Early Look

Tuesday, February 10, 2026

U.S. stock futures are mixed to little changed after strong gains on Monday kicked the trading week to a good start ahead of key jobs data on Wednesday and inflation CPI data on Friday. After a sharp sell off the last 2-weeks, Tech stocks (XLK) have seen strong rebounds the last two trading days as semis and software stocks lead the way. A busy morning of earnings is expected with names like Ford (F) and Coca Cola (KO) along with many others while the other focus is on earnings as the release of December retail sales numbers comes this morning, kicking off a flood of data that will provide a health check on the economy. Meanwhile, an ADP weekly employment lays the ground for Wednesday's all-important January jobs report, in high focus following last week's signs of softening in the labor market. The latest Consumer Price Index reading is then due on Friday to give a look at inflation pressures. In Asian markets, The Nikkei Index jumped 1,286 points to 57,650, the Shanghai Index gained 5 points to 4,128, and the Hang Seng Index jumped 155 points to 27,183. In Europe, the German DAX is up 8 points to 25,022, while the FTSE 100 is down -21 points to 10,365. The dollar is steady after sliding on Monday, Bitcoin remains pressured trading under $69,000 and precious metals are lower after surging on Monday.

• The Dow Jones Industrial Average rose 20.20 points, or 0.04%, to 50,135.87
• The Nasdaq Composite gained 207.46 points, or 0.90%, to 23,238.67
• The Russell 2000 Index climbed 18.71 points, or 0.70% to 2,689.05

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:30 AM ET                   Retail Sales M/M for December…est. +0.4% (prior +0.6%)
• 8:30 AM ET                   Retail Sales – Less Autos M/M for December…est. +0.3% (prior +0.5%)
• 8:30 AM ET                     Import Prices M/M for December…est.+0.1%
• 8:30 AM ET                     Employment Costs for Q4…est. +0.8%
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 10:00 AM ET                 Business Inventories M/M for November…est. +0.2%
• 1:00 PM ET US Treasury to sell $58B in 3-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: ADC AEIS AIG AIZ AKR ALAB ANGI ARI BL DEI DIOD EPM EW EXEL F FRSH GILD GNSS GXO HIW HNGE HOOD IVT JHX KVYO LSCC LYFT MAT MIR MNTN NET NSP NTST OI PEGA RPD RRR TDC UFCS UPST WELL WPC ZG

• Cantor 2026 Annual Healthcare Ski Summit, 2/9-2/12, in Park City, UT
• Oppenheimer Healthcare 2026 Winter CEO & Investor Summit, 2/9-2/12
• UBS Financial Services Conference, 2/9-2/11, in Florida
• China PPI/CPI for January

• Good Year Tire (GT) Q4 adj EPS $0.39 vs est $0.48 on sales $4.9B vs est $4.835B; Segment operating income rose 9% yr/yr, driven by Goodyear Forward benefits; Favorable price/mix versus raw material costs added $197 mln to segment operating income.
• Hasbro (HAS) Q4 adjusted EPS $1.51 tops consensus $0.95; Q4 revenue $1.45B vs. est. $1.26B; Q4 Adjusted operating profit was $315M, authorized a new share repurchase program of up to $1.0 billion; sees Fy26 revenue up 3%-5% in constant currency, adjusted operating margin of 24%-25%, and adjusted EBITDA of $1.40 billion to $1.45 billion.
• Under Armour (UAA) was downgraded to Sell at Citigroup saying while Q326 EPS beat cons, there are several reasons Citi is cautious on the NAM brand turnaround: (1) UAA plays in a highly competitive environment where stronger brands like Nike/Adidas/On/Hoka/Salomon will likely be prioritized by UAA's key retail Partners over UAA; (2) DTC traffic remains weak; and (3) UAA will likely need to invest more in marketing/brand building.

• Columbus McKinnon (CMCO) Q3 adj EPS $0.62 vs est $0.58 on sales $258.7Mm vs est $244.8Mm.
• CSX (CSX) announced that it has signed a $670M deal with Wabtec Corporation (WAB) to upgrade its fleet with 100 new Evolution Series locomotives, 50 modernized locomotives, and a suite of digital solutions and services.
• Dupont (DD) Q4 EPS $0.46 vs. est. $0.43; Q4 revs $1.69B, healthcare and water technologies segment rose 4% to $821M and net sales at its diversified industrials segment fell 3% to $872M; expects adjusted profit to be between $2.25 and $2.30 per share in 2026, compared with analysts' average estimate of $2.17 per share
• Manitowoc (MTW) Q4 adj EPS $0.26 vs est $0.27, adj EBITDA $39.6Mm vs est $44.6Mm on sales $677.1Mm vs est $636.7Mm; guides FY sales $2.25-2.35B vs est $2.295B and adj EPS $0.45-0.90 vs est $0.79.
• Radiant Logistics (RLGT) Q2 adj EPS $0.17 vs est $0.09, adj EBITDA $11.8Mm vs est $8.7Mm on revs $232.1Mm vs est $235.47Mm.
• Simpson Manufacturing (SSD) Q4 EPS $1.35 vs est $1.22 on sales $539.3Mm vs est $530.7Mm; guides FY Outperform mgn 19.5-20.5% in Cl $10-12Mm projected gain on sales of vacant Land.

• Arch Capital Group (ACGL) Q4 adjusted EPS $2.98, vs. consensus $2.57; Q4 Combined ratio excluding catastrophic activity and prior year development of 79.5% vs. 79 y/y; Book value per common share of $65.11 at December 31, 2025, a 4.5% increase from September 30, 2025.
• Brixmor Property (BRX) Q4 FFO/SHR $0.58 vs est $0.57 on revs $352.209Mm vs est $348.7Mm; guides FY FFO/SHR $2.33-2.37 vs est $2.24.
• Cincinnati Financial (CINF) Q4 EPS $3.37 tops consensus $2.89 on revs $3.09B vs. est. $2.91B; 85.2% Q4 2025 property casualty combined ratio, up from 84.7% y/y; Full-year 2025 property casualty combined ratio at 94.9%, with net written premiums up 9%;  5% growth in Q4 net written premiums, including price increases.
• Kilroy Realty (KRC) Q4 revs $272.2M vs. est. $271.4M; Q4 FFO $0.97 vs. est. $0.98; signed 827,000 sq ft of leases in Q4; sees FY26 NAREIT FFO $3.25-$3.45, vs. consensus $3.36; expects 2026 average occupancy between 76% and 78% and anticipates 2026 NOI growth between -1.5% and 0%.
• Lazard Inc. (LAZ) preliminary assets under management as of January 31, 2026, totaled approximately $267.0 billion. The month's AUM included market appreciation of $7.6 billion, net inflows of $2.9 billion and FX appreciation of $2.1B.
• Pennant Park Investment (PNNT) Q1 core NII per share $0.14 vs. est. $0.16; reports Q1 NAV per share $7.00; the total monthly dividend will remain at $0.08 per share but will be comprised of a $0.04 per share monthly base dividend and $0.04 per share monthly supplemental dividend.
• Principal Financial Group (PFG) Q4 adj EPS $2.2 vs. est. $2.22; raises dividend to $0.80 per share in Q1 2026; guides outlook FY annual non-GAAP operating earnings per diluted share (EPS) growth 9-12%.
• T. Rowe Price (TROW) raises quarterly dividend to $1.30 from $1.27 per share.
• UDR Corp. (UDR) Q4 FFO $0.64, in-line with consensus and up 29% y/y; sees FY26 FFO $2.47-$2.57 vs. est. $2.56; forecasts 2026 same-store revenue growth of 0.25% to 2.25%; Revenue increase driven by same-store communities, completed developments, and acquisitions, partially offset by property dispositions.
• Upwork Inc. (UPWK) Q4 adj EPS $0.36 vs est $0.31, adj EBITDA $52.9Mm vs est $51.6Mm on revs $198.4Mm vs est $197.52Mm; guides Q1 revs $192-197Mm vs est $200.83Mm, adj EBITDA $45-47Mm vs est $58.42Mm and adj EPS $0.26-0.28 vs est $0.34; guides FY revs $835-850Mm vs est $836.15Mm, adj EBITDA $240-250Mm vs est $242.21Mm.
• Vornado Realty (VNO) Q4 AFFO/shr $0.55 vs est $0.57 on revs $453.7Mm vs est $442.97Mm; did not provide specific financial guidance for future quarters or full year 2026 in its press release.

• Enanta Pharmaceuticals (ENTA) Q1 EPS ($0.42) vs est ($0.81) on revs $18.615Mm vs est $16.1Mm; expects available cash and royalties to fund operations into fiscal 2029.
• Medpace (MEDP) Q4 EPS $4.67 vs est $4.18 on revs $708.5Mm vs est $689.4Mm; guides FY revs $2.755-2.855B vs est $2.812B and EPS $16.68-17.50 vs est $16.48.
• Personalis (PSNL) said Medicare will now cover its NeXT Personal test for monitoring early-stage non-small cell lung cancer, the most common form of the disease; says the test tracks tiny bits of circulating tumor DNA in blood that can indicate the presence of cancer; analyzes hundreds of tumor-specific mutations to guide ongoing care decisions.
• Regenxbio (RGNX) announced that the U.S. FDA has issued a Complete Response Letter regarding its Biologics License Application for RGX-121 for the treatment of Mucopolysaccharidosis II, an ultra-rare neurodegenerative disease also known as Hunter syndrome; plans to resubmit BLA for RGX-121.

• Amkor Technologies (AMKR) Q4 EPS $0.69 vs. est. $0.44 and revs $1.883B, consensus $1.84B; sees Q1 EPS $0.18-$0.28 vs. est. $0.24 on revs $1.60B-$1.70B vs. est. $1.54B; sees FY26 capex $2.5B-$3.0B.
• Cisco Systems (CSCO) launched a new chip and router designed to speed information through massive data centers that will compete against offerings from Broadcom (AVGO) and Nvidia (NVDA); Cisco said its Silicon One G300 switch chip, expected to go on sale in the second half of the year, will help the chips that train and deliver AI systems talk to each other over hundreds of thousands of links.
• Clear Channel Outdoor Holdings, Inc. (CCO) has agreed to be acquired by Mubadala Capital in partnership with TWG Global for $6.2B in an all-cash transaction Under the agreement, shareholders will receive $2.43 per share in cash.
• Credo Technology (CRDO) shares rise; sees prelim Q3 revs $404M-$408M above consensus of $342.3M and above prior view of $335M-$345M; expects sequential revenue growth in the mid-single digits leading to more than 200% year-over-year growth in the current fiscal year.
• Ichor Holdings (ICHR) Q4 EPS $0.01 vs. est. loss (-$0.06); Q4 revs $223.6M vs. est. $220.8M; Q4 Gross margin improved to 9.4% GAAP and 11.7% non-GAAP, aided by restructuring and cost management; expects Q1 2026 revenue between $240M-$260M vs. est. $240M and better EPS; anticipates improved gross margin performance in fiscal 2026.
• On Semiconductor (ON) Q4 adj EPS $0.64 vs est $0.62 on revs $1.53B vs est $1.536B, adj Outperform gr mgn 38.2%, adj Outperform mgn 19.8%; guides Q1 revs $1.435-1.535B, adj gr mgn 37.5-39.5%, adj EPS $0.56-0.66 vs est $0.61.
• Spotify (SPOT) Q4 GAAP EPS of $4.43 vs. est. $2.74; Q4 revenue rises 7.97% to $4.53B vs. est. $4.52B; premium Revenue growth of 8% y/y driven by subscriber gains; and ad-supported revenue decline of -4% Y/Y; Q4 MAU net adds 751M, up 11%Y/Y vs. est. 738M; premium Subscribers grew 10%Y/Y to 290M; forecast operating income of 660 million euros ($786.13 million) in the first quarter, compared with analysts' average estimate of 652.3 million euros.
• Taiwan Semiconductor Manufacturing Co.’s (TSM) January sales grew at their fastest clip in months; reported a 37% rise in January revenue to NT$401.3 billion ($12.7 billion), above the 30% revenue growth TSMC expects for the full year; plans mass-production of 3-nanometre advanced chips at its Kumamoto plant in Japan, investing about $17 billion, Japanese newspaper Yomiuri reported.
• ZoomInfo Technologies (GTM) Q4 EPS $0.32 vs. est. $0.28 on revs $319.1M vs. est. $309.3M; said closed Q4 with 1,921 customers with $100,000 or greater in Annual Contract Value, up 34% q/q and +54% y/y as they now make up more than 50% of total Company ACV; sees FY26 EPS $1.10-$1.12 vs. est. $1.11 and revs $1.24B-$1.26B . vs. est. $1.26B.

Mid-Morning Look

Tuesday, February 10, 2026

U.S. stocks bouncing on the open, as the Dow Jones Industrial Average hits a fresh record high and the Nasdaq adds to its recent bounce as software stocks (IGV) rallies a 3^rd day following a precipitous -20% drop to start the year on AI impact concerns. Earnings season remains in full force with over 300 S&P 500 companies having reported with strong beats as of the 318 S&P 500 companies reported thus far, we have seen an 80% beat vs 79% LY and the avg beat 10% vs 31% LY, avg miss -29% vs -13% LY. Broad strength again this morning with the S&P 500 not far from 7,000 again (record highs) as only Energy (XLE) lags this morning. Software (IGV) rallies a 3rd day, helped this morning by DDOG results lifting shares +16.5% and boosting the group. Economic data this morning was mixed with weaker than expected December retail sales data showing signs of slowing consumer spending, ahead of the delayed nonfarm payrolls report tomorrow morning and then the consumer price index (CPI) inflation data on Friday. Asian markets surged with the Nikkei making new highs. The dollar is flat after tumbling Monday and precious metals and crypto weaker. In other stocks news, Dow component KO reported a Q4 rev miss, Spotify jumps on results and Paramount sweetened its offer for Warner Brothers in its fight with NFLX.

• U.S. Q4 wages/salaries +0.7% vs Q3 +0.8% (prev +0.8%); U.S. Q4 benefit costs +0.7% vs Q3 +0.8% (prev +0.8%); U.S. Q4 employment cost index +0.7% (consensus +0.8%) vs Q3 +0.8% (prev +0.8%).
• U.S. import prices were unchanged ​on a year-on-year basis ‌in December after falling 0.1% ‌in November, the Labor Department's Bureau of Labor Statistics said on Tuesday. Last year's shutdown ⁠of the ‌federal government prevented the collection of survey ‍data for October, resulting in the BLS not publishing the monthly ​changes in import prices ‌for October and November. Import prices gained 0.1% month-on-month in December.

• In Financial Services: SPGI shares fell after guiding 2026 EPS to $19.40-$19.65m below consensus of $19.94 following a Q4 EPS miss ($4.30 vs. est. $4.33) as revs rose 9% y/y to $3.92B. S&P was one of the stocks caught in the crossfire of a recent market selloff, driven by a rout in technology shares as investors feared that rapid advancements in artificial intelligence may be reshaping the software and services industry. Shares of MSCI, VRSK, FDS down in sympathy. TRI was upgraded to Outperform from Sector Perform at RBC Capital as sees an asymmetric set-up to the upside following the stock's recent pullback.
• Insurance space, with insurance brokers specifically showing weakness recently (AJG, AON, BRO, GSHD, HIG, MRSH, RYAN, TRV, WTW), the group has fallen amid a Reinsurance News article reporting on a Spanish personal lines insurer application approved by OpenAI (private). Cantor said the Brokers, which sold off the most, also offer very compelling entry points for the medium-/longer-term minded. BMO Capital noted part of the influence appears driven by continued Wave of Ai-related uncertainty regarding potential disintermediation of Insurance Brokers within the Insurance purchasing value chain. They note the selloff comes on top of previous >12pts selloff (relative to S&P 500) over past ~120 days, driven by separate concerns about the decelerating pace of organic growth exhibited. Other insurance names, CINF reported 4Q operating EPS of $3.37 vs. consensus of $2.90E ($3.14 YoY) as the beat was on better overall margins, with a consolidated combined ratio of 85.2% vs. our 87.0% estimate. ACGL operating EPS of $2.98 beat consensus of $2.59, driven by stronger favorable prior period reserve development ($118M vs. $62M est.; driven by the Mortgage and Reinsurance segments), a lower-than-projected expense ratio (27% vs. 28% est.)

• CRDO +8%; shares rise as sees prelim Q3 revs $404M-$408M above consensus of $342.3M and above prior view of $335M-$345M; expects sequential revenue growth in the mid-single digits leading to more than 200% year-over-year growth in the current fiscal year.
• DDOG +13%; shares rose as Q4 revs $953.2M topped consensus $916.6M on better earnings and guided Q1 revs $951M-$961M which was above consensus of $935.4M saying the rising AI adoption is driving demand for cloud security and monitoring tools; said nearly half of customers now use four or more Datadog products.
• EWCZ +43%; entered into a definitive agreement to be taken private by General Atlantic in an all-cash transaction with an implied equity value of approximately $330M; European Wax Center stockholders will receive $5.80 per share in cash for each share of European Wax Center Class A common stock they own.
• ICHR +33%; shares rose as Q4 results and guidance for Q1 were slightly above initial and updated guidance and consensus estimates, with management constructive on 2026 and 2027 growth potential.
• NKTR +42%; after saying its experimental eczema drug, rezpegaldesleukin, helped patients with moderate-to-severe eczema maintain improvements for a year; says 71% and 83% of patients on the highest monthly and quarterly doses kept symptoms under control; up to 30% saw complete skin clearance.
• OSCR +6%; posted a Q4 miss, but shares jumped on upward guidance saying it sees FY26 revenue $18.7B-$19B (vs. consensus $12.8B); sees FY26 earnings from operations $250M-$450M.
• PSNL +8%; said Medicare will now cover its NeXT Personal test for monitoring early-stage non-small cell lung cancer, the most common form of the disease.
• RNG +5%; will replace HI in the S&P SmallCap 600 effective prior to the opening of trading on Thursday, February 12. Lone Star Funds is acquiring Hillenbrand in a deal expected to be completed soon, pending final closing conditions.
• SPOT +15%; Q4 top and bottom line beat as premium revenue growth of 8% y/y driven by subscriber gains; while Q4 MAU net adds 751M, up 11%Y/Y vs. est. 738M; premium Subscribers grew 10%Y/Y to 290M; forecast operating income of 660M euros ($786.13M) in Q1 compared with analysts' average estimate of 652.3M euros

• GT -12%; shares fell after Q4 adj EPS of $0.39, missed the $0.48 consensus though revs of 44.91B topped the $4.84B consensus.
• INCY -4%; after guiding 2026 revenue between $4.77B-$4.94B, well below the $5.52B consensus after saying key growth driver Opzelura will underperform, raising concerns about ability to offset looming patent losses on top-seller Jakafi; also reported Q4 EPS miss ($1.80 vs. $1.93) and said product expenses grow faster than product revenue in Q4.
• RGNX -12%; announced that the U.S. FDA has issued a Complete Response Letter regarding its Biologics License Application for RGX-121 for the treatment of Mucopolysaccharidosis II, an ultra-rare neurodegenerative disease also known as Hunter syndrome; plans to resubmit BLA for RGX-121
• SPGI -8%; shares fell after guiding 2026 EPS to $19.40-$19.65m below consensus of $19.94 following a Q4 EPS miss ($4.30 vs. est. $4.33) as revs rose 9% y/y to $3.92B. S&P was one of the stocks caught in the crossfire of a recent market selloff, driven by a rout in technology shares (MSCI, VRSK, FDS down in sympathy).
• TECX -28%; after AZN said it has discontinued AZD3427, its relaxin-based drug for a type of heart-related disease, citing efficacy concerns (note Tectonic is testing TX45, another relaxin-based therapy targeting similar heart conditions). Independent Data Monitoring Committee recently advised TX45's mid-stage study continue unchanged.
• UAA -8%; was downgraded to Sell at Citigroup saying while Q326 EPS beat consensus, there are several reasons for caution: 1) UAA plays in a highly competitive environment where stronger brands like Nike/On/Hoka will likely be prioritized by UAA's key retail Partners over UAA; 2) DTC traffic remains weak.
• UPWK -17%; reported Q425 results with GSV and revenue coming in ~1% above consensus and EBITDA exceeding expectations by ~2%, though Q126 revenue guidance was ~3% below consensus at the midpoint.
• WCC -9%; shares fell after guiding 2026 adj EPS $14.50-$16.50 below the $16.37 consensus amid margin pressure and lingering weakness in its utility and broadband solutions segment; said CFO Dave Schulz will retire in May and will be succeeded by Indraneel Dev, who joins the company this month.
• WING -5%; after TD Cowen downgraded to Hold from Buy as now sees negative 0.5% same-store-sales growth for Wingstop in 2026, and Raymond James cut to Outperform from Strong Buy citing its cautious view on n-t trends
• XYL -7%; guided 2026 revenue to $9.1B-$9.2B, compared with analysts' estimates of $9.33B and annual EPS $5.35-$5.60, as the midpoint is below estimates of $5.56; did report Q4 EPS and revs above consensus but said sales from the water infrastructure unit was $691M, falling short of analysts' expectations of $745.45M.

Closing Recap

Tuesday, February 10, 2026

U.S. stocks finished on the lows amid a late day slide, as the Nasdaq and S&P 500 finished in negative territory ahead of key economic data tomorrow, though the Dow Jones Industrials managed to close at a fresh all-time closing high. Market attention turns back to jobs on Wednesday as the delayed January nonfarm payroll report is tomorrow morning at 8:30 am et, with estimates calling for 70K added jobs for both nonfarm and private payrolls and the unemployment rate to hold at 4.4%. Today, U.S. retail sales were unexpectedly unchanged in December (below the est. for a +0.4% rise), putting consumer spending and the overall economy on a slower growth path heading into the new year. Outside of the data, earnings remain in full swing with over 60% of the S&P 500 having reported thus far at an 80% beat rate (though guidance for many have been mixed). Market leaders today were Utilities (XLU, Materials (XLB), and REITs (XLRE), while Financials (XLF) and Technology (XLK), which had outperformed the last two days, were the biggest decliners. Stocks in Asia also extending gains as the Nikkei 225 hit a fresh peak in the wake of Japanese Prime Minister Sanae Takaichi's weekend election victory.

Financials were pressured on the day, led by banks, brokers, and full financial service companies were hit hard today (MS, SCHW, LPLA, RJF, SF, among many others), on two possible catalysts. 1) more Ai impact fears (which hit the insurance brokers group yesterday), this time hitting financial services on news Altruist has launched artificial Intelligence-powered tax planning within Hazel, its Ai platform, enabling Advisors to create personalized tax strategies; and 2) concerns about rising delinquencies as U.S. loan delinquencies rose to 4.8% of household debt in Q4, the highest since 2017, driven by low-income and young borrowers. Mortgage defaults surged in lower-income areas, while student-loan delinquencies hit 16.3%, a record. Credit-card and Auto loan delinquencies also climbed to 12.7% and 5.2%, respectively. Recall yesterday it was concern OpenAI has approved the first Ai app from an Insurance provider on ChatGPT, built by Tuio, one of Spain’s leading digital insurers that weighed heavily on insurance stocks/mortgage brokers.

• U.S. Q4 wages/salaries +0.7% vs Q3 +0.8% (prev +0.8%); U.S. Q4 benefit costs +0.7% vs Q3 +0.8% (prev +0.8%); U.S. Q4 employment cost index +0.7% (consensus +0.8%) vs Q3 +0.8% (prev +0.8%).
• U.S. import prices were unchanged ​on a year-on-year basis ‌in December after falling 0.1% ‌in November, the Labor Department's Bureau of Labor Statistics said on Tuesday. Last year's shutdown ⁠of the ‌federal government prevented the collection of survey ‍data for October, resulting in the BLS not publishing the monthly ​changes in import prices ‌for October and November. Import prices gained 0.1% month-on-month in December.
• The Federal Reserve Bank of New York issued its Quarterly Report on Household Debt and Credit. The report shows total household debt increased by $191 billion, 1.0%, in Q4 2025, to $18.8 trillion. Aggregate delinquency worsened in Q4 2025, with 4.8% of outstanding debt in some stage of delinquency. Credit card balances rose by $44 billion and stood at $1.28 trillion. Auto loan balances increased by $12 billion to $1.67 trillion, after holding steady during the prior quarter. The student loan delinquency rate remains elevated at 9.6% of balances that are 90+ days delinquent.
• Foreigners plowed $99 billion into emerging market portfolios last month, setting a January record inflow as equities and debt attracted cash across all regions, data from a banking trade group showed Tuesday. At $98.9 billion in net inflows, it was the largest January haul on record and the largest overall since 2020 according to the Institute of International Finance. The $71.4 billion that went into debt securities is a record high, while the $27.4 billion allocated to equities ranked as the fifth largest on the IIF data going back to 2005.

• U.S. crude oil futures settle at $63.96/bbl, down 40 cents, 0.62%.
• Treasury yields were broadly lower following weaker retail sales data, boosting hopes for Fed rate cuts.
• The U.S. Treasury sold $58B 3-year notes at high yield 3.518% (vs. 3.519% when issued), with bid-to-cover ratio 2.62 as Primary dealers take 10.94% of U.S. 3-year notes sale, direct 31.92% and indirect 57.15%.

• Specialty Retail: toy maker HAS Q4 adj. EPS and sales topped Street expectations while also announced a new multi-year licensing partnership starting in 2027 with WBD Consumer Products, making Hasbro the global primary toy licensee for the world of Harry Potter and the upcoming HBO Original HARRY POTTER series.
• In Apparel Retail: UAA was downgraded to Sell at Citigroup saying while Q326 EPS beat consensus, there are several reasons for caution: 1) UAA plays in a highly competitive environment where stronger brands like Nike/On/Hoka will likely be prioritized by UAA's key retail Partners over UAA; 2) DTC traffic remains weak; and 3) UAA will likely need to invest more in marketing/brand building
• In Broadline/Hardline: TGT target announces executive leadership changes to accelerate growth, confirms Q4 financial guidance - said Rick Gomez, chief commercial officer, will leave the company and Jill Sando, chief merchandising officer overseeing apparel, home and other categories, will retire.
• In Food & Beverages: KO missed consensus expectations for Q4 revenue (+2% y/y to $11.82B vs. est. $12.03B), as demand for its sodas weakened in North America and Europe, though EPS of $0.58 was 2c better; Q4 organic sales rose 4.8%, slower than the 5% growth analysts had anticipated; said expects to deliver organic revenue growth of 4% to 5% in 2026, lower at the midpoint than the 5% growth Wall Street was looking for.
• In Restaurants: WING was downgraded to Hold from Buy at TD Cowen as now sees negative 0.5% same-store-sales growth for Wingstop in 2026, and Raymond James cut to Outperform from Strong Buy citing its cautious view on n-t trends.

• In Lodging/Travel: MAR reported Q4 earnings that missed expectations, after airport delays during last year’s US government shutdown put a damper on business travel; also expects 2026 RevPAR to grow 1.5% to 2.5%, below the average of analysts' estimates of a 2.3% rise; BKNG was upgraded to Buy at Gordon Haskett as believes investors have overreacted to AI-driven competitive encroachment concerns.
• Leisure Servies: EWCZ entered into a definitive agreement to be taken private by General Atlantic in an all-cash transaction with an implied equity value of approximately $330M; European Wax Center stockholders will receive $5.80 per share in cash for each share of European Wax Center Class A common stock they own.
• In Autos: Morgan Stanley said they remain overweight TSLA as they see upside citing plans to add 100 GW of solar manufacturing capacity. Tesla Solar could add $25-$50B ($6-$14/shr) of equity value to MSCO's Tesla Energy valuation, which it currently value at $140B ($40/shr, or 10% of its $415 PT). In tires, GT shares fell after Q4 adj EPS of $0.39, missed the $0.48 consensus though revs of 44.91B topped the $4.84B consensus.
• Casinos & Gaming: Needham noted this week’s OSB weekly data showed a significant +28% jump in weekly Kalshi volumes driven by the Super Bowl. For context, in NY last year OSB betting volumes grew +7% the week of the Super Bowl. Needham's "Other" category continues to drive the majority of growth in volumes for Kalshi, this is volume outside of NFL, NBA, NCAAF and NCAAB. Needham's view on the sports betting and prediction market space continues to be the best product should win out (watch shares of DKNG, FLUT, CZR, PENN).

• In Utilities/Power: VST was upgraded Vistra to Buy from Hold at Jefferies and raised tgt to $203 from $191 as sees an improved risk/reward following the stock's recent selloff. Vistra is down 25% seance September despite announcing Texas data center contracts. DUK raised its five-year spending plan on power infrastructure to $103B, an 18% jump from the last iteration of what has become the largest capital expenditure plan for any U.S. regulated electric utility.
• U.S. power consumption, which hit its second straight record high in 2025, will rise further in 2026 and 2027, the Energy Information Administration said in its Short-Term Energy Outlook. The EIA projected power demand will rise from a record 4,195 billion kilowatt-hours in 2025 to 4,268 billion kWh in 2026 and 4,372 billion kWh in 2027.

• Recall yesterday the Insurance space, with insurance brokers specifically showing weakness recently (AJG, AON, BRO, GSHD, HIG, MRSH, RYAN, TRV, WTW), the group has fallen amid a Reinsurance News article reporting on a Spanish personal lines insurer application approved by OpenAI (private), enabling users to receive a personalized home Insurance quote, and soon, purchase a policy, entirely within the conversation. Cantor said the Brokers, which sold off the most, also offer very compelling entry points for the medium-/longer-term minded. BMO Capital noted part of the influence appears driven by continued Wave of Ai-related uncertainty regarding potential disintermediation of Insurance Brokers within the Insurance purchasing value chain. They note the selloff comes on top of previous >12pts selloff (relative to S&P 500) over past ~120 days, driven by separate concerns about the decelerating pace of organic growth exhibited.
• Consumer Finance: Share of credit card loans in serious delinquency rose to 12.7% in the fourth quarter of 2025. The only other times the share has been higher: all of 2010 and the beginning of 2011. Household debt rose $191 billion in Q4 to $18.8 trillion, w/ half the increase coming from mortgage balances rising $98 billion as the pace of mortgage originations increased again as interest rates fell in many markets. New all-time high for share of student loans transitioning to serious delinquency
• Other insurance news, CINF reported 4Q operating EPS of $3.37 vs. consensus of $2.90E ($3.14 YoY) as the beat was on better overall margins, with a consolidated combined ratio of 85.2% vs. our 87.0% estimate. ACGL operating EPS of $2.98 beat consensus of $2.59, driven by stronger favorable prior period reserve development ($118M vs. $62M est.; driven by the Mortgage and Reinsurance segments), a lower-than-projected expense ratio (27% vs. 28% est.)
• Employment Services: UPWK shares tumbled after reported Q4 results with GSV and revenue coming in ~1% above consensus and EBITDA exceeding expectations by ~2%, though Q126 revenue guidance was ~3% below consensus at the mid-point, sending shares lower.

• KRC reported a 4Q25 FFO miss (-$0.02 vs. cons.), and management introduced its FY26 FFO guidance of $3.25-$3.45, which came in below consensus by -0.9%. During 4Q25, fundamentals were mixed as cash SSNOI decelerated (-7.2%) and cash rents fell (-27.1%), though leasing accelerated to 827ksf.
• UDR’s initial 2026 FFOA guidance missed consensus by 1.2% at the midpoint. The Company’s 4Q25 operating results reflect the combination of a soft demand backdrop and management’s operating strategy to sacrifice lease rate growth to grow occupancy.
• VNO FFO, as adjusted of $0.55 (-9.1% y/y) missed consensus by 1c. Leasing of 960k sq ft is further evidence that office demand remains strong in NYC.

• NKTR said its experimental eczema drug, rezpegaldesleukin, helped patients with moderate-to-severe eczema maintain improvements for a year; says 71% and 83% of patients on the highest monthly and quarterly doses kept symptoms under control; up to 30% saw complete skin clearance.
• RGNX said the U.S. FDA has issued a Complete Response Letter regarding its Biologics License Application for RGX-121 for the treatment of Mucopolysaccharidosis II, an ultra-rare neurodegenerative disease also known as Hunter syndrome; plans to resubmit BLA for RGX-121.
• TAK says FDA accepts new drug application and grants priority review for Takeda’s oveporexton (tak-861) as a potential first-in-class therapy for narcolepsy type 1; PDUFA target action date set for Q3.
• TECX shares tumble after AZN said it has discontinued AZD3427, its relaxin-based drug for a type of heart-related disease, citing efficacy concerns (note Tectonic is testing TX45, another relaxin-based therapy targeting similar heart conditions). Independent Data Monitoring Committee recently advised TX45's mid-stage study continue unchanged.

• OSCR posted a Q4 miss, but shares jumped on upward guidance saying it sees FY26 revenue $18.7B-$19B (vs. consensus $12.8B); sees FY26 earnings from operations $250M-$450M.
• PSNL said Medicare will now cover its NeXT Personal test for monitoring early-stage non-small cell lung cancer, the most common form of the disease; says the test tracks tiny bits of circulating tumor DNA in blood that can indicate the presence of cancer; analyzes hundreds of tumor-specific mutations to guide ongoing care decisions.
• CRO stocks (ICLR, CRL, FTRE) declined after MEDP earnings, comments on cancellations.

• In Industrials/Distributors: WCC shares fell after guiding 2026 adj EPS $14.50-$16.50 below the $16.37 consensus amid margin pressure and lingering weakness in its utility and broadband solutions segment; said CFO Dave Schulz will retire in May and will be succeeded by Indraneel Dev, who joins the company this month. XYL guided 2026 revenue to $9.1B-$9.2B, compared with analysts' estimates of $9.33B and annual EPS $5.35-$5.60, as the midpoint is below estimates of $5.56; did report Q4 EPS and revs above consensus but said sales from the water infrastructure unit was $691M, falling short of analysts' expectations of $745.45M.
• In Chemicals: DD posted a better-than-expected Q4 as beat on net sales, EBITDA, and adjusted EPS while its 2026 forecast was above the Street's expectations, as well. Adjusted EPS at $2.25 to $2.30 vs. the consensus of $2.14.

• PLTR was upgraded to Buy from Neutral at Daiwa after recent results noting the company's revenue jumped 70% year-over-year in Q4 and operating income rose about 2.1-fold and says Palantir's "robust showing" continued to be driven by the U.S. business.
• PSN has been awarded a $125M single-award Task Order contract over five years to support the U.S. Army Combat Capabilities Development Command - or DEVCOM.

• In Internet: AAPL and GOOGL have agreed to make their mobile app stores fairer and more transparent for thousands of developers, Britain's antitrust regulator said on Tuesday. The Competition and Markets Authority (CMA) designated the two tech giants as having "strategic market status" in smartphones in October, giving it the power to demand specific changes to boost competition.

• Bloomberg reported Abu Dhabi’s MGX is in talks to invest hundreds of millions into Anthropic’s funding round, which is now expected to raise more than $20B at a reported $350B valuation.
• CRDO shares rise as sees prelim Q3 revs $404M-$408M above consensus of $342.3M and above prior view of $335M-$345M; expects sequential revenue growth in the mid-single digits leading to more than 200% year-over-year growth in the current fiscal year.
• DDOG shares rose as Q4 revs $953.2M topped consensus $916.6M on better earnings and guided Q1 revs $951M-$961M which was above consensus of $935.4M saying the rising AI adoption is driving demand for cloud security and monitoring tools; said nearly half of customers now use four or more Datadog products.
• GTM reported a Q4 beat with 340 bps of revenue out-performance relative to the mid-point of guidance; NRR was stable at 90% again Q/Q, which indicates trends in up market remained consistent, while down-market remains pressured; shares fell as Q1 rev $306–309M vs $309M, and FY26 points to only ~~1% rev growth, below expectations
• RNG will replace HI in the S&P SmallCap 600 effective prior to the opening of trading on Thursday, February 12. Lone Star Funds is acquiring Hillenbrand in a deal expected to be completed soon, pending final closing conditions.
• Software gaming: Unity (U) was upgraded to Outperform from Perform with a $38 price target at Oppenheimer saying the recent sell-off, driven by fears that "world models" like Google's Project Genie will displace game engines, is fundamentally misplaced and ignores the distinct architectural role Unity plays in development. OPCO views the current valuation as disconnected from the company's improving fundamentals, specifically the successful Re-acceleration of the Grow segment via the Vector, and disciplined cost management. Raymond James upgraded TTWO as well to Strong Buy noting shares are down 15% since 1/29 on the back of Twin fears around the launch of Google's Project Genie and the presumed impact of Ai creation Tools to incumbent publishers, exacerbated by the broader sell-off in software on Ai replacement fears. The firm said this as overdone and are standing behind its prior view.

• CSCO launched a new chip and router designed to speed info through massive data centers that will compete against offerings from AVGO and NVDA; Cisco said its Silicon One G300 switch chip, expected to go on sale in the second half of the year, will help the chips that train and deliver AI systems talk to each other over hundreds of thousands of links.
• ICHR shares rose as Q4 results and guidance for Q1 were slightly above initial and updated guidance and consensus estimates, with management constructive on 2026 and 2027 growth potential; reported revenue of $223.6MM, lower sequentially, with strong guidance issues for Q126 and 2026.
• MU defended at Deutsche Bank and raised its tgt to $500 as updated its DRAM demand-supply model, which specifically forecasts out supply fab-by-fab on a wafer starts per month basis (WSPM). The net result of this analysis suggests shortages should sustain through 2027 into 2028.
• ON posted Q4 results and Q1 guidance, which were slightly below expectations, as product exits of $40M and $50M across Q4/Q1 offset improving signs of a cyclical recovery; noted B2B is improving and is seeing requests for more expedites in the quarters/fewer turns but has yet to see signs of inventory replenishment.
• TSM January sales grew at their fastest clip in months; reported a 37% rise in January revenue to NT$401.3 billion ($12.7 billion), above the 30% revenue growth TSMC expects for the full year; plans mass-production of 3-nanometre advanced chips at its Kumamoto plant in Japan, investing about $17 billion, Japanese newspaper Yomiuri reported.

Street Recommendations

Tuesday, February 10, 2026

• ICHR B. Riley upgraded Ichor Holdings to Buy from Neutral with a price target of $52, up from $30. The Q4 results and guidance for Q1 were slightly above initial and updated guidance and consensus estimates, with management constructive on 2026 and 2027 growth potential, the analyst tells investors in a research note. The firm believes a steady catalyst profile will lift shares further from here.

• EPC Barclays analyst Lauren Lieberman raised the firm's price target on Edgewell Personal Care to $21 from $19 and keeps an Equal Weight rating on the shares. The firm says that when removing the "noise" from the feminine care divestiture and earlier U.S. sun care orders, Edgewell's fiscal Q1 results were largely in-line with expectations and the outlook for the remainder of the year is fully intact.
• FDX Barclays raised the firm's price target on FedEx to $450 from $360 and keeps an Overweight rating on the shares. The firm says the investor day will highlight cost savings from the company's continued network integration in its core U.S. package network. FedEx is capturing "incremental and lucrative" business-to-business market share, the analyst tells investors in a research note.
• MNDY Barclays lowered the firm's price target on Monday.com to $115 from $194 and keeps an Overweight rating on the shares post the Q4 report. The company "walked back" its 2027 targets and embedded continued headwinds for its 2026 guidance, the analyst tells investors in a research note. Barclays views this as "prudent in the current environment and with the ongoing low sentiment."

• DT BMO Capital lowered the firm's price target on Dynatrace to $45 from $56 but keeps an Outperform rating on the shares after its Q3 results. In the context of turbulent software market, Dynatrace delivered upside across the board, including increasing Q4 guidance by about 125 basis points, the analyst tells investors in a research note. The firm's price target cut reflects given compression in software valuations, though BMO also believes that Dynatrace's complete observability value chain, led by Grail, is resonating with larger customers, even as competition gradually increases.
• INTU BMO Capital lowered the firm's price target on Intuit to $624 from $810 but keeps an Outperform rating on the shares. The firm's annual survey of US tax filers showed generally favorable trends for TurboTax, with strong metrics for Full Service, the expanded local strategy, and a constructive upsell/cross-sell opportunity that should materially help against a difficult "Live" comp for FY26 results later this month, the analyst tells investors in a research note.

• CAT BofA raised the firm's price target on Caterpillar to $825 from $735 and keeps a Buy rating on the shares after having observed incremental data points that there is a "broadening out" of the company's turbine demand beyond just data centers, which should ease fears of overcapacity. The "eyepopping growth" in Caterpillar's power gen unit is clear, but investors are missing that oil and gas increased 24% year-over-year as well, the analyst added.
• WAT BofA lowered the firm's price target on Waters to $350 from $410 and keeps a Neutral rating on the shares. While legacy Waters had a slightly softer Q4 than anticipated, the "majority of the debate" centered on a weak Q4 from BDX Life Sciences after the deal close and what it implied for the combined WAT/BDX business going forward, the analyst tells investors. The firm stays Neutral, given "the many questions raised this quarter," the analyst added.
• ACM BofA analyst Michael Feniger raised the firm's price target on Aecom to $118 from $117 and keeps a Buy rating on the shares after the company reported a "solid" fiscal Q1. The firm, which slightly raised estimates post results, sees Aecom as a beneficiary of infrastructure tailwinds, rising margin profile, and strong backlog visibility, the analyst tells investors.
• RELY As previously reported, BofA initiated coverage of Remitly Global with a Buy rating and $18 price target. The firm sees the digital native remittance platform scaling into a multi-year growth opportunity, forecasting 19% revenue, 33% adjusted EBITDA and 32% free cash flow compound annual growth rates from 2026-28. Remitly offers "an attractive mix of high growth with improving profitability" along with free cash flow generation, the analyst tells investors.

• DT Canaccord lowered the firm's price target on Dynatrace to $50 from $65 and keeps a Buy rating on the shares. The firm said the company turned in a healthy set of FQ3 numbers while meaningfully raising guidance across the board. At a time when valuation resets, AI-driven narrative swings, and uneven demand signals have created a noisy backdrop for software investors, DT continues to deliver a familiar pattern: mid-teens ARR growth (on a CC basis), stable net retention, strong enterprise land sizes, and disciplined operating leverage.
• PGY Canaccord lowered the firm's price target on Pagaya to $32 from $39 and keeps a Buy rating on the shares. The firm said the company's conservative decision to dial back on loan approvals creates a buying opportunity as Pagaya continued to execute across all facets of its business in Q4. New logo wins, loan application volume growth, strong demand on the funding side of the business, and nice operating leverage were all clearly at play in Q4 results.
• UPWK Canaccord analyst Maria Ripps lowered the firm's price target on Upwork to $22 from $24 and keeps a Buy rating on the shares. The firm said they reported stable Q4 results, with GSV, revenue, and adj. EBITDA coming in modestly ahead of expectations. While active clients came in softer than expected, churn reached its lowest level in over eight quarters, which, coupled with top of funnel investments, is expected to help the company return to sequential client growth in Q1.

• MNDY Citi lowered the firm's price target on Monday.com to $176 from $230 and keeps a Buy rating on the shares. The firm views the company's Q4 report as "disappointing." The company walked back its 2027 guidance framework, the analyst tells investors in a research note. Citi still sees a "disconnected valuation" at current share levels, however.
• ROIV Citi raised the firm's price target on Roivant Sciences to $35 from $26 and keeps a Buy rating on the shares. The firm views the company's Phase 2 data for brepocitinib in cutaneous sarcoidosis as "encouraging." It added revenue for the indication into the model.

• LIN DZ Bank downgraded Linde to Hold from Buy with a $460 price target.

• RGNX Goldman Sachs lowered the firm's price target on Regenxbio to $12 from $14 and keeps a Neutral rating on the shares. Shares are likely to remain under pressure after the FDA issued a complete response letter for RGX-121, citing concerns around efficacy evidence, patient definition, external controls, and the surrogate biomarker, making the regulatory path forward challenging, the analyst tells investors in a research note. As a result, the firm's investment thesis is expected to shift toward upcoming RGX-202 DMD data, which offer a clearer regulatory pathway and potentially differentiated efficacy, Goldman says.
• AMKR Goldman Sachs raised the firm's price target on Amkor Technology to $43 from $38 and keeps a Neutral rating on the shares. The stock is expected to move modestly higher after a quarter that beat Street expectations despite elevated pre-print optimism, the analyst tells investors in a research note. Strength was supported by constructive positioning around Chip-on-Wafer-on-Substrate-related spending, continued execution on advanced packaging for AI datacenters, and solid operational progress including Vietnam reaching break-even and Phase 1 construction at the Arizona campus, the firm says.

• PRAX Guggenheim raised the firm's price target on Praxis Precision to $800 from $760 and keeps a Buy rating on the shares. The firm's analysis and feedback from key opinion leaders on ulixacaltamide's potential penetration in essential tremor supports a potential $15B-plus ET market and a $5B-$10B peak sales range for an effective branded oral, says the analyst, who adds that Praxis remains one of the firm's Top Picks for 2026.
• MNDY Guggenheim lowered the firm's price target on Monday.com to $180 from $250 and keeps a Buy rating on the shares. Monday shares were down over 10% on margin guidance that was below expectations, before gapping down another 10% on the earnings call when management pulled the FY27 targets that were given at the recent September analyst day, the analyst noted. While "it's easy to assume the worst, especially for a horizontal app vendor that seems ripe for AI disruption," Q4 performance "paints a brighter picture" and the firm wouldn't be surprised to see an enterprise bundle in the future that should be appealing to customers, says the analyst, who adds "it's way too early to count them out."

• MNDY JPMorgan analyst Mark Murphy lowered the firm's price target on Monday.com to $90 from $230 and keeps an Overweight rating on the shares post the Q4 report. The company guided fiscal 2026 revenue below the prior $1.5B target due to "persistent" down-market and Google-search related impacts, with the bright spot on the enterprise side "feeling like more of a consolation prize," the analyst tells investors in a research note. JPMorgan finds it difficult to "stomach the one-two punch of an 8-9 point deceleration in growth forecasted for 2026 and contracting profitability/cashflow margins."
• MCK JPMorgan analyst Lisa Gill raised the firm's price target on McKesson to $1,107 from $983 and keeps an Overweight rating on the shares. The firm updated the company's model post the earnings report. McKesson's fiscal Q3 print was broadly positive, with relatively upbeat commentary on performance across its core segments, the analyst tells investors in a research note.

• GT Morgan Stanley analyst Javier Martinez de Olcoz Cerdan tells investors in a research note that the firm expects a positive share price reaction for Goodyear Tire following an 8% beat versus consensus driven by margin outperformance in EMEA and APAC, alongside a 35% free cash flow beat, while Q1 is off to a good start. Portfolio optimization is complete, with net debt down approximately $1.6B year over year, highlighting continued deleveraging progress, the firm says.
• APO Morgan Stanley raised the firm's price target on Apollo Global to $181 from $180 and keeps an Overweight rating on the shares. The firm, which sees growth accelerating into 2026, views Apollo as well placed to capture mega trends in democratization of alternative investments and income solutions for aging populations, the analyst tells investors.

• MGY Piper Sandler raised the firm's price target on Magnolia Oil & Gas to $26 from $23 and keeps a Neutral rating on the shares. Coming off strong Q4 2025 and FY25 results, the firm updates estimates to account for formal Q1 2026/FY26 guidance and 137% organic PDP reserve replacement. The company anticipates flat capital spending in FY26 to drive 5% production growth, with a bias toward lower spending on further efficiencies and lower service costs.
• BCBP Piper Sandler raised the firm's price target on BCB Bancorp to $9 from $8.50 and keeps a Neutral rating on the shares. The firm notes 2025 was a bumpy road for BCB in terms of headwinds faced on the credit side, and the year ended with the company posting a large net loss, driven by a large OREO write-down that was pre-disclosed ahead of earnings. Piper does get the sense that we are in the late innings of the company's credit clean-up, but it is still cautious on the outlook as the firm thinks there remains some leg work to return classified/nonaccrual levels to a more normalized state.
• BDX Piper Sandler lowered the firm's price target on Becton Dickinson to $170 from $205 and keeps a Neutral rating on the shares following quarterly results. Relative to guidance and consensus, the firm says it was an okay outcome, albeit flat organic growth and top-line pressure in key areas playing out as expected isn't necessarily inspiring for new investors.

• WING Raymond James downgraded Wingstop to Outperform from Strong Buy with an unchanged price target of $325. The shares were also downgraded this morning at TD Cowen. Raymond James has a cautious view of Wingstop's near-term sales trends. The trends could result in "disappointing" 2026 comp guidance and pose some near-term risk to the stock, the analyst tells investors in a research note. However, the firm remains "optimistic" that Wingstop's comps can turn positive through the second half of the year.

• ANET Rosenblatt raised the firm's price target on Arista Networks to $165 from $140 and keeps a Neutral rating on the shares ahead of the Q4 report on February 12. The firm's recent industry checks have been positive on Arista's new wins and opportunities. The firm also believes the company is retaining more share at Meta for longer than previously expected due to its ability to deliver multiple fabric solutions.

• BRX Stifel raised the firm's price target on Brixmor to $29.75 from $29 and keeps a Hold rating on the shares after adjusting estimates following the company's Q4 report.
• HAIN Stifel lowered the firm's price target on Hain Celestial to $1 from $1.50 and keeps a Hold rating on the shares after the company reported a softer second quarter than was expected. While the "sequential progress in pockets of the business is encouraging," the firm sees significant risk as Hain continues its strategic review, which may include asset sales and the upcoming credit maturity, the analyst tells investors.
• ICHR Stifel analyst Brian Chin raised the firm's price target on Ichor Holdings to $30 from $25 and keeps a Hold rating on the shares. The firm, which is "encouraged" by management's progress to-date on its plan to reinstall more leverage and growth back into the model," increased estimates following what it calls a "solid" earnings report.
• XENE Stifel raised the firm's price target on Xenon Pharmaceuticals to $66 from $60 and keeps a Buy rating on the shares. The firm continues to have conviction that XTOLE-2 will be a positive study that derisks a $2B-plus opportunity for XEN1101, the analyst tells investors.

• DRI Truist lowered the firm's price target on Darden to $206 from $207 and keeps a Hold rating on the shares. The firm sees beef price inflation persisting through 2027 due to "still strong" beef demand and falling beef supply.
• SHAK Truist analyst Jake Bartlett lowered the firm's price target on Shake Shack to $144 from $146 and keeps a Buy rating on the shares. The firm sees beef price inflation persisting through 2027 due to "still strong" beef demand and falling beef supply. However, Truist sees limited risk to Shake Shack's margins given the early stage of its supply chain savings initiatives.

• EPC Wells Fargo raised the firm's price target on Edgewell Personal Care to $22 from $20 and keeps an Overweight rating on the shares. Edgewell is cheap and the portfolio is much improved following the divestiture of the Feminine Care business, the firm says. This is why Wells stays Overweight and raises its target at a higher price to earnings, balanced by still needed visibility into an expected ramp in the second half of 2026.
• CAH Wells Fargo raised the firm's price target on Cardinal Health to $256 from $237 and keeps an Overweight rating on the shares. The firm is also increasing estimates following Q2 results with strong results in all segments. Strength in Pharmaceutical and Specialty remains particularly notable and the first half of 2026 trajectory suggests upside potential in the second half.
• ON Wells Fargo analyst Joe Quatrochi raised the firm's price target on On Semi to $72 from $70 and keeps an Overweight rating on the shares. While Q1 revenue midpoint was slightly below expects, On Semi continues to report improving cycle data points as inventory drawdowns are largely complete, the firm says. Wells remains focused on a demand recovery and fixed cost rationalization driving faster EPS recovery.

• MLKN William Blair initiated coverage of MillerKnoll with an Outperform rating and no price target. The firm believes the company is well positioned to return to a "more normalized growth cadence." It estimates MillerKnoll can annually increase sales by 5% to 8% and earnings by 12% to 15% over the next three to five years. The company's growth acceleration, align with a stable dividend, declining net leverage position, optionality around additional shareholder returns, and an attractive valuation compared with peers, "should support steady share price gains," the analyst tells investors in a research note.

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

• Earnings After the Close: ACGL ACM AMKR BRX CHGG CINF CMCO CRBG DAC GTM ICHR KRC MEDP MTW NTB ON OPEN PAL PFG PFLT PNNT SSD SVM UDR UPWK UTL UVV VNO

• Cantor 2026 Annual Healthcare Ski Summit, 2/9-2/12, in Park City, UT
• Oppenheimer Healthcare 2026 Winter CEO & Investor Summit, 2/9-2/12
• UBS Financial Services Conference, 2/9-2/11, in Florida

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:30 AM ET                   Retail Sales M/M for December
• 8:30 AM ET                   Retail Sales – Less Autos M/M for December
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 10:00 AM ET                 Business Inventories M/M for November
• 1:00 PM ET US Treasury to sell $58B in 3-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: ADC AEIS AIG AIZ AKR ALAB ANGI ARI BL DEI DIOD EPM EW EXEL F FRSH GILD GNSS GXO HIW HNGE HOOD IVT JHX KVYO LSCC LYFT MAT MIR MNTN NET NSP NTST OI PEGA RPD RRR TDC UFCS UPST WELL WPC ZG

• Cantor 2026 Annual Healthcare Ski Summit, 2/9-2/12, in Park City, UT
• Oppenheimer Healthcare 2026 Winter CEO & Investor Summit, 2/9-2/12
• UBS Financial Services Conference, 2/9-2/11, in Florida
• China PPI/CPI for January

• 8:30 AM ET                 Nonfarm Payrolls for January
• 8:30 AM ET                 Private Payrolls for January
• 8:30 AM ET                 Manufacturing Payrolls for January
• 8:30 AM ET                 Unemployment Rate for January
• 8:30 AM ET                 Average Hourly Earnings M/M for January
• 10:30 AM ET                 Weekly DOE Inventory Data
• 1:00 PM ET US Treasury to sell $39B in 10-year notes
• 2:00 PM ET                    Federal budget for January

• Earnings After the Close: AEE ALB AM AMCX APP AR ATEX CFLT CGNX CPA CRK CSCO CW CXT CXW DAR DDI EPRT EQIX FAF FCPT FSLY GFL GTY HUBS IFF INSP LEG MFC MGM MSA MSI NBIX NBR NE NEU NEW OM PAYC PDM PDS PLMR PPC PRCH PRI QDEL QS QTWO ROL RWT RYN SAFE SCI STAG TYL WCN WFG WTS

• Cantor 2026 Annual Healthcare Ski Summit, 2/9-2/12, in Park City, UT

• Oppenheimer Healthcare 2026 Winter CEO & Investor Summit, 2/9-2/12
• Stifel Transportation & Logistics Conference, 2/11-2/12 in Miami, FL
• TD Cowen 47th Annual Aerospace & Defense Conference, 2/11-2/12, in Arlington VA
• UBS Financial Services Conference, 2/9-2/11, in Florida

• 8:30 AM ET                   Continuing Claims
• 10:00 AM ET                 Existing Home Sales M/M for January
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 1:00 PM ET US Treasury to sell $22B in 30-year notes

• Earnings After the Close: ABNB AEM AIP AMAT ANET BAP BFAM BIO BLX BROS CAE CART COHU COIN CPS CRSR CTRE DKNG DXCM ES EXPE FBIN FLO FORR FROG FRT HASI HCC HR HTGC IR KNSL LGCY MHK MORN NUS PACB PCOR PDFS PINS PSA RIVN ROKU RYAN SBRA SPSC TOST TRUP TSLX TWLO TXG VRTX WYNN YELP

• Oppenheimer Healthcare 2026 Winter CEO & Investor Summit, 2/9-2/12
• Stifel Transportation & Logistics Conference, 2/11-2/12 in Miami, FL
• TD Cowen 47th Annual Aerospace & Defense Conference, 2/11-2/12, in Arlington VA

• 8:30 AM ET                   Consumer Price Index (CPI) Headline Y/Y for January
• 8:30 AM ET                   Core CPI – Ex: Food & Energy M/M for January
• 8:30 AM ET                   Core CPI – Ex: Food & Energy Y/Y for January
• 1:00 PM ET                    Baker Hughes Weekly rig count data