After Hours Report

The stock market had a mixed session at the index level, but the vibe under the surface was positive. Market participants were reacting to the cooler-than-expected inflation data released at 8:30 ET, which garnered a muted response from Treasuries and helped the upside bias in equities. There was also some momentum in play after the stock market staged a turnaround yesterday thanks to buy-the-dip interest. 

The December Producer Price Index (PPI) readings exceeded expectations, reflecting a welcome easing in inflationary pressures on a month-to-month basis. The year-over-year numbers were less market-friendly with PPI up 3.3% versus 3.0% in November, and core-PPI, which excludes food and energy, up 3.5%, unchanged from November. Treasuries still responded favorably, leading the 10-yr yield settled two basis points lower at 4.79% and the 2-yr yield settled four basis points lower at 4.36%.

The choppy moves in the major indices were related to volatility in the mega cap space. NVIDIA (NVDA 131.76, -1.47, -1.1%), Tesla (TSLA 396.36, -6.95, -1.7%), and Alphabet (GOOG 191.05, -1.24, -0.6%) traded lower with no specific news driving the movement while other names like Microsoft (MSFT 415.67, -1.52, -0.4%), Eli Lilly (LLY 744.91, -52.57, -6.6%), and Meta Platforms (META 594.25, -14.08, -2.3%) reacted negatively to headlines. 

MSFT reportedly paused hiring in its US consulting unit as part of a cost-cutting plan, according to CNBC; LLY lowered Q4 revenue guidance; and META reacted to reports that TikTok US is not going to be sold after initial reporting suggested that may be the case.

Small cap stocks soared while mega cap languished, leading the Russell 2000 to jump 1.1% from yesterday's close. This move was helped out by strength in its regional bank components, which outperformed in front of earnings reports from bank stocks this week.

Strength in the bank space also led the SPDR S&P Bank ETF (KBE) to close 3.3% higher and the SPDR S&P Regional Banking ETF (KRE) to close 3.4%. The S&P 500 financial sector was among the top performers today, gaining 1.3%. 

• S&P Midcap 400: +1.3% YTD
• Dow Jones Industrial Average: -0.1% YTD
• Russell 2000: -0.5% YTD
• S&P 500: -0.7% YTD
• Nasdaq Composite: -1.4% YTD

Reviewing today's economic data:

• December NFIB Small Business Optimism 105.1; Prior 101.7
• December PPI 0.2% (Briefing.com consensus 0.3%); Prior 0.4%, December Core PPI 0.0% (Briefing.com consensus 0.2%); Prior 0.2%
  • The key takeaway from the report is that the better-than-expected monthly readings have been clouded by the less inspiring year-over-year readings, as well as the understanding that inflation at the wholesale level moved in the wrong direction in 2024 (versus 2023) and remains elevated relative to the Fed's 2% inflation target.

Looking ahead, market participants receive the following economic data tomorrow:

• 7:00 ET: Weekly MBA Mortgage Index (prior -3.7%)
• 8:30 ET: December CPI (Briefing.com consensus 0.3%; prior 0.3%), Core CPI (Briefing.com consensus 0.2%; prior 0.3%), and January Empire State Manufacturing (Briefing.com consensus -2.0; prior 0.2)
• 10:30 ET: Weekly crude oil inventories (prior -959,000)

Overseas:

• Europe: DAX +0.6%, FTSE -0.3%, CAC +0.2%
• Asia: Nikkei -1.9%, Hang Seng +1.8%, Shanghai +2.5%

Commodities:

• Crude Oil -2.59 @ 76.40
• Nat Gas unchanged @ 3.43
• Gold +3.80 @ 2683.90
• Silver +0.09 @ 30.42
• Copper +0.02 @ 4.35

After-Hours Spotlight:

• Applied Digital Corporation (APLD) beats by $0.08, beats on revs... APLD down 1.5%
• Calavo Growers (CVGW) reports Q4 (Oct) results, beats on revs; provides FY25 commentary... CVGW down 6.9%
• Impinj (PI) reiterates Q4 revenue guidance... PI down 4.9%
• Intel (INTC) to separate Intel Capital, its global venture capital arm, into a standalone fund; Standalone operations expected to begin in 2H25... INTC up 0.2%
• Vericel (VCEL) issues downside Q4 revenue guidance; Guides for 20-23% net revenue growth for 2025... VCEL down 10.1%

Fair Value for Wednesday, Jan 15:

• S&P 500: 5,881
• Nasdaq 100: 20,914
• DJIA: 42,745

For a full rundown of today's market and after hours developments, see Live In Play

• Earnings/Guidance (Full Earnings Calendar):
  • Acadia Pharmaceuticals (ACAD) provides business and pipeline updates at 43rd Annual J.P. Morgan Healthcare Conference
  • ACM Research (ACMR) sees FY24 revs above consensus; sees FY25 revs in-line with consensus
  • Aehr Test Systems (AEHR) misses by $0.01 (two ests), misses on revs (two ests); reaffirms FY25 revs guidance
  • Alamos (AGI) reports Q4 production and provides updated three-year production and operating guidance; Gold production in 2025 expected to range between 580,000 and 630,000 ounces
  • B2Gold (BTG) releases Q4 results; total gold production of 186,001 ounces in Q4; total FY25 gold production is anticipated to be between 970,000 and 1,075,000 ounces
  • BP (BP) releases Q4 trading update
  • BRC Inc (BRCC) reaffirms FY24 outlook ahead of ICR Conference
  • Calumet Specialty Products (CLMT) provides preliminary fourth quarter 2024 selected financial results; currently expects to report a net loss between $54 million and $24 million and Adjusted EBITDA between $45 million and $60 million for Q4
  • Cardinal Health (CAH) now expects fiscal year 2025 non-GAAP EPS to be toward the high end of its previously provided range
  • Charles River (CRL) expects 2025 revenue will decline organically in a similar range as estimated in 2024
  • Danaher (DHR) issues Q4 revenue guidance; expects low-single digit percent growth yr/yr
  • Diamondback Energy (FANG) presents certain information for Q4; average unhedged realized prices were $69.48 per barrel of oil
  • Eli Lilly (LLY) sees Q4 revs below consensus; sees FY25 revs in line
  • Hormel Foods (HRL) Chairman, President and CEO James P. Snee to retire at end of fiscal year; fiscal 2025 performance outlook remains unchanged
  • IAMGOLD (IAG) announced preliminary fourth quarter and full year 2024 operating results
  • ICON plc (ICLR) reaffirms FY24 guidance; sees FY25 EPS and revs in-line with forecast
  • Illumina (ILMN) guides Q4 EPS in-line, revenue above consensus; Issues downside FY25 revenue guidance
  • Inogen (INGN) projects Q4 revs above consensus
  • KB Home (KBH) beats by $0.08, reports revenue growth of 19.5%; FY25 housing revs expected to be $7.0-7.5 bln
  • Merit Medical (MMSI) sees FY24 revs above consensus
  • Nomad Foods (NOMD) issues FY25 guidance ahead of ICR Conference; sees FY25 EPS below forecast
  • OrthoPediatrics (KIDS) issues inline FY25 revenue guidance, also expects to generate between $15 million to $17 million of adjusted EBITDA
  • Pacific Biosciences (PACB) issues downside Q4 revenue guidance
  • Portillo's (PTLO) provides guidance in slides; sees 2025 revenue growth of 11-12%, same restaurant sales of flat to +2%, adjusted EIBTDA growth of 6-8%
  • Quanterix (QTRX) sees Q4 revs above consensus
  • Royal Gold (RGLD) provides update on Q4 stream segment sales; Company's subsidiary, RGLD Gold AG, sold approximately 46,900 gold equivalent ounces
  • ServiceTitan (TTAN) reports Q3 (Oct) results, revs in-line; guides Q4 revs above consensus
  • Sight Sciences (SGHT) sees Q4 revs below consensus
  • Signet Jewelers (SIG) reports Holiday sales results; lowers fourth quarter guidance
  • Silvaco Group (SVCO) provides Q4 guidance ahead of Needham’s Annual Growth Conference
  • Sotera Health (SHC) issues in-line FY24 revenue guidance ahead of J.P. Morgan Healthcare Conference
  • TG Therapeutics (TGTX) issues preliminary Q4 results, including BRIUMVI U.S. net product revenue of $103.6 mln; Also issues upside FY25 revenue guidance
  • ThredUp (TDUP) provides preliminary fourth quarter 2024 results, exceeding guidance
  • Veeco Instruments (VECO) issues in-line Q4 EPS and revenue guidance
  • Ventyx Biosciences (VTYX) Highlights 2025 Pipeline Strategy and Provides Clinical Updates on its NLRP3 Inhibitor Portfolio
  • Verint Systems (VRNT) reaffirms FY25 EPS and revenue guidance
• General News
  • Donald Trump's incoming economic team discussing gradual 2-5% a month tariff hikes, according to Bloomberg
  • California wildfire update: Palisades Fire 14% contained, burned 23K acres; Eaton fire 33% contained with 14K acres burned
  • Insurance industry could lose $30 bln from Los Angeles wildfires, according to Bloomberg
  • Ceasefire and hostage release deal between Israel and Hamas could be announced today. Biden and Trump administration officials are working on negotiating deal, according to the Wall Street Journal
  • PBOC officials pledged to increase support for the economy, according to the Wall Street Journal
  • Republicans are very confident all of President-elect Trump's cabinet nominees will be confirmed as hearings begin, according to Politico
  • President-elect Trump expected to maintain artificial intelligence controls, according to Bloomberg
  • China discussing selling TikTok US operations to Elon Musk, according to Bloomberg
  • Oil shipping rates increase following US sanctions, according to Reuters
  • EU reconsiders tech investigations as companies urge President-elect Trump to pressure EU to stop overzealous investigations, according to Financial Times
  • Incoming First Lady Melania Trump says she will start a program to help with youth mental health problems based on social media use, according to the New York Times
  • FTC releases second interim staff report on prescription drug middlemen; report finds PBMs charge significant markups for cancer, HIV, and other critical specialty generic drugs
  • President-elect Trump planning several executive orders to increase fossil fuel production and overturn tailpipe rules for autos, according to WSJ
  • Germany’s €10 billion Uniper (UNPRF) stake draws interest from Abu Dhabi’s Taqa, Norway’s Equinor (EQNR), according to Bloomberg
  • Cannabis stocks showing weakness after judge cancels hearing to reclassify marijuana
  • Ceasefire and hostage release deal has been reached "in principle" between Israel and Gaza; should be finalized by Friday, according to CBS News
  • ACADIA Pharmaceuticals (ACAD) announces that the company has submitted a Marketing Authorization Application to the European Medicines Agency for trofinetide for the treatment of Rett syndrome in adults and pediatric patients two years of age and older
  • Adaptive Biotechnologies (ADPT) and NeoGenomics announce a multi-year exclusive strategic commercial collaboration to expand access to personalized disease monitoring for blood cancer patients
  • AeroVironment (AVAV) second delivery order on $990 million contract with U.S. Army
  • AllianceBernstein (AB) announces that preliminary assets under management decreased to $792 billion during December 2024 from $813 billion at the end of November
  • Alphabet (GOOG): UK CMA to investigate Google’s search services
  • Amazon (AMZN) wants to re-introduce Alexa as artificial intelligence product, according to Financial Times
  • Amazon (AMZN) Web Services announces the launch of the AWS Mexico Region
  • Ameresco (AMRC) awarded $183 mln project to modernize U.S. General Services Administration's campus infrastructure with cost-saving measures
  • Apple (AAPL) revamped app developer fees trigger scrutiny from EU antitrust regulators, according to Bloomberg
  • Applied Digital Corporation (APLD) forms partnership with Macquarie Asset Management for funding of up to $5.0 billion
  • Atlas Energy Solutions (AESI) announces first commercial delivery of sand off the Dune Express
  • B2Gold (BTG) lowers dividend; intends to implement a normal course issuer bid
  • Barrick (GOLD) suspending operations in Mali after $245 million in gold is seized, according to Reuters
  • Bayer AG (BAYRY) announces further progress in its pharmaceutical growth strategy with multiple regulatory filing submissions underway for key growth drivers darolutamide, finerenone, and elinzanetant
  • Biogen (BIIB) receives FDA acceptance for LEQEMBI BLA for subcutaneous maintenance dosing for the treatment of early Alzheimer's Disease
  • Blackstone (BX): SEC says 12 Firms to pay more than $63 million combined to settle SEC’s charges for recordkeeping failures
  • Blaize Holdings (BZAI) and VSBLTY Groupe Technologies Corp. have entered into a joint technology commercial agreement for the development and deployment of complete AI-enabled safety and security solutions
  • BlueLinx (BXC) announces resignation of CFO Andrew Wamser, effective Jan 24; Kimberly DeBrock to serve as interim CFO as Co commences a search for successor
  • Boeing (BA) announces major program deliveries across its commercial and defense operations for the fourth quarter of 2024; 57 deliveries for Commercial Airplane Programs and 36 for Defense, Space & Security
  • Booz Allen Hamilton (BAH) announces that its corporate venture capital arm, Booz Allen Ventures, LLC, has made a strategic investment in SEEQC
  • C4 Therapeutics (CCCC) announces 2025 milestones across clinical portfolio of degrader medicines pursuing targets of high unmet need in oncology
  • Calumet Specialty Products (CLMT) announces that the Company has filed a prospectus supplement with the U.S. Securities and Exchange Commission establishing an at-the-market equity offering program under which it may issue and sell, from time to time, shares of its common stock having an aggregate gross sales price of up to $65 mln
  • Canadian Nat'l Rail (CNI) announces that the U.S. Surface Transportation Board has approved CN’s acquisition of Iowa Northern Railway Company
  • Capital One (COF): CFPB sues Capital One for "cheating consumers out of more than $2 billion in interest payments on savings accounts"
  • Commvault Systems (CVLT) introduced an expansion of its platform to provide full and automated forest recovery for Microsoft (MSFT) Active Directory
  • Criteo (CRTO) appoints Michael Komasinski as Chief Executive Officer
  • Deluxe (DLX) announces the integration of its Deluxe Payment Exchange eCheck solution with AccuTitle, one of the largest Title Production Software providers in the United States
  • DHI Group (DHX) announces a strategic reorganization, restructuring its operations into two distinct divisions, Dice and ClearanceJobs
  • Diana Shipping (DSX) announces that, through a separate wholly-owned subsidiary, it has extended the time charter contract with Solebay Shipping Cape Company Limited, Hong Kong, for one of its Capesize dry bulk vessels, the m/v Semirio
  • dLocal Limited (DLO) CEO Pedro Arnt mulling purchase of smaller fintech company; denies sale rumors, according to Bloomberg
  • Eaton (ETN) wins $20 mln contract to help power semiconductor research at NY CREATES’ New Facility in New York
  • Embraer SA (ERJ) announces that the Uruguayan Ministry of National Defense have converted options for five A-29 Super Tucano aircraft into firm orders
  • EMCOR Group (EME) has entered into a definitive agreement to acquire Miller Electric Company for $865 mln in cash, subject to customary adjustments
  • Emergent BioSolutions (EBS) has entered into an agreement to obtain exclusive commercial rights in the U.S. and Canada to Hikma Pharmaceuticals’ KLOXXADO Nasal Spray, an 8 mg naloxone agent that is approved for the emergency treatment of known or suspected opioid overdose, as manifested by respiratory and/or central nervous system depression (
  • Equinor (EQNR) awarded 27 new production licenses on the Norwegian continental shelf
  • FIGS, Inc. (FIGS) entered into a Binding Term Sheet with Baron Capital Management and BAMCO
  • Flowserve (FLS) has been awarded a contract to supply Dry Gas Seals and Dry Gas Seal Systems to support a groundbreaking initiative for Abu Dhabi National Oil Company, the state-owned oil and gas company of the United Arab Emirates
  • GE HealthCare (GEHC) and Sutter Health enter strategic partnership to benefit patients, physicians and clinicians with advanced, AI-powered imaging
  • Geo Group (GEO) accused of violating federal labor laws, according to Bloomberg
  • GRAIL (GRAL): Patient Reported Outcomes for GRAIL's Galleri Multi-Cancer Early Detection Blood Test Published in Lancet Oncology
  • Grifols, S.A. (GRFS) announced it has received a grant from The Michael J. Fox Foundation for Parkinson’s Research
  • Haleon plc (HLN): Pfizer (PFE) intends to sell approximately 700 million ordinary shares in Haleon plc (approx. 7.7% of Haleon's issued share capital)
  • Hamilton Lane (HLNE) announces a new partnership that aims to bring institutional-quality private market investments to individual retail investors in the U.S.
  • Hormel Foods (HRL) Chairman, President and CEO James P. Snee to retire at end of fiscal year; fiscal 2025 performance outlook remains unchanged
  • HUTCHMED (HCM) receives NMPA full approval for ORPATHYS in China
  • ICF International (ICFI) awarded a new $40 mln contract by The U.S. Department of Homeland Security Center for Countering Human Trafficking to deliver strategic and digital communications and engagement campaigns to combat human trafficking
  • Inseego (INSG) announces inclusion in recently launched T-Mobile Partner Plus program
  • Instil Bio (TIL) announces clinical progress in China for IMM2510/SYN-2510, a clinical-stage PD-L1xVEGF bispecific antibody
  • Insulet (PODD) Launches Revolutionary Omnipod 5 in Five More Countries in Europe
  • Invesco (IVZ) reports month-end assets under management (AUM) of $1,846.0 billion, a decrease of 0.6% versus previous month-end
  • JP Morgan (JPM) CEO Jamie Dimon wants to expand in Germany, according to the Wall Street Journal
  • Kinder Morgan (KMI): Flyscan Systems announces that Kinder Morgan Inc. is joining its strategic investors Marathon Petroleum (MPC), Enbridge (ENB) and Hatch to support the company's continued advancement and growth
  • KKR (KKR): Justice Department sues KKR for "systemic" antitrust violations, alleging $650 million in potential penalties
  • KULR Technology (KULR) announces the signing of a multi-million-dollar licensing agreement with a new technology partner to enable advanced carbon fiber cathode applications for nuclear reactor systems in Japan
  • L3Harris (LHX) has received a contract award to upgrade the New York State Thruway Authority’s critical communications infrastructure, including voice and data connectivity, throughout its 570-mile jurisdiction
  • Lakeland Financial (LKFN) increases quarterly cash dividend 4% to $0.50/share from $0.48/share
  • Leonardo DRS (DRS) awarded over $99 mln U.S. Army contract to provide next-generation Mortar Fire Control Systems
  • MACOM (MTSI) Announces Strategic Capital Investment Plan
  • Medtronic (MDT) announces CMS national coverage analysis for Symplicity Spyral Renal Denervation System
  • Meta Platforms (META) aiming to eliminate 5% of lowest performing roles, according to Bloomberg
  • Microsoft (MSFT) and Pearson (PSO) announce a strategic collaboration today to help to address one of the top challenges facing organizations globally: skilling for the era of AI
  • Motorola Solutions (MSI): Hytera pleads guilty to felony for conspiring to steal trade secret information from Motorola Solutions in U.S. Department of Justice Prosecution
  • NANO Nuclear Energy (NNE) announces rebranding of its recently acquired, patented Micro Modular Reactor Energy System, which will now be known as KRONOS MMR
  • NCR Atleos (NATL) announces Chief Financial Officer transition
  • Neurocrine Biosciences (NBIX): Nxera Pharma provides update on Neurocrine’s progress with its partnered muscarinic agonist portfolio
  • NN Inc (NNBR) announces second consecutive year of record-setting new business wins
  • Nordicus Partners (NORD) announces that its subsidiary, Orocidin A/S, will initiate its toxicity program for Orocidin in January 2025
  • NVIDIA (NVDA): White House issues statement by President Biden on the executive order on advancing U.S. leadership in artificial intelligence infrastructure
  • Obsidian Energy (OBE) announces 2024 operations update and commencement of 2025 drilling program
  • Ocular Therapeutix (OCUL) shares SOL-R enrollment progress and next steps for AXPAXLI in NPDR
  • Onto Innovation (ONTO) receives Volume Purchase Agreement from a leading DRAM manufacturer
  • PENN Entertainment (PENN): HG Vora lowered active stake to 4.8% (7.25 mln shares, down from 14.5 mln shares as of Sept 30)
  • Pfizer (PFE) CEO Chief Executive Officer Albert Bourla says Starboard wants minimal changes, according to Bloomberg
  • Pulse Biosciences (PLSE) discloses recent progress in the Company’s ongoing product development programs in presentation
  • REGENXBIO (RGNX) forms exclusive partnership with Nippon Shinyaku to develop and commercialize RGX-121 and RGX-111
  • ReposiTrak (TRAK) and Upshop announce a transformative partnership that will simplify how retailers solve the FSMA 204 food traceability challenge
  • Robinhood Markets (HOOD) to pay $45 mln for violating over 10 securities law provisions
  • RumbleOn (RMBL) announces leadership changes; Michael Quartieri, Chairman of the Board, appointed as CEO
  • Sandoz (SDZNY) confirms roadmap and highlight pipeline catalysts at J.P. Morgan Healthcare Conference
  • Schlumberger (SLB) under pressure to exit Russia, according to Financial Times
  • Seagate Tech (STX): AI-Driven Data Creation to Spur Next-Wave Cloud Storage Growth, According to New Survey Commissioned by Seagate
  • Sinclair (SBGI) Enters Into Agreement with Creditors on Liquidity Enhancing Transaction
  • Solid Power (SLDP) COO Derek Johnson to resign, effective February 1
  • Southwest Air (LUV) aiming to pause non-contract hiring and most summer internships, according to CNBC
  • Teladoc (TDOC) enters Amazon’s () Health Benefits Connector for cardiometabolic programs
  • Vera Bradley (VRA) announces strategic cost efficiency initiative providing approximately $20 million in savings to impact the upcoming new fiscal year 2026
  • Verastem Oncology (VSTM) Exercises Option Early to License VS-7375, an Oral KRAS G12D (ON/OFF) Inhibitor, from GenFleet Therapeutics and Provides Preliminary Clinical Update on Phase 1 Study in China
  • Virtus Investment Partners (VRTS) reports preliminary assets under management (AUM) of $175.0 billion and other fee earning assets of $2.3 billion for total client assets of $177.3 billion as of December 31
  • Wabash Natl (WNC) announces executive leadership changes
  • Yum! Brands (YUM) promotes Scott Mezvinsky to KFC Division Chief Executive Officer, effective March 1

Ratings Changes (see Upgrades/Downgrades calendar for full list):

• Upgrades:
  • Acuity Brands (AYI) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $370
  • Aon (AON) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $410
  • A.O. Smith (AOS) upgraded to Outperform from Perform at Oppenheimer; tgt $88
  • APi Group (APG) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt $45
  • Capital One (COF) upgraded to Hold from Reduce at HSBC Securities; tgt $176
  • Celanese (CE) upgraded to Buy from Underperform at BofA Securities; tgt lowered to $88
  • Commscope (COMM) upgraded to Neutral from Underweight at JP Morgan; tgt $5
  • Cummins (CMI) upgraded to Neutral from Underperform at BofA Securities; tgt $358
  • CVRx, Inc. (CVRX) upgraded to Outperform from Mkt Perform at William Blair
  • Devon Energy (DVN) upgraded to Buy from Hold at The Benchmark Company; tgt $44
  • Eastman Chemical (EMN) upgraded to Buy from Neutral at BofA Securities; tgt lowered to $109
  • First Citizens BancShares (FCNCA) upgraded to Outperform from Mkt Perform at Keefe Bruyette; tgt $2500
  • FMC Corp (FMC) upgraded to Neutral from Underperform at BofA Securities; tgt lowered to $61
  • Hesai Group (HSAI) upgraded to Buy from Neutral at Goldman; tgt raised to $18.40
  • Instacart (CART) upgraded to Buy from Neutral at BTIG Research; tgt $58
  • Monarch Casino & Resort (MCRI) upgraded to Buy from Hold at Truist; tgt raised to $100
  • Olin (OLN) upgraded to Buy from Neutral at BofA Securities; tgt lowered to $40
  • PACCAR (PCAR) upgraded to Buy from Neutral at BofA Securities; tgt raised to $121.50
  • United Rentals (URI) upgraded to Neutral from Underperform at Robert W. Baird; tgt $658
  • Visa (V) upgraded to Buy from Neutral at Seaport Research Partners; tgt $359
• Downgrades:
  • Archer-Daniels (ADM) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $54
  • B2Gold (BTG) downgraded to Underperform from Buy at BofA Securities
  • BCE Inc (BCE) downgraded to Underperform from Neutral at BofA Securities
  • Chegg (CHGG) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt lowered to $1.25
  • Choice Hotels (CHH) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt lowered to $129
  • Element Solutions (ESI) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $28
  • Flywire (FLYW) downgraded to Neutral from Buy at Seaport Research Partners
  • Fortinet (FTNT) downgraded to Mkt Perform from Outperform at Raymond James
  • General Dynamics (GD) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $283
  • Las Vegas Sands (LVS) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $51
  • Mastercard (MA) downgraded to Neutral from Buy at Seaport Research Partners
  • Match Group (MTCH) downgraded to Neutral from Buy at BTIG Research
  • Origin Materials (ORGN) downgraded to Underperform from Buy at BofA Securities; tgt lowered to $1.50
  • Rogers Comms (RCI) downgraded to Neutral from Buy at BofA Securities
  • RumbleOn (RMBL) downgraded to Neutral from Buy at DA Davidson; tgt lowered to $5
  • Sunstone Hotel (SHO) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt $10
  • Voya Financial (VOYA) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $76
• Others:
  • Advanced Micro Devices (AMD) initiated with a Buy at Loop Capital; tgt $175
  • Albemarle (ALB) initiated with a Buy at Clarksons Platou; tgt $112
  • Appian (APPN) resumed with a Sector Weight at KeyBanc Capital Markets
  • EastGroup (EGP) initiated with a Buy at Deutsche Bank; tgt $180
  • Fidelity Nat'l Info (FIS) initiated with an Equal Weight at Wells Fargo; tgt $88
  • First Industrial Realty (FR) initiated with a Hold at Deutsche Bank; tgt $52
  • Fiserv (FI) upgraded to Buy from Neutral at Seaport Research Partners; tgt $240
  • Instacart (CART) initiated with an Outperform at Mizuho; tgt $55
  • Jack Henry (JKHY) initiated with an Underweight at Wells Fargo; tgt $155
  • Lockheed Martin (LMT) initiated with a Buy at Truist; tgt $579
  • Mister Car Wash (MCW) initiated with an Equal-Weight at Stephens; tgt $8
  • Mr. Cooper Group (COOP) initiated with a Mkt Outperform at JMP Securities; tgt $115
  • Northrop Grumman (NOC) initiated with a Buy at Truist; tgt $544
  • Pegasystems (PEGA) resumed with an Overweight at KeyBanc Capital Markets; tgt $118
  • Pony AI (PONY) initiated with a Buy at Deutsche Bank; tgt $20
    Rexford Industrial Realty (REXR) initiated with a Hold at Deutsche Bank; tgt $40
  • Southwest Gas (SWX) initiated with a Hold at Jefferies; tgt $73
  • Terreno Realty (TRNO) initiated with a Hold at Deutsche Bank; tgt $60

• Econ Data (Wednesday):
  • 7:00 ET: Weekly MBA Mortgage Index (prior -3.7%)
  • 8:30 ET: December CPI (Briefing.com consensus 0.3%; prior 0.3%), Core CPI (Briefing.com consensus 0.2%; prior 0.3%), and January Empire State Manufacturing (Briefing.com consensus -2.0; prior 0.2)
  • 10:30 ET: Weekly crude oil inventories (prior -959,000)
  • 14:00 ET: January Beige Book
• Earnings:
  • Monday (Jan 13)
    • Pre-Market: None
    • After-Hours: KBH
  • Tuesday (Jan 14)
    • Pre-Market: None
    • After-Hours: APLD CVGW
  • Wednesday (Jan 15)
    • Pre-Market: BLK BK C GS JPM WFC
      
    • After-Hours: CNXC FUL HOMB SNV
  • Thursday (Jan 16)
    • Pre-Market: BAC FHN IIIN MTB MS PNC USB UNH TSM
    • After-Hours: OZK JBHT
  • Friday (Jan 17)
    • Pre-Market: CFG FAST HBAN RF SLB STT TFC WBS
    • After-Hours: None
General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike