After Hours Report

Updated: 28-Jan-26 17:58 ET

Meta leads mega caps following earnings; Microsoft slides while Tesla ticks higher

The S&P 500 (flat), Nasdaq Composite (+0.2%), and DJIA (flat) finished today's session in close proximity to their flatlines as the January FOMC meeting provided the market with no surprises as it gears up for a slate of mega-cap earnings reports after the close. The Russell 2000 (-0.4%) and S&P Mid Cap 400 (-0.2%) continue to underwhelm this week after a hot start to the year.

Strength in tech names sent the S&P 500 and Nasdaq Composite higher at the open, with the S&P 500 notching another record intraday high on the heels of yesterday's records. The major averages then drifted lower until they reached their flatlines, trading in a steady range until the close.

The FOMC's decision to keep the fed funds target rate unchanged came as no surprise to a market that is not expectant of another rate cut for several months. Fed Chair Powell's press conference was also in line with expectations, with Mr. Powell confirming that the decision to keep rates unchanged had broad support from the committee, and they are well positioned to make decisions on a meeting-by-meeting basis.

Sector performance was largely muted, with four S&P 500 sectors finishing higher.

The energy sector (+0.7%) led the way, supported by crude oil futures settling today's session $0.77 higher (+1.2%) at $63.16 per barrel.

The information technology sector (+0.6%) was also among the relative outperformers, which helped prevent losses at the index level.

Semiconductor stocks led the strength, with Seagate Tech (STX 442.93, +71.17, +19.14%) finishing as the best-performing S&P 500 name today. Intel (INTC 48.78, +4.85, +11.04%) was another double-digit gainer after Digitimes reported that NVIDIA (NVDA 191.52, +3.00, +1.59%) is looking to shift its 2028 chip production to Intel. The PHLX Semiconductor Index finished 2.3% higher.

NVIDIA itself was a mega-cap standout today, boosted by a report from The Wall Street Journal that China has approved the purchase of the company's H200 chips.

Elsewhere, Apple (AAPL 256.44, -1.83, -0.71%) traded lower, while Microsoft (MSFT 481.63, +1.05, +0.22%), which reports its earnings after the close, escaped with a slight gain.

Mega-caps as a group saw a step back in momentum after three consecutive days of outperformance. The Vanguard Mega Cap Growth ETF finished 0.2% lower ahead of Microsoft's, Tesla's (TSLA 430.46, -0.44, -0.10%), and Meta Platforms' (META 668.73, -4.24, -0.63%) earnings after the close.

Tesla's loss combined with weakness in Amazon (AMZN 243.01, -1.67, -0.68%) provided weak leadership for the consumer discretionary sector (-0.7%). Elsewhere in the sector, Starbucks (SBUX 95.16, -0.56, -0.59%) reversed a nice early gain. The company missed earnings estimates but initially traded higher as investors focused on a 4% increase in global comparative sales.

Meanwhile, the real estate sector (-0.9%) finished with the widest loss, while the healthcare sector (-0.8%) also traded lower amid sustained weakness so far this week.

Other notable earnings-related moves today include Texas Instruments (TXN 216.13, +19.50, +9.92%), AT&T (T 24.08, +1.08, +4.70%), and Amphenol (APH 145.98, -20.26, -12.19%).

Despite a few notable earnings-related moves, trading was generally subdued as investors awaited results from the market's largest companies. With the Fed delivering no market-moving surprises, attention now shifts to upcoming mega-cap earnings as the next potential catalyst for renewed momentum.

U.S. Treasuries retreated on Wednesday, but they inched up off session lows after the release of the January FOMC Statement, which did not contain any big surprises. The 2-year note yield settled up one basis point to 3.58%, and the 10-year note yield settled up three basis points to 4.25%.

Russell 2000: +6.9% YTD
S&P Mid Cap 400: +5.2% YTD
Nasdaq Composite: +2.7 YTD
DJIA: +2.0% YTD
S&P 500: +1.9% YTD

Reviewing today's data:

Weekly MBA Mortgage Applications Index -8.5%; Prior 14.1%

Overseas:

Europe: DAX -0.2%, FTSE -0.5%, CAC -1.1%
Asia: Nikkei +0.1%, Hang Seng +2.6%, Shanghai +0.3%

Commodities:

Crude Oil +0.77 @ 63.16
Nat Gas -0.11 @ 7.20
Gold +220.40 @ 5303.00
Silver +7.30 @ 113.36
Copper +0.06 @ 5.92

After-Hours Spotlight:

Celestica (CLS) beats by $0.13, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY26 EPS above consensus, revs above consensus...CLS -4.5%
Ethan Allen (ETD) beats by $0.06, misses on revs...ETD +6.5%
IBM (IBM) beats by $0.21, beats on revs...IBM +8.1%
Las Vegas Sands (LVS) beats by $0.08, beats on revs...LVS -7.9%
Levi Strauss (LEVI) beats by $0.02, beats on revs; guides FY26 EPS below consensus, revs above consensus; to enter into $200 mln accelerated share repurchase agreement...LEVI -1.3%
Lam Research (LRCX) beats by $0.10, beats on revs; guides Q3 EPS above consensus, revs above consensus...LRCX +5.4%
Meta Platforms (META) beats by $0.67, beats on revs; guides Q1 revs above consensus...META +8.5%
Microsoft (MSFT) beats by $0.23, beats on revs; Azure +38% CC vs +37% CC prior guidance...MSFT -5.1%
ServiceNow (NOW) beats by $0.04, beats on revs...NOW -3.3%
Southwest Air (LUV)beats by $0.01, reports revs in-line; guides Q1 EPS above consensus; guides FY26 EPS above consensus...LUV +5.4%
Tesla (TSLA) beats by $0.05, reports revs in-line, Gross Margin up 386 bps yr/yr; Cybercab, Tesla Semi and Megapack 3 are on schedule for volume production starting in 2026...TSLA +0.7%
Tetra Tech (TTEK) beats by $0.04, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY26 revs in-line; Increases quarterly dividend by 12%...TTEK +5.1%
Whirlpool (WHR) misses by $0.42, misses on revs; guides FY26 EPS below consensus, revs in-line...WHR -7.5%

Fair Value for Thursday, January 29:

S&P 500: 7,007
Nasdaq 100: 26,147
DJIA: 49,155

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):
- Arcos Dorados (ARCO) provided guidance for restaurant openings and total capital expenditures for 2026
- ASML (ASML) misses by €0.23, beats on revs; guides Q1 revs above consensus; guides FY26 revs in-line; announces new buyback program
- AT&T (T) beats by $0.06, beats on revs; guides FY26 EPS above consensus; announces new $10 bln share repurchase program
- Automatic Data (ADP) beats by $0.05, reports revs in-line; guides FY26 EPS in-line, revs in-line
- Birkenstock Holding Plc (BIRK) issues upside Q1 EPS guidance, revenue inline; Issues FY26-FY28 Outlook, including revenue growth of 13-15%
- Brinker (EAT) beats by $0.25, beats on revs; raises FY26 EPS above consensus, revs above consensus
- BXP, Inc. (BXP) misses by $0.04, beats on revs; guides Q1 FFO below consensus; guides FY26 FFO in-line
- CGI Group (GIB) beats by CAD0.01, reports revs in-line
- Corning (GLW) beats by $0.01, beats on revs; guides Q1 EPS in-line, revs in-line
- Danaher (DHR) beats by $0.07, reports revs in-line; guides FY26 EPS in-line
- Elevance Health (ELV) beats by $0.23, misses on revs; guides FY26 EPS below consensus
- Elevra Lithium (ELVR) posts record quarterly revenue; revises FY26 guidance at NAL
- Embraer SA (ERJ) discloses that Q4 backlog reached a record $31.6 bln
- Enova International (ENVA) beats by $0.29, reports revs in-line
- Extreme Networks (EXTR) beats by $0.02, beats on revs; guides Q3 EPS in-line; guides FY26 EPS in-line
- F5 Networks (FFIV) beats by $0.79, beats on revs; guides Q2 EPS in-line, revs above consensus; raises FY26 EPS and revenue guidance above consensus
- First Commonwealth (FCF) beats by $0.01, beats on revs; increases share repurchase authorization by $25 mln
- General Dynamics (GD) beats by $0.06, beats on revs
- GE Vernova (GEV) reports Q4 (Dec) results, beats on revs; raises FY26 revs guidance above consensus, free cash flow guidance; raises outlook by 2028
- Greif (GEF) misses by $0.78, misses on revs
- Halozyme Therapeutics (HALO) raises FY25 revenue guidance; sees FY26 guidance in line; also announced it acquired Surf Bio
- Lennox Int'l (LII) misses by $0.30, misses on revs; guides FY26 EPS in-line, revs below consensus
- LG Display (LPL) disclosed change in income by more than 15% - operatings and new income turned to profit; revs -3%
- Littelfuse (LFUS) beats by $0.17, beats on revs; guides Q1 EPS in-line, revs above consensus
- Logitech Int'l SA (LOGI) beats by $0.17, reports revs in-line; guides Q4 revs in-line
- Manhattan Assoc (MANH) beats by $0.08, beats on revs; guides FY26 EPS below consensus, revs in-line
- Marten Transport (MRTN) beats by $0.02, beats on revs
- M/I Homes (MHO) beats by $0.03, reports revs in-line
- Monro Muffler (MNRO) beats by $0.02, reports revs in-line
- MSCI (MSCI) beats by $0.06, reports revs in-line
- National Bank (NGS) misses by $0.22; Authorizes increase to repurchase authority of up to $100.0 mln of common stock
- New Oriental Education & Technology (EDU) beats by $0.11, beats on revs; guides Q3 revs in-line; guides FY26 revs in-line
- Nextpower (NXT) beats by $0.16, beats on revs; guides FY26 EPS above consensus, revs in-line; approves share repurchase program up to $500 mln
- Orrstown Financial Services, Inc. (ORRF) Reports Fourth Quarter 2025 Results and Announces Dividend Increase
- Otis Worldwide (OTIS) misses by $0.01, misses on revs; guides FY26 revs in-line
- Packaging Corp (PKG) misses by $0.09, misses on revs
- PPG Industries (PPG) misses by $0.07, beats on revs; guides FY26 EPS in-line
- Prosperity Bancshares (PB) beats by $0.07, beats on revs; announces buyback
- Provident Finl (PFS) beats by $0.08, reports revs in-line
- Qorvo (QRVO) beats by $0.31, reports revs in-line; guides MarQ EPS below consensus, revs below consensus
- Renasant (RNST) beats by $0.13, loans increased 0.4% on annualized basis
- Scotts Miracle-Gro (SMG) beats by $0.23, reports revs in-line; guides FY26 EPS in-line; announces $500 mln share repurchase program
- Seagate Tech (STX) beats by $0.28, beats on revs; guides Q3 EPS above consensus, revs above consensus
- StandardAero (SARO) issues upside FY25 revenue guidance
- Stellar Bank (STEL) reports EPS in-line, revs in-line
- Stifel Financial (SF) beats by $0.12, beats on revs; increases dividend by 11%, declares 3-for-2 stock split
- Stride (LRN) beats by $0.12, reports revs in-line; guides Q3 revs in-line; reaffirms FY26 revs guidance
- Sunoco LP (SUN) targets 2026 distribution growth rate of at least 5% with future increases to be announced quarterly
- Teva Pharma (TEVA) beats by $0.32, beats on revs; guides FY26 EPS in-line, revs in-line
- Texas Instruments (TXN) misses by $0.01, reports revs in-line; guides Q1 EPS in-line, revs in-line
- Textron (TXT) beats by $0.01, beats on revs; guides FY26 EPS below consensus, revs in-line
- Trustmark (TRMK) beats by $0.06; provides 2026 outlook
- UMB Financial Corporation (UMBF) beats by $0.38, beats on revs
- United Micro (UMC) misses by $0.01, beats on revs
- Vale S.A. (VALE) provides Q4 production and sales update
- Venu Holding Corp. (VENU) guides Q4 revenue in line with single analyst estimate
- V.F. Corp (VFC) beats by $0.13, beats on revs
- Woodside Energy Group (WDS) releases fourth quarter 2025 production update
General News
- Republicans and the White House are trying to broker a deal with Democrats on immigration enforcement so a partial government shutdown can be avoided, according to WSJ
- President Trump tells reporters that the weakening dollar is "great" because the U.S. can do more business with foreign countries, according to Bloomberg
- President Trump says a massive armada is heading to Iran; demands Iran "come to the table" and negotiate a fair deal with no nuclear weapons; says "the next attack will be far worse"
- Japan's 40-year bond auction had the strongest demand since March, according to Bloomberg
- Secretary of State Marco Rubio will tell the Senate that the U.S. is ready to use force to ensure cooperation from Venezuela, according to Bloomberg
- The EU and Vietnam agree to increase cooperation on chips and minerals, according to Reuters
- CMS announces selection of drugs for third cycle of Medicare drug price negotiation program, including first-ever Part B drugs
- China natural gas output hits record high, shale boom lifts self-sufficiency to 60%, according to Nikkei
- Federal Reserve has yet to provide requested documents related to criminal investigation of Fed Chair Jerome Powell, according to CNBC
- South Korea agrees to bring some auto manufacturing to Canada, according to Globe & Mail
- Energy Department announces realignment of critical minerals and energy innovation programs
- Treasury Secretary Scott Bessnet in an interview says Fed Chair selection could come within the next week or so, according to Yahoo Finance
- White House invited several Senate Democrats to meeting on possible government shutdown, but Democrats declined the meeting, according to CNN
- ADM (ADM) reaches resolution with SEC; DOJ closes probe with no action
- Alamos Gold (AGI) provides exploration update across key projects including extending mineralization beyond mineral reserves at Lynn Lake and intersecting high-grade mineralization at Qiqavik
- Amazon (AMZN) announces update on organization; says "The reductions we are making today will impact approximately 16,000 roles across Amazon"
- American Water Works (AWK): Illinois American Water today filed a request with the Illinois Commerce Commission for new rates to support approximately $577 million in water and wastewater system investments from January 2026 through December 2027
- Anterix (ATEX) shares that in a blog released today entitled “Good Governance,” Federal Communications Commission Chairman Brendan Carr announced that “the Commission will vote on an order that maximizes the potential of the 900 MHz band by enabling broadband deployment across all ten megahertz of the band
- Apple (AAPL) CEO Tim Cook is calling for deescalation following the Minneapolis shootings, according to Bloomberg
- Assoc Banc-Corp (ASB) authorizes the repurchase of up to $100 mln of common stock
- Atomera (ATOM) announces that its concept paper on Gallium Nitride on Silicon (GaN-on-Si) technologies has been accepted to move to the proposal stage as part of a PowerAmerica Institute Initiated Proposal to advance wide-bandgap power semiconductor technology
- Becton Dickinson (BDX) authorizes 10 million additional share repurchases; co has completed $250 million repurchase to date in FY26
- Biogen (BIIB) announces that the U.S. Food and Drug Administration has granted Breakthrough Therapy Designation for litifilimab for the treatment of cutaneous lupus erythematosus
- BitGo Holdings (BTGO): Wave Digital OIG complaint highlights BitGo’s role in disputed U.S. Marshals crypto custody process
- Blackstone (BX) weighs deeper funding for Oracle (ORCL) Michigan data center as others pull back, according to Bloomberg
- Cadeler A/S (CDLR) announces that it has signed a preferred supplier agreement with an undisclosed client for the transportation and installation (T&I) of monopiles and transition pieces at a large offshore wind farm located in European waters
- CalciMedica (CALC) announces discontinuation of Phase 2 KOURAGE Trial in AKI following independent data monitoring committee recommendation
- CGI Group (GIB) announces that its Board of Directors has authorized the renewal of its Normal Course Issuer Bid, subject to approval by the Toronto Stock Exchange
- Cognizant Tech (CTSH) announces the renewal of a multi-million-dollar strategic collaboration with Travel + Leisure Co. (TNL)
- D-Wave Quantum (QTBS): CP Group has signed a landmark lease agreement with D-Wave Quantum Inc., the only dual-platform quantum computing company, that provides annealing and gate-model systems, software, and services
- Deere (DE) announces major expansion with two new US facilities
- Delta Air Lines (DAL) grows Airbus (EADSY) fleet with order for 31 additional widebody aircraft
- Deutsche Bank (DB) headquarters in Germany being searched by authorities, according to Spiegel
- Deutsche Bank (DB) and and DWS Group considering Fosun International stake, according to Bloomberg
- Energy Fuels (UUUU): U.S. Energy Department commits $2.7 bln to expand domestic nuclear fuel supply chain, CNBC
- Glaukos (GKOS) announces US FDA approval of NDA supplement allowing for re-administration of iDose TR
- Home Depot (HD) to eliminate about 800 corporate roles, mandates full-time office return for staff, AJC reports
- ICL Group (ICL) signs a detailed and binding agreement with the State of Israel regarding the Dead Sea concession assets
- Intel (INTC) will match $1000 "Trump accounts" for employees with kids, according to CNBC
- Itron (ITRI) and Snowflake (SNOW) collaborate to advance grid planning with AI-powered data cloud
- Lending Club (LC) announces that John C. (Hans) Morris notified the company of his intent to resign as independent Chairman of the Board, effective as of March 31, 2026
- Natural Gas Services (NGS) announces that Stephen Taylor, Chairman Emeritus and member of the Board of Directors, has informed the Company that he will retire as a Director at the 2026 Annual Meeting of Shareholders and not stand for re-election to the Board
- Nextpower (NXT) Arabia to supply 2.25 GW of smart solar trackers to L&T for ACWA power consortium's Bisha Solar project
- NVIDIA (NVDA): China approves the purchase of Nvidia H200 chips, according to WSJ
- NVIDIA (NVDA) aiming to shift 2028 chip production to Intel (INTC), according to Digitimes
- NVIDIA (NVDA) blog discusses blueprint for a renewed national quantum initiative
- On (ONON) names Frank Sluis as CFO
- Organon (OGN) announces the successful closing of the sale of its JADA System to Laborie Medical Technologies Corp.
- Pony AI (PONY) expands robotaxi commercialization with ATBB partnership
- REGENXBIO (RGNX) announces that the U.S. FDA placed a clinical hold on its investigational gene therapy, RGX-111, for the treatment of MPS I, also known as Hurler syndrome, following preliminary analysis of a single case of neoplasm (intraventricular CNS tumor) in a participant treated in its Phase I/II study
- Robinhood Markets (HOOD) announces complimentary tax and legacy services
- Sally Beauty (SBH) is expanding its innovation pipeline with advanced formulas and technology
- SoftBank (SFTBY) aiming to invest $30 bln in OpenAI, according to WSJ
- Stifel Financial (SF) announces a three-for-two stock split of stifel’s common stock in the form of a 50% stock dividend to be distributed on February 26, 2026, to shareholders of record at the close of business on February 12
- Target (TGT) announced that beginning in February, guests will find the retailer's largest-ever Spring beauty assortment
- TotalEnergies SE (TTE) and SWM announce the signing of a contract for the supply of renewable electricity with a constant delivery profile to SWM’s three plants in France
- Ultra Clean Holdings (UCTT) announces that Harjinder Bajwa has departed the company effective January 25, 2026, and that Robert Wunar has been appointed COO effective March 23
- Ur-Energy (URG) provides update on work at its Lost Soldier and North Hadsell Projects, located in the Great Divide Basin, Wyoming
- Valens Semiconductor (VLN) announces operational efficiency plan
- WeRide (WRD) introduces GENESIS simulation platform integrating physical and generative AI
- Wix.com (WIX) authorizes $2 bln share repurchase program through FY27

Upgrades:
- Applied Materials (AMAT) upgraded to Outperform from Neutral at Mizuho, tgt $370
- Bank of Montreal (BMO) upgraded to Buy from Hold at TD Securities
- Circle Internet Group (CRCL) upgraded to Neutral from Underperform at Mizuho, tgt $77
- Energy Fuels (UUUU) upgraded to Neutral from Sell at Roth Capital, tgt $15.50
- Johnson & Johnson (JNJ) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $262
- KKR (KKR) upgraded to Buy from Hold at HSBC, tgt $144
- Korro Bio (KRRO) upgraded to Overweight from Neutral at Cantor Fitzgerald, tgt $21
- Microchip (MCHP) upgraded to Buy from Neutral at BofA Securities, tgt $95
- Nextpower (NXT) upgraded to Overweight from Sector Weight at KeyBanc, tgt $142
- Texas Instruments (TXN) upgraded to Neutral from Underperform at BofA Securities, tgt $235
- Visa (V) upgraded to Buy from Neutral at Rothschild & Co Redburn, tgt $385
Downgrades:
- Array Technologies (ARRY) downgraded to Neutral from Outperform at Robert W. Baird, tgt $11
- Banco Bilbao Vizcaya Argentaria (BBVA) downgraded to Sector Perform from Outperform at RBC Capital
- BJ's Wholesale (BJ) downgraded to Hold from Buy at Jefferies, tgt $90
- Brown & Brown (BRO) downgraded to Neutral from Buy at Citigroup, tgt $83
- Capital City Bank Group (CCBG) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $45
- Coca-Cola Femsa (KOF) downgraded to Neutral from Overweight at JPMorgan, tgt $100
- Martin Marietta Materials (MLM) downgraded to Hold from Buy at Loop Capital, tgt $690
- Nucor (NUE) downgraded to Neutral from Buy at UBS, tgt $183
- PayPal (PYPL) downgraded to Sell from Neutral at Rothschild & Co Redburn, tgt $50
- Plains All American Pipeline (PAA) downgraded to Underperform from Neutral at BofA Securities, tgt $19
- Plains GP Holdings (PAGP) downgraded to Underperform from Neutral at BofA Securities, tgt $19
- Portfolio Recovery Associates (PRAA) downgraded to Market Perform from Outperform at Citizens
- Rio Tinto (RIO) downgraded to Equal Weight from Overweight at Morgan Stanley
- Roper Technologies (ROP) downgraded to Hold from Buy at Stifel, tgt $385
- Roper Technologies (ROP) downgraded to Perform from Outperform at Oppenheimer
- Western Alliance Bancorporation (WAL) downgraded to Neutral from Overweight at JPMorgan, tgt $105
Others:
- 4D Molecular Therapeutics (FDMT) assumed with an Overweight at Barclays, tgt $33
- Aardvark Therapeutics (AARD) initiated with a Buy at B. Riley, tgt $32
- Alnylam Pharmaceuticals (ALNY) assumed with an Overweight at Barclays, tgt $527
- Altimmune (ALT) initiated with an Overweight at Barclays, tgt $20
- Apellis Pharmaceuticals (APLS) initiated with an Equal Weight at Barclays, tgt $24
- Ascendis Pharma (ASND) initiated with an Overweight at Barclays, tgt $342
- BioMarin Pharmaceutical (BMRN) assumed with an Overweight at Barclays, tgt $80
- BridgeBio Pharma (BBIO) initiated with an Overweight at Barclays, tgt $157
- Celestica (CLS) initiated with a Buy at BofA Securities, tgt $400
- Coinbase Global (COIN) initiated with a Neutral at Robert W. Baird, tgt $240
- Cytokinetics (CYTK) assumed with an Overweight at Barclays, tgt $87
- FormFactor (FORM) initiated with a Hold at Freedom Capital, tgt $64
- Gossamer Bio (GOSS) initiated with an Overweight at Barclays, tgt $9
- HeartFlow (HTFL) initiated with an Overweight at Wells Fargo, tgt $38
- Insmed (INSM) initiated with an Overweight at Barclays, tgt $231
- Ionis Pharmaceuticals (IONS) assumed with an Overweight at Barclays, tgt $95
- Inventiva (IVA) initiated with an Overweight at Barclays, tgt $18
- Kymera Therapeutics (KYMR) assumed with an Overweight at Barclays, tgt $133
- Madrigal Pharmaceuticals (MDGL) initiated with an Overweight at Barclays, tgt $964
- MBX Biosciences (MBX) initiated with an Overweight at Barclays, tgt $66
- Moderna (MRNA) assumed with an Equal Weight at Barclays, tgt $25
- Nano Nuclear Energy (NNE) initiated with a Buy at Texas Capital, tgt $49
- NuScale Power (SMR) initiated with a Buy at Texas Capital, tgt $23
- Oklo (OKLO) initiated with a Buy at Texas Capital, tgt $138
- PTC Therapeutics (PTCT) assumed with an Overweight at Barclays, tgt $119
- Raymond James Financial (RJF) initiated with an Overweight at Barclays, tgt $191
- Regenxbio (RGNX) assumed with an Overweight at Barclays, tgt $37
- Sagimet Biosciences (SGMT) initiated with an Equal Weight at Barclays, tgt $8
- Sarepta Therapeutics (SRPT) assumed with an Equal Weight at Barclays, tgt $20
- Shattuck Labs (STTK) initiated with an Overweight at Piper Sandler, tgt $15
- TPG (TPG) initiated with an Overweight at Barclays, tgt $78
- Tyra Biosciences (TYRA) initiated with an Overweight at Barclays, tgt $59
- uniQure (QURE) initiated with an Equal Weight at Barclays, tgt $31
- Vertex Pharmaceuticals (VRTX) assumed with an Overweight at Barclays, tgt $606

Econ Data (Thursday):
- 8:30 ET: November Trade Balance (Briefing.com consensus -$43.5 bln; prior -$29.4 bln), weekly Initial Claims (Briefing.com consensus 205,000; prior 200,000), Continuing Claims (prior 1.849 mln), revised Q3 Productivity (Briefing.com consensus 4.9%; prior 4.9%) and revised Q3 Unit Labor Costs (Briefing.com consensus -1.9%; prior -1.9%)
- 10:00 ET: November Factory Orders (Briefing.com consensus 0.5%; prior -1.3%) and November Wholesale Inventories (prior 0.5%)
- 10:30 ET: Weekly natural gas inventories (prior -120 bcf)

Earnings:Monday (Jan 26)
Pre-Market: BKR BOH LKFN STLD
After-Hours: AGYS ARE BRO CR FRME GGG NWBI NUE SANM WRB WAL WSFS
Tuesday (Jan 27)
Pre-Market: AAL AIT BA CBU CVLT FBP HCA GM HOPE IVZ JBLU KMB NEE NOC PCAR PII BPOP ROP RTX SYF SYY UNP UNH UPS
After-Hours: BXP ENVA FFIV FCF GEF MANH NBHC NXT PKG PPG PFS QRVO RNST STX LRN TXN TRMK UMBF WSBC
Wednesday (Jan 28)
Pre-Market: APH ASML T ADP AVT BMI EAT GLW DHR ELV EXTR GEV GD LII LFUS MHO MNRO MSCI NAVI EDU OTIS PGR PB SMG SBUX SF TEVA TXT UMC VFC
After-Hours: ATGE AXS CHRW CALX CLS CCS CNMD DLX ELS ETD FICO FFBC FIBK HXL HLI IBM LRCX LSTR LVS LC LEVI LBRT MTH META MSFT MUR NFG PLXS RJF SEIC NOW SLG TSLA TTEK URI VIAV WM WHR
Thursday (Jan 29)
Pre-Market: AOS ALGM MO AMP BX BIP BFH BC CRS CAT CNX CFR DOV DOW EXP GPI HON IP KEX LHX LAZ LMT MAN HZO MRSH MA NDAQ NOK NSC OSK PH PHM RCI RCL SNY SAP SHW STM TMO TSCO TT VLO VLY VIRT XRX
After-Hours: ABCB APPF AAPL AJG AX BZH CACC DLB DXC DECK, EMN FHI HIG HOLX KLAC LPLA MXL MTX OLN OSIS PFSI RMD RHI SNDK SNDR SBCF SIGI SKYW SYK V WDC WY
Friday (Jan 30)
Pre-Market: APD AXP AON ARCB ALV CHTR CVX CHD CL XOM FHB FLG BEN GNTX HTH LYB REGN SOFI STEL VZ WT
After-Hours: None