Early Look

Wednesday, February 11, 2026

After finishing at the lows on Tuesday, U.S. futures are seeing a modest bounce early ahead of key economic data. Major US averages finished lower on Tuesday, giving back early gains following weaker retail sales data and positioning ahead of today’s nonfarm payroll report for January. The tech-focused Nasdaq Composite slid -0.6% and the S&P 500 closed -0.3%, but the blue-chip Dow Jones Industrial Average finished +0.1% closing at a new record high. Five of the S&P 500’s 11 segments were in positive trading territory, with utilities at the top while financials were a drag. In Asian markets, The Nikkei Index was closed, holding at record highs 57,650, the Shanghai Index edged higher 3 points to 4,131, and the Hang Seng Index rose 83 points to 27,266. In Europe, the German DAX is down -25 points to 24,962, while the FTSE 100 rises 75 points to 10,430. China January Producer prices fall -1.4% y/y vs. est. -1.5% and China January Consumer prices climb 0.2% y/y, less than that est. +0.4%. Bitcoin prices are slumping again, down -2.5% below $67,000 while the dollar also slides (DXY -0.2% at 96.61) ahead of the jobs report. Some of the big movers overnight/this morning on earnings include: LSCC, NET, TDC, VRT to the upside and ALAB, HOOD, HUM, LYFT, MAT, RPD to the downside. In stock news yesterday, shares of Charles Schwab, LPL Financial, Raymond James and Ameriprise were among full service financial providers that sold off on a new AI-powered tax tool by Altruist. JPMorgan and other banking giants with big wealth-management arms fell slightly. The 10-year Treasury yield fell five basis points to 4.14%, hitting their lowest levels since mid-January. Gold and silver rise ahead of the jobs data.

• The Dow Jones Industrial Average rose 52.27 points, or 0.10%, to 50,188.14
• The Nasdaq Composite dropped -136.20 points, or 0.59%, to 23,102.47
• The Russell 2000 Index declined -9.28 points, or 0.34% to 2,679.77

• 8:30 AM ET                 Nonfarm Payrolls for January…est. +70K (prior +50K)
• 8:30 AM ET                 Private Payrolls for January…est. +70K (prior +37K)
• 8:30 AM ET                 Manufacturing Payrolls for January…est. (-5K) vs. prior (-8K)
• 8:30 AM ET                 Unemployment Rate for January…est. 4.4%
• 8:30 AM ET                 Average Hourly Earnings M/M for January…est. +0.3%
• 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…est. (-$86.5b)

• 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

• Lyft Inc. (LYFT) Q4 adj EBITDA $154.1Mm vs est $147.1Mm on gr bookings $5.07B vs est $5.07B, revs $1.59B vs est $1.755B; says expects gross bookings to accelerate and adj EBITDA mgn to expand in 2026; sees Q1 adj EBITDA about $120-140Mm vs est $139.4Mm on gr bookings about $4.86-5.0B vs est $4.95B; announces $1B share buyback.
• Mattel Inc. (MAT) Q4 adj. EPS $0.39 vs. est. $0.55 and revs rose 7.9% y/y to $1.77B but below est. $1.83B; sees FY26 adjusted EPS $1.18-$1.30, below consensus $1.76; said it would acquire the remaining 50% of Mattel163, a joint venture media games developer created with China's NetEase (NTES) for $159M.
• Zillow Inc. (ZG) Q4 adj EPS $0.39 vs. est. $0.41; Q4 revs rose 18% y/y to $654M vs. est. $650.51M; Adjusted EBITDA for Q4 increased, supported by revenue growth and cost management; Q4 Rentals revenue increased 45% y/y to $168M, driven by multifamily revenue growth of 63%; Q4 Mortgages revenue rose 39% y/y to $57M.

• Centrus Energy (LEU) forecasts full-year revenue in the range of $425M-$475M, below analyst estimates of $482.7M; posts quarterly revenue of $146.2M, compared with $151.6M y/y.
• Mirion Technologies (MIR) Q4 adj EPS $0.15 vs est $0.16 on revs $277.4Mm vs est $280.3Mm; guides FY adj revs +22-24% vs est +22.6% and adj EPS $0.50-0.57 vs est $0.59.
• Solv Energy (MWH) 20.5M share IPO priced at $25.00, top of the range
• U.S. President Trump is planning to use government funding and Pentagon contracts to sustain U.S. coal-fired power plants as he works to drive domestic reliance, Bloomberg reports.

• Freshworks (FRSH) Q4 adj EPS $0.14 vs est $0.11 on revs $222.74Mm vs est $218.8Mm; guides Q1 revs $222-225Mm vs est $220.92Mm and adj EPS $0.10-0.12 vs est $0.14; sees FY revs $952-960Mm vs est $945.27Mm and adj EPS $0.55-0.57 vs est $0.69.
• Insperity Inc. (NSP) Q4 adj EPS ($0.60) vs est ($0.47) on revs $1.668B vs est $1.679B; guides Q1 adj EPS $1.03-1.50 vs est $1.69 and FY adj EPS $1.69-2.72 vs est $2.44.
• Robinhood Markets (HOOD) shares fell; Q4 EPS $0.66 vs. est. $0.63 on revs rose 27% y/y to $1.28B vs est. $1.34B; Q4 Transaction-based revenue rose 15% y/y to $776M, equities revenue rose 54% while options climbed 41%; net deposits $15.9B at Q4 end; Q4 total platform assets up 68% YoY to $324B; revenue from crypto trading fell 38% at Robinhood; Gold subscribers increased 58% to 4.2 million in the quarter from the previous year.
• Upstart Holdings (UPST) Q4 EPS $0.17 vs est $0.46, adj EBITDA $63.7Mm on revs $296.1Mm vs est $288.67Mm; guides FY revs approx $1.4B vs est $1.273B, adj EBITDA mgn approx 21%.
• Welltower (WELL) Q4 AFFO/shr $1.45 vs est $1.44 on revs $3.18B vs est $2.837B; guides FY AFFO/shr $6.09-6.25 vs est $6.03.

• Gilead Sciences (GILD) Q4 adj EPS $1.86 vs. est. $1.83 on revs rose 5% y/y to $7.9B vs. est. $7.68B; raises quarterly dividend 3.8% to $0.82 per share; sees FY26 adjusted EPS $8.45-$8.85 vs. consensus $8.74 and FY26 product sales $29.6B-$30B vs. est. $29.92B.
• Hinge Health (HNGE) Q4 EPS $0.37 vs est $0.39 on revs $170.7Mm vs est $156.7Mm; guides Q1 revs $171-173Mm vs est $160.28Mm and adj Outperform Inc $30-32Mm vs est $24.61Mm; sees FY revs $732-742Mm vs est $701.33Mm and adj Outperform Inc $151-156Mm vs est $136.59Mm.
• Humana (HUM) shares fall; Q4 adj EPS loss (-$3.96) vs. consensus (-$3.99); Q4 revs $32.52B vs. est. $32.01B; sees FY26 adjusted EPS 'at least' $9.00, below consensus $12.00 saying the anticipated year-over-year decline results from the Star Ratings headwind for Bonus Year 2026, net of mitigation.
• Moderna (MRNA) shares fall as the FDA refuses to review Moderna’s Flu Vaccine. The vaccine maker’s shots involve the successful Covid vaccines’ RNA technology. Health Secretary Robert F. Kennedy Jr. has broadly rejected it, canceling millions of dollars in research projects – NY Times reports.

• GXO Logistics (GXO) Q4 adj EPS $0.87 vs. est. $0.84 on revs rose 7.9% y/y to $3.50B vs. est. $3.489B and organic revs grew by 3.5%; Q4 adj EBITDA $255M vs. est. $252.5M; sees FY26 adj EPS $2.85-$3.15 vs. est. $3.00 and FY26 organic revenue up 4%-5%.
• James Hardie Industries (JHX) Q3 adj EBITDA $329.9Mm vs est $309.2Mm on revs $1.24B vs est $1.209B; sees FY adj EBITDA $1.232-1.263B vs est $1.228B.
• O-I Glass (OI) reports Q4 EPS $0.20 vs. est. $0.19; Q4 revs $1.5B vs. est. $1.52B; sees FY26 adjusted EPS $1.65-$1.90, vs. consensus $1.94 and sees 2026 adj EBITDA in range of $1.25B-$1.30B, or up 7% y/y; expects free cash flow to approximate $200M in 2026, an increase of nearly 20% compared to 2025; sees year sales $6.4B vs. est. $6.43B.
• Palantir Technologies Inc. (PLTR) announced the extension of its multi-year collaboration with Airbus (EADSY), under which Palantir will continue to support Airbus’s Skywise civil Aviation open data platform.
• QXO, Inc. (QXO) entered into a definitive agreement to acquire Kodiak Building Partners from Court Square Capital Partners for approximately $2.25 billion. The purchase price comprises $2.0 billion of cash and 13.2 million shares, with QXO retaining the right to repurchase these shares at $40 per share.
• Wabtec (WAB) raises quarterly dividend 24%, increases share buyback to $1.2B.

• Astera Labs (ALAB) Q4 adj EPS $0.58 vs est $0.51, adj Outperform Inc $108.9Mm vs est $99.8Mm on revs $270.6Mm vs est $249.5Mm, gr mgn 75.6%; guides Q1 revs $286-297Mm vs est $259.3Mm, adj gr mgn approx 74% and adj EPS $0.53-0.54 vs est $0.52.
• Cloudflare (NET) Q4 adj EPS $0.28 vs est $0.27 on revs $614.507M vs est $591.3M; guides Q1 revs $620-621M vs est $613.93M and adj EPS $0.23 vs est $0.25; sees FY revs $2.785-2.795B vs est $2.736B and EPS $1.11-1.12 vs est $1.20.
• Klaviyo (KVYO) Q4 adj EPS $0.19 vs est $0.17, adj Outperform Inc $51Mm vs est $44.76Mm on revs $350.2Mm vs est $333.95Mm; guides Q1 revs $346-350Mm vs est $344.1Mm, adj Outperform Inc $50-53Mm vs est $46.4Mm; sees FY revs $1.501-1.509B vs est $1.481B and adj Outperform Inc $218-224Mm vs est $213.42Mm.
• Lattice Semiconductor (LSCC) Q4 adj EPS $0.32 vs est $0.31 on revs $145.792Mm vs est $143.1Mm, adj gr mgn 69.4%; guides Q1 revs $158-172Mm vs est $148.16Mm, Ad gr mgn 68.5-70.5% and adj EPS $0.34-0.38 vs est $0.32.
• Pegasystems (PEGA) Q4 adj EPS $0.76 vs est $0.74 on revs $504.317Mm vs est $494.3Mm; guides FY revs about $2.0B vs est $1.861B and adj EPS about $2.75 vs est $2.22.
• Rapid7 (RPD) Q4 EPS $0.44 vs. est. $0.42; Q4 revs rose 1% y/y to $217M vs. est. $215.17; Q4 ARR was flat y/y to $840M; guides Q1 results below consensus and sees FY26 non-GAAP EPS $1.50-$1.60 vs. est. $1.98 and revs $835M-$843M, below consensus $869.95M.
• Teradata (TDC) shares rise; Q4 EPS $0.74 beats the $0.56 consensus on revs $421M vs. est. $399.7M; Q4 public cloud rose 15% y/y and expects full-year 2026 total ARR growth of 2% to 4% y/y; sees FY26 adj EPS between $2.55-$2.65 vs. est. $2.55; sees recurring Q1 rev growth 6%-8% y/y and total revs +1%-3% y/y.
• Vertiv (VRT) shares rise; Q4 adjusted EPS $1.36 tops consensus $1.30, and revs rose 23% y/y to $2.88B vs. consensus $2.89B; reported significant order growth, with organic orders up 252% y/y; sees FY26 adjusted EPS $5.97-$6.07, above consensus $5.33 and sees FY26 revenue $13.25B-$13.75B vs. est. $12.39B

Mid-Morning Look

Wednesday, February 11, 2026

U.S. stocks opened higher, buoyed by a stronger than expected January nonfarm payrolls report (more than double the jobs than expected) while the unemployment rate slipped and wages rose…but stocks have since pulled back and moved into negative territory as the better data also raises concerns it pushed out Fed rate cuts further. U.S. Treasury yields jump after stronger-than-expected payrolls report; yield on 10-year Treasury note topped 4.2% (vs. 4.12% prior to report) and the 2-yr yield went from 3.45% prior to the jobs report to around 3.54%. Gold and silver prices rose overnight but pared gains on the report. Outside of the data, another very busy day of earnings with the biggest sector winners today industrials, energy, materials and consumer staples, while financials and communications lead the declines. Crypto assets continue to get sold as Bitcoin falls to $66,000 and Ethereum nearing $1,900 to the downside, taking the crypto complex with it (COIN, MSTR, RIOT, etc.) HOOD shares fell on weaker quarterly revs than expected amid a drop in crypto trading. After three days of rebounding, software (IGV) stocks are moving back to the downside. A list of today’ biggest earnings movers are listed below.

• In Gov’t IT Services: PSN shares fell after Q4 EPS of $0.75 missed the $0.79 estimate on weaker res $1.6B (est. $1.67B) and guided 2026 revs $6.5B-$6.8B vs. est. $6.7B and SAIC pre-announced Q4 results and lowered FY27 (Jan YE) revenue guidance by 5% citing the government shutdown and delays – said expects FY27 revs to decline vs. prior guidance; shares of comps BAH, KBR, CACI, LDOS were volatile in reaction early.
• In Construction: QXO entered into a definitive agreement to acquire Kodiak Building Partners from Court Square Capital Partners for approximately $2.25 billion. The purchase price comprises $2.0 billion of cash and 13.2 million shares, with QXO retaining the right to repurchase these shares at $40 per share; MLM earnings out as quarterly revs missed and guided 2026 revs $6.42B-$6.78B which was below the $6.86B estimate; Benchmark downgraded shares of building product makers IBP and TREX to Hold from Buy.
• Memory stocks were strong early (MU, SNDK) after Reuters reported Samsung executive said expects strong demand for memory chips to continue this year and extend into next, citing robust demand driven by artificial Intelligence. Song Jai-hyuk, the chief technology officer for Samsung chip division, also said at the SEMICon trade show customer feedback on the company's next-generation high-bandwidth memory chip, or HBM4, has been "very satisfactory."

• GNRC +12%; reported Q4 Non-GAAP EPS of $1.61 misses the $1.77 est. and revs fell -11.4% y/y to $1.09B also missing consensus but shares bounced on upbeat outlook initiating its FY26 net sales growth guidance to be in the mid-teens percent range as compared to the prior year, which includes a 1% favorable impact from foreign currency.
• LSCC +11%; reported slightly better Q4 results and higher Q1 guidance, driven by C&C. C&C grew +60% Y/y in Q4 (server +85% Y/y in 2025), while I&A was-10% Y/y and guided C&C to grow >40% in 2026, and I&A to grow >15%, with 2026 revs guided to exceed the prior 20% framework.
• NET +10%; following Q4 results that exceeded expectations as Q4 rev accelerated to 34% y/y growth from 31% in the prior quarter, closed its largest annual contract deal ever, averaging $42.5M per year, and total New Acv grew nearly 50% y/y, for Cloudflare's highest growth since CY21.
• NKTR +14%; adding to yesterday's 51% advance after its eczema drug shows year-long benefit.
• QXO +10%; entered into a definitive agreement to acquire Kodiak Building Partners from Court Square Capital Partners for approximately $2.25 billion. The purchase price comprises $2.0 billion of cash and 13.2 million shares, with QXO retaining the right to repurchase these shares at $40 per share
• SHOP +12%; after guiding revenue to rise at a low-thirties percentage rate in Q1, above analysts' average estimate of a 25.2% rise and board authorized a share repurchase program of up to $2 billion (which overshadowed a mixed Q4 results as PS missed/revs beat, and GMV was $123.84B in holiday quarter vs $94.46B y/y).
• TDC +36%; shares surge post earnings results as Q4 EPS $0.74 beats the $0.56 consensus on revs $421M vs. est. $399.7M; Q4 public Cloud rose 15% Y/y and expects full-year 2026 total ARR growth of 2% to 4% Y/y; sees FY26 adj EPS between $2.55-$2.65 vs. est. $2.55.
• VRT +20%; as reported mostly in-line quarterly results with organic orders up 252% y/y with better guidance as sees FY26 adjusted EPS $5.97-$6.07, above consensus $5.33 and sees FY26 revenue $13.25B-$13.75B vs. est. $12.39B; said the data center market is showing robust momentum.

• ATRC -14%; declined after JP Morgan downgraded to Neutral noting EW announced today the upcoming launch of a surgical LAAC product later this year, a competitive product to AtriCure’s AtriClip, which doesn’t come as a surprise as the company had already filed patents and trademarks for a product.
• HOOD -12%; shares fell after reported Q4 net revenue rose 27% Y/y to $1.28B but missed the $1.34B consensus estimate as Q4 Transaction-based revenue rose 15% y/y to $776M, but revenue from crypto trading fell 38%. Management was constructive on 2026, guiding for revenue to grow faster than largely investment-driven expenses.
• HUM -2%; shares fell on weak guidance; HUM Q4 beat but issued 2026 EPS guidance of $9 (vs. street consensus of $11.91) with FY26 individual MA membership growth of ~25% over 2025, with the company noting higher than typical level of conservatism to account for the dynamic environment.
• KHC -5%; shares declined after saying they are pausing work related to splitting into two companies, which was announced last year, reported Q4 sales $6.35B below est. $6.38B, forecasts annual sales/profit below estimates and announces a $600 million investment across marketing, sales, and R&D.
• LEU -18%; forecasts full-year revenue in the range of $425M-$475M, below analyst estimates of $482.7M; posts quarterly revenue of $146.2M, compared with $151.6M Y/y.
• LYFT -17%; shares tumbled as Q4 results were mixed, with bookings in line and EBITDA roughly 5% above estimates, while Q1 EBITDA guidance trailed expectations despite solid bookings growth of 17%-20% y/y and ride growth decelerated as focus shifted to premium offerings.
• MAT -25%; shares tumble after results and guidance disappoint (sees FY26 adjusted EPS $1.18-$1.30, below consensus $1.76); reported a miss across revenue, Adjusted EBITDA and Adjusted EPS, and introduced 2026 guidance that was well below expectations on Adjusted Operating Income and Adjusted EPS (downgraded at Citi and JPM).
• MRNA -10%; after US regulators refused to review its novel mRNA flu vaccine, dealing a major blow to the company as it seeks to expand beyond its Covid shot
• RPD -23%; shares tumbled as delivered modest upside to ARR expectations in Q4, adding about $2M in NNARR to bring ARR growth flat on a y/y basis. UBS downgraded to Neutral citing a disappointing Q4 report and cautious guidance for CY26, which includes a forecast for revenue to decline 2% y/y.
• U -34%; shares declined as a weaker Q1 revenue forecast of $480M-$490M, missing consensus view of $491.78M, and below prior quarter of $503M weighed on sentiment.

Closing Recap

Wednesday, February 11, 2026

US equity futures bounced back a bit to eke out small gains overnight as earnings continued to be at least good enough with no mega-cap excitement to swing the indices.  Of 330 S&P 500 names to have reported thus far, 79% beat estimates versus 80% last year with an average beat of 10% versus 30% last year and average EPS growth of 12% versus 17% last year (though median growth is +9% versus +10% last year).  Investors sold the early rally as concerns mounted about the timing of future rate cuts and indices dipped to red.  In sentiment today, the Fear & Greed Index registered 50/100 (Neutral) versus 39 (Fear) last week and 53 (Neutral) last month.  By mid-morning, stocks had crossed back to green but with breadth still favoring decliners by 16:9 as small caps underperformed with IWM (-1.11%) versus SPY (+0.05%) and QQQ (+0.18%).  Sector performance, though, skewed positive as Energy (+1.98%), Consumer Staples (+0.94%) and Materials (+0.77%) outperformed among S&P sector ETFs, while Communications (-0.41%), Consumer Discretionary (-0.62%) and Financials (-1.37%) paced the underperformers with eight sectors gaining versus just three declining.

In data of note, as investors continue to be concerned about software names, @bespokeinvest gives hope for the Nasdaq overall, noting the five-month trading range has compressed to its most narrow in almost a decade and historically such stretches have tended to occur within healthy uptrends.  On a less bullish note, @DataTrekMB noted spending at bars and restaurants in America has been softening since mid-2025 in a reflection of softer US consumers’ discretionary spending.  Separately, they noted the Russell 2000 recently enjoyed a 2 standard deviation outperformance versus the S&P 500 over a 50-day stretch (has only happened four other times since 2015).  Historically, the next 50 days has almost always resulted in Russell 2000 underperformance, so watch for ongoing volatility in small caps on a relative basis.

Heading into the final hour of trading in a see-saw session, US equities were mixed with large-cap indices higher and small-caps in the red.  Breadth continued to favor decliners but had narrowed to just 9:8 as small caps underperformed with IWM (-0.45%) versus SPY (flat) and QQQ (+0.27%).  Sector performance held fairly steady with seven gainers versus four decliners amongst S&P sector ETF’s.  Energy and Consumer Staples led the winners, while Financials continued as the largest laggard.  The Fed and earnings continue to be the motivating factors behind the market, so expect continuing swings on data between Fed meetings

• The CBO projected 2026 deficit is about $100 billion higher, and total deficits from 2026 to 2035 are $1.4 trillion larger, while debt held by the public is projected to rise from 101% of GDP to 120% — exceeding historical highs. Notably, the CBO says higher tariffs partially offset some of those increases by raising federal revenue by $3 trillion, but that also comes with higher inflation from 2026 to 2029.

• March WTI crude futures saw a nice overnight gain and managed to hold on to settle +$0.67/bbl, or +1.05%, to $64.63.  Ongoing tensions with Iran buoyed futures amidst supply concerns.  Offsetting the Iran support today, and pulling futures off the early highs, were EIA data indicating a large weekly inventory build versus an expected draw.  No doubt inventory glut concerns will persist into 2H26.
• U.S. natural gas futures edged higher 4.4 cents, or 1.4%, to settle at $3.159 per million British thermal units (mmBtu) a day after the contract closed at its lowest since January 16 for a second day in a row. That small price increase came despite forecasts for warmer weather and lower demand next week than expected.

• BWA posts Q4 profit and revenue above Wall Street estimates, helped by demand from its electrified powertrains and cost-saving measures ($1.35/$3.57B vs. est. $1.19/$3.53B) and guides FY26 net sales between $14.0B-$14.3B, below consensus estimates of $14.7B.
• DAN announced share repurchase increased to $2B by 2030 and raised its dividend.
• MNRO was upgraded to Outperform at Oppenheimer with a $40 price target saying while the company's challenges remain, it is now optimistic that dynamics for the chain are solidifying under new management and the company is positioned for strengthening sales and improved operating leverage.

• In Food & Beverages: KHC shares declined after saying they are pausing work related to splitting into two companies, which was announced last year, reported Q4 sales $6.35B below est. $6.38B, forecasts annual sales/profit below estimates and announces a $600 million investment across marketing, sales, and R&D; the co guided Fy26 organic sales to be down 1.5% to 3.5%, compared with analysts' estimates of a small rise. In beer, Heineken (HEINY) said it would cut up to 6,000 jobs from its global workforce and set lower expectations on Wednesday for 2026 profit growth

• Theme Parks (CMCSA, DIS): Keybanc said its January Attendance Positive as their domestic geolocation data tracking Theme Park attendance appears positive; Disney attendance was +8% Y/y vs +2% in Dec., and Universal was +42% vs +21% in Dec., with an underlying improvement in Universal Orlando, ex EPIC.
• Cruise sector: NCLH was downgraded to EW from Overweight at Barclay’s saying they see a more balanced risk/reward at current share levels, citing valuation for the downgrade with Norwegian up 24% over the last three months; also says the company's Q1 yields are likely to be weak, with more downside than upside to recently lowered estimates.
• Lodging sector: HLT reported Q4 EPS/revs above consensus, but guidance was mixed as expects its full-year room revenue growth of 1% to 2%, compared with analysts' estimates of 2.05%, and guided FY26 adjusted EPS $8.49-$8.61, vs. consensus $9.15; RRR reported company-wide EBITDA of $213M, +4% vs. consensus, supported by solid Las Vegas operations. Las Vegas Locals EBITDA of $231M beat consensus of $225M; LVL margins of 45% increased ~30 bps YoY, beating consensus by ~100 bps, with overall margins increasing 50 bps for 2025.

• In Coal sector (BTU, AMR, ARL, ARCH), reports indicate that President Trump will unveil plans to use government funding and Pentagon contracts to sustain US coal-fired power plants as he seeks to drive domestic reliance on the Fossil fuel. The initiative, set to be announced today, will come through an executive order, as Trump directs Defense Secretary Hegseth to enter into agreements to purchase electricity from coal plants to power military operations, according to a White House official.

• Insurance: more analyst defending insurance names after recent AI fear selloff as Deutsche Bank said selloff in names like AJG, MRSH are overdone for the commercial line Brokers, caught in the downdraft of two distinct but structurally related technological shocks: the launch of Insurify's generative Ai tool for real-time Insurance placement and the broader contagion from the "SaaSpocalypse" triggered by Anthropic's release of 11 plugins for Claude Cowork.

• AKR 4Q results were in line with consensus, and initial 2026 FFO (new methodology) appears relatively in line with consensus as well (in line with FactSet, -$0.01 vs. Visible Alpha).
• DEI reported 4Q25 FFO in line with cons. and management introduced its FY26 FFO guidance slightly ahead of cons. by 0.7%. During 4Q25, fundamentals were mixed, as SSNOI decreased to -1.4% (+3.5% prior), though cash rental rates improved to-10.1% (-11.4% prior) and leasing accelerated to 906ksf (840ksf prior), which drove occupancy higher
• NTST reported 4Q25 AFFO in line with cons. and affirmed both its FY26 AFFO guidance of $1.35-$1.39 and net investment activity guidance of $400M ($436M in 2025). As previously announced, during 4Q25, net investment activity accelerated to $198M ($142M prior) and cap rates rose to 7.5% (7.4% prior).

• EXEL results and guidance were consistent with earlier pre-announcement, and the company maintained its FY26 guidance. Cabometyx sales in NET delivered in excess of +$100mn for FY25, with management signaling to a continued ramp in growth following the expansion of the GI salesforce.
• GILD reported 4Q earnings, with non-GAAP EPS of $1.86 vs. consensus of $1.81 and revenue of $7.93B vs. FactSet consensus of $7.69B, driven by better than expected HIV/oncology sales and overall, in-line OpEx, but conservative guidance weighed on shares initially.
• MDGL signed a deal with the Chinese biotech Suzhou Ribo Life Science, licensing six early-stage treatments for the liver disease MASH for $60 million up front and up to $4.4 billion in total.
• MRNA shares fell after US regulators refused to review its novel mRNA flu vaccine, dealing a major blow to the company as it seeks to expand beyond its Covid shot

• Managed care: the hits keep coming as HUM shares fell on weak guidance; HUM Q4 beat but issued 2026 EPS guidance of $9 (vs. street consensus of $11.91) with FY26 individual MA membership growth of ~25% over 2025, with the company noting higher than typical level of conservatism to account for the dynamic environment.
• Hospital sector: THC Q4 adjusted EBITDA slightly above expectations ($1.18B vs $1.15B est), FY26 adjusted EBITDA mostly in line with estimates; Q4 Hospital Operations and Services net operating revenue $4.09B vs. est. 44.07B; Q4 Ambulatory Care net operating revenue $1.43 billion, estimate $1.39 billion. Q4 Same hospital admissions (0.7%).
• Medical Equipment & Supplies: EW reported mixed Q4 results while guidance was slightly better; Separately shares of ATRC declined after JP Morgan downgraded to Neutral noting EW announced today the upcoming launch of a surgical LAAC product later this year, a competitive product to AtriCure’s AtriClip, which doesn’t come as a surprise as the company had already filed patents and trademarks for a product.

• In Industrials: GNRC reported Q4 Non-GAAP EPS of $1.61 misses the $1.77 est. and revs fell -11.4% y/y to $1.09B also missing consensus but shares bounced on upbeat outlook initiating its FY26 net sales growth guidance to be in the mid-teens percent range as compared to the prior year, which includes a 1% favorable impact from foreign currency. CAT shares up over 4% and making another new all-time high, rising for a 4th straight days and shares are up 35% YTD as a leader in industrials (XLI +12.75% YTD); DE another name in industrials with massive outperformance to start the year.

• In Gov’t IT Services: PSN shares fell after Q4 EPS of $0.75 missed the $0.79 estimate on weaker res $1.6B (est. $1.67B) and guided 2026 revs $6.5B-$6.8B vs. est. $6.7B and SAIC pre-announced Q4 results and lowered FY27 (Jan YE) revenue guidance by 5% citing the government shutdown and delays – said expects FY27 revs to decline vs. prior guidance; shares of comps BAH, KBR, CACI, LDOS were volatile in reaction early.

• Metals & Mining: precious metal miners were higher overnight, but pared gains following the strong jobs report, reducing chances of a near term Fed rate cut; In steel, MT was upgraded to Buy at Jefferies saying EU steel is poised to see structurally better EBITDA over the cycle vs history, given trade protectionism. Investor debates include whether steel could be similar to cement, and see a multi-year re-rating

• In Internet: SHOP shares rose after guiding revenue to rise at a low-thirties percentage rate in Q1, above analysts' average estimate of a 25.2% rise and board authorized a share repurchase program of up to $2 billion (which overshadowed a mixed Q4 results as PS missed/revs beat, and GMV was $123.84B in holiday quarter vs $94.46B y/y).
• In Telecom: TMUS Q4 revs were mostly in-line at $24.33B and added 962K monthly-bill-paying phone customers in the quarter, the highest among the big three U.S. wireless carriers but missed ests of around 981K per FactSet; also guided annual adj FCF between $18B-$18.7B vs. est. $18.9B.

• Digital Infrastructure: VRT shares jumped as reported mostly in-line quarterly results with organic orders up 252% y/y with better guidance as sees FY26 adjusted EPS $5.97-$6.07, above consensus $5.33 and sees FY26 revenue $13.25B-$13.75B vs. est. $12.39B; said the data center market is showing robust momentum.
• In Software: KVYO reported Q4 revs grew +29.6% YoY (re-accelerating sequentially), NRR +100bps sequentially, Ai usage accelerating (w/ >50% campaigns for adopting customers now Ai-generated), raised FY26 rev guide (from +21.5% to +22.0%). FRSH reported better-than-expected Q4 results with non-GAAP EPS, 18.7% operating margin (consensus 14.7%) on revenue of $223M topping views and guidance was better than expected on the top line but lower on EPS.
• Security Software: RPD shares tumbled as delivered modest upside to ARR expectations in Q4, adding about $2M in NNARR to bring ARR growth flat on a y/y basis. UBS downgraded to Neutral citing a disappointing Q4 report and cautious guidance for CY26, which includes a forecast for revenue to decline 2% y/y.
• Gaming Software: Unity (U) shares declined as a weaker Q1 revenue forecast of $480M-$490M, missing consensus view of $491.78M, and below prior quarter of $503M weighed on sentiment.

• GFS guided Q1 EPS and revs just above consensus citing strong execution and disciplined cost management for stronger growth and also approves a share buyback worth $500M.
• LSCC reported slightly better Q4 results and higher Q1 guidance, driven by C&C. C&C grew +60% Y/y in Q4 (server +85% Y/y in 2025), while I&A was-10% Y/y and guided C&C to grow >40% in 2026, and I&A to grow >15%, with 2026 revs guided to exceed the prior 20% framework.
• Memory stocks were strong early (MU, SNDK) after Reuters reported Samsung executive said expects strong demand for memory chips to continue this year and extend into next, citing robust demand driven by artificial Intelligence. Song Jai-hyuk, the chief technology officer for Samsung chip division, also said at the SEMICon trade show customer feedback on the company's next-generation high-bandwidth memory chip, or HBM4, has been "very satisfactory."

Street Recommendations

Wednesday, February 11, 2026

• NCLH Barclays downgraded Norwegian Cruise Line to Equal Weight from Overweight with an unchanged price target of $23. The firm sees a more balanced risk/reward at current share levels. It cites valuation for the downgrade with Norwegian up 24% over the last three months. In addition, the company's Q1 yields are likely to be weak, with more downside than upside to recently lowered consensus estimates, the analyst tells investors in a research note.

• TREX Benchmark downgraded Trex Company to Hold from Buy.

• DUK BMO Capital analyst James Thalacker raised the firm's price target on Duke Energy to $136 from $132 and keeps an Outperform rating on the shares. The company reported a "modest" operating earnings beat while the management also reaffirmed its 5%-7% EPS growth rate through 2030 with the expectation to be in the top half of the range beginning in 2028, the analyst tells investors in a research note.
• GILD BMO Capital analyst Evan Seigerman raised the firm's price target on Gilead to $160 from $150 and keeps an Outperform rating on the shares after its Q4 earnings beat. The company's HIV business continues to anchor Gilead thesis, even with strong Yeztugo sales reflected in pre-earnings Street estimates, the analyst tells investors in a research note.
• HOG BMO Capital analyst Tristan Thomas-Martin lowered the firm's price target on Harley-Davidson to $24 from $30 and keeps an Outperform rating on the shares. The company's initial 2026 guidance came in well below expectations due to pressure from "reset" actions, including ongoing channel right-sizing, a slower HDFS ramp, and steps to strengthen the dealer network, the analyst tells investors in a research note. Reversing past strategic actions makes sense, and shares will have some air cover until more specifics are revealed, BMO added.
• MEDP BMO Capital lowered the firm's price target on Medpace to $460 from $600 and keeps a Market Perform rating on the shares after its Q4 results. A a surprise uptick in Q4 metabolic cancellations combined with the ongoing perception of broader AI CRO disintermediation, is weighing on shares, the analyst tells investors in a research note.

• MRNA BofA lowered the firm's price target on Moderna to $24 from $27 and keeps an Underperform rating on the shares after the company announced that they have received a refuse-to-file letter for the BLA application of their flu vaccine, mRNA-1010. The firm removed the contribution from mRNA-1010 in the U.S. in its model, pending clarity from the Type A meeting, and awaits greater clarity from the company on how this affects the 2028 breakeven guidance, noting that it now models breakeven in 2030.

• WMT BTIG raised the firm's price target on Walmart to $140 from $125 and keeps a Buy rating on the shares ahead of its Q4 results next week. Over the last several years, as Walmart has gained share, the company has experienced retention of its share gains at the highest level in the company's long history, and the firm expects this momentum to be sustained, the analyst tells investors in a research note. Although no company is completely immune to economic factors, Walmart and Sam's Club continue to attract consumers seeking affordability, BTIG added.

• DDOG Canaccord lowered the firm's price target on Datadog to $185 from $210 and keeps a Buy rating on the shares. The firm said the company accelerated revenues for the third quarter in a row, growing 29% year-over-year in the quarter and 28% for the year as they contniue to win over AI-native companies provides a compelling answer to the existential debate of Datadog's relevancy as GPU workloads increase in share of overall compute.
• FRSH Canaccord lowered the firm's price target on Freshworks to $14 from $19 and keeps a Buy rating on the shares. The firm said they posted upside Q4 results on both the top and bottom line, and revenue growth guidance for C2026 came in modestly ahead of expectations. However, Canaccord said the growth deceleration has to stop noting trend has felt increasingly disconnected from management's generally upbeat commentary, creating understandable confusion and frustration among investors.
• LYFT Canaccord lowered the firm's price target on Lyft to $16 from $19 and keeps a Hold rating on the shares. The firm said Lyft deserves significant commendation for its operational execution as the company continues to scale EBITDA, generating robust free cash flow, and delivering healthy top and bottom line growth. However, the tehesis remains; the iompending "robo-taxi revolution" poses a structural threat to its long-term profitability despite the company's plans to build a hybrid network.
• SPOT Canaccord lowered the firm's price target on Spotify to $750 from $850 and keeps a Buy rating on the shares. The firm said they reported solid Q4 results, with all key metrics coming in ahead of expectations. Management expects recent price increases to help outpace content cost growth in 2026, supporting gross margin expansion throughout the year.
• ZG Canaccord lowered the firm's price target on Zillow Group to $72 from $84 and keeps a Hold rating on the shares. The firm said they reported a mixed Q4, with revenue exceeding expectations and profitability below consensus and near the mid-point of guidance, reflecting higher-than-expected legal expenses. Canaccord said they provided a solid Q1 revenue outlook and 2026 broadly inline with expectations.

• LYFT Cantor Fitzgerald analyst Deepak Mathivanan lowered the firm's price target on Lyft to $14 from $21 and keeps a Neutral rating on the shares. Lyft's Q4 results were mixed, with bookings in line and EBITDA roughly 5% above estimates, while Q1 EBITDA guidance trailed expectations despite solid bookings growth of 17%-20% year over year, the analyst tells investors in a research note. Ride growth decelerated as focus shifted to premium offerings, but management expects acceleration in FY26 driven by product and partnership initiatives, alongside progress in AV launches, though near-term KPI volatility may renew execution concerns, the firm says.
• SPOT Cantor Fitzgerald analyst Deepak Mathivanan lowered the firm's price target on Spotify to $525 from $615. Cantor says Q4 was a solid print, and came away feeling incrementally confident on the company's competitive position in AI, the analyst tells investors in a research note. The firm keeps a Neutral rating on the shares given Spotify's premium valuation.
• JMIA Cantor Fitzgerald analyst Deepak Mathivanan lowered the firm's price target on Jumia Technologies to $16 from $18 and keeps an Overweight rating on the shares. The firm's long-term bullish thesis remains intact following Jumia's Q4 report, and tells investors in a research note that there should be healthy growth rates in the near-term. Cantor sees "plenty" of runway for the company to further penetrate the African ecommerce market.
• FRSH Cantor Fitzgerald lowered the firm's price target on Freshworks to $12 from $15 and keeps an Overweight rating on the shares. While Q4 results were solid, the 2026 guidance may have been underwhelming, and in this extreme risk-off environment in apps software, "nothing short of spectacular is being rewarded," the analyst tells investors in a research note.

• KO Citi raised the firm's price target on Coca-Cola to $87 from $75 and keeps a Buy rating on the shares. The firm views the company's Q4 report as inline. It sees potential upside to 2026 estimates.
• BDX Citi analyst Joanne Wuensch raised the firm's price target on Becton Dickinson to $198 from $185.70 and keeps a Buy rating on the shares. The firm updated the company's model to reflect the LifeSciences sale.

• ZG Goldman Sachs lowered the firm's price target on Zillow Group to $62 from $78 and keeps a Neutral rating on the shares. Zillow reported Q4 EBITDA and a 2026 outlook largely in-line with estimates, and Zillow expects the housing market to remain challenged throughout 2026, despite improving affordability relative to 2023 peak unaffordability, the analyst tells investors in a research note. Unexpected legal expenses and an implied revenue deceleration throughout the year limited upside, which could lead to questions about the 2026 revenue growth exit-rate and the secular growth in Zillow and its ability to continue outperforming the market in the long-term, the firm says.
• SPGI Goldman Sachs analyst George Tong lowered the firm's price target on S&P Global to $498 from $555 and keeps a Buy rating on the shares. S&P Global's Q4 highlights its strong positioning in AI, and its conservative guidance has upside and durable long-term earnings power, the analyst tells investors in a research note.
• MAR Goldman Sachs analyst Lizzie Dove raised the firm's price target on Marriott to $398 from $355 and keeps a Buy rating on the shares. Outperformance is expected following 2026 guidance that exceeded expectations, driven by projected net rooms growth of 4.5%-5.0% and a 35% increase in credit card fees, implying roughly a $200M EBITDA benefit versus Street estimates, the analyst tells investors in a research note. Additional upside could come from the upcoming U.S. co-branded card renegotiation, with investors seeking more detail on NRG assumptions, demand trends, and credit card fee dynamics, the firm says.
• HOOD Goldman Sachs analyst James Yaro lowered the firm's price target on Robinhood to $130 from $152 and keeps a Buy rating on the shares. After normalizing for a lower tax rate, core EPS of about 61c came in 4% below Street estimates on slightly softer revenue, suggesting a mixed near-term reaction, the analyst tells investors in a research note. However, management struck a constructive 2026 tone, highlighting accelerating customer activity, strong net deposits growth, continued product expansion, and international momentum, while guiding to revenue growth outpacing expenses despite elevated investment spending, Goldman says.

• NET Guggenheim raised the firm's price target on Cloudflare to $140 from $117 and keeps a Sell rating on the shares. Following the company's "strong" Q4 top line results, with New ARR accelerating for the seventh consecutive quarter, the firm contends that "the top line results might be reminiscent of a glass of Barolo in Milan," but "the bottom line results and guide seem more like boxed wine." Perhaps the stock will grow into this valuation, but the firm remains Sell at this point, the analyst added.
• SPOT Guggenheim analyst Michael Morris lowered the firm's price target on Spotify to $720 from $750 and keeps a Buy rating on the shares. While Spotify delivered a broad-based Q4 beat with Q1 guidance in-line to ahead of the firm's and consensus forecasts, the analyst lowered the firm's target to reflect a higher current cost of capital relative to its prior model.

• NET Jefferies raised the firm's price target on Cloudflare to $225 from $185 and keeps a Hold rating on the shares. Q4 revenue beat the guidance mid-point by 4.3%, or the highest beat in four years, the analyst tells investors. Strength came from large customers and Workers, validating Cloudflare as "a clear AI winner amidst souring software sentiment," the analyst added.
• RPD Jefferies lowered the firm's price target on Rapid7 to $9 from $13 and keeps a Hold rating on the shares. Given recent leadership changes, margin pressure from investments and investor anxiety related to AI encroachment, the firm expects the stock to remain under pressure until go to market changes materialize and ARR growth accelerates, the analyst tells investors in a post-earnings note.
• MT Jefferies analyst Cole Hathorn upgraded ArcelorMittal to Buy from Hold with a price target of EUR 62, up from EUR 44. Given trade protectionism, EU steel is poised to see structurally better EBITDA over the cycle compared to history, contends the analyst, who notes that the firm's 2027 EBITDA forecast of $11.7B is 15% above consensus at $10.1B.

• JHX JPMorgan upgraded James Hardie to Overweight from Neutral with a price target of A$41.50, up from A$33, following the fiscal Q3 report. The company's "conservative" Q4 outlook, cost synergies, and low-single-digit volume growth will drive 22% earnings growth in fiscal 2027, the analyst tells investors in a research note. JPMorgan sees this level of growth continuing into fiscal 2028. The "positives outweigh the risks," the firm contends.

• HOOD Piper Sandler lowered the firm's price target on Robinhood to $135 from $155 and keeps an Overweight rating on the shares. The firm notes shares were down 9% after hours on Q4 revenue and adjusted EBITDA misses, as well as modestly higher than expected OpEx guidance. Despite short term headwinds, Piper says its long-term thesis remains intact. "If you can stomach the volatility, HOOD is the best way to play secular growth in retail trading and the closest FinTech platform we've ever seen to achieving 'super app' status," the firm argues.
• BP Piper Sandler raised the firm's price target on BP to $44 from $43 and keeps a Neutral rating on the shares. While BP's reported Q4 result was largely in-line with expectations, the story of the day was the decision to suspend the share buyback, the firm says. The decision prioritizes the balance sheet, and together with improved execution and capex/cost reduction, positions BP for future shareholder returns, but also strength/flexibility to prosecute its resource queue. While Piper agrees with the decision, the unchanged 2027 net debt target begged the questions of risk to the original plan, and what is the current investment case for BP, with neither competitive distributions nor growth.
• RPD Piper Sandler analyst Rob Owens lowered the firm's price target on Rapid7 to $10 from $16 and keeps a Neutral rating on the shares. The firm notes the company delivered modest upside to ARR expectations in Q4, adding about $2M in NNARR to bring ARR growth flat on a year-over-year basis. Detection and response remain the highlight, growing 7% year-over-year, but will likely not be enough to keep total growth positive in 2026. Combined with profitability guidance that calls for the second year of operating margin contraction given investments made in 2025, investors were understandably disappointed coming away from results, argues Piper.

• CCNE Stephens raised the firm's price target on CNB Financial to $35 from $28 and keeps an Overweight rating on the shares following a "solid" Q4 report. The firm believes the stock can outperform over the next 12 months via continued execution on profitability and with an increase in loan growth to a mid-single digit pace, the analyst tells investors.
• AN Stephens raised the firm's price target on AutoNation to $232 from $228 and keeps an Equal Weight rating on the shares. The firm says its caution stems from tougher Q1 and Q2 comparisons, not just for AutoNation, but the public six dealers as a whole. The firm believes growth slowing in 2026 is likely to weighs on AutoNation's valuation multiple in the short-term, the analyst added.
• RPD Stephens lowered the firm's price target on Rapid7 to $12 from $19 and keeps an Equal Weight rating on the shares. While the firm says it had expected Rapid7's Q4 results to represent a transition quarter and its 2026 outlook to reflect a transition year, it believes Rapid7 is taking appropriate steps to reposition for improved growth. However, this will take time to materialize, the analyst tells investors.
• MCW Stephens raised the firm's price target on Mister Car Wash to $7.50 from $6.25 and keeps an Overweight rating on the shares ahead of the company releasing earnings on February 18. The firm, which thinks any softness in Q4 will be overshadowed by strong same-store sales guidance in 2026, sees consensus expectations for 2026 SSS as too low.

• ECL Stifel raised the firm's price target on Ecolab to $337 from $300 and keeps a Buy rating on the shares. If end-markets improve beyond the 1% or so volume expected in 2026, the firm would expect higher EPS growth and achievement of the 2027 20% EBIT margin targets earlier, the analyst tells investors in a post-earnings note.
• EXEL Stifel raised the firm's price target on Exelixis to $44 from $43 and keeps a Hold rating on the shares following a Q4 report that held "no surprises" after management's recent preannouncement of net product revenue, issuance of FY26 guidance, and provision of a comprehensive corporate update.
• LSCC Stifel analyst Ruben Roy raised the firm's price target on Lattice Semiconductor to $110 from $80 and keeps a Buy rating on the shares. Lattice delivered better than expected revenue and inline EPS for Q4 while giving strong Q1 guidance that was "well above consensus" for both revenue and adjusted EPS, the analyst tells investors. The firm thinks Lattice is exiting the year with improved positioning and earnings acceleration into a multi-year growth cycle across Data Center and Physical AI ecosystems, the analyst added.
• RPD Stifel lowered the firm's price target on Rapid7 to $9 from $18 and keeps a Hold rating on the shares. While the firm thinks Rapid7's new CCO and CFO can help drive improvements in go to market along with guidance, respectively, it remains clear that Rapid7 remains a company in transition and the firm thinks progress will take time to play out.
• RRR Stifel raised the firm's price target on Red Rock Resorts to $75 from $71 and keeps a Buy rating on the shares. While the firm has been more guarded in general around regional gaming operators, it's clear the Las Vegas Locals market and Red Rock are "operating on a much different level relative to your 'normal' regional gaming operator," the analyst tells investors.
• SPGI Stifel lowered the firm's price target on S&P Global to $489 from $599 and keeps a Buy rating on the shares. While the quarter's results and the 2026 guidance were lower than expected, the firm attributes most of the 9.7% decline in stock price to continued AI disruption fears, which is "a narrative that is tough to fight," the analyst tells investors. While the firm views the market as overestimating the impact of potential AI-disruption on S&P's business, it says it will be "tough to fight the narrative to regain the prior multiples in the near-term."

• XPO Susquehanna analyst Bascome Majors downgraded XPO to Neutral from Positive with a price target of $210, up from $160.
• ODFL Susquehanna raised the firm's price target on Old Dominion to $205 from $185 and keeps a Neutral rating on the shares. Less-than-truckload shares have moved ahead of near-term fundamentals and already reflect a "meaningful cyclical recovery," the analyst tells investors in a research note.
• AEIS Susquehanna raised the firm's price target on Advanced Energy to $375 from $300 and keeps a Positive rating on the shares. The firm updated its model following Q4 results while leaving some room for upside as they see long-term earnings opportunity tracking to $15 per share.
• BYD Susquehanna analyst Joseph Stauff lowered the firm's price target on Boyd Gaming to $89 from $90 and keeps a Neutral rating on the shares. The firm thinks Boyd remains a best-in-class casino operator, but its rating reflects their view of near-term headwinds outweighing potential tailwinds or sources of upward estimate revisions.
• LSCC Susquehanna raised the firm's price target on Lattice Semiconductor to $120 from $100 and keeps a Positive rating on the shares. The firm said results were the beat and raise they were waiting for and the better guidance for Q1 and 2026 outlook for both I&A and C&C strengthens its AI/Server opportunity as attach rates and ASPs continue rising.

• SMR TD Cowen analyst Marc Bianchi downgraded NuScale Power to Hold from Buy without a price target. The firm views the shareholder meeting starting on February 12 for NuScale's customer Nuclearelectrica as a possible negative catalyst for the shares. Nuclearelectrica will be voting to adopt the final investment decision for its NuScale project at Doicesti, the analyst tells investors in a research note. TD expects the project to move forward but says new conditions transder some project risk to NuScale.

• GPC UBS raised the firm's price target on Genuine Parts to $150 from $140 and keeps a Neutral rating on the shares. Investors are seeking greater clarity on Genuine Parts' future structure, particularly amid expectations of potential segment separations to unlock shareholder value, the analyst says in a research note. Uncertainty around standalone performance, investment needs, dividend sustainability, and shareholder base formation may weigh on the stock until a clearer path emerges, though improved segment fundamentals would strengthen any potential split, UBS says.
• HRMY UBS downgraded Harmony Biosciences to Neutral from Buy with a price target of $46, up from $43, after assuming coverage of the name. While Wakix, Harmony's main commercial drug, can continue to reach blockbuster status in 2026, the stock is likely range-bound as the main catalysts that could possibly move shares meaningfully higher are beyond 2027, the analyst tells investors in a research note.

• VRSK Wells Fargo lowered the firm's price target on Verisk Analytics to $237 from $280 and keeps an Overweight rating on the shares. The firm is cautious on the near-term setup, but its long-term bull thesis is still intact. Growth should bottom in Q4 2025 before reaccelerating through FY26, though the pace of recovery could take time given tougher compares in the first half of the year, Wells says.
• GILD Wells Fargo analyst Mohit Bansal raised the firm's price target on Gilead to $165 from $150 and keeps an Overweight rating on the shares. The firm says HIV growth appears durable and resilient despite policy headwinds, and Wells sees potential for upside in Yeztugo guidance. Upcoming catalysts and new launches offer increasing visibility into additional growth, including from non-HIV portfolio, the firm adds.

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