After Hours Report

The stock market kicked off the week with an upbeat start, bouncing back from Friday's declines in a buy-the-dip trade. The Nasdaq Composite jumped 1.0%, the S&P 500 rose 0.7%, and the Dow Jones Industrial Average closed 0.4% higher. The major indices closed their highs of the day with many stocks participating in index gains.

Mega-cap stocks played a crucial role, leading the upside charge. NVIDIA (NVDA 133.57, +3.73, +2.9%), Microsoft (MSFT 412.22, +2.47, +0.6%), and Amazon.com (AMZN 233.14, +3.99, +1.7%) were standouts from the space. The Vanguard Mega Cap Growth ETF (MGK) closed 1.0% higher.

Earnings reports also fueled buying interest. McDonald's (MCD 308.42, +14.12, +4.8%) posted strong results, along with Rockwell Automation (ROK 302.34, +33.94, +12.7%) and Monday.com (MNDY 326.58, +68.34, +26.5%). 

Sentiment wasn't impacted by President Trump's announcement of new 25% tariffs on steel and aluminum. Stocks directly linked to these metals saw noticeable gains. Nucor (NUE 137.53, +7.27, +5.6%) and Alcoa (AA 36.92, +0.80, +2.2%) were among the winners.

The New York Fed's Survey of Consumer Expectations also had little impact on the equity market. Inflation expectations remained stable, with one-year and three-year projections unchanged at 3.0%, while five-year expectations edged up by 0.3% to 3.0%.

On the bond side, yields were steady. The 10-year Treasury yield settled one basis point higher at 4.49%.

There was no US economic data of note today and tomorrow's calendar is limited to the January NFIB Small Business Optimism survey at 6:00 ET.

• Dow Jones Industrial Average: +4.5% YTD
• S&P Midcap 400: +2.8% YTD
• Russell 2000: +2.6% YTD
• S&P 500: +3.1% YTD
• Nasdaq Composite: +2.1% YTD

Overseas:

• Europe: DAX +0.7%, FTSE +0.8%, CAC +0.4%
• Asia: Nikkei -0.1%, Hang Seng +1.8%, Shanghai +0.6%

Commodities:

• Crude Oil +1.43 @ 72.38
• Nat Gas +0.13 @ 3.44
• Gold +47.50 @ 2934.60
• Silver +0.09 @ 32.49
• Copper +0.11 @ 4.71

After-Hours Spotlight:

• Amkor (AMKR) beats by $0.05, misses on revs; guides Q1 EPS below consensus, revs below consensus... AMKR down 8.0%
• Axcelis Tech (ACLS) beats by $0.29, beats on revs; guides Q1 EPS below consensus, revs below consensus... ACLS down 8.8%
• Coty (COTY) misses by $0.10, misses on revs; guides FY25 EPS in-line... COTY down 1.8%
• Fluence (FLNC) misses by $0.13, misses on revs; guides FY25 revs below consensus... FLNC down 37.4%
• Lattice Semi (LSCC) misses by $0.04, reports revs in-line; guides Q1 EPS in-line, revs in-line... LSCC up 13.3%
• Medpace (MEDP) beats by $0.73, reports revs in-line; guides FY25 EPS in-line, revs in-line... MEDP down 7.2%
• Mitek Systems (MITK) beats by $0.01, beats on revs; reaffirms FY25 revs guidance... MITK down 9.1%
• SelectQuote (SLQT) signs $350 million strategic investment from funds managed by Bain Capital, Morgan Stanley Private Credit, and Newlight Partners... SLQT up 36.3%

Fair Value for Tuesday, February 11:

• S&P 500: 6,087
• Nasdaq 100: 21,841
• DJIA: 44,570

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

• Earnings/Guidance (Full Earnings Calendar):
  • ASE Technology (ASX) reports January revs increased 4.3% yr/yr to NT$49.4 bln
  • Blackbaud (BLKB) discloses in SEC filing that it has determined the estimated pre-tax noncash impairment charge related to EVERFI asset group is expected to be $385-$395 mln, which will be reflected in its financial statements for year ended December 31, 2024
  • Blaize (BZAI) releases updated business outlook and product pipeline that demonstrate increasing momentum for its edge AI solutions
  • ChipMOS TECHNOLOGIES (IMOS) reports January revs increased 2.2% yr/yr to ~NT$1.75 bln
  • Chunghwa Telecom (CHT) reports January +1.47% yr/yr to NT 18.192 bln
  • CNA Financial (CNA) beats by $0.02; raises dividend; announces special dividend
  • CompoSecure (CMPO) Board of Directors approves spin-off of Resolute Holdings and authorizes expanded share repurchase program to $100 million
  • Edgewell Personal Care (EPC) misses by $0.05, reports revs in-line; guides FY25 EPS in-line
  • Hain Celestial (HAIN) misses by $0.04, misses on revs; Sees FY25 organic net sales down 2-4%; Also exploring strategic options for Personal Care category
  • Hon Hai Precision (HNHPF) reports January sales increased 3.2% yr/yr to ~NT$538.67 bln
  • Incyte (INCY) misses by $0.06, beats on revs
  • Insperity (NSP) beats by $0.03, reports revs in-line; guides Q1 EPS in-line; guides FY25 EPS in-line
  • McDonald's (MCD) misses by $0.02, reports revs in-line, Global comps of +0.4%
  • Monday.com (MNDY) beats by $0.29, beats on revs; guides Q1 revs above consensus; guides FY25 revs above consensus
  • ON Semiconductor (ON) misses by $0.02, misses on revs; guides Q1 EPS below consensus, revs below consensus
  • Rockwell Automation (ROK) beats by $0.25, reports revs in-line; reaffirms FY25 EPS guidance, guides FY25 revs in-line
  • Semtech (SMTC) provides updates on its CopperEdge portfolio; expects sales from certain products in FY26 to be lower than previously expected
  • Sinclair (SBGI) announces 99.1% early participation and receipt of requisite notes consents in private debt exchange offer and consent solicitation of Sinclair Television Group
  • Spirit Aerosystems (SPR) sees Q4 revs above consensus
  • Taiwan Semiconductor Manufacturing (TSM) reports January revs increased 35.9% yr/yr to ~NT$209.29 bln
  • The RealReal (REAL) reports strong preliminary fourth quarter results; projects profitable growth for 2025; completes strategic debt exchange strengthening its financial position
  • Tower Semi (TSEM) misses by $0.04, reports revs in-line; guides Q1 revs in-line
  • Turning Point Brands (TPB) sees Q4 revs below consensus
  • WEC Energy Group (WEC) provides long-term sales growth forecast in presentation slides, guiding for growth of 4.5-5.0% for Electric business and growth of 0.7-1.0% for 2027-2029
• General News
  • House Speaker Mike Johnson in interview says Republicans getting very close on agreement on large reconciliation bill that includes tax cuts, immigration, energy, and defense, according to Fox News
  • Senator Andy Kim (D-NJ) says Democrats might shutdown the government in order to oppose President Trump's agenda (government funding bills require 60 Senate votes and deadline is March 14), according to NBC News
  • China retaliatory tariffs take effect today, according to Financial Times
  • President Trump will announce 25% tariffs on steel and aluminum today, according to Bloomberg
  • EU Commission issues statement on potential imposition of US tariffs on EU steel and aluminum
  • President Trump said Elon Musk found irregularities while examining data in US Treasury market, according to Bloomberg
  • Judge blocks Department of Government Efficiency from accessing Treasury Department's payment and data systems, according to the New York Times
  • Iran's threats to assassinate President Trump we're more serious than initially believed. Mr. Trump said he left instructions to "obliterate" Iran if they kill him, according to Axios
  • Elon Musk not interested in acquiring TikTok US, according to Bloomberg
  • The Trump administration plans to send $8 bln in weapons to Israel, according to the New York Times
  • The Trump administration issued order to cease activity at the CFPB, according to the New York Times
  • President Trump in interview says he spoke with Russian President Putin about ending Ukraine war, according to the New York Post
  • President Trump plans to cut defense spending by billions, according to Financial Times
  • Las Vegas had poor showing on Super Bowl weekend, according to Bro Bible
  • China to roll back subsidies on clean power, according to Reuters
  • Taiwan aiming to increase liquified natural gas purchases, according to Bloomberg
  • France to invest EUR 109 bln in artificial intelligence, according to Financial Times
  • Brazil aiming to impose tariffs on US tech companies, according to Reuters
  • NIH to cut funding for indirect research costs, according to NBC News
  • U.S. Steel: President Trump will sign 25% tariffs and steel aluminum at 5:30 PM today; reciprocal tariffs will come later this week - CNBC
  • 3M (MMM) announces changes to its Board of Directors and Board leadership structure; William Brown, 3M's Chief Executive Officer and Director, has been appointed by the Board to serve as its Chairman, effective March 1, 2025
  • 4DMT (FDMT) Presents Positive 52-Week Results from Phase 2b Cohort of PRISM Wet AMD Study and Long-term Durability Data Supporting 4D-150 4FRONT Global Registration Program
  • Accuray (ARAY) discloses in SEC filing that Leonel Peralta has been appointed as Senior Vice President, Chief Operations Officer, effective February 3, 2025
  • Achieve Life Sciences (ACHV) announces that the Data Safety Monitoring Committee has recently completed its second independent review of the ongoing ORCA-OL trial, evaluating long-term exposure of the novel 3 mg cytisinicline treatment dosing regimen in individuals who smoke cigarettes or vape nicotine
  • AeroVironment (AVAV) through its wholly owned subsidiary Arcturus UAV, has been awarded a contract by the Danish Defence Acquisition and Logistics Organisation with a contract ceiling value of $181 mln to deliver the JUMP 20 medium uncrewed aircraft system to the Danish Armed Forces
  • Align Tech (ALGN) announces that Align's Invisalign Palatal Expander System has been approved by the Turkish Medicines and Medical Device Agency and is now commercially available in Turkey
  • Alphabet (GOOG) believes cost claims by DeepSeek are exaggerated, according to Bloomberg
  • Amentum Holdings (AMTM) was selected by the General Services Administration for the One Acquisition Solution for Integrated Services Plus multiple-award IDIQ acquisition program for all eight domains
  • AMN Healthcare (AMN) Chairman Douglas D. Wheat to retire from the Board, effective immediately
  • Arrowhead Pharmaceuticals (ARWR) announces closing of global license and collaboration agreement with Sarepta Therapeutics (SRPT)
  • Avadel Pharmaceuticals (AVDL): ASL Strategic Value Fund sends letter to AVDL
  • Axsome Therapeutics (AXSM) has entered into a settlement agreement with Teva Pharmaceuticals resolving all patent litigation related to Axsome’s AUVELITY product
  • Bayer (BAYRY) files for extended 6-month treatment interval approval for Eylea 8 mg in the EU
  • Biodexa Pharmaceuticals PLC (BDRX) receives US FDA fast track designation for eRapa in familial adenomatous polyposis
  • Bit Digital (BTBT) secures a colocation contract with a leading AI hardware innovator
  • Boeing (BA) plans to layoff 400 workers on moon rocket program, according to Bloomberg
  • Boeing (BA) will need more Indian orders before setting up assembly line in the country, according to Reuters
  • Bristol-Myers (BMY) announces positive topline results for Breyanzi in adult patients with relapsed or refractory marginal zone lymphoma
  • Brookfield Asset Mgmt (BAM) to invest €20 billion in France’s AI Infrastructure
  • Celsius (CELH) disclosed litigation updates
  • CEMEX S.A. (CX) names new CEO
  • Charles Schwab (SCHW) Trading Activity Index decreased to 49.45 in January, down from its score of 51.16 in December
  • Cloudflare (NET) was recently contacted by a group of anonymous security researchers who discovered a broadcast amplification vulnerability through their QUIC Internet measurement research
  • Cognizant Tech (CTSH) announced a three-year strategic partnership with Upsource by Solutions
  • Cosan (CSAN) confirms fire occurred in part of the plant of its subsidiary Moove Lubricants Holdings on February 8, 2025, located in Ilha do Governador – Rio de Janeiro
  • Faraday Future’s (FFIE) FX Brand to Ship First FX 6 Prototype Mules to U.S. Headquarters, Kicking Off the Product Development and Testing Phase
  • Fox Corporation (FOXA) announces its acquisition of Red Seat Ventures, a leading business in the creator economy that powers talent across a range of genres as they build their direct-to-consumer media businesses
  • FREYR Battery (FREY) selected Austin, Texas, as the location for its new global headquarters
  • Globalstar (GSAT): MDA Space signed a definitive contract with Globalstar to be the prime contractor for the satellite operator's next generation low Earth orbit (LEO) constellation, with a total contract value of approximately $1.1 billion
  • Goodyear Tire (GT): Tech Mahindra in discussions to build center for GT in Ohio, according to Mint
  • Greenwich LifeSciences (GLSI) provides update on open label HLA data from FLAMINGO-01
  • Hertz Global (HTZ) has not reached an agreement with the Noteholders as of Feb 10
  • IDEAYA Biosciences (IDYA) announces appointment of healthcare investment banking veteran Joshua Bleharski as Chief Financial Officer
  • INmune Bio (INMB) announces today, following a Type C meeting with the U.S. FDA, its intent to submit a BLA in the US and Marketing Authorization Application in the UK and EU supported by data from the MissionEB clinical trial investigating CORDStrom as a disease-modifying therapy for treating RDEB in pediatric patients
  • Inspired Entertainment (INSE) announces the early extension of its partnership with Moto Hospitality, the UK’s largest motorway service operator
  • INTRUSION (INTZ) entered into a definitive securities purchase agreement with investors for the purchase and sale of 28,776,978 units at $1.39 per unit (each unit consisting of one ordinary share and eight tenths of a warrant to purchase one ordinary share)
  • Jack Henry (JKHY) increases quarterly cash dividend 6% to $0.58/share from $0.55/share
  • Kosmos Energy (KOS) reports first LNG at GTA Project
  • Lemonade (LMND) amended customer investment agreement
  • loanDepot (LDI) disclosed litigation update - unanimous jury returned a verdict in favor of loanDepot regarding the remaining claims in the litigation
  • Lyft (LYFT) to introduce Mobileye (MBLY) robotaxis next year, according to Tech Crunch
  • Merck KGaA (MKKGY) confirms advanced discussions with Springworks Therapeutics (SWTX)
  • Meta (META) preparing layoffs for Monday, according to Reuters
  • Microbot Medical (MBOT) announces $13 million registered direct offering priced at-the-market under Nasdaq rules
  • Microsoft (MSFT) aiming to adjust Office pricing to avoid EU fines, according to Reuters
  • Microsoft (MSFT) being investigated in France because of Bing, according to Bloomberg
  • monday.com (MNDY) Announces Full Release of monday service, its AI Enterprise Service Management Platform; Announces AI Vision to Empower Businesses to Scale
  • Natera (NTRA) commented on recent updates by the NCCN on circulating tumor DNA molecular residual disease testing in the Clinical Practice Guidelines in Oncology for colon cancer, rectal cancer, and merkel cell carcinoma
  • Nike (NKE) hopeful Super Bowl ad will improve its brand, according to the Wall Street Journal
  • Nokia (NOK) CEO to step down; names Justin Hotard as successor
  • NRG Energy (NRG) announces its partnership with the FIFA World Cup 26 Houston Host Committee and bring seven exciting international soccer matches to Houston at our namesake stadium
  • NVIDIA (NVDA): OpenAI aiming to reduce reliance on NVDA with custom chips, according to Reuters
  • NXP Semi (NXPI) has entered into a definitive agreement to acquire Kinara
  • Piraeus (BPIRY) agrees to enter into exclusive discussions with CVC regarding the acquisition of Ethniki Insurance
  • Pliant Therapeutics (PLRX) pauses enrollment and dosing in the BEACON-IPF Phase 2b trial
  • Plug Power (PLUG) entered into that certain Standby Equity Purchase Agreement
  • Regeneron Pharma (REGN) reports Three-Year Results for EYLEA HD (aflibercept) Injection 8 mg in Patients with Wet Age-related Macular Degeneration Demonstrate Continued Durable Vision Gains and Anatomic Improvements with Extended Dosing Intervals
  • Rolls Royce PLC (RYCEY) awarded a $167.4 mln US Navy contract for production of 40 MT7 turboshaft engines
  • Rumble (RUM) announces that U.S. President Donald Trump has established an official White House channel on the platform
  • Salesforce (CRM) announces $500m investment in Saudi Arabia to Drive AI innovation and growth
  • Simon Properties (SPG) announced the launch of a transformative multimillion-dollar project at Smith Haven Mall; major redevelopment will begin this summer and is expected to be completed in 2026
  • Sonos (SONO) chief marketing officer Jordan Saxemard leaves the company, according to Verge
  • Summit Materials (SUM) completes merger with Quikrete for $52.50 per share in cash, for a total enterprise value of approximately $11.5 billion
  • Sun Country Airlines (SNCY) announces pricing of secondary public offering of 6,346,105 shares of its common stock by an affiliate of certain investment funds
  • SunCar Technology Group (SDA) announces the full integration of DeepSeek artificial intelligence technology into its proprietary cloud-based service platform and car insurance SaaS solutions
  • Tilray (TLRY) disclosed successful settlement of Aphria Canadian class action and related individual actions
  • Trimble (TRMB): Platform Science completes acquisition of Trimble's Global Transportation Telematics business units
  • Tuya (TUYA) recently announces the full integration of its smart ecosystem with Google (GOOG) Home APIs
  • Unilever PLC (UL) close to deal to acquire Wild for GBP 230 mln, according to Sky News
  • Union Pacific (UNP) continues transferring commuter rail services to Metra
  • U.S. goldmining (USGO) discovers new high grade zone at raintree prospect, whistler gold-copper project, Alaska
  • Varonis Systems (VRNS) announces that its board of directors authorized a share repurchase program allowing repurchases of up to $100.0 mln of Varonis’
  • Wabtec (WAB) increases quarterly cash dividend 25% to $0.25/share from $0.20/share

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

• Upgrades:
  • Agilent (A) upgraded to Equal Weight from Underweight at Barclays; tgt raised to $145
  • Johnson Controls (JCI) upgraded to Buy from Neutral at UBS; tgt raised to $103
  • Mobileye Global (MBLY) upgraded to Neutral from Underperform at BofA Securities; tgt $19
  • NetApp (NTAP) downgraded to Neutral from Positive at Susquehanna
  • Nevro (NVRO) upgraded to Hold from Underperform at Jefferies; tgt raised to $5.85
  • ONEOK (OKE) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $110
  • Robert Half (RHI) upgraded to Outperform from Underperform at Exane BNP Paribas; tgt $71.50
  • Shopify (SHOP) upgraded to Buy from Hold at The Benchmark Company; tgt $150
  • Waters (WAT) upgraded to Equal Weight from Underweight at Barclays; tgt raised to $415
  • WesBanco Inc (WSBC) upgraded to Outperform from Mkt Perform at Keefe Bruyette; tgt raised to $44
• Downgrades:
  • Altus Power (AMPS) downgraded to Neutral from Buy at UBS; tgt $5
  • Amazon (AMZN) downgraded to Accumulate from Buy at Phillip Securities
  • Atkore International (ATKR) downgraded to Hold from Buy at Loop Capital; tgt lowered to $65
  • Carlyle Secured Lending (CGBD) downgraded to Underperform from Buy at BofA Securities; tgt $17
  • ConocoPhillips (COP) downgraded to Outperform from Strong Buy at Raymond James; tgt lowered to $124
  • Illumina (ILMN) downgraded to Underweight from Equal Weight at Barclays; tgt lowered to $100
  • Kraft Heinz (KHC) downgraded to Neutral from Outperform at Mizuho; tgt lowered to $31
  • Melco Resorts & Entertainment (MLCO) downgraded to Neutral from Buy at Citigroup; tgt lowered to $6
  • Merck (MRK) downgraded to Hold from Buy at TD Cowen; tgt lowered to $100
  • Pliant Therapeutics (PLRX) downgraded to Neutral from Buy at H.C. Wainwright
  • Pliant Therapeutics (PLRX) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $4
  • Pliant Therapeutics (PLRX) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $4
  • Pliant Therapeutics (PLRX) downgraded to Neutral from Buy at Citigroup; tgt lowered to $4
  • Triumph Group (TGI) downgraded to Peer Perform from Outperform at Wolfe Research
• Others:
  • ARMOUR Residential REIT (ARR) initiated with a Neutral at BTIG Research
  • Capri Holdings (CPRI) resumed with a Neutral at BofA Securities; tgt $23
  • Flowco Holdings (FLOC) initiated with an Overweight at JP Morgan; tgt $32
  • Flowco Holdings (FLOC) initiated with a Buy at Jefferies; tgt $35
  • Flowco Holdings (FLOC) initiated with an Overweight at Piper Sandler; tgt $34
  • Flowco Holdings (FLOC) initiated with an Outperform at BMO Capital Markets; tgt $33
  • Lifeward (LFWD) initiated with a Buy at Laidlaw; tgt $10
  • Mannkind (MNKD) initiated with an Outperform at Wedbush; tgt $11
  • Repligen (RGEN) initiated with a Buy at TD Cowen; tgt $200

• Econ Data (Tuesday):
  • 6:00 ET: January NFIB Small Business Optimism Index (prior 105.1)
• Treasury Auctions:
  • 13:00 ET: $58 bln 3-yr Treasury note auction results
• Earnings:
  • Monday (Feb 10)
    • Pre-Market: CNA EPC HAIN INCY MCD MNDY ON ROK ROIV TSEM
    • After-Hours: AMKR ACGL ARWR ALAB ACLS BTG NTB BRX CINF CMCO CMP CXW COTY FLNC HLIT INSP KRC LSCC MEDP MITK SSD SPSC VRTX VNO WTS
  • Tuesday (Feb 11)
    • Pre-Market: ARVN AN BP CG CARR KO CURB DD ECL FIS GFS HUM IPGP LCII LDOS MAR MAS NNN SPGI SHOP SWI SUN TPG WCC KLG
    • After-Hours: AKR ADPT ADC ALSN AIG AIZ BL BHF BN CFLT DIOD DASH EW ET ECG EXEL FRSH GILD HIW IAC LYFT MIR MRC OS PBI PRI RRR SAGE ST SMCI TDC UPST WPC WELL ZG
  • Wednesday (Feb 12)
    • Pre-Market: ALKS GOLD BIIB CHEF CME CNDT CVS DENN D EXC AG GNRC HCSG IPG KGC KRNT KHC LAD MLM COOP NI NWE QSR R RDWR SITE SAH SPTN SLVM TMHC THC VRT WAB WAT
      
    • After-Hours: TXG AEIS ALB AM AR APP ASPN ATRC CAMT CWST CSCO CGNX CPA CRBG CRSR CXT CW BROS EQIX EPRT ES FSLY FAF FCPT GXO HUBS IRT MTW MGM MKSI MSA NBR PLMR PAYC PEGA QTWO QS QDEL RPD RDDT RBBN HOOD ROL RGLD STAG SCI TTD TROX TYL UPWK VECO VTR WCN WMB WH
  • Thursday (Feb 13)
    • Pre-Market: AGIO ALNY ATUS AEP HOUS ASC AVNT BPMC CBRE CLBT CEVA CROX CYBR DDOG DE DNOW DTE DUK GEHC GEL GPN GVA HBI HL HRI HTZ HWM H HIMX IRDM IRM KELYA KNF LECO LXP TAP MCO NVMI OGN PGY PBF PAG PCG PHIN PPC PPL SBH STNG SONY SN SLF TRU TNET USFD VNT WD WEN WST YETI ZBRA ZTS
    • After-Hours: AL ABNB AEE AMAT BIO BFAM COIN DVA DXCM DLR DKNG ELME EEFT FRT FROG GDDY HTGC INFA IR KNSL KN LEG MSI NUS PACB PANW PDM PCOR RARE RSG ROKU TSLX TWLO UDMY HCC WYNN YELP
  • Friday (Feb 14)
    • Pre-Market: AEM AMCX AXL CAE ENB ESNT FTS MGA MRNA NMRK POR SXT TRP THS
    • After-Hours: None
General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike