After Hours Report

Updated: 29-Jan-25 16:50 ET

Meta Platforms and Tesla heading higher on earnings; Microsoft ticks lower; Whirlpool plunges

The stock market had a somewhat mixed showing today. There was not a lot of conviction on either side of the tape in the early going as participants waited on the FOMC policy decision at 2:00 ET, followed by Fed Chair Powell's press conference at 2:30 ET.

The FOMC voted unanimously to leave the target range for the fed funds rate unchanged at 4.25-4.50%, which was widely expected by the market. The language of the directive changed to exclude the line that "Inflation has made progress toward the Committee's 2 percent objective..." Instead, the January directive said that "Inflation remains somewhat elevated."

This wasn't too surprising and the market already expected the Fed to remain cautious as the economy and labor market continue to evolve. Fed Chair Powell's remarks at the press conference echoed this. He said "The broad sense of the Committee is that we don't need to be in a hurry to adjust the policy stance."

There was some volatility in stocks and bonds in immediate response to these developments, but markets ultimately settled little changed from levels seen ahead of the 2:00 ET policy announcement. This was an indication that participants didn't see anything truly surprising in today's decision or in the Fed Chair's comments.

The S&P 500 closed 0.5% lower, the Nasdaq Composite declined 0.5%, and the Dow Jones Industrial Average logged a 0.3% decline. The 2-yr note yield, which is most sensitive to changes in the fed funds rate, settled two basis points higher at 4.23% and the 10-yr yield was unchanged at 4.56%.

Dow Jones Industrial Average: +5.1.% YTD
S&P Midcap 400: +3.5% YTD
S&P 500: +2.7% YTD
Russell 2000: +2.4% YTD
Nasdaq Composite: +1.7% YTD

Reviewing today's economic data:

Weekly MBA Mortgage Applications Index -2.0%; Prior 0.1%
December Adv. Intl. Trade in Goods -$122.1 bln; Prior was revised to -$103.5 bln from -$102.9 bln
December Adv. Retail Inventories -0.3%; Prior was revised to 0.0% from 0.3%
December Adv. Wholesale Inventories -0.5%; Prior was revised to -0.1% from -0.2%

Looking ahead to Thursday, market participants receive the following economic data:

8:30 ET: Advance Q4 GDP (Briefing.com consensus 2.3%; prior 3.1%), advance Q4 GDP Deflator (Briefing.com consensus 2.4%; prior 1.9%), Weekly Initial Claims (Briefing.com consensus 221,000; prior 223,000), and Continuing Claims (prior 1.899 mln)
10:00 ET: December Pending Home Sales (Briefing.com consensus 0.8%; prior 2.2%)
10:30 ET: Weekly natural gas inventories (prior -223 bcf)

Overseas:

Europe: DAX +0.9%, FTSE +0.3%, CAC -0.3%
Asia: Nikkei +1.0%, Hang Seng market closed, Shanghai market closed

Commodities:

Crude Oil -1.12 @ 72.64
Nat Gas +0.04 @ 3.16
Gold +1.10 @ 2769.70
Silver +0.51 @ 31.41
Copper +0.03 @ 4.28

After-Hours Spotlight:

Calix Networks (CALX) beats by $0.01, beats on revs; guides Q1 EPS in-line, revs in-line... CALX up 7.9%
IBM (IBM) beats by $0.14, reports revs in-line... IBM up 7.6%
Lam Research (LRCX) beats by $0.03, beats on revs; guides Q3 EPS above consensus, revs above consensus... LRCX up 6.2%
Las Vegas Sands (LVS) misses by $0.04, beats on revs... LVS up 8.2%
Levi Strauss (LEVI) beats by $0.02, beats on revs; guides FY25 EPS below consensus, revs below consensus... LEVI down 6.7%
Meta Platforms (META) beats by $1.26, beats on revs; guides Q1 revs in-line, reiterates FY25 capex guidance... META up 2.1%
Microsoft (MSFT) beats by $0.12, beats on revs; Azure +31% CC vs +31-32% CC prior guidance; IC segment revs a bit light of guidance... MSFT down 1.5%
ServiceNow (NOW) beats by $0.02, reports revs in-line; guides Q1 revs below consensus; guides FY25 revs below consensus; announces buyback... NOW down 8.4%
Tesla (TSLA) misses by $0.04, misses on revs; plans for new vehicles remain on track for start of production in 1H25; Cybercab scheduled for volume production in 2026... TSLA up 3.3%
Whirlpool (WHR) beats by $0.26, misses on revs; guides FY25 EPS below consensus, revs below consensus... WHR down 11.9%

Fair Value for Thursday, January 30:

S&P 500: 6,069
Nasdaq 100: 21,530
DJIA: 44,887

Today's News Summary:

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

Earnings/Guidance (Full E arnings Calendar):
- Allegiant Travel (ALGT) reports December passengers +13.9% yr/yr to 1,544,874; load factor 81.4% versus 82.5% last year
- Applied Industrial (AIT) beats by $0.18, beats on revs; raises FY25 EPS and revenue guidance; Also increases dividend by 24%
- Ashland (ASH) beats by $0.11, misses on revs; reaffirms FY25 revs and EBITDA guidance
- ASML (ASML) beats by €0.13, beats on revs; guides Q1 revs above consensus; reaffirms FY25 revs guidance
- Automatic Data (ADP) beats by $0.06, beats on revs; guides FY25 EPS in-line, revs in-line
- Avnet (AVT) misses by $0.02, beats on revs; guides MarQ EPS below consensus, revs below consensus
- Axos Financial (AX) beats by $0.07
- Brinker (EAT) beats by $0.94, beats on revs; guides FY25 EPS above consensus, revs above consensus
- BXP, Inc. (BXP) misses by $0.01, beats on revs; guides Q1 FFO below consensus; guides FY25 FFO below consensus
- CGI Group (GIB) misses by CAD0.03, misses on revs
- Chubb (CB) beats by $0.58, misses on revs
- Corning (GLW) beats by $0.01, beats on revs; guides Q1 EPS mostly above consensus, revs above consensus
- Danaher (DHR) misses by $0.02, beats on revs
- Eagle Materials (EXP) misses by $0.32, misses on revs
- Extreme Networks (EXTR) beats by $0.03, reports revs in-line; guides Q3 EPS in-line, revs in-line; guides FY25 revs in-line
- F5 Networks (FFIV) beats by $0.48, beats on revs; guides Q2 EPS below consensus, revs above consensus; raises FY25 EPS and revenue guidance
- Flex (FLEX) beats by $0.14, beats on revs; guides Q4 EPS in-line, revs in-line
- General Dynamics (GD) beats by $0.08, beats on revs
- General Dynamics (GD) provides guidance on conference call
- Group 1 Auto (GPI) beats by $0.91, beats on revs; provides UK update
- Hess (HES) beats by $0.14, beats on revs
- Hess Midstream Partners (HESM) reports EPS in-line, beats on revs
- Houlihan Lokey (HLI) beats by $0.13, beats on revs
- Lending Club (LC) misses by $0.01, beats on revs
- Lennox Int'l (LII) beats by $1.34, beats on revs; guides FY25 EPS in-line
- Littelfuse (LFUS) misses by $0.02, reports revs in-line; guides Q1 EPS below consensus, revs in-line
- Logitech Int'l SA (LOGI) beats on the top and bottom line; raises FY25 guidance
- MAG Silver (MAG) announces fourth quarter and 2024 production from Juanicipio and provides initial 2025 production guidance
- Manhattan Assoc (MANH) beats by $0.11, beats on revs; guides FY25 EPS below consensus, revs below consensus
- McEwen Mining (MUX) reports 2024 production within guidance; 2025 guidance: stable production and Cost/Oz
- M/I Homes (MHO) misses by $0.12, reports revs in-line
- Monro Muffler (MNRO) misses by $0.10, misses on revs
- MSCI (MSCI) beats by $0.22, reports revs in-line
- NASDAQ (NDAQ) beats by $0.01, reports revs in-line
- Navient (NAVI) misses by $0.46
- NeuroPace (NPCE) projects FY25 revenue above consensus; outlines long-term plan
- Nextracker (NXT) beats by $0.45, beats on revs; raises FY25 guidance
- Norfolk Southern (NSC) beats by $0.10, reports revs in-line; guides FY25 revs in-lin
- Otis Worldwide (OTIS) misses by $0.03, reports revs in-line; guides FY25 EPS below consensus, revs below consensus
- Packaging Corp (PKG) misses by $0.06, reports revs in-line; also sees Q1 EPS of $2.21 versus $2.41 FactSet consensus
- Progressive (PGR) beats by $0.44
- Prosperity Bancshares (PB) beats by $0.03
- Qorvo (QRVO) beats by $0.40, beats on revs; guides MarQ EPS above consensus, revs in-line
- RenaissanceRe (RNR) beats by $1.01, misses on revs
- Renasant (RNST) beats by $0.16, reports revs in-line
- Silgan Holdings (SLGN) beats by $0.03, reports revs in-line; guides Q1 EPS in-line; guides FY25 EPS in-line
- Southside Banc (SBSI) misses by $0.01, reports revs in-line
- Starbucks (SBUX) beats by $0.02, reports revs in-line, global comps fell by -4%; EPS expected to be the lowest in Q2
- Stifel Financial (SF) beats by $0.26, beats on revs
- Stride (LRN) beats by $0.08, beats on revs; guides Q3 revs above consensus; guides FY25 revs above consensus
- Stryker (SYK) beats by $0.14, beats on revs; guides FY25 EPS in-line
- Teva Pharma (TEVA) reports EPS in-line, beats on revs; guides FY25 EPS below consensus, revs in-line
- T-Mobile US (TMUS) beats by $0.28, beats on revs
- Trustmark (TRMK) beats by $0.09, also increases dividend
- UMB Financial (UMBF) beats by $0.23
- Vale S.A. (VALE) reports FY24 Iron ore production reached 328 Mt, the highest since 2019, surpassing the original guidance of 310-320 Mt1
- Veritex Holdings (VBTX) misses by $0.10; declares dividend
- Victoria's Secret (VSCO) announces that CFO Timothy Johnson is retiring in June 2025; Also raises low end of Q4 EPS guidance range and raises net sales growth guidance
- V.F. Corp (VFC) beats by $0.28, beats on revs; declares dividend
General News
- Federal judge blocks Trump administration's temporary pause on certain federal aid programs, according to NBC News
- Commerce Secretary nominee Howard Lutnick will not offer any specifics on China tariffs in today's prepared remarks to Senate, according to Reuters
- The Trump administration will offer all federal workers buyouts to resign. The Trump administration expects 5-10% of workers to quit, leading to $100 bln in savings, according to NBC News
- Social Security, Medicare, Medicaid, and food stamps are excluded for the Trump administration's pause on federal aid programs, according to CBS News
- Bank of Canada reduces policy rate by 25 basis points to 3%, announces end of quantitative tightening
- $400 bln bank for clean energy projects is being targeted by the Trump administration's funding freeze, according to Bloomberg
- Audit shows that Deepseek had 17% accuracy which is below rivals in western nations, according to Reuters
- The Trump administration rescinded order authorizing federal freeze on grants, according to Washington Post
- White House Press Secretary Karoline Leavitt says "This is not a rescission of the federal funding freeze. It is simply a rescission of the OMB memo. Why? To end any confusion created by the court's injunction. The President's EO's on federal funding remain in full force and effect, and will be rigorously implemented."
- Alamos Gold (AGI) announces receipt of environmental permit amendment allowing for the start of construction on the Puerto Del Aire Project in Mexico
- Alibaba (BABA) releases new AI model "Qwen2.5-Max: Exploring the Intelligence of Large-scale MoE Model"
- Apple (AAPL) working with SpaceX and T Mobile (TMUS) to add support for Starlink (GSAT), according to Bloomberg
- Armada Hoffler Properties (AHH) updates strategic steps in its balance sheet management strategy
- Aspen Aerogels (ASPN) resolves patent dispute with AMA S.p.A. and AMA Composites S.r.l. before the Court of Genoa, Italy
- Azul S.A. (AZUL) concludes restructuring process; eliminating $2.1 billion in debt and financial obligations and receiving $525 million in new capital
- Becton Dickinson (BDX) authorizes up to 10 mln in additional share repurchases
- BlackRock (BLK) declares quarterly common stock dividend of $5.21 per share, up from prior $5.10 per share
- Brightcove (BCOV) announces the launch of its AI Content Suite, a new AI-driven solution empowers creators and marketers to increase productivity, create more impactful content, and extend global reach with minimal effort
- Calumet Specialty Products (CLMT) provides timing for DOE Loan Facility
- Canadian Pacific Kansas City Ltd. (CP) reaches a tentative four-year collective agreement with the Teamsters Canada Rail Conference Maintenance of Way Employees Division representing engineering service employees in Canada
- CGI Group (GIB) renews its normal course issuer bid
- CGI Group (GIB): Julie Godin named Executive Chair of the CGI Board of Directors and founder Serge Godin becomes Co-Chair of the Board
- Cineverse (CNVS) has announced an expanded partnership with FuboTV Inc. (FUBO) to distribute Cineverse's newest channels
- Clorox (CLX) CFO Kevin Jacobsen to retire effective April 1, Luc Bellet to succeed Kevin and they will work together on an orderly transition
- CME Group (CME) to Launch Options on Bitcoin Friday Futures
- Comcast (CMCSA) and Apple (AAPL) announce plans to offer all Xfinity customers an integrated viewing experience for MLS Season Pass in time for the start of the 2025 season
- Cullinan Therapeutics (CGEM), Taiho Pharmaceutical and Taiho Oncology Announce Primary Endpoint Met in Phase 2b Trial of Zipalertinib in Patients with Non-Small Cell Lung Cancer Harboring EGFR Exon 20 Insertion Mutations Who Have Received Prior Therapy
- FB Financial (FBK) increases quarterly cash dividend of $0.19/share from $0.17/share
- Fiserv (FI): President Trump withdraws nomination of Fiserv CEO Frank Bisignano to be Commissioner of Social Security
- Fortive (FTV) announces that its Board of Directors has appointed Sharmistha “Shar” Dubey as the Chair of the Board
- Fox Corporation (FOXA) charging $8 million for Super Bowl ads, according to CNBC
- GE Vernova (GEV) is planning to invest nearly $600 million in its U.S. factories and facilities over the next two years to help meet the surging electricity demands around the world
- I-Mab (IMAB) completed a workforce reduction - reduced the Company’s workforce by approximately 27%
- ImmunityBio (IBRX) has entered into a collaboration and supply agreement with BeiGene, Ltd. to conduct a confirmatory randomized Phase 3 clinical trial, combining BeiGene's tislelizumab, a PD-1 checkpoint inhibitor, and ImmunityBio's ANKTIVA
- Kohl's (KSS) cutting 10% of its corporate workforce, according to the Wall Street Journal
- Lucid Group (LCID) appoints Taoufiq Boussaid as Chief Financial Officer, planned to become effective February 25, 2025
- LyondellBasell (LYB) announces the signing of two significant power purchase agreements in Europe, further supporting its commitment to reduce greenhouse gas emissions
- Merit Medical (MMSI) released prepared remarks to be delivered during conference call on WRAPSODY Cell-Impermeable Endoprosthesis
- Microsoft (MSFT) investigating if Deepseek linked group obtained data improperly, according to Bloomberg
- NetApp (NTAP) names Wissam Jabre as CFO, effective March 10, 2025
- Nexstar (NXST) increases quarterly cash dividend 10% to $1.86/share from $1.69/share
- Nissan Motor (NSANY): Renault is requesting that NSANY get a higher premium from HMC for merger, according to FT
- Northern Oil & Gas (NOG) increases quarterly cash dividend to $0.45/share from $0.42/share and provides share repurchase update
- Novartis AG (NVS): Breckenridge announced final FDA approval for Everolimus tablets for oral suspension, AB-rated to AFINITOR DISPERZ®
- NVIDIA (NVDA): Deepseek could threaten need for expensive Nvidia chips, according to the Wall Street Journal
- OpenAI found evidence that Deepseek used OpenAI's proprietary models to train a open source competitor, according to Financial Times
- PacBio Technology (PACB) Powers Landmark Multiomic Study Published in Nature Genetics
- Paramount Global (PARA) must provide internal Skydance deal files for case against pension fund in latest ruling, according to Bloomberg
- Planet Labs (PL) announces the signing of a multi-year $230 million agreement to expand its partnership with a long-standing, Asia-Pacific commercial partner
- Ranpak (PACK) details Amazon.com (AMZN) Transaction Agreement for warrant to purchase common stock
- Rezolve AI Limited (RZLV) secures $30 million unsecured loan facility; Non-dilutive financing preserves shareholder value as the Board anticipates a re-rating of the stock later this year
- Riot Platforms (RIOT): D.E. Shaw acquires potentially active stake, according to Reuters
- Roche Hldg (RHHBY) receives FDA 510(k) clearance for the first blood test in the U.S. measuring Lp(a) in molar units
- Royalty Pharma (RPRX) closes a transaction to monetize the remaining fixed payments on the MorphoSys Development Funding Bonds for $511 million in upfront cash
- RTX's (RTX) Collins Aerospace was awarded a follow-on contract with a potential for up to $904 million over five years to continue development of the U.S. Navy's Cooperative Engagement Capability
- Scotts Miracle-Gro (SMG) beats by $0.34, beats on revs; reaffirms FY25 outlook
- Simply Good Foods (SMPL) announces CFO Shaun Mara will retire in July 3, Christopher Bealer will join on April 1 and is expected Mara as CFO upon Mara’s retirement
- SJW (SJW) increases quarterly cash dividend 5% to $0.42/share from $0.40/share
- SLB (SLB): DEEP Earth Energy Production Corp. announces a strategic collaboration with global energy technology company SLB to drive the development of Canada's first next-generation geothermal project, located in southeast Saskatchewan
- Sony (SONY) approved a new management structure effective April 1, 2025 at a meeting of its Board of Directors held today
- Spotify (SPOT) secures dismissal of royalties lawsuit
- Stellantis (STLA) aiming to take control of Punch Powertrain venture, according to Reuters
- Synaptics (SYNA) announced it has accelerated its Edge AI strategy by signing a definitive licensing agreement with Broadcom that includes Wi-Fi 8, ultra-wideband, Wi-Fi 7, advanced Bluetooth, and next-generation GPS/GNSS products and technology for IoT and Android ecosystem
- Stryker (SYK) announces that Glenn S. Boehnlein will retire from his role as Vice President, Chief Financial Officer
- Tenable (TENB) has signed a definitive agreement to acquire Vulcan Cyber Ltd.
- The Cigna Group (CI) announced several steps it is taking to improve costs and transparency around pharmacy benefits.
- Triller Corp. (ILLR) announced $50 million equity funding round secured through a private placement with institutional investors
- Trump Media & Technology (DJT) announces expansion into financial services; approved investment of up to $250 mln to be custodied by Charles Schwab (SCHW)
- Uber (UBER) and Lyft (LYFT) pulling back modestly on reports that Waymo (GOOG / GOOGL) is expanding autonomous vehicles to new cities
- Uber (UBER): Moove acquires Kovi, strengthening its position as a global leader in mobility
- Verizon (VZ) awarded a $66 mln, 8-year Enterprise Infrastructure Solutions task order by The U.S. Coast Guard
- Warner Bros. Discovery (WBD): Michal Solowow interested in WBD's Poland TV unit, according to Bloomberg
- Zentalis Pharma (ZNTL) announces a restructuring of its business operations and research and development organization to support execution of late-stage development for its WEE1 inhibitor product candidate, azenosertib, and extend its cash runway beyond a data readout from its potentially registration-enabling DENALI Part 2 study, anticipated by the end of 2026
- Zentalis Pharma (ZNTL) presents updated azenosertib monotherapy clinical data from its ZN-c3-001, MAMMOTH and DENALI studies and shared details on future clinical development and potential registration plans for patients with Cyclin E1+ platinum-resistant ovarian cancer

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

Upgrades:
- AT&T (T) upgraded to Buy from Hold at DZ Bank; tgt $27
- Coinbase Global (COIN) upgraded to Outperform from Neutral at Mizuho; tgt raised to $290
- NBT Bancorp (NBTB) upgraded to Overweight from Equal-Weight at Stephens; tgt $53
- Verizon (VZ) upgraded to Buy from Hold at DZ Bank; tgt $40
Downgrades:
- Datadog (DDOG) downgraded to Hold from Buy at Stifel; tgt lowered to $140
- Leap Therapeutics (LPTX) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $1.25
- Leap Therapeutics (LPTX) downgraded to Neutral from Buy at H.C. Wainwright
- Moderna (MRNA) downgraded to Neutral from Buy at Goldman; tgt lowered to $51
- Third Coast Bancshares (TCBX) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt raised to $42
- Tenaris (TS) downgraded to Underperform from Neutral at BofA Securities
- Transcat (TRNS) downgraded to Perform from Outperform at Oppenheimer
Others:
- Brighthouse Financial (BHF) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $85
- Curbline Properties (CURB) initiated with an Equal-Weight at Morgan Stanley; tgt $27
- MicroStrategy (MSTR) initiated with an Outperform at Mizuho; tgt $515
- Millicom International Cellular (TIGO) initiated with an Equal-Weight at Morgan Stanley; tgt $32
- Rivian Automotive (RIVN) initiated with an Underperform at Bernstein; tgt $6.10

Econ Data (Thursday):
- 8:30 ET: Advance Q4 GDP (Briefing.com consensus 2.3%; prior 3.1%), advance Q4 GDP Deflator (Briefing.com consensus 2.4%; prior 1.9%), Weekly Initial Claims (Briefing.com consensus 221,000; prior 223,000), and Continuing Claims (prior 1.899 mln)
- 10:00 ET: December Pending Home Sales (Briefing.com consensus 0.8%; prior 2.2%)
- 10:30 ET: Weekly natural gas inventories (prior -223 bcf)
Earnings:Monday (Jan 27)
Pre-Market: T BOH HOPE SOFI
After-Hours: ARE BRO CR ELS GGG NUE PCH SANM SBCF TRNS WRB WAL WSFS
Tuesday (Jan 28)
Pre-Market: ADNT BA CVLT GM IVZ JBLU KMB LMT PCAR PII BPOP RCL RTX SAP SASR SYF SYY XRX
After-Hours: ASH AX BXP CB FFIV FCF HLI LC LFUS LOGI MANH NXT PKG PFS QRVO RNR RNST SBUX LRN SYK TRMK UMBF VBTX
Wednesday (Jan 29)
Pre-Market: AIT ASML ADP AVT EAT GLW DHR EXP EXTR FLEX GD GPI HES HESM LII MNRO MSCI NDAQ NAVI NSC OTIS PB SMG SLGN SBSI SF TMUS TEVA VFC VIRT WNC
After-Hours: AMP AXS BHE CHRW CALX CP CCS CLB DLB ETD FIBK IBM LRCX LSTR LVS LEVI LBRT MXL MTH META MSFT NFG RJF RHI SEIC SIGI NOW TER TSLA TTEK URI WM WDC WHR WOLF
Thursday (Jan 30)
Pre-Market: FLWS AOS ALGM MO ABG AVY BHLB BX BFH BIP BC CAH CRS CAT CHKP CFR DOV DOW DT FRME FCFS FLG IP KEX LAZ LHX MBUU MAN MMC MA MBLY MUR NTCT NOK NOC OSK PH PHM DGX ROP RES SNY SCSC SNDR SHW SIRI LUV STM CI TMO TSCO TT UPS VLO
After-Hours: ATGE ABCB APPF AAPL AJG TEAM BKR BZH CNI CLS COUR DECK EMN FHI GEN HIG HTH INTC KLAC LPLA OLN PPG RMD SKYW STEL X VIAV V WY
Friday (Jan 31)
Pre-Market: ABBV AON ARCB ALV BMI BAH BR CHTR CVX CHD CL ETN XOM FHB BEN GNTX GWW IMO JHG LYB NVS OMF PSX RBC VSTS WT
After-Hours: None

General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike