After Hours Report

Updated: 25-Feb-26 17:41 ET
NVIDIA headlines the after-hours session, ticking higher following earnings; Salesforce slides

The stock market had another solid session on the heels of yesterday's rebound efforts, with solid tech leadership pushing the S&P 500 (+0.8%), Nasdaq Composite (+1.3%), and DJIA (+0.6%) higher throughout the session. The S&P 500 easily closed above its 50-day moving average (6,895.87), which it had violated on a closing basis on Monday. 

The top-weighted information technology sector (+1.8%) led the advance, supported by strength on multiple fronts. 

The iShares GS Software ETF (+3.1%) captured another solid gain, which saw the ETF return to its flatline for the week after pronounced weakness on Monday. AppLovin (APP 421.93, +28.71, +7.30%) was a standout in the space, while Salesforce (CRM 191.75, +6.33, +3.41%) and Snowflake (SNOW 169.21, +8.15, +5.06%) traded higher ahead of their earnings reports after the close, which are being touted as a key test for this week's improvement in sentiment across the group that has been plagued by concerns of AI disruption. 

Encouragingly, Workday (WDAY 133.16, +2.93, +2.25%) turned an early loss into a nice gain today after topping earnings estimates but issuing cautious guidance. 

While the software earnings after the close are an important test for the group, NVIDIA's (NVDA 195.62, +2.78, +1.44%) earnings this afternoon are likely the most anticipated event of the week. The stock captured a nice gain today as analysts predict another blowout report, though it has struggled to recapture record highs from late October amid valuation concerns across some of the market's largest names. 

NVIDIA's strength contributed to solid gains across the PHLX Semiconductor Index (+1.6%) and the Vanguard Mega Cap Growth ETF (+1.4%). 

Mega-caps played a key role in today's index-level gains, as the S&P 500 Equal Weighted Index (+0.1%) considerably lagged the market-weighted S&P 500 (+0.8%). 

Mega-cap strength helped the communication services sector (flat) capture a nice gain (along with considerable strength in Netflix (NFLX 82.70, +4.66, +5.98%), while the consumer discretionary sector (+0.5%) saw leadership from Tesla (TSLA 417.33, +7.95, +1.94%) and Amazon (AMZN 210.64, +2.08, +1.00%) outweigh broader weakness in the sector.

Homebuilder names such as Lennar (LEN 110.73, -5.67, -4.87%) were particularly weak after cautious guidance from Lowe's (LOW 263.02, -15.57, -5.59%) prompted concerns around housing demand. 

Meanwhile, the financials sector (+1.7%) captured the second widest gain today. Investors bought into recent weakness across major banking and lending names such as Citigroup (C 114.34, +4.78, +4.36%) and Capital One (COF 205.73, +9.17, +4.67%), while Coinbase Global (COIN 183.94, +21.91, +13.52%) posted a monster gain after announcing it will expand into stock trading for U.S. users. 

A nearly 8% rebound in Bitcoin today added to the constructive tone, and pushed Robinhood Markets (HOOD 77.53, +4.14, +5.64%) higher as well. 

Losses were relatively modest today across the five S&P 500 sectors that finished lower.

The industrials sector (-0.8%) lagged as a majority of its components traded lower following a nice gain yesterday, while the defensive consumer staples sector (-0.6%) also traded lower amid the resurgence in mega-cap and growth stocks today. 

Outside of the S&P 500, the Russell 2000 (+0.4%) and S&P Mid Cap 400 (+0.4%) reversed their early weakness as strength broadened throughout the session. 

Overall, today's session marked another constructive day for stocks, with the major averages now sitting mostly higher for the week after pronounced weakness on Monday. Mega-cap and tech stocks saw some rotational interest, which pushed the major averages firmly higher despite mixed strength in the broader market. 

All eyes now turn to a consequential batch of earnigns reports after the close, including the market's weightiest component, NVIDIA. 

U.S. Treasuries recorded modest losses on Wednesday, with most tenors deepening their pullback from their best levels of the year. The early afternoon saw a pullback across the curve after the U.S. Treasury followed yesterday's soft 2-year note sale with a much weaker 5-year note offering. The 2-year note yield settled up one basis point to 3.47%, the 5-year note yield settled up two basis points to 3.62%, and the 10-year note yield settled up two basis points to 4.05%.

  • S&P Mid Cap 400: +8.6% YTD
  • Russell 2000: +6.3% YTD
  • DJIA: +3.0% YTD
  • S&P 500: +1.5% YTD
  • Nasdaq Composite: -0.4% YTD

Reviewing today's data:

  • The weekly MBA Mortgage Index rose 0.4% after increasing 2.8% a week ago. The Refinance Index was up 4.1% while the Purchase Index was down 4.7%.

Overseas:

  • Europe: DAX +0.7%, FTSE +1.2%, CAC +0.5%
  • Asia: Nikkei +2.2%, Hang Seng +0.7%, Shanghai+0.7%

Commodities:

  • Crude Oil -0.19 @ 65.47
  • Nat Gas +0.05 @ 2.97
  • Gold +49.80 @ 5226.40
  • Silver +3.49 @ 91.00
  • Copper +0.11 @ 6.04

After-Hours Spotlight:

  • Array Tech (ARRY) reports EPS in-line, beats on revs; guides FY26 EPS below consensus, revs in-line...ARRY -24.5%
  • C3.ai (AI) misses by $0.11, misses on revs; guides Q4 revs below consensus; guides FY27 revs below consensus...AI -18.9%
  • Ibotta (IBTA) misses by $0.02, beats on revs; guides Q1 revs above consensus...IBTA +21.7%
  • IMAX (IMAX) beats by $0.13, beats on revs; guides to $1.4 bln in IMAX box office in 2026...IMAX +4.1%
  • IonQ (IONQ) beats by $0.31, beats on revs; guides Q1 revs; guides FY26 revs above consensus...IONQ +6.3%
  • Nutanix (NTNX) beats by $0.12, beats on revs; guides Q3 revs below consensus; guides FY26 revs in-line...NTNX +15.3%
  • NVIDIA (NVDA) beats by $0.08, beats on revs; guides Q1 revs above consensus; Data Center revenue a record $62.3 bln, up 75% yr/yr...NVDA +0.8%
  • Paramount Skydance (PSKY) reports Q4 (Dec) results, revs in-line; guides Q1 revs below consensus; guides FY26 revs in-line...PSKY +0.8%
  • PROCEPT BioRobotics (PRCT) misses by $0.21, misses on revs; guides Q1 revs below consensus; guides FY26 revs below consensus...PRCT -27.7%
  • Pure Storage (PSTG) beats by $0.04, beats on revs; guides Q1 revs above consensus; guides FY27 revs above consensus...PSTG +4.5%
  • Salesforce (CRM) beats by $0.76, reports revs in-line; guides Q1 EPS above consensus, revs above consensus; guides FY27 EPS in-line, revs in-line; increases dividend...CRM -5.3%
  • Sezzle (SEZL) beats by $0.24, beats on revs; guides FY26 EPS above consensus, revs above consensus...SEZL +16.4%
  • Snowflake (SNOW) beats by $0.05, beats on revs...SNOW -2.7%
  • Synopsys (SNPS) beats by $0.21, reports revs in-line; guides Q2 EPS above consensus, revs in-line; guides FY26 EPS in-line, revs in-line; Approves replenishment of existing stock repurchase program with authorization to purchase up to $2.0 bln of common stock...SNPS -2.7%
  • The Trade Desk (TTD) beats by $0.24, reports revs in-line; guides Q1 revs below consensus; increases buyback...TTD -17.4%
  • Urban Outfitters (URBN) beats by $0.17, reports revs in-line...URBN +0.4%
  • Zoom Communications (ZM) misses by $0.05, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY27 EPS below consensus, revs above consensus...ZM -2.6%

Fair Value for Thursday, February 26:

  • S&P 500: 6,959
  • Nasdaq 100: 25,446
  • DJIA: 49,539
Today's News Summary:

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

  • Earnings/Guidance (Full Earnings Calendar):
    • Acadia Healthcare (ACHC) beats by $0.06, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY26 EPS below consensus, revs in-line
    • Alcon (ALC) misses by $0.01, reports revs in-line; proposes dividend; announces Board change
    • Alkermes Plc (ALKS) reports Q4 (Dec) results, beats on revs; guides FY26 revs in-line
    • Alphatec (ATEC) beats by $0.02, reports revs in-line; reaffirms FY26 revs guidance
    • APi Group (APG) beats by $0.02, beats on revs; guides Q1 revs in-line; guides FY26 revs in-line
    • Archrock (AROC) beats by $0.28, reports revs in-line
    • Aspen Aerogels (ASPN) misses by $0.08, misses on revs; guides Q1 EPS below consensus, revs below consensus
    • Astronics (ATRO) beats by $0.15, beats on revs; guides Q1 revs below consensus; reaffirms FY26 revs guidance
    • Avista (AVA) beats by $1.53; guides FY26 EPS below consensus
    • Axon (AXON) beats by $0.55, beats on revs; guides FY26 revs above consensus; provides FY28 outlook
    • Banco Santander (SAN) hosts investor day; targets €20 bln+ profit and >210 mln customers by 2028
    • Bank of Montreal (BMO) beats by $CAD0.28, beats on revs
    • Bloomin' Brands (BLMN) beats by $0.02, reports revs in-line; guides Q1 EPS in-line; guides FY26 EPS in-line
    • Boston Beer Co (SAM) reports Q4 (Dec) results, revs in-line; guides FY26 EPS in-line
    • BridgeBio Pharma (BBIO) misses by $0.29, beats on revs
    • Camping World (CWH) misses by $0.16, reports revs in-line
    • CareDx (CDNA) beats by $0.10, beats on revs; guides FY26 revs above consensus
    • CAVA Group (CAVA) beats by $0.01, beats on revs; Q4 comps +0.5%; provides FY26 guidance
    • CCC Intelligent Solutions (CCC) beats by $0.01, reports revs in-line; guides Q1 revs in-line; guides FY26 revs in-line
    • Circle Internet Group (CRCL) beats by $0.28, beats on revs
    • Clean Energy Fuels (CLNE) beats by $0.05, beats on revs
    • Clear Secure (YOU) reports Q4 (Dec) results, beats on revs; guides Q1 revs above consensus; $125 mln increase to share repurchase program
    • Corcept Therapeutics (CORT) misses by $0.13, misses on revs; guides FY26 revs in-line
    • CoStar Group (CSGP) beats by $0.04, reports revs in-line; guides Q1 EPS below consensus, revs mostly below consensus; guides FY26 EPS in-line, revs in-line
    • Cytokinetics (CYTK) beats by $0.06, beats on revs
    • Diageo plc (DEO) reports H1 results; updates guidance
    • Dine Brands (DIN) beats by $0.40, misses on revs
    • Dole plc (DOLE) reports Q4 results, beats on revenue; Targeting adjusted EBITDA of at least $400 mln for FY26
    • EOG Resources (EOG) beats by $0.08, misses on revs; announces 2026 capital plan
    • Everus (ECG) beats by $0.31, beats on revs; guides FY26 revs above consensus
    • Evolent Health (EVH) beats by $0.03, reports revs in-line; guides FY26 revs in-line
    • ExlService (EXLS) beats by $0.03, beats on revs; guides FY26 EPS in-line, revs in-line; Authorizes a $500 mln common stock repurchase program
    • eXp World Holdings (EXPI) misses by $0.09, beats on revs; guides Q1 revs below two analyst estimate; guides FY26 revs in-line
    • First Solar (FSLR) misses by $0.30, beats on revs; guides FY26 revs below consensus
    • Flywire (FLYW) beats by $0.01, beats on revs
    • Globus Medical (GMED) beats by $0.15, beats on revs; guides FY26 EPS above consensus, reaffirms FY26 revs guidance
    • GoDaddy (GDDY) beats by $0.22, reports revs in-line; guides Q1 revs below consensus; guides FY26 revs below consensus
    • Haleon plc (HLN) reports in-line results; provides FY26 outlook
    • Hayward Holdings (HAYW) beats by $0.01, beats on revs; guides FY26 EPS in-line, revs above consensus
    • HNI (HNI) misses by $0.08, beats on revs; Expects modest organic net sales growth for FY26, EPS expected to growth at double-digit pace
    • HP Inc. (HPQ) beats by $0.04, beats on revs; guides Q2 EPS in-line; reaffirms FY26 EPS guidance, but now expects to be at low end; reaffirms FY26 FCF but now expects to be at low end
    • HSBC Holdings (HSBC) reports FY25 results
    • Huron Consulting (HURN) beats by $0.22, beats on revs; guides FY26 EPS in-line
    • Immunocore (IMCR) misses by $0.39, misses on revs
    • Interparfums (IPAR) beats by $0.10, reports revs in-line; reaffirms FY26 EPS guidance, revs guidance
    • Ionis Pharma (IONS) misses by $0.10, beats on revs
    • Jazz Pharma (JAZZ) beats by $0.12, beats on revs; guides FY26 revs in-line
    • LifeStance Health Group (LFST) beats by $0.02, beats on revs; guides Q1 revs above consensus; guides FY26 revs in-line; announces buyback
    • Light & Wonder (LNWO) reports Q4 (Dec) results, misses on revs
    • Lineage (LINE) beats by $0.12, misses on revs; guides FY26 FFO in-line
    • LivaNova (LIVN) beats by $0.04, beats on revs; guides FY26 EPS above consensus, revs in-line
    • Lowe's (LOW) beats by $0.04, beats on revs; guides FY27 EPS below consensus, revs in-line
    • LTC Properties (LTC) beats by $0.02, beats on revs; guides Q1 FFO below consensus; guides FY26 FFO in-line
    • Lucid Group (LCID) misses by $0.41, beats on revs
    • Lumen Technologies (LUMN) details multi-year financial priorities and targets; is also introducing a new revenue reporting framework
    • Marqeta (MQ) beats by $0.01, beats on revs; guides Q1 revs in-line; guides FY26 revs below consensus
    • Matador Resources (MTDR) beats by $0.11, beats on revs
    • Matson (MATX) beats on EPS, reports revs in-line
    • Medline (MDLN) reports Q4 (Dec) results, beats on revs; introduces FY26 guidance
    • MercadoLibre (MELI) misses by $0.30, beats on revs
    • Merit Medical (MMSI) beats by $0.09, beats on revs; guides FY26 EPS in-line, revs above consensus
    • MGP Ingredients (MGPI) beats by $0.13, beats on revs; guides FY26 EPS below consensus, revs below consensus
    • Mosaic (MOS) misses by $0.27, beats on revs
    • NASDAQ (NDAQ) raises medium-term revenue outlook and outlines strategy for its next phase of scalable growth at 2026 investor day
    • Navitas Semiconductor (NVTS) reports EPS in-line, beats on revs; guides Q1 revs above consensus
    • ODDITY Tech Ltd. (ODD) beats by $0.06, beats on revs; guides Q1 revs below consensus
    • O-I Glass (OI) reaffirms FY26 outlook, flags softer Q1 earnings ahead of investor conference presentation
    • Owens Corning (OC) misses by $0.26, misses on revs
    • Par Pacific (PARR) misses by $0.10, beats on revs
    • Photronics (PLAB) beats by $0.07, beats on revs; guides Q2 EPS in-line, revs in-line
    • Range Resources (RRC) beats by $0.11, beats on revs
    • Realty Income (O) reports FFO in-line, beats on revs; guides FY26 FFO below consensus
    • Recursion Pharmaceuticals (RXRX) beats by $0.09, beats on revs
    • Resideo (REZI) beats by $0.03, beats on revs; guides Q1 EPS above single estimate; guides FY26 EPS above two analyst estimate, revs above two analyst estimate
    • Revolve Group (RVLV) beats by $0.09, beats on revs
    • Sandoz (SDZNY) reports FY25 results
    • Slide Insurance Holdings (SLDE) beats by $0.35, misses on revs
    • SPX Technologies (SPXC) beats by $0.01, beats on revs; guides FY26 EPS in-line, revs above consensus
    • Steven Madden (SHOO) beats by $0.01, reports revs in-line; guides FY26 revs in-line
    • Sun Communities (SUI) beats by $0.05, beats on revs; guides Q1 FFO below consensus; guides FY26 FFO in-line
    • Supernus Pharma (SUPN) reports Q4 (Dec) results, beats on revs; guides FY26 revs in-line
    • Taboola (TBLA) reports Q4 (Dec) results, misses on revs; guides Q1 revs in-line; guides FY26 revs in-line
    • Talos Energy (TALO) misses by $0.12, misses on revs; Issues 2026 operational and financial guidance
    • Tanger Factory (SKT) beats by $0.03, beats on revs; guides FY26 FFO in-line
    • Tempus AI (TEM) reports EPS in-line, beats on revs; guides FY26 revs above consensus
    • TJX (TJX) beats by $0.04, beats on revs; guides Q1 EPS below consensus; guides FY27 EPS below consensus; increasing dividend by 13%; aurhorizes repurchase up to $3.0 bln common stock
    • TransMedics Group (TMDX) beats by $2.18, beats on revs; guides FY26 revs above consensus
    • Trex (TREX) beats by $0.06, beats on revs; guides FY26 revs in-line; Authorizes $150 mln share buyback authorization for 1H26
    • TRI Pointe Homes (TPH) beats by $0.02, beats on revs
    • UFP Technologies (UFPT) beats by $0.18, reports revs in-line
    • United Therapeutics (UTHR) beats by $0.57, misses on revs
    • Vaxcyte (PCVX) reports Q4 results; provides clinical update
    • Verra Mobility (VRRM) misses by $0.01, beats on revs; guides FY26 EPS in-line, revs in-line
    • Workday (WDAY) beats by $0.15, reports revs in-line
    • Zeta Global (ZETA) reports EPS in-line, beats on revs; raises FY26 revs above consensus
  • General News
    • Recap of President Trump’s State of the Union Address: Proposed new 401(k) plan with $1000 government match & ban on institutional investors from purchasing single-family homes; announced new energy consumption agreements with technology firms; calls SCOTUS tariff ruling “unfortunate”; says Iran again perusing “sinister” nuclear ambitions
    • Treasury Secretary Scott Bessent, in an interview, says the 15% global tariff will not be permanent. The global tariff will act like a bridge to other tariff authorities, such as 301 investigations. He expects 301 investigations will reach previous IEEPA tariff levels. He said Treasury will follow the ruling of lower courts for refunds of tariffs. He was critical of the FedEx (FDX) CEO for filing a lawsuit. He wants Congress to pass President Trump's 401(k) expansion plan through budget reconciliation, NBC News
    • Several companies file lawsuits for tariff refunds, according to Reuters
    • The Senate fails to pass a bill to fund DHS as talks show little progress, according to Politico
    • UK and U.S. restart work on tech prosperity deal with focus on nuclear projects, according to FT
    • Japan Prime Minister Sanae Takaichi selected two dovish candidates for BOJ, according to FT
    • China wants to increase advanced chip output by 5 times, according to Nikkei
    • Alkermes Plc (ALKS) announces that Richard Pops will retire from his role as Chief Executive Officer, effective July 31, 2026
    • Alphabet (GOOG/GOOGL): Waymo robotaxis now available in 10 cities, according to Axios
    • AMC (AMC) aiming to close additional theaters, according to Bloomberg
    • American Integrity Insurance Group (AII) announces special cash dividend of $1.02/share to be paid on March 30, 2026, to all stockholders of record as of the close of business on March 16
    • Amplitude (AMPL) announces that Thomas Hansen will be departing from his role as President of the Company, effective March 31, 2026
    • Anthropic’s releasing the third version of its Responsible Scaling Policy
    • Apple (AAPL) will soon introduce MacBooks with touch screens, according to Bloomberg
    • Apple (AAPL) confirms annual meeting voting results
    • Archer Aviation (ACHR) confirms it filed a patent infringement lawsuit against Vertical Aerospace (EVTL)
    • Bitfarms (BITF) announces filing and mailing of material for special meeting of shareholders to approve U.S. redomiciliation plan
    • Blue Owl (OWL) attempts to reassure wealth advisers, according to WSJ
    • BTQ Technologies (BTQ) announces new quantum hardware commercialization hub in New York City and key engineering hires to accelerate QCIM
    • Capri Holdings (CPRI) Appoints Tyler Reddien as CFO and COO, effective March 30
    • CareDxa (CDNA) announces appointment of Keith Kennedy as Chief Operating Officer and Chief Financial Officer, effective Feb 26
    • CoStar Group (CSGP) disclosed that it plans to repurchase $700 mln of shares of common stock in 2026 under its previously authorized $1.5 bln share repurchase program
    • Denison Mines (DNN) approves Phoenix uranium mine FID; construction to start March
    • Diamondrock Hospitality (DRH) announces that Chairman William McCarten will retire from the Company's Board of Directors at the end of his current term, effective at the adjournment of the 2026 Annual Meeting of Shareholders on April 29
    • DoorDash (DASH) to exit four international markets under Deliveroo and Wolt brands
    • Eni S.p.A. (E) announces a further important strategic investment in biorefining
    • First Solar (FSLR) announces a patent licensing agreement that gives it access to existing issued patents and currently pending patent applications of Oxford Photovoltaics Limited
    • Fortuna Silver Mines (FSM) intersects 6.0 g/t gold over 24.1 meters at Southern Arc, Diamba Sud Project, Senegal
    • GrafTech International (EAF) announces its support for the petition to the U.S. Department of Commerce and the U.S. International Trade Commission to investigate whether China and India are exporting large diameter graphite electrodes at unfair prices in the United States
    • Inogen (INGN) has authorized a share repurchase program for up to $30 mln of its outstanding common stock
    • Johnson & Johnson (JNJ) seeks FDA approval of IMAAVY (nipocalimab-aahu) as the first-ever FDA-approved treatment for warm autoimmune hemolytic anemia
    • JPMorgan Chase (JPM): Jeffrey Epstein stayed connected with JP Morgan until the year he died, according to Bloomberg
    • Navitas Semiconductor (NVTS) discloses that CFO Todd Glickman will depart to pursue new opportunities
    • Novartis AG (NVS) to build new radioligand therapy site in Denton, Texas, delivering more next-generation treatments to patients
    • NovoCure (NVCR) received a letter from CMS rescinding the revocation of billing privileges and stating the Company's Medicare billing privileges are reinstated retroactively to December 17, 2025
    • Paramount (PSKY) CEO David Ellison attended State of the Union, according to Deadline
    • Pony AI (PONY) posts record Robotaxi paid orders in Shenzhen over Chinese New Year
    • Shake Shack (SHAK) Board designated Peter Herpich, the Company’s current Corporate Controller, to serve as the Company’s principal financial officer on an interim basis
    • Shoe Carnival (SCVL) announces Cliff Sifford as new interim CEO; provides FY26 (Jan) guidance
    • Thomson Reuters (TRI) announces new $600 million share repurchase program and $605 million return of capital and share consolidation transactions
    • Trex (TREX) announces that Bryan Fairbanks, Trex’s President and Chief Executive Officer, will retire from Trex after nearly 23 years with the Company, effective April 28, 2026
    • Uber (UBER) CFO bought 22,453 shares at $71.25 - $71.32 worth approximately $1.6 mln (transaction date yesterday)
    • United Micro (UMC) Board approved executive changes to its leadership team
    • Valley National's (VLY) Board of Directors approved a new stock repurchase program in an amount up to 25 mln shares of Valley common stock
    • Vanda Pharma (VNDA) announces FDA acceptance of biologics license application filing for Imsidolimab for the treatment of generalized pustular psoriasis
    • Veradigm (MDRX) received SEC letter saying it does not intend to recommend an enforcement action
    • Vertical Aerospace Group (EVTL) provides the following statement in response to a patent infringement complaint filed by Archer Aviation in the U.S. District Court Eastern District of Texas
    • Viatris (VTRS) announces that the U.S. Food and Drug Administration has accepted for review the supplemental New Drug Application for MR-141 for the treatment of presbyopia
    • Walt Disney (DIS) announced that Kristina Schake, Senior Executive Vice President and Chief Communications Officer, will depart the company after March 18, 2026, coinciding with the end of Bob Iger’s tenure
  • Upgrades:
    • Array Technologies (ARRY) upgraded to Outperform from Neutral at BNP Paribas Exane, tgt $19
    • Enphase Energy (ENPH) upgraded to Buy from Hold at Jefferies; tgt $57
    • IBM (IBM) upgraded to Neutral from Sell at UBS, tgt $236
    • Iovance Biotherapeutics (IOVA) upgraded to Outperform from Market Perform at Citizens, tgt $5
    • Lincoln National (LNC) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $48
    • Neptune Insurance Holdings (NP) upgraded to Neutral from Underperform at Mizuho, tgt $24
    • Oracle (ORCL) upgraded to Outperform from Perform at Oppenheimer; tgt $185
    • Principal Financial Group (PFG) upgraded to Equal Weight from Underweight at Wells Fargo, tgt $91
    • Shoals Technologies Group (SHLS) upgraded to Neutral from Underperform at BNP Paribas Exane, tgt $9
  • Downgrades:
    • Evolent Health (EVH) downgraded to Sector Weight from Overweight at KeyBanc
    • First Solar (FSLR) downgraded to Neutral from Outperform at Robert W. Baird, tgt $205
    • Fox Corp. (FOXA) downgraded to Underperform from Buy at BofA Securities, tgt $45
    • Grocery Outlet Holding (GO) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $10.50
    • Kroger (KR) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $68
    • Molson Coors Brewing (TAP) downgraded to Underperform from Neutral at BofA Securities; tgt $42
    • Prudential Financial (PRU) downgraded to Underweight from Equal Weight at Wells Fargo, tgt $103
    • Ryan Specialty Group (RYAN) downgraded to Market Perform from Outperform at BMO Capital, tgt $43
    • Workday (WDAY) downgraded to In Line from Outperform at Evercore ISI, tgt $160
    • Workday (WDAY) downgraded to Hold from Buy at TD Cowen; tgt $155
  • Others:
    • AbbVie (ABBV) initiated with an Outperform at RBC Capital, tgt $260
    • Alumis (ALMS) initiated with a Buy at Stifel, tgt $44
    • Angel Studios (ANGX) initiated with a Buy at B. Riley, tgt $7
    • Angel Studios (ANGX) initiated with a Buy at Texas Capital Securities, tgt $6.50
    • Aura Minerals (AUGO) initiated with an Overweight at JPMorgan, tgt $105
    • BioAge Labs (BIOA) initiated with an Outperform at Oppenheimer, tgt $60
    • Bristol-Myers Squibb (BMY) initiated with a Sector Perform at RBC Capital, tgt $60
    • Burke & Herbert Financial Services Corp. (BHRB) initiated with a Neutral at DA Davidson, tgt $75
    • CB Financial Services (CBFV) initiated with a Buy at DA Davidson, tgt $43
    • Century Therapeutics (IPSC) initiated with a Buy at TD Cowen
    • CEVA Inc. (CEVA) initiated with a Buy at UBS, tgt $27
    • Community Financial System (CBU) initiated with a Neutral at DA Davidson, tgt $72
    • Eagle Financial Services (EFSI) initiated with a Neutral at DA Davidson, tgt $43
    • Eli Lilly (LLY) initiated with an Outperform at RBC Capital, tgt $1,250
    • Equillium (EQ) initiated with a Buy at Stifel, tgt $5
    • First Bank (FRBA) initiated with a Neutral at DA Davidson, tgt $18
    • Fulton Financial (FULT) initiated with a Neutral at DA Davidson, tgt $24
    • Live Nation Entertainment (LYV) initiated with an Overweight at Wells Fargo, tgt $204
    • Merck (MRK) initiated with an Outperform at RBC Capital, tgt $142
    • NBT Bancorp (NBTB) initiated with a Buy at DA Davidson, tgt $54
    • Ovintiv (OVV) resumed with an Overweight at JPMorgan, tgt $58
    • Palisade Bio (PALI) initiated with a Buy at Stifel, tgt $5
    • Pfizer (PFE) initiated with an Underperform at RBC Capital, tgt $25
    • Provident Financial Services (PFS) initiated with a Neutral at DA Davidson, tgt $25
    • Q32 Bio (QTTB) initiated with a Buy at H.C. Wainwright, tgt $13
    • S&T Bancorp (STBA) initiated with a Neutral at DA Davidson, tgt $47
    • WesBanco (WSBC) initiated with a Buy at DA Davidson, tgt $44
    • WSFS Financial (WSFS) initiated with a Neutral at DA Davidson, tgt $74
  • Econ Data (Thursday):
    • 8:30 ET: Weekly Initial Claims (Briefing.com consensus 211,000; prior 206,000) and Continuing Claims (prior 1.869 mln)
    • 12:00 ET: Weekly natural gas inventories (prior -144 bcf)
  • Earnings:
    • Monday (Feb 23)
      • Pre-Market: AXSM D DPZ DEA EMA FRPT WGS SCL
      • After-Hours: ACVA ADUS ALSN AESI BBBY BCC BMRN BWXT CNNE CWEN FANG EVER FWRD HLX HIMS IIPR INVX JBTM KEYS KTOS MAX MYGN OKE OVV PAY PRIM KWR RHP SKWD TNC UFPI UCTT VVX VNOM VIR ZD
      Tuesday (Feb 24)
      • Pre-Market: AHCO AIN AS AMT APLS AWI ARVN AVNS BNS BRSL CECO CEG CIFR CLVT DOCN ELAN NVRI ESTA EXPD FERG FIS FWRG HRMY HSIC HD TILE KDP KNSA DRS LTH NOVT NRG OPCH PLNT PTLO RGEN SHLS SHC WLK XHR XMTR
      • After-Hours: ATEC AMC AXON ATRO SAM BBIO CWH CDNA CAVA CCC IMOS CLNE CORT CSGP CYTK DAWN ECG EVH EXLS EXPI EOG FSLR FLYW GMED GDDY HPQ HURN IPAR JAZZ LNWO LTC LCID MQ MTDR MATX MMSI MOS MELI NMFC PARR PRCT RRC O REZI RVLV SLDE SPXC SUI SUPN TALO SKT TEM TMDX TREX UFPT PCVX VRRM WDAY ZETA
    • Wednesday (Feb 25)
      • Pre-Market: ACHC ALKS APG AROC ASPN AVA BMO BLMN CTRI CRCL YOU DIN DOLE DRVN FSS HAYW HUT HOV HNI IMCR IONS LFST LINE LIVN LOW MDLN MGPI NMRK ODD OC PLAB PNW RXRX SWX STWD SHOO TBLA TJX TPH UTHR XPEL
      • After-Hours: ACAD ADMA APA ADTN A ALKT RCUS ARRY BBSI BJRI AI WHD CWT CBZ CHE CPK CHYM CHRD CHDN DBRG DORM ECPG ENVX EPR WTRG EE FSK FTAI GDRX GRBK HEI IBTA IMAX NGVT IONQ JOBY KNTK KGS LMAT MGNI VAC MIAX MIRM MEG MYRG NSA NRDS NOG NTNX NVDA ORA OUT PSKY PEB PR PSTG RVMD ROOT RXST CRM SRPT SDGR SDRL SEZL SBGI SKYT SM SMA SNOW SARO SNPS TDOC TTD TKO TCOM USPH UHS URBN VECO VCYT VICI VSEC ZM
    • Thursday (Feb 26)
      • Pre-Market: ACMR GOLF AMBP ARHS ACIW BIDU BSY ONC BCRX CARS CELH LNG CQP CM COLL QBTS DCI DCO ECVT EME ENOV FA FTRE FTDR FCN FOUR ROCK GCT GIL GTN HTZ HRL IBP IART NTLA INSW SJM KBR KRP KOP DNUT KYMR LNTH LGND LOAR MNKD MIDD TIGO VYX NXST NOMD NVCR NVAX PZZA PAYO PENN PRGO PLTK PRMB PRVA PEG Q RYTM RY SRE SHAK TGLS TFX BLD TD TRS PRKS VTRS VCEL VIPS VISN VST VITL WD WRBY WBD WWW
      • After-Hours: ALHC AMBA AHR AAOI ACA ARLO AGO AUGO ADSK AVPT AES XYZ BCO CAI CERT CON CRWV CTRA CPNG CRNX CUBE DELL XRAY DRH DV DUOL ESTC EVTC FIGS FIGR FLUT FOXF GLOB GRND HGV ICFI INOD INTU MASI MTZ MNST MP NTRA NHI NATL NTAP LASR SMR OS OPK PCRX PAR PBA PGNY RLJ RKT RKLB SBAC SOLV SOUN STRA RUN SG SNDX TLN WULF BWIN REAL TPC WPM XPOF ZS
    • Friday (Feb 27)
      • Pre-Market: AMR ANIP BTSG CLMT DK FRO NIQ GOGO NWN SHO
      • After-Hours: GSAT
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