After Hours Report

The stock market got off to a promising start today, led by NVIDIA (NVDA 131.28, +4.65, +3.7%) and the mega-cap stocks, and some optimism over tax cut prospects after the House passed a resolution (217-215) for a large reconciliation bill that calls for $4.5 trillion in tax cuts over the next decade. The early gains carried the S&P 500 back above its 50-day moving average (6,005), but it didn't stay there for long. Sellers ultimately came in to reorient that key short-term technical level to a point of resistance again.

The inability to hold above that technical level invited a renewed wave of selling interest that the indices surfed for most of the afternoon trade. The Dow, Nasdaq, S&P 500, and Russell 2000 had been up as much as 0.6%, 1.4%, 0.9%, and 1.4%, respectively, at the best levels of the session, yet each of them retreated to negative territory in the afternoon session.

They did so, catalyzed by several proximate causes:

• The S&P 500's failure to hold above support at its 50-day moving average
• The inability of the mega-cap cohort to hold onto stronger gains
• An Axios report that the White House is ordering agencies to get ready for a large amount of firings
• A reminder from President Trump at his first Cabinet meeting that he is not dropping the tariffs on Canada and Mexico scheduled to go into effect March 4 and that his plan for reciprocal tariffs will start to be implemented April 2

The major indices managed to claw their way back from lower levels in the closing stages of trading, but the overall tone was understandably mixed -- and the indices themselves little changed -- in front of NVIDIA's market-moving earnings report after the close. The S&P 500 avoided a fifth consecutive loss by the narrowest of margins.

NVIDIA, which was down 9.1% over the last four sessions, exhibited relative strength today that helped the S&P 500 information technology sector (+0.9%) and Philadelphia Semiconductor Index (+2.1%) outperform. On the flip side, the S&P 500 consumer staples sector (-1.9%), which was the best-performing sector on a year-to-date basis coming into today, was the worst-performing sector.

Notably, as the early stock gains faded, the Treasury market, which favorably digested a $44 billion 7-yr note auction, gained steam behind some safe-haven positioning and festering growth concerns that were sparked by today's report that new home sales declined 10.5% month-over-month in January to a seasonally adjusted annual rate of 657,000. The 2-yr note yield settled the day down three basis at 4.07% while the 10-yr note yield fell five basis points to 4.25%, leaving it down 30 basis points for the month.

• DJIA: +2.3% YTD
• S&P 500: +1.3% YTD
• S&P Midcap 400: -0.6% YTD
• Nasdaq Composite: -1.2% YTD
• Russell 2000: -2.5% YTD

Reviewing today's economic data:

• New home sales decreased 10.5% month-over-month in January to a seasonally adjusted annual rate of 657,000 units (Briefing.com consensus 681,000) from an upwardly revised 734,000 (from 698,000) in December. On a year-over-year basis, new home sales were down 1.1%.
  • The key takeaway from the report is that new home sales in January felt the brunt of affordability constraints that were tightened by elevated mortgage rates and higher prices.
• MBA Mortgage Applications Index -1.2% week-over-week (prior -6.6%) with refinance applications down 4% and purchase applications flat

Thursday's economic calendar includes:

• 08:30 ET: The second estimate for Q4 GDP Briefing.com consensus 2.3%; prior 2.3%) and GDP Deflator (Briefing.com consensus 2.2%; prior 2.2%)
• 08:30 ET: Weekly Initial Claims (Briefing.com consensus 220K; prior 219K) and Continuing Jobless Claims (prior 1869K)
• 08:30 ET: January Durable Goods Orders (Briefing.com consensus 1.8%; prior -2.2%) and Durable Goods Orders, Excluding Transportation (Briefing.com consensus 0.4%; prior 0.3%)
• 10:00 ET: January Pending Home Sales (Briefing.com consensus -0.8%; prior -5.5%)

Overseas:

• Europe: DAX +1.7%, FTSE +0.7%, CAC +1.2%
• Asia: Nikkei -0.2%, Hang Seng +3.3%, Shanghai +1.0%

Commodities:

• Crude Oil -0.30 @ 68.66
• Nat Gas -0.16 @ 3.96
• Gold +11.10 @ 2929.50
• Silver +0.40 @ 32.23
• 3Copper +0.05 @ 4.58

After-Hours Spotlight:

• Ambarella (AMBA) beats by $0.13, beats on revs; guides Q1 revs above consensus... AMBA up 11.1%
• eBay (EBAY) beats by $0.05, reports revs in-line; guides Q1 EPS in-line, revs below consensus... EBAY down 7.4%
• Ibotta (IBTA) beats by $0.23, misses on revs; guides Q1 revs below consensus... IBTA down 32.3%
• IonQ (IONQ) reports Q4 (Dec) results, beats on revs; issues guidance; enters into $500 mln ATM offering; to acquire Geneva-Based ID Quantique and Enters Into Global Quantum Strategic Partnership with SK Telecom; appointed Niccolo de Masi as President and Chief Executive Officer... IONQ down 11.1%
• Marqeta (MQ) reports EPS in-line, beats on revs; guides Q1 revs in-line; guides FY25 revs above consensus; authorizes up to $300 mln for repurchases; announces that its Board of Directors has appointed Mike Milotich as Interim Chief Executive Officer, effective immediately... MQ up 10.5%
• NVIDIA (NVDA) beats by $0.04, beats on revs; guides Q1 revs above consensus... NVDA up 2.0%
• Salesforce (CRM) beats by $0.17, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY26 EPS below consensus, revs below consensus... CRM down 0.6%
• Snowflake (SNOW) beats by $0.12, beats on revs; Issues Q1 and FY26 product revenue, non-GAAP operating margin guidance... SNOW up 11.6%
• Sweetgreen (SG) misses by $0.04, reports revs in-line; guides Q1 revs below consensus; guides FY25 revs below consensus... SG down 14.4%
• Teladoc (TDOC) misses by $0.02, reports revs in-line; guides Q1 EPS in-line, revs below consensus; guides FY25 EPS in-line, revs in-line... TDOC down 9.2%

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

• Earnings/Guidance (Full Earnings Calendar):
  • 3M (MMM) provides medium-term financial outlook at 2025 Investor Day; presents strategic priorities that will drive growth, operational excellence, and return cash to shareholders
  • ACM Research (ACMR) beats by $0.06, beats on revs; reaffirms FY25 revs guidance
  • Advance Auto (AAP) reports Q4 (Dec) results, beats on revs; guides Q1 revs below consensus; guides FY25 revs in-line
  • AerCap (AER) beats by $0.74, beats on revs
  • Agilon Health (AGL) misses by $0.04, reports revs in-line; guides Q1 revs below consensus; guides FY25 revs below consensus
  • Alcon (ALC) beats by $0.01, reports revs in-line; guides FY25 EPS below consensus, revs below consensus; authorizes up to $750 mln for repurchases
  • AmBev (ABEV) beats by BRL0.03; beats on revs
  • AMC Entertainment (AMC) reports EPS in-line, revs in-line
  • AngloGold Ashanti (AU) provides FY25 production guidance of 2900-3225 Koz
  • Anheuser-Busch InBev (BUD) beats by $0.19, beats on revs
  • APi Group (APG) beats by $0.01, beats on revs; guides Q1 revs below consensus; guides FY25 revs in-line
  • Arcus Biosciences (RCUS) beats by $0.22, beats on revs
  • Arhaus (ARHS) beats by $0.03, misses on revs; guides Q1 revs in-line; guides FY25 revs in-line
  • Astec Industries (ASTE) beats by $0.52, misses on revs
  • Atlanta Braves Holdings (BATRA) reports fourth quarter and year end 2024 financial results
  • AvidXchange (AVDX) beats by $0.01, reports revs in-line; guides FY25 EPS in-line, revs below consensus
  • Avista (AVA) misses by $0.02; guides FY25 EPS above consensus
  • Axon (AXON) beats by $0.68, beats on revs; guides FY25 revs in-line
  • B&G Foods (BGS) beats by $0.01, reports revs in-line; guides FY25 EPS in-line, revs in-line
  • Bentley Systems (BSY) reports EPS in-line, revs in-line; guides FY25 revs below consensus
  • Bloomin' Brands (BLMN) beats by $0.01, reports revs in-line; guides Q1 EPS below consensus; guides FY25 EPS below consensus
  • Boston Beer Co (SAM) misses by $0.37, beats on revs; guides FY25 EPS below consensus
  • Brinks (BCO) beats by $0.23, reports revs in-line; guides Q1 EPS in-line, revs in-line
  • Caesars Entertainment (CZR) beats by $0.18, reports revs in-line
  • Camping World (CWH) beats by $0.04, beats on revs
  • CAVA Group (CAVA) misses by $0.02, beats on revs, comps of +21.2%
  • CBIZ (CBZ) beats by $0.13, beats on revs; guides FY25 EPS above consensus, revs above consensus
  • CCC Intelligent Solutions (CCCS) reports EPS in-line, revs in-line; guides Q1 revs in-line; guides FY25 revs above consensus
  • Centuri Holdings (CTRI) beats by $0.06, beats on revs; guides FY25 revs in-line
  • Chord Energy (CHRD) beats by $0.72, misses on revs
  • Clear Secure (YOU) beats by $0.62, beats on revs; guides Q1 revs in-line; provides FY25 guidance
  • Commscope (COMM) beats by $0.16, beats on revs
  • Couchbase (BASE) beats by $0.08, beats on revs; guides Q1 revs below consensus; guides FY26 revs below consensus
  • Coupang (CPNG) beats by $0.03, misses on revs
  • Danone (DANOY) reports FY24 results; provides FY25 outlook; raises dividend
  • Deutsche Telekom (DTEGY) reports FY24 results
  • Diebold Nixdorf (DBD) reaffirms FY25 guidance; introduces three-year outlook at Investor Day
  • Dole plc (DOLE) beats by $0.05, beats on revs
  • DT Midstream (DTM) beats by $0.05; Increases 2025 adjusted EBITDA guidance, increases dividend by 12%
  • Dycom (DY) beats by $0.28, beats on revs; guides Q1 EPS below consensus, revs below consensus; guides FY26 revs in-line; authorizes a new $150 mln share repurchase program
  • eHealth (EHTH) reports Q4 results with guidance
  • EMCOR Group (EME) beats by $0.56, reports revs in-line; guides FY25 EPS in-line, revs above consensus; Also authorizes an additional $500 million for share repurchases
  • Enovis Corporation (ENOV) beats by $0.06, reports revs in-line; guides FY25 EPS in-line, revs below consensus; CEO also announces intention to retire, effective upon successor being appointed by the Board
  • ExlService (EXLS) beats by $0.03, beats on revs; guides FY25 EPS below consensus, revs below consensus
  • Extra Space Storage (EXR) beats by $0.02, reports revs in-line; guides FY25 FFO in-line
  • Federal Signal (FSS) reports EPS in-line, misses on revs; guides FY25 EPS in-line, revs above consensus
  • First Solar (FSLR) reports Q4 (Dec) results, beats on revs; guides FY25 EPS below consensus, revs in-line
  • Flywire (FLYW) misses by $0.11, misses on revs; Issues guidance for Q1 and FY25
  • Geron (GERN) misses by $0.01, misses on revs
  • Grocery Outlet (GO) misses by $0.02, reports revs in-line; guides FY25 EPS below consensus, revs in-line
  • Huron Consulting (HURN) beats by $0.38, beats on revs; guides FY25 EPS above consensus, revs in-line
  • Icahn Enterprises (IEP) announced its fourth quarter 2024 financial results
  • Inogen (INGN) beats by $0.20, beats on revs; guides Q1 revs above two analyst estimate; guides FY25 revs above consensus
  • Instacart (CART) beats by $0.15, reports revs in-line, GTV up 10% yr/yr; Issues Q1 GTV and adjusted EBITDA guidance
  • International Money Express (IMXI) misses by $0.03, misses on revs; guides Q1 EPS below consensus, revs below consensus; guides FY25 EPS below consensus, revs below consensus; determined to suspend the Company's previously announced assessment of strategic alternatives
  • Interparfums (IPAR) beats by $0.03, reports revs in-line; reaffirms FY25 EPS guidance, revs guidance
  • Intuit (INTU) beats by $0.75, beats on revs; guides AprQ EPS below consensus, revs above consensus; reaffirms FY25 EPS guidance, revs guidance
  • Jack In The Box (JACK) beats by $0.23, reports revs in-line
  • Janus International Group (JBI) beats by $0.55, beats on revs; guides FY25 revs above consensus
  • Jazz Pharma (JAZZ) beats by $0.79, beats on revs; guides FY25 EPS above consensus, revs in-line
  • Keysight (KEYS) beats by $0.13, beats on revs; guides Q2 EPS above consensus, revs in-line
  • Lantheus Holdings (LNTH) beats by $0.05, beats on revs; guides FY25 EPS above consensus, revs below consensus
  • Lemonade (LMND) beats by $0.18, beats on revs; guides Q1 revs below consensus; guides FY25 revs below consensus
  • Light & Wonder (LNW) beats by $0.31, reports revs in-line
  • Lineage (LINE) beats by $0.11, reports revs in-line; guides FY25 FFO in-line
  • Lowe's (LOW) beats by $0.09, beats on revs; guides FY26 EPS below consensus, revs below consensus
  • Lucid Group (LCID) beats by $0.03, beats on revs; announces production guidance
  • Madrigal Pharmaceuticals (MDGL) beats by $1.13, beats on revs
  • Masimo (MASI) beats by $0.37, beats on revs; raises FY25 EPS above consensus
  • Matson (MATX) beats by $0.42, beats on revs
  • Merit Medical (MMSI) beats by $0.10, beats on revs; guides FY25 EPS below consensus, revs in-line
  • MGP Ingredients (MGPI) beats by $0.07, beats on revs; guides FY25 EPS below consensus, revs below consensus
  • National Health (NHI) reports Q4 (Dec) results, misses on revs
  • National Vision (EYE) reports EPS in-line, revs in-line; guides FY25 EPS in-line, revs above consensus
  • NewAmsterdam Pharma (NAMS) reports financial results and provides corporate update
  • NRG Energy (NRG) misses by $0.05; reaffirms FY25 EPS guidance
  • ODDITY Tech Ltd. (ODD) beats by $0.09, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY25 EPS above consensus, revs above consensus
  • ODP Corporation (ODP) misses by $0.14, reports revs in-line; announces restructuring plan
  • Olo Inc. (OLO) misses by $0.01, beats on revs; guides Q1 revs above consensus; guides FY25 revs above consensus
  • Option Care Health (OPCH) beats by $0.08, beats on revs; guides FY25 EPS above consensus, revs above consensus
  • OUTFRONT Media (OUT) beats by $0.05, reports revs in-line
  • Par Pacific (PARR) beats by $0.18, beats on revs
  • Permian Resources (PR) beats by $0.01, reports revs in-line
  • Photronics (PLAB) beats by $0.05, reports revs in-line; guides Q2 EPS below estimate, revs below estimate
  • Playa Hotels & Resorts (PLYA) beats by $0.04, beats on revs
  • PROCEPT BioRobotics (PRCT) misses by $0.01, beats on revs; guides Q1 revs in-line; guides FY25 revs above consensus
  • Range Resources (RRC) beats by $0.07, misses on revs; Issues 2025 Capital and Production Guidance
  • Revolve Group (RVLV) beats by $0.07, beats on revs
  • Rhythm Pharmaceuticals (RYTM) misses by $0.07, beats on revs
  • RLJ Lodging Trust (RLJ) beats by $0.04, beats on revs; guides FY25 FFO in-line
  • Skyward Specialty Insurance Group (SKWD) beats by $0.03, gross written premiums increased 20.8%
  • Southwest Gas (SWX) beats by $0.33, misses on revs; provides FY25 guidance
  • Sprout Social (SPT) beats by $0.04, reports revs in-line; guides Q1 EPS in-line, revs below consensus; guides FY25 EPS in-line, revs below consensus
  • SPX Technologies (SPXC) reports EPS in-line, revs in-line; guides FY25 EPS in-line, revs in-line
  • Stellantis (STLA) reports FY24 results; beats on revs; provides outlook
  • Steven Madden (SHOO) beats by $0.02, beats on revs
  • Supernus Pharma (SUPN) reports Q4 results, beats on revs; guides FY25 revs in-line
  • Taboola (TBLA) misses by $0.01, beats on revs; guides Q1 revs below consensus; guides FY25 revs below consensus
  • The Baldwin Group (BWIN) beats by $0.01, beats on revs
  • The Vita Coco Company (COCO) misses by $0.01, beats on revs; guides FY25 revs in-line
  • TJX (TJX) beats by $0.07, reports revs in-line, comps +5% vs +2-3% prior guidance; guides Q1 and FY26 EPS below consensus
  • TJX (TJX) provides Q1 and FY26 (Jan) revenue guidance on the conference call after giving EPS guidance for those periods in the press release
  • Trinity Capital (TRIN) reports fourth quarter financial results
  • United Parks & Resorts Inc. (PRKS) misses by $0.15, reports revs in-line
  • UWM Holdings Corporation (UWMC) announces fourth quarter & full year 2024 results
  • Vera Therapeutics (VERA) provides business update and reports fourth quarter and full year 2024 financial results
  • Verisk Analytics (VRSK) beats by $0.01, reports revs in-line; guides FY25 EPS below consensus, revs below consensus
  • WEBTOON Entertainment (WBTN) beats by $0.15, reports revs in-line
  • Workday (WDAY) beats by $0.14, beats on revs; issues guidance
  • Workiva (WK) beats by $0.02, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY25 EPS below consensus, revs above consensus
  • XPEL (XPEL) misses by $0.09, reports revs in-line; guides Q1 revs below two analyst estimate
  • Zeta Global (ZETA) reports Q4 (Dec) results, beats on revs; guides Q1 revs in-line; guides FY25 revs above consensus
  • ZipRecruiter (ZIP) reports EPS in-line, beats on revs; guides Q1 revs above consensus
  • ZoomInfo (ZI) beats by $0.03, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY25 EPS above consensus, revs above consensus
• General News
  • House passes resolution for large reconciliation bill by a vote of 217-215; resolution now heads to the Senate
  • Congress getting closer to bipartisan deal to fund government ahead of March 14 deadline, but differences about executive power remain, according to Politico
  • President Trump says his administration will create a new visa category for high level immigrants with $5 mln or more to invest in US; the new visa category will be called "gold cards" (which is higher level than a green card)
  • President Trump orders probe into potential new tariffs on copper imports, according to Reuters
  • President Trump signs executive order to provide price transparency on healthcare costs
  • Russia offers US deal where US would gain access to minerals in areas of Ukraine that Russia seized. This comes after Ukraine reached agreement to share revenues from its minerals with US, according to NBC News
  • Senate passes bill to remove Biden administration restrictions on offshore oil drilling, according to Politico
  • China to provide $55 bln in new capital for banks, according to Bloomberg
  • Environmental Protection Agency wants White House to strike down climate funding, according to Washington Post
  • Dockworkers on east coast ratify new contract, according to Reuters
  • White House orders agencies to get ready for large amount of firings, according to Axios
  • TikTok trying to work out deal with the Trump administration to resolve law banning it, according to Nikkei
  • Senate votes to confirm Jamieson Greer as USTR by a vote of 56-43
  • CDC updates case count of bird flu to 70; one death; H5 bird flu is widespread in wild birds worldwide; current public health risk is low
  • OPM and OMB confirm "guidance to streamline the federal workforce in line with President Trump's commitment to cutting waste and improving efficiency. OPM is committed to delivering a more accountable government that better serves the American people"
  • President Trump confirms he will reverse Venezuela oil transaction agreement
  • U.S. Postal Service announces refined service standards and cost reductions; The Postal Service projects at least $36 billion in savings over 10 years from transportation, mail processing, and real estate cost reductions
  • Adeia Inc. (ADEA) announces a multi-year renewal of its intellectual property license agreement with SK Broadband for access to Adeia’s media portfolio
  • Alibaba (BABA) introduced new artificial intelligence model, according to Reuters
  • Allogene (ALLO) expands strategic partnership with Foresight Diagnostics to advance joint development activities outside the US across europe, UK, Canada, and Australia
  • Alphabet (GOOG) to eliminate jobs in its cloud division, according to Bloomberg
  • Alphabet (GOOG): Loss of Pulse Detection has received U.S. FDA clearance, and is now available on Pixel Watch 3
  • Amazon (AMZN) says Alexa+ is $19.99 per month, but is free for all Prime members
  • American Airlines (AAL): FAA says "An air traffic controller instructed American Flight 2246 to perform a go-around at Ronald Reagan Washington National (DCA) Airport to ensure separation was maintained between this aircraft and a preceding departure from the same runway"
  • Apple (AAPL) confirms annual meeting voting results
  • Ardelyx (ARDX) announces the approval of a New Drug Application by China’s Center for Drug Evaluation of the National Medical Products Administration for tenapanor to control serum phosphorus levels in dialysis patients with chronic kidney disease who have an inadequate response or are intolerant to phosphorus binders
  • AstraZeneca (AZN) reports Camizestrant improved PFS in 1L HR+ breast cancer
  • AstraZeneca (AZN): Camizestrant demonstrated highly statistically significant and clinically meaningful improvement in progression-free survival in 1st-line advanced HR-positive breast cancer with an emergent ESR1 tumor mutation in SERENA-6 Phase III trial
  • Bank of America (BAC) ends diversity goals, according to Bloomberg
  • Blackrock (BLK) removed references to diversity, equity, and inclusion, according to the Wall Street Journal
  • Boeing's (BA) Stephanie F. Pope no longer held the title of Chief Operating Officer of The Boeing Company effective February 19
  • BNY Mellon (BK) agrees to relationship with OpenAI, according to WSJ
  • BP (BP) introduced a fundamentally reset strategy, with significant capital reallocation, and plans to drive improved performance, aimed at growing free cash flow, returns and long-term shareholder value
  • Cal-Maine Foods (CALM): Agriculture Secretary Brooke Rollins in interview says she will consider temporary import options to reduce egg costs in the short term, according to WSJ
  • Cal-Maine Foods, Inc. (CALM) announces agreement with Company’s founder’s family
  • Clear Secure (YOU) announces that Ken Cornick, Co-Founder, President, and Chief Financial Officer, is stepping down from his executive positions and will transition to an advisory role
  • CoreCivic (CXW): President Trump plans to speed up deportations, according to CNN
  • Curtiss-Wright (CW) has been awarded two contracts from TerraPower to design and supply plant simulation and digital control solutions for the Natrium advanced nuclear reactor design
  • Dayforce (DAY) announced an efficiency plan with expected reduction of approximately 5% of the Company's current workforce
  • Dell Technologies (DELL) accelerates Telecom Transformation with comprehensive program, expanded partnerships
  • Dycom (DY) announces authorization of a new $150 million stock repurchase program
  • Embraer SA (ERJ) approves an additional four-year pause in the E175-E2 jet development program, according to Reuters
  • Ferrari (RACE): Exor N.V. intends to sell approximately 7 million common shares of Ferrari N.V. by way of an accelerated bookbuild offering to institutional investors
  • Ferrari (RACE): Announcement of the seventh tranche of the multi-year share repurchase program by participating as a purchaser in Exor’s accelerated bookbuild offering
  • First Solar (FSLR) announces the filing of a lawsuit against Shanghai-headquartered JinkoSolar and its related entities alleging infringement of First Solar’s US Patent No. 9,130,074
  • Gap (GPS) increases quarterly cash dividend 10% to $0.165/share from $0.15/share
  • General Motors (GM) board approves new share repurchase plan, including $2 billion ASR, and higher rate for future dividends
  • Harmony Gold (HMY) confirmed the loss of life of an employee injured in the Mponeng accident on 20 February 2025
  • HF Sinclair (DINO) announces its latest sports partnership, a three-year agreement with Utah Hockey Club
  • Humana (HUM) introduces a new value-based care agreement with Thyme Care to provide comprehensive cancer care support for eligible Humana Medicare Advantage members
  • Infinera (INFN): EU Commission approves acquisition of Infinera by Nokia (NOK)
  • Invitation Homes (INVH) announces the promotion of Timothy J. Lobner to Executive Vice President and Chief Operating Officer, effective March 2
  • Juniper Networks (JNPR) introduces purpose-built solution for GPUaaS and AIaaS Providers to Accelerate AI delivery and simplify ongoing operations
  • Lands' End (LE) confirms that it has received a letter from Edward S. Lampert requesting that the Company initiate a strategic sale process to maximize shareholder value
  • Lucid Group (LCID) announces that Peter Rawlinson has stepped aside from his prior roles and will transition to the role of Strategic Technical Advisor to the Chairman of the Board; arc Winterhoff, COO, has been appointed Interim CEO
  • Madrigal Pharmaceuticals (MDGL) reports positive two-year results from the open-label compensated MASH cirrhosis arm of the Phase 3 MAESTRO-NAFLD-1 trial of Rezdiffra
  • Meta (META) considering AI data center project worth $200 bln, according to The Information
  • Meta Platforms (META) announces Meta for Education
  • National Vision (EYE) announces the appointment of Christopher Laden as Chief Financial Officer, effective March 31, 2025
  • ON Semiconductor (ON) initiated a company-wide restructuring plan that will impact all business groups including the worldwide manufacturing organization
  • Opthea Ltd. (OPT) announced the completion of its drug product Process Performance Qualification (PPQ) campaign for sozinibercept
  • ORIC Pharmaceuticals (ORIC) announces focused registrational clinical development plans for its two lead programs, an extension of projected cash runway into 2027, and accelerated/augmented corporate milestones
  • Peloton Tread (PTON) is currently seeing high demand, according to Pelobuddy
  • Phillips 66 (PSX): Chveron (CVX) interested in purchasing PSX's stake in chemicals JV, according to Bloomberg
  • Regeneron Pharma (REGN) announces that the U.S FDA accepts for review the resubmission of the Biologics License Application for odronextamab in relapsed/refractory (R/R) follicular lymphoma after two or more lines of systemic therapy
  • Renovaro BioSciences (RENB) and BioSymetrics announce definitive merger agreement to advance AI-driven biomarker discovery and precision medicine
  • Rimini Street (RMNI) disclosed Oracle (ORCL) litigation update
  • Sibanye-Stillwater (SBSW) provides update on its participation in the Rhyolite Ridge project
  • Solventum Corporation (SOLV): Trian Fund Management wants SOLV to separate more of its units, according to WSJ
  • Solventum Corporation (SOLV) shareholder Trian (Nelson Peltz) comments on Solventum’s sale of its Purification & Filtration business; believes there is a meaningful cost reduction opportunity
  • Southwest Air (LUV): FAA investigating incident at Chicago's Midway airport
  • Sterling Infrastructure (STRL) announces two large transportation solutions project awards
  • Taboola (TBLA) announces that its Board of Directors approved an additional share repurchase authorization of up to $200 mln of the company's outstanding shares, bringing the current total authorization to ~$240 mln
  • Target (TGT) announces a strategic partnership with the original American sportswear brand, Champion
  • Telix Pharmaceuticals' (TLX) BLA for TLX250-CDx receives FDA acceptance; granted Priority Review
  • Telomir Pharmaceuticals (TELO) reports new study confirms Telomir-1 also reverses oxidative stress, preserves cellular integrity, and prevents cell death by supporting cellular stability
  • Teradata (TDC) announces that Michael Hutchinson, Chief Customer Officer, has been appointed to Chief Operating Officer
  • Teva Pharma (TEVA) and Medincell announce that the supplemental New Drug Application for UZEDY extended-release injectable suspension for the maintenance treatment of BP-I in adults has been accepted for filing by the U.S. Food and Drug Administration
  • Trump Media (DJT) CEO Devin Nunes Responds to Ruling on Brazil Attempts to Censor Rumble (RUM)
  • Unilever PLC (UL) solar electricity deal powers renewable energy use in India
  • Unilever PLC (UL): Ben & Jerry's founders considering buying back the brand, according to Bloomberg
  • V2X (VVX) announces its award of a $100 million contract to provide aviation maintenance and support services for the Federal Bureau of Investigation's Critical Incident Response Group
  • Vishay Intertechnology (VSH): New Vishay Intertechnology high voltage MLCCs deliver extended capacitance for commercial application
  • Volkswagen (VWAGY): India has tax dispute with Volkswagen, according to Reuters
  • Walgreens Boots Alliance (WBA) enters settlement agreement with Everly/PWN; to pay $595 mln
  • Warner Bros. Discovery (WBD) launching Max streaming service in Australia on March 31
  • Warner Bros. Discovery (WBD) says Max to keep live sports and news within standard and premium subscription tiers at no additional cost to consumers
  • Zymeworks (ZYME) announces achievement of a $14 mln cash research milestone from GSK (GSK) associated with a clinical milestone

• Upgrades:
  • American Airlines (AAL) upgraded to Buy from Neutral at Redburn Atlantic; tgt raised to $24
  • Arcus Biosciences (RCUS) upgraded to Buy from Neutral at H.C. Wainwright; tgt raised to $24
  • Check Point Software (CHKP) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $255
  • Coca-Cola (KO) upgraded to Buy from Hold at Erste Group
  • Coupang (CPNG) upgraded to Buy from Hold at Deutsche Bank; tgt $28.50
  • dLocal Limited (DLO) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $18
  • Fair Isaac (FICO) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt raised to $2170
  • Home Depot (HD) upgraded to Hold from Reduce at HSBC Securities; tgt raised to $410
  • Ingevity (NGVT) upgraded to Outperform from Market Perform at BMO Capital Markets; tgt raised to $65
  • Intuit (INTU) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt $730
  • Lennox Int'l (LII) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $702
  • Lumen Technologies (LUMN) upgraded to Buy from Neutral at Citigroup; tgt lowered to $6.50
  • Porch Group (PRCH) upgraded to Buy from Hold at Loop Capital; tgt $6
  • ZoomInfo (ZI) upgraded to Neutral from Underweight at Piper Sandler; tgt raised to $11
• Downgrades:
  • CCC Intelligent Solutions (CCCS) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $11
  • Civitas Resources (CIVI) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $62
  • Flywire (FLYW) downgraded to Neutral from Buy at BTIG Research
  • Flywire (FLYW) downgraded to Neutral from Buy at Goldman; tgt $15
  • Flywire (FLYW) downgraded to Outperform from Strong Buy at Raymond James; tgt lowered to $17
  • Flywire (FLYW) downgraded to Equal-Weight from Overweight at Stephens; tgt lowered to $15
  • Flywire (FLYW) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $16
  • Grocery Outlet (GO) downgraded to Hold from Buy at Deutsche Bank; tgt $12
  • Krispy Kreme, Inc. (DNUT) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt lowered to $6
  • LivaNova (LIVN) downgraded to Peer Perform from Outperform at Wolfe Research
  • Lucid Group (LCID) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $1
  • Lululemon (LULU) downgraded to Hold from Buy at Erste Group
  • Maravai Life Sciences (MRVI) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $3
  • MoneyLion (ML) downgraded to Neutral from Buy at B. Riley Securities; tgt lowered to $90
  • PROG Holdings (PRG) downgraded to Hold from Buy at Jefferies; tgt lowered to $29
  • ServiceNow (NOW) downgraded to Hold from Buy at Erste Group
  • UnitedHealth (UNH) downgraded to Hold from Buy at Erste Group
• Others:
  • Baxter (BAX) resumed with a Buy at Goldman; tgt $42
  • Fortinet (FTNT) resumed with a Buy at Erste Group
  • Miniso Group (MNSO) initiated with a Buy at HSBC Securities; tgt $29.30
  • Samsara (IOT) initiated with a Mkt Perform at Raymond James
  • Sherwin-Williams (SHW) resumed with a Buy at Citigroup; tgt raised to $423
  • Stryker (SYK) resumed with a Buy at Citigroup; tgt $450
  • Wendy's (WEN) resumed with a Neutral at JP Morgan; tgt lowered to $17

• Econ Data (Thursday):
  • 8:30 ET: Q4 GDP -- second estimate (Briefing.com consensus 2.3%; prior 2.3%), Q4 GDP Deflator -- second estimate (Briefing.com consensus 2.2%; prior 2.2%), weekly Initial Claims (Briefing.com consensus 220,000; prior 219,000) and Continuing Claims (prior 1.869 mln), and January Durable Orders (Briefing.com consensus 1.8%; prior -2.2%), and Durable Orders ex-transportation (Briefing.com consensus 0.4%; prior 0.3%)
  • 10:00 ET: January Pending Home Sales (Briefing.com consensus -0.8%; prior -5.5%)
  • 10:30 ET: Weekly natural gas inventories (prior -196 bcf)
• Earnings:
  • Monday (Feb 24)
    • Pre-Market: AROC BCRX CWEN DPZ FDP KBR OC TCOM WLK
    • After-Hours: ADUS AESI BYON BWXT CNNE CHGG CIVI CLNE CLF CTRA FANG PLOW EVER GSHD HLIO HIMS JBTM LTC MAX MYGN NVTS OKE PRIM PRA PSA KWR O RIOT SBAC TEM MODG TREX UCTT VVX VCYT VNOM ZD Z
  • Tuesday (Feb 25)
    • Pre-Market: AHCO AS AMT RCUS AWI BMO BNS CRI CECO DK DSX DOCN DRVN DEA ELAN XPRO GFL HRMY HSIC HD IART TILE IGT ITRI KDP KTB DNUT LGIH LIVN MIDD NOVT PNW PLNT PTLO PEG SEE SRE SHLS SSTK SGHC BLD XHR XMTR
    • After-Hours: AGL AMC AXON BGS SAM CZR CWH CAVA CCCS IMOS CHRD BASE CPNG DAWN EXLS EXR FSLR FLYW GO HURN INGN CART IPAR INTU JACK JAZZ KEYS LMND LNW LCID MRVI MASI MATX MMSI NHI ODD OSUR OUT OLO PARR PR PLYA PRCT RRC RVLV RLJ RXST SKWD SPT SPXC SUPN TTI BWIN PCVX WBTN WDAY WK ZETA ZIP ZI
  • Wednesday (Feb 26)
    • Pre-Market: ACMR AAP AER BUD APG ASTE AVDX AVA AVNS ADTN BSY BLMN BCO CBZ CTRI YOU COMM DOLE DTM DY EME ENOV FSS GERN IMCR IMXI JBI LNTH LINE LOW MDGL MGPI EYE NRG ODP OPCH PLAB RYTM SWX SHOO TBLA TJX COCO PRKS UTHR VRSK XPEL
      
    • After-Hours: A AIN ATEC AMBA AAOI APA BBSI BYND WHD CDNA CERT CHE CPK CORT DORM EBAY ECPG ERII EPR WTRG ESTA EVTC EXE FE FWRD FSK FTAI GRBK GEF HEI HHH IBTA INVH IONQ JOBY KNTK KTOS LZ MGNI MNKD MARA MQ VAC MIRM MYRG NSA NMFC NTNX NVDA ORA OVV PARA PEB PSTG RLAY RVMD ROOT RSI CRM SRPT SDGR SDRL SBGI STR SNOW SRI SUI SG SNPS TALO TNDM TDOC TKO UHS URBN VIR VSEC WES
  • Thursday (Feb 27)
    • Pre-Market: GOLF ADT AMWD AMBP ACIW BBWI BECN CWT CARS CM CCOI XRAY DCI DCO ECVT EDR ERJ EVRG FA FTDR GEO GDRX GTN HAYW HGV HRL IBP INSW SJM KRP KOP LTH LFST LGND MAC TIGO VYX NXST NCLH NVCR ONC PZZA PAYO PENN PLTK PRVA RY SRRK SITC FUN SHC STGW STWD STRA FTI TGLS TGNA TFX
    • After-Hours: ACHC ALHC ALKT AMRC AHR ALTM ACA ARLO ARRY AGO ASTH ADSK AVPT AAON AES BE CABO COLL CODI CRNX CUBE CYTK DH DELL DRH DLO DV DUOL EIX ESTC EOG FIGS FOXF GDOT HPQ ICFI ICUI IOVA JAMF MTZ MTUS MOS NTRA NTAP LASR OPEN OPK PGRE PBA PRGO PGNY PUBM PTCT RDFN RDNT RKT RKLB SOLV SOUN RUN TLN TMDX TMCI TPC VRRM
  • Friday (Feb 28)
    • Pre-Market: AMR ANIP APLS CLMT GTLS FUBO FRO FLGT IAS NWN OMI PAR
    • After-Hours: None
General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike