US PRE-MARKET MOVERS: META, VZ, RRC, FICO, Brazil ADRs

ES +0.2% NQ +0.3% RTY +0.2%

• META +1.5%: Plans up to $95bln stock offering to fuel its huge AI infrastructure spending
• VZ +0.3%: EPS & postpaid phone net adds. beat w/ strong FY profit view; note, rev. missed
• RRC +14.2%: EQT -4.2% agrees to acquire Co. in an all-stock deal, valuing combined Co. at over $50bln
• FICO -10%: Downgraded at Wells Fargo
• Brazil ADRs hit hard after left-wing Lula unexpectedly wins the election; BAK -33% ITUB -26% PBR -22% VALE -4.5%

A composite pre-market movers note rather than a single event, so the precedent read differs by line item. The EQT/RRC all-stock combination follows the familiar consolidation pattern in US gas producers, where the acquirer typically trades down on the announcement while the target converges toward the implied exchange ratio, with arb spread behaviour thereafter driven by antitrust scrutiny and integration commentary on the first joint call. Large equity issuance to fund AI capex, as flagged for Meta, has a mixed record: the stock reaction tends to hinge on whether the offering is read as demand-driven growth spending or as strain on free cash flow, and index-futures context is usually muted given the size of the name. Earnings beats with a revenue miss, the Verizon pattern, have historically produced shallow reactions in defensives where the profit guide carries more weight than the top line. Analyst downgrades of the FICO kind usually produce a gap that fades or extends depending on whether peers follow within days. The Brazil ADR selloff after an unexpected left-leaning electoral outcome fits the established sequence for EM political repricing: state-linked and financial names take the largest initial hit, and the follow-through depends on cabinet signals and fiscal rhetoric in the days after.