Daily US Equity Opening News - US reportedly to add BABA to Pentagon list of firms aiding Chinese military; AMAT rises after earnings

TODAY'S AGENDA:

US INDEX FUTURES: ES -0.1%, NQ -0.1%, YM -0.1%, RUT +0.2%
DAY AHEAD: In energy, Baker Hughes will release weekly rig count data in the afternoon.
BROKER MOVES: ZS upgraded at Bernstein and Barclays; PINS downgraded at multiple brokers after earnings & guidance miss. For the full list, click here.
MAJOR MORNING MOVES RECAP: Mag-7, RIVN, ROKU, ANET, AMAT, ABNB, VRTX, BABA, COIN, DKNG, PINS. For the full list, click here.
US DAILY CONFERENCE CALENDAR: TMO. For the full list, click here.

NEWS:

TRADE

US Tariffs - President Trump is reportedly planning to roll back some tariffs of up to 50% on steel and aluminium goods, review affected product lists, exempt certain items and halt further expansions, according to the FT. Officials said the levies were raising consumer prices. The administration may pursue more targeted national security probes, while Trump is expected to veto House legislation opposing tariffs on Canada.
US-China - President Trump said he will visit China in April, and that Chinese President Xi will travel to the US later this year, adding that relations are currently very good. It was also reported that Trump paused China technology bans ahead of the planned summit with Xi.
US-Taiwan - The US and Taiwan signed a reciprocal trade agreement under which Taiwan will eliminate or reduce 99% of tariff barriers on US goods, while the US will impose a 15% tariff on Taiwanese goods. Taiwan President Lai said the deal marks a pivotal moment for the economy and strengthens the Taiwan-US high-tech partnership.
US-Japan - Japanese Trade Minister Akazawa held discussions with US Commerce Secretary Lutnick on US-bound investment initiatives, and confirmed progress in talks to launch a USD 550bln investment fund.

MACRO

US Govt Shutdown - The Senate failed to advance a bill to fund the DHS ahead of a Saturday deadline amid Democratic demands for tighter oversight of Immigration and Customs Enforcement. A Republican proposal for a two-week extension also failed. ICE will largely continue operating due to prior USD 75bln funding, while other agencies (such as FEMA and TSA) face disruption.
Fed - Fed Governor Miran (voter, dove) said his concerns about the labour market have eased somewhat. He said a range of policies are expanding economic supply and could lift growth in a non-inflationary manner. Miran added that the Fed is one of the biggest risks to growth, policy has passively tightened, and officials may be underestimating how restrictive monetary policy is.
BoJ - BoJ hawk Tamura said conditions for the next interest rate increase could be met as early as spring if it is confirmed with high certainty that wage growth this year aligns with the 2% price stability target for a third consecutive year.

GEOPOLITICS

US-Iran - President Trump said the US must reach a deal with Iran, and could do so within a month, warning it would be very traumatic for Iran otherwise. The USS Gerald R. Ford will be deployed to the Middle East, officials told the NYT. Israeli PM Netanyahu said Trump’s conditions could prompt Iran to accept terms for a good deal.

TECH

OpenAI, DeepSeek - OpenAI told US lawmakers that Chinese startup DeepSeek is attempting to replicate its models through distillation, Reuters reports citing a memo. OpenAI alleged DeepSeek employees bypassed access restrictions and used third-party routers to obtain model outputs programmatically.
Nvidia (NVDA) - Nvidia is expected to lease a 200-megawatt data center and substation in Nevada, funded partly by a USD 3.8bln junk-bond sale, Bloomberg reports. An entity backed by Tract Capital will issue the debt to finance part of the project’s construction, the report said.
HBM4 Memory - TrendForce said Samsung, SK hynix and Micron are in final validation stages for HBM4, with completion expected by Q2, positioning them to supply Nvidia’s Rubin platform. Samsung is projected to secure certification first, followed by SK Hynix and Micron. TrendForce expects Nvidia to adopt a three-supplier HBM4 strategy amid rising AI server demand and tighter memory supply conditions.
Apple (AAPL) - Apple was cleared by a jury in Texas of infringing five 4G/LTE patents in a 2019 lawsuit brought by Optis Wireless, Electrek reports. The verdict follows two prior awards of USD 506mln and USD 300mln to Optis, both overturned on appeal. A separate Optis case against Apple remains ongoing in the UK.
Applied Materials (AMAT) - Shares of Applied Materials jumped 12.4% in extended trading after it reported better-than-expected quarterly results and issued guidance well above market forecasts, supported by accelerating AI-driven investment and record segment revenues. Q1 2026 (USD): Adj. EPS 2.38 (exp. 2.21), Revenue 7.01bln (exp. 6.88bln). Results were supported by accelerating investment in AI computing, with management highlighting strength in leading-edge logic, high-bandwidth memory and advanced packaging, and expecting semiconductor equipment revenue to grow over 20% this calendar year. The CEO said demand for higher-performance and more energy-efficient chips is driving growth in key segments where Applied holds process equipment leadership. Sees Q2 EPS between 2.44-2.84 (exp. 2.28), Q2 revenue between 7.15-8.15bln (exp. 7.02bln); outlook excludes USD 0.01/shr of known acquisition-related charges, and includes a USD 0.04/shr net income tax benefit related to intra-entity intangible asset transfers.
Arista Networks (ANET) Q4 2025 (USD): EPS 0.82 (exp. 0.76), Revenue 2.49bln (exp. 2.39bln). The company cited validation of its “Arista 2.0” momentum, surpassing a cumulative 150mln ports shipped and exceeding AI networking and campus expansion goals. The CEO highlighted unprecedented networking demand, a growing total addressable market and confidence despite supply chain allocation constraints and rising memory and silicon fabrication costs. Sees Q1 revenue between USD 2.46-2.74bln (exp. 2.46bln); raised FY26 outlook, sees FY26 revenue at USD 11.25bln (exp. 10.9bln).
Twilio (TWLO) Q4 2025 (USD): Adj. EPS 1.33 (exp. 1.23), Revenue 1.37bln (exp. 1.32bln). The CEO said the business has transformed its financial profile and is increasingly positioned as foundational infrastructure in the age of AI. Sees Q1 EPS at 1.21-1.26 (exp. 1.24) and Q1 revenue at 1.335-1.345bln (exp. 1.29bln); sees FY26 revenue growth between +11.5-12.5%, raising FY26 revenue view to 11.25bln (exp. 10.9bln); sees FY26 adj. income between 1.04-1.06bln.
Toast (TOST) Q4 2025 (USD): EPS 0.16 (exp. 0.13), Revenue 1.63bln (exp. 1.62bln). Added a record 30k net locations in 2025. Highlighted momentum across its core restaurant segment and newer markets, expressing confidence in scaling the platform significantly over the coming decade. Authorised a USD 500mln increase to its existing share repurchases, with buybacks to be executed opportunistically. Sees Q1 adj. EBITDA between 160-170mln and sees Q1 subscription services and financial technology solutions gross profit between 505-515mln. Sees FY26 adj. EBITDA between 775-795mln, FY26 adj. subscription services and financial technology solutions gross profit between 2.27-2.3bln.
Zscaler (ZS) - Upgraded at Bernstein to 'Outperform' from 'Market Perform' with a USD 228 PT (prev. 264). The firm cites valuation for the upgrade, saying Zscaler is the "cheapest" cybersecurity vendor. While the company's growth will "rapidly drop" below 20% by 2028 and down through 15% within five years, Zscaler will keep winning new customers, just at a 25%-35% slower rate than pre-2024 levels.
Tech/banking - Tech and banking trade groups are among others that are urging the Trump administration to not change the federal framework they have been using to safely deploy AI, Axios reports citing a letter.
Cohu (COHU) Q4 2025 (USD): EPS -0.15 (exp. 0.06), Revenue 122.2mln (exp. 122.1mln); sees Q1 revenue of 115-129mln (exp. 120.1mln).
Amkor Tech (AMKR) - Announced offering of 10mln shares of common stock for holders - secondary priced at USD 48.75.
Procore Tech (PCOR) Q4 2025 (USD): EPS 0.37 (exp. 0.36), Revenue 349mln (exp. 341mln); sees Q1 revenue at 351-353mln (exp. 349mln) and FY26 revenue of 1.498-1.494bln (exp. 1.47bln)
SPS Commerce (SPS) Q4 2025 (USD): EPS 1.14 (exp. 1.01), Revenue 192.7mln (exp. 193.6mln); sees Q1 EPS at 0.95-0.99 (exp. 1.08) and Q1 revenue of 191.6-193.6mln (exp. 197.6mln); sees FY26 EPS at 4.42-4.50 (exp. 4.53) and FY26 revenue of 798.5-806.9mln (exp. 807.7mln). CFO Kim Nelson to retire, Joseph Del Preto to succeed. Approved an additional USD 200mln in share repurchase programme, bringing the total to USD 300mln.
Capgemini (CAP FP) - Reported FY revenue of EUR 22.5bln (prev. 22.1bln Y/Y), operating profit of EUR 2.2bln (prev. 2.4bln Y/Y). The CEO said it is pivoting to support AI adoption, which is expected to drive sales growth this year. Sees FY26 revenue growth of 6.5%-8.5% (exp. 7.2%).

CONSUMER DISCRETIONARY

Alibaba (BABA) - US reportedly expected to add Cos. including Alibaba to Pentagon list of firms allegedly aiding Chinese military as soon as Friday, according to reports.
Airbnb (ABNB) - Shares of Airbnb rose after the company reported better-than-expected revenue and issued stronger-than-forecast guidance for the current quarter and full year, despite an earnings miss. Q4 2025 (USD): Adj. EPS 0.56 (exp. 0.66), Revenue 2.8bln (exp. 2.71bln); Q4 gross Booking Value +16% Y/Y to 20.4bln, marking its highest growth quarter in more than two years, while Nights and Seats Booked +10% Y/Y and ADR increased, driving 12% revenue growth despite a tougher comparison. Management said it closed out 2025 with “strong momentum”, with demand strength across all regions underpinning performance. Reiterated that it remains in the early stages of global growth and is focused on service improvements, geographic expansion, offering expansion and AI integration. Sees Q1 revenue at 2.59-2.63bln (exp. 2.53bln), with GBV growth in the low teens Y/Y; sees FY26 revenue growth to accelerate to at least low double digits Y/Y and sees FY26 adj. EBITDA margin stable Y/Y as it reinvests efficiencies into marketing, product and technology.
Dutch Bros (BROS) Q4 2025 (USD): EPS 0.17 (exp. 0.10), Revenue 443.6mln (exp. 429.9mln); sees FY26 revenue of 2.00-2.03bln (exp. 2.04bln).
Expedia Group (EXPE) Q4 2025 (USD): Adj. EPS 3.78 (exp. 3.37), Revenue 3.55bln (exp. 3.41bln). Gross bookings +11% Y/Y in Q4, with booked room nights +9% Y/Y, including high single-digit growth in the US and low double digits in EMEA and the rest of the world. B2C and B2B gross bookings +5% and +24% respectively, while lodging gross bookings +13% Y/Y. Management said Vrbo and Hotels.com returned to growth, consumer spending remained healthy, and B2B and advertising delivered stellar quarters, adding that Q1 is typically the lowest EBITDA quarter, meaning prior cost actions should have an outsized impact. Sees Q1 revenue at 3.32-3.37bln (exp. 3.23bln), gross bookings of 34.6-35.2bln; sees FY26 revenue at 15.6-16bln (exp. 15.7bln), FY26 gross bookings of 127-129bln.
Wendy's (WEN) Q4 2025 (USD): EPS 0.16 (exp. 0.14), Revenue 543mln (exp. 537mln); sees FY26 adj. EPS at 0.56-0.60 (exp. 0.85).
Rivian Automotive (RIVN) - Shares surged in extended trading after it beat Q4 expectations and guided to a significant increase in vehicle deliveries this year, driven by the upcoming launch of its R2 model despite ongoing losses. Q4 2025 (USD): EPS -0.66 (exp. -0.79), Revenue 1.29bln (exp. 1.27bln). The company achieved its first annual gross profit of 144mln in 2025, including 120mln in Q4, supported by its software and services joint venture with Volkswagen (VWAGY), partially offsetting automotive segment losses, while FY net loss narrowed to 3.6bln from 4.75bln in 2024; Q4 net loss was 804mln. Total liquidity at quarter-end was 6.59bln, including nearly 6.1bln in cash and investments. Management described 2025 as a foundational year and said 2026 will mark an inflection point, with R2 deliveries expected to begin in Q2 and ramp through the year. For FY26, sees vehicle deliveries between 62-67K, sees FY26 adjusted pre-tax losses between USD -2.1bln and USD -1.8bln; sees FY26 capex between USD 1.95-2.05bln.
DraftKings (DKNG) - Shares fell in afterhours trading following a 2026 revenue and profit forecast that came in below estimates, as it plans heavy investment to expand into prediction markets. Q4 2025 (USD): Adj. EPS 0.36 (exp. 0.41), Revenue 1.99bln (exp. 1.99bln). The CEO said the business enters 2026 with strong momentum and highlighted a significant incremental opportunity in DraftKings Predictions, with plans to deploy growth capital to enhance the customer experience and acquire millions of customers. Sees FY26 revenue at 6.5-6.9bln (exp. 7.29bln), and FY26 adj. EBITDA between 700-900mln, with guidance reflecting investment in DraftKings Predictions, anticipated jurisdiction launches and disciplined planning, assuming state tax rates remain consistent with current levels.
Instacart (CART) Q4 2025 (USD): EPS 0.30 (exp. 0.51), Revenue 992mln (exp. 970mln)
Wynn Resorts (WYNN) Q4 2025 (USD): Adj. EPS 1.17 (exp. 1.48), Revenue 1.87bln (exp. 1.86bln). Q4 adj. Property EBITDAR 568.8mln (vs 619.1mln Y/Y). Management cited continued strength, with Las Vegas delivering healthy EBITDA supported by Y/Y improvement in ADRs and strong casino volumes, while Macau saw substantial Y/Y and sequential increases in both VIP turnover and mass table drop. The CEO also highlighted progress on global development initiatives, including topping out the tower at Wynn Al Marjan Island ahead of its planned Q1 2027 opening.
Callaway Golf (CALY) Q4 2025 (USD): Adj. EPS -0.25 (exp. -0.42), Revenue 367.5mln (exp. 788.26mln). Management said it completed 2025 strategic initiatives to return to a pure-play golf equipment company, including the sale of Jack Wolfskin and a 60% stake in Topgolf, generating significant cash, reducing USD 1bln of term debt and moving to a net cash position, while retaining a 40% stake in Topgolf. Plans to repay convertible debt and begin returning capital under a previously announced USD 200mln share repurchase programme. Sees Q1 revenue between 635-665mln (exp. 659.85mln), Q1 adj. EBITDA between 110-125mln (vs 125mln Y/Y); sees FY26 revenue between 1.98-2.05bln (exp. 2.1bln), and FY26 adj. EBITDA at 170-195mln (vs 222mln Y/Y).
Norwegian Cruise Line (NCLH) - Board appointed John Chidsey as president and CEO, succeeding Harry Sommer, effective immediately. It reaffirmed FY25 adj. EPS outlook of USD 2.10 (exp. 2.10), adj. EBITDA of USD 2.72bln, and adj. operational EBITDA margin of 37%; expects Q4 Net Yield around the midpoint of its prior range.
Dutch Bros (BROS) Q4 2025 (USD): EPS 0.17 (exp. 0.10), Revenue 443.6mln (exp. 424.9mln). Systemwide same shop sales +7.7% and transactions +5.4%, while company-operated same shop sales +9.7% and transactions +7.6% Y/Y. Execs reiterated confidence in its long-term growth strategy. Sees FY26 revenue between 2.00-2.03bln (exp. 2.04bln), sees same shop sales growth between 3-5%, FY26 capex between 270-290mln.
Instacart(CART) - Q4 2025 (USD): EPS 0.30 (exp. 0.51), Revenue 992mln (exp. 969.95mln). Q4 GTV +14% Y/Y to 9.85bln, with orders +16% Y/Y, the strongest quarterly GTV growth in three years. Sees Q1 GTV between 10.13-10.28bln and sees Q1 adjusted EBITDA between 280-290mln.
Nestle (NSRGY), Danone (DANOY) - Nestle is increasing infant formula production after a contamination crisis prompted it, Danone and Groupe Lactalis to recall hundreds of batches. Five Nestle factories in France, Spain, Germany, Switzerland and the Netherlands are operating 24 hours a day, Bloomberg reports; a filing showed Nestle requested permission in January to conduct night and holiday work at its Konolfingen plant following the global recall.

HEALTHCARE

AstraZeneca (AZN) - AZ announced positive and clinically meaningful results from the Phase III KALOS and LOGOS trials for Breztri in patients with uncontrolled asthma published in The Lancet Respiratory Medicine.
Vertex Pharmaceuticals (VRTX) Q4 2025 (USD): Adj. EPS 5.03 (exp. 5.15), Revenue 3.19bln (exp. 3.17bln); revenue growth was driven by continued strength in the cystic fibrosis franchise and increasing commercial diversification. The CEO said 2025 marked a year of strong revenue growth, commercial diversification and pipeline advancement, adding that the company remains focused in 2026 on executing across CF, expanding global access to CASGEVY, continuing the launch of JOURNAVX and preparing for the anticipated near-term commercialisation of povetacicept in IgAN. Sees FY26 revenue at 12.95-13.1bln (exp. 13bln).
DexCom (DXCM) Q4 2025 (USD): Adj. EPS 0.68 (exp. 0.65), Revenue 1.26bln (exp. 1.25bln). Cited continued expansion of access to its continuous glucose monitoring systems and the launch of the Dexcom G7 15 Day System as key drivers of growth. Execs said momentum is expected to continue into 2026. Sees FY26 revenue at 5.16-5.25bln (exp. 5.23bln) and FY26 adj. EBITDA margin between 30-31%.
Bio-Rad (BIO) Q4 2025 (USD): Adj. EPS 2.51 (exp. 2.70), Revenue 693mln (exp. 688mln); sees FY26 currency-neutral revenue growth of 0.5-1.5%.
Moderna (MRNA) Q4 2025 (USD): EPS -2.11 (exp. -2.54), Revenue 678mln (exp. 635mln); sees up to 10% growth from FY25 revenue. 2026 revenue split seen ~50% US/50% international. Norovirus Phase 3 trial fully enrolled, data expected in 2026.

COMMUNICATIONS

Pinterest (PINS) - Shares plunged in extended US trading after it reported an earnings miss and issued weaker-than-expected guidance, with management citing tariff-related headwinds that hit large retail advertisers and pressured revenue. Q4 2025 (USD): Adj. EPS 0.67 (exp. 0.69), Revenue 1.32bln (exp. 1.33bln). Global monthly active users +12% Y/Y to 619mln (exp. 613mln), an all-time high. Management cited tariff-related pressures impacting large retail advertisers, particularly in the US, UK and Europe, creating a greater-than-expected headwind and prompting a more cautious near-term outlook; reiterated plans to broaden revenue mix towards small-to-medium-sized and international advertisers and invest in AI-powered capabilities. Sees Q1 revenue of 951-971mln (exp. 980mln), with headwinds expected to persist and potentially intensify slightly during the quarter.
Roku (ROKU) - Shares of rose in extended trading after Q4 earnings and revenue came in well above expectations. Q4 2025 (USD): EPS 0.53 (exp. 0.28), Revenue 1.39bln (exp. 1.35bln). Achieved positive net income for the year. Management cited consistent execution and expanding platform monetisation as key growth drivers and expressed confidence in sustaining double-digit Platform revenue growth alongside further margin expansion. Sees Q1 revenue of 1.20bln (exp. 1.16bln) and Q1 adj. EBITDA of 130mln.
Meta (META) - Reportedly looking to add facial recognition to its smart glasses, potentially as soon as this year, NY Times reports citing sources.
Sony (SONY) - Sony’s PlayStation showcased upcoming PS5 titles at its State of Play event, including a teaser for “God of War Trilogy Remake” and a reveal of “God of War: Sons of Sparta,” due 12th February. Other announcements included updates and trailers for titles from Capcom, Ubisoft, Konami, Koei Tecmo, Remedy, Krafton, Lucasfilm Games, IO Interactive and Bungie, with multiple 2026 release dates confirmed.

FINANCIALS

NatWest (NWG) - FY25 pretax operating profit of GBP 7.7bln (exp. 7.5bln), and revenue of GBP 4.3bln (vs 3.8bln Y/Y); NII was GBP 3.4bln (exp. 3.3bln); it now targets return on tangible equity of more than 18% in 2028 (prev. saw over 15% in 2027), and intends to start a GBP 750mln share buyback programme in H1 of 2026.
Coinbase (COIN) Q4 2025 (USD): Adj. EPS 0.66 (exp. 0.61), Revenue 1.78bln (exp. 1.83bln). Transaction revenue fell to 982.7mln (prev. 1.56bln Y/Y), driven by a more than 45% decline in consumer transaction revenue. Subscription and services revenue +13.5% Y/Y to 727.4mln, supported by stablecoin revenue of 364.1mln (vs 225.9mln Y/Y), reflecting growing diversification away from trading activity. Management said crypto markets are cyclical and highlighted the role of stablecoins and recurring revenues in smoothing volatility. Sees Q1 Subscription and Services revenue of 550-630mln, reflecting lower average USDC market capitalisation, interest rates, crypto prices and staking rates versus Q4. Sees Q1 technology & development and general & administrative expenses at 925-975mln, roughly flat Q/Q, with higher compensation costs offset by professional fee savings. Sees Q1 sales and marketing expenses of 215-315mln, depending on performance marketing opportunities and average USDC held in Coinbase products.
Cboe Global Markets (CBOE) - Said Russell 2000 Index and Russell 2000 Index Weeklys options now trade nearly 24 hours a day, five days a week, on its Global Trading Hours session. It noted that RUT and Global Trading Hours volumes reached records in 2025, with January 0DTE activity accounting for 23% of RUT trading.
Citigroup (C) - Approved USD 42mln CEO pay for Jane Fraser in 2025 (+~22% YoY), citing strong revenues and regulatory progress.

REAL ESTATE

Public Storage (PSA) Q4 2025 (USD): Core FFO/shr 4.26 (exp. 4.21), Revenue 1.216bln (exp. 1.21bln). Management cited stabilising industry fundamentals, declining new supply and improving acquisition activity, alongside the launch of its PS4.0 strategic plan. Announced a leadership transition: CEO Joe Russell will retire in March, and continue as a consultant through March 2027; current Chief Financial and Investment Officer Tom Boyle appointed CEO, effective 1st April. Sees FY26 core FFO/shr between 16.35-17.00 (exp. 17.06), and sees FY26 same store revenue growth of -2.2%.
Federal Realty Investment Trust (FRT) Q4 2025 (USD): EPS 1.84 (exp. 1.86), Revenue 336mln (exp. 329mln); sees 2026 core FFO at 7.42-7.52 (exp. 7.42).
Tri Pointe Homes (TPH) - Sumitomo Forestry to acquire TPH for USD 47.00/shr in cash, valuing the transaction at ~USD 4.5bln.
Prologis (PLD) - Board approved a +6% increase in its annualised dividend, to USD 4.28/shr.
American Homes (AMH) - Raised quarterly dividend by 10% to USD 0.33/shr.

INDUSTRIALS

Air Lease (AL) Q4 2025 (USD): Adj. EPS 2.20 (vs 1.34 Y/Y), Revenue 820.4mln (vs 712.9mln Y/Y). Results reflected continued fleet growth and higher lease revenues, driving both earnings and top-line expansion year over year. Declared a Q4 dividend of 0.22/shr. Said it has USD 1.2bln in aircraft sales pipeline, and has placed 99% of its orderbook on lease through 2027. Anticipates completion of its pending merger in H1 2026.
Ingersoll Rand (IR) Q4 2025 (USD): Adj. EPS 0.96 (exp. 0.90), Revenue 2.09bln (exp. 2.04bln). The CEO highlighted operational momentum heading into the new year, supported by the IRX strategy, a deep and active M&A pipeline and disciplined execution across global teams. sees FY26 adj. EPS between 3.45-3.57 (exp. 3.56), FY26 revenue growth between +2.5-4.5%.
BAE Systems (BAESY) - Awarded a USD 145mln ceiling, and a USD 66.67mln delivery order, from the US Air Force for Counter Unmanned Aerial Systems weapon systems.

CONSUMER STAPLES

Constellation Brands (STZ) - Board appointed Nicholas Fink as president and CEO, effective 13th April, succeeding Bill Newlands. Fink has been a board member since 2021. Newlands will step down in April and serve as a strategic advisor for several months.
US Foods (USFD) - US Foods was been awarded a USD 603mln five-year fixed-price contract by the Defense Logistics Agency for full-line food and beverage items.
Flowers Foods (FLO) Q4 2025 (USD): Adj. EPS 0.22 (exp. 0.15), Revenue 1.23bln (exp. 1.23bln), driven by strong performance of leading brands and efficiency initiatives that delivered results at the high end of guidance; Execs acknowledged ongoing category challenges. The CEO noted that 2026 performance is expected to be below 2025 levels due to category headwinds and one fewer operating week, prompting a comprehensive operational review that covers the brand portfolio, supply chain, and financial strategy. Sees FY26 adj. EPS between 0.80-0.90 (exp. 0.97), and FY26 revenue of 5.163-5.267bln (exp. 5.2bln).

MATERIALS

Iron Ore - Iron ore fell again as rising Chinese port inventories and higher-than-expected output from Vale (VALE) increased supply concerns. Stockpiles at Chinese ports rose 0.5% W/W to about 161mln tons, an 11th straight weekly increase and approaching a record high.

ENERGY

Weatherford (WFRD), TotalEnergies (TTE) - Weatherford said it has secured a multi-year integrated completions contract from TotalEnergies in Denmark, providing completions products and services to support Total’s offshore operations in Denmark.

UTILITIES

Eversource (ES) Q4 2025 (USD): Adj. EPS 1.12 (exp. 1.10), Revenue 3.37bln (exp. 2.95bln); sees FY26 EPS 4.80-4.95 (exp. 4.96).