MORNING BID Baidu ( $BIDU) Q4 Revenue: ¥34.12B (-2% y/y, Est. ¥33.32B) 📉 🔹 Ad revenue down 7% to ¥17.9B, offset by AI Cloud growth (+26% y/y). Broadcom ( $AVGO) & Intel ( $INTC): 🔹 Broadcom held informal talks on acquiring Intel’s chip-design unit (WSJ). 🔹 No formal offer yet; deal uncertain. Roku ( $ROKU): Files mixed securities shelf. Alcohol Industry Struggles: 🔹 Younger consumers opt for moderation/abstinence, hurting alcohol sales. 🔹 Underperforming stocks: TAP, DEO, BF/B, BUD. 🔹 Winners: Nonalcoholic brands like Athletic Brewing & Ritual Zero Proof thrive. 🔹 Anglo American ( $NGLOY): Selling nickel unit to MMG Ltd for up to $500M, refocusing on copper & iron ore. 🔹 Delta ( $DAL): Regional jet flipped on landing in Toronto amid high winds; 18 injured. 🔹 Diamondback ( $FANG): Acquires Double Eagle units for 6.9M shares + $3B cash to expand Midland Basin. 🔹 Entergy ( $ETR): Q4 adj. EPS $0.66 (Est. $0.63); FY25 guidance: $3.75-$3.95 (Est. $3.92). 🔹 H&E ( $HEES): Accepts Herc Rentals' $5.3B bid, rejecting United Rentals' offer (FT). 🔹 Sealed Air ( $SEE): CEO Patrick Kivits steps down; Dustin Semach appointed; FY24 outlook reaffirmed. 🔹 Capital One ( $COF): Jan. net charge-offs 6.12% (vs. 5.71% y/y); delinquencies 4.61% (vs. 4.78% y/y). 🔹 Discover ( $DFS): Jan. credit card delinquency 1.80%, charge-off 2.63% (SEC filing). 🔹 JPMorgan ( $JPM): Jan. credit card delinquency 0.88%, charge-off 1.64% (SEC filing). 🔹 Janus Henderson ( $JHG): Expanding into Saudi Arabia to grow Middle East presence (Bloomberg). 🔹 KKR ( $KKR): Buying 5% more of Eni’s (E) Enilive biofuel unit for €587.5M, raising stake to 30%. 🔹 Johnson & Johnson ( $JNJ): Faces court decision today on $10B settlement over baby powder litigation; Judge Lopez to decide on Chapter 11 filing. 🔹 Medtronic ( $MDT): Q3 adj. EPS $1.39 (Est. $1.36); Q3 revs +2.5% y/y to $8.29B (Est. $8.33B); maintains full-year guidance. 🔹 Oculis ( $OCS): 5M share secondary priced at $20.00 per share.

MORNING BID 🔸 $CVGW: Q4 EPS 5c vs. -2c last year; revenue up 19.5% to $170M vs. $161.93M est.; adj EBITDA $6.7M. 🔸 $GM: Multi-year deal with Vianode for synthetic graphite for EV batteries. 🔸 $TSLA: SEC sues Elon Musk for late disclosure of Twitter stake in 2022. 🔸 $VAL, $RIG, $NE, $HP, $SLB, $NOV: Downgraded to In Line from Outperform by Evercore/ISI. 🔸 $Oil Market: IEA reports 2025 oil surplus at 725k b/d, down from 950k b/d. 🔸 $Aluminum: Prices up slightly; EU eyes import limits from Russia, China's growth slows. 🔸 $PKE: Q3 EPS $0.08, sales $14.4M. 🔸 $BK: Q4 adj EPS $1.72 vs. $1.56 est.; AUM $2T; fee revenue +9% to $3.51B; net interest +8% to $1.19B; AUC/A $52.1T, up 9%. 🔸 $BHLB: Files for offering of up to 3.45M shares. 🔸 $BLK: Q4 adj EPS $11.93 vs. $11.22 est.; revenue +23% to $5.68B; AUM record $11.55T; operating margin 45.5%; $281B inflows Q4. 🔸 $DFS: Charge-off rate 2.55%, delinquency rate 1.76% at Dec 2024. 🔸 $JPM: Q4 EPS $4.81 vs. $4.04 est.; revenue $42.8B; charge-offs 1.63%, delinquencies 0.84%; FICC trading $5.01B vs. $4.37B est.; credit loss $2.63B; ROE 17%, ROTCE 21%; $486B inflows 2024. 🔸 $WFC: Q4 EPS $1.43 vs. $1.35 est.; net interest $11.84B; revenue $20.38B; commercial banking $3.17B, investment banking $4.61B, wealth management $3.96B. 🔸 $KROS: Paused dosing in TROPOS trial for pulmonary hypertension due to pericardial effusion concerns in safety review. 🔸 $VCEL: Lowers FY24 revenue forecast to $237M-$237.5M from $238M-$242M; raises gross margin to 72.5%; maintains EBITDA margin at 22%; Q4 revenue expected at $75.2M-$75.7M, under consensus. 🔸 $APLD: Q2 adj EPS ($0.06) vs. ($0.15) est.; EBITDA $21.4M vs. $19.68M est.; revenue $63.9M; cloud services +523% to $27.7M. 🔸 $PI: Maintains Q4 revenue and EBITDA guidance; expects EBITDA $13.6M-$15.1M, revenue $91M-$94M. 🔸 $LRCX: Downgraded to Peer Perform from Outperform by Wolfe Research. 🔸 $LASR: Q4 revenue forecast $46M-$48M, below $52M est.; lower than expected margins and EBITDA. 🔸 $MGNI: Expands partnership with Samsung Ads for programmatic ads in Southeast Asia. 🔸 $S: Downgraded to Neutral from Buy by UBS. 🔸 U.S. Policy: New regulations planned to limit chip exports to China from TSMC, Samsung, and others.