After Hours Report

Today was the first trading day with President Trump officially (back) in office, and it can be written that it was a good start for his administration in term's of the stock market's performance. The latter rallied on the understanding that a barrage of executive orders following yesterday's inauguration did not include any tariff actions against China.

That was deemed a relief by stock market participants who, nonetheless, still had to digest the president's added observation that he is thinking of 25% tariffs for Canada and Mexico starting February 1. It was not lost on stock market participants either that tariff actions against China are likely in the offing, but they seemingly resolved to take things one day at a time and they liked what they didn't hear yesterday on the tariff front.

The Treasury market seemed to as well, which was a big help for stocks today. The inflation-sensitive 10-yr note saw its yield drop another four basis points to 4.57% after hitting 4.80% a week ago.

That calm response paved the way for carryover buying interest that was broad based and also forged on 3M's (MMM 146.94, +5.91, +4.2%) better-than-expected earnings results, a CBS News report indicating President Trump will be announcing a $500 billion AI infrastructure initiative today that involves OpenAI, Softbank, and Oracle (ORCL 172.59, +11.56, +7.2%), and presumably some fear of missing out on further gains.

The gains were all the more remarkable given that they didn't include Apple (AAPL 222.64, -7.34, -3.2%), Tesla (TSLA 424.07, -2.43, -0.6%), or Microsoft (MSFT 428.50, -0.53, -0.1%). Apple was a real outlier today, feeling the pinch of analyst downgrades at Jefferies and Loop Capital, and a Bloomberg report suggesting its iPhone sales dropped 18% in China during the December quarter.

The S&P 500 energy sector (-0.6%) for its part was also an outlier. It was the only sector to record a loss, which followed President Trump's declaration of a national energy emergency that will allow for increased oil and gas production. WTI crude futures settled 1.7% lower at $75.99 per barrel, pressured by the notion that a "drill, baby, drill" approach could create too much supply.

The other 10 S&P 500 sectors, though, were on board with the rally effort. The industrials sector (+2.0%) topped today's performance rankings along with the real estate (+1.8%), health care (+1.7%), utilities (+1.6%), and materials (+1.3%) sectors in a predominately pro-growth tape.

Accordingly, small-cap and mid-cap stocks outperformed their larger brethren, value stocks as a group outperformed growth stocks, and breadth overwhelmingly favored advancers over decliners at the NYSE and Nasdaq.

The major indices all closed at, or near, their highs for the session on a day that was devoid of notable economic data.

Overseas:

• Europe: DAX +0.2%, FTSE +0.3%, CAC +0.5%
• Asia: Nikkei +0.3%, Hang Seng +0.9%, Shanghai -0.1%

Commodities:

• Crude Oil -1.33 @ 75.99
• Nat Gas -0.13 @ 3.35
• Gold +10.90 @ 2759.40
• Silver +0.36 @ 31.49
• Copper -0.02 @ 4.34

After-Hours Spotlight:

• Agilysys (AGYS) beats by $0.04, misses on revs; guides FY25 revs below consensus... AGYS down 14.2%
• Interactive Brokers (IBKR) beats by $0.19, beats on revs... IBKR up 3.4%
• Netflix (NFLX) beats by $0.06, beats on revs; guides Q1 EPS below consensus, revs below consensus; raises FY25 revs guidance; Q4 was the biggest quarter of net adds in co history... NFLX up 13.3%
• Progress Software (PRGS) beats by $0.12, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY25 EPS below consensus, revs above consensus... PRGS down 2.4%
• Seagate Tech (STX) beats by $0.15, reports revs in-line; guides Q3 (Mar) EPS in-line, revs in-line... STX up 1.7%
• United Airlines (UAL) beats by $0.23, beats on revs; sees robust demand in 1Q25; projects Q1 EPS above consensus; FY25 earnings in-line... UAL up 3.4%

Fair Value for Wednesday, January 22:

• S&P 500: 6,085
• Nasdaq 100: 21,710
• DJIA: 44,235

For a full rundown of today's market and after hours developments, see Live In Play

• Earnings/Guidance (Full Earnings Calendar):
  • 3M (MMM) beats by $0.02, beats on revs; guides FY25 EPS in-line, revs in-line
  • Adidas AG (ADDYY) reports better-than-expected preliminary fourth quarter results
  • BOK Financial (BOKF) beats by $0.13, misses on revs
  • Charles Schwab (SCHW) beats by $0.10, beats on revs
  • D.R. Horton (DHI) beats by $0.26, beats on revs; reaffirms FY25 revs guidance
  • D.R. Horton (DHI) comments from Q1 conference call; guides Q2 revs below expectations
  • Evolus (EOLS) sees Q4 revs above consensus; provides FY25 outlook
  • FB Financial (FBK) beats by $0.01
  • Fifth Third (FITB) misses by $0.03
  • Forestar (FOR) reports Q4 (Dec) results, misses on revs; reaffirms FY25 revs guidance
  • Fortuna Silver Mines (FSM) reports record FY24 production; provides FY25 guidance
  • GeoPark (GPRK) Announces Fourth Quarter 2024 Operational Update
  • KeyCorp (KEY) misses by $0.03
  • New Oriental Education & Technology (EDU) misses by $0.08, beats on revs; guides Q3 revs below consensus
  • Peoples Bancorp (PEBO) beats by $0.01
  • Prologis (PLD) beats by $0.04, reports revs in-line; guides FY25 core FFO in-line
  • Teck Resources (TECK) reports FY24 production; issues FY25 guidance
  • United Micro (UMC) reports Q4 (Dec) results, revs in-line
  • Vaalco Energy (EGY) reports record production and sales volumes for FY24
  • Veren (VRN) announces results from its 2024 independent reserves report, announces appointment of Mr. Corey Bieber and Ms. Jodi J. Jenson Labrie to its Board of Directors, and provides operations outlook
• General News
  • President Trump in inaugural address says “golden age of America begins right now”; says he wants to be a “peacemaker and unifier.”
  • President Trump issues executive order on trade policy: United States Trade Representative shall review existing United States trade agreements and sectoral trade agreements and recommend any revisions; does not any issue day one tariffs, but says he is “thinking in terms of" 25% tariffs on Canada and Mexico starting February 1st
  • President Trump issues order directing “the Attorney General not to take any action to enforce the TikTok ban Act for a period of 75 days”; TikTok is back online after brief shutdown on Saturday, although not available in App Stores
  • President Trump revokes Biden Administration executive order titled “Strengthening American Leadership in Clean Cars and Trucks”
  • Ceasefire between Israel and Hamas goes into effect as hostages begin to be released, according to New York Times
  • President Trumps considering visit to China amid tariff threats, according to the Wall Street Journal
  • President Trump orders federal employees to return to offices
  • President Trump withdraws from World Health Organization
  • President Trump withdraws Biden Administration executive order “Executive Order 14110 of October 30, 2023 (Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence).”
  • President Trump declares “any commitments made by the prior administration on behalf of the United States with respect to the Global Tax Deal have no force or effect within the United States”
  • President Trump issues several orders to increase US oil and gas production including approving drilling on federal lands; withdraws from Paris Climate Accord
  • President Trump issues order declaring the temporary withdrawal of all areas on the outer continental shelf from offshore wind leasing and review of the federal government’s leasing and permitting practices for wind projects
  • President Trump issues order establishing and implementing the president's "department of government efficiency"; Elon Musk will lead this, but Vivek Ramaswamy left to run for Governor of Ohio
  • President Trump planning sweeping deregulatory agenda in his first week, according to the Wall Street Journal
  • President Trump launched his own cryptocurrency
  • President Trump pledged to send US astronauts to Mars
  • Secretary of the Treasury Janet L. Yellen sends letter to Congressional Leadership on debt limit; extraordinary measures to begin on January 21
  • European automakers could have tough year, according to Financial Times
  • Senate Finance Committee votes 16-11 to advance nomination of Scott Bessent for Secretary of Treasury to a full Senate vote
  • Alamos (AGI): Vox Royalty Corp. (VOXR) provides recent developments from royalty operating partner
  • Alcoa Inespal (AA) and IGNIS Equity Holdings enter into a Memorandum of Understanding to support the continuation of San Ciprián operations
  • Amazon (AMZN) halting drone deliveries after two of its models crashed in rainy weather at a testing facility, according to Bloomberg
  • American States Water Company (AWR) announces final decision by the CPUC in its electric utility general rate case proceeding
  • American States Water Company (AWR) announces CPUC’s approval to defer the cost of capital application at Golden State Water Company
  • Amylyx Pharmaceuticals (AMLX) announces that the U.S. FDA has lifted the clinical hold placed on the Phase 1 clinical trial of AMX0114, an investigational antisense oligonucleotide targeting calpain-2 for people living with amyotrophic lateral sclerosis
  • Apple (AAPL): President Trump spoke with Apple CEO Tim Cook about the company making a possible US investment, according to the New York Post
  • Apple (AAPL): Belgium investigating Apple over alleged "blood minerals" from Congo, according to Financial Times
  • Apple (AAPL) holiday period iPhone sales in China declined by 18%, according to Bloomberg
  • Arrowhead Pharmaceuticals (ARWR) announces acceptance of new drug application by U.S. FDA of Plozasiran for the treatment of familial chylomicronemia syndrome
  • AstraZeneca (AZN) receives FDA approval for DATROWAY
  • Bank of Montreal (BMO) receives approval to proceed with previously announced NCIB to repurchase up to 20 mln common shares
  • Birkenstock Holding Plc (BIRK) appoints Ivica Krolo as Chief Financial Officer effective from February 1, 2025; reiterates the guidance for FY 2025
  • Blink Charging (BLNK) says SEC has concluded the previously disclosed investigation of the company and does not intend to recommend an enforcement action against the company
  • Block (XYZ) has changed ticker symbol to XYZ from SQ
  • BYD (BYDDY) will complete its $1 bln Indonesia plant by the end of the year, according to Reuters
  • Cadence Design (CDNS) has entered into a definitive agreement to acquire Secure-IC, a leading embedded security IP platform provider
  • Canaan (CAN) reports December metrics - 62 Bitcoins Bitcoins Mined
  • Cantaloupe (CTLP) announces the launch of its new Engage Pulse card reader
  • Catalyst Pharma (CPRX) reports that its sub-licensee in Japan, DyDo Pharma, has launched FIRDAPSE (amifampridine) Tablets 10 mg in Japan for the indication of improving muscle weakness in patients living with Lambert-Eaton myasthenic syndrome
  • ChipMOS TECHNOLOGIES (IMOS) announces NT$350 million share repurchase program
  • Citigroup (C) will be required to face NY fraud lawsuit, according to Reuters
  • Cognizant Tech (CTSH) and McDonald's (MCD) announced a multi-year extension of their strategic partnership
  • Comcast (CMCSA): Universal Pictures' Wicked movie exceeds $700 mln at the global box office
  • Commerzbank (CRZBY) mulling thousands of job eliminations, according to Financial Times
  • Conduent (CNDT) not ruling out cyberattack as outage cause, according to Tech Crunch
  • CoreCivic (CXW): Senate passes bipartisan Laken Riley Act, which allows the Trump administration to deport illegal immigrants charged with crimes; bill now heads to House
  • CubeSmart (CUBE) COO Joel D. Keaton to retire, effective April 30
  • Cytokinetics (CYTK) Announces Start of AMBER-HFpEF, a Phase 2 Clinical Trial of CK-586 in Patients With Symptomatic Heart Failure With Preserved Ejection Fraction
  • Diana Shipping (DSX) appoints Ms. Maria Dede as Co-CFO, effective immediately
  • Disc Medicine (IRON) announces positive feedback from its Type C meeting with the U.S. Food and Drug Administration to discuss the APOLLO post-marketing confirmatory trial for bitopertin in EPP
  • Dyne Therapeutics (DYN) receives Fast Track Designation from FDA for DYNE-101
  • Edison (EIX) will face death lawsuit from wildfires, according to Bloomberg
  • Ellomay Capital (ELLO) is examining the possibility of a public offering and listing in Israel of a new series of debentures
  • Ford (F): US investigating hands free technology at Ford, according to Reuters
  • General Motors (GM): EEOC sues General Motors and UAW for age discrimination
  • GlaxoSmithKline (GSK) receives extended approval for Jemperli in EU
  • Grindr (GRND) unveils 2025 product roadmap, including six new intent-based travel and AI personalization products
  • Guardant Health (GH) receives Medicare Coverage for Guardant reveal on smart liquid biopsy platform for surveillance testing in colorectal cancer patients
  • Hancock Whitney (HWC) enters into an agreement to acquire the non-depository trust company, Sabal Trust Company based in Florida, financial terms were not disclosed
  • Infinera (INFN) upgrades data center network in Mexico with Infinera’s GX Series Solution
  • IREN (IREN) business update
  • KalVista Pharmaceuticals (KALV) announces that Japan’s Ministry of Health, Labour and Welfare has granted sebetralstat Orphan Drug Designation
  • Knightscope's (KSCP) autonomous security robot receives approval from Fed Ramp government agency
  • L3Harris (LHX) has received a $263 mln order from the U.S. Army for continued production of the Enhanced Night Vision Goggle – Binocular
  • Lockheed Martin (LMT) awarded $280 mln U.S. Navy contract modification
  • Meta Platforms (META) working on upgrades to smart glasses and considering introduction of new wearable products, according to Bloomberg
  • Moderna (MRNA): Department of Health and Human Services provides $590 mln in funding to the company to fast-tract mRNA vaccines targeting bird flu, according to NBC News
  • Nanobiotix (NBTX) reports first patient dosed in a new randomized Phase 2 Study evaluating JNJ-1900
  • Enersys (ENS) announces completion of contract and funding negotiations with the U.S. Department of Energy, securing $190 mln award to support construction of lithium-ion cell production facility
  • EVI Industries (EVI) to acquire Huntley, a distributor of commercial laundry products and a provider of related installation and maintenance services; financial terms were not disclosed
  • Gauzy’s (GAUZ) and Journeo’s Strategic Partnership on Track to Enhance Road Safety on London’s Fleet of 8,500 Buses With Smart-Vision® Advanced Driver Assistance System
  • Gerdau S.A. (GGB) approved a new share buyback program
  • GOL Inteligentes S.A. (GOLLQ): Various airlines interested in stake in GOL, according to Valor
  • Hesai Group (HSAI) secures design wins for multiple Chery Automobile models; expected to enter mass production in the second half of 2025 and will be equipped with the newest generation of Hesai's ultra-compact high-performance ATX lidar
  • HIVE Digital Technologies (HIVE) announces December production results; mined 103 BTC, maintained average mining capacity of 5.5 exahash per second; average daily production rate of 3.32 BTC
  • Honeywell's (HON) Quantinuum announces plans to build a new quantum R&D center in New Mexico, anchoring the state's quantum technology revolution
  • INNOVATE Corp (VATE) receives FDA approval for MediBeacon Transdermal GFR System
  • Intuitive Surgical (ISRG) intends to establish a direct presence in Italy, Spain, Portugal, Malta, and San Marino, and associated territories via the acquisition of the da Vinci and Ion distribution businesses in these countries
  • Keysight (KEYS) announces the launch of Chiplet PHY Designer 2025, its latest solution for high-speed digital chiplet design tailored to AI and data center applications
  • Kimco Realty (KIM) announces board leadership transition; Milton Cooper to Transition to Chairman Emeritus; Richard Saltzman to Become Independent Chairman of the Board
  • KULR Technology (KULR) has increased its bitcoin purchases for its Bitcoin Treasury by an additional $8 mln to reach a total of $50 mln in bitcoin acquisitions
  • LandBridge (LB): NDB Midstream and WaterBridge execute commercial agreements with BPX Production
  • Lightbridge (LTBR) and Battelle Energy Alliance, the operating contractor of Idaho National modified Project Task Statement
  • Lithium Argentina (LAAC) shareholders approve corporate migration to Switzerland
  • Medtronic (MDT) appoints Thierry Piéton as Chief Financial Officer
  • Meta Platforms (META) is announcing a new app called “Edits”
  • Monster Beverage (MNST) in slide presentation says streamlined production at two centers will result in reduced headcount
  • Morgan Stanley (MS) Infrastructure Partners and Torch Clean Energy announce a strategic partnership to expand and transition the Torch platform
  • Mytheresa (MYTE) prepares to rename the Company 'LuxExperience B.V.' as part of its planned acquisition of YOOX NET-A-PORTER (YXOXY)
  • New Found Gold Corp. (NFGC) names Keith Boyle as CEO
  • Nexstar (NXST) and Optimum Partner and Reach Agreement Returning Nexstar Content to Optimum Customers Immediately
  • NIP Group Inc. (NIPG) entered a multi-year partnership with the Abu Dhabi Investment Office (ADIO) to drive gaming, media and entertainment growth in Abu Dhabi
  • Novonix Limited (NVX) provides update to planned CEO transition
  • NVIDIA (NVDA): New U.S. rule not expected to have an impact on operations or product sales to China
  • ODDITY Tech Ltd. (ODD) acquires tech intellectual property of Fionic1
  • Oracle (ORCL): President Trump to announce $500 billion AI infrastructure initiative with OpenAI, SoftBank, and Oracle, according to CBS News
  • ORIX Corporation (IX) to enter into a share transfer agreement to sell all shares of Greenko Energy Holdings, an affiliate company of ORIX, to AM Green Power B.V.
  • Pactiv Evergreen (PTVE) announces expiration of Hart-Scott-Rodino waiting period for planned acquisition by Novolex
  • Pharming Group N.V. (PHAR) to nominate Fabrice Chouraqui as new CEO
  • Pitney Bowes (PBI) announces that it has acquired the presort business of Royal Alliances, a provider of technology-enabled shipping and mailing solutions, headquartered in Irving, Texas
  • PROS Holdings (PRO) announces the extension of its long-term strategic agreement with Malaysia Airlines by renewing PROS Revenue Management Advantage
  • Pulse Biosciences (PLSE) announces the late-breaking data from its Nanosecond PFA 360° Cardiac Catheter System first-in-human feasibility study, which data were recently presented at the 30th Annual AF Symposium 2025 meeting
  • PVH (PVH): Revman International has entered into a license agreement with Tommy Hilfiger a wholly owned subsidiary of PVH Corp. (PVH), for the development, manufacturing and distribution of new home accessories in the U.S., Canada, and Mexico
  • Quantum-Si (QSI) Showcases Advances in Multiomics at the Festival of Genomics UK
  • RedHill's (RDHL) Talicia Adds 8 Million Lives With Coverage by Humana (HUM)'s Part D Plan
  • Rekor Systems (REKR) announces it will be working with SoundHound AI, Inc. (SOUN) to transform emergency vehicle technology
  • Replimune (REPL) announces biologics license application acceptance and priority review for RP1 for the treatment of advanced melanoma
  • Revance Therapeutics (RVNC): Dermata Therapeutics (DRMA) entered into a Clinical Trial Collaboration Agreement with Revance Therapeutics
  • Riot Platforms (RIOT) launches formal evaluation of potential AI/HPC uses for remaining 600 MW of power capacity at corsicana facility
  • Samsung (SSNLF) and LG considering moving some home appliance production from Mexico to US, according to Reuters
  • Sanofi (SNY): FDA lifts clinical hold on AUT to support Cialis switch from prescription to OTC
  • Sanofi (SNY) receives FDA warning letter related to manufacturing facility
  • Santander (SAN) mulling UK exit, according to Financial Times
  • Seabridge Gold (SA) expands Iskut's Snip North target and prepares to initiate resource definition drilling in 2025
  • Solid Biosciences (SLDB) has received Fast Track designation from the U.S. Food and Drug Administration for SGT-212, the Company’s, AAV-based gene therapy candidate for the treatment of Friedreich’s ataxia
  • Starbucks (SBUX) to have smaller support teams moving forward as it targets support job eliminations; will not affect in-store teams
  • Steris (STE) announced that a jury trial against Isomedix Operations ended in a mistrial on January 17, 2025
  • Telefonica (TEF): Spain wants Telefonica CEO Jose Maria Alvarez Pallete replaced, according to Bloomberg
  • Telefonica S.A. (TEF) agrees on the renewal of the Chairmanship
  • Tempus AI (TEM) announced the national launch of AI-enabled personal health concierge app olivia; now available on both iOS and Android
  • Tetra Tech (TTEK) agrees to pay the United States $57 million and $40 million for False Claims Act claims and Comprehensive Environmental Response, Compensation and Liability Act claims, respectively
  • Toronto-Dominion Bank (TD) mulling sale of $9 bln in mortgages, according to Bloomberg
  • TSMC (TSM) plant resumes operations following earthquake, according to Bloomberg
  • Valneva (VALN) reports Phase 3 data in adolescents for its single-shot chikungunya virus vaccine
  • Virco Manufacturing (VIRC) has approved a new share repurchase program for up to $10,000,000 of the Company’s Common Stock
  • Viasat (VSAT) selected for $4.8 bln ceiling NASA Near Space Network Services contract
  • Vuzix (VUZI) has entered into a distribution agreement with Evantek Pte Ltd, a diversified system integrator providing state-of-the-art solutions and technology
  • TikTok: China willing to work with President Trump to keep TikTok operators in US, according to the Wall Street Journal
  • TikTok: Perplexity AI interested in merging US operations with TikTok US, according to Bloomberg
  • WISeKey (WKEY) Launches the Presale of SEALCOIN at Davos 2025 – The First Post-Quantum Crypto Token Revolutionizing TIoT Transactions

Ratings Changes (see Upgrades/Downgrades calendar for full list):

• Upgrades:
  • Ameren (AEE) upgraded to Outperform from In-line at Evercore ISI; tgt raised to $104
  • American Eagle (AEO) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt raised to $16
  • AppLovin (APP) upgraded to Buy from Neutral at Arete
  • Equity Lifestyle Properties (ELS) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $73
  • Essex Property (ESS) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $310
  • Exelon (EXC) upgraded to Outperform from In-line at Evercore ISI; tgt raised to $44
  • FMC Corp (FMC) upgraded to Overweight from Equal Weight at Barclays; tgt $65
  • Gap (GAP) upgraded to Buy from Hold at Argus; tgt $27
  • General Motors (GM) upgraded to Buy from Hold at Deutsche Bank; tgt $60
  • Genpact (G) upgraded to Buy from Hold at Jefferies; tgt raised to $55
  • Hamilton Lane (HLNE) upgraded to Outperform from Perform at Oppenheimer; tgt $186
  • ICL Group (ICL) upgraded to Equal Weight from Underweight at Barclays; tgt raised to $6
  • Intel (INTC) upgraded to Hold from Reduce at HSBC Securities
  • Lavoro (LVRO) upgraded to Overweight from Equal Weight at Barclays; tgt lowered to $5
• Downgrades:
  • Affirm (AFRM) downgraded to Neutral from Positive at Susquehanna; tgt $57
  • American Homes 4 Rent (AMH) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $37
  • Apple (AAPL) downgraded to Hold from Buy at Loop Capital; tgt $230
  • Apple (AAPL) downgraded to Underperform from Hold at Jefferies; tgt lowered to $200.75
  • Astera Labs (ALAB) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt $142
  • Bunge (BG) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $95
  • CF Industries (CF) downgraded to Equal Weight from Overweight at Barclays; tgt raised to $100
  • CF Industries (CF) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt $100
  • eBay (EBAY) downgraded to Sell from Neutral at Arete
  • FEMSA (FMX) downgraded to Equal Weight from Overweight at Barclays
  • Freshworks (FRSH) downgraded to Underweight from Equal Weight at Wells Fargo; tgt lowered to $13
  • Harley-Davidson (HOG) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $33
  • Invitation Homes (INVH) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $33
  • Keros Therapeutics (KROS) downgraded to Neutral from Overweight at Cantor Fitzgerald
  • Mondelez Int'l (MDLZ) downgraded to Hold from Buy at Jefferies; tgt lowered to $62
  • Mosaic (MOS) downgraded to Underweight from Overweight at Barclays; tgt lowered to $27
• Others:
  • Amprius Technologies (AMPX) initiated with an Overweight at Cantor Fitzgerald; tgt $10
  • Curtiss-Wright (CW) initiated with a Buy at Citigroup; tgt $410
  • FirstSun Capital Bancorp (FSUN) initiated with an Outperform at Keefe Bruyette; tgt $46
  • Forte Biosciences (FBRX) initiated with a Buy at TD Cowen
  • MongoDB (MDB) initiated with a Buy at China Renaissance; tgt $351

• Econ Data (Wednesday):
  • 7:00 ET: Weekly MBA Mortgage Index (prior 33.3%)
  • 10:00 ET: December Leading Indicators (Briefing.com consensus 0.0%; prior 0.3%) 
  • 10:30 ET: Weekly crude oil inventories (prior -1.96 mln)
• Treasury Auctions:
  • 13:00 ET: $13 bln 20-yr Treasury bond reopening results
• Earnings:
  • Monday (Jan 20)
    • Pre-Market: None
    • After-Hours: None
  • Tuesday (Jan 21)
    • Pre-Market: MMM SCHW CBU DHI FBK FITB KEY EDU ONB PEBO PLD UMC
    • After-Hours: AGYS COF FULT HWC IBKR NFLX CASH PNFP PRGS STX SFNC UAL WTFC ZION
  • Wednesday (Jan 22)
    • Pre-Market: ABT ALLY APH BKU CMA CBSH FNB GEV HAL JNJ OFG PG TEL TDY TXT TRV UCB
      
    • After-Hours: AA CACI CADE CATY CNS DFS HXL KMI KNX NBHC PLXS RLI SLG STLD WSBC
  • Thursday (Jan 23)
    • Pre-Market: ALK AAL AUB BANC ELV FBP FCX GATX GE MKC NTRS PPBI TCBI UNP VLY WNS
    • After-Hours: ASB COLB CSX CUBI EWBC FFBC GBCI ISRG SLM SSB TXN
  • Friday (Jan 24)
    • Pre-Market: AXP ERIC HCA LKFN NEE NWBI VZ
    • After-Hours: None
General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike