Early Look

Tuesday, February 24, 2026

U.S. futures are rebounding after sharp declines in financials, technology, consumer discretionary and industrials weighed on markets Monday, as ongoing fears of artificial intelligence (AI)-related disruption and the fallout from Friday's U.S. Supreme Court ruling on tariffs sent investors fleeing from high risk equities. Major averages all posted more than 1% declines on Monday ahead of a busy week of earnings (roughly 11% of the S&P reports including NVDA), and key inflation data late week with the PPI results. Defensive sectors including Consumer Staples, Healthcare and Utilities were the leaders on Monday along with precious metals (gold and silver) and a rally in bonds as Treasury yields slumped to monthly lows. Under the surface, the S&P 500 Software & Services Index, Banks Index, and the KBW Regional Banking Index were especially spooked, with all losing more than 4% each with many citing the sharp move in US tech linked to a negative AI report from Citrini Research. Focus today will be on AI yet again as Anthropic is hosting an event that focuses on enterprise Ai capabilities, particularly how Claude can integrate deeply into work (E.G., via features like Cowork and Plugins for teams in legal, sales, finance, data, etc.). Yesterday showed a few details including noting Claude code can automate COBOL modernization (which crushed IBM, CTSH, ACN shares), while also showed its new feature, Claude Code Security, is designed to detect high-severity vulnerabilities in open-source software repositories and offer patches to fix bugs (which crushed cyber security stocks PANW, CRWD, ZS, etc.) Each day a new sector appears to tumble on the impact of improved AI, at what point does the selling ease remains the question?

Asian markets shrugged off Wall Street’s AI wobble, with most bourses in the green as Japan returned from a long weekend and China reopened after the Lunar New Year break. In Asian markets, The Nikkei Index jumped 495 points to 57,321, the Shanghai Index reopened after a week-long holiday, climbing 35 points to 4,117, and the Hang Seng Index fell -491 points to 26,590. In Europe, the German DAX is down -34 points to 24,957, while the FTSE 100 is down -15 points to 10,668. Still no bounce for Bitcoin and on track for its steepest monthly drop since the industry suffered a slew of corporate collapses in 2022, sliding as much as 2.64% to $62,858, and was hovering around $63,100 in early morning in New York. It’s now down more than 19% in February. Reminder President Trump’s State of the Union address is tonight. Dollar strength early coincided with a pullback in precious metals after gold, which had gained over 7% across the previous four session slides -0.6% to $5,193 an ounce.

• The Dow Jones Industrial Average fell -821.91 points, or 1.66%, to 48,804.06
• The Nasdaq Composite dropped -258.80 points, or 1.13%, to 22,627.27
• The Russell 2000 Index declined -42.79 points, or 1.61% to 2,620.99

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:00 AM ET                   Monthly Home Price Index M/M for December
• 9:00 AM ET                   CaseShiller 20-city Index, for December…est. +0.3%
• 10:00 AM ET                 Consumer Confidence for February…est. 87.0
• 10:00 AM ET                 Richmond Fed Index for February…prior (-6)
• 10:00 AM ET                 Wholesale Inventory M/M for December
• 1:00 PM ET US Treasury to sell $69B in 2-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: ABCL AMC ATEC ATRO AXON BBIO BXC CAVA CCC CDNA CLNE CORT CSGP CWH CYTK DAWN EOH EVH EXLS EXPI FLYW FSLR GDDY GMED GPOR HPQ HURN IPAR JAZZ LAB LCID LTC MATX MELI MMSI MOS MQ MTDR NVTS O PARR PCVX PRCT PSTL RCKY REZI RRC RVLV SEI SKT SPXC SUI SUPN TALO TEM TMDX TREX UIS UVE VRRM WDAY ZETA

• Global Alts Miami 2026, 2/23-2/26, in Miami Beach, FL
• Cantor 2026 Annual San Diego Biotech Bus Tour, 2/24-2/26
• TD Cowen 3rd Annual Glowing Ahead Summit: Beauty's Evolution & Longevity as Luxury, 2/24-2/25, in New York

• WSJ reported the Trump administration is weighing new national security tariffs on sectors such as large-scale batteries and power grid and telecom equipment under Section 232, separate from Trump’s other post–Supreme Court levies

• ACV Auctions (ACVA) Q4 EPS ($0.11) vs est ($0.12), adj EBITDA $8Mm vs est $5.859Mm on revs $183.6Mm vs est $181.96Mm; guides FY revs $845-855Mm vs est $849.57Mm and adj EBITDA $73-77Mm vs est $76.46Mm.
• Bed Bath & Beyond (BBBY) Q4 EPS loss of (-$0.30) beats estimates loss (-$0.59) and revs fell -9.9% y/y to $273M above ests $264M; Q4 gross profit was $67M, or 24.6% of net revenue, a 160 bps improvement y/y; Q4 sales and marketing expense was $38M, or 13.8% of net revenue, a 350 bps improvement y/y; sees FY26 revenue trends up low-mid single digits, while maintaining disciplined margin and expense management.
• Booking Holdings (BKNG) was upgraded to Overweight (from EW) at Morgan Stanley and lower tgt to $5,500 from $6,150 as they acknowledge GenAI is going to create new products, use cases and behavior change within online travel, but says early agentic travel products are developing differently than expected in some ways.
• Ford (F) is recalling 412,774 Explorer SUVs in the U.S., citing an issue with rear suspension toe links, which may fracture, leading to a loss of steering control, the U.S. National Highway Traffic Safety Administration said.
• Planet Fitness (PLNT) Q4 PS $0.83 vs. est. $0.79; Q4 revs rose 10.5% y/y to $376.3M vs. est. $367.9M; System-wide same club sales increased 5.7%, contributing to revenue growth; projects 180 to 190 new club openings in 2026; expects 2026 revenue to increase approximately 9% and sees FU26 adjusted EBITDA to rise by about 10%.
• Whirlpool (WHR) shares slide, on track to fall for eighth consecutive session, if losses hold after the company launched public offerings of common stock and 3-yr mandatory convertible preferred stock for anticipated $800M raise.

• Consolidated Edison (ED) announces offering of 7M common shares.
• Diamondback Energy (FANG) Q4 adj net income $499M vs $595M est.; Q4 adj EPS $1.74 vs $2.08 est.; raises annual dividend by 5% to $4.20 per share; guides FY26 Oil Production 500–510 Mbo/d and  FY2026 Cash Capex: $3.6B to $3.9B; raises share repurchase by $1B.
• ONEOK (OKE) Q4 EPS $1.55 vs. est. $1.53; Q4 adj Ebitda $2.145B vs. est. $2.171B; guides 2026 net income midpoint $3.45B and EPS midpoint $5.45 (vs. est. $5.84); guides year capex $2.7B-$3.2B for year; said guidance also includes about $150 mln of incremental commercial and cost synergies related to acquisitions.
• Viper Energy (VNOM) increases share repurchase authorization by $1B and increases base dividend 15% to $1.52 per share annually; Q4 EPS (61c) vs $2.04 last year and reports Q4 2025 average production of 66,413 MBO/D while sees Q1 net production 62.5-64.5M MBOE/D.

• Canaan (CAN) has acquired Cipher Mining's (CIFR) 49% equity interest in the joint venture comprising Alborz LLC, Bear LLC, and Chief Mountain LLC - collectively, the ABC Projects. Following the acquisition, the company now owns a 49% stake in the ABC Projects. The total consideration for the transaction is approximately $39.75M
• EverQuote Inc. (EVER) Q4 EPS $1.54 tops consensus on revs $195.32M vs. est. $176.82M; Q4 adj Ebitda $25.1M vs. est. $22.1M; sees Q1 revenue $175M-$185M, vs. consensus $192.92M and sees Q1 adj EBITDA of $23.5M-$26.5M; Q4 Revenue in home and renters insurance vertical increased 37% to $15.4M and revs in the automotive insurance vertical rose 32% to $179.9M.
• Skyward Specialty Insurance (SKWD) Q4 adj EPS $1.17 vs est $1.02, adj Outperform Inc $48.9Mm vs est $42.36Mm on gross written premiums $439.5Mm vs est $434.92Mm, combined ratio 88.5%.

• Hims & Hers Health (HIMS) Q4 EPS $0.08 vs. est. $0.19 and revs $617.82M vs. est. $617.25M; sees Q1 revenue $600M-$625M, below consensus $652.59M and sees Q1 adjusted EBITDA $35M-$55M; reported a 13% increase in subscribers in 2025; sees FY26 revenue $2.7B-$2.9B, vs. consensus $2.71B.
• Natera, Inc. (NTRA) announced results from the SINERGY trial, a Phase 2 study in recurrent or metastatic head and neck squamous cell carcinoma (R/M HNSCC). Data was recently presented in an oral plenary at the 2026 MHNCS. The study met its primary endpoint (objective response rate).
• Tandem Diabetes Care (TNDM) announces private offering of $200 mln convertible bonds due 2032; said plans to use net offering proceeds for acquisitions or strategic investments, working capital, opex and capex.
• Tarsus Pharmaceuticals (TARS) reports Q4 EPS (20c) vs. consensus loss (13c); Generated full-year 2025 net product sales of XDEMVY® of $451.4M, an increase of more than 150% y/y; providing expected XDEMVY peak sales potential of more than $2 billion.
• Vir Biotechnology (VIR) was upgraded to Strong Buy from Outperform at Raymond James and raised tgt to $19 from $12 after Vir Biotechnology released multiple updates, including full ASCO GU data for VIR-5500, a new partnership with Astellas (ALPMY) featuring $335M in upfront and near-term payments plus a 50/50 U.S.

• BWX Technologies (BWXT) Q4 adj EPS $1.08 vs est $0.88, adj EBITDA $147.5Mm vs est $146.4Mm on revs $885.8Mm vs est $847.47Mm; guides FY revs about $3.75B vs est $3.673B, adj EBITDA $645-660Mm vs est $651.43Mm and adj EPS $4.55-4.70 vs est $4.28.
• CECO Environmental (CECO) announces strategic $2.2B combination with Thermon Group (THR), creating a global industrial leader in delivering mission-critical environmental and thermal solutions; Thermon shareholders offered cash, stock, or mixed consideration, deal valued around $63.13
• Forward Air (FWRD) Q4 EPS ($0.91 vs est ($0.26), adj EBITDA $76.628Mm vs est $70.35Mm on revs $631.2Mm vs est $629.46Mm.
• Kratos Defense & Security (KTOS) Q4 adj EPS $0.18 vs est $0.16, adj EBITDA $34.1Mm vs est $32.36Mm on revs $345.1Mm vs est $327.79Mm; guides Q1 revs $335-345Mm vs est $347.64Mm, adj EBITDA $25-30Mm vs est $32.79Mm; sees FY revs $1.595-1.675B vs est $1.6B and adj EBITDA $157-167Mm vs est $158.46Mm.
• Primoris Services (PRIM) Q4 adj EPS $1.08 vs est $0.99, adj EBITDA $108.2Mm vs est $105.3Mm on revs $1.9B vs est $1.815B; guides FY adj EBITDA $560-580Mm vs est $568.34Mm and adj EPS $5.80-6.00 vs est $5.89.
• Quaker Chemical (KWR) Q4 adj EPS $1.65 vs est $1.77, adj EBITDA $71.861Mm vs est $72.8Mm on revs $468.478Mm vs est $466.08Mm.

• Apple (AAPL) will start building Mac mini desktop computers in Houston later this year as part of a push to do more manufacturing in the US, Bloomberg reports.
• Intel (INTC) partners with AI chip startup SambaNova after acquisition talks reportedly failed. Intel is participating in a $350M investment in artificial intelligence chip startup SambaNova and is also partnering with the startup
• Keysight Technologies (KEYS) shares rise; Q1 adj EPS $2.17 vs est $2.00 on revs $1.6B vs est $1.54B; guides Q2 revs $1.69-1.71B vs est $1.508B and adj EPS $2.27-2.33 vs est $1.94.
• MediaAlpha (MAX) Q4 EPS $0.50 vs. est. $0.24; Q4 revs $291.155M vs. est. $296.42M; sees Q1 revenue $285M-$305M, above consensus $273.22M; doubles share repurchase authorization to $100M; guides FY adj EBITDA between $29.5M-$31.5M, representing a 4% y/y increase at the midpoint of the guidance range.
• Paramount Skydance (PSKY) submitted a higher offer for Warner Bros Discovery (WBD), a source told Reuters, ratcheting up efforts to derail the HBO Max owner's deal with Netflix (NFLX)
• Super Group (SGHC) Q4 adj EBITDA $139Mm vs est $134.52Mm on revs $578.3Mm vs est $566.42Mm; guides FY revs greater than 2.55B vs est $2.439B.
• Ultraclean Holdings (UCTT) Q4 adj EPS $0.22, in-line with consensus and Q4 revs $506.6M vs. est. $503.34M; sees Q1 adjusted EPS $0.18-$0.34 18c-34c and revs $505M-$545M

Mid-Morning Look

Tuesday, February 24, 2026

U.S. stocks are posting a solid bounce following sharp declines on Monday after weakness in tech, financials and consumer discretionary sunk markets following another rough AI-driven selloff. Early on Tuesday, semiconductors, software and consumer discretionary stocks are leading the gains, but financials are again among the top decliners. The market mood is being driven by a myriad of uncertainties that weigh on investor sentiment against a backdrop that is expected to include policy accommodation by the Fed and a resilient economy and American consumer. Such uncertainties include geopolitical concerns with Iran being a big concern as well as corporate uncertainties include tariff uncertainties and the seemingly unpredictable disruption caused by AI innovation to legacy business models. Precious metal prices seeing a pullback after strong gains Monday but no lift in beaten up Bitcoin prices dropping below $63,000 this morning. Bonds remain strong as yields are lower. Also, a very busy day of Fed speakers weighing in on rates, the economy and AI impact today (Goolsbee, Collins, Bostic, Waller). Chicago Fed President Austan Goolsbee said earlier the U.S. economy has stopped making progress on inflation and urged the Federal Reserve to pay attention.

In stock news, a busy morning of earnings including a beat by Dow component Home Depot (HD) lifting shares, but all eyes on Wall Street focused on livestream by Anthropic as the AI lab unveiled 10 new ways for business customers to plug in its technology to key areas of their work, weeks after other releases sparked an aggressive selloff of traditional software company shares. The company said its plug-ins could now help with investment banking tasks like reviewing deals, wealth-management tasks such as portfolio analysis and human resource-related tasks such as making new-hire materials reflect a brand's tone and policies. Other items that Anthropic touted included plug-ins for private equity, engineering and design. Markets choppy to start with an initial bounce in some software names, which have been among the biggest AI risk casualties in 2026 on Ai impact concerns.

• Richmond Fed composite manufacturing index -10 in Feb vs -6 in January and Richmond Fed manufacturing shipments index -13 in Feb vs -5 in January.
• Dec wholesale inventories unrevised at +0.2% (est. +0.2%); U.S. Dec wholesale sales +1.0%; U.S. Dec wholesale sales +1.0% vs Nov +1.4% (prev +1.3%); U.S. Dec stock/sales ratio 1.27 months' worth vs Nov 1.28 months.
• The FHFA House Price Index rose less than expected in December, while the S&P Cotality Case-Shiller Home Price Index rose more than forecast in the same month.

• In Pipelines/LNG: Morgan Stanley said with the global LNG market set to move into oversupply, they shift their US industry view to Cautious from In-Line, initiate on VG at Underweight with an $8 PT saying elevated commodity exposure brings risks as the LNG market weakens, and downgrade LNG to Equal-weight as see limited direct pricing exposure, but shares trading near fair value ex-growth. OKE reported Q4 EPS $1.55 vs. est. $1.53; Q4 adj Ebitda $2.145B vs. est. $2.171B; guides 2026 net income midpoint $3.45B and EPS midpoint $5.45 (vs. est. $5.84). DTM was downgraded to Hold from Buy at Stifel saying valuation reflects robust opportunity.
• Home Appliances/Furnishing: WHR shares fell for eighth consecutive session after the company launched public offerings of common stock and 3-yr mandatory convertible Preferred stock for anticipated $800M raise. BBBY reported smaller Q4 EPS loss of (-$0.30) beats estimates loss (-$0.59) and revs fell -9.9% y/y to $273M above ests $264M; Q4 gross profit was $67M, or 24.6% of net revenue, a 160 bps improvement y/y; Q4 sales and marketing expense was $38M, or 13.8% of net revenue, a 350 bps improvement y/y; targets 25% gross margin and low- to mid-single-digit revenue growth in 2026 as integration accelerates

• HD +3%; reported better Q4 results across the board but so-so guidance; Q4 Revenue fell -3.8% y/y to $38.20B vs. est. $38.21; Q4 adj EPS $2.72 vs. est. $2.55; Q4 comp sales rose +0.4% vs. est. -0.36%; raises quarterly dividend 1.3% to $2.33 per share; guides FY26 adjusted EPS flat to up 4%.
• INTU +3%; as partners with Anthropic to bring trusted financial Intelligence and custom Ai agents to consumers and businesses; Intuit to provide financial expertise to Claude users.
• KEYS +19%; shares jumped as Q1 came in higher than expected with Q2 guiding to another strong Q of topline. Record Wireline orders surpassed Wireless for the first time with demand from both R&D and manufacturing as Ai is driving near-term growth, with help from Defense, Semis and even Wireless
• LRMR +34%; after saying the FDA granted a breakthrough designation for its experimental therapy Nomlabofusp, a protein replacement therapy for the treatment of adults and children with the neurodegenerative disorder, Friedreich's ataxia; the co plans to submit marketing application for Nomlabofusp by June.
• SGHC +8%; delivered FY25 results ahead of expectations, with AEBITDA exceeding consensus by +1% in 4Q and finishing the year modestly above consensus levels, reflecting sustained operating leverage and strong casino-led mix despite sports hold volatility late in the year. Initial 2026 guidance was introduced above consensus.
• THR +8%; as CECO announces strategic $2.2B combination with THR, creating a global industrial leader in delivering mission-critical environmental and thermal solutions; Thermon shareholders offered cash, stock, or mixed consideration, deal valued around $63.13.
• TRI +10%; shares jumped early after Reuters says using Anthropic Ai agents.
• UCTT +8%; posted mixed Q4 results but issued strong Q126 guidance and a robust 2026 outlook, implying +15-20% revenue growth, which sent shares higher.
• VIR +34%; signed a collaboration deal with Astellas Pharma after the co reported promising first-phase results for its drug, VIR-5500, in patients with prostate cancer. Fourteen of 17 patients showed at least a 50% reduction in prostate-specific antigen, or PSA. Nine patients showed at least a 90% decrease in PSA.

• HIMS -6%; was downgraded to Neutral at BTIG citing disappointing Q4:25 earnings results, a weak Q1:26 guide, slowing revenue growth, and increased legal and regulatory risk. BTIG's primary concern is that even though HIMS stated that there will be a ~$65M revenue headwind in Q1:26 due to 503A "shipping cadences”.
• KTOS -5%; Q4 adj EPS $0.18 vs est $0.16, adj EBITDA $34.1Mm vs est $32.36Mm on revs $345.1Mm vs est $327.79Mm driven by strength in defense rocket systems, microwave products, and its space, training, and cyber business, but shares slipped after guides Q1 revs $335-345Mm vs est $347.64Mm
• PLNT -8%; after posting better quarterly results but said it expects to grow adj EPS between 9% and 10% in 2026, missing the 15% consensus and guided year revs to climb roughly 9% over the coming year, slightly below the 10% consensus and comps expected to climb 4% to 5% vs. est. 6.2%.
• TARA -18%; shares fall after saying its bladder cancer therapy, TARA‑002, showed 68% of patients had no signs of cancer at six months, but only 33% at 12 months, in an ongoing mid-stage trial. The six-month data was based on 22 evaluable patients, while only 15 patients were evaluable at the 12-month mark.
• WHR -7%; on track to fall for eighth consecutive session, if losses hold after the company launched public offerings of common stock and 3-yr mandatory convertible Preferred stock for anticipated $800M raise.

Closing Recap

Tuesday, February 24, 2026

U.S. stocks opened in positive territory and climbed all day in a big rebound from Monday’s AI related concerns hitting tech/financials, as the Dow recovered about half of its prior day losses, the S&P 500 neared the 6,900 level, while the Nasdaq outperformed. Fed speakers were out in force today with Goolsbee, Waller, and Cook all speaking as Goolsbee called the low hiring dynamic a warning flag but 3% PCE is not good enough with more cuts requiring improvement on inflation. Waller pushed back on the Citrini Research piece which helped undermine stocks yesterday saying he doesn’t believe AI will substantially displace white-collar work and won’t completely take humans out of the picture. Economic data was plentiful with Consumer Confidence jumping, while Richmond Fed manufacturing slipped (all ahead of Friday PPI inflation reading). Markets traded sideways most of the afternoon, holding their early strong gains ahead of President Trump’s State of the Union address this evening. Wall Street also eagerly awaits Nvidia (NVDA) earnings tomorrow night. Software stocks rebounded today along with private equity names after credit exposure in tech related investments has caused consternation for some. The big factor hitting stocks on Monday was an essay from Citrini Research, published on Sunday, that imagines a future in which AI devastates the economy. It reads a little like the outline of a dystopian science-fiction novel in which AI comes for everyone's job. Debt that might go unpaid by software or financial technology companies brings on a financial crisis like the one the world struggled through in 2008 and 2009. Market breadth was strong today with 9 of 11 S&P sectors ending higher.

• Richmond Fed composite manufacturing index -10 in Feb vs -6 in January and Richmond Fed manufacturing shipments index -13 in Feb vs -5 in January.
• Dec wholesale inventories unrevised at +0.2% (est. +0.2%); U.S. Dec wholesale sales +1.0%; U.S. Dec wholesale sales +1.0% vs Nov +1.4% (prev +1.3%); U.S. Dec stock/sales ratio 1.27 months' worth vs Nov 1.28 months.
• The FHFA House Price Index rose less than expected in December, while the S&P Cotality Case-Shiller Home Price Index rose more than forecast in the same month.

• Gold prices retreated from three-week highs reached yesterday amid profit‑taking and a firmer dollar which pressured prices, while markets await clarity on U.S. tariff plans and the outcome of talks between Washington and Iran. April gold prices fell -$49.30 or 0.94% to settle at $5,176.30 an ounce, while March silver prices rebounded to finish higher $0.93, or 1.08% settling at $87.51 per barrel. Bitcoin prices rebounded off lows, but still no bounce holding around $64,500 late in the day.

• Ford (F) is recalling 412,774 Explorer SUVs in the U.S., citing an issue with rear suspension toe links, which may fracture, leading to a loss of steering control, the U.S. National Highway Traffic Safety Administration said.

• Home Appliances: WHR shares fell for eighth consecutive session after the company launched public offerings of common stock and 3-yr mandatory convertible Preferred stock for anticipated $800M raise.
• Home Furnishings: BBBY reported smaller Q4 EPS loss of (-$0.30) beats estimates loss (-$0.59) and revs fell -9.9% y/y to $273M above ests $264M; Q4 gross profit was $67M, or 24.6% of net revenue, a 160 bps improvement y/y; targets 25% gross margin and low- to mid-single-digit revenue growth in 2026 as integration accelerates

• Casinos & Gaming: SGHC shares jumped after reported Q425 revenue of 578M (+2% vs consensus) and EBITDA of $139M, or +1% vs consensus expectations as results follow preliminary estimates released on 1/22, whereby the company reiterated Q425 revenue of $567M at the midpoint and EBITDA of $140M.
• Travel & Lodging: BKNG was upgraded to Overweight at Morgan Stanley and lower tgt to $5,500 from $6,150 as they acknowledge GenAI is going to create new products, use cases and behavior change within online travel, but says early agentic travel products are developing differently than expected in some ways.

• In Pipelines/LNG: Morgan Stanley said with the global LNG market set to move into oversupply, they shift their US industry view to Cautious from In-Line, initiate on VG at Underweight with an $8 PT saying elevated commodity exposure brings risks as the LNG market weakens, and downgrade LNG to Equal-weight as see limited direct pricing exposure, but shares trading near fair value ex-growth. OKE reported Q4 EPS $1.55 vs. est. $1.53; Q4 adj Ebitda $2.145B vs. est. $2.171B; guides 2026 net income midpoint $3.45B and EPS midpoint $5.45 (vs. est. $5.84). DTM was downgraded to Hold from Buy at Stifel saying valuation reflects robust opportunity.
• In Oil & Gas E&P: FANG reported adj EBITDA of $2.021B, below consensus of $2.19B as oil volumes were at the high end of the range but in-line with expectations/EBITDA margins of 68% compared to benchmark 69% estimate as cash costs were slightly ahead of forecast on the 4Q sale of the water handling business (raised dividend and increase share buyback by $1B). VNOM increases share repurchase authorization by $1B and increases base dividend 15% to $1.52 per share annually; Q4 EPS (61c) vs $2.04 last year and reports Q4 2025 average production of 66,413 MBO/D while sees Q1 net production 62.5-64.5M MBOE/D.
• In Solar: FSLR to report earnings tonight after the close. The U.S. Commerce Department announced anti-subsidy countervailing duties on solar cells and panels imported by companies in India, Indonesia and Laos. According to a fact sheet posted on the Commerce Department's website, the agency calculated general subsidy rates of 125.87% for imports from India, 104.38% for imports from Indonesia, and 80.67% for imports from Laos. The three nations last year accounted for $4.5 billion in solar imports, about two thirds of the 2025 total, according to government trade data.

• In Insurance: BHF reported Q4 miss as adj EPS $3.93 misses consensus of $5.22; Q4 revs were $1.69B; Q4 adj net income $227M vs. est. $291.5M; did not provide specific guidance for future quarters or years.
• Financial Services: INTU and Anthropic partner to bring trusted financial Intelligence and custom Ai agents to consumers and businesses; Intuit to provide financial expertise to Claude users. TRI shares jumped early after Reuters says using Anthropic Ai agents.
• In Crypto: CAN acquired CIFR’s 49% equity interest in the joint venture comprising Alborz LLC, Bear LLC, and Chief Mountain LLC - collectively, the ABC Projects for about $39.75M.
• In Payments: Stripe valuation soars to $159 billon in latest share sale, according to the Financial Times. Separately late day, Bloomberg reported that Stripe is considering an acquisition of all or Parts of PYPL saying it has expressed preliminary interest (sending shares of PYPL higher).

• APLS Q4 product revenue of $190M, driven by SYFOVRE sales; net income for 2025 was $22M, compared to a net loss in 2024; said plans regulatory submission for SYFOVRE prefilled syringe in 2026; SYFOVRE saw a 17% increase in injections y/y, maintaining market leadership in geographic atrophy.
• BMRN Q4 total revenue of $875M came in above ours/cons estimates of $824/834M, helped by a one-time large ex-US order of Voxzogo. Company guided to 2026 total revenue of $3.325–3.425B excluding post-close contributions from Amicus, with $975-1,025M for Voxzogo (+8% Y/Y at midpoint).
• FULC shares volatile after providing an update on 12-week results from the 20 mg dose cohort of the Phase 1B Pioneer trial of Pociredir in Sickle Cell Disease, with mean absolute fetal hemoglobin (HbF) increased by 12.2% (from 7.1% to 19.3%) at Week 12 (n=12).
• HIMS was downgraded to Neutral at BTIG citing disappointing Q4:25 earnings results, a weak Q1:26 guide, slowing revenue growth, and increased legal and regulatory risk. BTIG's primary concern is that even though HIMS stated that there will be a ~$65M revenue headwind in Q1:26 due to 503A "shipping cadences”.
• IOVA shares rose after Q4 revenue grew 30%, driven by Amtagvi demand (with U.S. revenue reaching ~$65M), net loss for Q4 missed analyst expectations but operating loss for Q4 beat analyst estimates; Gross margin increased to 50% due to cost optimization and operational improvements.
• LRMR said the FDA granted a breakthrough designation for its experimental therapy Nomlabofusp, a protein replacement therapy for the treatment of adults and children with the neurodegenerative disorder, Friedreich's ataxia; the co plans to submit marketing application for Nomlabofusp by June
• NTRA announced results from the SINERGY trial, a Phase 2 study in recurrent or metastatic head and neck squamous cell carcinoma (R/M HNSCC). Data was recently presented in an oral plenary at the 2026 MHNCS. The study met its primary endpoint (objective response rate).
• OFIX Q4 net sales slightly beat analyst expectations as did adjusted EBITDA for Q4; said expects 2026 net sales between $850M-$860M; reported 10% growth in net sales for Global Spine Fixation, driven by commercial channel optimization.
• SMMT reported 4Q results, where the focus remains on the global Ph3 HARMONi-3 study of ivonescimab (IVO, a PD1xVEGF bispecific) in frontline non-small cell lung cancer (NSCLC), and SMMT announced a protocol amendment for the squamous cohort to newly include an interim progression-free survival (PFS) analysis in 2Q - timelines for the final PFS and interim overall survival (OS) analysis in 2H remain unchanged.
• TNDM announces private offering of $200 mln convertible bonds due 2032; said plans to use net offering proceeds for acquisitions or strategic investments, working capital, opex and capex.
• TARA shares fall after saying its bladder cancer therapy, TARA‑002, showed 68% of patients had no signs of cancer at six months, but only 33% at 12 months, in an ongoing mid-stage trial. The six-month data was based on 22 evaluable patients, while only 15 patients were evaluable at the 12-month mark.
• VIR signed a collaboration deal with Astellas Pharma featuring $335M in upfront and near-term payments plus a 50/50 U.S after the Co reported promising first-phase results for its drug, Vir-5500, in patients with prostate cancer. Fourteen of 17 patients showed at least a 50% reduction in prostate-specific antigen, or PSA. Nine patients showed at least a 90% decrease in PSA

• Industrial Equipment: CECO announces strategic $2.2B combination with THR, creating a global industrial leader in delivering mission-critical environmental and thermal solutions; Thermon shareholders offered cash, stock, or mixed consideration, deal valued around $63.13.
• In E&C Sector: PRIM shares fell on mostly better earnings while guidance was mixed given the Q4 beat as Q4 adj EPS $1.08 vs est $0.99, adj EBITDA $108.2Mm vs est $105.3Mm on revs $1.9B vs est $1.815B; guides FY adj EBITDA $560-580Mm vs est $568.34Mm and adj EPS $5.80-6.00 vs est $5.89.
• In Aerospace & Defense: KTOS Q4 adj EPS $0.18 vs est $0.16, adj EBITDA $34.1Mm vs est $32.36Mm on revs $345.1Mm vs est $327.79Mm driven by strength in defense rocket systems, microwave products, and its space, training, and cyber business, but shares slipped after guides Q1 revs $335-345Mm vs est $347.64Mm, adj EBITDA $25-30Mm vs est $32.79Mm. Chinese drone maker DJI said it has filed suit challenging the FCC decision to bar imports of all of its new models and critical components including from China's DJI and Autel.
• In Metals & Mining: RIO was downgraded to Equal weight from Overweight at Barclays reflecting headwinds from iron Ore seasonality, tightest valuation spread vs BHP since 2020, asset sale catalysts unlikely to surprise positively, potential for copper M&A and no separation of Io likely (shares were cut at Goldman Sachs yesterday).

• Electronic Equipment & Parts: KEYS shares jumped as Q1 came in higher than expected with Q2 guiding to another strong Q of topline. Record Wireline orders surpassed Wireless for the first time with demand from both R&D and manufacturing as Ai is driving near-term growth, with help from Defense, Semis and even Wireless.
• IT Services & Consulting: ADEA  delivered record quarterly revenue and profits through successfully defending its patent suit with Disney. The 2026 revenue guidance mid-point suggest ~15% Y/Y growth when excluding the nonrecurring payment from the Disney suit.
• Software: MSFT announced a new collaboration with Starlink to help reach rural and hard-to-connect areas, with an early example in Kenya.

• Memory stocks slid late (SNDK, WDC, MU). Earlier, Citron Research said they were shorting SNDK, claiming the NAND/memory chip cycle has peaked like in 2008, 2012, and 2018. Samsung, the market leader, is shifting to premium SSDs with cheaper tech to grab SanDisk's customers and prioritizes share over margins.
• INTC partners with AI chip startup SambaNova after acquisition talks reportedly failed. Intel is participating in a $350M investment in artificial intelligence chip startup SambaNova and is also partnering with the startup
• QCOM was upgraded to Equal Weight at Wells Fargo (tgt to $150 from $135) as thinks details on Qualcomm's data center strategy and partnership announcements have the potential to drive a positive sentiment shift in the shares. Wells sees a $5B-$7B per year revenue opportunity for Qualcomm in 2027.
• UCTT posted mixed Q4 results but issued strong Q126 guidance and a robust 2026 outlook, implying +15-20% revenue growth, which sent shares higher.

Street Recommendations

Tuesday, February 24, 2026

• GOSS Barclays double downgraded Gossamer Bio to Underweight from Overweight with a price target of 30c, down from $9. The company's Phase 3 pulmonary arterial hypertension highlights the challenges of drug development, the analyst tells investors in a research note. The firm says challenges for Gossamer with a debt balance higher than its current cash. Meanwhile, a potential FDA decision on approval is 18 months away, Barclays points out.
• CAH Barclays raised the firm's price target on Cardinal Health to $258 from $243 and keeps an Overweight rating on the shares. The firm upped estimates to reflect strength across Cardinal's business. The company's guidance and consensus estimates "remain in a reasonable place," the analyst tells investors in a research note.
• CPK Barclays analyst Nicholas Campanella lowered the firm's price target on Chesapeake Utilities to $140 from $141 and keeps an Equal Weight rating on the shares as part of a Q4 preview. The firm reduced estimates to reflect the company's depreciation study headwind.
• IDA Barclays analyst Mike Lonegan raised the firm's price target on Idacorp to $149 from $144 and keeps an Overweight rating on the shares post the Q4 report. The company offers "industry-leading" rate base growth with upside potential, the analyst tells investors in a research note. The firm views Idacorp's valuation as attractive at current share levels.
• KEYS Barclays analyst Tim Long raised the firm's price target on Keysight Technologies to $320 from $232 and keeps an Overweight rating on the shares. The company's fiscal Q1 beat estimates with Q2 being guided to another quarter of strong sales, the analyst tells investors in a research note. The firm says Keysight's record wireline orders surpassed wireless for the first time.

• SYF BofA is removing Synchrony Financial (SYF) from the firm's "US 1 List," which represents the best investment ideas drawn from the Buy-rated, U.S.-listed stocks covered by the firm's equity research analysts.
• BMRN BofA lowered the firm's price target on BioMarin to $97 from $102 and keeps a Buy rating on the shares. The firm's lowered target reflects competitive headwinds to Voxzogo partly offset by risk-adjusted sales from label expansion into the hypochondroplasia indication, the analyst tells investors.
• TNDM BofA raised the firm's price target on Tandem Diabetes to $35 from $30 and keeps a Neutral rating on the shares. The firm, which rebuilt its revenue model to now reflect the pay-as-you-go and pharmacy channel dynamics, thinks there's still some risk with the transition, but feels "better about the 2027+ upside opportunity," the analyst tells investors.
• VIR BofA analyst Alec Stranahan raised the firm's price target on Vir Biotechnology to $17 from $13 and keeps a Buy rating on the shares. Updated Phase 1b data for VIR5500 cleared the firm's benchmarks for success on objective response rate and prostate specific antigen responses, says the analyst, who increased the firm's view of probability of success to 25% from 18% and increased its peak market share assumption to 13% from 7%.
• HIMS BofA lowered the firm's price target on Hims & Hers to $12.50 from $13 and keeps an Underperform rating on the shares after a "mixed quarter." 2026 revenue growth guidance assumes an incremental $350M-$550M of revenue growth ex-Eucalyptus, but the firm struggles to get to the low end of this guidance range, even after applying "generous assumptions" to the GLP-1 business and new U.S. launches, the analyst tells investors.
• ROAD BofA analyst Michael Feniger raised the firm's price target on Construction Partners to $147 from $115 and keeps a Buy rating on the shares. The firm believes the company's fiscal Q1 results reported on February 5 were "a bright spot amidst a rocky aggregates earnings season" and thinks this helps Construction Partners separate from the pack, demonstrating a business model that compounds despite the macro backdrop.
• ACVA BofA raised the firm's price target on ACV Auctions to $7 from $6 and keeps an Underperform rating on the shares. The company reported "solid" Q4 results, but gave "mixed" FY26 guidance, notes the analyst, whose FY26 revenue and EBITDA estimates are 6% and 3% lower than the firm's prior estimates, respectively.
• ALSN BofA analyst Sherif El-Sabbahy raised the firm's price target on Allison Transmission to $95 from $92 and keeps an Underperform rating on the shares. Q4 results came in better than expected, but end markets remain choppy and the 2026 outlook came in below consensus, the analyst tells investors in a post-earnings note.

• EVER Canaccord lowered the firm's price target on EverQuote to $28 from $33 and keeps a Buy rating on the shares. The firm said EverQuote reported strong Q4 results, with both revenue and profitability solidly ahead of expectations and guidance. Key carriers leaned further into customer acquisition spend during the quarter amid continued healthy combined ratios, with EverQuote's top four carriers by spend remaining the same in Q4 versus Q3, and the 12% sequential increase in revenue was a Q4 record.
• KTOS Canaccord analyst Austin Moeller raised the firm's price target on Kratos Defense to $125 from $120 and keeps a Buy rating on the shares. The firm said they reported a Q4 beat and management issued formal FY26 guidance ahead of expectations on the top and bottom-line. The results were driven by the Department of War demand for jet drones and hypersonic systems.

• ZS Cantor Fitzgerald analyst Jonathan Ruykhaver lowered the firm's price target on Zscaler to $300 from $365 and keeps an Overweight rating on the shares. The firm's Q2 checks were strong, with 61% of channel partner respondents reporting results ahead of plan versus 14% in Q1, the largest quarter over quarter improvement in its coverage, the analyst tells investors in a research note. Cantor remains bullish on Red Canary's platform synergies and the firm's recent AI Security Suite launch.

• HIMS Citi lowered the firm's price target on Hims & Hers to $13.25 from $16.50 and keeps a Sell rating on the shares post the Q4 report. The firm expects continued volatility for Hims shares, saying key questions surrounding the company's GLP-1 franchise were left unanswered on the earnings call. The company's fiscal 2026 guidance is heavily back-half weighted, the analyst tells investors in a research note.
• MDB Citi lowered the firm's price target on MongoDB to $435 from $525 and keeps a Buy rating on the shares. The stock has pulled back on AI disruption fears but despite MongoDB's accelerating momentum in Atlas and AI, the analyst tells investors in a research note. Citi says its channel checks during the quarter were "constructive." It cites the recent software multiple compression for the target cut.
• GATX Citi downgraded GATX to Neutral from Buy with a price target of $210, up from $197. The firm cites valuation for the downgrade, saying synergies from GATX's Brookfield joint venture are already priced into the shares.

• LIFE Deutsche Bank analyst Lee Horowitz initiated coverage of Ethos with a Buy rating and $23 price target. The firm views Ethos as a "disruptive force in the digitally immature" life insurance industry. The company has a "superior" technology stack and a multi-channel distribution model to quickly gain share in a structurally slow-growing market, the analyst tells investors in a research note.
• OWL Deutsche Bank analyst Brian Bedell downgraded Blue Owl Capital to Hold from Buy with a price target of $10, down from $15. The firm reduced estimates across the alternative asset manager group to reflect a more challenging environment for net flows into retail private credit products. Deutsche cut its price target more notably for Blue Owl, prompting the downgrade to Hold.

• KEYS Goldman Sachs analyst Mark Delaney raised the firm's price target on Keysight Technologies to $322 from $243 and keeps a Buy rating on the shares. Keysight is well-positioned for strong growth, driven by its exposure to key secular drivers, cyclical improvement, and deal integration synergies, the analyst tells investors in a research note.
• MAX Goldman Sachs lowered the firm's price target on MediaAlpha to $11.50 from $13.50 and keeps a Neutral rating on the shares. MediaAlpha delivered strong P&C performance with better-than-expected forward guidance, highlighted favorable mix dynamics, accelerating carrier ad spend expected to continue into 2026, a defensible AI-positioned infrastructure, and expanded shareholder returns through buybacks, the analyst tells investors in a research note. Near-term, investor focus will center on the trajectory of the P&C recovery and management's execution, while longer term the company remains well positioned for secular digital insurance advertising growth, though current valuation reflects much of the medium-term upside, the firm says.
• PWR Goldman Sachs analyst Ati Modak raised the firm's price target on Quanta Services to $685 from $495 and keeps a Buy rating on the shares. The company's strategy is setting up the business to compound earnings growth through the remainder of this decade, through existing businesses having leverage to high growth areas such as transmission and distribution, and recently acquired businesses such as technology and load center focused capabilities adding new high growth avenues, the analyst tells investors in a research note. The firm expects EPS to grow at a 17%-18% compound annual growth rate between 2025-2030, driven by multiple avenues of growth in the power infrastructure value chain.
• ACVA Goldman Sachs lowered the firm's price target on ACV Auctions to $10 from $13 and keeps a Buy rating on the shares. ACV Auctions delivered solid results with revenue and adjusted EBITDA at or above the high end of guidance, while the 2026 outlook calls for stable high-single- to low-double-digit growth alongside continued investment in go-to-market and platform initiatives, the analyst tells investors in a research note. Long-term, the company remains well-positioned to benefit from the secular shift to digital wholesale auto sales, market fragmentation, territorial expansion, and AI-driven product innovation that deepens customer relationships and revenue potential, Goldman says.

• AVPT Jefferies analyst Joseph Gallo lowered the firm's price target on AvePoint to $16 from $20 and keeps a Buy rating on the shares. Survey results indicate AvePoint performed "modestly above" reseller plans this quarter, while 2026 growth is broadly expected to be in-line with 2025 growth, the analyst tells investors.

• MCD JPMorgan analyst John Ivankoe raised the firm's price target on McDonald's to $325 from $305 and keeps an Overweight rating on the shares. The firm upped the price target after re-valuing the restaurant group for "growth quality." It recommends buying McDonald's shares opportunistically on pullbacks.
• YUM JPMorgan raised the firm's price target on Yum! Brands to $170 from $160 and keeps an Overweight rating on the shares. The firm upped the price target after re-valuing the restaurant group for "growth quality." It recommends buying Yum shares opportunistically on pullbacks.
• EVER JPMorgan analyst Cory Carpenter lowered the firm's price target on EverQuote to $22 from $32 and keeps an Overweight rating on the shares. The company beat its outlook "across the board and delivered record seasonal growth," the analyst tells investors in a research note. The firm cites the Q4 upside to the ramping of new marketing channels and a strong finish to the year with EverQuote's largest carrier partners. JPMorgan believes the shares offer "compelling value" at current levels.
• MAX JPMorgan lowered the firm's price target on MediaAlpha to $11 from $15 and keeps an Overweight rating on the shares. The company missed its transaction value outlook in Q4, but beat on profit, the analyst tells investors in a research note. JPMorgan believes the shares offer "compelling value" at current levels, saying AI concerns over overblown.

• WELL KeyBanc raised the firm's price target on Welltower to $240 from $210 and keeps an Overweight rating on the shares. The firm continues to view Welltower's platform and execution as among the best positioned to capitalize on secular demand trends within the private pay SHOP segment. Aging demographics and limited new supply, coupled with management's intense focus on value-creation through a data-driven approach to operations and investments, position Welltower to drive double-digit internal and per-share earnings growth in the coming years, KeyBanc adds.

• BXP Mizuho analyst Vikram Malhotra downgraded BXP to Neutral from Outperform with a price target of $62, down from $79. The firm says the "rapid progress" of AI models is a "potential disruptor" of office jobs and real estate demand. For the real estate investment trusts, "this is a problem, not for cash flows (for now), but for multiples," the analyst tells investors in a research note. Mizuho's analysis indicates that a small change in job growth can drive structurally higher vacancy, limiting rent growth. As such, it sees further downside in the group.
• FANG Mizuho raised the firm's price target on Diamondback Energy to $205 from $194 and keeps an Outperform rating on the shares. The company reported a modest beat on free cash flow relative to Q4 expectations, the analyst tells investors in a research note. The firm cites Diamondback's lower net debt for the target increase.
• W Mizuho analyst David Bellinger lowered the firm's price target on Wayfair to $110 from $130 and keeps an Outperform rating on the shares post the Q4 report. While the company's Q1-to-date trends were not quantified, the backdrop looks "pretty soft," the analyst tells investors in a research note.

• GRND Morgan Stanley initiated coverage of Grindr with an Equal Weight rating and $14 price target. The firm says the company is trying to "rapidly increase" monetization while improving the free user experience, which is a "challenging balance." Grindr's execution risks and rising competition have driven concerns of slowing user growth, which will take time to disprove, the analyst tells investors in a research note.
• LNG Morgan Stanley analyst Devin McDermott downgraded Cheniere Energy to Equal Weight from Overweight with a price target of $236, down from $258. Morgan Stanley says the global LNG market is positioned to move into oversupply. As a result, it shifted its U.S. industry view to Cautious from In-Line. While Cheniere has limited direct pricing exposure, its shares are trading near fair value, the analyst tells investors in a research note.
• DKNG Morgan Stanley lowered the firm's price target on DraftKings to $40 from $53 and keeps an Overweight rating on the shares. The firm lowered its FY26, FY27 and FY28 EBITDA estimates by 6%, 14% and 14%, respectively, to factor in Q4 results, lower top-line growth and adjusted prediction market investment.
• FLYW Morgan Stanley lowered the firm's price target on Flywire to $15 from $16 and keeps an Equal Weight rating on the shares. The firm expects near-term estimate outperformance driven by 3.3% quarter-over-quarter web traffic growth in Q4 that surpasses two-year average seasonality, but slightly reduced its FY26 and FY27 incremental margin assumptions ahead of Flywire's scheduled Q4 report due after market close on February 24.
• KEYS Morgan Stanley analyst Meta Marshall raised the firm's price target on Keysight Technologies to $268 from $227 and keeps an Equal Weight rating on the shares. Fiscal Q1 was "much stronger than expected," says the analyst, who calls the second quarter in a row of meaningful acceleration in revenue growth as Keysight begins to see compounding cycles on AI and increased A&D investment.
• AXSM Morgan Stanley raised the firm's price target on Axsome Therapeutics to $207 from $204 and keeps an Equal Weight rating on the shares. After the company reported Q4 revenues in-line with the company's January pre-announcement, the next area of focus is the AXS-05 PDUFA data on April 30 as well as continued pipeline expansion, the analyst tells investors.

• BBBY Piper Sandler lowered the firm's price target on Bed Bath & Beyond to $8 from $10 and kept a Neutral rating on the shares following a Q4 print that showed sequential improvement in the core business. While revenue was still down year-over-year, internal initiatives such as SKU consolidation appear to be gaining traction, Piper notes. The firm remains on the sidelines given the amount of uncertainty in bringing its three-pillar framework together.

• VIR Raymond James analyst Sean McCutcheon upgraded Vir Biotechnology (VIR) to Strong Buy from Outperform with a price target of $19, up from $12. Vir Biotechnology released multiple updates, including full ASCO GU data for VIR-5500, a new partnership with Astellas (ALPMY) featuring $335M in upfront and near-term payments plus a 50/50 U.S. profit split and ex-U.S. royalties, and Q4/full-year results, the analyst tells investors in a research note. VIR-5500 data exceeded expectations, positioning it as a leader among PSMA-targeted T-cell engagers, reinforcing the PRO-XTEN platform, and supporting the view that tobevibart + elebsiran is likely approvable in Hepatitis D, the firm says.

• LINC Rosenblatt analyst Steve Frankel raised the firm's price target on Lincoln Educational to $39 from $27 and keeps a Buy rating on the shares. The company reported a "beat and raise" quarter, which should continue through 2026, the analyst tells investors in a research note. The firm believes Lincoln in seeing "strong tailwinds."
• ADSK Rosenblatt lowered the firm's price target on Autodesk to $330 from $375 and keeps a Buy rating on the shares. The firm expects the company to report solid Q4 results on February 26. It cites the recent software comparable multiple compression for the target cut.

• INTU Susquehanna lowered the firm's price target on Intuit to $720 from $819 and keeps a Positive rating on the shares. The firm previewed its quarterly results and noted the company normally never provides yearly guidance until the third quarter because so much of its revenue lands during tax season and the expect the same for this report. Susquehanna said despite maintaining estimates, we trim their price target to $720 (27x) based on peer group compression.
• KEYS Susquehanna raised the firm's price target on Keysight Technologies to $300 from $225 and keeps a Positive rating on the shares. The firm updated its model following strong Q1 results helped by Wireline revenue which has already eclipsed Wireless which they expect to recover in the sceond half of 2026.
• MRVL Susquehanna analyst Christopher Rolland lowered the firm's price target on Marvell to $100 from $120 and keeps a Positive rating on the shares. The firm updated its model ahead of quarterly results and they see potential upside for Inphi, driven by sustained AI interconnect demand. Longer-term sustainability of the XPU business remains a debatable point.

• CRWD TD Cowen lowered the firm's price target on CrowdStrike to $480 from $580 and keeps a Buy rating on the shares. The firm cites market contraction for the target cut as part of a Q4 preview. TD expects CrowdStrike to report broadly in-line results.
• ZS TD Cowen lowered the firm's price target on Zscaler to $260 from $330 and keeps a Buy rating on the shares as part of a fiscal Q2 preview. The firm cites market contraction for the target cut as part of a Q4 preview. TD expects Zscaler to report broadly in-line results.

• SIBN Truist raised the firm's price target on SI-Bone to $24 from $23 and keeps a Buy rating on the shares after its Q4 earnings beat. The company complemented its pre-announced revenue beat with gross margin upside and adjusted EBITDA about $3M ahead of consensus, while its 2026 guidance brackets estimates and should be viewed as a solid jumping-off point, the analyst tells investors in a research note.
• VVX Truist raised the firm's price target on V2X to $68 from $65 and keeps a Hold rating on the shares. The company provided in-line 2026 guidance, with roughly half of the implied revenue growth expected to come from the T-6 contract ramp, the analyst tells investors in a research note. The firm sees potential opportunity in the Middle East for V2X, but also some risk/known headwinds, Truist added.

• AMX UBS raised the firm's price target on America Movil to $30 from $23.60 and keeps a Buy rating on the shares. The firm sees upside to the current price and room for re-rating, the analyst tells investors in a research note. America Movil is seeing solid momentum across its main regions, the firm says.

• AXSM Wells Fargo raised the firm's price target on Axsome Therapeutics to $202 from $193 and keeps an Overweight rating on the shares. The firm continues to see approval of AXS-05 in Alzheimer's disease Agitation as the most likely outcome. Wells thinks Rexulti's black box warning of mortality in elderly patients is a commercial headwind, especially in the community, and doesn't expect a similar warning with AXS-05.
• XOM Wells Fargo analyst Sam Margolin raised the firm's price target on Exxon Mobil to $183 from $156 and keeps an Overweight rating on the shares. The firm notes shares have led the index higher and are re-rating. Wells views Exxon's multiple expansion not as a convergence on other sectors, but rather as establishing a unique valuation to express durability in return of capital.
• MYGN Wells Fargo lowered the firm's price target on Myriad Genetics to $6 from $6.50 and keeps an Equal Weight rating on the shares. The firm notes Q4 revenue/EBITDA came in ahead, while 2026 guidance was reiterated. Wells believes 2026 will mark a key year for execution on turnaround strategy and pipeline catalysts. Pending more progress on these fronts and visibility to improved growth and profitability, the firm remains on the sidelines.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

***Report powered by thefly.com***

What’s on Tap Weekly Calendar

• 10:00 AM ET                 Durable Goods, M/M for December
• 10:00 AM ET                 Factory orders M/M for December
• 10:30 AM ET                 Dallas Fed Manufacturing for February

• Earnings After the Close: ACVA ADUS AESI ALSN APLE BBBY BHF BLZE BMRN BOOM BSM BWXT CNNE CWEN ERIE EVERFANG FWRD GNW HIMS HLX IIPR KEYS KTOS KWR MAX MYGN OKE OPAD OSG OVV PAY PLOW PRIM RHP SGHC SIGB SKWD SMMT TARS TNC UCTT UFPI VIR VNOM VVX ZD

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:00 AM ET                   Monthly Home Price Index M/M for December
• 9:00 AM ET                   CaseShiller 20-city Index, for December
• 10:00 AM ET                 Consumer Confidence for February
• 10:00 AM ET                 Richmond Fed Index for February
• 10:00 AM ET                 Wholesale Inventory M/M for December
• 1:00 PM ET US Treasury to sell $69B in 2-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: ABCL AMC ATEC ATRO AXON BBIO BXC CAVA CCC CDNA CLNE CORT CSGP CWH CYTK DAWN EOH EVH EXLS EXPI FLYW FSLR GDDY GMED GPOR HPQ HURN IPAR JAZZ LAB LCID LTC MATX MELI MMSI MOS MQ MTDR NVTS O PARR PCVX PRCT PSTL RCKY REZI RRC RVLV SEI SKT SPXC SUI SUPN TALO TEM TMDX TREX UIS UVE VRRM WDAY ZETA

• Global Alts Miami 2026, 2/23-2/26, in Miami Beach, FL
• Cantor 2026 Annual San Diego Biotech Bus Tour, 2/24-2/26
• TD Cowen 3rd Annual Glowing Ahead Summit: Beauty's Evolution & Longevity as Luxury, 2/24-2/25, in New York

• 10:30 AM ET                 Weekly DOE Inventory Data
• 1:00 PM ET US Treasury to sell $70B in 5-year notes

• Earnings After the Close: A ACAD ADMA ADTN AHT AI ALKT APA ARKO ARQT ARRY BBSI BJRI CBZ CHDN CHE CHRD CPRX CRGY CRM CWT DORM ECPG EE EHTH ENVX EPR ERII FSK FTAI GDRX GMRE GRBK HCI HNST IBTA IMAX INN IONQ JOBY KGS LB LMAT LXU MDXG MEG MGNI MIRM MRVI NYRG NGVT NOG NRDS NSA NTNX NU NVDA ORA OSUR OUT PEB PR PSKY PSTG RDW ROOT RRGB RVMD SARO SBGI SBLK SDRL SEZL SKYT SLNO SM SMA SNOW SNPS SSP STRL SVC TASK TCOM TDOC TKO TTD TTI UHS UMH USPH VAC VCYT VECO VICI VTOL WHD WTRG XPER ZIP ZM

• Global Alts Miami 2026, 2/23-2/26, in Miami Beach, FL

• Oppenheimer 36th Annual Healthcare Life Sciences Conference, 2/25-2/26, in New York
• Piper Western Bank forum, 2/25-2/26 in Los Angeles, CA
• TD Cowen 3rd Annual Glowing Ahead Summit: Beauty's Evolution & Longevity as Luxury, 2/24-2/25, in New York

• 8:30 AM ET                   Continuing Claims
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 11:00 AM ET                 Kansas City Fed Manufacturing for February
• 1:00 PM ET US Treasury to sell $44B in 7-year notes

• Earnings After the Close: AAOI ACA ADSK AES AEVA AGO ALHC AMBA ARLO AVPT BCO BVN BWIN CABO CAI CLOV CODI COMP CON CPK CPNG CRWV CSTL CTRA CUBE DELL DRH DUOL DV EBS ESTC EVTC EXFY FIGR FIGS FOXF GLOB GSBD ICFI INTU KIDS LASR MAIN MASI MFIC MP MTZ NATL NRDY NTAP NTRA OPK OPRT OS OSPN PAR PBYI PCRX PCT PGNY PUBM QXO RC REAL RKLB RKT RLJ RUN SBAC SG SRM SOLV SOUN SPT STRZ TLN TPC TTEV VSEC WULF XPOF XRAY XYZ ZS

• Global Alts Miami 2026, 2/23-2/26, in Miami Beach, FL

• Oppenheimer 36th Annual Healthcare Life Sciences Conference, 2/25-2/26, in New York
• Piper Western Bank forum, 2/25-2/26 in Los Angeles, CA

• 8:30 AM ET                   Producer Price Index (PPI) Headline final Y/Y for January
• 8:30 AM ET PPI Ex: Food & Energy (core) final M/M for January
• 8:30 AM ET PPI Ex: Food & Energy (core) final Y/Y for January
• 9:45 AM ET                   Chicago PMI for February
• 10:00 AM ET                 Construction Spending M/M for November
• 1:00 PM ET                    Baker Hughes Weekly rig count data