After Hours Report

Today did not turn as envisioned when NVIDIA (NVDA 120.15, -11.13, -8.5%) was trading nearly 3.0% higher in pre-open action following its earnings report. Actually, it was a starkly disappointing day for a stock market that appears to be in a corrective phase that has canceled the success of buy-the-dip approaches and has fueled the unwinding of momentum trades. In turn, it is a corrective phase that has been triggered by inflation worries and growth concerns rooted in tariff proposals and efforts to cut government spending.

Those attributes were all on display today and were wrapped up in the following developments: 

• Disappointing price action in NVIDIA (NVDA 120.15, -11.13, -8.5%), which rolled over quickly after the start of trading
• President Trump's announcement that tariffs for Canada and Mexico will start March 4; and that an additional 10% tariff for China will go into effect the same day. That followed yesterday's indication that a 25% tariff for the EU will be announced soon. 
• Comments from Kansas City Fed President Schmid (FOMC voter), Cleveland Fed President Hammack (non-FOMC voter), and Philadelphia Fed President Harker (non-FOMC voter), all of whom in one way or another suggested the Fed isn't in a hurry to lower the fed funds rate
• Festering growth concerns, fueled by the jump in weekly initial jobless claims and the pending home sales index hitting a record low in January
• Month-end activity

The S&P 500, which climbed above 6,000 yesterday, fell below 5,900 today. The mega-cap cohort was mostly responsible for the setback, which turned into a broader affair when selling in the mega-cap space picked up in the afternoon trade. The Vanguard Mega-Cap Growth ETF (MGK) declined 2.6%.

That weakness undercut the market cap-weighted indices to a larger degree. The equal-weighted S&P 500 fell 0.9% today. Notably, the S&P 500 financial (+0.6%), energy (+0.5%), real estate (+0.4%), and consumer staples (+0.02%) sectors finished higher in a down tape painted by the overbearing brush stroke of the information technology sector (-3.8%), which is the market's most heavily-weighted sector.

The Nasdaq Composite for its part dropped 2.8% and is now down 8.1% from the all-time high it reached in December. The Russell 2000 was down 1.6% and is now down 13.3% from its November high.

The Philadelphia Semiconductor Index, feeling the weight of losses in NVIDIA and related stocks, plummeted 6.1% today and is now down 21.0% from the all-time high it hit in July, which puts it in bear market territory (generally defined as a pullback in excess of 20% from a prior high).

The Dow Jones Industrial Average had been up as many as 451 points, but finished comfortably below the unchanged line. It still holds a 1.6% gain for the year, but it stands alone among the major averages as a year-to-date winner. With today's loss, the market cap-weighted S&P 500 turned negative for the year (-0.3%), joining the Russell 2000 (-4.1%), Nasdaq (-4.0%), and the S&P Midcap 400 Index (-1.8%) in negative territory.

Reviewing today's economic data:

• Initial jobless claims for the week ending February 22 increased by 22,000 to 242,000 (Briefing.com consensus 220,000). Continuing jobless claims for the week ending February 15 were 1867K (prior revised to 1867K from 1869K)
  • The key takeaway from the report is that initial jobless claims reached their highest level since early December, which will add to the market's festering concerns about a slowdown in growth.
• The second estimate for Q4 GDP was 2.3% (Briefing.com consensus 2.3%; prior 2.3%) while the second estimate for the Q4 GDP Deflator was 2.4% (Briefing.com consensus 2.2%; prior 2.2%).
  • The key takeaway from the report is that the growth was driven largely by consumer spending and government spending, but with targeted efforts by the Trump administration to cut government spending and to implement tariffs, there will be concerns about GDP growth decelerating in coming quarters due to less of a contribution from consumer spending and government spending.
• January Durable Goods Orders were up 3.1% (Briefing.com consensus 1.8%; prior revised to -1.8% from -2.2%). Excluding transportation, durable goods orders were flat (Briefing.com consensus 0.4%; prior revised to 0.1% from 0.3%).
  • The key takeaway from the report is that nondefense capital goods orders, excluding aircraft -- a proxy for business spending -- logged a healthy 0.8% increase in January, offsetting the headline disappointment of an unchanged reading for durable goods orders, excluding transportation.
• January Pending Home Sales declined 4.6% (Briefing.com consensus -0.8%) following an upwardly revised 4.1% decline (from -5.5%) in December.
  • The key takeaway from the report is that pending home sales hit their lowest level on record going back to 2001.

Friday's economic calendar includes:

• January Personal Income (Briefing.com consensus 0.3%; prior 0.4%), Personal Spending (Briefing.com consensus 0.2%; prior 0.7%), PCE Price Index (Briefing.com consensus 0.3%; prior 0.3%), and Core-PCE Price Index (Briefing.com consensus 0.3%; prior 0.2%)
• January Adv. Intl. Trade in Goods (prior -$122.1B), Adv. Retail Inventories (prior -0.3%), and Adv. Wholesale Inventories (prior -0.5%)
• February Chicago PMI (Briefing.com consensus 41.2; prior 39.5)

Overseas:

• Europe: DAX -1.2%, FTSE +0.3%, CAC -0.5%
• Asia: Nikkei +0.3%, Hang Seng -0.3%, Shanghai +0.2%

Commodities:

• Crude Oil +1.70 @ 70.36
• Nat Gas -0.03 @ 3.93
• Gold -34.30 @ 2895.20
• Silver -0.13 @ 32.10
• 3Copper +0.04 @ 4.62

After-Hours Spotlight:

• Autodesk (ADSK) beats by $0.15, reports revs in-line; guides Q1 EPS above consensus, revs above consensus; guides FY26 EPS above consensus, revs in-line; reducing workforce by 9%... ADSK up 6.6%
• Dell (DELL) beats by $0.16, misses on revs; guides Q1 EPS below consensus, revs below consensus; guides FY26 EPS above consensus, revs in-line... DELL down 0.4%
• DoubleVerify (DV) reports Q4 (Dec) results, misses on revs; guides Q1 revs below consensus; guides FY25 revs below consensus... DV down 13.1%
• Duolingo (DUOL) reports Q4 (Dec) results, beats on revs; guides Q1 revs in-line; guides FY25 revs in-line... DUOL down 4.2%
• Elastic (ESTC) beats by $0.16, beats on revs; guides Q4 EPS above consensus, revs above consensus; guides FY25 EPS above consensus, revs above consensus... ESTC up 17.4%
• HP Inc. (HPQ) misses by $0.01, reports revs in-line; guides AprQ EPS below consensus; reaffirms FY25 EPS guidance... HPQ down 2.7%
• Monster Beverage (MNST) misses by $0.02, beats on revs... MNST up 2.8%
• NetApp (NTAP) reports EPS in-line, misses on revs; guides Q4 EPS below consensus; guides FY26 EPS below consensus... NTAP down 13.7%
• Progyny (PGNY) beats by $0.32, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY25 EPS above consensus, revs above consensus... PGNY up 16.9%
• SoundHound AI (SOUN) beats by $0.05, beats on revs; guides FY25 revs in-line... SOUN up 10.2%

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

• Earnings/Guidance (Full Earnings Calendar):
  • ACADIA Pharmaceuticals (ACAD) reports Q4 (Dec) results, misses on revs; guides FY25 revs in-line
  • ACI Worldwide (ACIW) beats by $0.50, reports revs in-line; guides Q1 revs above consensus; guides FY25 revs in-line
  • Acushnet (GOLF) beats by $0.33 (two analyst estimate), misses on revs; guides FY25 revs above two analyst estimate
  • ADTRAN (ADTN) beats by $0.03, beats on revs; guides Q1 revs above consensus
  • Agilent (A) beats by $0.04, reports revs in-line; guides Q2 EPS below consensus, revs in-line; reiterates FY25 EPS guidance, projects revs below consensus
  • Albany Intl (AIN) misses by $0.08, misses on revs; guides FY25 EPS below consensus, revs below consensus; new $250 mln share repurchase program
  • Alphatec (ATEC) misses by $0.18, beats on revs; guides FY25 revs in-line
  • Ambarella (AMBA) beats by $0.13, beats on revs; guides Q1 revs above consensus
  • Amedisys (AMED) misses by $0.08, reports revs in-line
  • American Woodmark (AMWD) misses by $0.26, misses on revs
  • APA Corp. (APA) misses by $0.17, beats on revs
  • Applied Optoelectronics (AAOI) reports EPS in-line, revs in-line; guides Q1 EPS in-line, revs in-line
  • argenx (ARGX) beats on top and bottom lines
  • Barrett Business (BBSI) beats by $0.01, beats on revs
  • Bath & Body Works (BBWI) beats by $0.05, reports revs in-line; guides Q1 EPS below consensus, revs in-line; guides FY26 EPS below consensus, revs in-line; announces buyback
  • Beacon Roofing Supply (BECN) reports Q4 (Dec) results, misses on revs; guides FY25 revs in-line
  • BeiGene (ONC) misses by $0.42, beats on revs; guides FY25 revs above consensus
  • Beyond Meat (BYND) misses by $0.20, beats on revs; guides FY25 revs in-line
  • Bristow Group (VTOL) reports Q4 results; affirms 2025 and 2026 outlook; announces a new capital allocation framework
  • C3.ai (AI) beats by $0.13, reports revs in-line; guides Q4 revs in-line; guides FY25 revs in-line
  • California Water (CWT) beats by $0.12, beats on revs
  • Cactus (WHD) reports EPS in-line, misses on revs
  • CareDx (CDNA) beats by $0.59, beats on revs; guides FY25 revs in-line
  • Cars.com (CARS) misses by $0.09, misses on revs; guides Q1 revs below consensus; guides FY25 revs in-line; announces $250 mln repurchase plan
  • Certara (CERT) beats by $0.03, beats on revs; guides FY25 EPS below consensus, revs in-line
  • Chemed (CHE) beats by $0.05, reports revs in-line; guides FY25 EPS above consensus
  • Chesapeake Utilities (CPK) misses by $0.01, misses on revs; reaffirms FY25 EPS guidance
  • CIBC (CIBC) beats by CAD0.23, beats on revs
  • Corcept Therapeutics (CORT) misses by $0.17, misses on revs
  • Core Scientific (CORZ) misses by $0.51, misses on revs
  • CRH Plc. (CRH) beats by $0.01; misses on revs; guides FY25 EPS below consensus; raises dividend; authorizes buyback
  • Dentsply Sirona (XRAY) misses by $0.17, misses on revs; guides FY25 EPS in-line, revs below consensus
  • Disc Medicine (IRON) reports fourth quarter and full year 2024 financial results and provides business update
  • Dorman Products (DORM) beats by $0.23, beats on revs; guides FY25 EPS above consensus, revs below consensus
  • Ducommun (DCO) misses by $0.06, reports revs in-line
  • eBay (EBAY) beats by $0.05, reports revs in-line; guides Q1 EPS in-line, revs below consensus
  • EchoStar (SATS) beats on revs
  • Ecovyst (ECVT) beats by $0.04, misses on revs; guides FY25 EPS below consensus, revs above consensus
  • Endeavor Group (EDR) reports Q4 (Dec) results, beats on revs
  • Eni S.p.A. (E) reports Q4 results
  • Energy Recovery (ERII) beats by $0.12, reports revs in-line
  • EPR Properties (EPR) beats by $0.01, beats on revs; guides FY25 FFOAA in-line
  • Essential Utilities (WTRG) beats by $0.03, misses on revs; guides FY25 EPS in-line
  • Establishment Labs (ESTA) misses on EPS, reports revs in-line; guides FY25 revs in-line
  • Evergy (EVRG) misses by $0.01; reaffirms FY25 EPS guidance
  • EVERTEC (EVTC) beats by $0.15, reports revs in-line; guides FY25 EPS above consensus, revs in-line
  • Excelerate Energy (EE) beats by $0.07, beats on revs
  • FEMSA (FMX) announces fourth quarter and full year 2024 results
  • First Advantage Corp. (FA) misses by $0.03, misses on revs; guides FY25 EPS in-line, revs in-line
  • FirstEnergy (FE) misses by $0.04; guides FY25 EPS below consensus
  • Forward Air (FWRD) misses by $1.05, misses on revs
  • Frontdoor (FTDR) beats by $0.16, beats on revs; guides Q1 revs above consensus; guides FY25 revs above consensus
  • FTAI Aviation Ltd. (FTAI) misses by $0.06, reports revs in-line
  • GFL Environmental (GFL) provides FY28 outlook
  • Global Business Travel Group (GBTG) reports strong fourth quarter financial results; with continued momentum in 2025
  • GoodRx (GDRX) beats by $0.01, reports revs in-line; guides Q1 revs in-line; guides FY25 revs in-line
  • Gray Media (GTN) beats by $0.12, reports revs in-line; guides Q1 revs below two analyst estimate
  • Green Brick Partners (GRBK) beats by $0.29, beats on revs; increases share repurchase authorization to $100 mln
  • Greif (GEF) misses by $0.34, reports revs in-line
  • Hafnia Limited (HAFN) beats by $0.01; misses on revs
  • Haleon plc (HLN) reports in-line results; provide outlook for FY25; announces buyback
  • Hayward Holdings (HAYW) beats by $0.03, beats on revs; guides FY25 revs in-line
  • HEICO (HEI) beats by $0.26, beats on revs
  • Hilton Grand Vacations (HGV) misses by $0.32, reports revs in-line
  • Hormel Foods (HRL) misses by $0.03, beats on revs; reaffirms FY25 EPS guidance, revs guidance
  • IBC (IBOC) reports strong earnings in 2024
  • Ibotta (IBTA) beats by $0.23, misses on revs; guides Q1 revs below consensus
  • Intellia Therapeutics (NTLA) beats by $0.07, beats on revs
  • International Seaways (INSW) beats by $0.06, beats on revs
  • Invitation Homes (INVH) reports FFO in-line, beats on revs; guides FY25 FFO in-line
  • IonQ (IONQ) reports Q4 (Dec) results, beats on revs; issues guidance; enters into $500 mln ATM offering
  • J.M. Smucker (SJM) beats by $0.24, misses on revs; narrows FY25 EPS guidance, lowers revenue guidance
  • Joby Aviation (JOBY) misses by $0.15, beats on revs
  • Keros Therapeutics (KROS) beats by $0.22, beats on revs
  • Koppers Holdings (KOP) misses by $0.14, misses on revs; guides FY25 EPS above estimate, revs above estimate
  • Kratos Defense and Security (KTOS) beats by $0.03, misses on revs; guides Q1 revs below consensus; guides FY25 revs in-line
  • LegalZoom.com (LZ) beats by $0.03, reports revs in-line; guides Q1 revs above consensus; guides FY25 revs above consensus
  • Liberty Media Corporation (FWONA) reports fourth quarter and year end 2024 financial results
  • Ligand Pharma (LGND) beats by $0.11, beats on revs; reaffirms FY25 EPS guidance, revs guidance
  • Life Time (LTH) beats by $0.12, reports revs in-line; guides FY25 revs in-line
  • LifeStance Health Group (LFST) beats on revs; guides FY25 revs above consensus
  • Magnite (MGNI) misses by $0.02, beats on revs
  • Mannkind (MNKD) misses by $0.01, beats on revs
  • Marcus (MCS) reports Q4 (Dec) results
  • 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
  • Marriott Vacations (VAC) beats by $0.34, beats on revs; guides FY25 EPS below consensus
  • Matterport (MTTR) misses by $0.01, beats on revs
  • Medical Properties Trust (MPW) beats by $0.02, beats on revs
  • Melco Resorts & Entertainment (MLCO) reports Q4 results, beats on revs
  • Millicom International Cellular (TIGO) reports Q4 (Dec) results, misses on revs
  • MYR Group (MYRG) beats by $0.29, misses on revs; approves new $75 mln share repurchase program
  • National Storage Affiliates (NSA) beats by $0.02, reports revs in-line; guides FY25 core FFO below consensus
  • Nexstar (NXST) misses by $0.36, reports revs in-line
  • Norwegian Cruise Line (NCLH) beats by $0.15, reports revs in-line; guides Q1 EPS in-line; guides FY25 EPS below consensus
  • Novavax (NVAX) misses by $0.08, beats on revs
  • Nutanix (NTNX) beats by $0.09, beats on revs; guides Q3 revs above consensus; guides FY25 revs above consensus
  • NVIDIA (NVDA) beats by $0.04, beats on revs; guides Q1 revs above consensus
  • Ormat Tech (ORA) beats by $0.16, misses on revs; guides FY25 revs in-line
  • Ovintiv (OVV) reports Q4 (Dec) results, issues FY25 production guidance
  • Papa John's (PZZA) beats by $0.13, beats on revs; North America comps were down -4%
  • Paramount Global (PARA) misses by $0.24, misses on revs
  • Payoneer (PAYO) reports EPS in-line, beats on revs; guides FY25 revs above consensus
  • Pebblebrook Hotel Trust (PEB) beats by $0.09, beats on revs; guides Q1 AFFO below consensus; guides FY25 AFFO in-line
  • PENN Entertainment (PENN) misses by $0.06, reports revs in-line; plans to repurchase at least $350 mln in shares in 2025
  • Petrobras (PBR) reports FY24 results
  • Playtika (PLTK) misses by $0.21, beats on revs; guides FY25 revs in-line
  • Privia Health (PRVA) beats by $0.16, beats on revs; guides FY25 revs in-line
  • Pure Storage (PSTG) beats by $0.04, beats on revs; guides Q1 revs above consensus; guides FY26 revs in-line; authorizes up to $250 mln in additional buybacks
  • Revolution Medicines (RVMD) misses by $0.13, provides update
  • Root, Inc. (ROOT) beats by $1.75, beats on revs
  • Royal Bank of Canada (RY) beats by CAD 0.42, beats on revs
  • Rush Street Interactive (RSI) beats by $0.01, beats on revs; guides FY25 revs in-line
  • 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
  • Sarepta Therapeutics (SRPT) misses by $0.02, beats on revs
  • Schrodinger (SDGR) beats by $0.18, reports revs in-line
  • Sinclair Broadcast (SBGI) beats by $0.61, reports revs in-line; guides Q1 revs below two analyst estimate
  • SITE Centers (SITC) misses by $0.05, misses on revs
  • Six Flags Entertainment (FUN) misses by $3.04, misses on revs
  • Snowflake (SNOW) beats by $0.12, beats on revs; Issues Q1 and FY26 product revenue, non-GAAP operating margin guidance
  • Sotera Health (SHC) beats by $0.01, reports revs in-line; guides FY25 EPS below consensus
  • Stagwell (STGW) reports EPS in-line, beats on revs; guides FY25 EPS in-line, revs above consensus
  • Standard Motor (SMP) misses by $0.03, beats on revs; expects mid-teen percentage growth in FY25
  • Strategic Education (STRA) beats by $0.03, misses on revs
  • Sun Communities (SUI) reports FFO in-line, beats on revs
  • Sweetgreen (SG) misses by $0.04, reports revs in-line; guides Q1 revs below consensus; guides FY25 revs below consensus
  • Synopsys (SNPS) beats by $0.24, reports revs in-line; guides Q2 EPS above consensus, revs in-line; reaffirms FY25 EPS guidance, revs guidance
  • Talos Energy (TALO) beats by $0.15, misses on revs
  • Tandem Diabetes Care (TNDM) beats by $0.22, reports revs in-line; guides Q1 revs in-line; guides FY25 revs below consensus
  • TechnipFMC (FTI) beats by $0.18, beats on revs; guides FY25 revs in-line
  • Tecnoglass (TGLS) beats by $0.03, reports revs in-line; sees FY25 revs in line
  • TEGNA (TGNA) beats by $0.05, reports revs in-line; guides Q1 revs below two analyst estimate
  • 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
  • Teleflex (TFX) beats by $0.03, misses on revs; guides FY25 EPS below consensus
  • Telefonica S.A. (TEF) reports Q4 results; beats on revs
  • Thryv (THRY) beats by $0.34, beats on revs
  • TKO Group Holdings (TKO) beats by $0.13, beats on revs; guides FY25 revs below consensus
  • Toronto-Dominion Bank (TD) beats by C$0.19
  • Trimas (TRS) misses by $0.05, reports revs in-line; guides FY25 EPS below two analyst estimate, revs in-line
  • Turkcell (TKC) reports Q4 and FY24 results
  • Universal Health (UHS) beats by $0.78, beats on revs; guides FY25 EPS above consensus, revs above consensus
  • Urban Outfitters (URBN) beats by $0.10, reports revs in-line
  • U.S. Physical Therapy (USPH) misses by $0.18, beats on revs; raises dividend
  • Vericel (VCEL) beats by $0.06, misses on revs; reaffir
  • Vertex (VERX) beats by $0.01, reports revs in-line; guides Q1 revs below consensus; guides FY25 revs in-line
  • Vital Farms (VITL) beats by $0.07, beats on revs; guides FY25 revs above consensus
  • VSE Corp (VSEC) beats by $0.18, beats on revs
  • Warby Parker (WRBY) reports Q4 (Dec) results, beats on revs; guides FY25 revs above consensus
  • Warner Bros. Discovery (WBD) misses by $0.18, misses on revs
  • Xencor (XNCR) beats by $0.16, beats on revs
• General News
  • House Appropriations Chair Rep. Tom Cole says "substantial differences" remain between both parties on government funding talks ahead of March 14 deadline, according to The Hill
  • Canada and Mexico tariffs are still on track for next week despite hopes from another delay, according to Axios
  • White House Director of the National Economic Council Kevin Hassett on CNBC says reciprocal tariffs study will be completed April 1 and then President Trump will decide what to do
  • USDA confirms it invests up to $1 billion to combat avian flu and reduce egg prices
  • President Trump signs order that "commences a transformation in federal spending on contracts, grants, and loans to ensure Government spending is transparent and government employees are accountable to the American public"
  • Chinese regulators want more restrictions on smaller US listings, according to Financial Times
  • President Trump repeats that Canada/Mexico tariffs will go into effect on March 4 and reciprocal tariffs will go into effect April 2; also says he will impose an additional 10% tariff on China on March 4
  • House Speaker Mike Johnson in CNN interview says per capita caps on Medicaid in the eventual budget bill are off the table. “We are not going to cut benefits from people who are rightfully deserved. Watch this play out. Just reserve your judgment.
  • Fed Governor Bowman comments that overregulation threatens vital role of community banks; thinks tailored regulations are the key to future for community banks
  • President Trump will support continuing resolution to fund the government through September 30, but both parities still have various disagreements ahead of March 14 deadline, according to Politico
  • Allianz SE (ALIZY) resolves on new share buy-back program with a volume of up to EUR 2 bln
  • Allstate (ALL) increases quarterly common stock dividend 8.7% to $1.00/share from $0.92/share and authorizes a $1.5 bln share repurchase program of outstanding common stock
  • AlTi Global (ALTI) announces appointment of Mike Harrington to CFO, effective immediately
  • Amazon Web Services (AMZN) announces new quantum computing chip
  • Amdocs (DOX) and Google Cloud (GOOG) announce partnership expansion to optimize 5G network operations with AI
  • Apple (AAPL) will have to face French fines amid privacy dispute, according to Reuters
  • Arthur J. Gallagher (AJG) announced the acquisition of São Paulo, Brazil-based Case Group; Terms of the transaction were not disclosed
  • Autodesk (ADSK) planning to announce job reductions tonight amid activist pressure, according to Bloomberg
  • Belite Bio (BLTE) Announces Interim Analysis Results from the Pivotal Global Phase 3 DRAGON trial of Tinlarebant in Adolescent Stargardt Disease Subjects
  • Beyond Meat (BYND) announces further restructuring initiatives: reduction-in-force and suspension of operational activities in China; targeting EBTIDA-positive run-rate by end of 2026
  • Blue Bird (BLBD) presents its latest zero- and low-emission commercial vehicle solutions at work truck wee
  • Braskem SA (BAK) approved the start of the project to increase the capacity of its petrochemical plant in Rio de Janeiro by 220 thousand tons of ethylene per year - authorizing the contracting of conceptual and basic engineering studies in the amount of approximately R$233 mln
  • Canadian Pacific Kansas City Ltd. (CP) announces that the Toronto Stock Exchange has accepted its notice of intention to implement a normal course issuer bid to purchase, for cancellation, up to 37,348,539 common shares in the capital of CPKC or ~4% of CPKC's common shares issued and outstanding as at February 18, 2025
  • Capital One (COF): CFPB expected to drop lawsuits against COF and Rocket Mortgage (RKT), according to CNBC
  • Carnival Corporation (CCL) Helping to Drive Significant Operational Efficiencies with Advanced Hull Technology & Enhanced Hull Maintenance
  • Check Point Software (CHKP): Variscite announces a partnership with Check Point Software Technologies, a pioneer and global leader of cybersecurity solutions, that will dramatically increase IoT/Embedded device security to defend against sophisticated cyberattacks
  • Core Scientific (CORZ) announces an expansion of its relationship with CoreWeave, an AI Hyperscaler; new agreement brings an additional $1.2 billion in contracted revenue across Core Scientific’s Denton TX location
  • Costamare (CMRE) announces its intent to spin-off the Company’s dry bulk business into a standalone company, Costamare Bulkers Holdings Limited
  • CSX (CSX) files mixed securities shelf offering for an undisclosed amount
  • CVS Pharmacy (CVS) introduces enhanced flu testing and treatment offerings
  • DoubleVerify (DV) announces the expansion of its data solutions to leading supply-side platforms, including Criteo’s Commerce Grid and Index Exchange, as well as curation platforms such as Google Ad Manager’s new curation tool
  • Eaton (ETN) increases quarterly dividend 11% to $1.04/share from $0.94/share
  • Energy Recovery (ERII) announces its Board of Directors approved a share repurchase program to purchase up to $30 mln of the company’s outstanding common stock over the next 12 months, beginning in February 2025
  • Ericsson (ERIC) and Aduna has announced a strategic partnership with Canada's EnStream LP, marking a comprehensive Canadian expansion of its network API ecosystem
  • Expensify (EXFY) announces that its Board of Directors approved a new share repurchase program with authorization to purchase up to $50 mln of shares of its Class A common stock
  • FirstEnergy (FE) awarded projects by PJM interconnection to enhance reliability and address rising customer demand
  • fuboTV (FUBO) launches CHCH TV, bringing original Canadian-made local news and popular entertainment programming to Fubo subscribers in Canada
  • GE Aerospace (GE) announces that the Catalyst turboprop engine has been certified by the US Federal Aviation Administration
  • General Dynamics (GD) awarded $655 mln U.S. Navy contract
  • Goldman (GS) aims to scale back DEI policies, according to the New York Post
  • Huntington Ingalls (HII) awarded $70 million task order to Protect U.S. Air Force systems and software
  • IBM (IBM) completed its acquisition of HashiCorp (HCP) for $35 per share in cash
  • Innospec (IOSP) announces a partnership with UNESCO International Institute for Higher Education to launch an educational program aimed at improving access to STEM education for indigenous students in Brazil
  • IonQ (IONQ) announces that the company’s Board of Directors has appointed Niccolo de Masi as President and Chief Executive Officer
  • Joby Aviation (JOBY) reports record certification progress and delivery of second aircraft to US Air Force at Edwards Air Force Base
  • Keysight (KEYS) expands RF and Microwave Portfolio with new fast and compact test instruments
  • Keysight (KEYS) and MediaTek have collaborated to achieve near 12Gbps 5G internet protocol data throughput by using MediaTek’s new radio dual connectivity device and Keysight’s Network Emulation Solutions in a lab environment
  • Kratos Defense and Security (KTOS) and RAFAEL Advanced Defense Systems Ltd., announce an approximate 50/50 partnership for the establishment of a U.S.-based merchant supplier of solid rocket motors and other energetics
  • Life360 (LIF) announces the purchase of Fantix’s advertising unit, an AI platform that empowers smarter advertising through cutting-edge machine learning and privacy-first technology
  • LifeStance Health Group (LFST) has appointed Dave Bourdon as the Company's new Chief Executive Officer
  • M-tron Industries (MPTI) has cancelled its previously announced subscription rights offering
  • Marqeta (MQ) announces that its Board of Directors has appointed Mike Milotich as Interim Chief Executive Officer, effective immediately
  • Mattel (MAT) and Warner Bros. Discovery (WBD) Global Consumer Products announces a global, multi-year licensing agreement utilizing DC’s entire library of beloved characters and legendary storytelling
  • Matterport (MTTR) discloses it and CoStar Group (CSGP) certified they were in substantial compliance with the second request in November 2024 and January 2025, respectively, and the waiting period has expired
  • Meta Platforms (META) considering introducing Reels as separate application, according to The Information
  • Meta Platforms (META) in discussions to raise $35 bln to help with data center build out, according to Bloomberg
  • Meta Platforms (META) discussing Italy investments with Prime Minister Giorgia Meloni, according to Reuters
  • MGM Resorts (MGM): Nevada Gaming Board reports January gaming win +12.5% yr/yr to $1.439 bln; +22.5% yr/yr to $840.1 mln on the Las Vegas Strip
  • Microsoft (MSFT) wants President Trump to change restrictions on AI chip exports, according to the Wall Street Journal
  • MillerKnoll (MLKN) has received approval from the Science Based Targets initiative for its near-term science-based emissions reduction targets covering its global activities
  • Moderna (MRNA) sliding by -4% after the Trump administration contemplates pulling bird flu vaccine funding, according to Bloomberg
  • Monro Muffler (MNRO) amended distribution and fulfillment agreement with american tire distributors
  • Nissan (NSANY) could soon replace its CEO, according to Bloomberg
  • Nutrien (NTR) announces that the Toronto Stock Exchange has accepted Nutrien's notice to commence a normal course issuer bid to purchase outstanding common shares representing up to five percent of its issued and outstanding common shares
  • Obsidian Energy (OBE) announces TSX approval for renewal of normal course issuer bid
  • Prudential (PRU) announces an expanded strategic relationship with Workday Inc. (WDAY) that harnesses the power of data and AI to help employers better tailor their benefits programs to meet the needs of their workforce
  • Quad/Graphics (QUAD) announces a strategic partnership with Adalytics
  • RADCOM (RDCM) is developing a next-generation, high-capacity user plane data capture and analytics solution powered by the NVIDIA (NVDA) BlueField-3 DPU
  • SEALSQ Corp (LAES) enters into exclusive negotiations to acquire 100% of IC'ALPS; financial terms were not disclsoed
  • SEI Investments (SEIC) and Aquiline announce that the companies have entered into a definitive agreement for Aquiline to acquire SEI's Family Office Services business
  • Sinclair Broadcast (SBGI) is pioneering the use of artificial intelligence to provide real-time live language translation of local newscasts
  • Snowflake (SNOW) securely integrates Microsoft Azure OpenAI service to provide access to the latest OpenAI models with expanded Microsoft Partnership
  • Snowflake (SNOW) expands AI Footprint with New Silicon Valley AI hub and $200mln investment in next-gen startups
  • STAAR Surgical (STAA) announces a leadership transition. Stephen C. Farrell, current Lead Independent Director of the STAAR Board of Directors, has been appointed President and CEO, effective February 26, 2025
  • Stagwell (STGW) announces that industry trailblazer and Europe CEO Matt Adams has been elevated to Global Chief Operating Officer
  • State Street (STT): UK pension fund removes GBP 28 bln from State Street, according to Financial Times
  • Super Micro Computer (SMCI) now complies with Nasdaq; matter with SEC is now closed
  • Teleflex (TFX) to separate into two publicly traded companies
  • Teleflex (TFX) CFO to retire
  • Tencent (TCEHY) aiming to introduce new AI model, according to Bloomberg
  • Tesla (TSLA) wants ride hailing service approval in California, according to Bloomberg
  • Unum Group (UNM) announces $3.4 bln long-term care reinsurance transaction with Fortitude Re
  • Verizon (VZ): FAA will soon cancel Verizon contract for air traffic control systems and give the contract to Starlink, according to Washington Post
  • Vital Farms (VITL) discloses in 10K filing that it identified a material weakness in its internal control over financial reporting
  • VSE Corp (VSEC) announces executive leadership appointments supporting the Company’s business transformation to a pure-play aviation aftermarket parts and services provider
  • Westamerica Banc (WABC) approves a plan to repurchase up to 2,000,000 shares of the Company’s common stock on the open market or in privately negotiated transactions prior to March 31, 2026
  • Western Midstream (WES) announces Pathfinder pipeline, expansion of Delaware Basin produced-water system, and 2025 guidance; to recommend 4% increase in base distribution
  • Wix.com (WIX) announced that its Board of Directors authorized a program to repurchase the company's securities (ordinary shares and/or convertible notes) in an amount up to $200 mln
  • XPEL (XPEL) and Rivian (RIVN) announce an expansion of their collaboration which will allow Rivian R1T and R1S owners in the U.S. and Canada the opportunity to customize and directly order the XPEL exterior paint protection, window film and ceramic coating of their choic
  • Zoom Communications (ZM) announces the global launch of a unique hybrid cloud solution that integrates Zoom Workplace and Zoom AI Companion with Mitel’s flagship communications platforms, including its leading telephony solutions

• Upgrades:
  • Banco Bilbao Vizcaya Argentaria (BBVA) upgraded to Hold from Reduce at Kepler
  • Check Point Software (CHKP) upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $255
  • EVERTEC (EVTC) upgraded to Neutral from Negative at Susquehanna; tgt raised to $30
  • Freeport-McMoRan (FCX) upgraded to Buy from Hold at Jefferies; tgt raised to $48
  • Kilroy Realty (KRC) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $44
  • Pebblebrook Hotel Trust (PEB) upgraded to Outperform from Mkt Perform at Raymond James; tgt $14
  • Spok (SPOK) upgraded to Buy from Neutral at B. Riley Securities; tgt raised to $20
  • Steel Dynamics (STLD) upgraded to Peer Perform from Underperform at Wolfe Research
  • Sterling Infrastructure (STRL) upgraded to Buy from Neutral at DA Davidson; tgt $185
  • Triumph Financial (TFIN) upgraded to Mkt Perform from Underperform at Keefe Bruyette; tgt lowered to $74
  • Westlake Corporation (WLK) upgraded to Neutral from Underweight at JP Morgan; tgt lowered to $110
• Downgrades:
  • Arhaus (ARHS) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $12
  • AvidXchange (AVDX) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
  • Constellation Brands (STZ) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $202
  • Geron (GERN) downgraded to Neutral from Buy at B. Riley Securities; tgt lowered to $2
  • Global Blue (GB) downgraded to Perform from Outperform at Oppenheimer
  • Goldman Sachs (GS) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt lowered to $660
  • NVIDIA (NVDA) downgraded to Hold from Buy at Summit Insights
  • Olin (OLN) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $28
  • Sempra Energy (SRE) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $72
  • Standard BioTools (LAB) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
  • Taboola (TBLA) downgraded to Neutral from Buy at B. Riley Securities; tgt lowered to $4
  • Taboola (TBLA) downgraded to Market Perform from Outperform at Citizens JMP
• Others:
  • Certara (CERT) initiated with a Buy at TD Cowen; tgt $16
  • COMPASS Pathways (CMPS) initiated with a Buy at Stifel; tgt $11
  • Disc Medicine (IRON) initiated with a Buy at TD Cowen
  • Hannon Armstrong Sust. Infr. (HASI) initiated with an Overweight at Wells Fargo; tgt $33
  • Millrose Properties (MRP) initiated with a Buy at Goldman; tgt $25
  • Plumas Bancorp (PLBC) initiated with an Overweight at Piper Sandler; tgt $60
  • Sandisk (SNDK) initiated with a Mkt Perform at Raymond James
  • Super Micro Computer (SMCI) resumed with an Equal Weight at Barclays; tgt $59

• Econ Data (Friday):
  • 8:30 ET: January Personal Income (Briefing.com consensus 0.3%; prior 0.4%), Personal Spending (Briefing.com consensus 0.2%; prior 0.7%), PCE Prices (Briefing.com consensus 0.3%; prior 0.3%), and Core PCE Prices (Briefing.com consensus 0.3%; prior 0.2%), advance January International Goods trade balance (prior -$122.1 bln), advance Retail Inventories (prior -0.3%), and advance Wholesale Inventories (prior -0.5%) 
  • 9:45 ET: February Chicago PMI (Briefing.com consensus 41.2; prior 39.5)
• 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