Daily US Equity Opening News - GOOG lower on higher capex view; QCOM slides after memory shortages offset beat; MSFT downgraded

TODAY’S AGENDA:

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  US INDEX FUTURES: ES -0.5%, NQ -0.7%, YM -0.3%, RUT -0.5%


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  DAY AHEAD: The US day sees the release of Revelio’s labour market data for January, while the BLS' rescheduled December JOLTs data will be published today. Speakers include Fed’s Bostic (non-voter, hawk, retiring). Notable US companies reporting today include: Amazon (AMZN), Bloom Energy (BE), Strategy (MSTR), and Reddit (RDDT). In energy, the EIA will publish its weekly natgas inventory stats.


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  US INDEX FUTURES: ES %, NQ %, YM %, RUT %


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  BROKER MOVES: ZM upgraded at Wolfe; QCOM downgraded at BofA. For the full list, click here.
  


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  MAJOR MORNING MOVES RECAP: GOOGL, MSFT, QCOM, ARM, ALGN, SNAP, TPR, HSY, CI, SHEL, FMC, EL. For the full list, click here.
  

NEWS:

MACRO

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  Fed - President Trump told NBC that the Federal Reserve is “in theory” independent, but argued it should cut interest rates, adding his Fed chair nominee Kevin Warsh would not have been chosen if he favoured hikes; Trump reiterated that he thinks rates are too high despite low inflation, strong growth and defended criticism of Fed leadership. Elsewhere, Fed Governor Cook said the central bank must maintain credibility by bringing inflation back to target in the near term. She said her focus remains on inflation until there is stronger evidence that it is sustainably declining, barring unexpected changes in the labour market. Elsewhere, the Fed finalised hypothetical scenarios for its bank stress tests, saying they are broadly similar to those proposed in October; the Board voted to keep existing stress capital buffer requirements in place until 2027 as it overhauls the annual examination process.


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  US Political Negotiations - Democrats Chuck Schumer and Hakeem Jeffries demanded limits on Immigration and Customs Enforcement as Congress negotiates Department of Homeland Security funding, outlining 10 proposed restrictions in a letter to House Speaker Mike Johnson and Senate Majority Leader John Thune.

INDEX

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  S&P 500 (SPX) - S&P Dow Jones Indices announced that Ciena (CIEN) will replace Dayforce (DAY) in the S&P 500 on 9th February following Thoma Bravo’s acquisition. Arrowhead Pharmaceuticals (ARWR) will move from the S&P SmallCap 600 to the S&P MidCap 400 on 9th February, replacing Ciena (CIEN), while ADT (ADT) will enter the S&P SmallCap 600 in Arrowhead’s place. OneSpaWorld Holdings (OSW) will join the S&P SmallCap 600 on 10th February, replacing Dynavax Technologies (DVAX), which is being acquired by Sanofi (SNY).

COMMUNICATIONS

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  Alphabet (GOOG) - Alphabet shares fell in extended trading after it forecast sharply higher 2026 capital spending than expected, reviving investor concerns about the scale and payback of its AI investment plans. Q4 2025 (USD): EPS 2.82 (exp. 2.64), Revenue 113.83bln (exp. 111.48bln); Operating income 35.9bln (exp. 36.8bln). Google Services Revenue 95.9bln (exp. 95.0bln), Google Cloud Revenue 17.66bln (exp. 16.2bln); advertising revenue 82.28bln (vs 72.46bln Y/Y), with Search & other sales of 63.07bln (vs 54.03bln Y/Y), and YouTube ads 11.38bln (vs 10.47bln Y/Y); Google Cloud revenue 17.66bln (vs 11.96bln Y/Y), exiting 2025 at an annual run-rate above 70bln. Annual revenues exceeded 400bln for the first time, YouTube's annual revenues surpassed 60bln across ads and subscriptions, and paid subscriptions across consumer services topped 325mln. Its Gemini app reached over 750mln monthly active users, with more than 8mln paid Gemini Enterprise seats sold, while engagement per user increased notably following the December launch of Gemini 3. Waymo surpassed 20mln fully autonomous trips and now provides over 400,000 rides weekly, with a USD 2.1bln stock-based compensation charge recognised in Q4 tied to Waymo’s valuation. Declared a quarterly dividend of 0.21/shr. Alphabet said its 2026 capital expenditures are expected to total USD 175-185bln (exp. 119.5bln), citing AI investments and infrastructure driving revenue and growth, with spending aimed at meeting customer demand and capturing growth opportunities. Click here for sell-side commentary on Alphabet earnings.
  


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  Warner Bros. Discovery (WBD), Netflix (NFLX), Paramount Skydance (PSKY) - President Trump said he will not intervene in Netflix’s proposed USD 72bln acquisition of Warner Bros. Discovery or Paramount Skydance’s rival bid, reversing December comments, NBC reports. He said the DoJ will handle approval, despite scrutiny over market concentration and his disclosed bond investments.


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  Meta Platforms (META) - An internal memo seen by The Information says Meta Platforms’ next-generation Avocado AI model has completed pre-training, and is now Meta’s most capable base model. The memo by product manager Megan Fu claimed it outperforms leading open-source models and is competitive with post-trained peers.


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  T-Mobile (TMUS) - Verizon Wireless (VZ) sued T-Mobile, accusing it of false advertising and irreparable harm from claims that customers could save over USD 1,000 a year by switching carriers. Verizon alleges T-Mobile inflated savings by comparing promos to Verizon’s standard rates and overstating the value of bundled benefits, and says similar claims were previously deemed misleading by the National Advertising Review Board in 2025 and 2026.


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  Snap Inc. (SNAP) - Snap shares rose after the company reported Q4 revenue that exceeded expectations, and announced a USD 500mln share buyback, outweighing concerns about softer user metrics and cautious near-term guidance. Q4 2025 (USD): EPS 0.03 (exp. -0.03), Revenue 1.72bln (exp. 1.70bln). Global daily active users 474mln (exp. 478mln), global ARPU 3.62 (exp. 3.56). Headcount +7% Q/Q in Q4; CEO said results began to reflect the pivot to profitable growth, with revenue diversification and meaningful margin expansion, while continuing to invest in augmented reality and the consumer launch of Specs. Sees Q1 revenue of 1.50-1.53bln (exp. 1.55bln), and Q1 adj. EBITDA between USD 170-190mln, excluding any Perplexity integration revenue. For FY26, headcount growth seen roughly in line with the +7% increase in Q4 2025; FY adj. operating expenses seen ~3.0bln; SBC and related expenses seen ~1.2bln; infrastructure costs between USD 1.60-1.65bln (flat Y/Y at the low end); remaining adj. cost of revenue seen at 16-17% of revenue per quarter, a 1-2ppts improvement vs 2025 driven by higher-margin ad placements.

TECH

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  Qualcomm (QCOM) - Shares fell in extended US trading after management warned that a global memory shortage would weigh on near-term guidance, despite stronger-than-expected quarterly earnings. Q1 2026 (USD): Adj. EPS 3.50 (exp. 3.40), Revenue 12.25bln (exp. 12.16bln), a record, with total company revenues and momentum across personal, industrial and physical AI, though near-term handsets were impacted by industry-wide memory supply constraints, though demand for premium and high-tier smartphones remains encouraging. The CEO said the group delivered strong quarterly results with growing traction from recent CES product announcements and remains on track to achieve its FY29 revenue goals; Sees Q2 adj. EPS of 2.45-2.65 (exp. 2.87), and Q2 revenue of 10.2-11.0bln (exp. 11.02bln). Post earnings, BofA downgraded QCOM to 'Neutral' from 'Buy' with a USD 155 PT (prev. 215), citing a "weak" handset market and the Qualcomm's share losses. BofA sees Qualcomm's QCT revenue declining 1.5% in fiscal 2026. While the stock is "relatively inexpensive," there are limited catalysts in the near-term for a re-rating.


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  Arm Holdings (ARM) - Arm shares fell in extended trading as licensing revenue missed expectations, guidance only slightly beat forecasts, and a weak outlook from key customer Qualcomm heightened concerns around smartphone exposure amid memory shortages. Q3 2026 (USD): Adj. EPS 0.43 (exp. 0.41), Revenue 1.24bln (exp. 1.23bln). Royalty revenue +27% Y/Y to 737mln, driven by higher royalty rates per chip (including Armv9 and CSS), and greater data-centre adoption; licence and other revenue +25% Y/Y to 505mln (exp. 520mln), reflecting timing of high-value licences and backlog contributions. Annualised contract value +28% Y/Y to 1.62bln, while remaining performance obligations -8% Y/Y to 2.15bln, with around 31% expected to be recognised over the next 12 months. Management said continued adoption of advanced architectures is lifting royalty intensity. The company also noted that majority shareholder SoftBank (SFTBY) is not interested in selling any Arm shares. For Q4, sees adj. EPS between 0.54-0.62 (exp. 0.56), and revenue of 1.42-1.52bln (exp. 1.44bln).


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  Microsoft (MSFT) - Downgraded at Stifel to 'Hold' from 'Buy' with a USD 392 PT (prev. 540). Given the well-documented Azure supply issues, coupled with Google's strong Google Cloud Platform and Gemini results this evening and growing Anthropic momentum, a near-term Azure acceleration is unlikely, the firm argued. FY27 is also likely to have less in-period revenue recognition as FY26 befitted from several product cycles. Stifel is modeling 2027 EPS view of USD 18.70, which is "meaningfully below" consensus.


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  Apple (AAPL) - The EU Commission found that Apple ads and Apple maps should not be designated under the Digital Markets Act.


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  Foxconn (HNHPF) - Foxconn revenue rose +35.5% in January, signalling demand for NVIDIA (NVDA) servers, Bloomberg reports. It reported USD 23bln revenue; comparisons may be skewed by Lunar New Year timing in 2025, and it projects a 28% sales rise for the three months ending March. It said AI rack shipments continue to increase and smart consumer electronics exceeded expectations, adding seasonal performance should be better than the past five years.


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  ByteDance, NVIDIA (NVDA) - The Trump administration is willing to approve licences for NVIDIA to sell H200 AI chips to ByteDance, but NVIDIA has not accepted proposed US conditions, including Know-Your-Customer requirements, Reuters reports.


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  OpenAI - OpenAI is expanding its enterprise push by hiring hundreds of staff for its technical consulting unit to help large companies build customised AI applications, according to The Information. The move aims to compete with Anthropic and precedes a planned new enterprise offering and a potential IPO in late-2026.


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  TSMC (TSM) - Plans to mass-produce advanced 3nm chips in Japan’s Kumamoto Prefecture, upgrading its second local fab and marking its most advanced manufacturing move in the country, DigiTimes reports. The company has notified the Japanese government, with equipment investment estimated at USD 17bln as part of its Japan expansion strategy.


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  Sony Group (SONY) - Sony reported a 22% profit increase in the quarter to December, and raised FY guidance, citing resilient entertainment demand. It now expects operating profit of JPY 1.54tln for the year through March (up from JPY 1.43tln), after quarterly operating income of JPY 515bln. It reported a 9-month net loss of JPY 409.7bln, oper. profit 1.28tln (prev. 1.06tln Y/Y), revenue JPY 9.44tln (prev. 9.23tln Y/Y). It raised its share buybacks to JPY 150bln (from JPY 100bln).


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  HP Inc (HPQ), Dell Technologies (DELL) - HP, Dell, Acer and Asus are considering sourcing memory chips from Chinese suppliers for the first time amid a global shortage, Nikkei reports. China’s CXMT is seen as a potential supplier as the crunch threatens launches and raises costs, according to sources.


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  Wolfspeed (WOLF) Q2 2026 (USD): EPS -5.78 (vs -2.88 Y/Y), Revenue 168.5mln (vs 180.5mln Y/Y). Completed the shutdown of the Durham 150mm device fab around one month ahead of schedule with production shifted to the 200mm Mohawk Valley fab; AI data centre exposure drove +50% Q/Q sequential revenue growth in mid- and high-voltage verticals; demonstrated 300mm silicon carbide wafer production capability in materials as a step toward markets beyond power devices. The CEO said the company is operating with discipline following its financial restructuring to maintain balance sheet strength while continuing disruptive innovation, adding that the new structure positions Wolfspeed to navigate near-term demand dynamics and scale for long-term growth. Sees Q3 revenue of 140-160mln (exp. 162.8mln).


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  Netgear (NTGR) Q4 2025 (USD): EPS 0.26 (exp. 0.05), Revenue 182.5mln (exp. 177.26mln); gross margin reached a record 41.2%, +920bps Y/Y, driven by strength in higher-margin Enterprise products and improved mix and cost performance in Consumer, with the company delivering profit in every quarter of the year. The CEO said the group exited 2025 with strong momentum, delivering its first year of revenue growth in five years and a fundamentally improved profitability profile, adding that continued investment in high-growth opportunities and software-led innovation underpins confidence in long-term value creation. Sees Q1 revenue of 145-160mln (exp. 167.34mln), including Service Provider and related product revenue of ~20mln (down around -35% Y/Y), with operating expenses expected to be slightly lower Q/Q, aided by a small transformation-driven restructuring.


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  Workday (WDAY) - Cutting roughly 2% of its workforce, or about 400 employees, primarily in customer-facing roles, with the move anticipated to help it invest in priority areas, Bloomberg reports. Workday will take charge of ~USD 135mln in Q4 relating to the job cuts.


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  Align Technology (ALGN) Q4 2025 (USD): EPS 3.29 (exp. 2.97), Revenue 1.05bln (exp. 1.03bln). Sees Q1 revenue at 1.01-1.03bln (exp. 1.01bln); Sees FY26 revenue growth of +3% to +4% Y/Y (exp. 4.19bln; vs 4.03bln in FY25).


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  PTC (PTC) Q1 2026 (USD): Adj. EPS 1.92 (exp. 1.56), Revenue 686mln (exp. 634mln); sees Q2 adj. EPS at 1.93-2.54 (exp. 1.97) and Q2 revenue at 710-770mln (exp. 689mln); raised FY26 adj. EPS view to 6.69-9.15 (exp. 7.84, prev. 6.49-8.95) and raised FY26 revenue view to 2.675-2.94bln (exp. 2.79bln, prev. 2.65-2.915bln); targeting USD 1.115-1.315bln in share repurchases in FY26.


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  Corpay (CPAY) Q4 2025 (USD): Adj. EPS 6.04 (exp. 5.94), Revenue 1.248bln (exp. 1.23bln); sees Q1 adj. EPS growth over 20%.


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  Zoom Communications (ZM) - Upgraded at Wolfe Research to 'Outperform' from 'Peer Perform' with a USD 115 PT. The company's growth is positioned to reaccelerate. The firm sees strength in Zoom's contract centre and phone business as well as upside in its "emerging" voice AI. Zoom's valuation prices the company as a low-growth "cash cow". Wolfe is seeing increasing evidence of accelerating growth at Zoom.

FINANCIALS

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  KKR & Co. (KKR) Q4 2025 (USD): Diluted EPS 1.16 (exp. 1.16), Revenue 5.74bln, Asset management segment revenue 1.64bln (exp. 1.78bln); AUM +17% to 744bln. Meanwhile, KKR is buying sports investment firm Arctos Partners for USD 1.4bln, marking its entry into sports investing and private equity secondaries. Arctos, which owns stakes in teams including Liverpool FC and manages more than USD 15bln, will form part of a new KKR Solutions unit.


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  Aflac Incorporated (AFL) Q4 2025 (USD): Adj. EPS 1.57 (exp. 1.69), Revenue 4.9bln (exp. 4.39bln). Chairman and CEO said the quarter and year delivered solid earnings, reflecting focused efforts to execute on the company’s strategy of creating long-term value for shareholders.


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  Intercontinental Exchange (ICE) Q4 2025 (USD): Adj. EPS 1.71 (exp. 1.67), Revenue 3.14bln (exp. 2.48bln); increased quarterly dividend by 8% to USD 0.52/shr.


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  MetLife (MET) - Q4 adj. EPS 2.49 (exp. 2.34), Q4 revenue USD 23.8bln (exp. 27.22bln).


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  Allstate (ALL) Q4 2025 (USD): Adj. EPS 14.31 (prev. 7.67 last year), Revenue 17.3bln (exp. 17.29bln); raised quarterly dividend to USD 1.08/shr from 1.00/shr and announced a USD 4bln share repurchase programme.


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  Globe Life (GL) Q4 2025 (USD): EPS 3.39 (exp. 3.44), Revenue 1.52bln (exp. 1.53bln); sees FY26 EPS at 14.95-15.65 (exp. 15.03).


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  Everest Group (EG) Q4 2025 (USD): EPS 13.26 (exp. 13.16), Revenue 3.86bln (exp. 3.91bln).


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  Ares Management (ARES) Q4 2025 (USD): Adj. EPS 1.45 (exp. 1.69), Revenue 1.50bln (exp. 1.33bln).


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  Banco Bilbao Vizcaya Argentaria (BBVA) - Reported Q4 profit in line with estimates, as higher lending income offset weaker fees and commissions. Net income +4.1% to EUR 2.53bln (exp. 2.54bln), while revenue increased 5.1%, driven by higher interest income.


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  BNP Paribas (BNPQY) - Reported a stronger-than-expected Q4 profit, and raised some mid-term targets. Net income for the three months through December was EUR 2.97bln (exp. 2.86bln), revenue EUR 13.1bln (exp. 12.9bln). Reaffirmed its 2024-26 targets and upgraded its FY28 view.

CONSUMER DISCRETIONARY

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  Amazon (AMZN) - Plans to use AI to speed up film and TV production, launching a closed beta of new tools in March with results expected by May. The company said humans will remain involved at every stage, aiming to cut costs and streamline processes without replacing creativity.


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  Ralph Lauren Corporation (RL) Q3 2026 (USD): EPS 5.82 (exp. 5.80), Revenue 2.4bln (exp. 2.31bln) FY26 guidance: Expects revenue to increase high-single to low-double digits (prev. 5-7%); Expects OM to expand c. 100-140bps (prev. 60-80bps); Maintains CapEx view of c. 4-5% of revenue. Q4 guidance Revenue to increase mid-single digits; OM to contract c. 80-120bps, due to increase in US tariffs and higher marketing spend.


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  Baidu (BIDU) - Said it will pay its first-ever dividend this year, and authorised a USD 5bln share buyback as part of its capital-return strategy.


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  Costco (CSOT) - January comparable sales +7.1%; net sales for the four weeks ended February 1 +9.3% to USD 21.33bln (from USD 19.51bln). For the first 22 weeks, net sales +8.5% to USD 123.16bln (from USD 113.55bln). Analysts at Roth Capital reiterated a Sell rating and USD 769 price target on Costco following its January sales data; said traffic deceleration continued, offset by improved transactions, while a surge in e-commerce reflected winter storm stock-up demand likely to reverse in February.


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  e.l.f. Beauty (ELF) Q3 2026 (USD): EPS 1.24 (exp. 0.72), Revenue 489.5mln (exp. 461.8mln); cited 130bps of market share gains for the e.l.f. Cosmetics brand, and a record-breaking rhode launch at Sephora in the UK. The CEO said results extend category-leading growth and reflect the strength of its value proposition, innovation and marketing engine, adding confidence in continued share gains. FY26 guidance was raised: sees EPS between 3.05-3.10 (prev. saw 2.80-2.85), and sees FY revenue at 1.60-1.612bln (exp. 1.57bln; prev. saw 1.55-1.57bln).


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  Crown Holdings (CCK) Q4 2025 (USD): Adj. EPS 1.74 (exp. 1.70), Revenue 3.13bln (exp. 2.99bln). The CEO said the company maintained strong momentum through Q4 to cap an excellent year, highlighting sustained growth across core segments. Sees Q1 adj. EPS at 1.70-1.80 (exp. 1.71); sees FY26 adj. EPS at 7.90-8.30 (exp. 8.22).


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  O’Reilly Automotive (ORLY) Q4 2025 (USD): EPS 0.71 (exp. 0.72), Revenue 4.414bln (exp. 4.39bln); comparable store sales +5.6%; SG&A exceeded expectations due to inflation in team member health care and casualty claim costs. The CEO reiterated focus on expense management amid cost pressures. Sees FY26 EPS between 3.10-3.20 (exp. 2.98), FY26 revenue of 18.7-19.0bln (exp. 17.76bln).


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  Volkswagen (VWAGY) - Volkswagen employees in Tennessee secured a 20% across-the-board pay rise under a tentative agreement with the UAW union, Bloomberg reports. The deal covers about 3,000 workers at the Chattanooga plant and includes improvements to healthcare, safety and job security, subject to member ratification.

MATERIALS

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  Barrick (B) Q4 2025 (USD): EPS 1.04 (exp. 0.82), Revenue 6bln (exp. 5.10bln); increased quarterly dividend by 140% to USD 0.42/shr. To proceed with the North American gold assets IPO. CEO: "We reported record quarterly cash flow, delivered on our gold and copper production guidance, and successfully executed our 2025 operating plan. These achievements contributed to record adjusted net earnings per share in 2025 and the highest shareholder returns in this company's history." 2026 production guidance: 2.90–3.25 million ounces of gold and 190,000–220,000 tonnes of copper.


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  Nippon Steel (NPSCY) - Nippon Steel shares fell overnight on reports it is considering selling up to JPY 500bln of convertible bonds, Reuters reports; a decision could come this month, but an exec later said nothing has been decided.


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  FMC Corporation (FMC) Q4 2025 (USD): Adj. EPS 1.20 (exp. 1.20), Revenue -12% Y/Y at 1.08bln (exp. 1.15bln), with price -6% mainly in Rynaxypyr, volume -1%, India a 6% headwind and FX a 2% tailwind. The company authorised exploration of strategic options and outlined 2026 priorities, including paying down USD 1bln of debt via asset sales and licensing (including the India commercial business), managing the post-patent transition for Rynaxypyr, improving legacy portfolio competitiveness, and advancing new actives (Isoflex, fluindapyr, Dodhylex and rimisoxafen). Sees Q1 adj. EPS between -0.44 and -0.33 (exp. 0.10), and sees Q1 revenue at 725-775mln (exp. 789.96mln), with Q1 adj. EBITDA of 45-55mln; margins are expected to be pressured by pricing, tariffs (around USD 20mln largely in Q1) and manufacturing cost timing. Sees FY26 adj. EPS at 1.63-1.89 (exp. 2.44), and FY26 revenue of 3.6-3.8bln (exp. 3.94bln).


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  Linde (LIN) - Q4 2025 (USD): Revenue 8.76bln (exp 8.64bln), Adj. EPS 4.20 (exp. 4.18), Adj. EBIT 2.60bln (exp. 2.56bln); outlook FY CAPEX 5-5.5bln.


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  Worthington Steel (WS) - Announced the start of acceptance period for all-cash tender offer of EUR 11.00/shr to shareholders of Kloeckner & Co SE. The acceptance period, during which Kloeckner & Co shareholders can tender their shares for an all-cash consideration of EUR 11.00 per share, commences today and ends on March 12, 2026. The offer provides Kloeckner & Co shareholders with an attractive opportunity to realise the value of Kloeckner at a significant premium of 98% to the undisturbed three-month volume-weighted average share price on December 5, 2025, subject to the terms and conditions set out in the offer document. Kloeckner & Co’s Management Board and Supervisory Board have stated that they welcome the offer and, subject to their review of the Offer Document, intend to recommend acceptance by Kloeckner's shareholders.

INDUSTRIALS

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  Carrier Global (CARR) Q4 2025 (USD): Adj. EPS 0.34 (exp. 0.36), Revenue 4.84bln (exp. 5.02bln); sees FY26 adj. EPS at 2.80 (exp. 2.88) and FY26 revenue of 22bln (exp. 22.61bln).


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  Cummins Inc. (CMI) Q4 2025 (USD): Adj. EPS 5.81 (exp. 5.20), Revenue 8.54bln (exp. 8.15bln), sees FY26 revenue up between 3-8%.


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  Snap-on (SNA) Q4 2025 (USD): EPS 4.94 (exp. 4.92), Revenue 1.23bln (exp. 1.24bln).


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  Blue Bird (BLBD) Q1 2026 (USD): Adj. EPS 1.00 (exp. 0.80), Revenue 333mln (exp. 326mln); backed FY26 revenue view of roughly 1.5bln (exp. 1.52bln).


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  American Superconductor (AMSC) Q3 2026 (USD): Net income 117.81mln, Revenue 74.5mln (exp. 69.03mln); sees non-GAAP EPS exceeding 0.17 (exp. 0.20) and sees Q4 revenue of 80mln (exp. 81.5mln).


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  Rockwell Automation (ROK) Q1 2026 (USD): Adj. EPS 2.75 (exp. 2.48), Revenue 2.11bln (exp. 2.08); narrowed FY26 adj. EPS view to 11.40-12.20 (exp. 12.02, prev. 11.20-12.20) and backed FY26 revenue view to 8.8bln (exp. 8.85bln).


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  Huntington Ingalls (HII) Q4 2025 (USD): EPS 4.04 (exp. 3.85), Revenue 3.476bln (exp. 3.1bln).


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  SpaceX - Considering making its own mobile device, Reuters reports citing sources.


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  CK Hutchison (CKHUY) - China is asking state-owned firms to pause talks on new Panama projects after the country voided CK Hutchison’s contract to operate two canal ports; Beijing also urged shipping companies to consider rerouting cargo, provided costs do not rise significantly.


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  Boeing (BA) - Boeing is cutting about 300 supply-chain jobs from its defence division and notifying affected employees this week, Bloomberg reports. Cuts span multiple US sites.


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  RTX (RTX) - Airbus' main aircraft production target hangs in the balance as the planemaker remains without a supply deal with engine maker Pratt & Whitney, Reuters reports, citing industry sources.


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  Associated British Ports - Canadian pension funds CPPIB and Omers are exploring sales of their stakes in Associated British Ports, in a process that could value the UK ports operator above GBP 10bln, FT reports. CPPIB owns 34% and Omers 33%, with Hermes also potentially selling, sources said.


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  Northrop Grumman (NOC) - Received a USD 249mln Air Force IDIQ contract for Joint Threat Emitter production and support for FMS countries.


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  Lockheed Martin (LMT) - Won a USD 249mln Navy IDIQ contract for SEWIP Block Two support.

ENERGY

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  Shell (SHEL) - Missed profit expectations as lower crude prices, weak oil trading and a struggling chemicals business offset slightly higher output. Q4 2025 (USD): EPS 0.57 (exp. 0.63), Q4 adj. net income -11% to USD 3.26bln (exp. 3.51bln); total oil and gas production increased +2% Y/Y mainly due to ramp-up in Canada; LNG liquefaction volumes +7% Y/Y due to lower maintenance across the portfolio, and LNG Canada ramp-up; maintained a USD 3.5bln quarterly share buyback.


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  ConocoPhillips (COP) Q4 2025 (USD): Adj. EPS 1.02 (exp. 1.07), adj. net income 1.3bln (exp. 1.35bln). Focused on driving a 1bln reduction in our capital and costs in 2026. Declared first-quarter 2026 ordinary dividend of 0.84 per share. Q1 2026 production is expected to be 2.30 to 2.34 MMBOED. Well-positioned to deliver the expected 7bln in incremental free cash flow by 2029, including 1bln each year from 2026 through 2028. Outlook FY capex 12.000bln.


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  Helmerich & Payne (HP) Q1 2026 (USD): EPS -0.15 (exp. 0.11), Revenue 1.02bln (exp. 988.5mln); delivered strong operational and financial performance across all segments, supported by solid execution across all major US basins and leading market share in the Permian; managed basin-level activity churn effectively, while FlexRobotics technology was successfully deployed for a super major in the Permian, with growing customer interest in additional fleet units and technology adoption now occurring on nearly every active rig, up Y/Y; International Solutions continued to progress global strategy, with rig reactivations underway in Saudi Arabia and startups expected by mid-2026.

HEALTHCARE

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  Novo Nordisk (NVO) - CEO told CNBC’s Mad Money that he is confident from a supply perspective for the Wegovy pill. Meanwhile, Hims and Hers (HIMS) said it will sell a copy of Novo's Wegovy pill at USD 49/mnth.


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  McKesson Corporation (MCK) Q3 2026 (USD): Adj. EPS 9.34 (exp. 9.27), Revenue 106.2bln (exp. 105.91bln); performance reflected strength across core pharmaceutical and healthcare distribution operations. The CEO said the company delivered another strong quarter, extending enterprise momentum and demonstrating disciplined execution, with results highlighting the strength of core distribution businesses and progress against strategic priorities. Raised FY26 EPS view to between 38.80-39.20 (exp. 38.68; prev. saw 38.35-38.85), including 0.09/shr related to YTD gains from McKesson Ventures’ equity investments.


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  Bristol-Myers Squibb Company (BMY) Q4 2025 (USD): Adj. EPS 1.26 (exp. 1.23), Revenue 12.5bln (exp. 12.28bln). Adj. EPS includes the net impact of -0.60 due to acquired IPR&D charges and licensing income. Sees 2026 revenue at 46-47.5bln (exp. 44.16bln) and 2026 adj. EPS of 6.05-6.35 (exp. 6.02).


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  Cardinal Health Inc. (CAH) Q2 26 (USD): EPS 2.63 (exp. 2.34), Revenue 65.6bln (exp. 65.08bln); raised FY adj. EPS view to 10.15-10.35 (exp. 10.02, prev. 10.00).


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  Merck (MRK) - Announced Health Canada approval of ENFLONSIA for prevention of RSV in new-borns and infants.


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  Cigna (CI) Q4 2025 (USD): Adj. EPS 8.08 (exp. 7.88), Revenue 72.47bln (exp. 69.08bln); sees FY26 adj. EPS at least at 30.25 (exp. 30.34) and FY26 revenue of 280bln (exp. 282.44bln); increased quarterly dividend to USD 1.56/shr from 1.51.


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  IQVIA (IQV) Q4 2025 (USD): Adj. EPS 3.42 (exp. 3.40), Revenue 4.36bln (exp. 4.08bln); sees FY26 revenue at 17.15-17.35bln (exp. 17.08bln).


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  STERIS (STE) Q3 2026 (USD): Adj. EPS 2.53 (exp. 2.53), Revenue 1.5bln (exp. 1.48bln); sees FY26 adj. EPS at 10.15-10.30 (exp. 10.21).


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  Qiagen (QGEN) Q4 2025 (USD): Adj. EPS 0.62 (exp. 0.62), Revenue 540mln (exp. 528.5mln). CEO said the company finished 2025 with disciplined execution, exceeding its Q4 outlook for sales and adj. EPS, adding that the strength of the portfolio positions Qiagen to deliver solid profitable growth despite a challenging environment.

UTILITIES

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  Xcel Energy (XEL) Q4 2025 (USD): Ongoing EPS 0.96 (exp. 0.96), Revenue 3.56bln (exp. 3.78bln); backed FY26 ongoing EPS view of 4.04-4.16 (exp. 4.11).


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  CMS Energy (CMS) Q4 2025 (USD): Adj. EPS 0.95 (exp. 0.94), Revenue 2.23bln (exp. 1.94bln); raised FY26 adj. EPS outlook to 3.83-3.90 (exp. 3.85, prev. 3.80-3.87).


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  WEC Energy (WEC) Q4 2025 (USD): Adj. EPS 1.42 (exp. 1.38), Revenue 2.54bln (exp. 2.19bln); reaffirmed FY26 EPS view of 5.51-5.61 (exp. 5.59).


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  Tepco - Tokyo Electric Power Co. plans to restart a nuclear reactor at its Kashiwazaki Kariwa plant early next week, after an electrical issue halted the process last month, Kyodo reports. The No. 6 reactor was restarted on 21st January, but stopped the following day.

CONSUMER STAPLES

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  Hershey Company (HSY) Q4 2025 (USD): Adj. EPS 1.71 (exp. 1.40), Revenue 3.09bln (exp. 2.98bln); raised FY adj. EPS view to 8.20-8.52 (exp. 7.07).


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  Estee Lauder Companies Inc. (EL) Q2 2026 (USD): EPS 0.89 (exp. 0.83), Revenue 4.2bln (exp. 4.22bln); raised FY26 EPS 2.03-2.23 (exp. 2.17) and sees FY revenue growth of 3-5% and organic net sales growth of 1-3%. Estee is raising its fiscal 2026 full-year outlook, reflecting solid performance in the fiscal 2026 first half while remaining cautious amid ongoing macroeconomic uncertainty and continued headwinds in key areas of its business. Accordingly, the Company is tightening the range on net sales and raising its outlook for adjusted diluted net earnings per common share and adjusted operating margin. Through Jan 30, 2026, Co approved initiatives totaling cumulative charges of USD 1.2bln & net reduction of over 6,000 positions . Growth in the Americas is expected to be flat in the FY while negative trends are expected to persist in the rest of Northern Asian travel retail.

REAL ESTATE

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  Crown Castle (CCI) Q4 2025 (USD): Adj. FFO 1.12 (exp. 1.07), Revenue 1.07bln (exp. 1.05bln); sees FY26 FFO at 4.38-4.49 (exp. 4.77).


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  AvalonBay (AVB) Q4 2025 (USD): FFO 2.85 (exp. 2.84); sees Q1 core FFO at 11.00-11.50 (exp. 11.58).


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  Mid-America Apartment (MAA) Q4 2025 (USD): FFO 2.23 (exp. 2.22), Revenue 555.56mln (exp. 556.79mln); sees FY26 core FFO 8.35-8.71 (exp. 8.67).

PREVIEW

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  PREVIEW - BANXICO POLICY ANNOUNCEMENT (19:00GMT/14:00EST): Banxico is expected to adopt a cautious stance at its February policy meeting. Minutes from its December confab point to support for a pause, with policymakers flagging trade uncertainty, new import tariffs and higher special taxes as near-term inflation risks, despite viewing their impact as largely temporary. Core inflation remains above target, while headline inflation has eased. Although December’s 25bps cut to 7.00% was justified by inflation progress, weak growth and a strong MXN, several argued for a wait-and-see approach. Analysts increasingly see a hold as the slightly more likely outcome, as the bank assesses whether these tax, tariff and wage shocks generate second-round effects, before resuming easing.

05 Feb 2026 - 13:50- EquitiesResearch Sheet- Source: Newsquawk