Early Look

Wednesday, February 18, 2026

After hitting lows around 6,775 on Tuesday, U.S. markets found solid footing late morning as the S&P 500 advanced the remainder of the day, hitting highs of 6,866 before paring gains late to finish flat as tech sentiment improved and shares of AAPL, AMZN, and NVDA helped boost major averages. The Nasdaq saw a more than 400 rally off the lows before ending only slightly higher but looks poised to early gains this morning. The S&P 500 industrials index (XLI) registered a record closing high and continues to be one of 2026 sector leaders along with Energy (XLE), Materials (XLB) and Consumer Staples (XLP), which saw a pullback Tuesday behind weak food stocks as General Mills (GIS) cut its annual core sales and profit forecasts and its shares dropped 7%. The yield on a 10-year Treasury note fell to its lowest level of the year during intraday Tuesday, hitting 4.017%, a level last seen in November and then ended the day at 4.053% into today’s Fed minutes. Later today, Minutes of the U.S. Federal Reserve's January 16-17 meeting will be released oat 2:00 pm et and are expected to provide more detail on why central bankers kept interest rates on hold last month and what it may take to convince them further rate cuts are warranted. In Asian markets, The Nikkei Index jumped 577 points to 57,143, while both the Shanghai Index and the Hang Seng Index were closed. In Europe, the German DAX is surging 227 points to 25,225, while the FTSE 100 rises 106 points to 10,662. Seeing a rebound not just in global stock markets, but in precious metals as well as gold and silver rebound, though Bitcoin continues to lag holding under $68,000. The U.S. dollar rises after Iran, and the U.S. reported progress in nuclear talks and Japan agreed to invest about $36 billion in the U.S. Iran said the two sides reached an understanding on some principles and the U.S. said progress was made. Among early movers, Palo Alto Networks (PANW) shares fell after lowering its profit forecast while EDA company Cadence Design Systems (CDNS) climbed after beating fourth-quarter revenue estimates

• The Dow Jones Industrial Average rose 32.26 points, or 0.07%, to 49,533.19
• The Nasdaq Composite gained 31.71 points, or 0.14%, to 22,578.38
• The Russell 2000 Index declined -0.11 points, or 0.00% to 2,646.59

• 8:30 AM ET                     Durable Goods Orders M/m for December
• 8:30 AM ET                   Housing Starts M/M for December…est. 1.309M
• 8:30 AM ET                   Building Permits M/M for December…est. 1.4M
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:15 AM ET                   Industrial Production M/M for January…est. +0.4%
• 9:15 AM ET                   Capacity Utilization M/M for January…est. 76.5%
• 1:00 PM ET US Treasury to sell $13B in 20-year notes
• 4:00 PM ET                    Net Long Term TIC Flows for December
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AGI AMPL AWK AWR BHC BKD BKNG BNL BORR CAKE CAR CDE CF CLW COKE CRH CVI CVNA CWAN CYH DASH EBAY EIX EQX FIG FSM HLF HST INVH JACK JXN KALU KGC LOPE MAC MCW MMLP NDSN NTR NXDR OGS OII OTF OXY PAAS RDN RELY RGLD RS SB TAP TBI TK TNK TPL TROX TS UAN WES WH

• 2026 NAHB International Builders Show (IBS), 2/17-2/19, in Orlando, FL

• U.K. inflation data for January came broadly in line with expectations. Inflation fell to an annual rate of 3.0% in January from 3.4% in December. Core inflation decelerated to 3.1% from 3.2%, slightly higher than the 3.0% forecast by economists in a WSJ survey.

• La-Z-Boy (LZB) Q3 adj EPS $0.61 vs. est. $0.59; Q3 revs rose 4% y/y to $541.6M vs. est. $535.43M; Q4 Retail segment written sales increased 11% and delivered sales increased 11%; sees Q4 revenue $560M-$580M, below consensus $590.16M and sees Q4 adjusted operating margin 7.5%-9%.
• Pitney Bowes (PBI) Q4 adj EPS $0.45 vs est $0.38 on revs $478Mm vs est $486.99Mm, adj Outperform Inc $132Mm vs est $121Mm; guides FY revs $1.76-1.86B vs est $1.852B, adj Outperform Inc $410-460Mm vs est $450.69Mm and adj EPS $1.40-1.60 vs est $1.41.
• Rush Street Interactive (RSI) Q4 EPS $0.08 vs est $0.10, adj EBITDA $44.1Mm vs est $42.56Mm on revs $324.893Mm vs est $306.22Mm; guides FY revs $1.375-1.425B vs est $1.318B and adj EBITDA $210-230Mm vs est $211.93Mm.
• Toll Brothers (TOL) Q1 EPS $2.19 vs. consensus $2.11; Q1 revenue $2.146B vs est. $1.86B; said for Q4, delivered 1,899 homes at an average price of $977,000, generating home sales revenues of $1.85B, Q4 gross margin was 26.5% in the quarter, 25 bps better than guidance but down from 26.9% y/y; SG&A expense, as a percentage of homebuilding revenues, was 13.9%, 30 basis points better than guidance; expects FY 2026 deliveries between 10,300 and 10,700 units; maintains FY 2026 adjusted home sales gross margin guidance at 26%.

• Expand Energy Corp. (EXE) Q4 adj EPS $2.00 tops $1.88 estimate as Q4 net income rose to $553M; driven by higher production and commodity prices as nat gas futures rose over 11% sequentially; Q4 average realized price of natural gas was $3.37 per thousand cubic feet (Mcf), compared with $2.91 Mcf a year earlier; Q4 production averaged around 7.4 billion cubic feet per day (Bcfe/d), up from about 6.41 bcfe/d in the prior year.
• First Energy (FE) announces 2026-2030 capital investment plan of $36B; sees FY26 adjusted EPS $2.62-$2.82, vs. consensus $2.72; its $36B Energize365 program for 2026 through 2030 represents an increase of nearly 30% compared to its previous five-year investment plan and results in 10% compounded annual rate base growth through 2030; targets core EPS CAGR near top end of 6%-8% from 2026-2030.
• Ovintiv Inc. (OVV) announced that it has entered into a definitive agreement to sell its Anadarko assets, located in Oklahoma, to an undisclosed buyer, for cash proceeds of $3.0 billion.
• Portland General Electric (POR) 9.5M share Spot Secondary priced at $50.70.

• Applied Digital (APLD) shares slip after NVDA dissolves stake in company as per SEC filing.
• Essential Properties Realty Trust, Inc. (EPRT) announces pricing of upsized public offering of common stock at $32.20 per share.
• Goosehead Insurance (GSHD) Q4 adj EPS $0.64 vs est $0.58 on revs $105.3Mm vs est $100.04Mm; total written premiums place $1.1B vs est $1.115B; guides FY organic revs +10-19% vs est +18.9% and total written premiums +12-20% vs est +16.21%.
• Mercury General (MCY) Q4 adj EPS $3.66 vs est $2.56 on revs $1.54B vs est $1.509B, premiums written $1.428B vs est $1.417B.
• Regency Centers Corp (REG) announces $500M common stock offering.

• Amgen Inc (AMGN) files for four-part Senior notes offering of up to $4B.
• AtriCure (ATRC) Q4 adj EPS $0.06 vs est ($0.10), adj EBITDA $19.9Mm vs est $13.02Mm on revs $140.5Mm vs est $139.78Mm; guides FY revs $600-610Mm vs est $602.10Mm, adj EBITDA $80-82Mm vs est $73.17Mm and adj EPS $0.09-0.15 vs est ($0.04).
• Compass Pathways (CMPS) announces $150M American Depositary Shares offering.
• Glaukos Corp. (GKOS) Q4 adj EPS ($0.28) vs est ($0.20) on sales $143.1Mm vs est $136.4Mm, adj gr mgn 85%; guides FY sales $600-620Mm vs est $613.35Mm.
• Halozyme Therapeutics Inc. (HALO) Q4 adj EPS ($0.24) vs est $2.20 on revs $451.8Mm vs est $437.98Mm; guides FY revs $1.71-1.81B vs est $1.758B, adj EBITDA $1.125-1.205B vs est $1.209B and adj EPS $7.75-8.25 vs est $8.17.
• Kenvue (KVUE) Q4 sales $3.780B vs. est. $3.681B on better EPS $0.27; board approves initiative to optimize operating model and says initiative expected to result in 3.5% workforce reduction.
• West Pharmaceutical Services Inc (WST) authorizes $1B share repurchase program.

• Celanese Corp. (CE) Q4 adj EPS $0.67 vs est $0.91 on revs $2.2B vs est $2.256B; guides Q1 adj EPS $0.70-0.85 vs est $0.89; attributes Q4 results to year-end destocking and competitive dynamics in acetate tow.
• Element Solutions (ESI) Q4 sales rose 8% y/y to $676.2M vs. est. $632M; expects 2026 adjusted EBITDA between $650M-$670M; anticipates 2026 adjusted EPS growth in the mid to high teens.
• Hecla Mining (HL) Q4 EPS $0.20 vs est $0.18, adj EBITDA $251.058Mm vs est $249Mm on revs $448.111Mm vs est $382.05Mm.
• Howmet Aerospace (HWM) files for three-part notes offering of up to $1.2B.
• Huntsman (HUN) Q4 adj EPS ($0.37) vs est ($0.33), adj EBITDA $35Mm vs est $31.2Mm on revs $1.355B vs est $1.341B.
• Republic Service Group (RSG) Q4 adj EPS $1.76 vs est $1.62 on revs $4.136B vs est $4.207B; guides FY revs $17.05-17.15B vs est $17.328B and adj EPS $7.20-7.28 vs est $7.31.
• Rush Enterprises (RUSHA) Q4 EPS $0.81 vs. est. $0.69; Q4 revs $1.77B vs. consensus $1.73B; vehicle dealership's Q4 revenue beat analyst expectations; saw improved Class 8 quoting activity and order intake in Q4 due to clarity on tariffs and emissions standards.
• SSR Mining (SSRM) Q4 adj EPS $0.88 vs est $0.53 on revs $521.725Mm vs est $420.35Mm; FY production guidance 450,000-535,000 gold equivalent ounces.

• Axcelis Technologies (ACLS) Q4 adj EPS $1.49 vs est $1.12 on revs $238.33Mm vs est $215.04Mm; guides Q1revs approx $195Mm vs est $208.39Mm and adj EPS $APPROX $0.71 vs est $1.01.
• Cadence Design Systems (CDNS) Q4 EPS $1.99 tops consensus $1.91 on revs $1.44B vs. est. $1.42B; sees FY26 EPS $8.05-$8.15, consensus $8.03 and sees FY26 revenue $5.9B-$6.0B vs. consensus $5.94B; record backlog of $7.8 bln, indicating strong future demand.
• Meta Inc. (META) has adopted Nvidia (NVDA) confidential Computing for WhatsApp private processing; collaborating to expand Nvidia confidential compute capabilities beyond WhatsApp to emerging use cases across Meta's portfolio; announces multiyear strategic partnership.
• Arista Networks (ANET) shares dropped after Meta/NVDA news as META is one of Arista's largest customers, and the partnership announcement not only highlights Meta's adoption of Nvidia Confidential Computing for privacy-focused Ai processing in WhatsApp but also emphasizes broader infrastructure expansions, including integration of Nvidia's Spectrum-X Ethernet switches into Meta's networking systems for Ai workloads.
• MKS Instruments (MKSI) Q4 adj EPS $1.58 vs. est. $2.45; Q4 revs $1.03B vs. est. $1.02B; guides Q1 revs $1.04B and EPS $2.00 plus/minus $0.28 vs. est. $1.01B and $1.87.
• Rogers Corp. (ROG) Q4 adj EPS $0.89 vs est $0.60, adj EBITDA $34.4Mm vs est $25.4Mm on revs $201.5Mm vs est $196.5Mm; guides Q1 sales $193-208Mm vs est $206.4Mm, gr mgn 30.5-32.5%, adj EBITDA $27-35Mm and adj EPS $0.45-0.85 vs est $0.75.
• SanDisk (SNDK) said former Parent Western Digital (WDC) sold ~5.8M shares as part of debt-for-equity exchange at $545 per share; the offering price represents 7.7% discount to last sale of SNDK shares
• SimilarWeb (SMWB) Q4 EPS ($0.09) vs est $0.03 on revs $72.8Mm vs est $76.4Mm; guides Q1 revs $72-74Mm vs est $77.81Mm and adj Outperform Inc $0.5-2.5Mm vs est $3.087Mm; sees FY revs $305-315Mm vs est $324.57Mm and adj Outperform Inc $16-19Mm vs est $17.57Mm.

Mid-Morning Look

Wednesday, February 18, 2026

U.S. stocks are off to a strong start this morning, building on the upside momentum seen late yesterday as Technology (XLK) stocks bounce along (led by Mag 7 leaders AAPL, AMZN, MSFT, NVDA, TSLA) along with further gains in Energy (XLE) as oil spikes and further advanced in Materials (XLB) and Industrials (XLI) which hit record highs. Smallcaps outperform as well (IWM bounce) and Treasury yields edge higher after hitting multi month lows yesterday for the 2-yr and 10-yr yields before the Federal Reserve releases minutes from its latest meeting and ahead of the Treasury Department’s $16 billion auction of 20-year bonds. Oil prices climbed more than 2% after U.S. Vice President J.D. Vance said Iran failed to address key American “red lines” during nuclear talks in Geneva, raising the risk of military escalation. Gold and silver prices also seeing an early rebound as risk on across the board again after stocks declined last week. More gains in Europe as well as the Stoxx 600 rising for a third day and on track for a record close. Stocks picking up steam this morning as volatility crush takes the VIX down below 19 after holding above 20 for several days. Another busy night/morning of earnings moving several names (see highlights below).

• December new orders for manufactured durable goods fell (-1.4%) M/M to $319.6B vs. (-2.3%) consensus and +5.4% prior (revised from +5.3%), according to data released by the U.S. Census Bureau. New orders, excluding transportation: +0.9% M/M vs. +0.3% consensus and +0.4% prior (revised from +0.5%). New orders, excluding defense: -2.5% M/M vs. +6.6% prior (revised from +6.5%).

• Semiconductors: ACLS shares fell on guidance after Q4 results beat (EPS $1.49 vs est $1.12 on revs $238.33Mm vs est $215.04Mm) but guides Q1revs approx $195Mm vs est $208.39Mm and adj EPS $APPROX $0.71 vs est $1.01. ADI Q1 revenue and EPS topped analyst estimates while sees Q2 rev of $3.5B plus or minus $100 mln, above Wall Street estimates of $3.23B and guided Q2 EPS also above views says they see increased demand for its semiconductors from ai-fueled industrial and data center customer demand. MKSI reported Q4 EPS of $2.47 vs cons. $2.46 on sales of $1.03M vs consensus $1.02M s all segments came in better than prior views and guided Q1 above views, but EPS was guided down 19% sequentially on similar sales, likely from a normalizing tax rate, which weighed on shares.  SNDK said former Parent WDC sold ~5.8M shares as part of debt-for-equity exchange at $545 per share; the offering price represents 7.7% discount to last sale of SNDK shares
• Oil E&P sector: DVN Q4 results show Delaware outperformance drove EBITDA beat, with volumes and LOE offsetting weaker price realizations/2026 guide steady; EQT EBITDA beat driven by strong 4Q pricing and 609 bcfe/d production above guidance and  2026 capex higher on midstream growth; volumes guided slightly below consensus; SM said it will sell select assets in South Texas to Caturus Energy for $950M in cash as agrees to sell nearly 61,000 net acres and about 260 producing wells in its southern Maverick Basin position in Webb County, Texas, along with related support facilities.

• GPN +10%; sets $2.5B Share-Repurchase authorization, entering into $550M accelerated buyback and reported mostly in-line Q4 results with profit forecast above views ($13.80-$14.00 vs. est. $13/78) as sees constant currency adjusted net revenue growth of approximately 5%
• MCW +15%; entered into a definitive merger agreement pursuant where funds managed by Leonard Green & Partners, will purchase the outstanding shares of the common stock that are not already owned by LGP's affiliates for $7.00 per share in cash, which implies a total enterprise value of the Company of $3.1B
• MRNA +5%; said the FDA accepted its application to review mRNA-1010, a vaccine targeting seasonal influenza using messenger RNA technology; the FDA had initially refused to review the vaccine, citing flaws in trial design.
• MSGS +15%; shares jumped after saying they will explore a potential spin-off, separating its New York Knicks and New York Rangers businesses into two publicly traded companies which would provide each team with greater flexibility and create additional value for shareholders.
• PLTR +3%; was upgraded to Outperform from Neutral at Mizuho with $195 tgt saying the company is delivering total revenue growth, acceleration, and margin expansion at scale that is unlike anything else in software.
• RIOT +6%; after Bloomberg reported activist investor Starboard Value is asking RIOT to speed up its transition from Bitcoin miner to a data center company that could house hyperscaler tenants
• RSI +8%; shares surged after results as Q4 adj EBITDA $44.1Mm vs est $42.56Mm on revs $324.893Mm vs est $306.22Mm and better guidance as sees FY revs $1.375-1.425B vs est $1.318B and adj EBITDA $210-230Mm vs est $211.93Mm,leading to an upgrade to Outperform at Citizens.
• WING +11%; posted mixed Q4 results as EPS $1.00 topped consensus $0.83, but revs of $175.7M, was just below the $177.36M estimate while Q4 System-wide sales of $1.3B, up 9.3% vs. 2024; said expects annual domestic same store sales growth of flat to low-single digit vs estimate of 2.15% growth.

• DINO -11%; shares declined after saying its CEO has taken a voluntary leave of absence, with board chair stepping in on an interim basis after it said the audit committee is assessing matters related to its disclosure controls; the co also posted a better-than-expected Q4 profit, supported by higher refining margins for its products.
• LZB -9%; shares fell as Q3 results were above consensus, with overall sales growth, while Q3 same-store retail written orders decelerated sequentially 4% vs -2% in FQ2, trends improved on a two-year stack; also issued FQ4 sales guidance below consensus, reflecting the macro environment and the impacts of weather.
• PANW -9%; after delivered Q2 results as key metrics beat the midpoint of guidance, but issues mixed guidance; Q2 Services rev decelerated to 13.3 % y/y and missed while FY26 margins were lowered by 1pt to 29% (due to M&A); cuts FY26 adjusted EPS view to $3.65-$3.70 from $3.80-$3.90, while raises FY26 revenue view.
• RXRX -7%; after NVDA disclosed last night in SEC filing selling their stake in Recursion
• SMWB -31%; shares tumbled as reported Q425 revenue of $72.8M, up 11% Y/y (vs est. at $76.1M) and non-GAAP EBIT of $3.4M, up from $2.6M Y/y (vs at $3.3M) as revenue miss was largely attributable to timing of two large LLM data training contracts and issued lower guidance.

Closing Recap

Wednesday, February 18, 2026

U.S. stocks opened slightly in positive territory before rallying all morning and early afternoon before stalling just before the FOMC Minutes from their January meeting. Following the minutes, the US dollar hit one week highs and stocks pared gains as Federal Reserve officials were in near-unanimous agreement to keep interest rates on hold at their meeting last month, but remained split over what might happen next, leading to a slightly pullback in stocks. There were several macro items of note today including headlines out or Iran/US, Russia/Ukraine, and Fed Minutes from the prior FOMC meeting as well as economic data (housing starts/durable goods) that impacted markets. Early stock market gains were paced by the same leaders of 2026 so far with Energy (XLE) and Materials (XLB) along with a rebound in tech (XLK) and Financials (XLF). Tech was strong early s investors look to put the last few weeks of (XLK, QQQ, IGV) weakness in the rear view window as Mag 7 large caps (AAPL, AMZN, NVDA, TSLA). Still up this week key PCE inflation data on Friday and some big earnings with Wal-Mart reporting tomorrow morning. Stocks finished off the highs but still managed a solid bounce into the close as the VIX dipped back below the 20 level again.

Fed minutes released today: Federal Reserve officials were in near-unanimous agreement to keep interest rates on hold at their meeting last month, but remained split over what might happen next, with "several" policymakers raising the risk of possible hikes in borrowing costs if inflation remains elevated, and others split over if and when further cuts might be warranted, according to minutes of their January 27-28 meeting. The decision to hold rates steady was shared by "almost all" U.S. central bank officials as a way to assess where the economy stood after 75 basis points of cuts last year, with only a "couple" supporting a rate cut, said the minutes. Fed Governors Christopher Waller and Stephen Miran both cast dissenting votes at the meeting based on concerns the job market may be at risk of weakening.

• December new orders for manufactured durable goods fell (-1.4%) M/M to $319.6B vs. (-2.3%) consensus and +5.4% prior (revised from +5.3%), according to data released by the U.S. Census Bureau. New orders, excluding transportation: +0.9% M/M vs. +0.3% consensus and +0.4% prior (revised from +0.5%). New orders, excluding defense: -2.5% M/M vs. +6.6% prior (revised from +6.5%).

• Also, an abrupt end to Russia-Ukraine talks per Reuters today as Ukraine peace talks end in Geneva after Zelenskiy says Russia stalling. Thoe headlines helped boost oil prices as U.S. WTI crude oil futures settle at $65.19/bbl, up $2.86, or 4.59% while Brent gained $2.93 or 4.35% to settle $70.35.
• Treasury yields jumped after the US Treasury sold $16 billion in 20-yr paper in an especially disappointing auction. The auction stopped at a high yield of 4.664%, down from 4.846% in January and the lowest since October. It tailed the When Issued 4.644% by a whopping 2bps, the biggest tail since November 2024. Indirects took down just 55.167%, down from 64.715% in January and the second lowest on record (only Feb 2021 was worse).
• Bitcoin prices absolutely no bounce in recent weeks, down another 1% today and dropping below $67,000 with no notable rebound to speak off in weeks.

• In Restaurants: WING posted mixed Q4 results as EPS $1.00 topped consensus $0.83, but revs of $175.7M, was just below the $177.36M estimate while Q4 System-wide sales of $1.3B, up 9.3% vs. 2024; said expects annual domestic same store sales growth of flat to low-single digit vs estimate of 2.15% growth; sees annual SG&A between $151M-$154M which includes $3M of restructuring charges

• In Home Furnishing: LZB shares fell as Q3 results were above consensus, with overall sales growth, while Q3 same-store retail written orders decelerated sequentially 4% vs -2% in FQ2, trends improved on a two-year stack; also issued FQ4 sales guidance below consensus, reflecting the macro environment and the impacts of weather.

• Leisure Sector: MCW shares jumped as entered into a definitive merger agreement pursuant where funds managed by Leonard Green & Partners will purchase the outstanding shares of the common stock that are not already owned by LGP's affiliates for $7.00 per share in cash, which implies a total enterprise value of the Company of $3.1B. STUB was upgraded to Neutral from Sell at Citigroup as believes regulatory headwinds are now largely Incorporated in the prevailing equity value. MSGS shares jumped after saying they will explore a potential spin-off, separating its New York Knicks and New York Rangers businesses into two publicly traded companies which would provide each team with greater flexibility and create additional value for shareholders.

• In Solar: SEDG shares helped lift solar stocks after Q4 revs $335.4M topped consensus $329M on better than expected losses of net income ($-8.2M vs. est. $-15.2M) and adj operating profit ($-11M vs. est. $-19.9M), while guides Q1 revenue $290M-$320M above consensus $292.44M.
• In Refiners: DINO shares declined after saying its CEO has taken a voluntary leave of absence, with board chair stepping in on an interim basis after it said the audit committee is assessing matters related to its disclosure controls; the co also posted a better-than-expected Q4 profit, supported by higher refining margins.
• Coal stocks (ARLP, BTU, ARCH) active after the NY Times reported the U.S. EPA this week intends to loosen regulations on coal-burning power plants, letting them emit more hazardous pollutants including mercury. Senior officials at the agency are anticipated to announce the changes during a trip to Louisville, KY later this week.
• Oil Drillers & Equipment: Barclays downgraded shares of oil drillers NE and RIG to equal weight from overweight but raise prices tgts and estimates after rally in shares; OVV announced that it has entered into a definitive agreement to sell its Anadarko assets, located in Oklahoma, to an undisclosed buyer, for cash proceeds of $3B.
• Oil E&P sector: DVN Q4 results show Delaware outperformance drove EBITDA beat, with volumes and LOE offsetting weaker price realizations/2026 guide steady; EQT EBITDA beat driven by strong 4Q pricing and 609 bcfe/d production above guidance and  2026 capex higher on midstream growth; volumes guided slightly below consensus; SM said it will sell select assets in South Texas to Caturus Energy for $950M in cash as agrees to sell nearly 61,000 net acres and about 260 producing wells in its southern Maverick Basin position in Webb County, Texas, along with related support facilities.

• In Payments: GPN sets $2.5B Share-Repurchase authorization, entering into $550M accelerated buyback and reported mostly in-line Q4 results with profit forecast above views ($13.80-$14.00 vs. est. $13/78) as sees constant currency adjusted net revenue growth of approximately 5%
• In Insurance: GSHD reported a top and bottom line beat as total written premiums place $1.1B vs est $1.115B but shares erased gains as guides FY organic revs +10-19% vs est +18.9% and total written premiums +12-20% vs est +16.21%. GSHD was upgraded to Overweight from neutral after results; Ai concerns overblown at Piper. MCY Q4 adj EPS $3.66 vs est $2.56 on revs $1.54B vs est $1.509B, premiums written $1.428B vs est $1.417B; PGR said that its January net premiums written are estimated to come at $6.74B, compared to $6.48B in the same period a year ago and estimated its January net premiums earned to come at $6.92B, vs. $6.59B a year ago.

• AMGN filed for four-part Senior notes offering of up to $4B.
• BIOA was upgraded to Buy from Hold at Jefferies, citing its lead experimental therapy and its potential in heart and eye diseases.
• LLY said its weight-loss drug, Zepbound, used with psoriasis treatment Taltz, showed better results in patients with the skin disease and obesity in a late-stage study, compared to Taltz alone.
• MRNA said the U.S. FDA accepted its application to review mRNA-1010, a vaccine targeting seasonal influenza using messenger RNA technology; the FDA had initially refused to review the vaccine, citing flaws in trial design.
• RXRX shares fell after NVDA disclosed last night in SEC filing selling their stake in Recursion.
• WST authorizes $1B share repurchase program.
• Medical Equipment: ATRC reported in-line with the mid-January pre-announcement, above-consensus 4Q revenues at $140.5 million (+12% y/y) were driven by strong Pain Management (+24% y/y) and Open Heart Ablation (+17% y/y) performances and Ebitda of $19.9MM was nicely above the implied $15M-$17M range.
• In Insulin Sector: PODD reported better-than-expected Q4 results as total revenue jumped 31.2% to $783.8M topping estimates of $768.7M on better adj EPS on the back of strong demand for its tubeless insulin pumps that eliminate the need for daily injections; forecast full-year 2026 revenue growth of 20% to 22% in constant currency, with adjusted earnings per share expected to climb more than 25%.
• Animal Health sector: COR’s MWI Animal Health will merge with animal health technology and services company Covetrus in a deal that gives MWI an enterprise value of $3.5 billion. Cencora will receive upfront cash proceeds of $1.25 billion, $800 million in preferred equity and $1.45 billion paid in common equity in combined company.

• In Aerospace & Defense: PLTR was upgraded to Outperform from Neutral at Mizuho with $195 tgt saying the company is delivering total revenue growth, acceleration, and margin expansion at scale that is unlike anything else in software. HWM files for three-part notes offering of up to $1.2B.
• In Chemicals: CE reported mixed results as Q4 EPS/revs miss (EPS $0.67/$2.2B vs est $0.91/$2.256B) on weaker Q1 guide as sees adj EPS $0.70-0.85 vs est $0.89/Q4 results came in below expectations, as Q4 upside in Engineered Materials (EM) is more than offset by weakness in acetyls and acetate tow. HUN Q4 results came in slightly better, while the Q1 outlook is modestly worse

• In Telecom: LBTYA announced that it has entered into a definitive agreement with VOD to acquire Vodafone's 50% shareholding in their Dutch telecommunications joint venture, VodafoneZiggo. Under the terms of the agreement, Vodafone will receive EUR 1B in cash and a 10% stake in a new Benelux company to be named Ziggo Group which will hold Liberty Global's interests in VodafoneZiggo and Telenet in Belgium

• Cyber Security: PANW shares fell after delivered Q2 results as key metrics beat the midpoint of guidance, but issues mixed guidance; Q2 Services rev decelerated to 13.3 % y/y and missed while FY26 margins were lowered by 1pt to 29% (due to M&A); cuts FY26 adjusted EPS view to $3.65-$3.70 from $3.80-$3.90, while raises FY26 revenue view to $11.28B-$11.31B from $10.5B-$10.54B, vs. consensus $10.53B; Q2 Next-Generation Security ARR grew 33% y/y to $6.3B and remaining performance obligation grew 23% y/y to $16.0B.
• Software movers: SMWB shares tumbled as reported Q425 revenue of $72.8M, up 11% Y/y (vs est. at $76.1M) and non-GAAP EBIT of $3.4M, up from $2.6M Y/y (vs at $3.3M) as revenue miss was largely attributable to timing of two large LLM data training contracts that did not close in Q4, but remain in the pipeline while guidance was worse than expected on both the top and bottom line; WDAY was downgraded to Market Perform from Market Outperform at Citizens following the return of founder Aneel Bhusri as CEO and a 33% YTD stock decline versus roughly flat major indices, citing near-term execution risk despite 4Q preannounced results “in line” with prior guidance. SMWB shares tumbled

• ADI Q1 revenue and EPS topped analyst estimates while sees Q2 rev of $3.5B plus or minus $100 mln, above Wall Street estimates of $3.23B and guided Q2 EPS also above views says they see increased demand for its semiconductors from ai-fueled industrial and data center customer demand.
• MKSI reported Q4 EPS of $2.47 vs cons. $2.46 on sales of $1.03M vs consensus $1.02M s all segments came in better than prior views and guided Q1 above views, but EPS was guided down 19% sequentially on similar sales, likely from a normalizing tax rate, which weighed on shares.
• SNDK said former Parent WDC sold ~5.8M shares as part of debt-for-equity exchange at $545 per share; the offering price represents 7.7% discount to last sale of SNDK shares

Street Recommendations

Wednesday, February 18, 2026

• HQY Barclays analyst Peter Warendorf lowered the firm's price target on HealthEquity to $110 from $118 and keeps an Overweight rating on the shares. The company preannounced Q4 results "near the top" of previously provided ranges, the analyst tells
• MDT Barclays analyst Matt Miksic raised the firm's price target on Medtronic to $118 from $116 and keeps an Overweight rating on the shares. The company's preliminary comments on puts and takes for fiscal 2027 tempered the stock reaction to its solid fiscal Q3 beat, the analyst tells investors in a research note.
• NESR Barclays raised the firm's price target on National Energy Services to $34 from $25 and keeps an Overweight rating on the shares. The company's Q4 came in ahead of expectations with a "clean beat," driven by the early Jafurah ramp and "resilient" margins, the analyst tells investors in a research note. The firm says a "strong setup" for National Energy's 2026 as Jafurah scales.
• RIG Barclays downgraded Transocean to Equal Weight from Overweight with a price target of $6, up from $4.50.

• HD Bernstein raised the firm's price target on Home Depot to $381 from $362 and keeps a Market Perform rating on the shares. Going into Q4 home improvement earnings, expectations remain subdued, the firm says. Bernstein is lowering its comparable sales expectations by 40bps-50bps in Q4, reflecting the recent winter storm impact which likely negatively impacted Pro projects and home building activities.
• LOW Bernstein raised the firm's price target on Lowe's to $313 from $284 and keeps an Outperform rating on the shares. Going into Q4 home improvement earnings, expectations remain subdued, the firm says. Bernstein is lowering its comparable sales expectations by 40bps-50bps in Q4, reflecting the recent winter storm impact which likely negatively impacted Pro projects and home building activities.

• TCMD BTIG raised the firm's price target on Tactile Systems to $38 from $36 and keeps a Buy rating on the shares after its Q4 earnings beat and above-consensus guide. The company has made tremendous progress on driving improving productivity, enhancing patient referrals and conversions, and cost reductions, the analyst tells investors in a research note.
• DOCU BTIG lowered the firm's price target on DocuSign to $70 from $88 and keeps a Buy rating on the shares as part of a broader research note previewing Q4 results in Application Software. It remains difficult to see how the firm's names under coverage can "shake off the AI disruption overhang", the analyst tells investors in a research note.
• GWRE BTIG analyst Allan Verkhovski lowered the firm's price target on Guidewire to $175 from $225 and keeps a Buy rating on the shares as part of a broader research note previewing Q4 results in Application Software. It remains difficult to see how the firm's names under coverage can "shake off the AI disruption overhang", the analyst tells investors in a research note.
• CRM BTIG lowered the firm's price target on Salesforce to $260 from $335 and keeps a Buy rating on the shares as part of a broader research note previewing Q4 results in Application Software. It remains difficult to see how the firm's names under coverage can "shake off the AI disruption overhang", the analyst tells investors in a research note.

• RARE Canaccord lowered the firm's price target on Ultragenyx to $79 from $128 and keeps a Buy rating on the shares. The firm said its 4Q25 report was fine on the commercial side and our focus was on the details around restructuring post disappointing OI news. But they do like the setup for Ph3 data from GTX-102 for Angelman syndrome in 2H26 which they expect will be positive and key inflection point for shares.

• ADSK Citi analyst Tyler Radke lowered the firm's price target on Autodesk to $315 from $382 and keeps a Buy rating on the shares ahead of the Q4 report. The firm sees a "slightly positive" setup for the shares into the print but notes its reseller survey on Autodesk was mixed. Citi expects upside to consensus fiscal 2027 margin estimates.
• CRM Citi lowered the firm's price target on Salesforce to $197 from $257 and keeps a Neutral rating on the shares. The firm is "tactically positive" on the shares into Salesforce's Q4 report. Citi's fieldwork indicates accelerated large deal activity for Salesforce, the analyst tells investors in a research note. However, the firm sees "underwhelming" Agentforce usage limiting upside to the company's organic growth estimates.

• WDAY Deutsche Bank lowered the firm's price target on Workday to $190 from $265 and keeps a Buy rating on the shares.

• CCEP Goldman Sachs analyst Bonnie Herzog raised the firm's price target on Coca-Cola Europacific Partners to $110 from $98 and keeps a Buy rating on the shares. Coca-Cola Europacific Partners posted healthy second half 2025 results that were as expected, as slightly softer-than-expected topline growth was more than offset by lower SG&A, the analyst tells investors in a research note. Its fiscal 2026 outlook could ultimately prove conservative, Goldman says.
• MAT Goldman Sachs raised the firm's price target on Mattel to $18 from $16 and keeps a Neutral rating on the shares. The firm sees strength in this year's product lineup as well as added context and visibility into the growth initiatives announced on last week's earnings call, the analyst tells investors in a research note.

• PEPG Guggenheim analyst Debjit Chattopadhyay raised the firm's price target on PepGen to $7 from $6 and keeps a Buy rating on the shares. The firm, which anticipates data from the FREEDOM2 5 mg/kg MAD cohort in March, cites its analysis of the FREEDOM2 outlook for increasing its price target, noting that its base case scenario assumes SI correction in the high teens.

• ALKT JPMorgan lowered the firm's price target on Alkami to $22 from $38 and keeps an Overweight rating on the shares. The firm cut price targets across the vertical software group citing the sector's significant underperformance. The "exponential pace of AI proliferation raises doubts about competitive moats and the defensibility of software companies," the analyst tells investors in a research note.
• NCNO JPMorgan lowered the firm's price target on nCino to $16 from $30 and keeps a Neutral rating on the shares. The firm cut price targets across the vertical software group citing the sector's significant underperformance. The "exponential pace of AI proliferation raises doubts about competitive moats and the defensibility of software companies," the analyst tells investors in a research note.
• LZ JPMorgan analyst Ella Smith lowered the firm's price target on LegalZoom to $11 from $14 and keeps an Overweight rating on the shares. The firm cut price targets across the vertical software group citing the sector's significant underperformance. The "exponential pace of AI proliferation raises doubts about competitive moats and the defensibility of software companies," the analyst tells investors in a research note.
• ALRM JPMorgan lowered the firm's price target on Alarm.com to $40 from $55 and keeps an Underweight rating on the shares. The firm cut price targets across the vertical software group citing the sector's significant underperformance. The "exponential pace of AI proliferation raises doubts about competitive moats and the defensibility of software companies," the analyst tells investors in a research note.
• GLOB JPMorgan lowered the firm's price target on Globant to $68 from $75 and keeps an Overweight rating on the shares as part of a Q4 preview for the digital IT services group. The firm sees unfavorable risk/reward profiles going into results, saying the "persistent weakness" in discretionary IT spending and a challenging first quarter with fewer billing days and clients setting annual budgets should warrant conservative outlooks.
• CZR JPMorgan lowered the firm's price target on Caesars to $36 from $37 and keeps an Overweight rating on the shares. The firm updated the company's model post the Q4 report. The analyst believes Caesars is executing well in a tough environment and offers an "attractive" 20% free cash flow yield.

• MYE KeyBanc analyst Christian Zyla raised the firm's price target on Myers Industries to $26 from $21 and keeps an Overweight rating on the shares. Ahead of the company's Q4 earnings and likely 2026 investor event, the firm is adjusting its estimates. KeyBanc's price target increase is primarily driven by its expectations of an industrial cycle inflection; of a leaner, more focused plastics manufacturer after the eventual sale of the MTS business; and that Myers' relatively new management team will introduce multi-year targets with a growth-focused strategy on Infrastructure and Defense end markets.

• DTE Mizuho raised the firm's price target on DTE Energy to $155 from $144 and keeps an Outperform rating on the shares. The firm cites current market multiples for the target boost. DTE continues to make progress on data centers, with late-stage negotiations ongoing with a hyperscaler, the analyst tells investors in a research note.
• PANW Mizuho lowered the firm's price target on Palo Alto Networks to $200 from $205 and keeps an Outperform rating on the shares. The company reported solid fiscal Q2 results, the analyst tells investors in a research note. The firm remains "bullish" on Palo Alto's mix shift toward higher-growth recurring revenue.

• PANW Morgan Stanley analyst Meta Marshall lowered the firm's price target on Palo Alto Networks to $223 from $245 and keeps an Overweight rating on the shares. Fiscal Q2 was overall in-line with expectations, outside of some nits around NNARR and services revenue, the analyst tells investors. The company "presented a compelling argument for AI as a tailwind for cyber," which leaves the firm "firmly OW and buyers of weakness," the analyst added.
• CDNS Morgan Stanley lowered the firm's price target on Cadence Design to $370 from $385 and keeps an Overweight rating on the shares. The firm trimmed its target to reflect revised estimates more in line with the 2026 guidance, which "talks to prudence again," the analyst tells investors in a post-earnings note.
• CMPS Morgan Stanley analyst Vikram Purohit raised the firm's price target on Compass Pathways to $18 from $11 and keeps an Overweight rating on the shares. Compass' initial COMP006 data and longer duration COMP005 data within its Phase 3 pivotal trial program further underscores the rapidity of effect seen in Part A of COMP005, notes the analyst, who sees improved odds of success of 70%, up from 60% odds previously assigned for the treatment-resistant depression indication.

• GKOS Needham analyst David Saxon raised the firm's price target on Glaukos to $127 from $125 and keeps a Buy rating on the shares after its Q4 revenue came in-line with its pre-announcement. iDose continues to ramp, with re-administration potentially starting to drive volume in the second half of this year, which should build into 2027 and beyond, the analyst tells investors in a research note.

• SATL Northland initiated coverage of Satellogic with an Outperform rating and $5.50 price target. National governments want more security and small satellites provide persistent coverage and rapid revisits feed AI models, notes the analyst, who estimates Satellogic revenue will more than double each year in 2026 and 2027.

• MDB Oppenheimer lowered the firm's price target on MongoDB to $425 from $490 and keeps an Outperform rating on the shares. The firm is positive on MongoDB's Q4 setup, anticipating about 4%-5% revenue upside and Atlas growth of 31%-plus year-over-year. For FY27, Oppenheimer expects initial year-over-year revenue growth and operating margin guidance in line with consensus, but with upside potential to both metrics.
• SNOW Oppenheimer lowered the firm's price target on Snowflake to $250 from $295 and keeps an Outperform rating on the shares. The firm's Q4 Snowflake checks suggest solid results driven by broad-based consumption and displacement gains. Oppenheimer's channel conversations indicated consumption modestly above plan, suggesting upside similar to Q3. While positive on the shares, the firm sees some potential for near-term volatility if year-over-year growth is less than 30% year-over-year.
• CEVA Oppenheimer lowered the firm's price target on Ceva to $30 from $33 and keeps an Outperform rating on the shares. The firm notes Ceva delivered a solid Q4 with record total revenue of $31.1M and robust licensing revenue growth. With the company positioned for accelerating profitability and AI royalty pipeline, Oppenheimer continues to find risk/reward favorable.
• RSI Oppenheimer analyst Jed Kelly raised the firm's price target on Rush Street Interactive to $25 from $24 and keeps an Outperform rating on the shares. The firm is increasing its 2026 Rush Street EBITDA by 9% on management's initial profitability outlook of $210M-$230M vs. Street's $212M, reflecting stable North America iGaming growth and LATAM accelerating after lapping Colombia's deposit VAT tax.

• TCMD Piper Sandler raised the firm's price target on Tactile Systems to $42 from $35 and keeps an Overweight rating on the shares. The firm notes the company posted strong Q4 top-line results that easily beat estimates, driven by excellent performance in the Lymphedema business. Tactile announced FY2026 guidance of $357M-$365M, which came in above Piper's $346M pre-call estimate as momentum in lymphedema is expected to continue. Importantly, management expects the lymphedema business to grow in this 8%-11% range despite some potential temporal disruption from CMS instituting prior authorization requirements for pneumatic compression devices.
• AMGN Piper Sandler raised the firm's price target on Amgen to $432 from $381 and keeps an Overweight rating on the shares after meeting with management. Key topics of discussion included management's thinking on additional expansion opportunities for Uplizna, the ongoing Phase II study of inhalable TSLP-directed treatment AMG 104 and how such a product could expand Amgen's overall TSLP commercial footprint, the road ahead for daxdilimab in the wake of positive Phase II results in discoid lupus erythematosus, and the Phase III program for dazodalibep in Sjogren's syndrome.
• COGT Piper Sandler raised the firm's price target on Cogent Biosciences to $52 from $39 and keeps an Overweight rating on the shares following Q4 reporting as the company shifts its primary focus to regulatory approvals and commercial readiness. With a hat trick of positive pivotal data for bezuclastinib in 2025, the narrative turns to execution, says the firm. The NonAdvSM NDA has been submitted with acceptance expected this month, positioning the drug for potential approval and launch in the second half of 2026. Piper continues to recommend Cogent shares as the company de-risks its regulatory path and transitions to a commercial entity.

• HIVE Rosenblatt analyst Chris Brendler lowered the firm's price target on Hive Digital to $4.50 from $6.50 and keeps a Buy rating on the shares. The firm views the company's fiscal Q3 results results as further confirmation that the Paraguay expansion has structurally strengthened its mining economics, even in a more challenging hash price environment.

• GIS Stifel analyst Matthew Smith lowered the firm's price target on General Mills to $50 from $52 and keeps a Buy rating on the shares after the company lowered its FY26 outlook, primarily driven by a slower recovery for the consumer that has resulted in more volume sold on promotion and weaker overall volume trends, specifically in cereal, dog food, and snacks.
• PANW Stifel lowered the firm's price target on Palo Alto Networks to $185 from $200 and keeps a Buy rating on the shares. Fiscal Q2 results had "a number of moving parts," as expected, but putting aside the noise surrounding the acquisitions, Palo continues to see strength with newer areas and the firm remains bullish on CyberArk and Chronosphere, the analyst tells investors in a post-earnings note.
• LDOS Stifel lowered the firm's price target on Leidos to $205 from $220 and keeps a Hold rating on the shares following the company's Q4 report. The midpoint of FY26 guidance was in-line to modestly below consensus coming into the print and "represents a beatable bar," the analyst tells investors.

• ICLR TD Cowen analyst Charles Rhyee upgraded Icon to Buy from Hold with a price target of $120, down from $183. The selloff related to the company's internal accounting investigation is overdone, the analyst tells investors in a research note. TD believes the 33% pullback overstates the anticipated impact to Icon's earnings. It estimates a 2% cut to revenue estimates in 2026 and 2027 represents a 14% hit to earnings. While risks remain from the investigation, Icon's risk/reward is "compelling" at current levels, contends the firm.
• MEDP TD Cowen upgraded Medpace to Hold from Sell with a price target of $419, down from $462. The shares have re-rated from a peak multiple and now reflect fair value, the analyst tells investors in a research note. TD also thinks Medpace should benefit from an improving biotech backdrop in 2026. The company's focus on biotech should help it retain more AI-driven savings relative to peers, contends TD.

• KTOS UBS initiated coverage of Kratos Defense with a Neutral rating and $79 price target. The firm says the company's growth is priced in at current share levels. Kratos has re-rated to five-times its historical multiple and now trades three-times higher than its historical premium to the primes growth, the analyst tells investors in a research note. UBS says Kratos is more expensive than Palantir. It prefers own defense growth at lower valuations.
• GENI UBS lowered the firm's price target on Genius Sports to $6 from $12 and keeps a Neutral rating on the shares. Genius Sports met adjusted EBITDA targets but failed to grow cash flow in 2025, with year-end cash essentially flat excluding its early-2025 equity raise, the analyst tells investors in a research note. The shortfall highlights concerns that its heavily adjusted EBITDA metric may not reflect true cash generation, particularly as costly NFL and EPL rights have yet to translate into meaningful cash flow growth, and the $1.2B Legend acquisition adds further spending not directly tied to monetizing those sports rights, the firm says.
• GILD UBS raised the firm's price target on Gilead to $175 from $155 and keeps a Buy rating on the shares. Gilead will present Phase I Q6M pharmacokinetic data for long-acting integrase inhibitors in HIV treatment at CROI, marking a key step in advancing its next wave of six-month dosing therapies, the analyst tells investors in a research note. If successful, these agents could transition patients from daily Biktarvy to long-acting regimens, helping sustain leadership in the $15B HIV treatment market and extend revenue durability beyond Biktarvy's 2036 patent protection, the firm says.
• OVV UBS raised the firm's price target on Ovintiv to $58 from $55 and keeps a Buy rating on the shares. Top Oil E&P pick views are reiterated following the $3B Anadarko divestiture, the analyst tells investors in a research note. After the NuVista acquisition and Anadarko sale, Ovintiv has largely addressed prior concerns around crude/condensate inventory and elevated debt, leaving little justification for the stock to trade at one of the lowest multiples in the E&P sector on a pro forma basis, UBS argues.
• SFM UBS lowered the firm's price target on Sprouts Farmers Market to $75 from $108 and keeps a Neutral rating on the shares. While the company is structurally stronger than pre-COVID, prior growth was fueled by a unique 2023-2025 tailwind -- easy comparisons, trade-down dynamics, natural and organic demand, and strategic maturation -- that has since given way to tougher comps, cost-of-living pressures, and slower population growth impacting recent performance, 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

• 8:30 AM ET NY Empire Manufacturing for February
• 10:00 AM ET                 Employment Trends for January
• 10:00 AM ET NAHB Housing Market Index for February

• Earnings After the Close: ACLS ANDE ATRC BBNX BELFA CDNS CE CHCT CNVS CSR CZR DVN EQT ESI ESRT EXE FE GKOS GNK GSHD GSM HALO HCKT HL HUN IAG IOSP JELD KVUE LESL LZB MCY MED MKSI NNE PANW PBI QMCO QUAD RBA ROG RSG RSI RUSHA SMWB TCMD TFII TOL TRAK USNA WTTR

• 8:30 AM ET                   Housing Starts M/M for December
• 8:30 AM ET                   Building Permits M/M for December
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:15 AM ET                   Industrial Production M/M for January
• 9:15 AM ET                   Capacity Utilization M/M for January
• 1:00 PM ET US Treasury to sell $13B in 20-year notes
• 4:00 PM ET                    Net Long Term TIC Flows for December
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AGI AMPL AWK AWR BHC BKD BKNG BNL BORR CAKE CAR CDE CF CLW COKE CRH CVI CVNA CWAN CYH DASH EBAY EIX EQX FIG FSM HLF HST INVH JACK JXN KALU KGC LOPE MAC MCW MMLP NDSN NTR NXDR OGS OII OTF OXY PAAS RDN RELY RGLD RS SB TAP TBI TK TNK TPL TROX TS UAN WES WH

• 2026 NAHB International Builders Show (IBS), 2/17-2/19, in Orlando, FL

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Philly Fed Survey for February
• 8:30 AM ET                   Advance Goods Trade Balance for December
• 8:30 AM ET                   International Trade for December
• 10:00 AM ET                 Pending Home Sales M/M for January
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 12:00 PM ET                 Weekly EIA/DOE Inventory Data

• Earnings After the Close: ACH AKAM ALRM AMH AMN ARD AXTI CARG CC CENX CTO CWST DBX ED EGO EIG EXR FG FIVN FND FNF GH GLPI HG HHH HLIT ICUI INDI IRTC JAKK LNT LYV LZ NEM OLED ONTO OPEN PK PLSE PTCT RIG RMAX RNG RYI SEM SFM ST TNDM TXRH VICR WEAV WK WSC

• B Riley 3^rd Annual Semiconductor Bus Tour, 2/19 in Phoenix, CA
• 2026 NAHB International Builders Show (IBS), 2/17-2/19, in Orlando, FL

• 8:30 AM ET                   Personal Spending M/M for December
• 8:30 AM ET PCE Price Index M/M for December
• 8:30 AM ET PCE Price Index Y/Y for December
• 8:30 AM ET                   Core PCE Price Index M/M for December
• 8:30 AM ET                   Core PCE Price Index Y/Y for December
• 8:30 AM ET                   Gross Domestic Product (GDP) Q4 advance reading
• 8:30 AM ET GDP Consumer Spending for Q4
• 8:30 AM ET GDP Price Deflator for Q4-advance
• 9:45 AM ET S&P Global Manufacturing PMI, flash-Feb
• 9:45 AM ET S&P Global Services PMI, flash-Feb
• 9:45 AM ET S&P Global Composite PMI, flash-Feb
• 10:00 AM ET                 University of Michigan Sentiment, Feb-final
• 10:00 AM ET                 University of Michigan 1-yr and 5-yr inflation expectations
• 10:00 AM ET                 New Home Sales M/M for December
• 1:00 PM ET                    Baker Hughes Weekly rig count data

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