US PRE-MARKET MOVERS: MSFT, META, TSLA, MA, LMT, IBM, SAP, NOW, LUV, DOW, MO, RCL, IP, WHR, JOBY, HCC

ES +0.2% NQ +0.1% RTY +0.4%

• MSFT -6.6%: Azure growth disappointed
• META +9.3%: Quarterly metrics beat w/ rev. growth outlook offsetting concerns over capex increase
• TSLA +1.7%: Earnings beat; to pivot to physical AI, over doubling capex Y/Y
• MA +2.4%: Q4 adj. EPS & rev. beat
• LMT +4.6%: Beat on Q4 metrics w/ guidance strong
• IBM +8.0%: Issued Q4 and outlook beat
• SAP -16.4%: Cloud revenue missed
• NOW -8.2%: AI concerns offset earnings beat
• LUV +5.9%: Topped earnings exp.
• DOW 2-.4%: Q1 rev. guide underwhelmed
• MO -3.%: Q4 adj. EPS missed.
• RCL +8.0%: Strong guidance amid resilient demand
• IP +2.0%: Mixed earnings; to split into two publicly traded companies
• WHR -10%: Quarterly metrics & guidance fell short
• JOBY -15.4%: To raise $1B through sale of shares and convertible senior notes
• HCC+2.9%: Upgraded at UBS to 'Buy' from 'Neutral'