After Hours Report

Updated: 22-Dec-25 17:03 ET
ZIM Integrated Shipping sharply higher following updates on ongoing strategic review

The S&P 500 (+0.6%), Nasdaq Composite (+0.5%), and DJIA (+0.5%) spent the first session of the Christmas week trading in a stable range, capturing decent gains on broad strength. The Russell 2000 (+1.2%) and S&P Mid Cap 400 (+0.9%) notched even wider gains. 

Ten S&P 500 sectors finished higher, with four advancing 1.0% or further. 

The materials sector (+1.4%) captured the widest gain as silver and gold both set fresh record highs today, with Newmont Corporation (NEM 104.88, +3.59, +3.54%) and Freeport-McMoRan (FCX 50.64, +1.49, +3.03%) outperforming as a result. 

Oil prices were also higher today, amid reports that the U.S. is pursuing a third sanctioned tanker off the coast of Venezuela. Crude oil futures settled today's session $1.50 higher (+2.7%) at $58.03 per barrel, keeping the energy sector (+1.1%) near the top of today's leaderboard. 

Elsewhere the financials sector (+1.3%) was supported by solid gains in its investment manager and major banking names, while aerospace and defense stocks boosted the industrials sector (+1.1%). 

While the information technology sector (+0.4%) was not one of the day's top performers, its modest gain highlights some lingering enthusiasm around the AI trade. Strength in chipmakers saw the PHLX Semiconductor Index close 1.1% higher. NVIDIA (NVDA 183.69, +2.70, +1.49%) provided solid leadership, with Reuters reporting that the company looks to begin H200 shipments to China by mid-February. Additionally, Micron (MU 276.59, +10.67, +4.01%) extended its post-earnings run, and First Solar (FSLR 284.59, +17.61, +6.60%) was the top-performing S&P 500 name.

Only the defensive consumer staples sector (-0.4%), which was a laggard last week amid renewed optimism in the AI trade, finished lower. 

In corporate news, Paramount Skydance (PSKY 13.61, +0.56, +4.29%) once again garnered a fair share of coverage today in its takeover bid for Warner Bros. Discovery (WBD 28.75, +0.98, +3.53%). Paramount amended its $30 per share all-cash offer for Warner Bros. Discovery to include an irrevocable personal guarantee of $40.4 billion of the equity financing from Larry Ellison.

There was no economic data of note, and Fed commentary had a minimal impact on the market's rate-cut expectations for 2026. Fed Governor Stephen Miran (voting FOMC member) told Bloomberg that more rate cuts are needed to avoid risks of a recession, while Cleveland Fed President Beth Hammack (voting FOMC member in 2026) said interest rates should remain unchanged for several months. 

All told, today's session progressed in a relatively uneventful manner, which is unsurprising given the holiday week. Though gains were not as wide as the tech-fueled rally of last Thursday and Friday, the major averages still advanced on broad strength, lifting the S&P 500 to the doorstep of another record high. 

U.S. Treasuries began the Christmas week on a modestly lower note, with shorter tenors leading a quiet Monday dip as today's $69 billion 2-year note auction was met with weak demand. The 2-year note yield settled up two basis points to 3.51%, and the 10-year note yield settled up two basis points to 4.17%. 

  • Nasdaq Composite: +21.3% YTD
  • S&P 500 : +17.0% YTD
  • Russell 2000: +14.7% YTD
  • DJIA: +13.7% YTD
  • S&P Mid Cap 400: +8.3% YTD

Overseas:

  • Europe: DAX flat, FTSE -0.3%, CAC -0.4%
  • Asia: Nikkei +1.8%, Hang Seng +0.4%, Shanghai +0.7%

Commodities:

  • Crude Oil +1.50 @ 58.03
  • Nat Gas -0.02 @ 3.97
  • Gold +82.20 @ 4469.30
  • Silver +1.08 @ 68.59
  • Copper unch @ 5.51

After-Hours Spotlight:

  • Amneal Pharmaceuticals (AMRX) announces that the FDA approved its Biologics Licensing Applications for Boncresa...AMRX +0.8%
  • Bain Capital Specialty Finance (BCSF) declares special dividend of $0.15/share...BCSF +0.9%
  • GE Vernova (GEV) signs agreement to supply turbines for Australian wind farm...GEV +0.1%
  • Neurocrine Biosciences (NBIX) Phase 3 KINECT-DCP study did not meet primary or key secondary endpoints...NBIX -1.0%
  • Parsons (PSN) awarded a Missile Defense Agency SHIELD contract worth up to $151 bln...PSN +8.2%
  • StoneCo (STNE) authorizes new share repurchase program up to R$ 2 bln in outstanding Class A common shares...STNE +1.4%
  • Stratus Properties' (STRS) Board of Directors initiates process to explore strategic alternatives; Also enters into agreement to sell Kingwood Place for $60.8 mln...STRS +0.1%
  • TPG Inc. (TPG) to acquire majority stake in Conservice; financial terms were not disclosed...TPG 
  • ZIM Integrated Shipping's (ZIM) board provides updates on ongoing strategic review process...ZIM +11.2%

Fair Value for Tuesday, December 23:

  • S&P 500: 6,930
  • Nasdaq 100: 25,687
  • DJIA: 48,676
Today's News Summary:

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

  • Earnings/Guidance (Full Earnings Calendar):
    • Baytex Energy Corp. (BTE) announces 2026 budget, three-year outlook, executive appointment, and board of director changes
    • Honeywell (HON) adjusts outlook to exclude Advanced Materials business unit
    • KKR (KKR) announces intra-quarter monetization activity update for the fourth quarter
    • Sempra Energy (SRE) guides to high end of FY25 EPS guidance, reaffirms FY26 EPS guidance
  • General News
    • White House NEC Director Kevin Hassett in an interview, says it is unlikely that the Supreme Court will order widespread tariff refunds, because it would be an administrative problem to get those refunds out, according to CBS News
    • Cleveland Fed President Beth Hammack (2026 voter) expects rates to remain unchanged for months, according to WSJ
    • The U.S. seized another sanctioned vessel off the Venezuelan coast, according to NBC News
    • Israeli Prime Minister Benjamin Netanyahu plans to brief President Trump on possible new Iranian airstrikes, according to NBC News
    • Japanese official warned of sudden weakness in yen, according to FT
    • HHS Secretary RFK Jr. expected to announce next year a new immunization schedule for children that matches Denmark, which will result in fewer vaccinations, according to NY Times
    • A bipartisan bill would create a tax harbor for stablecoins, according to Bloomberg
    • President Trump signed a Presidential Memorandum to ensure America’s leadership in 6G development
    • Elise Stefanik to exit New York governor race; also won’t seek another House term, according to WSJ
    • Japan plans to restart its largest nuclear plant, according to Reuters
    • President Trump is expected to expand immigration raids in 2026, according to Reuters
    • California will stop accepting adults with unsatisfactory immigration status for state-subsidized healthcare program, according to WSJ
    • Doctors see a link between exposures to contaminated cabin air on flights and fatal illnesses, according to WSJ
    • Alaska Air (ALK): Propeller Airports announces ALK will resume nonstop service between Seattle PAE and Portland PDX starting June 2026
    • Alphabet (GOOG/GOOGL): Power was restored in San Francisco after a widespread outage that disrupted Waymo cars, according to ABC News
    • Alphabet (GOOG) announces a definitive agreement to acquire Intersect, which provides data center and energy infrastructure solutions, for $4.75 billion in cash, plus the assumption of debt
    • AMC Entertainment (AMC) scores its biggest pre-christmas holiday weekend since 2021, as more than 4 million moviegoers visited an AMC or ODEON cinemas location from Thursday through Sunday
    • Angel Studios (ANGX) announced that the company's animated musical DAVID grossed $22 million at the weekend domestic box office
    • Apollo (APO) is lowering risk and building cash, according to FT
    • Apple (AAPL): The Italian Competition Authority fines Apple over $98 million euro for abuse of a dominant position
    • AstraZeneca (AZN): Jacobio Pharma enters global exclusive license agreement with AstraZeneca for Pan-KRAS inhibitor JAB-23E73
    • AstraZeneca (AZN): Update on LATIFY phase iii trial of ceralasertib plus Imfinzi in previously treated advanced non-small cell lung cancer
    • AstraZeneca (AZN): Enhertu granted Breakthrough Therapy Designation in the US as post-neoadjuvant therapy for patients with HER2-positive early breast cancer
    • AstraZeneca (AZN) and Daiichi Sankyo’s (DSNKY) ENHERTU has been granted Breakthrough Therapy Designation in the US for adult patients with HER2-positive early breast cancer with residual invasive disease in the breast and/or axillary lymph nodes after neoadjuvant treatment and high risk of disease recurrence
    • Atea Pharmaceuticals (AVIR) announces completion of enrollment in the C-BEYOND Phase 3 trial evaluating Rrgimen of Bemnifosbuvir and Ruzasvir for treatment of Hepatitis C Virus
    • Bayer AG (BAYRY): Finerenone approved in Japan for treatment of patients with chronic heart failure
    • Biogen (BIIB) announces that The Journal of the American Medical Association Neurology has published final results from the completed Phase 3 VALOR study and its open-label extension study evaluating QALSODY for the treatment of superoxide dismutase 1 amyotrophic lateral sclerosis with over 3.5 years of follow-up
    • Boeing (BA) wants FAA to waive the 777 freighter emissions rule, according to Bloomberg
    • Brainsway (BWAY) announces that Optum Behavioral Health has expanded its medical policy applicable to Deep TMS therapy to include coverage for adolescents aged 15 and older with a confirmed diagnosis of major depressive disorder
    • Canadian Nat'l Rail (CNI) issues statement on UP-NS STB filing
    • Comfort Systems (FIX) announces that Trent McKenna, currently Executive Vice President and Chief Operating Officer, will be appointed to serve as President and Chief Operating Officer, effective January 1, 2026
    • ConnectM Technology Solutions (CNTM) announces proposed reverse stock split to support planned uplisting to a National Exchange
    • Coty (COTY) announced that Markus Strobel will become Executive Chairman of the Board and Interim Chief Executive Officer, effective January 1, 2026
    • Cytokinetics (CYTK) announces FDA Approval of MYQORZO (aficamten) for the treatment of adults with symptomatic obstructive hypertrophic cardiomyopathy to improve functional capacity and symptoms
    • DeFi Technologies (DEFT) provides clarifying update on share ownership and depository imbalances and outlines next steps and announces resignation of director
    • Distribution Solutions Group (DSGR) announces amendment and expansion of its senior secured credit facility through 2030
    • Dominion Energy (D) releases statement in response to U.S. Department of Interior action on Coastal Virginia Offshore Wind
    • Driven Brands (DRVN) announces the election of Timothy Johnson as an independent director to its Board of Directors, effective January 1, 2026
    • DXP Enterprises (DXPE) refinances existing debt and raises an incremental $205 mln
    • Flutter Entertainment (FLUT) and CME Group (CME) launch FanDuel Predicts to give customers the power to trade on tomorrow's headlines
    • General Motors (GM): Sterling Anderson is a candidate to succeed General Motors CEO Mary Barra, according to WSJ
    • Ginkgo Bioworks (DNA) partners with Carnegie-Mellon University to develop innovative new cancer screening approach
    • Greenwich LifeSciences (GLSI) provides additional updates on FLAMINGO-01 and corporate strategy
    • Helix Energy (HLX) secures multi-year contract with a major operator for riserless plug and abandonment operations in the North Sea
    • Interior Department (FAN) confirms it is pausing offshore wind leases
    • Johnson & Johnson (JNJ): A jury ordered Johnson & Johnson to pay $65.5 mln to a woman with cancer, according to ABC News
    • KalVista Pharmaceuticals (KALV) announces approval of EKTERLY in Japan, first and only oral on-demand treatment for hereditary angioedema
    • Kolibri Global Energy (KGEI) provides operations update
    • Life360 (LIF) moves to invalidate patent at center of GoCodes accusations
    • Lockheed Martin (LMT) awarded a $3.63 bln modification to a previously awarded US Navy contract
    • Manitowoc (MTW) announces that the European Commission launched an anti-dumping investigation into imports of mobile cranes from China following a complaint filed by European mobile crane manufacturers
    • Mercedes-Benz Group AG (MBGYY): New York AG Letitia James secures $150 million from Mercedes for "cheating emissions standards and misleading consumers"
    • Mirum Pharmaceuticals (MIRM) files patent infirgement suits against ANDA filers
    • Mosaic (MOS) signs a definitive agreement to sell Mosaic Potash Carlsbad, Inc., including the operations, assets and liabilities of the Mosaic mine in Carlsbad, New Mexico to International Minerals Carlsbad, LLC for $30 million
    • Netflix (NFLX) discloses it successfully replaced a portion of the commitments under its previously disclosed bridge commitment letter with a more permanent and cost effective funding structure
    • NVIDIA (NVDA) looking to start H200 shipments to China by mid-February, according to Reuters
    • Otis Worldwide (OTIS) completes installation at REM light metro transit in Montréal
    • Patria Investments (PAX) appoints Nikitas Psyllakis as new COO; also names new CFO
    • Phillips 66 (PSX) & Kinder Morgan, Inc (KMI) announce close of initial open season and launch of subsequent open season for capacity to Los Angeles, California Markets
    • Polestar Automotive Holding UK PLC (PSNY) secures $600 mln capital lifeline via BBVA and Natixis investments, Geely debt conversion
    • Porsche (POAHY) aiming to shutdown its China charging network, according to Bloomberg
    • Pro-Dex (PDEX) announces contract extension with largest customer for an additional three years
    • PTC Therapeutics (PTCT) announces that Sephience has been approved by the Japanese Ministry of Health, Labor and Welfare for the treatment of children and adults living with phenylketonuria
    • Quanterix (QTRX) Announces Landmark Nature Study Redefining Alzheimer’s Disease Neuropathology Prevalence
    • Roche Hldg (RHHBY): FDA approves Genentech’s Lunsumio VELO for subcutaneous use in relapsed or refractory follicular lymphoma
    • Rocket Lab USA (RKLB) successfully launches for iQPS, ends 2025 with 21 Launches and 100% mission success
    • Rocket Lab USA (RKLB) awarded $816 mln prime contract to build missile- defense satellite constellation for U.S. Space Force
    • RTX (RTX) awarded a $512.2 mln US Army contract
    • Salesforce.com (CRM) seeing a decline in trust in language models, according to The Information
    • Seacoast Banking (SBCF) increases share repurchase program to $150 mln
    • SoftBank (SFTBY) wants to fulfill $22.5 bln in funding for OpenAI by the end of the year, according to Reuters
    • Target (TGT) restores digital services after outage, according to Bloomberg
    • Telix Pharmaceuticals (TLX) provides a precision medicine portfolio update
    • Tesla (TSLA): 15 people passed away following crashes where TSLA doors would not open, according to Bloomberg
    • Tesla (TSLA): The Delaware Supreme Court reinstated Tesla CEO Elon Musk's 2018 pay package, according to NY Times
    • TrustCo Bank Corp NY (TRST) announces two-million share stock repurchase program
    • Uber (UBER) and Lyft (LYFT) aiming to test Baidu (BIDU) robotaxis in UK next year, according to Reuters
    • UL Solutions Inc. (ULS) announces full exercise of underwriters’ option to purchase 12.5 additional shares
    • Viridian Therapeutics (VRDN) announces that the U.S. Food and Drug Administration has accepted the Biologics License Application for veligrotug for the treatment of thyroid eye disease
    • Walt Disney's (DIS) "Avatar: Fire and Ash" earned just $88 million in the box office, according to CNBC
  • Upgrades:
    • Cummins (CMI) upgraded to Outperform at Raymond James, tgt $585
    • Nintendo Co Ltd. (NTDOY) upgraded to Buy at Freedom Capital Markets
    • Ollie's Bargain Outlet (OLLI) upgraded to Buy at Loop Capital, tgt $135
  • Downgrades:
    • Amicus Therapeutics (FOLD) downgraded to Hold at TD Cowen, tgt $14.5
    • Clearwater Analytics Holdings (CWAN) downgraded to Market Perform at William Blair
    • Clearwater Analytics Holdings (CWAN) downgraded to Perform at Oppenheimer
    • LINKBANCORP (LNKB) downgraded to Neutral at DA Davidson, tgt $10
    • Sealed Air (SEE) downgraded to Market Perform at Raymond James
  • Others:
    • AirJoule Technologies (AIRJ) initiated at Buy at Lucid Capital Markets, tgt $7
    • Arcellx Inc. (ACLX) initiated at Overweight at Wells Fargo, tgt $100
    • BlackSky Technology Inc. (BKSY) initiated at Buy at Jefferies, tgt $23
    • Context Therapeutics (CNTX) initiated at Buy at Jones Trading, tgt $7
    • Invivyd Inc. (IVVD) initiated at Buy at BTIG, tgt $10
    • Relmada Therapeutics Inc. (RLMD) initiated at Buy at Jefferies, tgt $9
  • Econ Data (Tuesday):
    • 8:30 ET: Advance Q3 GDP (Briefing.com consensus 3.0%; prior 3.8%), advance Q3 GDP Deflator (Briefing.com consensus 2.7%; prior 2.1%), October Durable Orders (Briefing.com consensus 0.3%; prior 0.5%), and Durable Orders ex-transport (Briefing.com consensus -1.1%; prior 0.6%)
    • 9:15 ET: November Industrial Production (Briefing.com consensus 0.1%; prior NA) and Capacity Utilization (Briefing.com consensus 77.4%; prior NA)
    • 10:00 ET: December Consumer Confidence (Briefing.com consensus 89.0; prior 88.7) and November New Home Sales (prior NA)
  • Earnings:
    • No earnings of note.
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