Daily US Equity Opening News - WBD could reopen talks with PSKY; GM discloses Q4 charges; META signs deal with VST

TODAY'S AGENDA:

US INDEX FUTURES: ES +0.3%, NQ +0.4%, YM +0.3%, RUT +0.6%
DAY AHEAD: Traders will be eying a potential Supreme Court update on Trump's tariffs, but there is no guarantee it will announce a ruling on the matter (see preview, below). Prelim University of Michigan sentiment data for January are expected to show headline sentiment and expectations easing a little, while conditions are expected to tick up, but ultimately, the major indices are seen little changed. In afternoon trade, Baker Hughes will release its weekly rig count data. Today's speakers' slate includes Fed's Kashkari (voter; no text or Q&A are expected), and Fed's Barkin (2027 voter; text and Q&A expected, but the text is likely to be similar to his remarks made on Tuesday). Elsewhere, oil execs will meet US President Trump today, as the administration seeks to enlist the industry’s help in rebuilding Venezuela’s energy sector.
BROKER MOVES: CRWD upgraded at Berenberg; STNG double downgraded at BofA. For the full list, click here.
MAJOR MORNING MOVES RECAP: VST, OKLO, RVMD, INSM, WDFC, WDFC, AXTI, QCOM, CRWD, DOCS. For the full list, click here.
US DAILY CONFERENCE CALENDAR: For the full list, click here.
POTENTIAL SCOTUS TARIFF UPDATE: The Supreme Court has scheduled an opinion day for Friday, with justices taking the bench at 10:00EST/15:00GMT, when opinions may be announced without advance notice of cases, making a ruling on challenges to US President Trump’s tariffs possible but not guaranteed, with written decisions typically posted shortly afterwards. The cases concern “Liberation Day” tariffs imposed on 2nd of April 2025, setting rates of about 10–50% on most imports alongside targeted levies on China, Canada and Mexico, justified by Trump under the 1977 International Emergency Economic Powers Act on grounds that trade deficits and fentanyl trafficking constituted a national emergency. Lower courts ruled that Trump exceeded his authority, prompting appeals to the Supreme Court, with Trump describing the potential ruling as critically important and warning of national security consequences. Betting markets show reduced expectations of a ruling in Trump’s favour, with Kalshi at 29% and Polymarket at 22%, down from higher levels before November 5th oral arguments, during which conservative and liberal justices expressed scepticism about using IEEPA for large-scale tariffs. Officials including US Treasury Secretary Bessent, have indicated alternative legal routes could be used to recreate tariffs if IEEPA authority is curtailed.
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OIL EXECS MEETING - Nearly 20 US oil executives, including veteran wildcatter Harold Hamm, are scheduled to meet President Donald Trump and senior administration officials at the White House on Friday as the administration seeks to enlist the industry’s help in rebuilding Venezuela’s severely damaged energy sector. The meeting is described as shaping up to be a prominent gathering of US oil figures, reflecting Washington’s growing focus on Venezuela following recent US military actions, political developments involving President Nicolas Maduro, and debates in the US Senate over war powers. The talks are part of a broader push by the Trump administration to influence the future of Venezuela’s oil industry, which has suffered years of mismanagement, underinvestment and sanctions, and is seen as central to any effort to stabilise or reshape the country’s economy and governance.

NEWS:

TECH

TSMC (TSM) - TSMC said December revenue fell 2.5% M/M to TWD 335.0bln, but rose 20.4% Y/Y. FY25 revenue reached TWD 3.81tln, +31.6% Y/Y, driven by strong demand for AI, high-performance computing and advanced chips. The result reinforced expectations of sustained global AI spending in 2026 despite concerns about an industry bubble, Bloomberg said.
Apple (AAPL) - Apple’s board has waived its age cap to allow two members, including chair Art Levinson, to stand for re-election, WSJ Reports. The company said retaining Levinson and audit committee chair Ron Sugar was in the best interests of Apple and its shareholders.
NVIDIA (NVDA), Alphabet (GOOG) - NVIDIA has hired Google marketing executive Alison Wagonfeld as its first chief marketing officer, consolidating marketing and communications under a single leader, WSJ reports. Separately, NVIDIA said its new Vera Rubin server platform has entered mass production and is preparing for volume shipments, marking a rare major redesign involving significant changes to assembly, DigiTimes reports; CEO Huang said the overhaul supports growing demand as shipments scale up.
Memory Prices - The global storage chip market has entered an acute shortage as AI demand outstrips supply, pushing DRAM and NAND prices up by as much as 70%, DigiTimes reports. Analysts expect tight conditions and elevated pricing to persist through 2026 as capacity lags rapidly growing AI server demand.
Qualcomm (QCOM), Samsung Electronics (005930 KS) - Qualcomm is in talks with Samsung Electronics on manufacturing next-generation 2nm chips, potentially reviving Samsung’s loss-making foundry business, DigiTimes reports. Chief executive Cristiano Amon said design work is complete, and discussions began at CES 2026. Samsung last produced Qualcomm’s leading chips in 2022.
Qualcomm (QCOM) - Downgraded at Mizuho to 'Neutral' from 'Outperform' with a USD 175 PT (prev. 200). The firm reduced estimates by up to 7%. Mizuho's estimates are now below consensus, as it sees headwinds to Qualcomm's handset shipments and iPhone content in 2026.
Intel (INTC) - President Trump met Intel CEO Lip-Bu Tan at the White House to discuss progress on new processors after the US government bought shares in the chipmaker, with the US holding about a 5.5% stake. Trump noted that Intel shares have risen over 70%.
DeepSeek - To release next flagship AI model with strong coding ability, according to The Information. The new model, V4, is a successor to the V3 model DeepSeek released in December 2024. Initial tests done by DeepSeek employees based on the company’s internal benchmarks showed that it outperformed existing models, such as Anthropic’s Claude and OpenAI’s GPT series, in coding, the two people said.
Hewlett Packard Enterprise (HPE) - Hewlett Packard Enterprise can continue integrating Juniper Networks while states challenge a Justice Department antitrust settlement, a US federal judge ruled.
LG Electronics (066570 KS) - Expects to report its first quarterly operating loss in nine years, citing weak demand for televisions and other electronics amid tougher competition. The South Korean group is also facing higher tariffs and increased restructuring costs as it seeks to accelerate growth in new businesses. LG Electronics estimates its 2025 operating profit down 27.5% Y/Y at KRW 2.47tln, and annual revenue rose 1.7% Y/Y to KRW 89.2tln, while net profit data was not available, according to Yonhap.
xAI - UK could ban Elon Musk’s X after AI chatbot Grok generated sexualised deepfakes, including illegal child abuse images, The Telegraph reports. Sir Keir Starmer has asked Ofcom to consider all powers under the Online Safety Act, including fines or blocking access. Elsewhere, Bloomberg reports that xAI is rapidly burning cash as it invests in data centres, staff and software. The startup posted a USD 1.46bln net loss for the September quarter, up from USD 1bln in Q1, with USD 7.8bln cash burn in the first nine months.
Amphenol (APH), Linde (LIN) - Amphenol appointed Sanjiv Lamba to its board of directors, increasing the board size to nine members. Lamba currently serves as CEO of Linde.
CrowdStrike (CRWD) - Upgraded at Berenberg to 'Buy' from 'Hold'. The firm cites valuation for the upgrade following the stock's recent underperformance. CrowdStrike "stands out" as one of the few software vendors "capable of sustaining sector-leading growth, supported by its unified architecture".
AXT (AXTI) - Cut Q4 revenue view to USD 22.5-23.5mln (exp. 28.77mln, prev. 27-30mln).

COMMUNICATIONS

ByteDance - TikTok is splitting US staff as it prepares for a sale, with some moving to TikTok USDS Joint Venture LLC led by Oracle (ORCL), Silver Lake and MGX, and others to a ByteDance-owned global entity. CEO Shou Chew said the deal would close on 22nd January, valuing TikTok US at about USD 14bln.
Meta Platforms (META) - Signed a multi-gigawatt nuclear deal to power AI data-centers, reports Bloomberg TV. Meta said it struck 20-year agreements to buy power from three Vistra (VST) Nuclear plants in the US. The company said in a blog it will purchase power from Vistra's Perry and Davis-Besse plants in Ohio and Beaver Valley plant in Pennsylvania. Meta will also help develop small Modular reactors planned by Oklo (OKLO) and TerraPower. Meta hired former top lawyer for Elon Musk’s DOGE, Bill McGinley, as a lobbyist, signalling a closer relationship between the company and President Trump’s administration, BBG reports. Meanwhile, the EU is looking at potentially designating Meta's WhatsApp as a very large platform. The EU says a very large platform "must comply with the most stringent rules of the DSA," and "Once the Commission designates a platform as a VLOP or a search engine as a VLOSE, the designated online service has 4 months to comply with the DSA."
Warner Bros. Discovery (WBD), Paramount (PSKY), Netflix (NFLX) - Top Warner Bros. Discovery executives may reopen talks with Paramount if Paramount raises its bid, Semafor reports. Paramount leaders see WBD’s stance as insulting despite attempts to improve offers and view paying more as bidding against themselves. Since WBD rejected Paramount’s bid more than a month ago, there have been no substantive negotiations, only tit-for-tat public letters to shareholders.
Paramount Skydance (PSKY) - Seeking strategic partners to help revive MTV, holding talks with major companies and music industry figures about taking a stake. Financial advisers have been hired to find an investor that could provide funding and assets such as music rights or artist connections.
Spotify (SPOT) - Confirmed ICE recruitment ads are no longer running on its site, saying a US government campaign ended late last year. The ads drew criticism last October amid a hiring push.
Disney (DIS) - One of China's top officials met with Disney CEO Bob Iger in Beijing, Reuters reports, as the "House of Mouse" seeks to strengthen its foothold in China amid fraught US-China tensions.

CONSUMER DISCRETIONARY

China Auto Sales - China's Auto industry body CPCA announced 2.28mln passengers cars was sold in December, marking a 14.5% decrease Y/Y. Tesla (TSLA) exported 3.3k vehicles from China in December (prev. 13.5k), the CPCA said.
General Motors - General Motors shares fell in extended trading after it disclosed about USD 6bln in Q4 charges tied mainly to North American EV operations, following USD 1.6bln in Q3 2025. GM cited weaker EV demand, cut capacity, shifted its Orion plant, sold its Ultium Cells LLC Lansing stake to LG Energy Solution, and flagged smaller 2026 charges.
BYD Co. (BYDDY) - Created a new Linghui sub-brand targeting fleet and ride-hailing markets, housing re-badged models. The Qin PLUS becomes the Linghui e5, a Xia DM-i derivative of the M9, and a Han sedan variant the Linghui e9, according to Chinese industry ministry filings.
FIGS (FIGS) - FIGS CEO Catherine Eva Spear sold 49,734 shares on 6th January, at USD 11.3789/shr, for a total USD 565,918.
Polestar Automotive (PSNY) - Reported record retail sales in 2025; 60,119 in 2025, +34% Y/Y.
Pandora (PNDORA DC) prelim. Q4 (DKK): Sales 11.9bln (exp. 12.3bln), Organic Growth 4% (prev. 11%), LFL 0% (prev. 6%), EBIT Margin 33.5% (prev. 34.7%). "The top-line performance reflects a year marked by a generally weak consumer sentiment, with North America being particularly impacted in Q4 2025".

MATERIALS

Copper - A significant share of Chinese copper demand has evaporated after prices surged to record levels, with copper on the London Metal Exchange breaking above USD 13k a ton. Industrial buyers in China are scaling back purchases despite bullish factors driving a near 50% annual rally, Bloomberg reports.
Rio Tinto (RIO), Glencore (GLNCY) - Rio Tinto and Glencore are in early talks on a possible all-share deal that could create the world’s largest miner, with a combined market value near USD 207bln. The companies confirmed discussions but said no deal is certain. Under UK takeover rules, Rio Tinto must decide by 5th February. Later, Bloomberg reported that Rio Tinto is said to be open to owning coal if it purchases Glencore.
Antofagasta (ANFGF) - Trump administration and US Congress plan to overturn a Biden-era mining ban in northern Minnesota, benefiting Antofagasta’s Twin Metals copper, cobalt and nickel project. The 2023 ban blocked mining on 225,504 acres for 20 years; a filing omission enables Congressional Review Act action, potentially reissuing leases despite conservation opposition.
WD-40 Company (WDFC) - WD-40 shares fell in extended trading after it reported Q1 earnings and revenue that missed expectations, driven by timing-related weakness in distributor markets, particularly in Asia-Pacific. Q1 2026 (USD): EPS 1.28 (exp. 1.39), Revenue 154.4mln (exp. 155.09mln). Maintenance product sales in direct markets rose +8% Y/Y, offset by lower sales in marketing distributor markets, which management attributed to distributor timing rather than end-user demand. Quarterly dividend was hiked by more than 8%, to USD 1.02/shr, with annual dividends targeted at >50% of earnings. The CEO said Q2 has started strongly, with solid growth across all three trade blocs and good visibility into upcoming initiatives; the CFO reaffirmed confidence in delivering results at the mid-to-high end of guidance ranges. Backed FY26 guidance for EPS between 5.75–6.15 (exp. 6.07), and revenue between 630–655mln (exp. 649.25m), supported by a strong balance sheet and disciplined capital allocation focused on long-term growth and shareholder returns.

ENERGY

Oil companies - White House official said Chevron (CVX), Exxon (XOM), Halliburton (HAL) to attend Trump meeting; Shell (SHEL LN), Valero (VLO), Marathon (MPC), and Eni (ENI IM).
Chevron (CVX) - Chevron loaded 1.68mln bbls of Venezuelan oil onto tankers in the first week of the month, the fastest pace in seven months and nearly five times the volume of the same week in December, as the US government moves to exert control over Venezuela’s crude exports, Bloomberg reports.
Marathon Petroleum (MPC) - Interested in bidding for Venezuelan crude oil, Reuters reports. Marathon declined to say whether there will be an auction.
Texas LNG - Privately held US developer Glenfarne Group said it is financing its planned LNG export project in Texas.
Frontline (FRO) - Agreed to acquire nine scrubber-fitted ECO VLCC newbuilding contracts from a Hemen Holding affiliate for USD 1.22bln. Seven vessels are due for delivery in 2026 and two in 2027, with the acquisition to be financed using cash and long-term debt.
Scorpio Tankers (STNG) - Double downgraded at BofA to 'Underperform' from 'Buy'. The firm writes with the company locking in additional time charters, suggesting the company views market rates as near peak, and the potential for some form of peace agreement between Russia and Ukraine in the year ahead, it sees earnings as closer to peak levels and expects that rates could decline ahead.
LG Energy Solution (373220 KS) - Reported a surprise preliminary operating loss for Q4 as EV demand cooled. It posted a USD 83.8mln operating loss for the three months ended December (exp. USD 33.1mln profit).

HEALTHCARE

Revolution Medicines (RVMD), Merck (MRK) - Merck is in talks to buy cancer drugmaker Revolution Medicines for USD 28–32bln, though no deal is agreed and rival bidders may emerge, FT reports. The move would extend Merck’s acquisition push as it prepares for Keytruda patent expiry in 2028.
Eli Lilly (LLY) - A study found patients taking Eli Lilly’s weight-loss drug Zepbound alongside arthritis treatment Taltz saw greater reductions in tender and swollen joints than those on Taltz alone. The research involved 271 patients with obesity and active psoriatic arthritis.
Johnson & Johnson (JNJ) - Reached a voluntary agreement with the US government to improve medicine access, lower costs and gain tariff exemptions, including participation in TrumpRx.gov. Separately, it announced two new US manufacturing facilities and progress on a USD 2bln biologics plant, part of a USD 55bln US investment.
Illumina (ILMN) - Appointed Eric D. Green as Chief Medical Officer, effective 2nd February. He joins after more than 30 years at the US National Institutes of Health, including serving as NHGRI Director from 2009 to 2025, advancing genomics into medicine and public health.
Aktis Oncology (AKTS), Eli Lilly (LLY) - Aktis Oncology, a clinical-stage biotechnology company backed by Eli Lilly, raised USD 317.7mln in a US IPO which priced at the top of the range, selling 17.65mln shares at USD 18 each, with Eli Lilly indicating interest in about USD 100mln of shares.
Doximity (DOCS) - Upgraded at Goldman Sachs to 'Neutral' from 'Sell' with a USD 49 PT (prev. 62). After a year when fundamentals diverged from stock performance, 2026 should represent a return to normalized patterns where organic growth defines relative valuation, the firm argued. Goldman sees valuation re-based and consensus numbers more accurately capturing Doximity's forward outlook.Insmed (INSM) - Reported Q4 revenue of 144.6mln (exp. 176.8mln). Sees FY25 revenue at 606.4mln (exp. 522.03mln). Insmed initiated PALM-ILD, a Phase 3 study of treprostinil palmitil inhalation powder in patients with pulmonary hypertension associated with interstitial lung disease, in Q4 2025. Insmed plans to initiate a Phase 3 study of TPIP in patients with pulmonary arterial hypertension in early 2026.

INDUSTRIALS

GE Aerospace (GE) - Received a USD 1.42bln modification to a firm-fixed-price Navy contract covering Lots Nine and 10 and adding scope for Lots 11–13, totalling 277 T408-GE-400 engines for CH-53K production.
Boeing (BA) - Faced another difficult year in its recovery, the CEO told employees, saying the company still has significant work ahead in its turnaround despite progress made after recent crises, according to a companywide memo.
Air Lease (AL) - Reported Q4 2025 aircraft investments of ~USD 920mln. As of 31st December, its fleet comprised 490 owned and 45 managed aircraft, with 218 on order from Airbus (EADSY) and Boeing (BA). It delivered 10 aircraft, sold 23, and recorded sales proceeds of ~USD 1bln.

FINANCIALS

Single-Family Homes - US Treasury Secretary Bessent said President Trump’s proposal to stop large firms buying single-family US homes would not force private equity firms to sell existing properties, stressing the policy would apply only to future purchases and avoid compulsory divestments.
Citigroup (C) - Citigroup plans significant investment and hiring in Japan, targeting the middle market as mergers and acquisitions activity accelerates. Banking head Viswas Raghavan said Japan is strategically important, with midsize companies offering strong opportunities amid corporate reforms and increasing deal momentum, Nikkei reports.
Prosperity Bancshares (PB), Southwest Bancshares - The Federal Reserve approved Prosperity Bancshares’ application to acquire Southwest Bancshares, and indirectly Texas Partners Bank, expanding Prosperity’s banking footprint in Texas.

REAL ESTATE

Mortgage Bonds - US President Trump directed Fannie Mae and Freddie Mac to buy USD 200bln of mortgage bonds, saying the move aims to lower mortgage rates, reduce monthly payments and make home ownership more affordable.

GEOPOLITICS

Iran - Protests in Iran intensified overnight amid a nationwide internet blackout, with thousands reportedly demonstrating including in Tehran. The Human Rights News Agency said the death toll from the crackdown rose to 42, while the BBC independently confirmed at least 21 fatalities.
Venezuela - President Trump plans to meet Venezuelan opposition leader and Nobel Peace Prize recipient Maria Corina Machado as soon as next week, marking his first show of support since last weekend’s operation to capture Nicolas Maduro, Fox reports.
Drug Cartels - President Trump said the US military was preparing land strikes against drug cartel facilities, days after ordering an operation to capture Venezuela's Nicolas Maduro, according to remarks in a Fox News interview.
Rare Earths - Japan is intensifying outreach to G7 partners and others as concerns grow over China’s control of rare earths. Finance Minister Katayama plans US talks on critical minerals, while Defence Minister Koizumi and PM Takaichi pursue parallel discussions with US and South Korean counterparts, Bloomberg reports.
Russia-Ukraine - Russia launched an intermediate-range ballistic missile called Oreshnik in a broad air assault on Ukraine, targeting energy infrastructure and damaging residential buildings, Bloomberg reports. The Russian Defense Ministry said the strike used high-precision, long-range land- and sea-based weapons against critical targets during the attack.
UK Military Spending - The UK’s Ministry of Defence faces a GBP 28bln funding shortfall over the next four years despite pledges to raise spending, Britain’s top military chief warned. Military leaders are preparing for cuts as tensions with Russia rise, according to an internal assessment cited by Bloomberg.

TRADE

US-Taiwan - Taiwan is set to report a record annual trade surplus with the US, complicating prolonged tariff negotiations, Bloomberg writes. The 2025 surplus is expected to be at least double the prior year’s USD 64.7bln, reflecting strong US demand for Taiwan’s advanced chips and servers supporting AI infrastructure.
EU-Mercosur - France President Emmanuel Macron said it will vote against the Mercosur trade deal at a Brussels meeting on Friday, as farmers protested in Paris. Macron’s office said the agreement threatens sensitive sectors vital to France’s food sovereignty and has prompted strong opposition from the agricultural sector.

MACRO

Fed Chair - President Trump said he has decided on his next Federal Reserve chair but has not disclosed the choice, calling adviser Kevin A. Hassett someone he likes, NYT reports. He said the pick must support lower borrowing costs, raising concerns about Fed independence. Current Chair Powell’s term is due to end in May.
China CPI - China’s consumer inflation rose to 0.8% Y/Y in December (exp. 0.9%, prev. 0.7%), the highest since March 2023, while producer prices fell 1.9% Y/Y (exp. -2%, prev. -2.2%). FY25 inflation was flat, missing the 2% target, highlighting weak demand despite stimulus, persistent deflation and an ongoing property downturn.