>>>

Research Calls I
  • Upgrades:
    • Armour Residential REIT (ARR) upgraded to Buy from Hold at Jones Trading, tgt $20.50
    • AutoNation (AN) upgraded to Overweight from Neutral at JPMorgan, tgt $235
    • BioNTech (BNTX) upgraded to Buy from Neutral at Goldman Sachs, tgt $142
    • Callaway Golf Company (CALY) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $17
    • Coupang (CPNG) upgraded to Buy from Hold at Deutsche Bank, tgt $25
    • Enbridge (ENB) upgraded to Outperform from Sector Perform at Scotiabank
    • Garmin (GRMN) upgraded to Equal Weight from Underweight at Barclays, tgt $217
    • Grab Holdings (GRAB) upgraded to Buy from Hold at HSBC, tgt $6.20
    • Honeywell (HON) upgraded to Overweight from Neutral at JPMorgan, tgt $255
    • Monster Beverage (MNST) upgraded to Neutral from Underperform at BNP Paribas Exane, tgt $77
    • Rocket Lab (RKLB) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $105
    • Seagate Technology (STX) upgraded to Neutral from Negative at Susquehanna, tgt $280
    • Yeti Holdings (YETI) upgraded to Overweight from Sector Weight at KeyBanc, tgt $57
  • Downgrades:
    • 3M (MMM) downgraded to Neutral from Overweight at JPMorgan, tgt $182
    • Acushnet Holdings (GOLF) downgraded to Sector Weight from Overweight at KeyBanc
    • Afya (AFYA) downgraded to Neutral from Buy at UBS, tgt $16
    • Brown-Forman (BF.B) downgraded to Underperform from Neutral at BNP Paribas Exane, tgt $24
    • Central Garden & Pet (CENTA) downgraded to Underweight from Neutral at JPMorgan, tgt $28
    • Clearwater Analytics (CWAN) downgraded to Neutral from Buy at DA Davidson, tgt $24.55
    • ConocoPhillips (COP) downgraded to Underperform from Neutral at BofA Securities, tgt $102
    • Eastman Chemical (EMN) downgraded to Sector Perform from Outperform at RBC Capital, tgt $70
    • EOG Resources (EOG) downgraded to Sector Weight from Overweight at KeyBanc
    • Ermenegildo Zegna Group (ZGN) downgraded to Neutral from Buy at BofA Securities, tgt $11.20
    • Fortive (FTV) downgraded to Underweight from Neutral at JPMorgan, tgt $57
    • Hilton Grand Vacations (HGV) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $49
    • HP Inc. (HPQ) downgraded to Underweight from Equal Weight at Barclays, tgt $18
    • Iridium Communications (IRDM) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $24
    • J.M. Smucker (SJM) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $105
    • Kraft Heinz (KHC) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $24
    • Logitech International (LOGI) downgraded to Equal Weight from Overweight at Barclays, tgt $98
    • Mach Natural Resources (MNR) downgraded to Sector Weight from Overweight at KeyBanc
    • Marriott Vacations Worldwide (VAC) downgraded to Underweight at Morgan Stanley, tgt $52
    • Melco Resorts & Entertainment (MLCO) downgraded to Neutral from Overweight at JPMorgan, tgt $7.70
    • Meritage Homes (MTH) downgraded to Neutral from Buy at BofA Securities, tgt $82
    • MGM Resorts (MGM) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $33
    • Molson Coors (TAP) downgraded to Underperform from Neutral at BNP Paribas Exane, tgt $40
    • Sanofi (SNY) downgraded to Neutral from Buy at UBS
    • Sasol (SSL) downgraded to Underweight from Neutral at JPMorgan
    • The Honest Company (HNST) downgraded to Underweight from Overweight at JPMorgan
    • Tractor Supply (TSCO) downgraded to Hold from Buy at Truist, tgt $55
    • Volvo (VLVLY) downgraded to Hold from Buy at Kepler Cheuvreux
  • Others:
    • Construction Partners (ROAD) initiated with a Neutral at B. Riley, tgt $117
    • Knife River (KNF) initiated with a Buy at B. Riley, tgt $92
    • Martin Marietta Materials (MLM) initiated with a Neutral at B. Riley, tgt $700
    • Munich Re (MURGY) initiated with a Buy at Kepler Cheuvreux
    • STAAR Surgical (STAA) resumed with an Underweight at Morgan Stanley, tgt $13
    • TFS Financial (TFSL) assumed with a Neutral at Piper Sandler, tgt $15
    • Unity Software (U) initiated with a Buy at Freedom Capital, tgt $52
    • Vulcan Materials (VMC) initiated with a Buy at B. Riley, tgt $345

>>> US Research Calls I

Research Calls I
  • Upgrades:
    • Armour Residential REIT (ARR) upgraded to Buy from Hold at Jones Trading, tgt $20.50
    • AutoNation (AN) upgraded to Overweight from Neutral at JPMorgan, tgt $235
    • BioNTech (BNTX) upgraded to Buy from Neutral at Goldman Sachs, tgt $142
    • Callaway Golf Company (CALY) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $17
    • Coupang (CPNG) upgraded to Buy from Hold at Deutsche Bank, tgt $25
    • Enbridge (ENB) upgraded to Outperform from Sector Perform at Scotiabank
    • Garmin (GRMN) upgraded to Equal Weight from Underweight at Barclays, tgt $217
    • Grab Holdings (GRAB) upgraded to Buy from Hold at HSBC, tgt $6.20
    • Honeywell (HON) upgraded to Overweight from Neutral at JPMorgan, tgt $255
    • Monster Beverage (MNST) upgraded to Neutral from Underperform at BNP Paribas Exane, tgt $77
    • Rocket Lab (RKLB) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $105
    • Seagate Technology (STX) upgraded to Neutral from Negative at Susquehanna, tgt $280
    • Yeti Holdings (YETI) upgraded to Overweight from Sector Weight at KeyBanc, tgt $57
  • Downgrades:
    • 3M (MMM) downgraded to Neutral from Overweight at JPMorgan, tgt $182
    • Acushnet Holdings (GOLF) downgraded to Sector Weight from Overweight at KeyBanc
    • Afya (AFYA) downgraded to Neutral from Buy at UBS, tgt $16
    • Brown-Forman (BF.B) downgraded to Underperform from Neutral at BNP Paribas Exane, tgt $24
    • Central Garden & Pet (CENTA) downgraded to Underweight from Neutral at JPMorgan, tgt $28
    • Clearwater Analytics (CWAN) downgraded to Neutral from Buy at DA Davidson, tgt $24.55
    • ConocoPhillips (COP) downgraded to Underperform from Neutral at BofA Securities, tgt $102
    • Eastman Chemical (EMN) downgraded to Sector Perform from Outperform at RBC Capital, tgt $70
    • EOG Resources (EOG) downgraded to Sector Weight from Overweight at KeyBanc
    • Ermenegildo Zegna Group (ZGN) downgraded to Neutral from Buy at BofA Securities, tgt $11.20
    • Fortive (FTV) downgraded to Underweight from Neutral at JPMorgan, tgt $57
    • Hilton Grand Vacations (HGV) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $49
    • HP Inc. (HPQ) downgraded to Underweight from Equal Weight at Barclays, tgt $18
    • Iridium Communications (IRDM) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $24
    • J.M. Smucker (SJM) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $105
    • Kraft Heinz (KHC) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $24
    • Logitech International (LOGI) downgraded to Equal Weight from Overweight at Barclays, tgt $98
    • Mach Natural Resources (MNR) downgraded to Sector Weight from Overweight at KeyBanc
    • Marriott Vacations Worldwide (VAC) downgraded to Underweight at Morgan Stanley, tgt $52
    • Melco Resorts & Entertainment (MLCO) downgraded to Neutral from Overweight at JPMorgan, tgt $7.70
    • Meritage Homes (MTH) downgraded to Neutral from Buy at BofA Securities, tgt $82
    • MGM Resorts (MGM) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $33
    • Molson Coors (TAP) downgraded to Underperform from Neutral at BNP Paribas Exane, tgt $40
    • Sanofi (SNY) downgraded to Neutral from Buy at UBS
    • Sasol (SSL) downgraded to Underweight from Neutral at JPMorgan
    • The Honest Company (HNST) downgraded to Underweight from Overweight at JPMorgan
    • Tractor Supply (TSCO) downgraded to Hold from Buy at Truist, tgt $55
    • Volvo (VLVLY) downgraded to Hold from Buy at Kepler Cheuvreux
  • Others:
    • Construction Partners (ROAD) initiated with a Neutral at B. Riley, tgt $117
    • Knife River (KNF) initiated with a Buy at B. Riley, tgt $92
    • Martin Marietta Materials (MLM) initiated with a Neutral at B. Riley, tgt $700
    • Munich Re (MURGY) initiated with a Buy at Kepler Cheuvreux
    • STAAR Surgical (STAA) resumed with an Underweight at Morgan Stanley, tgt $13
    • TFS Financial (TFSL) assumed with a Neutral at Piper Sandler, tgt $15
    • Unity Software (U) initiated with a Buy at Freedom Capital, tgt $52
    • Vulcan Materials (VMC) initiated with a Buy at B. Riley, tgt $345

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • PNC +3.5%, MTB +1.1%
Other news:
  • IBRX +25.3% (enrollment in its registrational trial in BCG-naïve non-muscle-invasive bladder cancer has exceeded internal expectations; Anticipates submitting a BLA to FDA by end of 2026)
  • ASTS +7.4% (wins prime IDIQ position on Missile Defense Agency SHIELD program)
  • MU +5.5% (Director Teyin Liu bought 23,200 shares at $335.97 - $337.77 worth more than $7.8 mln)
  • NVO +4.4% (UK Medicines regulator approves up to 7.2mg dose of semaglutide ?(Wegovy) for patients with obesity only)
  • WWD +3.6% (to wind down China on-highway natural gas truck business)
  • COHR +3.6% (launches FieldMax Touch and FieldMax Touch Pro)
  • CC +2.4% ( to sell the remaining land at its former titanium dioxide manufacturing location in Taiwan)
  • BBIO +2% (prices offering of $550 mln of 0.75% convertible senior notes due 2033)
  • SLVM +1.4% (CEO letter to shareholders)
  • UMAC +1.3% ($2.1 mln order for drone components)
  • LWLG +1.3% (MOU with QPICs to accelerate the use of electro-optic polymers)
  • WS +1.3% (to acquire Kloeckner & Co)
  • GVA +1.2% (selected for $157 mln project by the City of Tucson)

>>> US Gapping down

Gapping down
In reaction to earnings/guidance:
  • QXO -6.4% (guidance; prices offering of 31,645,570 shares of its common stock at $23.80 per share), WIT -5.1%, JBHT -3.9%, RF -1.1%
Other news:
  • MOS -6.5% (issues market update and preliminary fourth quarter 2025 sales results)
  • DERM -2% (files $150 mln mixed shelf offering)
  • JHX -1% (to optimize manufacturing footprint; reaffirms FY26 guidance)
  • GETY -0.8% (disclosed litigation update; Appeals court affirmed previous ruling in favor of Alta Partners and CRCM)

>>> Mosaic issues market update and preliminary fourth quarter 2025 sales resul

Mosaic issues market update and preliminary fourth quarter 2025 sales results (27.58)
  • North American fertilizer demand declined well beyond normal seasonal softness in the fourth quarter, as fall applications were weak due to sustained pressure on grower economics and were exacerbated by an early onset of winter weather that compressed the application window. The market conditions were particularly challenging for phosphates due to lower relative affordability as compared to potash. Overall North America phosphate market shipments are estimated to have been down approximately 20% in the fourth quarter compared to a year ago. North American potash demand was also negatively affected, though only modestly.
  • The challenging market environment significantly impacted Mosaic fourth quarter performance with phosphate sales volumes at approximately 1.3 million tonnes and potash sales volumes at approximately 2.2 million tonnes.
  • In the fourth quarter, to respond to weaker demand, Mosaic adjusted its phosphate production plan and product mix, and redirected products to markets with stronger demand, resulting in production volumes that remained consistent with the prior quarter.
  • Challenging market conditions also weighed on cash flow with fourth quarter results pressured by lower sales and the resulting inventory build.
  • Brazil's fertilizer market deteriorated further in the fourth quarter, with intensifying credit constraints and heightened supplier competition, driven by an influx of lower-analysis phosphate products from China, which weighed heavily on demand and margins. As a result, Mosaic Fertilizantes' sales volumes fell meaningfully short of expectations. Full year sales volumes were approximately 9 million tonnes-flat year over year, but reflective of the broader market downturn.
  • Despite the extraordinarily weak fourth quarter, 2026 is positioned to be more constructive. Growers are expected to replenish nutrients removed by last year's strong crop, and additional government support payments are poised to stimulate demand for the North American spring application period. Phosphate markets are balanced to tight, a dynamic that is becoming more evident as spring demand accelerates, and as lower Chinese exports more acutely impact global markets, following that country's announcement of broader and longer-duration phosphate export restrictions that are expected to be in place through at least the first half of the year. Prices have already responded positively to global demand since the start of the year. Potash markets are balanced, and China's early contract settlement is expected to provide greater price stability and supports a positive outlook for Canpotex. Current industry expectations suggest that global phosphate and potash shipments could reach record levels in 2026. In Brazil, credit constraints persist but expanding planted acreage and strong crop yields are expected to support fertilizer demand in 2026 as growers rebuild soil nutrients, potentially setting another record for fertilizer demand in 2026. Importantly, the surge of low analysis phosphate imports from China does not appear likely to repeat itself given the export restrictions noted above.

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • NVO +5.6%, WWD +3.6%, COHR +3.6%, MTB +3.2%, UMAC +2.3%, BBIO +2%, SVM +1.5%, SLVM +1.4%, LTRN +1.4%, CC +1.2%, GVA +1.2%, WS +1.2%, HRZN +1%, SXC +0.8%, MATW +0.8%
  • Gapping down:
    • QXO -5.3%, RF -4.9%, JBHT -4.6%, DERM -2%, JHX -1%, WAFD -0.7%