR MORNING MOVES RECAP: AMD, NVDA, SLAB, ENPH, SMCI, LLY, TTWO, GEHC, CTVA, MDLZ, CMG, COR, UBER. For the full list, click here.
US DAILY CONFERENCE CALENDAR: GM. For the full list, click here.

MACRO

US Government Shutdown - US President Donald Trump signed a USD 1.2tln budget, ending a partial government shutdown. The deal funds most agencies until September, but DHS only until next week, with funding due to lapse on 13th February amid disputes over ICE reforms.
Fed - Fed Governor Miran stepped down from his role leading the White House Council of Economic Advisers, according to a Trump administration official. Miran had taken unpaid leave from the CEA when joining the Fed in September, leaving open the possibility of returning after his central bank tenure.

TECH

NVIDIA (NVDA) - NVIDIA’s planned sales of H200 AI chips to China remain stalled pending a US national security review, despite December approval from President Trump, FT reports. Chinese customers have paused orders amid uncertainty. Separately, Bloomberg reports that NVIDIA is nearing a deal to invest USD 20bln in OpenAI as part of the ChatGPT developer’s latest funding round; the investment would be NVIDIA’s largest to date, though the deal is not final and terms may change.
Advanced Micro Devices (AMD) - AMD shares fell in extended trading, as investors focused on Q1 guidance that, while above consensus, did not meet some analysts’ lofty expectations for a stronger outlook amid accelerating AI-related spending. Q4 2025 (USD): Adj. EPS 1.53 (exp. 1.32), Revenue 10.27bln (exp. 9.67bln). Exec said results were driven by strong execution and broad-based demand across high-performance and AI platforms, with accelerating adoption of EPYC and Ryzen CPUs, and rapid scaling of the data-centre AI business. Results benefited from about USD 360mln release of previously reserved AMD Instinct MI308 inventory and related charges. It noted record non-GAAP operating income and free cash flow in Q4 and FY, alongside increased strategic investment. CFO said the quarter demonstrated its ability to deliver profitable growth at scale. The CEO said the group is entering 2026 with strong momentum. Sees Q1 revenue at 9.8bln +/- 0.3bln (exp. 9.37bln), a gross margin of around 55%, including around USD 0.1bln of Instinct MI308 sales to China.
Microsoft (MSFT) - AMD said that development of Microsoft’s next-generation Xbox console, featuring an AMD semi-custom SoC, is progressing well toward a 2027 launch. AMD did not confirm Microsoft’s launch plans, but said it is ready to support such a release.
SK Hynix (HXSCL) - SK Hynix is accelerating production of 1b DRAM for high-bandwidth memory as quality testing of NVIDIA’s (NVDA) next-generation HBM4 nears completion, according to industry sources cited by DigiTimes. The ramp-up reflects preparations to meet expected demand as NVIDIA advances its next GPU memory platform. Separately, the publication reports that Samsung and SK Hynix have secured production-ready technology for 16-layer stacks of HBM4, positioning both South Korean chipmakers for intensified competition in 2026 as demand rises, while yield challenges and policy risks remain potential constraints.
Texas Instruments (TXN), Silicon Laboratories (SLAB) - Texas Instruments confirmed it is to purchase Silicon Labs for USD 231/shr, representing a total enterprise value of approximately USD 7.5bln.
Intel (INTC) - Intel CEO Lip-Bu Tan said the company plans to enter the GPU market, challenging NVIDIA’s (NVDA) dominance. Speaking at an AI conference in San Francisco, he outlined a strategic push into GPUs as Intel seeks growth opportunities linked to artificial intelligence demand, according to the DigiTimes.
Super Micro Computer (SMCI) - Super Micro’s shares rose in extended trading after it raised annual revenue guidance, citing continued strong demand for its AI-optimised servers from data centre and enterprise customers. Q2 2025 (USD): Adj. EPS 0.69 (exp. 0.49), Revenue 12.68bln (exp. 10.34bln), with performance driven by AI server and storage demand, with scaling supported by expanded global manufacturing and its Data Centre Building Block Solutions platform. The CEO said it is scaling rapidly to support large AI and enterprise deployments, and is well positioned to capture the next wave of AI and IT infrastructure demand. Sees Q3 EPS at least 0.60 (exp. 0.52), and Q3 revenue of at least 12.3bln (exp. 10.20bln). For FY26, lifts revenue guidance to at least 40bln (exp. 36.27bln; prev. saw at least 36bln).
Uber Technologies (UBER) Q4 2025 (USD): EPS 0.14 (exp. 0.79), Revenue 14.4bln (exp. 14.32bln), Gross bookings 54.14bln; adj. EBITDA 2.49bln (exp. 2.46bln). Prashanth Mahendra-Rajah to serve as Senior Finance Advisor until July 1, 2026. Expect to facilitate AV trips in 15 cities globally by the end of 2026, and intend to be the largest AV trips manufacturer by 2029. Uber to launch robotaxis in Hong Kong, Houston, Madrid, and Zurich. Outlook: Q1 adj. EBITDA 2.37-2.47bln (exp. 2.45bln), Q1 adj. EPS 0.65-0.72 (exp. 0.76), Q1 gross bookings 52-53.5bln (exp. 51.16bln). Uber said new rider growth reached multi-year highs in 2025; it expects US trip and Gross Bookings growth to accelerate further in 2026. Said Mobility business is currently adding about 50x the total global AV category volume. Executive said they will continue to be aggressive buyers of stock and should expect that it continues at a steady cadence.
Oracle (ORCL) - Won a Lumeo RHIS contract for a clinical AI agent in Canadian healthcare.
Cognizant Tech (CTSH) Q4 2025 (USD): Adj. EPS 1.35 (exp. 1.32), Revenue 5.33bln (exp. 5.31bln); sees Q1 revenue at 5.36-5.44bln (exp. 5.35bln); sees FY26 adj. EPS at 5.56-5.70 (exp. 5.63) and FY26 revenue at 22.14-22.66bln (exp. 22.13bln).
Varnois Systems (VRNS) Q4 2025 (USD): EPS 0.08 (exp. 0.03), Revenue 173mln (exp. 169mln); sees Q1 EPS at (0.06)-(0.05) (exp. 0.05) and sees Q1 revenue at 164-166mln (exp. 164.05mln); sees FY26 EPS at 0.08-0.10 (exp. 0.34) and FY26 revenue at 722-730mln (exp. 718.56mln).
Lumentum (LITE) Q2 2026 (USD): EPS 1.67 (exp. 1.41), Revenue 665.5mln (exp. 652.1mln); sees Q3 EPS at 2.15-2.35 (exp. 1.60) and Q3 revenue at 780-830mln (exp. 706.4mln).
Fortive (FTV) Q4 2025 (USD): EPS 0.90 (exp. 0.84), Revenue 1.21bln (exp. 1.09bln); sees FY26 adj. EPS at 2.90-3.00 (exp. 2.84).
Anthropic - Anthropic is preparing a tender offer allowing some employees to sell shares at a valuation of at least USD 350bln, matching its current pre-money fundraising discussions, alongside a funding round that could raise more than USD 20bln, according to Bloomberg.
Salesforce (CRM) - Chief of Salesforce’s data visualisation unit Tableau, Ryan Aytay, has left the company for a role outside the group. His departure follows a recent Slack executive exit, fuelling concerns about leadership turnover as Salesforce continues integrating the USD 15.7bln Tableau acquisition, Bloomberg reports.
China Solar Shares - Chinese solar shares rallied after local media reported visits by teams from SpaceX and Tesla (TSLA).
Infineon Technologies (IFX GY) Q1 2026 (EUR): EPS 0.19 (exp. 0.23), Revenue 3.66bln (exp. 3.62bln); adj. gross margin 43% (vs 40.7% Y/Y), reflecting improved mix and utilisation, with AI-related power solutions providing support against a subdued broader market. Said it made a successful start to FY26, citing dynamic AI demand as a key tailwind, particularly for power supply solutions for AI data centres, with grid infrastructure demand to add in the coming years. Sees Q2 revenue at 3.8bln (exp. 3.81bln). FY26 outlook maintained, with revenue still expected to rise moderately Y/Y, adj. gross margin seen in the low-forties percentage range and Segment Result Margin in the high-teens; investment view raised to around EUR 2.7bln (prev. saw 2.2bln) to accelerate manufacturing capacity expansion for AI data-centre power supplies. Its FY27 outlook includes AI-related revenue of around EUR 2.5bln (vs around 1.5bln in the current fiscal year), adj. free cash flow of around EUR 1.4bln (vs 1.6bln) and FCF around EUR 1.0bln (vs 1.1bln).
Enphase Energy (ENPH) Q4 2025 (USD): EPS 0.71 (exp. 0.58), Revenue 343.32mln (exp. 340.11mln). It shipped around 1.31mln microinverters from US manufacturing eligible for 45X tax credits, 150.1 MWh of IQ Batteries (vs 195.0 MWh in Q3), with certified installers rising to above 22k globally (vs >19.5k in Q3), alongside initial shipments of the US-made IQ9N-3P commercial microinverter and IQ EV Charger 2, and launch of PowerMatch software. Sees Q1 revenue between 270-300mln (exp. 262.4mln), including shipments of 100-120 MWh of IQ Batteries and around USD 35mln of safe harbour shipments.
Skyworks Solutions (SWKS) Q1 2026 (USD): Adj. EPS 1.54 (exp. 1.40), Revenue 1.04bln (exp. 1.00bln). Mobile outperformed on healthy sell-through while Broad Markets scaled with accelerating growth led by Wi-Fi 7 and data centre/cloud infrastructure. Sees Q2 adj. EPS midpoint of 1.04 (exp. 0.96), Q2 revenue of 875-925mln (exp. 867.96mln); Mobile is expected to decline ~20% Q/Q in line with seasonality, Broad Markets to be approximately flat Q/Q, representing ~44% of sales, and up high-single-digits Y/Y.
Sonos (SONO) Q1 2026 (USD): Adj. EPS 0.93 (vs 0.68 Y/Y), Revenue 546mln (exp. 536.92mln). Said FY26 is off to a good start as it progresses towards a return to growth. Sees Q2 revenue at 250-280mln (exp. 267.7mln), adj. EBITDA between -18mln to +10mln, gross margin 44-46% (with the range embedding higher memory costs in Q2), and operating expenses of 134-144mln. For H1 FY26, expects revenue of USD 796-826mln.
Cloudflare (NET) - Upgraded at BTIG to 'Buy' from 'Neutral'. After speaking with five partners representing over USD 100mln in combined annual Cloudflare sales, the firm said recent checks were consistently strong across multiple fronts. It sees Cloudflare rapidly gaining share in Zero Trust and SASE and believes the company’s long-term growth opportunity in core web application protection is underappreciated.
CDW (CDW) Q4 2025 (USD): EPS 2.57 (exp. 2.44), Revenue 5.51bln (exp. 5.33bln).
Jack Henry (JKHY) Q2 2026 (USD): GAAP EPS 1.72 (exp. 1.42); sees FY26 GAAP EPS at 6.61-6.72 (exp. 6.32) and sees FY26 non-GAAP revenue at 2.474-2.491bln (exp. 2.5bln).
Amdocs (DOX), T-Mobile US (TMUS) - Amdocs announced a multi-year extension of its strategic collaboration with T-Mobile, covering continued support across consumer and business domains, use of GenAI where applicable, and integration activities linked to common systems.

COMMUNICATIONS

Alphabet (GOOG) - The DoJ and several states said they will appeal a federal ruling that imposed limited restrictions on Google’s search and AI contracts, Bloomberg reports. The appeal challenges a September 2025 decision that spared Alphabet from selling Chrome despite findings that it ran an illegal search monopoly.
Electronic Arts (EA) - EA beat Q3 bookings estimates, driven by strong sales of Battlefield 6. Q3 2026 (USD): EPS 0.35 (may not compare vs an exp. 4.72; vs 1.11 Y/Y), Revenue 1.9bln (exp. 2.92bln); Net bookings 3.046bln (exp. 2.92bln). Said Battlefield 6 was the best-selling shooter of 2025, and set new franchise engagement records; EA SPORTS FC net bookings rose high single digits Y/Y excluding deluxe edition timing, driven by Ultimate Team and FC Mobile; Apex Legends net bookings grew double digits Y/Y on the back of new features and live events, indicating continued strength across the live services portfolio.
Take-Two Interactive (TTWO) - Shares rose in extended trading after it reported a beat on quarterly bookings expectations, and issued stronger than expected guidance. Q3 2025 (USD): EPS -0.50 (vs -0.71 Y/Y), Q3 bookings 1.76bln (exp. 1.58bln). Reiterated the November 19th release date for ‘Grand Theft Auto VI’. Exec said the quarter reflected broad outperformance and ongoing momentum, adding that the upcoming GTA VI launch underpins expectations for record Net Bookings in FY27 and improved profitability and balance-sheet flexibility. For Q4, sees bookings at 1.51-1.56bln (exp. 1.52bln), EPS between -0.70 and -0.54; For FY26, raised outlook: sees EPS between -2.00 and -1.84 (prev. saw -2.25 to -1.90), and bookings at 6.65-6.70bln (exp. 6.48bln; prev. saw 6.4-6.5bln).
Match Group (MTCH) Q4 2025 (USD): EPS 0.83 (exp. 1.02), Revenue 0.878bln (exp. 0.873bln). Said it is one year into a three-phase transformation, with improved new registrations and MAU trends at Tinder, better engagement quality including among Gen Z users, and strong user growth, expanding international traction and margin improvement at Hinge. Sees Q1 revenue at 0.85-0.86bln (exp. 0.853bln), and Q1 adj. EBITDA of 0.315-0.320bln. For FY26, sees revenue at 3.410-3.535bln (exp. 3.48bln), adj. EBITDA of 1.280-1.325bln, and FCF of 1.085-1.135bln.
Fox Corporation (FOXA) Q2 2026 (USD): EPS 0.82 (exp. 0.49), Revenue 5.18bln (exp. 5.05bln).
Lumen (LUMN) Q4 2025 (USD): EPS ex-items 0.23 (prev. 0.09 last year), Revenue 3.041bln (exp. 3.04bln); sees FY26 adj. EBITDA at 3.1-3.3bln. Post-earnings, Raymond James downgraded LUMN to 'Market Perform' from 'Outperform'. With the AT&T asset sale closed and leverage reduced below 4x, Lumen has materially strengthened its balance sheet and improved financial flexibility. The next key catalyst for broader equity upside is a return to top-line growth, which management indicated is still about two years away, though the company may pursue share repurchases in the interim.

FINANCIALS

CME Group (CME) Q4 2025 (USD): EPS 2.77 (exp. 2.75), Revenue 1.60bln (exp. 1.65bln).
KKR & Co. (KKR) - Reportedly preparing Wella Company for a US IPO as soon as this year, that could value the beauty products owner at more than USD 4.3bln, Reuters reports.
Prudential Financial (PRU) Q4 2025 (USD): Adj. EPS 3.30 (exp. 3.36); exec reported progress on priorities to improve shareholder value, calling 2025 transformative after unifying asset management capabilities. The CEO cited nearly USD 3bln capital returns in 2025. For 2026, a customer-first focus continues, alongside a voluntary 90-day suspension of new sales at Prudential of Japan to address employee misconduct.
Chubb (CB) Q4 2025 (USD): Core adj. EPS 7.52 (exp. 6.78); operating income +21.7% Y/Y, with per-share operating income up almost 25%; total company net premiums were up around 9% Y/Y, with P&C +7.7%, and Life up around 17% (faster than FY average +6.6%); P&C underwriting income +40% Y/Y to USD 2.2bln, with a record combined ratio of 81.2%, supported by low CATs, strong prior-period reserve development and a record low current accident year combined ratio of 80.4%; adj. investment income +7.3% Y/Y to 1.8bln; Life income +19.3% Y/Y.
T. Rowe Price (TROW) Q4 2025 (USD): Adj. EPS 2.44 (exp. 2.46), Revenue 1.93bln (exp. 1.94bln).
UBS Group (UBS) Q4 2025 (USD): Net income 1.2bln (exp. 967mln), Pretax profit 1.7bln (exp. 1.46bln); Investment Bank pretax profit 640mln (exp. 468.7mln); Wealth Management pretax income 1.29bln (exp. 1.34bln); Asset Management pretax 212mln (exp. 221mln). Announced a 3bln share buyback, and said it aims to do more. Said it is focused on migrating remaining client, fund and custody accounts in Q1, and completing business clearance to enable decommissioning of legacy Credit Suisse IT by year-end, accelerating gross cost savings and supporting a further USD 2.8bln of savings in 2026, including an additional USD 0.5bln identified across the group. For Q1, expects a low single-digit percentage decline in Global Wealth Management NII, and broadly stable NII in Personal & Corporate Banking; reiterates targets for further progress towards around 18% RoCET1 and a cost/income ratio of around 67% in 2028. On capital returns, it said that beyond 2026 it intends to pursue a progressive dividend complemented by share repurchases, calibrated to results, capital ratios and the timing of Switzerland’s new regulatory regime.
Beazley (BZLEY), Zurich Insurance (ZURVY) - Zurich Insurance agreed key takeover terms for Beazley after raising its offer to GBP 13.10/shr from GBP 12.80/shr; Beazley said its board would recommend a deal if a firm offer is made.
Credit Agricole (CRARY) - Missed Q4 profit estimates as costs rose to revamp its Italian unit and provisions increased; operating expenses rose +4.7% to EUR 4.1bln (exp. 3.9bln), and provisions totalled EUR 629mln, including legal risks from UK car loans and support for Banca Progetto. CIB revenue was EUR 2.15bln (exp. 2.14bln).

CONSUMER DISCRETIONARY

Prosus (PROSY), Amazon (AMZN) - Prosus agreed a 3yr cloud and AI deal with Amazon Web Services to consolidate contracts and achieve double-digit cost savings. The pact runs into hundreds of millions of dollars.
Chipotle Mexican Grill (CMG) - Chipotle shares fell in extended trading as traders focused on continued declines in restaurant traffic and a flat outlook for same-store sales, outweighing the earnings and revenue beat. Q4 2025 (USD): Adj. EPS 0.25 (exp. 0.24), Revenue 3.0bln (exp. 2.96bln); Q4 comp sales -2.5%, and traffic was -3.2%, marking the fourth straight quarter of traffic declines, and a FY comp sales decline of -1.7%, the first since 2016. It opened 132 company-owned restaurants in Q4. The CEO said results showed resilience despite an unpredictable consumer backdrop, noting the outlook is conservative, with a focus on operational improvements, menu innovation and protecting the core brand rather than discounting, while acknowledging shifting dining behaviour across income cohorts. Sees FY26 comp sales about flat; 350–370 new restaurant openings.
Tesla (TSLA) - China's CPCA says Tesla sold 69,129 China-made vehicles in January; Deliveries of Model 3 and Model Y made at Shanghai plant are up 9.3% Y/Y. Tesla's UK new Car sales in January were down 57.2% Y/Y to 647 EVs.
Ford (F) - Ford and China’s Geely are in talks over a potential manufacturing and technology partnership, including use of Ford’s European factory capacity and shared automated-driving technology, Reuters reports. Discussions are ongoing and may not result in a deal, but reflect rising industry efforts to share costs amid intensifying global competition.
General Motors (GM), Stellantis (STLA) - Canada plans to seek hundreds of millions of dollars from Stellantis and General Motors after they reduced production in the country, Industry Minister Melanie Joly said. Details will follow, and the minister warned the move could heighten tensions with automakers as Canada’s share of vehicle production has declined.
H&R Block (HRB) Q2 2026 (USD): Adj. EPS -1.84 (exp. -1.89), Revenue 0.199bln (exp. 0.187bln); the group highlighted the highly seasonal nature of the business, noting Q2 typically contributes modestly to annual revenue and usually posts a net loss, while the quarter saw double-digit revenue growth across Assisted, DIY and Wave. CFO said YTD performance underpinned confidence in its outlook, and it reaffirmed FY26 guidance.
Amcor (AMCR) Q2 2026 (USD): Adj. EPS 0.86 (exp. 0.84), Revenue 5.449bln (exp. 5.52bln); sees FY26 adj. EPS 4.00-4.15 (exp. 4.02).
Yum! Brands (YUM) Q4 2025 (USD): EPS 1.73 (exp. 1.77), Revenue 2.51bln (exp. 2.45bln). SSS: Q4 worldwide same-store sales +3% (exp. 2.74%).
Avery Dennison (AVY) Q4 2025 (USD): Adj. EPS 2.45 (exp. 2.38), Revenue 2.3bln (exp. 2.8bln).
Five Below (FIVE) - Upgraded at BofA to 'Buy' from 'Underperform' with a USD 233 PT (prev. 158). The firm believes shares will return to a higher P/E multiple as results continue to improve under the new leadership of CEO Winnie Park, CFO Dan Sullivan and Chief Merchant Michelle Israel. Five Below's new initiatives in marketing should drive traffic/transactions and mix shift to higher price points that could result in comps upside for years.
Watches of Switzerland (WOSGF) - Raised its annual sales forecast, citing robust demand for key luxury brands in the US and UK; now expects sales growth of +9-11% for the FY (prev. saw +6-10%), reflecting stronger market conditions.

CONSUMER STAPLES

Mondelez (MDLZ) - Shares fell in extended trading, amid cautious FY guidance and ongoing cocoa cost headwinds. Q4 2025 (USD): Adj. EPS 0.72 (exp. 0.70), Revenue 10.496bln (exp. 10.29bln). Exec said it delivered solid top-line performance and strong cash flow despite significant cocoa cost headwinds. Highlighted focus on controllables, including volumes, brand investment, structural cost savings and disciplined capital allocation, alongside expectations for stabilising cocoa costs. For FY26, sees organic net revenue growth of flat to +2%, and adj. EPS growth of flat to +5%, with FCF of ~3bln.
PepsiCo (PEP) - Filed for Euro-denominated senior notes offering, size not disclosed.
Bunge Global (BG) Q4 2025 (USD): Adj. EPS 1.99 (exp. 1.81), Revenue 23.8bln (exp. 22.61bln), sees FY adj. EPS 7.50-8.00 (exp. 7.37).
Clorox (CLX) Q2 2026 (USD): Adj. EPS 1.39 (exp. 1.43), Revenue 1.67bln (exp. 1.64bln); sees FY26 adj. EPS at 5.95-6.30 (exp. 5.95) and sees FY26 net sales down 6-10%.
Carlsberg (CABGY) - Reported premium beer growth rose +5% Y/Y, and widened its FY operating profit guidance, reflecting caution over drinks demand; the brewer expects organic growth of +2-6% in 2026 (vs a range of +3-5% the previous year), amid ongoing uncertainty.
Infant Formula - US health officials plan to test dairy-based ingredients used in baby formula for spores linked to infant botulism, following a ByHeart recall last year tied to 51 hospitalisations. The FDA will assess whether such contamination is a foreseeable hazard that manufacturers could test for.

ENERGY

Energy Inventories - API weekly data reportedly showed headline crude stocks posting a chunky surprise draw of -11.1mln bbls (exp. +0.5mln), Cushing drew down by -1.4mln bbls; distillates drew down more than expected at -4.8mln bbls (exp. -2.3mln), and gasoline saw a larger than expected build of +4.7mln bbls (exp. +1.4mln). The more widely followed DoE data is due later today.
Equinor (EQNR) - Reported lower Q4 profit as oil and gas prices fell, but results beat expectations. Q4 adj. operating income was 6.2bln (exp. 5.95bln), adj. EPS 0.81 (prev. 0.63 Y/Y); production rose to a record 2.14mln BOEPD in 2025, with buybacks cut to USD 1.5bln in 2026. Expects 2026 production growth of around +3%.
Delfin LNG - A natgas pipeline linked to the planned Delfin LNG project offshore southwestern Louisiana exploded during routine maintenance, according to local emergency officials. Operators immediately shut gas flows and flared remaining fuel on the 28 mile pipeline between the valve and the blast site.

MATERIALS

Corteva (CTVA) - Shares fell in extended trading after it reported Q4 revenue miss on seasonal timing shifts that pushed deliveries into Q1. Q4 2025 (USD): Adj. EPS 0.22 (exp. 22), Revenue 3.91bln (exp. 4.23bln). Q4 seed performance driven by latest technology adoption, licensing growth and productivity gains; Crop Protection saw sales and earnings growth from volume increases in new products and biologicals despite pricing pressure in Latin America and Asia Pacific, supported by cost reductions; global corn area rose in 2025, particularly in North America, with any US corn-to-soybean acreage shift in 2026 expected to be manageable; the global crop protection market is expected to improve modestly, with volume gains more than offsetting ongoing pricing pressure. Noted strong H2 and FY execution and progress on the planned separation, which remains on track for H2 2026. Sees FY26 operating EPS between 3.45-3.70 (exp. 2.97), and operating EBITDA 4.0-4.2bln, reflecting a mixed agricultural backdrop with solid crop demand offset by pressured commodity prices and farmer margins; FY26 outlook includes an ~80mln impact from incremental global tariffs.
USA Rare Earth (USAR) - USA Rare Earth Inc. has more than USD 3bln in potential funding to accelerate plans for a domestic rare-earth and critical minerals supply chain, according to CEO Barbara Humpton. This includes up to USD 1.6bln from the Department of Commerce, with remaining funds from the private sector, and could bring the Round Top deposit on stream in 2028. USAR filed to sell up to 76.311mln of common shares, about 35.0% outstanding as of 28th January; 6.54mln shares relate to the LCM acquisition under a 26th September 2025 SPA for USD 100mln cash plus shares; 69.767mln arise from a 26th January PIPE.

INDUSTRIALS

Boeing (BA) - Plans the first flight of a production 777X in April, signalling progress on a jet programme six years behind schedule and burdened by USD 15bln in charges, Reuters reports. Certification remains outstanding, but management still targets the first delivery in 2027 despite a newly flagged engine issue.
RTX (RTX) - Pratt & Whitney Canada has signed a 15-year maintenance agreement with Scoot, the low-cost subsidiary of Singapore Airlines, covering 24 APS5000 auxiliary power units on Scoot’s fleet of Boeing (BA) 787 Dreamliner passenger jets. Separately, Thai Airways selected Collins Aerospace to deploy its FOMAX flight operations and maintenance exchanger system for its growing A321neo fleet.
American Airlines (AAL) - Pilots weigh a vote of no confidence in CEO Isom.
Jacobs (J) Q1 2026 (USD): Adj. EPS 1.53 (exp. 1.50), Revenue 3.3bln (exp. 3.09bln), driven by revenue strength across Infrastructure & Advanced Facilities and PA Consulting, with I&AF growth led by Life Sciences, Data Centres, Semiconductors, Water and Transportation, while PA Consulting revenue rose +16% Y/Y on strong digital consulting demand. Exec said the start to FY26 provides confidence to raise FY outlook; sees FY26 adj. net revenue growth of +6.5-10.0% Y/Y (prev. saw +6.0-10.0%), adj. EBITDA margin of 14.4-14.7% (unchanged), adj. EPS of 6.95-7.30 (exp. 7.08; prev. saw 6.90-7.30), and FCF margin of 7.0-8.5% (prev. saw 7.0-8.0%).
Equifax (EFX) Q1 2026 (USD): Adj. EPS 1.63-1.73 (exp. 1.78), Revenue 1.6-1.63bln (exp. 1.57bln); sees FY26 adj. EPS at 8.30-8.70 (exp. 8.69) and FY26 revenue at 6.66-6.78bln (exp. 6.6vln).
Emerson Electric (EMR) Q1 2026 (USD): Adj. EPS 1.46 (exp. 1.41), Revenue 4.346bln (exp. 4.35bln); underlying orders grew for a fourth consecutive quarter, with strong demand for automation technology led by Software & Systems and strength across North America, India and the Middle East & Africa. Sees Q2 adj. EPS at 1.50-1.55 (exp. 1.56), Q2 revenue growth +3-4%. Sees FY26 adj. EPS at 6.40-6.55 (exp. 6.48), and net sales growth +5.5%.
Veralto (VLTO) Q4 2025 (USD): EPS 1.04 (exp. 0.98), Revenue 1.396bln (exp. 1.41bln); sees Q1 adj. EPS at 0.97-1.01 (exp. 1.01) and FY26 adj. EPS at 4.10-4.20 (exp. 4.18).
Stanley Black & Decker (SWK) Q4 2025 (USD): Adj. EPS 1.41 (exp. 1.28), Revenue 3.68bln (exp. 3.78bln); sees FY26 adj. EPS 4.90-5.70 (exp. 5.62).
IDEX (IEX) Q4 2025 (USD): Adj. EPS 2.10 (exp. 2.04), Revenue 899mln (exp. 882mln); sees Q1 adj. EPS at 1.73-1.78 (exp. 1.85) and sees FY26 adj. EPS at 8.15-8.35 (exp. 8.31).
Old Dominion Freight Line (ODFL) Q4 2025 (USD): EPS 1.09 (exp. 1.06), Revenue 1.31bln (exp. 1.3bln); increased quarterly dividend by 3.6% to 0.29/shr.

HEALTHCARE:

Eli Lilly (LLY) Q4 2025 (USD): Adj. EPS 7.54 (exp. 6.95), Revenue 19.3bln (exp. 17.92bln); R&D expenses will continue to accelerate in 2026, driven by ongoing and new late-phase programmes; Expected Orforglipron US launch in Q2, pending FDA approval. Sales breakdown: Verzenio (prev. 1.47bln), US Zepbound 4.2bln (prev. 3.57bln), Mounjaro 7.4bln (prev. 6.52bln). Sees FY EPS at 32.50-35.00 (exp. 32.96) and FY revenue at 80-83bln (exp. 77.55bln).
AbbVie Inc. (ABBV) Q4 2025 (USD): Adj. EPS 2.71 (exp. 2.65), Revenue 16.6bln (exp. 16.41bln); Q4 results include unfavourable impact of 0.71/shr related to acquired IPR&D and milestones expense. Drug Breakdown: Skyrizi 5.01bln, Rinvoq 2.37bln (exp. 2.41bln), Humira 1.25bln. Sees FY26 adj. EPS at 14.37-14.57 (exp. 14.22).
Novo Nordisk (NVO) - CEO said the Co. sees positive early signs form high dose Wegovy UK launch, adding that the drug is on track for FDA approval in Q1.
GSK (GSK) - Topped profit expectations in Q4, driven by strong sales of its HIV and asthma medicines, providing an early boost for the new CEO. Q4 2025 (GBP): Adj. EPS 0.255 (exp. 0.224), Revenue 8.62bln (exp. 8.42bln); vaccine sales 2.29bln (exp. 2.20bln), with Shingrix revenue 1.01bln (exp. 827mln). Affirmed FY26 guidance, expects 2026 turnover growth of +3-5%, core operating profit growth of +7-9%, core EPS growth of +7-9%; also reiterated its long-term 2031 sales outlook.
Novartis (NVS) - Sees a low single-digit percentage decline in 2026 operating profit, citing competition from cheaper copies including Entresto. Q4 2025 (USD): Core EPS 2.03 (exp. 1.99), Revenue 13.3bln (exp. 13.7bln); Q1 adj. operating profit +1% to 4.92bln, driven by Kisqali, Kesimpta and Cosentyx.
Boston Scientific Corporation (BSX) Q4 2025 (USD): Adj. EPS 0.80 (exp. 0.78), Revenue 5.29bln (exp. 5.28bln); sees Q1 revenue growth of +10.5-12.0% (exp. 5.21bln) and FY EPS at 3.43-3.49 (exp. 3.47).
Johnson Controls (JCI) Q1 2026 (USD): Adj. EPS 0.89 (exp. 0.84), Revenue 5.8bln (exp. 5.64bln); FY adj. EPS 4.70 (exp. 4.61); sees Q2 adj. EPS at 1.11 (exp. 1.05) and raised its FY26 adj. EPS view to 4.70 (exp. 4.62, prev. 4.55).
GE Healthcare (GEHC) Q4 2025 (USD): EPS 1.44 (exp. 1.40), Revenue 5.7bln (exp. 5.61bln); sees FY EPS at 4.95-5.15 (exp. 4.94); Expects 2026 tariff impact to be lower than 2025, based on current rates.
Amgen (AMGN) Q4 2025 (USD): Adj. EPS 5.29 (exp. 4.76), Revenue 9.9bln (exp. 9.45bln). The CEO said it enters 2026 with momentum and a clear path to advancing innovative therapies for sustained long-term growth. Sees FY26 adj. EPS between 21.60-23.00 (exp. 22.14), FY26 revenue at 37-38.4bln (exp. 37.02bln); FY26 CapEx seen at USD 2.6bln; share repurchases not to exceed USD 3bln.
Cencora Inc. (COR) Q1 2026 (USD) EPS 4.08 (exp. 4.05), Revenue 85.9bln (exp. 86.06bln); sees FY adj. EPS at 17.45-17.75 (exp. 17.61). FY adj. operating income guidance has been raised to growth of 11.5% to 13.5% (prev. 8% to 10%) primarily to reflect the completion of the acquisition of OneOncology and the performance of the US Healthcare Solutions segment.
Bio-Techne (TECH) Q2 2026 (USD): Adj. EPS 0.46 (exp. 0.43), Revenue 295.88mln (exp. 290.74mln).

UTILITIES

Atmos Energy (ATO) Q1 2026 (USD): EPS 2.44 (exp. 2.44); backed FY26 EPS view of 8.15-8.35 (exp. 8.20) and backed FY26 capex view of 1.0bln.

REAL ESTATE

CoStar Group (CSGP) - D.E Shaw to push for board shake-up at Costar, WSJ reports. D.E. Shaw believes CoStar shares have underperformed because of its "high-risk, money-losing" investment in Homes.com, a letter the hedge fund plans to deliver to the company's board says, according to the report. D.E. Shaw believes a change of leadership is needed to address CoStar's underperformance.