After Hours Report

Stocks had their toughest session of the week today, quickly ceding modest opening gains amid renewed pressure across software and mega-cap stocks and fears of broader disruption from AI elsewhere. 

The S&P 500 (-1.6%), Nasdaq Composite (-2.0%), and DJIA (-1.3%) finished lower across the board as weakness broadened throughout the session. The market's clear "risk-off" positioning led the Russell 2000 (-2.0%) and S&P Mid Cap 400 (-1.4%) to similar retreats. 

Weakness was first evident in the information technology sector (-2.7%), which closed as the worst-performing S&P 500 sector today. 

Software stocks came under renewed scrutiny after AppLovin (APP 366.91, -89.90, -19.68%) delivered a beat-and-raise earnings report but sold off sharply, finishing as the worst-performing S&P 500 component today. The iShares GS Software ETF (IGV) finished 2.7% lower. 

While memory storage stocks such as Sandisk (SNDK 630.29, +30.95, +5.16%) and Micron (MU 413.97, +3.63, +0.88%) finished higher after a retreat yesterday, they ended the day well off of their earlier highs, and weakness across other chipmaker stocks sent the PHLX Semiconductor Index 2.5% lower. 

Cisco (CSCO 75.00, -10.54, -12.32%) was another earnings laggard, with its warning that higher memory costs will be adversely affecting its profit margins weighing on other hardware names such as Dell (DELL 112.85, -11.31, -9.11%) and Apple (AAPL 261.73, -13.77, -5.00%). 

While the broadening out of leadership from tech into cyclical sectors has been a prominent headline in 2026, today's session did not follow that trend, with several notable retreats in the mix. 

This year's best performer, the energy sector, closed 2.2% lower amid a falling price of oil. Bloomberg reported that President Trump told reporters that he expects negotiations with Iran to be resolved over the next month, a development that helped crude oil futures settle today's session $1.72 lower (-2.7%) at $62.88 per barrel. 

The financials sector (-2.0%) was another laggard, expanding this week's losses to 4.8%. Robinhood Markets (HOOD 71.12, -6.85, -8.79%) continues to sink after its earnings release, while today saw an extension of yesterday's weakness across major banking names. There was some modest buying support across some financial services and insurance names that faced pressure in previous sessions amid concerns of AI disruption, but it was nowhere near enough to offset losses elsewhere. 

The AI disruption theme did have a tangible effect on the industrials sector (-1.2%) today, with courier stocks such as C.H. Robinson (CHRW 167.78, -28.55, -14.54%) and Expeditors Intl (EXPD 140.45, -21.44, -13.24%) finishing sharply lower. 

Elsewhere, mega-cap weakness weighed on the consumer discretionary (-1.6%) and communication services (-1.5%) sectors, sending the Vanguard Mega Cap Growth ETF 1.8% lower. Amazon (AMZN 199.60, -4.48, -2.20%) is yet to notch a higher finish after its earnings release last Thursday. 

Unsurprisingly, some more defense-oriented corners of the market garnered some rotational interest today. 

The utilities sector (+1.5%) captures the widest gain, with Exelon (EXC 47.55, +3.10, +6.97%) leading the advance after topping earnings estimates. 

The consumer staples sector (+1.2%) finished similarly, with Walmart (WMT 133.64, +4.87, +3.78%) adding to its impressive start to the year and finishing as the best-performing Dow component today. 

The real estate sector (+0.3%) also captured a modest gain. 

Ultimately, today's session saw the market give up some ground as AI disruption concerns mingled with this year's pattern of weakness in mega-cap tech. After a strong rebound effort on Friday and several uneventful sessions this week, it is almost easy to forget that the major averages logged losses of 1.0% or wider across the board last Thursday as well. However, the retreat today showed that recent headwinds have not yet fallen by the wayside, leaving the market on defensive footing heading into tomorrow's release of the January CPI (Briefing.com consensus 0.3%; prior 0.3%) and Core CPI (Briefing.com consensus 0.3%; prior 0.2%) readings.

U.S. Treasuries had a strong showing on Thursday with some help from weakness in equities and an impressive 30-year bond auction. The 2-year note yield settled down four basis points to 3.47%, and the 10-year note yield settled down seven basis points to 4.17%.

• S&P Mid Cap 400: +6.9% YTD
• Russell 2000: +5.4% YTD
• DJIA: +2.9% YTD
• S&P 500: -0.2% YTD
• Nasdaq Composite: -2.8% YTD

Reviewing today's data:

• Weekly Initial Claims 227K (Briefing.com consensus 230K); Prior was revised to 232K from 231K, Weekly Continuing Claims 1.862 mln; Prior was revised to 1.841 mln from 1.844 mln
  • The key takeaway from the report is its steady messaging that layoff activity is low and that hiring activity is slow.
• January Existing Home Sales 3.91 mln (Briefing.com consensus 4.21 mln); Prior was revised to 4.27 mln from 4.35 mln
  • The key takeaway from the report is that the existing home market remains supply constrained. That is pushing up prices and mitigating some of the affordability benefits linked to wage growth and lower mortgage rates.

Overseas:

• Europe: DAX -0.1%, FTSE -0.7%, CAC +0.3%
• Asia: Nikkei flat, Hang Seng -0.9%, Shanghai +0.1%

Commodities:

• Crude Oil -1.72 @ 62.88
• Nat Gas +0.07 @ 3.23
• Gold -148.90 @ 4949.30
• Silver -7.99 @ 75.83
• Copper -0.18 @ 5.79

After-Hours Spotlight:

• Airbnb (ABNB) misses by $0.11, beats on revs; guides Q1 revs above consensus, Expects FY26 yr/yr growth to accelerate to at least low-double-digits...ABNB +4.3%
• Applied Materials (AMAT) beats by $0.17, beats on revs; guides Q2 EPS above consensus, revs above consensus...AMAT +14.0%
• Arista Networks (ANET) beats by $0.06, beats on revs; guides Q1 revs above consensus...ANET +15.1%
• Cohu (COHU) misses by $0.21, reports revs in-line; guides Q1 revs in-line...COHU -19.1%
• Coinbase Global (COIN) misses by $3.49, misses on revs...COIN +1.3%
• Corsair Gaming (CRSR) beats by $0.16, beats on revs; Authorizes a $50 mln stock repurchase program...CRSR +25.5%
• DraftKings (DKNG)beats by $0.16, reports revs in-line; guides FY26 revs below consensus...DKNG -14.7%
• Dutch Bros (BROS) beats by $0.08, beats on revs; systemwide comps +7.7%; guides FY26 revs below consensus...BROS +12.2%
• Expedia Group (EXPE) beats by $0.43, beats on revs; guides Q1 revs above consensus; guides FY26 revs in-line; raising dividend by 20%...EXPE -3.0%
• Fortune Brands Innovations (FBIN) misses by $0.13, misses on revs; guides FY26 EPS below consensus, revs below consensus...FBIN -11.2%
• Instacart (CART) misses by $0.21, beats on revs, GTV increased 14% yr/yr; Issues Q1 guidance...CART +15.1%
• Pinterest (PINS) reports EPS in-line, revs in-line; guides Q1 revs below consensus...PINS -17.2%
• Rivian Automotive (RIVN) beats by $0.05, beats on revs; provides FY26 guidance...RIVN +17.4%
• Roku (ROKU) beats by $0.25, beats on revs; guides Q1 revs above consensus; guides FY26 revs above consensus...ROKU +12.9%
• Toast (TOST) misses by $0.08, reports revs in-line; authorized an increase of $500 mln to Toast’s previously authorized share repurchase program...TOST -5.9%
• Twilio (TWLO) beats by $0.10, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY26 revs above consensus...TWLO -0.2%

Fair Value for Friday, February 13:

• S&P 500: 6,851
• Nasdaq 100: 24,767
• DJIA: 49,521

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

• Earnings/Guidance (Full Earnings Calendar):
  • Affiliated Managers (AMG) beats by $0.62, misses on revs
  • Albemarle (ALB) misses by $0.11, beats on revs
  • AmBev (ABEV) reports Q4 results; beats on revs
  • AMC Networks (AMCX) beats by $0.07, beats on revs
  • American Electric (AEP) beats by $0.05, beats on revs; guides FY26 EPS in-line
  • Ameren (AEE) beats by $0.01, beats on revs; reaffirms FY26 EPS guidance
  • Anheuser-Busch InBev (BUD) beats by $0.07, reports revs in-line
  • Antero Midstream (AM) misses by $0.14, reports revs in-line; Issues FY26 guidance, including net income of $485-$535 mln
  • Antero Resources (AR) beats by $0.12, beats on revs; Issues FY26 guidance, including drilling and completion capital budget of $1 bln
  • AppLovin (APP) beats by $0.29, beats on revs; guides Q1 revs above consensus
  • Aurora Innovation (AUR) beats by $0.01, misses on revs; guides FY26 revs below consensus
  • Avient (AVNT) beats by $0.01, beats on revs; guides Q1 EPS in-line; guides FY26 EPS in-line
  • Baxter (BAX) misses by $0.10, beats on revs; guides FY26 EPS below consensus; Also announces Board refreshment initiative, appointing Michael R. McDonnell to its board of directors
  • Belden (BDC) beats by $0.12, beats on revs; guides Q1 EPS in-line, revs above consensus; co will start reporting financials as a single segment
  • Birkenstock Holding Plc (BIRK) beats by $0.01, reports revs in-line
  • British American Tobacco (BTI) reports FY25 results
  • Bruker (BRKR) misses by $0.06, beats on revs; guides FY26 EPS in-line, revs above consensus
  • CBRE Group (CBRE) beats by $0.06, reports revs in-line; guides FY26 EPS in-line
  • Check Point Software (CHKP) beats by $0.64, reports revs in-line
  • Cisco (CSCO) beats by $0.02, beats on revs; guides Q3 EPS in-line, revs above consensus; raises FY26 guidance; raises dividend 2% to $0.42/share
  • Cognex (CGNX) beats by $0.05, beats on revs; guides Q1 EPS above consensus, revs above consensus
  • Comstock (CRK) beats by $0.04, beats on revs
  • Confluent (CFLT) beats by $0.02, beats on revs
  • Copa Holdings (CPA) beats by $0.07, reports revs in-line
  • CoreCivic (CXW) beats by $0.07, beats on revs; guides FY26 FFO above two analyst estimate
  • Crane NXT (CXT) beats by $0.01, beats on revs; guides FY26 EPS below consensus, revs in-line; increases dividend
  • Crocs (CROX) beats by $0.38, beats on revs; guides Q1 EPS above consensus; guides FY26 EPS above consensus
  • Curtiss-Wright (CW) beats by $0.10, beats on revs; guides FY26 EPS above consensus, revs above consensus
  • Darling Ingredients (DAR) misses by $0.05, beats on revs
  • Energy Vault (NRGV) sees Q4 revs above consensus
  • Entergy (ETR) misses by $0.01; guides FY26 EPS in-line
  • Equinix (EQIX) misses by $0.14, misses on revs; guides Q1 revs above consensus; guides FY26 FFO above consensus, revs above consensus
  • Essential Properties Realty Trust (EPRT) reports Q4 (Dec) results
  • Exelon (EXC) beats by $0.04, reports revs in-line; guides FY26 EPS in-line
  • Fastly (FSLY) beats by $0.06, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY26 EPS above consensus, revs above consensus
  • Four Corners Property Trust (FCPT) beats by $0.01, reports revs in-line
  • Getty Realty Corp. (GTY) beats by $0.02, beats on revs; reaffirms FY26 FFO guidance
  • GFL Environmental (GFL) reports EPS in-line, beats on revs; guides FY26 revs below consensus
  • Grab (GRAB) reports Q4 results; authroizes new $500 mln share repurchase program
  • Granite Constr (GVA) beats by $0.19, beats on revs; guides FY26 revs above consensus
  • Himax Tech (HIMX) reports EPS in-line, beats on revs; guides Q1 EPS in-line, revs above estimate
  • Howmet Aerospace (HWM) beats by $0.08, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY26 EPS in-line, revs in-line; increases dividend by 20%
  • HubSpot (HUBS) beats by $0.10, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY26 EPS above consensus, revs above consensus; authorizes new $1 bln share repurchase program
  • Hyatt Hotels (H) reports Q4 (Dec) results
  • Inspire Medical Systems (INSP) beats by $0.97, beats on revs; guides FY26 EPS above consensus, revs in-line
  • Intl Flavors (IFF) misses by $0.03, beats on revs; guides FY26 revs in-line
  • Iridium Communications (IRDM) misses by $0.01, beats on revs
  • Iron Mountain (IRM) beats by $0.05, beats on revs; guides FY26 FFO in-line, revs above consensus
  • Leggett & Platt (LEG) misses by $0.01, reports revs in-line; guides FY26 EPS in-line, revs in-line
  • Lincoln Electric (LECO) beats by $0.11, misses on revs
  • Lincoln National (LNC) beats by $0.31, beats on revs
  • LXP Industrial Trust (LXP) misses by $0.03, beats on revs; guides FY26 FFO below consensus
  • Manulife Financial (MFC) beats by $0.35; Also announces a 10.2% increase to quarterly dividend and new Normal Course Issuer Bid program that permits repurchase of up to approximately 2.5% of outstanding common shares
  • Materion (MTRN) beats by $0.02, beats on revs; guides FY26 EPS in-line
  • McDonald's (MCD) beats by $0.07, beats on revs; global comps +5.7%; US comps +6.8%
  • McGraw Hill (MH) beats by $0.18, beats on revs; guides FY26 revs above consensus
  • Mercedes-Benz Group AG (MBGYY) reports FY25 results
  • Motorola Solutions (MSI) beats by $0.24, beats on revs; guides Q1 EPS in-line, revs below consensus; guides FY26 EPS above consensus, revs above consensus
  • MSA Safety (MSA) beats by $0.12, reports revs in-line; Sees mid-single-digit organic sales growth in 2026
  • Nabors Industries (NBR) reports Q4 (Dec) results, beats on revs
  • Noble Corporation (NE) misses by $0.08, beats on revs; guides FY26 revs in-line
  • NorthWestern (NWE) misses by $0.02, reports revs in-line; guides FY26 EPS in-line; raises dividend
  • Nova Measuring (NVMI) beats by $0.02, reports revs in-line; guides Q1 EPS in-line, revs in-line
  • Palomar Holdings (PLMR) beats by $0.16, misses on revs
  • Paycom Software (PAYC) reports EPS in-line, revs in-line; guides FY26 revs below consensus
  • PG&E (PCG) reports EPS in-line; guides FY26 EPS above consensus
  • PHINIA (PHIN) beats by $0.04, beats on revs; guides FY26 revs above consensus
  • Pilgrim's Pride (PPC) misses by $0.07, beats on revs
  • Primerica (PRI) beats by $0.45, beats on revs; new $475 mln share buyback program; increases dividend by 15%
  • Q2 Holdings (QTWO) reports Q4 (Dec) results, beats on revs; guides Q1 revs above consensus; guides FY26 revs in-line
  • QuantumScape (QS) reports EPS in-line, beats on revs
  • QuidelOrtho (QDEL) beats by $0.04, beats on revs; guides FY26 EPS below consensus, revs in-line; CFO to retire
  • Rayonier (RYN) beats by $0.09, beats on revs
  • Restaurant Brands Int'l (QSR) beats by $0.01, beats on revs
  • Rollins (ROL) misses by $0.02, misses on revs
  • Scorpio Tankers (STNG) beats by $0.06, beats on revs
  • Service Corp (SCI) reports EPS in-line, revs in-line; guides FY26 EPS in-line
  • Siemens AG (SIEGY) reports Q1 results; raises outlook
  • Sphere Entertainment Co. (SPHR) beats by $1.42, beats on revs
  • Sun Life (SLF) beats by CAD$0.12
  • Sylvamo (SLVM) beats by $0.02, beats on revs
  • Telus (TU) misses by C$0.05, misses on revs; Also announces CEO succession, and provides 2026 financial targets
  • TransUnion (TRU) beats by $0.04, beats on revs; guides Q1 EPS below consensus, revs above consensus; guides FY26 EPS below consensus, revs above consensus
  • Trinity Industries (TRN) beats by $0.03, beats on revs; guides FY26 EPS above estimate
  • TripAdvisor (TRIP) misses by $0.11, reports revs in-line
  • Tyler Tech (TYL) misses by $0.08, misses on revs; guides FY26 EPS in-line, revs mostly below consensus
  • Unilever PLC (UL) reports FY25 results; misses on revs; raises dividend; provides FY26 outlook
  • US Foods (USFD) beats by $0.04, reports revs in-line; guides FY26 EPS above consensus, revs below consensus
  • Utz Brands (UTZ) beats by $0.01, reports revs in-line; guides FY26 EPS below consensus; announces buyback
  • Viking Therapeutics (VKTX) reports Q4 results; provides clinical update
  • Vontier (VNT) beats by $0.01, beats on revs; guides Q1 EPS below consensus, revs below consensus; guides FY26 EPS in-line, revs above consensus
  • Waste Connections (WCN) beats by $0.01, reports revs in-line; guides FY26 revs below consensus
  • Watts Water Tech. (WTS) beats by $0.28, beats on revs; provides FY26 outlook
  • West Pharm (WST) beats by $0.21, beats on revs; guides Q1 EPS mostly above consensus, revs above consensus; guides FY26 EPS above consensus, revs in-line
  • Zebra Tech (ZBRA) reports EPS in-line, revs in-line; guides Q1 EPS in-line, revs in-line; guides FY26 EPS in-line, revs in-line; Authorizes repurchase of $1 bln of common stock
  • Zoetis (ZTS) beats by $0.08, beats on revs; guides FY26 EPS above consensus, revs in-line
• General News
  • The House votes 219-211 to override President Trump's tariffs on Canada, but the vote is largely symbolic because there is not enough support to override a presidential veto, according to Politico
  • The House passes a bill that will require showing identification to vote as conservatives consider mechanisms to get around the Senate filibuster, according to The Hill
  • The U.S. and China could extend the trade agreement for one year when the two leaders meet in April, according to SCMP
  • A continuing resolution to fund DHS is not expected to get the required 60 votes to pass the Senate today, according to The Hill
  • Congress is expected to leave town today, guaranteeing a shutdown of the Department of Homeland Security, according to PunchBowl News
  • The U.S. and Japan are considering chips and energy for the $550 billion investment fund, according to Bloomberg
  • President Trump at White House event says he will direct Department of Energy to issue funds to coal plants in KY, NC, WV, and OH
  • Large technology companies plan to get around the $100K H1B fee, according to WSJ
  • El Paso airport grounding was in response to military testing technology, according to NBC News
  • AAR Corp (AIR) has appointed Dylan Wolin as the Company's Chief Financial Officer, effective February 23, 2026
  • AeroVironment (AVAV) counter-drone laser was used near El Paso, TX airport, according to Reuters
  • Affiliated Managers (AMG) announced that Thomas M. Wojcik will be stepping down as the President and Chief Operating Officer, effective on March 6, 2026
  • Albemarle (ALB) will idle the remaining operating train, Train 1, at its Kemerton lithium hydroxide processing plant in Western Australia and place it into care and maintenance effective immediately
  • AllianceBernstein (AB) announces that preliminary assets under management increased to $875 billion during January 2026 from $867 billion at the end of December 2025
  • Amazon's (AMZN) headquarters in Italy being searched by tax officials, according to Reuters
  • Apple (AAPL): The FTC warned Apple of alleged political bias in the Apple News application, according to NY Post
  • Applied Materials (AMAT) settles export probe with Commerce for $252.5 mln; DOJ, SEC close reviews
  • Aurora Innovation (AUR) announces that it is tripling its driverless network with the launch of its latest software release, which also provides the Aurora Driver with the capabilities to begin expanding across the Southern United States and serve customer endpoints in 2026
  • Biogen (BIIB) announces that the Board of Directors has elected Dr. Maria C. Freire as Chair of the Board of Directors, effective immediately following the Company’s 2026 Annual Meeting of Stockholders, scheduled to take place on June 9
  • BridgeBio Pharma (BBIO) announces positive topline results from PROPEL 3, the global Phase 3 pivotal study of oral infigratinib in children living with achondroplasia
  • Brown & Brown (BRO) has entered into an accelerated share repurchase program with Bank of America, N.A. for $250 mln of the Company's common stock
  • BYD Company (BYDDY) and Geely (GELYY) aiming to purchase Mercedes-Benz (MBGYY) car plant in Mexico, according to Reuters
  • CareDx (CDNA) announces clinical validation results for AlloHeme, the first AI-powered NGS surveillance solution for AML and MDS post-cell therapy
  • CarMax (KMX) announces that Keith Barr has been appointed President and Chief Executive Officer, and a member of the Board of Directors, effective March 16, 2026
  • Cognex (CGNX) approves a $500 mln increase to its existing share repurchase authorization
  • Customers Bancorp (CUBI) authorizes a new common stock repurchase plan, providing the Company the discretion to purchase up to $100 mln of its outstanding common stock over a one-year period
  • Dana Inc (DAN) announces that its board of directors has appointed Byron Foster as Chief Executive Officer, effective July 1, 2026
  • Embecta Corp. (EMBC) announces that the Board of Directors of embecta has elected Devdatt Kurdikar as Chairman of the Board and Dr. Claire Pomeroy as Lead Independent Director, effective immedia
  • Equitable Holdings (EQH) announces additional $1 billion share repurchase authorization
  • Fermi America (FRMI) advances Hyundai E&C partnership for four AP1000 units at Project Matador
  • Fluor (FLR) awarded a multi-year contract by Centrus Energy’s (LEU) subsidiary, American Centrifuge Operating
  • Fortuna Silver Mines (FSM) extends high grade gold mineralization at Sunbird, Including 6.1 g/t Au over 18.9 meters, Séguéla Mine, Côte d’Ivoire
  • Franco-Nevada (FNV) announces that, through a wholly-owned U.S. subsidiary, it has entered into an agreement to acquire a $250 million net smelter return royalty from i-80 Gold Corp. (IAUX) to support its recapitalization plan and strategy of creating a Nevada-focused mid-tier gold producer
  • Geo Group (GEO) announces that GEO’s Chief Executive Officer, J. David Donahue, has notified the Company of his retirement, effective February 28, 2026
  • Gilat Satellite (GILT) received an order for over $16 mln to supply multiple units of the DKET 3421 transportable terminal to a European Ministry of Defense
  • HDFC Bank (HDB) disclosed that the Reserve Bank of India approved ICICI Prudential Asset Management acquisition of stake
  • Heineken (HEINY) launches €375 mln second tranche of €750 mln buyback
  • ICON plc (ICLR) conducting internal investigation initiated by the Audit Committee into certain of the company’s accounting practices and controls; Is also withdrawing previously issued FY25 financial guidance
  • Largo Resources (LGO) provides update on status of Iron Ore Calcine commercial transaction
  • LiveRamp (RAMP) announces that its Board of Directors increased the Company’s share repurchase authorization by $200 mln to $1.5 bln and extended the expiration by one year to December 31, 2027
  • Lyell Immunopharma (LYEL) announces that the first patient has been dosed in the PiNACLE – H2H Phase 3 trial evaluating rondecabtagene autoleucel compared to lisocabtagene maraleucel or axicabtagene ciloleucel for the treatment of patients with relapsed or refractory large B-cell lymphoma receiving treatment in the second-line setting
  • MercadoLibre (MELI) forms commercial partnership with Assaí to sell, store and deliver products beginning in March, according to Reuters
  • Merck (MRK) advances treatment of bladder and kidney cancers with new data at 2026 ASCO GU Cancers Symposium
  • Mesoblast (MESO) highlights Ryoncil survival data at ASTCT/CIBMTR; adult pivotal trial set to begin
  • Microsoft (MSFT) wants to reduce its reliance on OpenAI, according to FT
  • Navan (NAVN) announces the appointment of Aurélien Nolf as Chief Financial Officer, effective March 2, 2026
  • NovoCure (NVCR) confirms FDA approval of Optune Pax for the treatment of locally advanced pancreatic cancer
  • Novo Nordisk A/S (NVO) plans to launch its weight-loss drug, Wegovy, in vials later this year, according to Reuters
  • Novo Nordisk (NVO) will make Wegovy weight loss pill in Ireland for markets outside U.S., according to Bloomberg
  • Palantir Technologies (PLTR) announces that the Defense Information Systems Agency has authorized Palantir Federal Cloud Service Forward, extending PFCS's existing Impact Level 5 and Impact Level 6 Provisional Authorizations to include on-premises and edge deployments
  • Portillo's (PTLO) announces the appointment of Brett Patterson as President and Chief Executive Officer, effective Monday, February 23, 2026
  • Samsung (SSNLF) announced that it has begun mass production of its industry-leading HBM4 and has shipped commercial products to customers
  • Sanofi (SNY) names Belén Garijo CEO; Hudson to step down
  • Seabridge Gold (SA) CFO to retire
  • Solowin Holdings (AXG) secures up to $100 mln financing to expand stablecoin and tokenization strategy
  • Southwest Air (LUV) brings Starlink ultra-fast wifi onboard; Starlink will deliver next-generation WiFi across Southwest's network of 11 countries, allowing Customers to stream, share, and scroll in the sky at lightning-fast speeds
  • Southwest Gas (SWX) and Carl C. Icahn mutually agreed to terminate that certain Amended and Restated Cooperation Agreement
  • Tilray Pharma (TLRY) announces that its European pharmaceutical distribution business, CC Pharma, has entered into a strategic agreement with Smartway Pharmaceuticals, to expand the availability of pharmaceutical products across the United Kingdom
  • TPG Inc. (TPG) and Jackson Financial Inc. (JXN) announce launch of long-term strategic partnership
  • Vaxcyte (PCVX) announces that the first participants were dosed in the OPUS-3 Phase 3 trial evaluating VAX-31, the Company’s next-generation 31-valent pneumococcal conjugate vaccine candidate, in adults who have previously received pneumococcal vaccination
  • Victory Capital (VCTR) reports Total Assets Under Management of $320.2 billion, Other Assets of $3.0 billion, and Total Client Assets of $323.2 billion, as of January 31, 2026
  • WeRide (WRD) and Uber (UBER) launch first downtown commercial robotaxi service in Abu Dhabi
  • YPF Soc. Anonima (YPF), Eni (E) and XRG sign joint development agreement advancing Argentina LNG

• Upgrades:
  • BorgWarner (BWA) upgraded to Buy from Hold at Deutsche Bank, tgt $82
  • Fastly (FSLY) upgraded to Outperform from Market Perform at William Blair
  • Ferrari (RACE) upgraded to Neutral from Sell at Citigroup
  • GCM Grosvenor (GCMG) upgraded to Buy from Hold at TD Cowen, tgt $14
  • Hexcel (HXL) upgraded to Neutral from Underperform at BofA Securities; tgt $95
  • Huntington Ingalls (HII) upgraded to Neutral from Underperform at BofA Securities; tgt $400
  • LuxExperience (LUXE) upgraded to Overweight from Neutral at JPMorgan, tgt $14
    
  • MercadoLibre (MELI) upgraded to Overweight from Neutral at JPMorgan, tgt $2,800
    
  • Novo Nordisk (NVO) upgraded to Hold from Underperform at Jefferies
    
  • Oscar Health (OSCR) upgraded to Outperform from Market Perform at Raymond James, tgt $18
    
  • Pegasystems (PEGA) upgraded to Overweight from Equal Weight at Barclays, tgt $48
    
  • Shopify (SHOP) upgraded to Buy from Hold at TD Cowen, tgt $159
    
  • Shopify (SHOP) upgraded to Outperform from Neutral at Mizuho, tgt $15
• Downgrades:
  • Arcellx (ACLX) downgraded to Neutral from Buy at Rothschild & Co Redburn; tgt $82
  • Arcus Biosciences (RCUS) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $23
    
  • BBB Foods (TBBB) downgraded to Market Perform from Outperform at Itau BBA, tgt $42
    
  • Bicara Therapeutics (BCAX) downgraded to Neutral from Early-Stage Biotech at Goldman, tgt $14
    
  • BP (BP) downgraded to Reduce from Hold at HSBC, tgt $38.50
    
  • Generac (GNRC) downgraded to Neutral from Buy at Guggenheim; tgt $202
  • Inspire Medical Systems (INSP) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $70
    
  • Inspire Medical Systems (INSP) downgraded to Neutral from Outperform at Robert W. Baird, tgt $74
    
  • Kraft Heinz (KHC) downgraded to Underweight from Neutral at JP Morgan; tgt $22
  • Legend Biotech (LEGN) downgraded to Neutral from Buy at Rothschild & Co Redburn; tgt $24
  • Pfizer (PFE) downgraded to Neutral from Outperform at Daiwa, tgt $27
    
  • Rigetti Computing (RGTI) downgraded to Hold from Buy at TD Cowen
    
  • Rollins (ROL) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $56
    
  • Sanofi (SNY) downgraded to Neutral at BofA Securities
  • Valvoline (VVV) downgraded to Underweight from Neutral at JPMorgan, tgt $35
    
  • Vertex (VERX) downgraded to Hold from Buy at Jefferies, tgt $16
• Others:
  • D-Wave Quantum (QBTS) initiated with a Buy at TD Cowen
    
  • Ermenegildo Zegna Group (ZGN) resumed with an Equal Weight at Morgan Stanley, tgt $11
    
  • Fennec Pharmaceuticals (FENC) initiated with a Buy at B. Riley, tgt $16
    
  • Immunome (IMNM) initiated with a Buy at H.C. Wainwright, tgt $40
    
  • Sterling Infrastructure (STRL) initiated with a Buy at Stifel, tgt $486

• Econ Data (Friday):
  • 8:30 ET: January CPI (Briefing.com consensus 0.3%; prior 0.3%) and Core CPI (Briefing.com consensus 0.3%; prior 0.2%)

• Earnings:
  • Monday (Feb 9)
    • Pre-Market: APO BDX CLF CNA CURB DT EPC KD MNDY PGY SBH WAT
    • After-Hours: ACM AMKR AMTM ACGL BRX NTB CINF CMCO CRBG GT ICHR KRC MTW MEDP ON PFG SSD UDR UPWK VNO GTM
      
    Tuesday (Feb 10)
    • Pre-Market: ARMK AZN AXTA BLKB BP KO DDOG DUK DD ECL ENTG RACE FISV HOG HAS INCY INMD MAR MAS OSCR DGX SPGI SAIA SPOT TRMB VSTS WCC XIFR XYL ZBH
    • After-Hours: AKR AEIS ADC AIG ANGI AIZ ALAB BL LEU NET DEI DIOD EW EXEL F FRSH GILD GXO HIW HNGE NSP JHX KVYO LSCC LYFT MBC MAT MIR MNTN NMIH OI PEGA RPD RRR HOOD TDC UPST WPC WELL ZG
  • Wednesday (Feb 11)
    • Pre-Market: AEE AVTR BWA CHEF CLBT CRTO CVS GFS GNRC HLT HUM KHC KRNT LAD MCD MLM NI NNN NTES PAG PSN R RDWR SCI SHOP SITE SN SOLS SW TEX THC TMHC TMUS TSEM U VERX VRT WAB
      
    • After-Hours: ALB AM AMCX APP AR CFLT CGNX CPA CRK CSCO CW CXT CXW DAR EPRT EQIX FAF FCPT FSLY GFL GTY HUBS IFF INSP IRT LEG MFC MH MSA MSI NBIX NBR NE NWE PAYC PLMR PPC PRI QDEL QS QTWO ROL RYN STAG TYL VKTX WCN WTS
  • Thursday (Feb 12)
    • Pre-Market: AMG ALNY AEP AGIO BUD AVNT BAX BDC BIRK BTDR BRKR CBRE CHKP CNR CROX EEFT ETR EXC FTS GTES GEL GEO GVA HWM H HIMX IPGP IRDM IRM KIM LECO LNC LXP MTRN MLCO NVMI OPTU OGN PBF PCG PHIN QSR STNG SLVM TU TRU TNET TRN TRIP USFD UTZ VNT WST ZBRA ZTS
    • After-Hours: TXG AEM ABNB AMAT ANET AORT BIO BFAM CAE COHU COIN CRSR DXCM DKNG BROS ES EXPE FRT FLO FBIN MHK HR HTGC IR CART FROG KNSL PINS PCOR PSA RIVN ROKU RYAN SBRA TSLX SPSC SLF TOST TRUP TWLO RARE VRTX WYNN YELP
  • Friday (Feb 13)
    • Pre-Market: AAP ATMU CCJ CIGI ENB ESNT MGA MRNA SXT TRP WEN
    • After-Hours: None