After Hours Report

Updated: 25-Feb-25 17:03 ET
Intuit heads higher after crushing Q2 earnings estimates, reiterates FY25 guidance

There were troubles for the stock market at today's open. The mega-cap stocks headed south and carried the major indices with them at the start. Things worsened, though, at 10:00 a.m. ET with the release of the February Consumer Confidence Index. That report, which featured a drop in the index from 105.3 to 98.3 (the largest monthly decline since August 2021) and a surge in average 12-month inflation expectations from 5.2% to 6.0%, sent the indices cascading to their lows for the day.

Treasuries, meanwhile, rallied on the news in a safe-haven trade that was further supported by tariff angst, growth concerns, and diplomatic tension as reports indicated the Trump administration is looking at tightening restrictions on chip exports to China. The latter report sent the Philadelphia Semiconductor Index 2.2% lower.

A $70 billion 5-yr note auction, which was met with strong demand, fortified the Treasury market's position and its fifth straight winning session. The 2-yr note yield dropped seven basis points to 4.10% and the 10-yr note yield fell 10 basis points to 4.30%.

The lower yields, however, didn't ignite the stock market, which was held back all day by relative weakness in the mega-cap cohort. Tesla (TSLA 302.80, -31.67, -9.6%) was the biggest loser of the bunch, falling sharply on heavier-than-average volume that was catalyzed by an unwinding of momentum positions and an FT report that indicated Tesla's Europe sales were down 45% year-over-year in January.

The Vanguard Mega-Cap Growth ETF (MGK) was down as much as 2.1% at its low, but ended the session down 1.2%.

Notwithstanding the weakness in the widely-held mega-cap stocks, the broader market fared better on a comparative basis. The Russell 2000 (-0.4%) fought back from a larger 1.1% decline, the S&P Midcap 400 (flat) neutralized an early 0.8% loss, and the equal-weighted S&P 500 advanced 0.1%.

Dow component Home Depot (HD 393.24, +10.82, +2.8%) provided some relief in the wake of its better-than-feared earnings report; Eli Lilly (LLY 902.36, +21.16, +2.4%) offered some support after announcing additional Zepbound vial doses at lower costs; and real estate/housing-related stocks saw some uplift on the drop in interest rates, the response to Home Depot's earnings report, and other sector earnings results.

Their aggregate strength, however, was not enough to prevent the market cap-weighted S&P 500 from suffering its fourth straight loss.

The predominately defensive disposition of today's session was reflected in the outperformance of the consumer staples (+1.7%) and health care (+0.9%) sectors, the flight-to-safety in Treasuries, and the uptick in the CBOE Volatility Index (19.79, +0.81, +4.3%), which traded as high as 21.48.

The communication services (-1.5%), energy (-1.5%), information technology (-1.4%), and consumer discretionary (-0.8%) sectors were today's biggest losers.

  • DJIA: +2.5% YTD
  • S&P 500: +1.3% YTD
  • S&P Midcap 400: -0.8% YTD
  • Nasdaq Composite: -1.5% YTD
  • Russell 2000: -2.7% YTD

Reviewing today's economic data:

  • The Conference Board's Consumer Confidence Index dropped to 98.3 in February (Briefing.com consensus 103.1) from an upwardly revised 105.3 (from 104.1) in January. This was the largest monthly decline since August 2021.
    • The key takeaway from the report is that the drop in confidence was seen across all age groups with worries about tariffs, inflation, and future employment prospects driving the decline.
  • December FHFA Housing Price Index (actual 0.4%; prior revised to 0.4% from 0.3%)
  • December S&P Case-Shiller Home Price Index (actual 4.5%; Briefing.com consensus 4.4%; prior 4.3%)

Overseas:

  • Europe: DAX -0.1%, FTSE +0.1%, CAC -0.5%
  • Asia: Nikkei -1.4%, Hang Seng -1.3%, Shanghai -0.8%

Commodities:

  • Crude Oil -1.74 @ 68.96
  • Nat Gas +0.14 @ 4.12
  • Gold -45.30 @ 2918.40
  • Silver -0.82 @ 31.83
  • 3Copper +0.01 @ 4.53

After-Hours Spotlight:

  • Boston Beer Co (SAM) misses by $0.37, beats on revs; guides FY25 EPS below consensus... SAM up 0.8%
  • Coupang (CPNG) beats by $0.03, misses on revs... CPNG up 4.8%
  • First Solar (FSLR) reports Q4 (Dec) results, beats on revs; guides FY25 EPS below consensus, revs in-line... FSLR up 1.1%
  • Flywire (FLYW) misses by $0.11, misses on revs; Issues guidance for Q1 and FY25; has acquired Sertifi, a vertical software and payments platform digitizing hospitality-specific workflows and associated payments... FLYW down 17.6%
  • Grocery Outlet (GO) misses by $0.02, reports revs in-line; guides FY25 EPS below consensus, revs in-line... GO down 13.0%
  • Instacart (CART) beats by $0.15, reports revs in-line, GTV up 10% yr/yr; Issues Q1 GTV and adjusted EBITDA guidance... CART down 10.0%
  • Intuit (INTU) beats by $0.75, beats on revs; guides AprQ EPS below consensus, revs above consensus; reaffirms FY25 EPS guidance, revs guidance... INTU up 6.2%
  • Jack In The Box (JACK) beats by $0.23, reports revs in-line... JACK up 6.9%
  • Lemonade (LMND) beats by $0.18, beats on revs; guides Q1 revs below consensus; guides FY25 revs below consensus... LMND down 7.2%
  • Lucid Group (LCID) beats by $0.03, beats on revs; announces production guidance... LCID up 8.1%
  • Olo Inc. (OLO) misses by $0.01, beats on revs; guides Q1 revs above consensus; guides FY25 revs above consensus... OLO up 15.2%
  • Workday (WDAY) beats by $0.14, beats on revs; issues guidance; appoints Gerrit Kazmaier to the role of President, product and technology... WDAY up 8.5%
  • ZoomInfo (ZI) beats by $0.03, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY25 EPS above consensus, revs above consensus... ZI up 14.9%

Fair Value for Tuesday, February 25:

  • S&P 500: 5,970
  • Nasdaq 100: 21,145
  • DJIA: 43,689
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):
    • AdaptHealth (AHCO) beats by $0.06, beats on revs; guides FY25 revs in-line
    • American Tower (AMT) beats by $0.27, beats on revs; guides FY25 FFO in-line
    • Amer Sports (AS) reports EPS in-line, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY25 EPS in-line, revs in-line
    • Archrock (AROC) beats by $0.04, misses on revs
    • Armstrong World Industries (AWI) beats by $0.12, beats on revs; guides FY25 EPS in-line, revs above consensus
    • Atlas Energy Solutions (AESI) misses by $0.03, reports revs in-line; increases dividend
    • Bank of Montreal (BMO) beats by CAD0.63, beats on revs
    • Bank of Nova Scotia (BNS) beats by CAD 0.10 beats on revs
    • Beyond, Inc. (BYON) misses by $0.18, misses on revs
    • Bicycle Therapeutics (BCYC) beats by $0.11, misses on revs
    • Black Stone Minerals (BSM) misses on top and bottom lines
    • BWX Technologies (BWXT) beats by $0.11, beats on revs; guides FY25 EPS in-line, revs above consensus
    • Cannae Holdings (CNNE) reports Q4 (Dec) results, beats on revs
    • Carter's (CRI) beats by $0.47, beats on revs; guides Q1 EPS below consensus, revs below consensus; guides FY25 EPS below consensus, revs in-line; Q4 comps -3.4%
    • CECO Environ. (CECO) beats by $0.04, beats on revs; guides FY25 revs above consensus
    • Chegg (CHGG) reports EPS in-line, revs in-line; guides Q1 revs below consensus; undertaking a strategic review; files complaint against Alphabet (GOOG)
    • Civitas Resources (CIVI) misses by $0.21, reports revs in-line; Guides for FY25 oil production between 150 and 155 MBbl/d
    • Clean Energy Fuels (CLNE) beats by $0.02, beats on revs; provides FY25 outlook
    • Cleveland-Cliffs (CLF) misses by $0.07, misses on revs; provides FY25 expectations
    • Cogent Biosciences (COGT) reports recent business highlights and fourth quarter and full year 2024 financial results
    • Coterra Energy (CTRA) beats by $0.06, misses on revs, increases dividend
    • Delek Logistics Partners (DKL) reports EPS in-line, guides for FY25 adjusted EBITDA
    • Delek US Holdings (DK) beats by $0.28, misses on revs
    • Diamondback Energy (FANG) beats by $0.32, beats on revs
    • Diana Shipping (DSX) beats by $0.06, beats on revs
    • DigitalOcean (DOCN) beats by $0.15, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY25 EPS above consensus, revs in-line
    • Dillard's (DDS) beats by $3.66, beats on revs
    • Douglas Dynamics (PLOW) beats by $0.08, misses on revs; guides FY25 EPS in-line, revs in-line
    • Dream Finders Homes (DFH) beats by $0.25, beats on revs
    • Driven Brands (DRVN) beats by $0.13, misses on revs
    • Easterly Government Properties (DEA) reports FFO in-line, beats on revs; guides FY25 FFO in-line
    • Elanco Animal Health (ELAN) misses by $0.01, beats on revs; guides Q1 EPS in-line, revs below consensus; guides FY25 EPS below consensus, revs below consensus
    • EverQuote (EVER) beats by $0.13, beats on revs; guides Q1 revs above consensus
    • Expro Group (XPRO) beats by $0.05, misses on revs; approves extension of buyback; provides outlook
    • GFL Environmental (GFL) reports EPS in-line, revs in-line; guides FY25 revs above consensus
    • Goosehead Insurance (GSHD) beats by $0.39, beats on revs; guides FY25 revs in-line
    • Harmony Biosciences (HRMY) beats by $0.34, reports revs in-line; guides FY25 revs in-line
    • Helios Technologies (HLIO) misses by $0.02, beats on revs; guides FY25 EPS in-line, revs in-line
    • Henry Schein (HSIC) misses by $0.01, misses on revs; guides FY25 EPS below consensus, revs mostly below consensus; changes reportable segments
    • Hims & Hers Health (HIMS) reports EPS in-line, beats on revs; guides Q1 revs above consensus; guides FY25 revs above consensus
    • Home Depot (HD) beats by $0.09, beats on revs, comparable sales increased 0.8%; guides FY26 EPS below consensus, revs below consensus
    • Integra (IART) beats by $0.12, reports revs in-line; guides Q1 EPS below consensus, revs below estimate; guides FY25 EPS below consensus, revs in-line
    • Interface (TILE) beats by $0.05, misses on revs; guides Q1 revs below two analyst estimate; guides FY25 revs below consensus
    • Intl Game Tech. PLC (IGT) misses by $0.01, reports revs in-line; guides FY25 revs above consensus
    • Itron (ITRI) beats by $0.30, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY25 EPS above consensus, revs in-line
    • JBT Marel Corporation (JBTM) misses by $0.12, misses on revs; guides FY25 EPS in-line
    • KBR (KBR) beats by $0.09, beats on revs; guides FY25 EPS in-line, revs in-line
    • Keurig Dr Pepper (KDP) beats by $0.01, beats on revs, provides 2025 outlook
    • Kiniksa Pharmaceuticals (KNSA) misses by $0.14, reports revs in-line; guides FY25 revs in-line
    • Kontoor Brands (KTB) beats by $0.04, reports revs in-line; guides FY25 EPS below consensus, revs in-line
    • Krispy Kreme, Inc. (DNUT) misses by $0.09, misses on revs; guides FY25 EPS below consensus, revs below consensus; evaluating refranchising certain international markets
    • LGI Homes (LGIH) misses by $0.03, misses on revs, provides 2025 outlook
    • LivaNova (LIVN) beats by $0.01, reports revs in-line; guides FY25 EPS mostly above consensus, revs mostly below consensus
    • LTC Properties (LTC) beats by $0.06, beats on revs
    • Maravai Life Sciences (MRVI) postpones Q4 earnings release and call; reaffirms FY24 revs guidance
    • MediaAlpha (MAX) misses by $0.15, beats on revs; guides Q1 revs in-line
    • Middleby (MIDD) beats by $0.36, beats on revs
    • MoneyLion (ML) beats by $0.18, beats on revs
    • Myriad Genetics (MYGN) reports EPS in-line, revs in-line; reaffirms FY25 EPS guidance, revs guidance
    • Navitas Semiconductor (NVTS) reports EPS in-line, misses on revs; guides Q1 revs below consensus
    • Novanta (NOVT) beats by $0.05, reports revs in-line; guides Q1 EPS below estimate, revs below estimate; guides FY25 EPS below consensus, revs below two analyst estimate
    • ONEOK (OKE) beats by $0.06; guides FY25 EPS below consensus; provides 2026 outlook
    • PayPal (PYPL) reaffirms FY25 EPS guidance ahead of Investor Day presentation
    • Pinnacle West (PNW) beats by $0.08, beats on revs; reaffirms FY25 EPS guidance
    • Planet Fitness (PLNT) beats by $0.08, beats on revs; guides FY25 EPS below consensus, revs mostly above consensus
    • Portillo's (PTLO) reports Q4 (Dec) results, revs in-line, comps +0.4%; guides FY25 revs in-line, guides to FY25 comps of +0-2%
    • Primoris Services (PRIM) beats by $0.38, beats on revs; guides FY25 EPS above consensus
    • ProAssurance (PRA) beats by $0.19, beats on revs
    • Public Service (PEG) beats by $0.01, beats on revs; guides FY25 EPS in-line
    • Public Storage (PSA) misses by $0.03, misses on revs
    • Quaker Chemical (KWR) misses by $0.19, beats on revs
    • Realty Income (O) misses by $0.02, beats on revs; guides FY25 AFFO below consensus
    • SBA Comm (SBAC) beats by $0.08, beats on revs
    • Sealed Air (SEE) beats by $0.08, beats on revs; guides FY25 EPS in-line, revs in-line
    • Sempra Energy (SRE) misses by $0.10, misses on revs; guides FY25 EPS below consensus
    • Shoals Technologies (SHLS) misses by $0.01, beats on revs; guides Q1 revs below consensus; guides FY25 revs in-line
    • Shutterstock (SSTK) beats by $0.28, misses on revs
    • Smith & Nephew (SNN) reports Q4 results; beats on revs
    • Tempus AI (TEM) misses by $0.02, misses on revs; provides FY25 revenue guidance
    • TopBuild (BLD) beats by $0.06, reports revs in-line; guides FY25 revs below consensus; announces buyback
    • Topgolf Callaway Brands (MODG) beats by $0.07, beats on revs; guides Q1 revs below consensus; guides FY25 revs below consensus
    • Trex (TREX) beats by $0.05, beats on revs; guides Q1 revs above consensus; guides FY25 revs in-line
    • Trip.com Group (TCOM) reports Q4 (Dec) results, misses on revs
    • UFP Technologies (UFPT) announces record 2024 result
    • Ultra Clean Holdings (UCTT) beats by $0.07, reports revs in-line; guides Q1 EPS below consensus, revs below consensus
    • V2X (VVX) beats by $0.19, beats on revs; guides FY25 EPS in-line, revs in-line
    • Veracyte (VCYT) misses by $0.05, beats on revs; provides FY25 testing revenue guidance
    • Viper Energy Partners (VNOM) reports Q4 (Dec) results, beats on revs
    • Woodside Energy Group (WDS) reports FY24 results; beats on revs
    • Xenia Hotels (XHR) beats by $0.01, reports revs in-line; guides FY25 FFO below consensus; Increased quarterly cash dividend by 17%
    • Xometry (XMTR) beats by $0.03, beats on revs; guides Q1 revs below consensus
    • Ziff Davis (ZD) misses by $0.05, misses on revs; guides FY25 EPS below estimate, revs in-line
    • Zoom Communications (ZM) beats by $0.11, reports revs in-line; guides Q1 EPS in-line, revs below consensus; guides FY26 EPS in-line, revs below consensus
  • General News
    • House rules committee advances resolution for large reconciliation bill to a full House vote, which is expected this week, according to The Hill
    • US and Ukraine near deal that would grant US a share of Ukraine's revenues from natural resources, according to the New York Times
    • President Trump wants stricter Chinese semiconductor controls, according to Bloomberg
    • DeepSeek preparing to introduce new AI model, according to Reuters
    • Acting IRS Commissioner Douglas O'Donnell to retire, according to the Wall Street Journal
    • White House Trade Advisor Pete Navarro CNBC interview: USTR will determine how much EU fines/investigations cost US tech companies and taxpayers and target EU with tariffs as compensation
    • Ukraine agrees to deal with US regarding joint development of mineral resources, according to FT
    • House passes procedural measure to begin debate on resolution for large reconciliation bill by a vote of 217-211; vote on final passage expected at 6:30 PM ET
    • AIM ImmunoTech (AIM) announces that the first new subject has been dosed in Phase 2 of the Phase 1b/2 clinical trial involving AIM’s Ampligen and AstraZeneca’s (AZN) anti-PD-L1 immune checkpoint inhibitor Imfinzi in the treatment of late-stage pancreatic cancer
    • Air Products (APD) exiting three U.S.-based projects; to record a pre-tax charge not to exceed $3.1 bln in 2Q25
    • Align Tech (ALGN) announces $225 million open market repurchase
    • Alkami Technology (ALKT) announces its partnership with Indianapolis-based Financial Center First Credit Union to transform its digital banking experience
    • Alnylam Pharma (ALNY) highlights significant pipeline progress and platform innovation at R&D Day
    • Anglo American (NGLOY): Power outage impacts parts of Chile, according to Straits Times
    • Apple (AAPL): Indonesia agrees to remove Apple iPhone 16 ban, according to Bloomberg
    • Apple (AAPL) annual meeting update; executive compensation approved, also will keep DEI
    • Apple Hospitality REIT (APLE) files mixed securities shelf offering for an undisclosed amount
    • Arbutus Biopharma (ABUS) appoints Lindsay Androski as CEO, effective immediately
    • Arrowhead Pharmaceuticals (ARWR) presents preclinical data on ARO-ALK7 for treatment of obesity
    • Beacon (BECN) issues statement in response to QXO’s (QXO) extension of unsolicited tender offer
    • Blackstone (BX) aiming to sell some healthcare services companies, according to FT
    • Blue Owl Capital (OWL) may sell Dyal Capital stake, according to Bloomberg
    • Boeing (BA): ANA Holdings, Inc announced the decision to order 77 aircraft at the board of directors meeting
    • BP (BP) will end pledge to reduce oil and gas output, according to Financial Times
    • BridgeBio Pharma (BBIO) initiates long term $500 million debt management strategy and announces proposed offering of convertible senior notes to refinance Senior Secured Debt
    • Caesars Entertainment (CZR): New Jersey budget will increase taxes on sports betting, alcohol, and cigarettes, according to AFP
    • Cantaloupe (CTLP) follow up to report that company is considering options including a possible sale
    • CareDx (CDNA) announces that the District Court overturned the jury verdict in patent litigation brought by a competitor
    • CME Group (CME) announces that its new financially settled options on Bitcoin Friday futures are now available for trading
    • Driven Brands (DRVN) announces that its Board of Directors has named Chief Operating Officer Daniel Rivera as President and Chief Executive Officer and has appointed him to the Board, effective May 9, 2025
    • Dr. Reddy's (RDY) provided update on the USFDA inspection at the Company’s API manufacturing facility (CTO-2) in Bollaram, Hyderabad
    • Elanco Animal Health (ELAN) enters into an agreement with South Dakota-based Medgene to leverage the company's innovative vaccine platform technology
    • Eli Lilly (LLY) launches additional Zepbound vial doses and offers new savings for self-pay patients
    • GameStop (GME): Ryan Cohen says he received letter from Strive Asset Management that urged the company to adopt bitcoin as a reserve asset
    • GE HealthCare (GEHC) has delivered the first patient doses of Flyrcado (flurpiridaz F 18) injection, a first-of-its-kind unit dose positron emission tomography myocardial perfusion imaging (PET MPI) agent for the detection of coronary artery disease (CAD), at early adopter imaging centers in the US
    • GCM Grosvenor (GCMG) announces the final close of GCM Grosvenor Co-Investment Opportunities Fund III, securing ~$615 mln in commitments, a material increase over its predecessor, GCF II
    • Google (GOOG): EU Court rules against Google in Android Auto antitrust case, according to Reuters
    • Grupo Financiero Galicia (GGAL) entered in an agreement with Banco Santander S.A. (SAN) for JV
    • Haleon plc (HLN) confirmed Bryan Supran, Director and representative of Pfizer (PFE), stepped down from the Board following the reduction of Pfizer's shareholding in Haleon plc below 10%
    • Helios Technologies (HLIO) announces $100 million multi-year share repurchase program
    • IBM (IBM) announces a new agreement with Riyadh Air, which will integrate watsonx, IBM's portfolio of AI products, and IBM Consulting AI solutions to establish an enterprise-wide AI capability to elevate Riyadh Air guest and employee experiences
    • IBM (IBM) announces its intent to acquire DataStax, an AI and data solution provider
    • IonQ (IONQ) in discussions ID Quantique for $250 mln, according to Bloomberg
    • Jack In The Box (JACK) announces resignation of CEO Darin Harris who has accepted a new position outside of the restaurant industry; Lance Tucker as interim Principal Executive Officer, effective February 24
    • Kiniksa Pharmaceuticals (KNSA) announces development of KPL-387 in recurrent pericarditis and updates corporate strategy
    • Leonardo DRS (DRS) receives a $45 million U.S. Navy Submarine Industrial Base investment commitment through contracts with HII’s Newport News Shipbuilding
    • Li Auto (LI) introduces new all electric SUV, according to CNevPost
    • Linde plc (LIN) Board of Directors has declared an 8% increase in the company's quarterly dividend to $1.50 per share
    • Macy’s (M) signs a new 10-year rights deal with NBCUniversal expanding a long-standing relationship
    • Merck (MRK) announces the U.S. FDA has accepted for priority review a new supplemental Biologics License Application seeking approval for KEYTRUDA for the treatment of patients with resectable locally advanced head and neck squamous cell carcinoma as neoadjuvant treatment, then continued as adjuvant treatment in combination with standard of care radiotherapy with or without cisplatin and then as a single agent
    • Middleby (MIDD) announces that as an update on its previously announced strategic review its Board of Directors has unanimously approved a plan to separate its food processing business into a standalone public company
    • Microsoft (MSFT) to release 'Fable" in 2026 instead of 2025
    • Myriad Genetics (MYGN) appoints COO Sam Raha as President and CEO, effective April 30
    • Nano-X Imaging (NNOX) announces that it will present data supporting the Nanox.ARC performance at the 2025 European Congress of Radiology
    • NVIDIA (NVDA): Chinese firms increasing orders for Nvidia's H20 artificial intelligence chip, according to Reuters
    • OpenText (OTEX) strengthens consumer cybersecurity portfolio with comprehensive digital life protection
    • Orla Mining (ORLA) intersects high grade oxide gold at south carlin complex and advances permitting for south railroad project in Nevada
    • Planet Labs (PL) announces an expanded relationship with Bayer (BAYRY) through a multi-year enterprise license agreement
    • Premier Financial (PFC): Nasdaq notice indicates Premier Financial Corp (PFC) merger with WesBanco (WSBC) is tentatively scheduled to close prior to the market open on March 3, 2025
    • Reckitt Benckiser (RBGLY) looking for bidders for homecare brands, according to Bloomberg
    • RedHill (RDHL) licenses RHB-102 for commercialization worldwide Excluding North America to Hyloris for up to $60 million in potential milestone payments plus royalties
    • Rezolve AI (RZLV) clarifies strategic intent behind $1 bln Bitcoin Treasury Initiative
    • RTX's (RTX) Collins Aerospace has been awarded a contract from Boeing Defense to provide 144 ACES II ejection seats for the U.S. Air Force's F-15EX fleet
    • Safe Bulkers (SB) announces a three million shares of common stock repurchase program
    • Sanofi (SNY) receives approval for Sarclisa in Japan for patients with newly diagnosed multiple myeloma
    • SEALSQ (LAES) advances quantum ASIC development as part of its quantum roadmap
    • Sonos (SONO) announces $150 million stock repurchase program
    • Sonos (SONO) Chief Commercial Officer Deirdre Findlay is resigning from her role, effective March 3, 2025
    • SoundHound AI (SOUN) unveils next-generation AI platform for restaurants, enhancing dynamic drive-thru with omnichannel ordering
    • State Street (STT) and SS&C Technologies (SSNC) announce their intention to restructure the European component of their International Financial Data Services LP joint venture arrangement in Luxembourg and Ireland, following an almost 20-year collaboration
    • STMicroelectronics (STM): Italy wants to replace STMicroelectronics CEO, according to Bloomberg
    • Telix Pharmaceuticals (TLX) receives approval for Illuccix prostate cancer imaging agent in Luxembourg
    • Terns Pharmaceuticals (TERN) appoints Andrew Gengos as CFO, effective immediately
    • Tesla (TSLA) Europe sales declined 45% in January, according to Financial Times
    • TFI International (TFII) announces that based on feedback from shareholders received to date, TFI International will remain a Canadian corporation and will not pursue its previously-announced intention to re-domicile from Canada to the United States
    • Thermo Fisher (TMO) to acquire Solventum's (SOLV) Purification & Filtration business for approximately $4.1 billion in cash
    • Toronto-Dominion Bank (TD) receives regulatory approval for normal course issuer bid
    • Triumph Group (TGI) extends its agreement as a strategic supplier to BAE Systems (BAESY) and the US Army in support of the M777 Lightweight Howitzer platform supplying critical spare Primer Feed Mechanism components
    • Unilever PLC (UL) announces Hein Schumacher is stepping down as Chief Executive Officer
    • Verizon (VZ) in collaboration with Samsung Electronics Co (SSNLF) and Qualcomm Technologies (QCOM) deploys multi-vendor RAN Intelligent Controller functionality in its commercial network
    • Zions Bancorp (ZION) authorizes a share repurchase for fiscal year 2025 of up to $40 million
  • Upgrades:
    • Block (XYZ) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt $65
    • Globant (GLOB) upgraded to Neutral from Sell at Redburn Atlantic; tgt raised to $150
    • Philips (PHG) upgraded to Outperform from Neutral at Exane BNP Paribas
    • Quanta Services (PWR) upgraded to Outperform from Market Perform at BMO Capital Markets; tgt lowered to $316
    • Telecom Argentina (TEO) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $13
    • Walmart (WMT) upgraded to Buy from Hold at DZ Bank; tgt $110
  • Downgrades:
    • AllianceBernstein (AB) downgraded to Hold from Buy at TD Cowen; tgt raised to $38.50
    • Civitas Resources (CIVI) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
    • Coca-Cola European Partners (CCEP) downgraded to Reduce from Hold at Kepler
    • Farmland Partners (FPI) downgraded to Neutral from Buy at Lucid Capital
    • GDS Holdings (GDS) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt raised to $37
    • Liberty Latin America (LILA) downgraded to Underweight from Equal Weight at Barclays; tgt lowered to $6.50
    • Realty Income (O) downgraded to Neutral from Outperform at Exane BNP Paribas; tgt $61
    • Tempus AI (TEM) downgraded to Neutral from Overweight at JP Morgan; tgt raised to $55
  • Others:
    • BGC Group (BGC) initiated with a Buy at BofA Securities; tgt $16
    • Centrus Energy (LEU) initiated with a Buy at H.C. Wainwright; tgt $300
    • Constellium (CSTM) upgraded to Buy from Hold at Deutsche Bank; tgt $15
    • Costco (COST) initiated with an Outperform at KGI Securities
    • DoubleDown Interactive (DDI) resumed with a Buy at B. Riley Securities; tgt $23
    • Insmed (INSM) initiated with an Outperform at RBC Capital Mkts; tgt $100
    • Intuitive Machines (LUNR) initiated with a Hold at Deutsche Bank; tgt $18
    • Kura Sushi (KRUS) initiated with a Hold at TD Cowen; tgt $72
    • Nebius Group N.V. (NBIS) initiated with a Buy at DA Davidson; tgt $50
    • Sandisk (SNDK) initiated with an Equal Weight at Wells Fargo; tgt $56
    • Solaris Energy Infrastructure (SEI) initiated with a Buy at Janney; tgt $57
    • Warby Parker (WRBY) initiated with a Neutral at ROTH MKM; tgt $26
    • Wave Life Sciences (WVE) initiated with a Buy at Jefferies; tgt $26
  • Econ Data (Wednesday):
    • 7:00 ET: Weekly MBA Mortgage Index (prior -6.6%)
    • 10:00 ET: January New Home Sales (Briefing.com consensus 681,000; prior 698,000)
    • 10:30 ET: Weekly crude oil inventories (prior +4.63 mln)
  • Treasury Auctions:
    • 13:00 ET: $44 bln 7-yr Treasury note auction results
  • Earnings:
    • Monday (Feb 24)
      • Pre-Market: AROC BCRX CWEN DPZ FDP KBR OC TCOM WLK
      • After-Hours: ADUS AESI BYON BWXT CNNE CHGG CIVI CLNE CLF CTRA FANG PLOW EVER GSHD HLIO HIMS JBTM LTC MAX MYGN NVTS OKE PRIM PRA PSA KWR O RIOT SBAC TEM MODG TREX UCTT VVX VCYT VNOM ZD Z
    • Tuesday (Feb 25)
      • Pre-Market: AHCO AS AMT RCUS AWI BMO BNS CRI CECO DK DSX DOCN DRVN DEA ELAN XPRO GFL HRMY HSIC HD IART TILE IGT ITRI KDP KTB DNUT LGIH LIVN MIDD NOVT PNW PLNT PTLO PEG SEE SRE SHLS SSTK SGHC BLD XHR XMTR
      • After-Hours: AGL AMC AXON BGS SAM CZR CWH CAVA CCCS IMOS CHRD BASE CPNG DAWN EXLS EXR FSLR FLYW GO HURN INGN CART IPAR INTU JACK JAZZ KEYS LMND LNW LCID MRVI MASI MATX MMSI NHI ODD OSUR OUT OLO PARR PR PLYA PRCT RRC RVLV RLJ RXST SKWD SPT SPXC SUPN TTI BWIN PCVX WBTN WDAY WK ZETA ZIP ZI
    • Wednesday (Feb 26)
      • Pre-Market: ACMR AAP AER BUD APG ASTE AVDX AVA AVNS ADTN BSY BLMN BCO CBZ CTRI YOU COMM DOLE DTM DY EME ENOV FSS GERN IMCR IMXI JBI LNTH LINE LOW MDGL MGPI EYE NRG ODP OPCH PLAB RYTM SWX SHOO TBLA TJX COCO PRKS UTHR VRSK XPEL
      • After-Hours: A AIN ATEC AMBA AAOI APA BBSI BYND WHD CDNA CERT CHE CPK CORT DORM EBAY ECPG ERII EPR WTRG ESTA EVTC EXE FE FWRD FSK FTAI GRBK GEF HEI HHH IBTA INVH IONQ JOBY KNTK KTOS LZ MGNI MNKD MARA MQ VAC MIRM MYRG NSA NMFC NTNX NVDA ORA OVV PARA PEB PSTG RLAY RVMD ROOT RSI CRM SRPT SDGR SDRL SBGI STR SNOW SRI SUI SG SNPS TALO TNDM TDOC TKO UHS URBN VIR VSEC WES
    • Thursday (Feb 27)
      • Pre-Market: GOLF ADT AMWD AMBP ACIW BBWI BECN CWT CARS CM CCOI XRAY DCI DCO ECVT EDR ERJ EVRG FA FTDR GEO GDRX GTN HAYW HGV HRL IBP INSW SJM KRP KOP LTH LFST LGND MAC TIGO VYX NXST NCLH NVCR ONC PZZA PAYO PENN PLTK PRVA RY SRRK SITC FUN SHC STGW STWD STRA FTI TGLS TGNA TFX
      • After-Hours: ACHC ALHC ALKT AMRC AHR ALTM ACA ARLO ARRY AGO ASTH ADSK AVPT AAON AES BE CABO COLL CODI CRNX CUBE CYTK DH DELL DRH DLO DV DUOL EIX ESTC EOG FIGS FOXF GDOT HPQ ICFI ICUI IOVA JAMF MTZ MTUS MOS NTRA NTAP LASR OPEN OPK PGRE PBA PRGO PGNY PUBM PTCT RDFN RDNT RKT RKLB SOLV SOUN RUN TLN TMDX TMCI TPC VRRM
    • Friday (Feb 28)
      • Pre-Market: AMR ANIP APLS CLMT GTLS FUBO FRO FLGT IAS NWN OMI PAR
      • After-Hours: None
    • General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike
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