Daily US Equity Opening News - US plans tariff carve-outs for hyperscalers; ON slips on a mixed outlook; KO revenue falls short

TODAY’S AGENDA:

US INDEX FUTURES: ES -0.1%, NQ unch, YM unch, RUT unch
DAY AHEAD: From the US, The Atlanta Fed will update its GDPnow tracking estimate, which is currently modelling growth of 4.2% in Q4. Today’s speakers’ slate includes Fed’s Hammack and Logan (both 2026 voters). In energy, the EIA will publish its STEO report today; afterhours, the API will publish its weekly gauge of energy inventories. In supply, the US will auction USD 58bln 3yr notes. Notable corporates due to report today include: Gilead (GILD), Zillow Group (ZG), Welltower (WELL), Ford (F), Robinhood (HOOD), and Cloudflare (NET).
BROKER MOVES: VST upgraded at Jefferies; GTM downgraded at Citizens. For the full list, click here.
MAJOR MORNING MOVES RECAP: DDOG, SPOT, TSM, DD, HAS, DGX, AMZN, KO, FISV, ON, SPGI. For the full list, click here.
US DAILY CONFERENCE CALENDAR: BAC, GS, APO, WFC, MET, JPM, BX, BLK, PNC, AXP, IBKR, COF, ABBV, ADBE, AVGO, C, CRM, CSCO, DELL, IBM. For the full list, click here.

INDEX CHANGES

RingCentral (RNG) to replace Hillenbrand (HI) in S&P 600 at open on 2/12. Follows Lone Star Funds to acquire Hillenbrand in a deal expected to be completed soon, pending final closing conditions.

TECH

Big Tech - The Trump administration plans tariff carve-outs for US hyperscalers including Amazon (AMZN), Google (GOOG) and Microsoft (MSFT), linked to Taiwan Semiconductor Manufacturing Company’s (TSM) US investment commitments, FT reports. The scheme would allow exemptions from forthcoming chip tariffs proportional to TSMC’s pledged USD 165bln US capacity buildout, under a wider trade deal involving USD 250bln in semiconductor investment.
Data Centres - The Trump administration is seeking a voluntary compact with major technology companies to govern AI data centre expansion, aiming to prevent higher household electricity prices, protect water resources and safeguard grid reliability, Politico reports. A draft pact would require developers to fund new power generation, transmission upgrades and infrastructure, while supporting grid stability and community measures.
TSMC (TSM) - Reported a +37% Y/Y rise in January revenue to USD 12.7bln, marking its fastest growth in months, Bloomberg reports. The result exceeded the company’s FY growth outlook of about 30%, reflecting continued global AI-related demand, though the comparison may have been affected by Lunar New Year timing.
Apple (AAPL), Google (GOOGL) - UK's CMA secured commitments from Apple and Google to improve fairness in app store process and enhance iOS interoperability; now seeking feedback on commitments. Google said it will continue to engage constructively with the CMA.
ON Semiconductor (ON) - ON shares slipped in extended trading, despite beating Q4 earnings estimates, after a mixed outlook. Q4 2025 (USD): Adj. EPS 0.64 (exp. 0.62), Revenue 1.53bln (exp. 1.54bln). Said it met expectations in the quarter, citing early signs of stabilisation across key end markets, with automotive, industrial and AI data centre power remaining strategic priorities. Management highlighted continued investment in intelligent power and sensing technologies to support higher-value solutions and long-term shareholder returns. Sees Q1 adj. EPS at 0.56-0.66 (exp. 0.61) and sees Q1 revenue of 1.435-1.535bln (exp. 1.51bln).
Salesforce (CRM) - Salesforce cut fewer than 1,000 roles earlier this month, affecting staff across marketing, product management, data analytics and its Agentforce AI product, according to Business Insider. The layoffs follow an executive reshuffle and come after CEO said AI agents reduced support staff from 9,000 to 5,000.
Palantir Technologies (PLTR) - Investor Michael Burry said he remains bearish on Palantir and is preparing further analysis, despite strong Q4 earnings. He flagged a potential head-and-shoulders pattern, citing a peak at USD 207.52 in November 2025 and a neckline near USD 140. He identified downside levels around USD 83 and USD 54, implying declines exceeding 40%. Meanwhile, PLTR shares were upgraded at Daiwa to 'Buy' from 'Neutral' with a USD 180 PT (prev. 200), noting revenue jumped 70% Y/Y in Q4 and operating income rose about 2.1-fold. The firm said Palantir's "robust showing" continued to be driven by the US business. "The earnings release left a positive impression," contends Daiwa. It believes Palantir's "sharp growth will persist and accelerate."
Cisco Systems (CSCO) - Launched a new chip and router targeting hyperscale data centers, aiming to compete with Broadcom (AVGO) and Nvidia (NVDA) in the USD 600bln AI infrastructure market. Cisco said its Silicon One G300 switch chip, launching in H2, can speed certain AI workloads by 28% by automatically rerouting data across massive networks within microseconds.
Datadog (DDOG) Q4 2025 (USD): Adj. EPS 0.59 (exp. 0.55), Revenue 953mln (exp. 918mln), Adj. op. income 230mln (exp. 220.6mln); FCF 291mln (exp. 257.6mln). Guidance: Q1 adj. EPS 0.49-0.51 (exp. 0.53), Q1 revenue 951-961mln (exp. 935.6mln), FY adj. EPS 2.08-2.16 (exp. 2.33), FY revenue 4.06-4.1bln (exp. 4.11bln).
Fiserv (FISV) Q4 2025 (USD): Adj. EPS 1.99 (exp. 1.90), Revenue 5.28bln (exp. 4.9bln); FY adj. EPS view 8.00-8.30 (exp. 8.18); sees Q4 adj. EPS at 8.00-8.30 (exp. 8.20) and Q4 revenue growth of 1-3%. CFO said they expect clover revenue to grow at a low double digit rate in 2026.
Amkor Technology (AMKR) Q4 2025 (USD): Adj. EPS 0.69 (exp. 0.44), Revenue 1.89bln (exp. 1.84bln). Management said results reflect continued momentum in high-growth end markets. Sees Q1 EPS at 0.18-0.28 (exp. 0.24) and Q1 revenue of 1.60-1.70bln (exp. 1.54bln), implying sequential moderation but ahead of market expectations at the midpoint. Further ahead, it sees FY26 capex of 2.5-3.0bln, signalling an acceleration of strategic investments to support the next wave of advanced packaging growth as the company enters 2026 with positive momentum.
Zoominfo Tech (GTM) Q4 2025 (USD): EPS 0.32 (exp. 0.28), Revenue 319mln (exp. 309mln); sees Q1 EPS at 0.25-0.27 (exp. 0.26) and Q1 revenue of 306-309mln (exp. 307.5mln); sees FY26 EPS at 1.10-1.12 (exp. 1.11) and FY26 revenue of 1.247-1.267bln (exp. 1.26bln). Despite the metrics generally beating, many firms lowered their GTM price targets, with GTM downgraded at Citizens to 'Underperform' from 'Market Perform' with a USD 6 PT. The firm writes that the company is seeing increasing competition from vendors, such as Clay, Gong and Salesforce. Citizens have heard from sales leaders who have switched from ZoomInfo to Clay for contacts and from ZoomInfo's Chorus to Gong for AI-powered call transcription. It believes the advance in AI capabilities is fundamentally changing go-to-market strategies and making it possible for firms to do more with less.
Credo (CRDO) - Announced prelim Q3 2026 figures (USD): Revenue 404-408mln (exp. 342.33mln, prev. guided 335-345mln); sees sequential revenue growth for end-FY26 into FY27 in mid-single digit leading to more than 200% year-over-year growth in the current fiscal year.
Ichor Holdings (ICHR) Q4 2025 (USD): EPS 0.01 (exp. -0.06), Revenue 223.6mln (exp. 220.8mln).
Trimble (TRMB) Q4 2025 (USD): Adj. EPS 1.00 (exp. 0.96), Revenue 969.8mln (exp. 950.17mln); sees Q1 EPS at 0.69-0.74 (exp. 0.71) and Q1 revenue of 893-918mln (exp. 897.4mln); sees FY26 revenue of 3.42-3.62 (exp. 3.46) and FY26 revenue of 3.81-3.91bln (exp. 3.84bln).
TSMC (TSM) - Board has approved the issuance of corporate bonds in Taiwan, of up to TWD 60bln in size.
Uber (UBER) - Baidu (BIDU) and Uber, with Dubai’s Roads and Transport Authority, will launch Apollo Go autonomous ride-hailing in Dubai via the Uber app starting next month. Fully driverless vehicles will initially operate in the Jumeirah area, with expansion planned citywide pending regulatory approvals, and will be available through UberX, Uber Comfort, or an “Autonomous” option.
Microchip Tech (MCHP) - Announced the upsize and pricing of offering of USD 800mln of convertible senior notes; Priced USD 800mln convertible senior notes due 2030
Parsons (PSN) - Secured a USD 91mln extension to the Overseas Security Installation Services contract administered by the State Department. The award represents the seventh option year of a 10yr contract and forms part of the OSIS II programme valued at nearly USD 1.12bln.

COMMUNICATIONS

OpenAI, Omnicom (OMC), WPP (WPP) - OpenAI rolled out ads in ChatGPT, showing them to some US free-tier users and subscribers to its USD 8/month plan. Advertisers must pay at least USD 200,000 for the OpenAI Ad Pilot Programme, which has attracted Omnicom, WPP and Dentsu, with over 30 Omnicom clients participating, according to Ad Week.
Alphabet (GOOG) - Alphabet is set to raise USD 20bln from a USD bond sale, exceeding earlier expectations of a USD 15bln deal. The offering attracted more than USD 100bln of orders at its peak, reflecting strong investor demand for debt linked to AI, making it one of the largest order books for a corporate bond sale, Bloomberg said. Separately, Alphabet is selling CHF-denominated bonds for the first time after its USD 20bln US deal; it is offering five tranches of debt, with maturities of 3yr, 6yr, 10yr, 15yr and 25yr, and are expected to price later today. Reports suggest that Alphabet will raise GBP 4.5bln from its GBP debt issuance; drew GBP 24bln of bids.
Spotify Technology (SPOT) Q4 2025 (EUR): EPS 4.43 (exp. 2.74), Revenue 4.5bln (exp. 4.52bln); MAU 751mln (exp. 745.2mln); Q4 total premium subscribers 290mln (exp. 289.4mln). Sees Q1 MAU at 759mln (exp. 752mln).
Upwork (UPWK) Q4 2025 (USD): Non-GAAP EPS 0.36 (exp. 0.31), Revenue 198.4mln (exp. 197.52mln); sees Q1 non-GAAP EPS at 0.26-0.28 (exp. 0.34) and Q1 revenue of 192-197mln (exp. 200.61mln); sees FY26 non-GAAP EPS at 1.43-1.48 (exp. 1.43) and FY26 revenue of 835-850mln (exp. 838mln).
Take-Two Interactive Software (TTWO) - Upgraded at Raymond James to 'Strong Buy' from 'Outperform'. The firm notes that the stock is down 15% since January 29 due to fears around the launch of Google's Project Genie and the presumed impact of AI creation tools to incumbent publishers. Raymond James views the selloff as overdone. The weakness brings a more attractive risk/reward for Take-Two, especially following the "strong fundamentals" outlined in the company's fiscal Q3 report last week.
Verizon (VZ) - Senator Hagerty filed a complaint with the FCC after Verizon provided his phone data to the DoJ during the investigation into President Trump and the 2020 election. Hagerty said Verizon should admit wrongdoing or face FCC action. Verizon said the subpoenas were facially valid and subject to gag orders.
Tencent Holdings (TCEHY) - Tencent-owned Riot Games said it has reduced staff on the team behind fighting game 2XKO, citing lower-than-needed engagement momentum after expanding from PC to console.
Clear Channel Outdoor (CCO) - Agreed to be acquired by Mubadala Capital and TWG Global, in an all-cash transaction valuing the company at USD 6.2bln EV. Shareholders will receive USD 2.43/shr, a 71% premium to the unaffected price on 16th October. The deal, unanimously approved by the board, is expected to close by Q3 2026.

FINANCIALS

S&P Global Inc. (SPGI) Q4 2025 (USD): Adj. EPS 4.30 (exp. 4.33), Revenue 3.92bln (exp. 3.91bln); sees 2026 revenue +6-8%. FY diluted EPS view 19.40-19.65 (exp. 20.01).
Barclays (BCS) - Barclays said it will return at least GBP 15bln to shareholders through 2028 after beating profit expectations; the bank reported a return on tangible equity of 11.3% for 2025, and is targeting more than 14% by 2028. The bank plans around GBP 2bln of additional efficiency savings, on top of GBP 700mln delivered last year. Q4 revenue was GBP 7.08bln (prev. 6.96bln Y/Y), PBT GBP 1.86bln (exp. 1.76bln), NII GBP 3.73bln (exp. 3.76bln). Intends to initiate further share buyback of up to GBP 1bln and to target FY26 RoTE of greater than 12% and FY28 RoTE of greater than 14%.
T. Rowe Price (TROW) - Raised its quarterly dividend to USD 1.30/shr (prev. 1.27/shr).
Principal Financial (PFG) Q4 2025 (USD): EPS 2.24 (exp. 2.22); sees FY26 EPS growth of 9-12%; raised quarterly dividend to 0.80/shr from 0.79.
Cincinnati Financial (CINF) Q4 2025 (USD): EPS 3.37 (exp. 2.89), Revenue 3.09bln (exp. 2.91bln).
Arch Capital (AGL) Q4 2025 (USD): Adj. EPS 2.98 (exp. 2.57).
Brookfield (BN) -In exclusive talks with Blackstone to acquire its Spanish residential real estate unit Fidere in a deal valued at ~EUR 1bln, according to Expansion.
Carlyle Group (CG) - Will invest INR 21bln in Edelweiss Financial’s housing finance unit Nido Home Finance, acquiring a 45% stake and injecting INR 15bln in primary capital. Following the deal, Carlyle Asia Partners–affiliated funds will own about 73% of Nido, joining Blackstone and SMFG in backing India’s fast-growing housing finance market.
Stripe - Stripe is in talks to launch a tender offer that could value the payments company at more than USD 140bln, according sources cited by Axios. The potential valuation would mark an increase from the USD 107bln last Autumn, when Stripe bought back shares from investors.
Crypto - US banking groups have stepped up opposition to granting crypto and fintech firms direct access to the Fed’s payment systems. The Bank Policy Institute, Clearing House Association and Financial Services Forum called for a 12-month waiting period before applications, arguing access should be blocked until newly licensed stablecoin issuers demonstrate they can operate safely.

CONSUMER DISCRETIONARY

Amazon (AMZN) - Amazon has signalled to publishing executives that it plans to launch an AI content marketplace allowing publishers to sell content to AI firms, The Information reports. AWS circulated slides grouping the marketplace with AI tools, including Bedrock and Quick Suite. Separately, JPMorgan reiterated an ’Overweight’ rating and USD 265 price target on Amazon; it noted that while shares fell after earnings, as its 2026 capex target of USD 200bln was well above expectations and likely implies significant FCF burn this year, JPM said the investment reflects strong demand, and should support AWS growth acceleration through 2026, with focus on AWS and backlog growth, Retail market share gains and margin expansion.
Tesla (TSLA) - Tesla’s head of North America sales is leaving the company after a year marked by turnover in the role. Raj Jegannathan, a vice president appointed last year to oversee regional sales, said in a LinkedIn post that he was departing the EV maker, BBG reports.
Alibaba (BABA) - Alibaba introduced an open-source AI model aimed at helping robots and devices perform real-world tasks. Developed by its DAMO Academy, the foundation model, called RynnBrain, is designed to understand environments over time and assist with mapping objects, predicting trajectories and navigating complex spaces such as homes or factory floors.
Nike (NKE) - Converse staff have been told to work from home ahead of layoffs and restructuring at the Nike brand, as sales fall to a 15-year low, Bloomberg reports. Changes include new roles and team moves, with job cuts planned, according to an internal note from Converse CEO Aaron Cain.
Marriott International Inc (MAR) Q4 2025 (USD): EPS 2.58 (exp. 2.60), Revenue 6.69bln (exp. 6.67bln); sees Q1 adj. EPS at 2.50-2.55 (exp. 2.50) and FY26 adj. EPS of 11.32-11.57 (exp. 11.43); expects over 3.4bln in capital return to shareholders in FY26.
Hasbro Inc. (HAS) Q4 2025 (USD): EPS 1.51 (exp. 0.96), Revenue 1.45bln (exp. 1.26bln). Announced share buyback programme of USD 1bln. Sees 2026 revenue up 3-5% in constant currency from 4.70bln in 2025 (exp. 4.75bln).
Ferrari (RACE) Q4 (EUR) EPS 2.14 (exp. 2.05), Revenue 1.80bln (exp. 1.7bln); guided initial FY26 EPS "more than" 9.45 (exp. 9.55), FY26 revenue approx. 7.50bln (exp. 7.53bln); sees FY revenue at 7.15bln (exp. 7.12bln). CEO: "Demand for Ferrari remains very solid and is managed with discipline in every market reflecting our exclusivity model: our order book extends towards the end of 2027. We remain true to our identity: forward-looking and defined by our will to progress".
Harley-Davidson (HOG) Q4 2025 (USD): EPS -2.44 (exp. -1.06), Revenue 496mln (exp. 480mln); sees 2026 global motorcycle retail sales of 130-135k units.
LVMH (LVMUY) - Bernard Arnault appointed his son Antoine to LVMH’s executive committee, reinforcing the family’s role in the luxury group’s future. Antoine, who oversees image and sustainability, will join his father and sister Delphine on the committee, according to a statement.
Kering (PPRUY) - Reported accelerating sales momentum in Q4, amid its continued efforts to revive Gucci. Group sales totalled EUR 3.905bln (-9% Y/Y vs the -10% in Q3); Gucci posted a -16% Y/Y sales decline, while comp revenue at Gucci fell 10% in Q4 (exp. -10.4%). Kering expects to return to growth this year.
BYD Company (BYDDY) - BYD joined hundreds of companies seeking refunds for duties paid under President Trump’s import tariffs. The US units filed a lawsuit in the US Court of International Trade in January, arguing that executive orders underpinning the tariffs are invalid, making the collection of the duties unlawful.
Under Armour (UAA) - Downgraded at Citi to 'Sell' from 'Neutral'. The firm said the company's turnaround in North America is facing "several pressures" in fiscal 2026. Under Armour faces a higher competitive landscape, and its direct-to-consumer traffic is "weak". Citi believes the company needs to invest more in marketing and is also cautious about Under Armour's business in Europe, the Middle East, and Africa.
Wingstop (WING) - Shares were downgraded by both Raymond James and TD Cowen on concerns about weak 2026 sales trends. Firms cited pressure on core consumers and the risk of disappointing 2026 same-store sales, with TD Cowen forecasting -0.5% comps. RJ said that while longer-term fundamentals remain intact, near-term comp pressure is seen as a headwind for the stock.
Goodyear (GT) - Shares fell in extended trading, as traders focused on Q4 earnings miss despite revenue slightly ahead of expectations. Q4 2025 (USD): Adj. EPS 0.39 (exp. 0.49), Revenue 4.92bln (exp. 4.85bln); saw an insurance recovery of 56mln, or 0.19/shr (vs 0.38 Y/Y). Revenue was supported by execution under its Goodyear Forward plan, with management noting the highest segment operating income and margin achieved in more than seven years. The CEO noted ongoing industry challenges, adding that while conditions remain difficult entering Q1, it is operating with greater focus and discipline on controllable factors.
Toyota (TM) - Toyota Finance Corp. scrapped a planned JPY-denominated corporate bond issuance after previously postponing the sale in January, when it had aimed to return to the market after mid-February. Lead manager Daiwa said preparations were halted due to company-specific reasons.
Honda (HMC) - Maintained its annual profit guidance after weak sales and US tariffs weighed on results. Q3 operating income was JPY 153.4bln, beating estimates. The automaker reiterated its FY operating profit view of JPY 550bln (vs JPY 1.21tln last fiscal year).

CONSUMER STAPLES

Coca-Cola Company (KO) Q4 2025 (USD): Adj. EPS 0.58 (exp. 0.56), Revenue 11.8bln (exp. 12.05bln), sees FY26 Adj. EPS +7-8% (exp. 50.84bln) and expects Q1 comparable net revenue to include 2% FX tailwind.
Target (TGT) - Maintained Q4 outlook; announced executive leadership changes to accelerate growth. Cara Sylvester is named chief merchandising officer, having previously served as chief guest experience officer. Lisa Roath is named chief operating officer. As part of these changes, Rick Gomez, chief commercial officer, will depart Target and Jill Sando, chief merchandising officer for apparel and accessories, home and Fun101, will retire. Both will stay on for brief periods to support a smooth transition. Meanwhile, Target said it will increase investment in store staffing and training while cutting about 500 roles across store districts, distribution centres and regional offices, CNBC reports. The retailer will reduce store districts and redirect payroll to front-line staff hours to improve customer experience.
Estee Lauder (EL) - Downgraded at HSBC to 'Hold' from 'Buy' with a USD 106 PT (prev. 105). The firm said Estee's "modest" organic sales upgrade in the quarter "underwhelmed" investors relative to expectations heading into the print. The company's organic sales growth is set to slip in Q3, and the firm sees tougher China compared with easier US comparatives "offsetting one another" in Estee's second half of the fiscal year.

INDUSTRIALS

US Defence Contracts - The Pentagon warned major defence contractors that it is reviewing their performance to identify firms failing to meet contract obligations, WSJ reports. The move follows a January executive order from President Trump threatening to cancel contracts at underperforming companies that conduct share buybacks or pay dividends.
Wabtec (WAB), CSX (CSX) - CSX signed a USD 670mln deal with Wabtec to upgrade its fleet, covering 100 new Evolution Series locomotives, 50 modernised units and digital solutions. The agreement includes converting D9 locomotives from DC to AC traction and deploying Trip Optimiser systems to improve fuel efficiency, tractive effort and reliability.
AECOM (ACM) Q1 2026 (USD): Adj. EPS 1.29 (exp. 1.16), Revenue 3.83bln (exp. 3.53bln). Backlog +9% Y/Y, book-to-burn ratio of 1.5, reflecting strong demand and wins on large, complex projects. Raised its outlook; sees FY26 adj. EPS of 5.85-6.05 (exp. 5.26; prev. saw 5.65-5.85), and sees FY26 adj. EBITDA at 1.27-1.305bln (prev. saw 1.265-1.305bln). Reiterated long-term targets, including a 20%+ margin exit rate by FY28, and adj. EPS growth of 15%+ CAGR from 2026-2029.
Wesco International (WCC) Q4 2025 (USD): Adj. EPS 3.40 (exp. 3.89), Revenue 6.07bln (exp. 6.03bln); sees FY26 adj. EPS at 14.50-16.50 (exp. 16.42); announced the upcoming retirement of CFO; plans to increase dividend by 10% this year to 2.00/shr.
Amentum (AMTM) Q1 2026 (USD): EPS 0.54 (exp. 0.52), Revenue 3.24bln (exp. 3.32bln); affirmed FY26 EPS view of 2.25-2.45 (exp. 2.40) and FY26 revenue view of 13.95-14.3bln (exp. 14.2bln).
Masco (MAS) Q4 2025 (USD): Adj. EPS 0.82 (exp. 0.79), Revenue 1.79bln (exp. 1.82bln); sees FY26 adj. EPS at 4.10-4.30 (exp. 4.19); authorised a new USD 2bln share repurchase programme effective February 10th.
Xylem (XYL) Q4 2025 (USD): Adj. EPS 1.42 (exp. 1.41), Revenue 2.40bln (exp. 2.37bln); sees 2026 revenue of 9.1-9.2bln (exp. 9.33bln).
Thomson Reuters (TRI) - Upgraded at RBC Capital to 'Outperform' from 'Sector Perform'. The firm sees an "asymmetric set-up" to the upside following the stock's recent pullback. Thomson has a "higher growth ceiling but with a wider range of outcomes" amid the rise of agentic AI. RBC said a reacceleration of the company's organic growth and more disclosures can help change the investor narrative.
RTX (RTX) - Awarded a USD 230.56mln US Navy contract, covering long lead time materials, parts, components and related efforts to protect the F135 Lot 20 propulsion system delivery schedule.

HEALTHCARE

ACA - US House Judiciary Committee Republicans have subpoenaed 8 ACA health insurers as part of a potential fraud investigation, Axios reports; names include Elevance (ELV), CVS (CVS), Centene (CNC), GuideWell, Oscar Health (OSCR), Kaiser Permanente, Health Care Service Corporation and Blue Shield of California.
AstraZeneca (AZN) - AZN expects further profit growth this year, supported by cancer drug sales, as it offsets a patent expiry on a diabetes treatment; it said adj. EPS should rise by a low double-digit percentage (in line with expectations), and FY26 revenue is seen up by mid-to-high single digits; Q4 profit and revenue broadly met estimates, with core EPS at 2.12 (exp. 2.14), and Q4 revenue at USD 15.5bln (exp. 15.46bln).
CVS Health (CVS) Q4 2025 (USD): Adj. EPS 1.09 (exp. 1.00), Revenue 105.69bln (exp. 103.57bln); backed FY26 adj. EPS view of 7.00-7.20 (exp. 7.17) and cut FY26 cash flow from operations view to at least 9bln (was at least 10bln); sees FY26 at least 400bln (exp. 412.1bln, prev. at least 400bln) and capex of 3.0-3.2bln. Utilisation is expected to persist at elevated levels in 2026, although the level is difficult to accurately predict; beyond current levels, it may pressure the health care benefits segment and health care delivery assets in 2026. Executive said the Co. is advocating for higher Medicare Advantage payment issued by the CMS.
Incyte (INCY) Q4 2025 (USD): EPS 1.80 (exp. 1.92), Revenue 1.51bln (exp. 1.35bln); sees FY26 product revenue of 4.77-4.94bln.
Quest Diagnostics Incorporated (DGX) Q4 2025 (USD): EPS 2.42 (exp. 2.36), Revenue 2.81bln (exp. 2.75bln). Sees FY26 adj.EPS at 10.50-10.70 (exp. 10.42) and FY26 revenue of 11.7-11.82bln (exp. 11.38bln)
Oscar Health (OSCR) Q4 2025 (USD): EPS -1.24 (exp. -0.92), Revenue 2.81bln (exp. 3.12bln); sees FY26 revenue at 18.7-19.0bln and FY26 earnings from operations of 250-450mln. Meanwhile, a filing showed that the company entered a USD 475 million revolving credit facility on February 6, 2025, which will expire on February 6, 2029.
Zimmer Biomet Holdings (ZBH) Q4 2025 (USD): Adj. EPS 2.42 (exp. 2.40), Revenue 2.24bln (exp. 2.22bln); sees FY26 adj. EPS of 8.30-8.45 (exp. 8.47) and announced a USD 1.5bln share repurchase programme.
Koninklijke Philips (PHG) Q4 2025 (EUR): 0.41 (prev. -0.35 last year), Revenue 5.1bln (prev. 5.04bln last year); delivered FY25 with growth acceleration, strong margin expansion and solid cash flow. Sees FY26 adj. EBITDA margin of 12.5-13.0% and proposes to re-appoint CEO Jakobs.
Regenxbio (RGNX) - FDA rejected its gene therapy for Hunter syndrome. The regulator said the company’s clinical trial data were insufficient to support approval for the rare disease.

ENERGY

EPA - The Environmental Protection Agency plans this week to repeal the Obama-era endangerment finding, a 2009 determination that greenhouse gases endanger human health and welfare. The policy provides the legal basis for multiple emissions regulations, including federal standards for cars and trucks, and its removal would mark President Trump’s most significant rollback of US climate policy.
BP (BP) - BP suspended its quarterly share buyback to strengthen its balance sheet amid weaker oil prices; the last time BP did not launch a quarterly buyback was in 2020. BP also said it was deepening cost-cutting; it raised its cost-reduction target by up to USD 1.5bln through the end of 2027. It reported Q4 net income of USD 1.54bln (exp. 1.53bln), and adj. EPS of 0.10 (exp. 0.099); it also lowered 2026 capex to the lower end of its guided range.
Shell (SHEL) - CEO said they do not need to acquire any oil-related assets in the near term.
Chevron (CVX) - Chevron acquired a 22k acre ranch in West Texas whose owner had accused the company of negligently spilling toxic water and crude oil on the property. The sale of Ashley Watt’s Antina Ranch was recorded on 3rd February, with the buyer listed as Crane Property Holdings, which shares an address with Chevron, Bloomberg reports. No price was disclosed.
Mercuria Energy Group - Mercuria is close to acquiring a refinery and hundreds of fuel stations in Argentina from Raizen, according to Bloomberg. The assets include Raizen’s Dock Sud refinery near Buenos Aires. No terms were disclosed.

MATERIALS

Ecolab Inc. (ECL) Q4 2025 (USD): Adj. EPS 2.08 (exp. 2.07), Revenue 4.2bln (exp. 4.19bln); sees Q1 adj. EPS at 1.67-1.73 (exp. 1.70) and FY26 adj. EPS of 8.43-8.63 (exp. 8.46).
DuPont (DD) Q4 2025 (USD): Adj. EPS 0.46 (exp. 0.43), Revenue 1.69bln (exp. 1.68bln); sees Q1 adj. EPS at 0.48, Q1 revenue of 1.67bln, FY26 adj. EPS of 2.25-2.30, and FY26 revenue of 7.08-7.14bln. January sales were in line, improving order trends in industrial tech suggests markets that were weak last year are starting to stabilise.
Salzgitter (SZG GY) FY25 (EUR): Sales 9bln (exp. 9.07bln), EBITDA 376mln (exp. 326.9mln); FY EBITDA view 500-600mln (exp. 734.1mln), FY sales view 9.5bln (exp. 9.88bln).
PLS Group (PILBF) - Signed a lithium offtake agreement with Canmax Technologies, becoming the first Australian miner to secure a supply deal with a guaranteed minimum price. PLS will receive an upfront USD 100mln payment to secure two years of supply, with an option to extend by 12 months.
China Coal Output - China’s main coal industry body expects lower imports and potentially higher domestic output in 2026 after Indonesia restricted shipments to support prices. The China Coal Transportation and Distribution Association cut its import forecast to 465mln tons (from 480mln it projected earlier).

UTILITIES

Duke Energy (DUK) Q4 2025 (USD): EPS 1.50 (exp. 1.49), Revenue 7.97bln (exp. 7.43bln). Introduced FY26 adj. EPS guidance of 6.55-6.80 (exp. 6.70) and sees the long-term adj. EPS growth rate at 5-7% through 2030 from the 2025 guidance range midpoint of 6.30.
Vistra (VST) - Upgraded at Jefferies to 'Buy' from 'Hold' with a USD 203 PT (prev. 191). The firm sees an improved risk/reward following the stock's recent selloff. Vistra is down 25% since September despite announcing Texas data centre contracts and the "attractively priced" Cogentrix acquisition. Jefferies notes that the stock, at current levels, is not pricing in future data centre contracts.

REAL ESTATE

UDR (UDR) Q4 2025 (USD): FFOA 0.64 (exp. 0.64), Revenue 433mln (exp. 430.51mln); sees Q1 FFOA 0.61-0.63 and sees FY26 FFOA at 2.47-2.57 (exp. 2.56).

MACRO

Fed Chair Nominee Warsh - President Trump told Fox News that his nominee to lead the Fed could drive US economic growth to 15%; Trump said Kevin Warsh had been the runner-up in his previous search, and that choosing current Fed Chair Powell had been a major mistake.
Fedspeak - Fed Governor Miran (voter, dove) said the central bank’s balance sheet should be smaller, while retaining the ability to conduct large-scale asset purchases during an economic crisis, which would lessen the Fed’s footprint in financial markets, and preserve policy flexibility for future shocks. Miran also said that the USD would need to fall much more sharply for currency moves to have a material impact on inflation, and the USD’s recent weakness has not had meaningful consequences for monpol. Fed’s Waller (voter) said optimism that boosted crypto markets after President Trump’s election may be fading amid a selloff that has unsettled the asset class.
Venezuela - Venezuela’s interim government is increasing USD sales via private banks to support the bolivar amid political uncertainty. Local banks are reported to be selling USD 280mln this week through USD auctions, adding to an earlier USD 500mln in sales disclosed by the central bank late last month.
BoE - BoE’s Mann said Trump’s trade wars are adding to UK inflation as China raises export prices to the UK to offset the cost of US tariffs; Mann rejected claims that the UK would benefit from diverted Chinese trade, and criticised UK’s weak growth.

TRADE

US Tariffs - House Republicans advanced a procedural motion to block a vote on President Trump’s tariff agenda, potentially delaying consideration until at least July, Bloomberg reports. The motion will be voted on this week. With a narrow majority, Republicans risk defections that could end the delay, which began last March as trade tensions with Canada escalated, the report adds.
Big Tech - The Trump administration plans tariff carve-outs for US hyperscalers including Amazon (AMZN), Google (GOOG) and Microsoft (MSFT), linked to Taiwan Semiconductor Manufacturing Company’s (TSM) US investment commitments, FT reports. The scheme would allow exemptions from forthcoming chip tariffs proportional to TSMC’s pledged USD 165bln US capacity buildout, under a wider trade deal involving USD 250bln in semiconductor investment.
US-Taiwan - Taiwan Vice Premier Cheng Li-chiun told Washington that relocating 40% of its semiconductor supply chain to the US is impossible, CNBC reports. She pushed back against targets set by Commerce Secretary Lutnick despite a US-Taiwan trade deal involving USD 250bln in investments and tariff cuts. Taiwan insists its chip ecosystem must remain rooted domestically.
US-Canada - President Trump threatened to block the opening of the Gordie Howe International Bridge linking Detroit and Canada, adding to political tensions between the two countries. The Canada-funded bridge, which is nearly complete after almost eight years of construction, is designed to ease congestion at the Detroit–Windsor crossing.

GEOPOLITICS

China-Taiwan - China signalled plans to expand national security measures in Hong Kong following the sentencing of Jimmy Lai, Bloomberg reports. Beijing’s State Council said it would strengthen security across key economic sectors of the city, including finance and shipping, and called for a holistic approach that combines development and security, amid renewed international calls for Lai’s release.
Munich Security Conference - Secretary of State Rubio will attend the Munich Security Conference (13-15th February) and hold meetings with counterparts, the State Department said. He will then travel to Slovakia for talks with government officials on regional security, nuclear energy, military modernisation and NATO commitments.
US-Russia - The US pledged up to USD 9bln in potential investment to support Armenia’s shift away from Russian energy after Vice President JD Vance signed a civil nuclear cooperation agreement.