After Hours Report

Today's market showed a positive bias, with investor sentiment buoyed by several key developments related to tariffs and their potential impact on inflation and corporate earnings growth. Specifically, Canada was granted a 30-day reprieve from tariff actions, while China’s latest retaliatory measures appear more symbolic than substantial

Market expectations were high that President Trump would engage in talks with Chinese President Xi Jinping today; however, those discussions did not materialize.

The S&P 500 logged a 0.7% gain and the Nasdaq Composite jumped 1.4%.

Significant contributions to the market's performance were from large-cap stocks, with Alphabet (GOOG 207.71, +5.07, +2.5%) standing out, rising 2.5% to a fresh 52-week high before reporting earnings. Other stocks with notable gains included Palantir Technologies (PLTR 103.83, +20.09, +24.0%), which surged 24.0% following strong earnings results, and Spotify (SPOT 621.77, +72.69, +13.2%), up 13.2% after posting better-than-expected numbers.

On the downside, some earnings reports weighed on stock prices, with Dow component Merck (MRK 90.74, -9.05, -9.1%) dropping 9.1%, Estee Lauder (EL 69.47, -13.30, -16.1%) falling 16.1%, and PepsiCo (PEP 143.49, -6.78, -4.5%) retreating 4.5%, following disappointing results in their latest earnings reports.

The overall upside bias in stocks was also helped by the decline in rates following the December JOLTS - Jobs Openings Report, which showed a stark drop in openings to 7.600 million versus an upwardly revised 8.156 million (from 8.098 million) in November.

The 2-yr yield, at 4.24% before 10:00 ET, dropped five basis points from yesterday to 4.22%.

The decline in job openings was interpreted as an indication of a softening labor market, with employers posting fewer job listings than in previous months. This shift did not significantly alter market expectations regarding future rate cuts. Nonetheless, it does align with the prevailing sentiment that the Federal Reserve’s next policy move is likely to be another rate reduction.

• Dow Jones Industrial Average: +4.7% YTD
• S&P Midcap 400: +3.1% YTD
• Russell 2000: +2.7% YTD
• S&P 500: +2.7% YTD
• Nasdaq Composite: +1.8% YTD

Reviewing today's economic data:

• December Factory Orders -0.9% (Briefing.com consensus -0.3%); Prior was revised to -0.8% from -0.4%
  • The key takeaway from the report is that the weakness in factory orders was concentrated in the volatile transportation equipment space; otherwise, there was a modest pickup in order activity.
• December JOLTS - Job Openings 7.600 mln; Prior was revised to 8.156 mln from 8.098 mln

Looking ahead to Wednesday, market participants receive the following economic data:

• 7:00 ET: Weekly MBA Mortgage Index (prior -2.0%)
• 8:15 ET: January ADP Employment Change (Briefing.com consensus 155,000; prior 122,000)
• 8:30 ET: December Trade Balance (Briefing.com consensus -$98.0 bln; prior -$78.2 bln)
• 9:45 ET: Final January S&P Global U.S. Services PMI (prior 52.8)
• 10:00 ET: January ISM Services (Briefing.com consensus 53.9%; prior 54.1%)
• 10:30 ET: Weekly crude oil inventories (prior +3.46 mln)

Overseas:

• Europe: DAX +0.4%, FTSE -0.2%, CAC +0.6%
• Asia: Nikkei +0.6%, Hang Seng +2.8%, Shanghai 0.0%

Commodities:

• Crude Oil -0.36 @ 72.76
• Nat Gas -0.10 @ 3.25
• Gold +18.40 @ 2874.90
• Silver +0.51 @ 33.04
• Copper +0.05 @ 4.37

After-Hours Spotlight:

• Advanced Micro Devices (AMD) beats by $0.01, beats on revs; guides Q1 revs in-line... AMD down 5.0%
• Alphabet (GOOG) beats by $0.02, reports revs in-line, Google Cloud revenue increased 30%; Expects to invest approximately $75 bln in capex in 2025... GOOG down 6.9%
• Chipotle Mexican Grill (CMG) beats by $0.01, reports revs in-line, comps +5.4%, guides to FY25 comp growth in the low to mid-single digits... CMG down 4.4%
• Cirrus Logic (CRUS) beats by $0.47, beats on revs; mid-point of MarQ revs guidance above consensus; announces the appointment of Jeff Woolard as chief financial officer, effective February 24, 2025... CRUS up 9.5%
• Columbia Sportswear (COLM) beats by $0.02, beats on revs; guides Q1 EPS below consensus, revs below consensus; guides FY25 EPS below consensus, revs below consensus... COLM down 8.9%
• FMC Corp (FMC) beats by $0.19, misses on revs; guides Q1 EPS below consensus, revs below consensus; guides FY25 EPS below consensus, revs below consensus... FMC down 20.4%
• Lumen Technologies (LUMN) beats by $0.14, beats on revs... LUMN up 10.3%
• Intapp (INTA) beats by $0.05, reports revs in-line; guides Q3 EPS above consensus, revs above consensus; guides FY25 EPS above consensus, revs above consensus... INTA down 14.8%
• Match Group (MTCH) beats by $0.04, reports revs in-line; guides Q1 revs below consensus; guides FY25 revs in-line... MTCH down 7.4%
• Mattel (MAT) beats by $0.15, beats on revs; guides FY25 EPS above consensus... MAT up 8.7%
• Mercury (MRCY) beats by $0.12, beats on revs... MRCY up 16.4%
• Mondelez Int'l (MDLZ) misses by $0.01, reports revs in-line; guides FY25 EPS below consensus... MDLZ down 4.0%
• Oscar Health (OSCR) misses by $0.03, misses on revs... OSCR down 14.9%
• Snap (SNAP) beats by $0.05, reports revs in-line; projects Q1 revenue in-line with consensus; expects DAUs of approximately 459 mln... SNAP up 8.1%

Fair Value for Wednesday, February 5:

•  S&P 500: 6,064
• Nasdaq 100: 21,670
• DJIA: 44,693

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

• Earnings/Guidance (Full Earnings Calendar):
  • Aecom Tech (ACM) beats by $0.21, beats on revs; guides FY25 EPS in-line
  • Amcor (AMCR) beats by $0.28, beats on revs; reaffirms FY25 EPS guidance
  • Ametek (AME) beats by $0.02, misses on revs; guides Q1 EPS below consensus; guides FY25 EPS below consensus
  • Apollo Global Management (APO) reports Q4 results
  • Aramark (ARMK) beats by $0.03, misses on revs; reaffirms FY25 EPS guidance
  • Archer-Daniels (ADM) reports EPS in-line, misses on revs; mid-point of FY25 EPS guidance below consensus; increases dividend
  • Atkore International (ATKR) beats by $0.08, misses on revs; lowers FY25 EPS guidance below consensus
  • Audiocodes (AUDC) beats by $0.14; misses on revs
  • Axalta Coating Systems (AXTA) beats by $0.09, reports revs in-line; guides Q1 EPS above consensus, revs in-line; guides FY25 EPS above consensus, revs in-line
  • Ball Corp (BALL) beats by $0.04, misses on revs
  • BellRing Brands (BRBR) beats by $0.10, beats on revs; raises FY25 revenue and adjusted EBITDA guidance
  • Berry Global (BERY) beats by $0.11, beats on revs; reaffirms FY25 EPS guidance
  • Cabot (CBT) beats by $0.04, misses on revs; reaffirms FY25 EPS guidance
  • Capital Southwest Corp. (CSWC) beats by $0.01
  • Centene (CNC) beats by $0.31, beats on revs; Company increases its 2025 premium and service revenue
  • Clorox (CLX) beats by $0.15, beats on revs; raises FY25 EPS above consensus, revs in-line
  • CNH Industrial (CNH) misses by $0.03, reports revs in-line; guides FY25 EPS below consensus, FY25 net sales to be lower than FY24
  • CTS Corp (CTS) announces fourth quarter results with 2025 guidance
  • Cummins (CMI) beats by $0.46, beats on revs; guides FY25 revs in-line
  • Diageo plc (DEO) reports H1 results; EPS declined 9.6% yr/yr
  • Energizer (ENR) beats by $0.02, reports revs in-line; guides Q2 EPS below consensus, revs in-line; guides FY25 EPS in-line, revs in-line
  • Enterprise Products (EPD) beats by $0.04, reports revs in-line
  • Equity Residential (EQR) reports normalized FFO in-line, beats on revs; guides Q1 normalized FFO below consensus; guides FY25 normalized FFO below consensus, revs in-line
  • Estee Lauder (EL) beats by $0.30, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; expands restructuring
  • Fabrinet (FN) beats by $0.12, beats on revs; guides Q3 EPS in-line, revs above consensus; Also approves expansion of share repurchase program for up to additional $100 mln of common stock
  • Ferrari (RACE) beats by EUR0.27, beats on revs
  • Fox Corporation (FOXA) beats by $0.28, beats on revs
  • Gartner (IT) beats by $2.20, beats on revs; guides FY25 EPS below consensus, revs below consensus
  • Graphic Packaging (GPK) misses by $0.04, misses on revs; guides FY25 EPS in-line, revs below consensus
  • Hamilton Lane (HLNE) beats by $0.15, beats on revs
  • Healthpeak Properties (DOC) beats by $0.01, beats on revs; guides FY25 FFO in-line; dividend changing from quarterly to monthly; COO departing
  • Hubbell (HUBB) beats by $0.08, misses on revs; guides FY25 EPS in-line, revs below consensus
  • IES Holdings (IESC) reports fiscal 2025 first quarter results
  • Infineon (IFNNY) has a slightly better start to the fiscal year than expected and raises its outlook for the year due to currency effects
  • Ingredion (INGR) beats by $0.07, misses on revs; guides FY25 EPS in-line
  • InMode (INMD) misses by $0.11, misses on revs; guides FY25 EPS in-line, revs below consensus
  • J&J Snack Foods (JJSF) misses by $0.26, reports revs in-line; Approves new $50.0 mln stock repurchase authorization
  • Jacobs Solutions (J) beats by $0.07, reports revs in-line; guides FY25 EPS in-line; new $1.5 bln share buyback authorization; ups dividend 10%
  • Kforce (KFRC) beats by $0.01, reports revs in-line; guides Q1 EPS in-line, revs below consensus
  • Kyndryl (KD) beats by $0.10, misses on revs; reaffirms MarQ revenue growth
  • Lancaster Colony (LANC) reports Q2 (Dec) results, beats on revs
  • Lumentum (LITE) guides Q2 earnings and revenue above consensus; appoints Michael Hurlston as President and CEO, succeeding Alan Lowe, who is retiring
  • Marathon Petroleum (MPC) beats by $0.75, reports revs in-line
  • Merck (MRK) beats by $0.11, reports revs in-line; guides FY25 EPS below consensus, revs below consensus
  • MGIC Investment (MTG) beats by $0.05, reports revs in-line
  • MGM Resorts's Bet MGM (GMVHY) unit reports FY24 results
  • Mitsubishi Financial (MUFG) reports nine-month results; reaffirms outlook
  • MPLX LP (MPLX) beats by $0.03, beats on revs
  • MSG Sports (MSGS) misses by $0.26, beats on revs
  • Nintendo (NTDOY) reports nine-month results
  • NJ Resources (NJR) reports DecQ results; reaffirms FY25 EPS guidance
  • NXP Semi (NXPI) beats by $0.02, reports revs in-line; guides Q1 EPS in-line, revs in-line
  • Okta (OKTA) discloses it will reduce its workforce by approximately 180 full-time employees, or approximately 3%; reaffirms Q4 guidance
  • Palantir Technologies (PLTR) beats by $0.03, beats on revs; guides Q1 revs above consensus; guides FY25 revs above consensus
  • PayPal (PYPL) beats by $0.07, beats on revs; guides Q1 EPS above consensus; guides FY25 EPS above consensus; announces new $15 bln share buyback program
  • Pentair (PNR) beats by $0.06, reports revs in-line; guides Q1 EPS below consensus; guides FY25 EPS below consensus, revs below consensus
  • PepsiCo (PEP) beats by $0.02, reports revs in-line; raises dividend
  • Petrobras (PBR) announces Q4 production and sales update; achieves all its production targets in 2024
  • Pfizer (PFE) beats by $0.16, beats on revs; reaffirms FY25 EPS guidance, revs guidance
  • Piedmont Lithium (PLL) Announces Q4’24 North American Lithium Operational Results
  • PJT Partners (PJT) beats by $0.77, beats on revs
  • Premier (PINC) misses by $0.03, misses on revs; guides FY26 EPS in-line, revs in-line
  • Rambus (RMBS) reports EPS in-line, revs in-line; Issues 1Q25 guidance
  • Rayonier Adv. Materials (RYAM) sees FY24 revs in-line with consensus; provides update on tariffs
  • Regeneron Pharma (REGN) beats by $0.71, beats on revs; initiates dividend; announces buyback
  • Silicon Labs (SLAB) reports EPS in-line, revs in-line; guides Q1 EPS in-line, revs in-line
  • Spotify (SPOT) misses by EUR0.23, beats on revs; guides Q1 revs in-line
  • Sun Country Airlines (SNCY) beats by $0.06, beats on revs; guides Q1 revs in-line
  • Synaptics (SYNA) guides Q2 revenue slightly above guidance, see EPS ahead of midpoint of prior guidance range
  • Transdigm Group (TDG) beats by $0.16, misses on revs; guides FY25 EPS in-line, revs in-line
  • UBS AG (UBS) misses by $0.06, reports revs in-line
  • Vodafone PLC (VOD) reports Q3 trading update; beats on revs
  • WEC Energy Group (WEC) beats by $0.01, misses on revs; guides FY25 EPS in-line
  • Willis Towers Watson (WTW) beats by $0.10, reports revs in-line
  • Woodward (WWD) beats by $0.17, reports revs in-line; guides FY25 EPS in-line, reaffirms FY25 revs guidance
  • Xylem (XYL) beats by $0.06, beats on revs; guides FY25 revs below consensus
• General News
  • President Trump's 10% tariffs on Chinese imports go into effect; China announces retaliatory measures
  • President Trump will speak with Chinese President Xi within "the next couple of days", according to Reuters
  • President Trump confirms agreement to delay Canada tariffs for 30 days; Canada is implementing $1.3 billion border plan — reinforcing the border with new choppers, technology and personnel
  • EU will likely be President Trump's next tariff target, but tariffs against UK will likely be avoided because US has trade surplus with Britain, according to the New York Times
  • President Trump says Elon Musk will be prevented from dismantling government without his approval, but their relationship remains strong, according to the Wall Street Journal
  • Chicago Fed President Austan Goolsbee (voting FOMC member) says Fed should be more cautious on rate cuts due to fiscal policy uncertainty, according to Bloomberg
  • EU preparing new guidance on banned artificial intelligence uses, according to Financial Times
  • IRS direct file program is still available following confusion yesterday, according to AP
  • Senate confirms Christopher Wright as Secretary of Energy by a vote 59-38
  • New York wants to force PBMs to reveal how much they profit from rebates, according to Bloomberg
  • Senator Bill Cassidy (R-LA) announces he will vote in favor of confirmation of Robert F. Kennedy JR for HHS, which increases his odds of confirmation
  • Senate Finance Committee votes to advance nomination of Robert F. Kennedy Jr to to a full Senate vote (he is expected to get confirmed)
  • President Trump will hold a call with China President Xi today on tariffs, according to WSJ
  • WSJ update indicates that President Trump and Xi will not be speaking today as previously thought
  • President Trump speaking with reporters says he we speak with Chinese President XI at the appropriate time and there is no rush; says US has right to block sale of Iranian oil to other nations - CNBC
  • Accolade (ACCD) expands virtual care to medicare beneficiaries nationwide through PlushCare direct-to-consumer offering
  • Adobe (ADBE) Acrobat AI Assistant introduces new generative AI features to make understanding contracts easier for everyone
  • AeroVironment (AVAV) secures $288 million delivery order on $990 million contract with U.S. Army
  • Aligos Therapeutics (ALGS) appointed Lesley Ann Calhoun as the Company’s Chief Operating Officer, effective immediately; She also retains her title and responsibilities as Chief Financial Officer
  • Alnylam Pharma (ALNY) gets FDA orphan designation for treatment of transthyretin mediated amyloidosis
  • Amazon (AMZN) running into issues with physical stores, according to the Wall Street Journal
  • American States Water (AWR) announces that on January 30, 2025, the California Public Utilities Commission adopted a final decision in connection with the general rate case at AWR’s regulated water utility subsidiary, Golden State Water Company
  • Apple (AAPL) introducing Apple Invites, a new app that brings people together for life’s special moments
  • Astellas (ALPMY) Makes Announcement about Management Structure
  • B2Gold (BTG) announces the preliminary results of a positive Preliminary Economic Assessment prepared in accordance with National Instrument 43-101 on the Antelope deposit located at the Company’s Otjikoto open pit and underground gold mine in Namibia
  • BP (BP) aiming to invest up to $25 bln in Iraq’s Kirkuk, according to Reuters
  • Brightcove (BCOV): Bending Spoons completed the previously announced acquisition of Brightcove
  • Cipher Mining (CIFR) announces January 2025 operational update; mines 219 Bitcoin
  • CleanSpark (CLSK) releases January 2025 Bitcoin mining update; 626 bitcoin mined and 40 EH/s surpassed in operating hashrate, more than 8% fleet efficiency improvement month over month
  • CME Group (CME) reports record January ADV of 25.7 million contracts
  • Costco (COST) EVP Richard Galanti retired
  • Dr. Reddy's (RDY) received order levying penalty; no material impact
  • Dynatrace (DT) advances AIOps with preventive operations
  • Dynatrace (DT) showcases new possibilities for innovation at Perform 2025
  • Dynatrace (DT) announces Observability for Developers, a comprehensive set of solutions that empower the developer community with runtime insights and troubleshooting capabilities, accelerating the industry's "shift-left" movement
  • Ericsson (ERIC) and the Lower Colorado River sign a multi-year agreement to implement a private LTE network across parts of 68 Texas counties
  • Evolent Health (EVH) announces changes to Board of Directors; Richard Jelinek to Be Named Chair of the Board at 2025 Annual Meeting
  • Exodus Movement (EXOD) announces offer to acquire Banxa Holdings (TSX: BNXA)
  • FirstService (FSV) increases quarterly cash dividend 10% to $0.275/share from $0.25/share
  • Frontdoor (FTDR) has expanded its agreement with Moen to install the Moen Flo Smart Water Monitor and Shutoff in the homes of customers who purchase Flo as part of certain marketing programs with home insurance providers in six new states – Connecticut, Illinois, Kansas, Michigan, New Jersey and Tennessee
  • General Motors (GM) follow-up; Cruise to cut half its workforce, according to Tech Crunch
  • General Motors (GM) has completed its previously announced acquisition of GM Cruise Holdings?LLC following the approval of GM’s merger offer by the Cruise Board of Directors
  • Global Water Resources (GWRS) files settlement agreement in Farmers Water rate case
  • Herc Holdings (HRI) increases quarterly dividend to $0.70/share from $0.665/share
  • Ingredion (INGR) invests $100 million in indianapolis plant to improve efficiency and enable future texture solutions growth
  • Intel (INTC): China also mulling antitrust investigation into Intel, according to FT
  • Jabil (JBL) announces the successful acquisition of Pharmaceutics International completed February 3, 2025
  • Jacobs Solutions (J) has approved a new incremental share repurchase authorization
  • KKR (KKR) raises second tender offer price for FUJI SOFT to 9,850 yen per share
  • L3Harris' (LHX) all-digital electronic warfare suite, Viper Shield, has completed its first flight in a single-seat Block 70 F-16 operated by the 412th Test Wing at Edwards Air Force Base, California
  • Lakeland Industries' (LAKE) Lakeland LHD subsidiary has secured a contract renewal of up to 12 years with Fire and Emergency New Zealand
  • Largo Resources (LGO) and Stryten Energy finalize formation of Storion Energy to strengthen U.S. energy resilience and address long duration energy storage needs
  • Liberty Energy (LBRT) names Ron Gusek as CEO
  • Lifeway Foods (LWAY): Edward and Ludmila Smolyansky Request Lifeway Foods Inc. NASDAQ (LWAY) CEO Julie Smolyansky Immediately Withdraws Her Lawsuit Against Edward Smolyansky. Reiterate and Reaffirm Singular Goal Amid Ongoing Activism Battle
  • Lockheed Martin (LMT) awarded $551 mln U.S. Navy contract
  • Lumentum (LITE) appoints Michael Hurlston as President and CEO as Alan Lowe retires
  • Markel Group (MKL) announces reorganization for its US professional liability portfolio
  • Morgan Stanley (MS) led banks aiming to increase sale of loans connected with X social media platform, according to Bloomberg
  • MPLX LP (MPLX) also announced progress with Gulf Coast NGL strategy with announcement of fractionation complex and export terminal
  • Northrop Grumman (NOC): State Department has made a determination approving a possible foreign military sale to the Government of Egypt of AN/TPS-78 long range radar
  • Novartis AG (NVS) follow up: Co looking for smaller deals to fill holes in pipeline, according to WSJ
  • NVIDIA (NVDA) Blackwell now generally available in the Cloud
  • Obsidian Energy (OBE) announces increase in 2024 reserves across all categories
  • ODP Corporation (ODP): ODP Business Solutions announces participation in a new award for a multi-year furniture contract with Region 4 Education Service Center that brings the potential of up to $500 mln in total annual revenue
  • ONEOK (OKE) announces joint ventures with MPLX to build LPG export terminal at premier location on U.S. Gulf Coast
  • OPAL Fuels (OPAL) appoints Kazi Hasan as CFO, effective today; succeeds Scott Contino
  • Orion Engineered Carbons (OEC) has signed a long-term supply agreement with Contec S.A., which will provide Orion tire pyrolysis oil to produce circular carbon black for tire and rubber goods customers
  • PVH (PVH) disclosed update on investigation by China’s Ministry of Commerce; still does not know what measures MOFCOM will determine to impose
  • RedHill (RDHL) announces initiation of phase 2 study of opaganib and darolutamide in advanced prostate cancer
  • Riot Platforms (RIOT) announces January 2025 production and operations updates: mines 527 bitcoi
  • Robinhood Markets (HOOD): The Commodity Futures Trading Commission has formally requested that Robinhood Derivatives, LLC “not permit customers to access” sports event contracts
  • Roche Hldg (RHHBY): FDA approves genentech’s susvimo as the first and only continuous delivery treatment for the leading cause of diabetes-related blindness
  • Salesforce.com (CRM) to eliminate 1000 jobs, according to Bloomberg
  • SLB (SLB) announces an agreement between its OneSubsea joint venture and Vår Energi to deliver a sizeable subsea production systems work scope
  • Softbank (SFTBY): OpenAI speaking with Softbank and Samsung (SSNLF) about Stargate amid Kakao deal, according to Reuters
  • SolarWinds (SWI) unveils the next phase of enhancements to the SolarWinds Partner Program
  • Sphere Entertainment Co.'s (SPHR) MSGN Holdings agreed to another extension of the Forbearance Agreement
  • Supernus Pharma (SUPN) announces FDA approval of ONAPGO (apomorphine hydrochloride) for Parkinson’s Disease
  • Synaptics (SYNA) announces that Michael Hurlston steps down as President and CEO; CFO Ken Rizvi appointed interim CEO
  • Tempur Sealy Int'l (TPX) expects to close previously announced acquisition of Mattress Firm on Wednesday, February 5, 2025; wi
  • Texas Instruments (TXN) releases presentation for today's capital management review meeting
  • Toro (TTC): HammerHead Trenchless has acquired the assets of ProKASRO Services USA
  • Townsquare Media (TSQ) announces the promotion of three tenured Townsquare employees to newly created positions that allow the Company to tackle the numerous opportunities ahead
  • UNIFI (UFI) Announces U.S. Manufacturing Transition
  • United Therapeutics (UTHR) announces full enrollment of the TETON 1 study evaluating the use of Tyvaso inhalation solution for the treatment of idiopathic pulmonary fibrosis
  • Vertical Aerospace Group (EVTL): Vertical Marks New Era of Progress With Successful Completion of Latest Piloted Testing Phase
  • Vodafone PLC (VOD) also announced plans to commence a share repurchase program of up to a maximum consideration of €480 mln
  • Warner Music Group (WBD) expands licensing agreement covering 47 new countries. The partnership, which began in 2019 and was Audiomack’s first licensing deal with a major label, now includes many territories where Audiomack listeners are already highly engaged
  • Wells Fargo (WFC) confirms termination of two longstanding federal reserve consent orders
  • Western Digital (WDC) Board unanimously appointed Don R. Bennett as Interim Chief Financial Officer of the Company effective as of February 28, 2025

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

• Upgrades:
  • AMC Entertainment (AMC) upgraded to Neutral from Sell at ROTH MKM; tgt lowered to $3.25
  • Aptiv (APTV) upgraded to Buy from Hold at HSBC Securities; tgt raised to $77
  • Bank of Princeton (BPRN) upgraded to Buy from Neutral at Janney; tgt $35
  • Grab (GRAB) upgraded to Buy from Hold at HSBC Securities; tgt lowered to $5.45
  • Juniper Networks (JNPR) upgraded to Outperform from In-line at Evercore ISI; tgt $40
  • Marriott (MAR) upgraded to Outperform from In-line at Evercore ISI; tgt $330
  • Mastercard (MA) upgraded to Buy from Hold at DZ Bank; tgt $620
  • Novartis AG (NVS) upgraded to Buy from Hold at Deutsche Bank
  • Palantir Technologies (PLTR) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $95
  • Treace Medical Concepts (TMCI) upgraded to Buy from Neutral at BTIG Research; tgt $16
  • Tyson Foods (TSN) upgraded to Neutral from Underweight at Piper Sandler
• Downgrades:
  • American Woodmark (AMWD) downgraded to Peer Perform from Outperform at Wolfe Research
  • Amphastar Pharmaceuticals (AMPH) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $36
  • Autoliv (ALV) downgraded to Hold from Buy at HSBC Securities; tgt lowered to $100
  • Brilliant Earth Group (BRLT) downgraded to Hold from Buy at Jefferies; tgt lowered to $1.60
  • Calumet Specialty Products (CLMT) downgraded to Sell from Neutral at UBS; tgt lowered to $15
  • Napco Security Systems (NSSC) downgraded to Hold from Buy at TD Cowen; tgt lowered to $27
  • Ollie's Bargain Outlet (OLLI) downgraded to Hold from Buy at Jefferies; tgt lowered to $111
  • Olin (OLN) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $30
  • Triumph Group (TGI) downgraded to Neutral from Outperform at Robert W. Baird; tgt raised to $26
• Others:
  • 89bio (ETNB) initiated with an Outperform at Wolfe Research
  • AnaptysBio (ANAB) initiated with an Outperform at Wolfe Research; tgt $25
  • Catalyst Pharma (CPRX) initiated with an Outperform at Robert W. Baird; tgt $28
  • Celestica (CLS) resumed with a Buy at Stifel; tgt $140
  • Crinetics Pharmaceuticals (CRNX) initiated with a Peer Perform at Wolfe Research
  • Expand Energy Corporation (EXE) initiated with a Strong Buy at Raymond James; tgt $135
  • Oruka Therapeutics (ORKA) initiated with an Outperform at Wolfe Research; tgt $20
  • Plexus (PLXS) resumed with a Hold at Stifel; tgt $152
  • Terreno Realty (TRNO) initiated with a Market Perform at BMO Capital Markets; tgt $71
  • Venture Global (VG) initiated with a Mkt Perform at Bernstein; tgt $20
  • Vera Therapeutics (VERA) initiated with an Outperform at Wolfe Research; tgt $49
  • Zenas Biopharma (ZBIO) initiated with an Outperform at Wolfe Research; tgt $19

• Econ Data (Wednesday):
  • 7:00 ET: Weekly MBA Mortgage Index (prior -2.0%)
  • 8:15 ET: January ADP Employment Change (Briefing.com consensus 155,000; prior 122,000)
  • 8:30 ET: December Trade Balance (Briefing.com consensus -$98.0 bln; prior -$78.2 bln)
  • 9:45 ET: Final January S&P Global U.S. Services PMI (prior 52.8)
  • 10:00 ET: January ISM Services (Briefing.com consensus 53.9%; prior 54.1%)
  • 10:30 ET: Weekly crude oil inventories (prior +3.46 mln)
• Earnings:
  • Monday (Feb 3)
    • Pre-Market: IDXX NSSC SAIA TWST TSN
    • After-Hours: ACM BRBR CBT CSWC CLX EQR EG FN DOC JJSF KFRC KD MTG NJR NXPI PLTR RMBS TEM SNCY WWD
  • Tuesday (Feb 4)
    • Pre-Market: AMCR AME APO ARMK ADM ATI ATKR BALL BERY CNC CNH CMI ENR EPD EL FOXA IT GPK HLNE HUBB INGR INMD J KKR LANC MPC MRK MPLX MSGS OCSL PYPL PNR PEP PFE PJT PINC REGN SLAB SPOT TDG UBS WEC WTW XYL
    • After-Hours: EGHT ATEN AMD ALGT GOOG DOX AFG AMGN APAM AZPN ATO AZEK CSL CMG CRUS COLM DEI DXC EA ENVA ENPH ESS FICO FMC GBDC HRB THG ICHR IEX INTA JKHY JNPR KLIC LUMN MTCH MAT MRCY MOD MDLZ MWA NOV OI OMC OSCR PRU SPG SKY SNAP UNM VRNS VLTO VOYA WU ZWS
  • Wednesday (Feb 5)
    • Pre-Market: ARCC ARES AZTA TECH BSX BG CPRI CDW COR CRTO DAY EMR EVR FSV FI GSK GFF HOG ITW JCI KMT NYT ODFL PFGC REYN RXO SR SARO SWK TROW TKR UBER VSH DIS YUM
      
    • After-Hours: AFL ALGN ALL AOSL ARM ASGN AVB BKH BV CENT CTSH COHR CNMD CPAY CTVA CCK CSGS DLX DHT DGII APPS ENS NVST EQH FR F FORM GL HI HP HOLX HMN PI KMPR RAMP MCK MET MSTR MAA MC MOH MUSA MKL NTGR NWSA ORLY OHI PYCR PTC PTEN QGEN RDN RYN RRX REXR SAFE SIMO SITM SWKS STE STC SU SYM TENB TTMI UDR UGI VKTX WEX WFRD
  • Thursday (Feb 6)
    • Pre-Market: WMS AGCO APD AB APTV MT ARW AZN BCE BDX BDC BWA BMY GOOS CLFD CMS COP DAR LLY EMBC ENTG EFX GTES HAE HSY HLT HON HII NSIT IDCC IQV ITT K KVUE LH LADR LNC LIN MTSI MKTX MCFT MMS MDU NVT OMCL OTEX PATK BTU PTON PM PBH RL RITM RBLX SNA SPB TPR THR TRI TW UAA VVV WMG XEL XPO YUMC ZBH
    • After-Hours: AFRM AMZN ATR BILL BYD CPT NET CNO CDP CUZ DOCS ELF EGP EHC ESE EXPE EXPO FTNT FBIN G GPRO HUBG ILMN LESL LITE MTD MCHP MTX MHK MPWR NBIX NMIH ONTO PCTY PECO PINS POST POWL POWI PFG PRO QLYS QNST REG RGA SKX SONO SSNC STEP SYNA TTWO VREX VRSN VSAT VCTR WERN
  • Friday (Feb 7)
    • Pre-Market: AVTR CBOE ROAD FLO FTV ULCC GPRE KIM NWL PWP PAA PRLB
    • After-Hours: None
General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike