After Hours Report

The S&P 500 (+0.2%), Nasdaq Composite (+0.3%), and DJIA (+0.2%) notched modest gains today as stocks mounted a broad reversal from early losses. Today's gains culminated in fresh record highs for the S&P 500, while the DJIA notched a record close. 

The stock market opened to relatively broad losses this morning as investors navigated a handful of negative news items. Most notably, Fed Chair Jerome Powell confirmed that he is the subject of a Department of Justice criminal probe tied to his testimony before the Senate Banking Committee concerning renovations to Fed headquarters. The headline raised concerns about the Federal Reserve's political independence, although the market has grown familiar with this narrative in recent years.

While the broader market saw the development as an excuse to take some profits following Friday's record highs, the market quickly began to regain its footing, and by midday, the major averages were mostly higher. 

The financials sector (-0.8%) was one of very few S&P 500 sectors that remained firmly lower, facing additional pressure from a separate premarket development. President Trump's call to cap credit card interest rates at 10% caused a sharp drop in many credit card and banking names. Synchrony Financial (SYF 79.63, -7.26, -8.36%) and Capital One (COF 233.20, -16.00, -6.42%) were the worst-performing S&P 500 names today, while American Express (AXP 359.59, -16.02, -4.27%) and Citigroup (C 117.70, -3.62, -2.98%) also faced notable retreats. 

JPMorgan Chase (JPM 324.49, -4.70, -1.43%) also traded lower ahead of its earnings release tomorrow, the first of a busy week for major banking names. 

The energy sector (-0.7%) was the only other laggard today despite crude oil futures settling today's session $0.45 higher (+0.8%) at $59.55 per barrel. Exxon Mobil (XOM 123.98, -0.62, -0.50%) CEO Darren Woods said that Venezuela is "uninvestable" in its current state, a comment that drew the ire of President Trump, prompting him to say he might keep Exxon out of the country himself.

Meanwhile, the nine other S&P 500 sectors finished at or above their baselines. 

Though the information technology sector (+0.4%) finished with only about half of its gain from session highs, its steady rise from an opening loss was pivotal in lifting the major averages decidedly above their baselines.

Memory storage names Western Digital (WDC 212.18, +11.72, +5.85%) and Seagate Tech (STX 321.48, +17.47, +5.75%) posted another day of impressive gains, leaving the two stocks up 23.1% and 16.7% for the year, respectively. 

The PHLX Semiconductor Index (+0.5%) advanced nicely, though NVIDIA (NVDA 184.89, +0.03, +0.02%) once again ceded a solid intraday gain.

Elsewhere, the consumer staples sector (+1.4%) captured the widest gain, a lead that it held from early in the session.  Walmart (WMT 117.97, +3.44, +3.00%) provided solid leadership after news that it will join the Nasdaq 100 Index, with Costco (COST 943.08, +18.20, +1.97%) also trading higher. 

Dollar General (DG 148.86, +6.12, +4.29%) and Dollar Tree (DLTR 137.24, +4.86, +3.67%) both rebounded from Friday's pullback, which followed investor disappointment after the Supreme Court declined to issue a ruling on the legality of President Trump's IEEPA tariffs. 

The materials sector (+0.7%) was another top mover as concerns around Fed independence drove gold to fresh record highs, with the metal settling today's session $114.30 higher (+2.5%) at $4,615.30 per troy ounce. As is often the case when precious metals rally, Freeport-McMoRan (FCX 58.70, +2.17, +3.84%) and Newmont Corporation (NEM 112.92, +3.93, +3.61%) posted solid gains. 

Elsewhere, the industrial sector (+0.8%) rounds out the top three movers today with strong showings from defense names sending the iShares Aerospace and Defense ETF 1.5% higher amid continued geopolitical uncertainty.  The Wall Street Journal reported that President Trump is considering an Iranian offer for diplomacy, but he is leaning towards approving new military strikes on the country and will meet with advisors tomorrow. 

Outside of the S&P 500, the Russell 2000 (+0.4%) and S&P Mid Cap 400 (+0.2%) added to their year-to-date gains that see them outperform the major averages early in the year. 

Though today's gains across the major averages were modest, the reversal from opening lows reflects resilience in a market that continues to chart record highs in broad fashion. Stocks were able to shake the early weakness tied to concerns of Fed independence and put together another winning session. Attention now turns to tomorrow's 8:30 a.m. ET release of the December CPI (Briefing.com consensus 0.3%) and Core CPI (Briefing.com consensus 0.3%) readings, which will be a key near-term catalyst for markets. A hotter print could push rate-cut expectations further out from their current several-month horizon, while a softer reading would likely support the market's push to new highs.

U.S. Treasuries began the week with losses across the curve, but an intraday resilient showing helped the complex finish above morning lows. The U.S. Treasury sold $58 billion in 3-year notes and $39 billion in 10-year notes, both of which were met with good demand. The 2-year note yield settled up one basis point to 3.55%, and the 10-year note yield settled up two basis points to 4.19%. 

There was no economic data of note today. 

• Russell 2000: +6.2% YTD
• S&P Mid Cap 400: +4.9% YTD
• DJIA: +3.2% YTD
• Nasdaq Composite: +2.1% YTD
• S&P 500: +1.9% YTD

Overseas:

• Europe: DAX +0.5%, FTSE +0.2%, CAC flat
• Asia: Nikkei market closed, Hang Seng +1.4%, Shanghai +1.1%

Commodities:

• Crude Oil +0.45 @ 59.55
• Nat Gas +0.24 @ 3.41
• Gold +114.30 @ 4615.30
• Silver +5.73 @ 85.07
• Copper +0.12 @ 6.02

After-Hours Spotlight:

• Chipotle Mexican Grill (CMG) reaffirms FY25 guidance...CMG -0.3%
• Option Care Health (OPCH) guides mid-point of Q4 EPS and revenue guidance above consensus; guides FY26 EPS in-line, revs below consensus; increases share repurchase authorization to $1 bln...OPCH +2.9%
• Ormat Tech (ORA) signs 20-year PPA with Switch for ~13MW of carbon-free geothermal capacity to power data centers...ORA +5.0%
• Revvity (RVTY) guides Q4 revs above consensus; guides FY25 adjusted EPS above consensus...RVTY +5.8%
• Strategy Inc (MSTR): Director bought 5000 shares at $155.88 worth ~$779K....MSTR -0.4%
• Thermo Fisher (TMO) announces a strategic collaboration with NVIDIA (NVDA) to power AI-based solutions and laboratory automation at scale...TMO -0.1%
• Travere Therapeutics (TVTX) announces preliminary Q4 total U.S. net product sales of approximately $127 mln; Provides program updates -19.6%
• Wayfair (W) partners with Google (GOOG/GOOGL) to advance AI-powered shopping for the home...W +1.4%
• Wealthfront (WLTH) Reports Fiscal Third Quarter 2026 Results with Record Total Revenue of $93.2 Million and Net Income of $30.9 Million...WLTH +2.7%

Fair Value for Tuesday, January 13:

• S&P 500: 7,015
• Nasdaq 100: 25,950
• DJIA: 49,802

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

• Earnings/Guidance (Full Earnings Calendar):
  • 10x Genomics (TXG) sees Q4 revs above consensus
  • Alnylam Pharma (ALNY) launches “Alnylam 2030” strategy outlining next phase of growth
  • American Eagle (AEO) raises Q4 operating income guidance
  • ANI Pharma (ANIP) issues upside FY26 EPS and revenue guidance; Announces 2026 strategic priorities
  • Ascendis Pharma (ASND) outlines 2026 roadmap with commercial growth, pipeline catalysts, and share buyback
  • Aura Minerals (AUGO) announces preliminary Q4 2025 and 2025 production results; record high production and 2025 guidance achieved
  • Axsome Therapeutics (AXSM) reports preliminary Q4, full-year 2025 revenue up ~65% as AUVELITY drives growth
  • BioCryst Pharma (BCRX) announces preliminary full year 2025 ORLADEYO® (berotralstat) net revenue of $601 million (+37 percent y-o-y), beating prior guidance range
  • Biodesix (BDSX) sees Q4 revs above consensus
  • Birkenstock Holding (BIRK) sees Q1 revs in-line
  • Boot Barn Holdings (BOOT) guides DecQ EPS and revs above consensus; expects comps of +5.7%
  • Castle Biosciences (CSTL) sees FY25 revs above consensus
  • Cerus (CERS) sees Q4 and FY26 revs below consensus
  • Citi Trends (CTRN) reports total sales for the nine-week holiday period ending January 3, 2026 +9.6% to $191.2 mln; comps +9.3%
  • Cracker Barrel (CBRL) provides investor updates in presentation
  • Cytek Biosciences (CTKB) sees Q4 revs above consensus
  • Dexcom (DXCM) guides Q4 revs slightly above consensus; guides FY26 revs in-line
  • Establishment Labs (ESTA) guides Q4 revenue above consensus
  • European Wax Center (EWCZ) sees FY25 revs slightly below consensus; raises Adj EBITDA outlook
  • Exagen (XGN) sees Q4 revs in-line
  • Exelixis (EXEL) reports preliminary FY 2025 results and issues 2026 guidance
  • First Watch Restaurant Group (FWRG) reports Q4 same-restaurant sales growth, positive full-year traffic as 2025 openings hit record level
  • Five Below (FIVE) sees Q4 EPS and revs above consensus
  • GeneDx (WGS) guides Q4 revenue slightly above consensus; Issues upside FY26 revenue guidance
  • Genesco (GCO) issues upside FY26 EPS guidance, quarter-to-date comparable sales growth of +9%
  • Guardant Health (GH) sees Q4 revs above consensus
  • Inspire Medical Systems (INSP) sees Q4 revs above consensus; sees FY26 revs in line; announced the appointment of Matt Osberg as its new Executive Vice President and CFO 
  • iRhythm (IRTC) guides FY25 and FY26 revs above consensus
  • J. Jill (JILL) sees Q4 revs above consensus ahead of ICR Conf
  • Krystal Biotech (KRYS) provides business update at J.P. Morgan Healthcare Conference
  • lululemon athletica (LULU) sees Q4 outlook at high end of range ahead of ICR Conference
  • MediWound (MDWD) issues downside revenue guidance for FY25 and FY26 ahead of the J.P. Morgan Healthcare Conference
  • Moderna (MRNA) expects 2025 revenue of approximately $1.9 bln (unaudited), $100 mln above the midpoint of the $1.6 - $2.0 bln range communicated on the Company's 3Q25 Earnings Call
  • Natera (NTRA) sees Q4 revs above consensus
  • NioCorp Developments Ltd. (NB) provides preliminary unaudited financial results for the three-month period ended December 31, 2025
  • NovoCure (NVCR) sees FY25 revs above consensus
  • OneSpaWorld (OSW) sees Q4 revs in line; sees FY26 revs below consensus
  • QIAGEN (QGEN) sets 2026 priorities to drive growth across five pillars toward achieving 2028 goals for solid profitable growth
  • RxSight (RXST) sees Q4 revs above consensus; announces new CFO
  • Savers Value Village (SVV) sees Q4 revs above consensus
  • Shake Shack (SHAK) provides Q4 and FY26 outlook
  • Sotera Health (SHC) issues upside FY25 revenue guidance ahead of the J.P. Morgan Healthcare Conference
  • Southwest Gas (SWX) has identified errors related to state income taxes; reaffirms FY25 guidance, plans to restate earnings
  • Tempus AI (TEM) sees Q4 revs above consensus; achieves record total contract value exceeding $1.1 billion
  • Teva Pharma (TEVA) sees FY25 EPS and revs inline with consensus; provides longer term outlook
  • Uber (UBER) discloses new non-GAAP measures
  • Ultragenyx Pharma (RARE) reports preliminary unaudited 2025 revenue results, cash and investments at year end 2025, and provided a corporate update
  • UnitedHealth (UNH) senior management team intends to reaffirm our adjusted 2025 earnings per share expectations previously disclosed by the Company on October 28, 2025
  • Urban Outfitters (URBN) announces record holiday sales; net sales for two months ended December 31, 2025 increased 9%
  • USANA (USNA) sees FY25 and FY26 revs above single est
  • US Foods (USFD) reaffirms FY25 guidance; to participate at the 2026 ICR Conference
  • Veracyte (VCYT) sees Q4 and FY26 revs above consensus
  • Zumiez (ZUMZ) trims Q4 sales outlook below consensus, raises EPS guidance on margin strength as holiday comps rise 2.9% and North America outperforms
• General News
  • President Trump signed an Executive Order declaring a national emergency to safeguard Venezuelan oil revenue
  • President Trump calling for a one year cap on credit card interest rates of 10%
  • Fed Chairman Jerome Powell says "Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June"
  • FHFA Director Bill Pulte was the key person behind the decision to subpoena the Federal Reserve, Bloomberg
  • President Trump is seriously considering authorizing a strike on Iran as anti-government protests escalate. Dozens of protesters have been killed, NY Times
  • The U.S. could remove some Venezuela sanctions this week, Reuters
  • The U.S. conducted "large-scale strikes" against ISIS in Syria in retaliation for the deaths of U.S. soldiers, NBC News
  • U.S. wants to reduce reliance on Chinese rare earths quickly, Reuters
  • The Senate Committee could delay the vote on cryptocurrency legislation, Politico
  • HHS Secretary RFK Jr. is good for the supplements business, WSJ
  • Oil companies were cautious about returning to Venezuela as Exxon (XOM) called the country "uninvestable". President Trump said U.S. would provide security guarantees to companies, Bloomberg
  • Aegon N.V. (AEG) today begins a EUR 227 million share buyback, which includes EUR 200 million of the EUR 400 million announced on December 10, 2025
  • AIG (AIG) shifts back toward risk, FT
  • Amphastar Pharmaceuticals (AMPH) entered into an exclusive license agreement with Nanjing Hanxin Pharmaceutical Technology
  • Bed Bath & Beyond (BBBY) purchased an additional portion of the loans issued by The Container Store
  • BioNTech (BNTX) outlines 2026 focus areas and late-stage oncology milestones at JPM Conference
  • Boeing's (BA) largest 737 Max model goes to the next phase of certification, Reuters
  • Bristol Myers Squibb (BMY) Announces Positive Topline Results from Phase 3 SCOUT-HCM Trial Evaluating Camzyos (mavacamten) in Adolescents with Symptomatic Obstructive Hypertrophic Cardiomyopathy (oHCM)
  • Cisco (CSCO): The Supreme Court will hear Cisco appeal in Falun Gong lawsuit, The Hill
  • Dr. Reddy's (RDY) received a Post- Application Action Letter (PAAL) from the US FDA; will work closely with the US FDA and is committed to addressing the queries specified in the PAAL
  • Ducommun (DCO) settles previously disclosed subrogation claim
  • Duolingo (DUOL) announced Gillian Munson as CFO, effective February 23, 2026
  • Exxon Mobil (XOM): President Trump said he might block Exxon from investing in Venezuela, Reuters
  • Heineken (HEINY): CEO of Heineken N.V. to step down on 31 May 2026
  • Hudbay Minerals (HBM) closes $600 million strategic investment from Mitsubishi Corporation (MTSUY) for 30% joint venture interest in Copper World
  • Jack In The Box (JACK) announces $105 mln debt repayment
  • Johnson & Johnson (JNJ) reports RYBREVANT longer-term data show durable responses in difficult-to-treat colorectal cancer
  • KBR (KBR) has been awarded the front-end engineering design (FEED) contract for Coastal Bend’s planned natural gas liquefaction and export facility on the Texas Gulf Coast
  • KKR (KKR): Ryan Stork will be stepping down from his role as Chief Operating Officer, effective immediately
  • LendingTree (TREE) promotes Ian Smith to Chief Operating Officer
  • Nvivda (NVDA) and Tesla (TSLA) pursuing the same self-driving goal, Bloomberg
  • Oracle (ORCL): Michael Burry has put options on Oracle, Bloomberg
  • Pegasystems (PEGA) committed to making organizational changes, primarily impacting the Consulting organization
  • Pfizer’s (PFE) BRAFTOVI Regimen with Additional Chemotherapy Backbone Increased Response Rates for Certain Patients with Metastatic Colorectal Cancer
  • Royal Bank of Canada (RY) has begun a search to identify a replacement sub-advisor for RBC Private U.S. Growth Equity Pool
  • Sanofi (SNY): Teizeild approved in the EU for patients with stage 2 type 1 diabetes
  • Sanofi (SNY): Recludix Pharma has begun dosing healthy volunteers in a Phase 1 study of REX-8756, an oral, small molecule STAT6 inhibitor that has demonstrated compelling efficacy and safety in preclinical models of different types of inflammatory diseases based on selective and complete STAT6 inhibition
  • Soleno Therapeutics (SLNO) reports strong early VYKAT XR launch performance and profitability in 2025
  • Spire Global (SPIR) successfully launched nine satellites aboard SpaceX’s Twilight mission from Vandenberg Space Force Base
  • Summit Therapeutics (SMMT) announces submission of biologics license application to U.S. FDA seeking approval for ivonescimab in combination with chemotherapy in 2L+ treatment of patients with EGFRm NSCLC
  • Teva Pharma (TEVA) and Royalty Pharma (RPRX) enter agreement to accelerate development of vitiligo treatment
  • Thermo Fisher (TMO) COO will depart on March 31, 2026
  • UnitedHealth (UNH) used aggressive tactics to increase Medicare payments, according to WSJ
  • Walmart (WMT) aims to expand drone delivery to 150 additional stores, WSJ
  • Wynn Resorts (WYNN) announces that Craig Fullalove will succeed Julie Cameron-Doe as CFO
  • XPeng (XPENG) outlines 2026 strategy with flagship launch, global sales growth, and AI advances
  • Zymeworks (ZYME) announces leadership appointments and transitions to align with evolution of corporate strategy

• Upgrades:
  • Advanced Energy Industries (AEIS) upgraded to Positive from Neutral at Susquehanna, tgt $300
    
  • Airbnb (ABNB) upgraded to Buy from Neutral at B. Riley, tgt $170
    
  • Akamai Technologies (AKAM) upgraded to Overweight from Underweight at Morgan Stanley, tgt $115
    
  • Albemarle (ALB) upgraded to Sector Outperform from Sector Perform at Scotiabank; tgt $200
  • American Water Works (AWK) upgraded to Neutral from Underperform at BofA Securities; tgt $139
  • Amphenol (APH) upgraded to Overweight from Equal Weight at Barclays, tgt $156
    
  • Appian (APPN) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt $45
  • Applied Materials (AMAT) upgraded to Positive from Neutral at Susquehanna, tgt $400
    
  • Comcast (CMCSA) upgraded to Buy from Neutral at BofA Securities, tgt $37
    
  • ConocoPhillips (COP) upgraded to Overweight from Equal Weight at Wells Fargo; tgt $132
  • Crinetics (CRNX) upgraded to Buy from Neutral at Goldman, tgt $67
    
  • Curbline Properties (CURB) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $26
    
  • Datadog (DDOG) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $180
    
  • Descartes Systems (DSGX) upgraded to Overweight from Equal Weight at Barclays, tgt $105
    
  • Frontline (FRO) upgraded to Buy from Neutral at Clarksons Platou
  • Liberty Formula One (FWONK) upgraded to Outperform from Market Perform at Bernstein, tgt $111
    
  • Lithium Argentina (LAR) upgraded to Sector Outperform from Sector Perform at Scotiabank; tgt $7.75
  • Oportun Financial (OPRT) upgraded to Neutral from Underweight at JPMorgan, tgt $5.50
    
  • Pebblebrook Hotel Trust (PEB) upgraded to Outperform from Neutral at Robert W. Baird, tgt $15
    
  • Pool Corp. (POOL) upgraded to Outperform from Neutral at Robert W. Baird, tgt $320
    
  • The Trade Desk (TTD) upgraded to Neutral from Sell at MoffettNathanson, tgt $39
    
  • Trex (TREX) upgraded to Buy from Neutral at DA Davidson; tgt $50
  • Vertex Pharma (VRTX) upgraded to Outperform from Mkt Perform at Bernstein
  • Vista Energy (VIST) upgraded to Buy from Neutral at UBS, tgt $65
• Downgrades:
  • Allstate (ALL) downgraded to Hold from Buy at TD Cowen; tgt $231
  • American Electric (AEP) downgraded to Neutral from Buy at BofA Securities; tgt $122
  • Amkor Technology (AMKR) downgraded to Neutral from Buy at UBS, tgt $55
  • Axalta Coating Systems (AXTA) downgraded to Neutral from Buy at UBS, tgt $35
    
  • Brunswick (BC) downgraded to Hold from Buy at Texas Capital, tgt $90
    
  • CrowdStrike Holdings (CRWD) downgraded to Sector Weight from Overweight at KeyBanc
    
  • DoubleVerify (DV) downgraded to Equal Weight from Overweight at Barclays, tgt $12
    
  • Emera (EMA) downgraded to Neutral from Buy at BofA Securities
  • GitLab (GTLB) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt $42
  • GitLab (GTLB) downgraded to Underweight from Equal Weight at Barclays, tgt $34
    
  • Nutanix (NTNX) downgraded to Equal-Weight from Overweight at Morgan Stanley
  • OneMain (OMF) downgraded to Underweight from Neutral at JPMorgan, tgt $65
    
  • Perimeter Solutions (PRM) downgraded to Neutral from Buy at UBS, tgt $31
    
  • Range Resources (RRC) downgraded to Equal Weight from Overweight at Wells Fargo; tgt $43
  • Seadrill (SDRL) downgraded to Sell from Neutral at Citigroup, tgt $32
    
  • SLM Corp. (SLM) downgraded to Underweight from Neutral at JPMorgan, tgt $25
    
  • Snowflake (SNOW) downgraded to Equal Weight from Overweight at Barclays, tgt $250
    
  • Sunstone Hotel Investors (SHO) downgraded to Neutral from Outperform at Robert W. Baird, tgt $10
    
  • Triumph Financial (TFIN) downgraded to Neutral from Buy at B. Riley, tgt $70
• Others:
  • Adobe (ADBE) assumed with a Sell at Goldman, tgt $290
    
  • Allot Comms (ALLT) initiated with an Overweight at Cantor Fitzgerald; tgt $15
  • Andersen Group (ANDG) initiated with an Outperform at William Blair
  • Andersen Group (ANDG) initiated with a Buy at UBS, tgt $28
    
  • Andersen Group (ANDG) initiated with a Buy at Deutsche Bank; tgt $30
  • Andersen Group (ANDG) initiated with a Buy at Truist; tgt $32
  • Andersen Group (ANDG) initiated with an Equal Weight at Morgan Stanley, tgt $22
    
  • Andersen Group (ANDG) initiated with an Equal Weight at Wells Fargo; tgt $25
  • Andersen Group (ANDG) initiated with an Outperform at Robert W. Baird, tgt $40
    
  • CBIZ (CBZ) initiated with a Hold at Deutsche Bank; tgt $60
  • Claritev (CTEV) initiated with a Buy at Guggenheim; tgt $43
  • CoreWeave (CRWV) assumed with a Neutral at Goldman, tgt $86
    
  • Datadog (DDOG) assumed with a Sell at Goldman, tgt $113
    
  • Figma (FIG) assumed with a Neutral at Goldman, tgt $40
    
  • Fulcrum Therapeutics (FULC) initiated with an Overweight at JP Morgan; tgt $20
  • Hims & Hers Health (HIMS) initiated with an In-line at Evercore ISI; tgt $33
  • Intuit (INTU) assumed with a Neutral at Goldman, tgt $720
    
  • Inventiva (IVA) initiated with an Outperform at Leerink, tgt $12
    
  • Medline (MDLN) initiated with an Equal Weight at Wells Fargo; tgt $42
  • Medline (MDLN) initiated with a Buy at Jefferies; tgt $50
  • Medline (MDLN) initiated with an Overweight at Barclays; tgt $50
  • Medline (MDLN) initiated with an Outperform at William Blair
  • Medline (MDLN) initiated with a Buy at BTIG Research, tgt $50
    
  • Medline (MDLN) initiated with a Buy at Goldman, tgt $49
    
  • Medline (MDLN) initiated with a Buy at Stifel, tgt $46
    
  • Medline (MDLN) initiated with a Buy at Truist, tgt $52
    
  • Medline (MDLN) initiated with a Buy at UBS, tgt $48
    
  • Medline (MDLN) initiated with a Neutral at Rothschild & Co Redburn, tgt $42
    
  • Medline (MDLN) initiated with an Outperform at Robert W. Baird, tgt $48
    
  • Medline (MDLN) initiated with an Outperform at Bernstein, tgt $49
    
  • Medline (MDLN) initiated with an Outperform at BMO Capital, tgt $45
    
  • Medline (MDLN) initiated with an Outperform at Evercore ISI, tgt $50
    
  • Medline (MDLN) initiated with a Buy at TD Cowen; tgt $46
  • Medline (MDLN) initiated with an Outperform at Leerink, tgt $48
    
  • Medline (MDLN) initiated with an Outperform at Mizuho, tgt $48
    
  • Medline (MDLN) initiated with an Outperform at RBC Capital, tgt $47
    
  • Medline (MDLN) initiated with an Overweight at JPMorgan, tgt $50
    
  • Medline (MDLN) initiated with an Overweight at Morgan Stanley, tgt $48
    
  • Medline (MDLN) initiated with an Overweight at Piper Sandler, tgt $50
    
  • Microsoft (MSFT) assumed with a Buy at Goldman, tgt $655
    
  • Navan (NAVN) assumed with a Buy at Goldman, tgt $30
    
  • Netflix (NFLX) initiated with a Buy at HSBC, tgt $107
    
  • Neumora Therapeutics (NMRA) initiated with an Outperform at Leerink, tgt $8
    
  • Oracle (ORCL) assumed with a Buy at Goldman, tgt $240
    
  • Rocket Companies (RKT) reinstated with a Neutral at JPMorgan, tgt $24
    
  • Salesforce (CRM) assumed with a Buy at Goldman, tgt $330
    
  • ServiceNow (NOW) assumed with a Buy at Goldman, tgt $205
    
  • Snowflake (SNOW) assumed with a Buy at Goldman, tgt $250
    
  • Workday (WDAY) assumed with a Neutral at Goldman, tgt $238

• Econ Data (Tuesday):
  • 6:00 ET: December NFIB Small Business Optimism Index (prior 99.0)
  • 8:30 ET: December CPI (Briefing.com consensus 0.3%; prior 0.2%) and Core CPI (Briefing.com consensus 0.3%; prior 0.2%)
  • 10:00 ET: September New Home Sales (Briefing.com consensus 710,000; prior 800,000)
  • 14:00 ET: December Treasury Budget (Briefing.com consensus -$223.0 bln; prior -$173.0 bln)

• Earnings:
  • Monday (Jan 12)
    • Pre-Market: None
    • After-Hours: None
      
    Tuesday (Jan 13)
    • Pre-Market: BK CNXC DAL JPM
    • After-Hours: PXED
  • Wednesday (Jan 14)
    • Pre-Market: BAC C UCB WFC
      
    • After-Hours: FUL HOMB
  • Thursday (Jan 15)
    • Pre-Market: BLK FHN GS IIIN TSM MS
    • After-Hours: JBHT
  • Friday (Jan 16)
    • Pre-Market: MTB PNC RF STT
    • After-Hours: BOKF