After Hours Report

Today's session started with mixed action, yet ended on a positive note thanks to an influx of buying in the afternoon. Blue-chip companies led the charge, showing strength through the entire session while mega cap stocks weighed down the S&P 500 (+0.5%) and Nasdaq Composite (+0.2%) in the early going. 

The afternoon surge led the S&P 500 to a fresh record high, powered by turnaround action in names like NVIDIA (NVDA 147.22, +0.15, +0.1%), Amazon.com (AMZN 235.42, +0.41, +0.2%), and Microsoft (MSFT 446.71, +0.51, +0.1%).

The Dow Jones Industrial Average outperformed its peers, trading higher through most of the session. Goldman Sachs (GS 639.50, +6.77, +1.1%), UnitedHealth (UNH 529.77, +10.05, +1.9%), and Caterpillar (CAT 406.40, +8.79, +2.2%) drove gains in the price-weighted index.

Other blue-chip names like GE Aerospace (GE 200.80, +12.44, +6.6%) and Union Pacific (UNP 248.05, +12.25, +5.2%) surged after encouraging earnings results and guidance, boosting the S&P 500 industrial sector (+1.0%).

Calm action in Treasuries also supported the afternoon pop. The 10-yr yield settled four basis points higher at 4.64% (after hitting 4.80% last week) and the 2-yr yield settled two basis points lower at 4.28%.

The market was also digesting the latest weekly jobless claims report, which showed a larger increase in claims than the market had expected and should bode well for rate cuts by the FOMC.

• S&P Midcap 400: +5.1% YTD
• Dow Jones Industrial Average: +4.8% YTD
• S&P 500: +4.0% YTD
• Nasdaq Composite: +3.9% YTD
• Russell 2000: +3.8% YTD

Reviewing today's economic data:

• Weekly Initial Claims 223K (Briefing.com consensus 219K); Prior 217K, Weekly Continuing Claims 1.899 mln; Prior was revised to 1.853 mln from 1.859 mln
  • The key takeaway from the report is the elevated level of continuing jobless claims, which connotes some increasing challenges in finding new employment after being laid off.
• Weekly EIA Crude Oil Inventories showed a draw of 1.02 million barrels; prior showed draw of 1.96 million
• Weekly EIA Natural Gas Inventories showed a draw of 223 bcf vs a draw of 258 bcf last week

Friday's economic lineup features: 

• 9:45 ET: Flash January S&P Global U.S. Manufacturing PMI (prior 49.4) and flash January S&P Global U.S. Services PMI (prior 56.8)
• 10:00 ET: December Existing Home Sales (Briefing.com consensus 4.21 mln; prior 4.15 mln) and final January University of Michigan Consumer Sentiment (Briefing.com consensus 73.0; prior 74.0)

Overseas:

• Europe: DAX +0.2%, FTSE +0.7%, CAC +0.2%
• Asia: Nikkei +1.0%, Hang Seng 0.0%, Shanghai +0.5%

Commodities:

• Crude Oil -0.88 @ 74.59
• Nat Gas -0.04 @ 3.47
• Gold -5.10 @ 2765.50
• Silver -0.56 @ 30.87
• Copper +0.03 @ 4.33

After-Hours Spotlight:

• 3D Systems (DDD) and Daimler Truck/Daimler Buses announce collaboration to maximize vehicle uptime by decentralizing spare part production... DDD up 9.0%
• Boeing (BA) projects Q4 revenue below consensus; recognizes impacts related to the IAM work stoppage and agreement alongside other charges and costs... BA down 1.2%
• CSX (CSX) reports EPS in-line, revs in-line... CSX down 2.3%
• Grindr (GRND) projects FY24 revenue above consensus; announces redemption of warrants... GRND up 7.5%
• Intuitive Surgical (ISRG) beats by $0.42, beats on revs, procedures up 18%; issues FY25 guidance... ISRG down 1.9%
• Texas Instruments (TXN) beats by $0.07, beats on revs; guides Q1 EPS below consensus, revs in-line... TXN down 3.8%
• Twilio (TWLO) projects Q4 revs above consensus... TWLO up 10.8%

Fair Value for Friday, January 24:

• S&P 500: 6,153
• Nasdaq 100: 22,041
• DJIA: 44,766

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

• Earnings/Guidance (Full Earnings Calendar):
  • Alaska Air (ALK) beats by $0.50, beats on revs; guides Q1 EPS above consensus; guides FY25 EPS below consensus
  • Alcoa (AA) beats by $0.09, beats on revs; Issues FY25 guidance, expects total Alumina segment production to range between 9.5 to 9.7 million metric tons
  • American Airlines (AAL) beats by $0.20, beats on revs; guides Q1 EPS below consensus; guides FY25 EPS in-line
  • Atlantic Union Bankshares (AUB) misses by $0.10
  • Banc of California (BANC) beats by $0.05
  • Banner Corporation (BANR) Reports Net Income of $46.4 Million, or $1.34 Per Diluted Share, for Fourth Quarter 2024; Declares Quarterly Cash Dividend of $0.48 Per Share
  • CACI Intl (CACI) beats by $0.75, beats on revs; guides FY25 EPS in-line, revs in-line
  • Cadence Bank (CADE) beats by $0.01; increases dividend
  • Cathay Bancorp (CATY) beats by $0.02, reports revs in-line
  • Cohen & Steers (CNS) reports EPS in-line (two ests), beats on revs (single est)
  • Concentra Group Holdings Parent (CON) announces agreement to acquire Nova Medical Centers for $265 mln and guides Q4 revenue slightly above consensus
  • CVB Financial (CVBF) beats by $0.02
  • Discover Financial Services (DFS) beats by $1.50, total loans down 6% yr/yr; Expects 2025 loan growth to align more closely with pre-pandemic norms
  • Electronic Arts (EA) lowers its net bookings forecast for Q3 and FY25
  • Elevance Health (ELV) beats by $0.03, reports revs in-line; guides FY25 EPS in-line; raises dividend
  • Evolv Technologies Holdings (EVLV) provides business update; reaffirms outlook for positive adjusted EBITDA by Q2 2025
  • First Bancorp (FBP) beats by $0.05, net interest income increased 3.6% yr/yr
  • Freeport-McMoRan (FCX) beats by $0.09, misses on revs
  • Freeport-McMoRan (FCX) provides FY25-27 gold and copper sales estimates in slide presentation
  • GATX (GATX) beats by $0.22, reports revs in-line; initiates FY25 EPS guidance with mid-point above consensus
  • GE Aerospace (GE) beats by $0.28, beats on revs; guides FY25 EPS in-line
  • Hexcel (HXL) beats by $0.02, reports revs in-line; guides FY25 EPS below consensus, revs in-line
  • Hyundai Motor (HYMTF) reports Q4 results and discuses possible General Motors (GM) cooperation
  • Interparfums (IPAR) reports in-line Q4 revenue; Positioned to meet FY24 EPS guidance of $5.15
  • Kemper (KMPR) provides initial insight on California wildfire losses; estiamtes losses in Q1 are less than $1 mln
  • Kinder Morgan (KMI) reports Q4 (Dec) results, misses on revs; guides FY25 EPS below consensus; to raise its annual dividend; announces $1.7 bln Trident Intrastate pipeline project
  • Knight-Swift (KNX) beats by $0.03, reports revs in-line; guides Q1 EPS in-line; guides Q2 (Jun) EPS in-line
  • LSI Industries (LYTS) reports fiscal 2025 second quarter results and declares quarterly cash dividend
  • MakeMyTrip (MMYT) reports fiscal Q3 results
  • MarineMax (HZO) beats by $0.39, misses on revs; reaffirms FY25 EPS guidance
  • McCormick (MKC) beats by $0.03, beats on revs; guides FY25 EPS below consensus, revs in-line
  • National Bank (NBHC) beats by $0.07
  • Northern Trust (NTRS) beats by $0.25, beats on revs
  • NOVAGOLD (NG) files year-end 2024 report with strong treasury to fund key activities for long-term value creation
  • Old Republic (ORI) beats by $0.20, beats on revs
  • OSI Systems (OSIS) beats by $0.09, beats on revs; raises FY25 EPS and revenue guidance
  • Pacific Premier (PPBI) beats by $0.04
  • Pitney Bowes (PBI) announces early paydown of remaining 2028 Oaktree notes; expects to report FY24 revenue within guidance range and Adjusted EBIT above guidance range
  • Plexus (PLXS) beats by $0.14, reports revs in-line; guides MarQ EPS in-line, revs below consensus
  • RLI Corp (RLI) misses by $0.11, misses on revs
  • Sasol (SSL) reports H1 production and sales update
  • SL Green Realty (SLG) beats by $0.36, beats on revs
  • Steel Dynamics (STLD) beats by $0.07, misses on revs; says steel pricing has stabilized and customer optimism continues to be solid
  • TAL Education (TAL) beats on top and bottom lines
  • Texas Capital (TCBI) beats by $0.34
  • Union Pacific (UNP) beats by $0.12, reports revs in-line; on track to meet targets
  • Valley National (VLY) misses by $0.01
  • WesBanco Inc (WSBC) beats by $0.16, beats on revs
  • WNS (WNS) reports EPS in-line, revs in-line; guides FY25 EPS above consensus, revs in-line
• General News
  • Republican leadership debating possible deal with Democrats that includes debt ceiling increase, government funding, and California wildfire relief., according to Politico
  • House passes bipartisan bill which will allow government to detain undocumented immigrants committed of various crimes. President Trump will sign it, according to NBC News
  • Prince Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia held a phone call with President Trump; Saudi Arabia will invest $600 bln in US over next 4 years
  • Elon Musk and Sam Altman continue to have disagreements about Stargate artificial intelligence announcement, according to Bloomberg
  • China wants insurance companies to purchase more Chinese stocks, according to Financial Times
  • New Hughes fire breaks out in California; 10,176 acres burned; 14% contained
  • MrBeast mulling TikTok US bid, according to Bloomberg
  • EU planning EV subsidies, according to Financial Times
  • President Trump's remarks at World Economic Forum: His message to the business owners: "Make product in America and you will get lower taxes, otherwise you will have to pay a tariff in different amounts"; will be asking OPEC to bring down oil prices
  • White House releases readout of President Trump's call with Crown Prince Mohammad Bin Salman (see 6:01 for Saudi statement)
  • Commerce Secretary nominee Howard Lutnick will divest his holdings, according to CBS News
  • Secretary of Defense nominee Pete Hegseth passes procedural vote 51-49 in Senate to be confirmed; final votes will occur this weekend
  • AbbVie (ABBV) and Neomorph announce ovel molecular glue degraders for multiple targets across oncology and immunology
  • AbbVie (ABBV) completed acquisition of Nimble Therapeutics; adds potential novel oral peptide IL23R inhibitor for psoriasis as well as a peptide synthesis, screening and optimization platform
  • Accenture (ACN) and BCC Iccrea Group, Italy's largest cooperative banking group form partnership to support the group's IT Transformation
  • Air Products (APD): Mantle Ridge has enough votes for Board seats at Air Products, according to Reuters
  • Air Products (APD) reports preliminary voting results from its 2025 Annual Meeting of Shareholders ("Annual Meeting") held on January 23, 2025
  • Amazon (AMZN) plans $8.3 billion investment in cloud infrastructure in Maharashtra by 2030
  • America Movil SA (AMX) is currently reviewing Mancera/EY’s conclusions relating to the effectiveness of ICFR in order to make its own conclusions
  • Apple (AAPL): UK CMA to investigate Apple and Google's (GOOG, GOOGL) mobile ecosystems
  • Apple (AAPL): Epic Games expands mobile marketplace with third-party games, free titles, and developer-friendly features, according to Venture Beat
  • AstraZeneca (AZN) plans CAD 820 million ($570 mln) investment in Canada to advance growing global hub and clinical delivery
  • AZZ (AZZ) appoints Jeff Vellines as President and Chief Operating Officer and Kurt Russell as Senior Vice President and Chief Strategic Officer
  • Barrick (GOLD) has injected over $4.24 bln into the Tanzanian economy since establishing the Twiga joint venture with the government in 2019, contributing $888 mln in 2024 alone
  • Becton Dickinson (BDX) and Biosero announce a framework collaboration agreement to enable and facilitate robotic arm integration with BD flow cytometry instruments to accelerate drug discovery and development
  • Better Home & Finance (BETR) approves $25 mln share repurchase program
  • Biogen (BIIB) receives acceptance from FDA and EMA for applications for higher dose regimen of Nusinersen in SMA
  • Blue Bird (BLBD) appoints John Wyskiel to the position of President and CEO, effective February 17
  • Booking Holdings (BKNG) convinced jury to overturn Ryanair (RYAAY) computer fraud verdict, according to Bloomberg
  • Canadian Natrl Res warns investors regarding TRC Capital's below market "mini-tender" offer
  • Comcast (CMCSA) unveils Sports & News TV: A $70 video package combining live sports, news, and top streaming content for Xfinity Internet customers
  • Deere & Company (DE) announces the names of 6 companies chosen for its 2025 Startup Collaborator program; New cohort to explore innovations focused on meeting customers' needs
  • eBay (EBAY) confirms new collaboration between eBay and OpenAI
  • Electronic Arts (EA): Projected U.S. spending on video game hardware, content and accessories reached $7.5B in December 2024, fell 8.9% when compared to a year ago, according to Circana
  • Everest Group (EG) appoints Jim Williamson as permanent CEO, effective immediately
  • Fifth Third (FITB) entered into new $225 mln share repurchase agreement
  • First Majestic Silver (AG) provides positive exploration results at San Dimas
  • GoodRx (GDRX) announced that Scott Wagner (former Interim Chief Executive Officer from April 2023 to January 2025) has joined its Board of Directors, effective January 21; appointed as Co-Chair of the Board
  • Greenwich LifeSciences (GLSI) announces additions of Harvard and Johns Hopkins to Flamingo-01
  • Heliogen (HLGN) concludes Capella demonstration, advancing next-generation concentrated solar technology
  • Henry Schein (HSIC): Activist investor Ananym Capital Management to launch proxy fight, according to Reuters
  • IonQ (IONQ) has signed a Memorandum of Understanding with the Busan Metropolitan Government in South Korea - the second largest city in South Korea known as a key technology and economic hub for the southeast region of the country
  • J.B. Hunt Transport (JBHT) increases quarterly cash dividend 2.3% to $0.44/share from $0.43/share
  • Johnson & Johnson (JNJ): Findings from pivotal nipocalimab Phase 3 study in a broad antibody positive population of people living with generalized myasthenia gravis (gMG) published in The Lancet Neurology
  • Keysight (KEYS) signed a virtual power purchase agreement with Southern Power, a leading U.S. wholesale energy provider and subsidiary of Southern Company, to acquire renewable energy credits produced by a 39 MW portion of the Phase III expansion at the Millers Branch Solar Facility
  • Kraft Heinz (KHC) Canada Statement: HEINZ Ketchup is made in Canada with local tomatoes
  • Lightbridge (LTBR) and Oklo (OKLO) entered into a non-binding Memorandum of Understanding to conduct a feasibility study of co-locating a Lightbridge Commercial-scale Fuel Fabrication Facility at Oklo’s proposed commercial fuel fabrication facility and to explore opportunities for collaboration on reprocessing and recycling of spent uranium-zirconium fuel
  • Lithium Argentina (LAAC) completes corporate migration to Switzerland; Changes ticker to "LAR"
  • LiveOne (LVO) announced that it has surpassed a milestone of over 600,000 Tesla (TSLA) users
  • M&T Bank (MTB) authorizes a share repurchase program for up to $4.0 bln of common stock
  • Microsoft (MSFT) was left out of OpenAI's Stargate announcement following tensions between the tech companies, according to the Wall Street Journal
  • Milestone Scientific (MLSS) announces the commercial rollout of its CompuFlo Epidural System at Advanced Spine and Pain Management, LLC, a premier pain management clinic
  • New Fortress Energy (NFE) announces a 20-year gas supply agreement with Energiza to provide natural gas to a 478 MW combined-cycle power plant being developed in San Juan, Puerto Rico
  • Nissan Motor (NSANY) aiming to end plans to produce compact EV in Mississippi, according to Nikkei
  • Nokia (NOK) and StarHub partner on network APIs to drive 5G and 4G application development in enterprise verticals
  • Nova Minerals Limited (NVA) discovers further high-grade gold at its wombat prospect up to 360 g/t au on its estelle gold and critical minerals project, in Alaska
  • ONEOK (OKE) increases quarterly cash dividend 4% to $1.03/share from $4.12/share
  • Oracle (ORCL) disclosed NetSuite update
  • Planet Labs (PL) was selected by the National Geospatial-Intelligence Agency as one of the vendors for the $200 million Luno B commercial data indefinite delivery, indefinite quantity contract
  • Parsons (PSN) enters into Cooperative Research and Development Agreement with the U.S. Army Command, Control, Communications, Computer, Cyber, Intelligence, Surveillance and Reconnaissance Center
  • Parsons (PSN) was awarded a contract for a one-year option period on a confidential program in January 2025
  • Procter & Gamble (PG) announces that the Board of Directors of the Company have approved today, the change of the Financial Year of the Company from "July 1st -- June 30th" period to "April 1st -- March 31st" period
  • Prudential Financial (PRU) to Reinsure $7B Japanese Whole Life Block with Prismic Life
  • Salesforce (CRM) announces plans to invest $500 million in Argentina over the next five years
  • Spectral Capital Corporation (FCCN) filed critical patent in pandemic response using quantum computing architecture
  • Tesla (TSLA) planning price increases in Canada, according to Reuters
  • Toyota Motor (TM) recalls certain Toyota and Lexus vehicles, expanding previously announced safety recall involving fuel pumps
  • Universal Stainless/Alloy (USAP) completes previously announced acquisition by Aperam; Universal stockholders are entitled to receive $45.00/share
  • Warner Bros. Discovery (WBD): CNN planning to lay off hundreds of employees this week, according to CNBC
  • Zai Lab (ZLAB) granted Orphan Drug Designation from the FDA for ZL-1310

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

• Upgrades:
  • Aptiv (APTV) upgraded to Neutral from Underweight at Piper Sandler; tgt raised to $65
  • Boot Barn Holdings (BOOT) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $190
  • Chewy (CHWY) upgraded to Buy from Hold at Argus
  • First Community (FCCO) upgraded to Strong Buy from Outperform at Raymond James; tgt raised to $30
  • Logitech Int'l SA (LOGI) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt $92
  • Netflix (NFLX) upgraded to Neutral from Sell at Arete
  • Netflix (NFLX) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $1100
  • Option Care Health (OPCH) upgraded to Buy from Hold at Jefferies; tgt raised to $35
  • Revolve Group (RVLV) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $37
  • Trupanion (TRUP) upgraded to Overweight from Neutral at Piper Sandler; tgt $57
• Downgrades:
  • Acushnet (GOLF) downgraded to Underweight from Neutral at JP Morgan; tgt lowered to $64
  • American Homes 4 Rent (AMH) downgraded to Sector Perform from Sector Outperform at Scotiabank; tgt $38
  • Boston Beer Co (SAM) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $275
  • Casella Waste (CWST) downgraded to Hold from Buy at Jefferies; tgt lowered to $113
  • Dentsply Sirona (XRAY) downgraded to Hold from Buy at Jefferies; tgt lowered to $20
  • Electronic Arts (EA) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $130
  • Electronic Arts (EA) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt lowered to $145
  • Electronic Arts (EA) downgraded to Mkt Perform from Outperform at Raymond James
  • FirstEnergy (FE) downgraded to Peer Perform from Outperform at Wolfe Research
  • Liberty Global (LBTYA) downgraded to Mkt Perform from Outperform at Bernstein; tgt lowered to $12.40
  • Parsons (PSN) downgraded to Mkt Perform from Outperform at William Blair
  • Veeva Systems (VEEV) downgraded to Sell from Buy at Goldman; tgt lowered to $200
• Others:
  • Aflac (AFL) initiated with a Market Perform at BMO Capital Markets; tgt $111
  • Blue Owl Capital (OWL) resumed with a Buy at Citigroup; tgt $30
  • Bright Minds Biosciences (DRUG) initiated with an Overweight at Piper Sandler; tgt $93
  • CNO Financial (CNO) initiated with a Market Perform at BMO Capital Markets; tgt $38
  • Corebridge Financial (CRBG) initiated with an Outperform at BMO Capital Markets; tgt $43
  • Electrovaya (ELVA) initiated with a Strong Buy at Raymond James; tgt $4.50
  • Equitable Holdings (EQH) initiated with an Outperform at BMO Capital Markets; tgt $70
  • Exact Sciences (EXAS) initiated with an Overweight at Barclays; tgt $70
  • Exodus Movement (EXOD) initiated with a Buy at H.C. Wainwright; tgt $50
  • Globe Life (GL) initiated with a Market Perform at BMO Capital Markets; tgt $114
  • Guardant Health (GH) initiated with an Overweight at Barclays; tgt $60
  • Guidewire Software (GWRE) initiated with a Buy at Goldman; tgt $210
  • Inneventure (INV) initiated with a Buy at ROTH MKM; tgt $16
  • MetLife (MET) initiated with a Market Perform at BMO Capital Markets; tgt $97
  • Mobile Infrastructure Corporation (BEEP) initiated with a Buy at B. Riley Securities; tgt $5
  • Mobile Infrastructure Corporation (BEEP) initiated with an Overweight at Piper Sandler; tgt $5
  • Natera (NTRA) initiated with an Overweight at Barclays; tgt $200
  • Primerica (PRI) initiated with a Market Perform at BMO Capital Markets; tgt $311
  • Principal Fincl (PFG) initiated with a Market Perform at BMO Capital Markets; tgt $93
  • Prudential (PRU) initiated with an Underperform at BMO Capital Markets; tgt $101
  • Unum Group (UNM) initiated with an Outperform at BMO Capital Markets; tgt $91

• Econ Data (Friday):
  • 9:45 ET: Flash January S&P Global U.S. Manufacturing PMI (prior 49.4) and flash January S&P Global U.S. Services PMI (prior 56.8)
  • 10:00 ET: December Existing Home Sales (Briefing.com consensus 4.21 mln; prior 4.15 mln) and final January University of Michigan Consumer Sentiment (Briefing.com consensus 73.0; prior 74.0)
• 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