U.S. stock futures experienced slight drops on Wednesday, as Dow Jones futures decreased by 0.3%, S&P 500 futures fell by 0.2%, and Nasdaq futures dipped 0.1%.
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S&P 500 Sets New High, But Tech Giants Struggle: Axon Shows Strength
U.S. stock futures showed modest declines on Wednesday, with Dow Jones futures down 0.3%, S&P 500 futures slipping 0.2%, and Nasdaq futures falling 0.1%. Despite the pullback in futures, the S&P 500 posted a record high on Tuesday, buoyed by a late-session rally. However, key tech stocks like Meta (META) and Amazon (AMZN) underperformed, showing signs of weakness in the broader tech sector.
Arista Networks (ANET) and Shift4 Payments (FOUR) were among the biggest losers following earnings reports. While Arista beat earnings expectations, its cautious guidance sent shares lower. Shift4, despite reporting solid earnings, saw its stock drop on weaker-than-expected revenue and the announcement of a new acquisition.
Axon Enterprise (AXON) stood out with a notable 3.9% gain, breaking out from a cup-with-handle base, indicating strong bullish momentum. Conversely, Amazon slid below its 50-day moving average, while Meta dropped 2.8%, snapping a 20-day win streak, reflecting broader caution in the tech space.
Growth sectors had mixed performance. The VanEck Vectors Semiconductor ETF (SMH) gained 1.4%, driven by strength in Nvidia (NVDA) and Broadcom (AVGO), but the Innovator IBD 50 ETF (FFTY) posted a slight decline. Energy stocks performed better, with crude oil prices climbing 1.5%, lifting energy sector ETFs like XLE.
While the market is near record highs, the pullbacks in major tech stocks suggest caution in the near term. Axon’s breakout offers a solid buy signal, but other stocks may need more confirmation before investors add exposure. With earnings reports on the horizon, staying selective and monitoring market trends is key for navigating the current environment.
Occidental Petroleum Sells $1.2B in Assets to Strengthen Balance Sheet
Occidental Petroleum (OXY) has announced the divestiture of upstream assets worth $1.2 billion, including nonoperated properties in the Rockies and select Permian Basin areas. The sale is part of the company’s strategy to streamline its portfolio and address its debt obligations for 2025. The deal is expected to close in Q1 2025, with proceeds aimed at further reducing Occidental’s remaining debt.
Despite reporting a net loss of $297 million for Q4 2024, Occidental posted a strong pretax income of $1.2 billion from its oil and gas operations. Adjusted earnings reached $792 million, or $0.80 per share, as the company exceeded its production targets, with a global output of 1.46 million barrels of oil equivalent per day. Production growth was led by the Permian and Rockies.
Occidental’s global reserves also rose to 4.6 billion barrels of oil equivalent, fueled by acquisitions like the CrownRock deal. The company remains focused on deleveraging, with its strong cash flow and strategic divestitures positioning it for long-term growth and value creation for shareholders.
Bristol Myers Squibb Announces Positive Final Overall Survival Results for Opdivo® Plus Chemotherapy in Resectable Non-Small Cell Lung Cancer
Bristol Myers Squibb (BMS) has announced that its Phase 3 CheckMate -816 study has demonstrated a statistically significant and clinically meaningful improvement in overall survival (OS) for Opdivo® (nivolumab) combined with platinum-doublet chemotherapy as a neoadjuvant treatment for resectable non-small cell lung cancer (NSCLC). This marks the first Phase 3 study of a neoadjuvant-only immuno-oncology therapy showing a survival benefit for these patients.
The study, which involved 358 patients, previously showed significant improvements in event-free survival (EFS) and pathological complete response (pCR). The combination therapy was well-tolerated with no new safety signals observed. The data will be further analyzed and shared in a future peer-reviewed setting.
About CheckMate -816 CheckMate -816 is a randomized, open-label trial evaluating the combination of Opdivo with chemotherapy versus chemotherapy alone in patients with resectable stage IB to IIIA NSCLC. Primary endpoints include event-free survival and pCR, with secondary endpoints like overall survival and major pathological response.
About Opdivo Opdivo is a PD-1 immune checkpoint inhibitor used across multiple cancers. It is approved in over 65 countries and has shown efficacy in treating a range of cancers, including melanoma, NSCLC, and colorectal cancer.
As BMS progresses towards potential regulatory approvals and the broader adoption of Opdivo-based regimens, this significant milestone is expected to attract increased interest from investors and oncology professionals.
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T1 Energy Inc. Rebrands as U.S. Solar and Battery Storage Leader
T1 Energy Inc. (formerly FREYR Battery, NYSE: FREY) has unveiled a comprehensive rebranding, signaling its shift to a vertically integrated leader in U.S. solar and battery storage. The company will now operate under the ticker symbol “TE” and has adopted a fresh corporate identity to align with its expanded focus on renewable energy solutions. This move reflects T1’s strategic ambition to strengthen the U.S. energy supply chain and address the growing demand for clean, reliable power.
With over 80% of new U.S. electricity capacity in 2024 driven by solar and batteries, T1 aims to capitalize on this trend. CEO Daniel Barcelo emphasized that T1’s mission is not just about energy production but also about creating American jobs and revitalizing manufacturing in the U.S. The company’s solar module production facility in Wilmer, Texas, now known as “G1 Dallas,” has already ramped up production, employing over 1,000 people. T1 is also progressing on the site selection for its new “G2” solar cell plant, expected to break ground in mid-2025.
The company’s rebrand and ticker change, effective March 3, 2025, coincide with its broader vision to become a major player in the clean energy market. By focusing on U.S.-made solar and battery solutions, T1 Energy is positioned to support the nation’s energy transition while fostering economic growth.
Garmin Exceeds Expectations in Q4, Projecting Strong Growth for 2025
Garmin (GRMN), the maker of devices for outdoor recreation, fitness, and navigation, reported stellar fourth-quarter results, surpassing Wall Street’s expectations. For the December quarter, Garmin posted adjusted earnings of $2.41 per share on revenues of $1.82 billion, significantly exceeding the analyst forecast of $2.05 per share on $1.7 billion in sales. In comparison, the company earned $1.72 per share on $1.48 billion in revenue during the same period last year.
Looking ahead to 2025, Garmin offered a positive forecast, projecting adjusted earnings of $7.80 per share, a 5.5% increase, on revenues of $6.8 billion, an 8% rise. Analysts had expected earnings of $7.77 per share and sales of $6.73 billion. This forward guidance follows a strong 2024, during which Garmin’s earnings grew by 32% and revenue rose by 20%.
Following the report, Garmin’s stock saw a 2.9% increase in premarket trading, reaching $221. The stock had previously hit a record high of $223.33 on February 7, before reversing and triggering a sell signal after falling below its 50-day moving average. Garmin remains on the IBD Tech Leaders list, and its strong performance and optimistic guidance position it well for continued growth in 2025.
Everything Else:
- Intel surges 16% on Broadcom, TSMC acquisition speculation.
- Axon stock breakout signals strong investor confidence.
- Crude oil rises 1% amid geopolitical supply concerns.
- Investors await Fed minutes for monetary policy insights.
- Trump proposes 25% tariffs on autos, semiconductors, pharmaceuticals.
- Investors shift focus from U.S. to European markets.
- IPO market struggles as recent offerings underperform.
- Fashion, beauty industries brace for China tariff impact.
- Bitcoin surpasses $96,000 amid continued market volatility.
- 10-year Treasury yield climbs to 4.57%, inflation concerns rise.
That’s all for today. Thank you for reading.
