Core Insights - The US commercial real estate (CRE) market in 2025 showed a steady recovery, with deal volume increasing by 17% compared to 2024, although this growth was slower than the previous year's 24% and still 30% below pre-pandemic levels in 2019 [2][3] Deal Volume Trends - Total deal dollar volume in December 2025 dropped by 20% year over year, marking the second consecutive month of decline, but the full-year figures indicate potential momentum for the upcoming year [3] - The multifamily sector led the deal-making in 2025, with a 24% increase in deal volume from 2024, driven by higher mortgage rates in the single-family market [6] - The office sector also saw a significant recovery, with total deal volume up by 21% compared to the previous year, as return-to-office orders and AI employment growth countered earlier negative perceptions [5] Sector Performance - Retail experienced a healthy gain of 19%, with strong fundamentals in grocery-anchored and necessity-based centers, despite ongoing pressure from e-commerce [6][7] - Larger dollar CRE deals, specifically those over $100 million, increased by 23% compared to 2024, although this segment remains at only half of 2019 levels [8] - Smaller deals below $5 million have surpassed their 2019 pace by 4%, indicating increased activity from private capital and individual investors [9] Alternative Investments - There was a notable trend towards alternative sectors outside the core five, such as healthcare-related properties and data centers, with significant transactions like the largest-ever sale of a medical office portfolio [10] - Tech giants like Apple and Amazon were active in the market, with Apple investing over $1.1 billion in California, capitalizing on a 20-30% pricing reset in the Silicon Valley office market [12][13] Market Outlook - The commercial real estate sector is experiencing a portfolio rebalancing, with institutional investors returning while some public REITs divest large portfolios to private equity firms [14] - Market participants are optimistic about future growth, anticipating support from a more dovish Federal Reserve and potential fiscal lifts, although interest rates are expected to remain elevated [15]

This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.Happy Tuesday. I did my workout studio's Hyrox-themed class yesterday, which not only left me sore but also with a better understanding of what all the hype in the fitness business is about.S&P 500 futures ticked higher this morning. The stock market is coming off a winning day.Here are five key things investors need to know to start the trading day:1. Take-off preparationsElon Musk attends the 56th annual Worl ...

Core Insights - Pfizer's experimental obesity drug, acquired through Metsera, demonstrated significant weight loss in a mid-stage trial, with patients losing up to 12.3% of their weight compared to placebo at week 28 [1] - The injection's weight loss efficacy was noted to be 10.5% when considering all patients, regardless of discontinuations [1] Group 1 - The data suggests that the injection can be administered less frequently than existing treatments without losing efficacy, positioning Pfizer favorably in a market currently led by Eli Lilly and Novo Nordisk [2] - Pfizer plans to initiate 10 phase three trials for the injection, named PF'3944, within the year [2] Group 2 - Dr. Jim List, Pfizer's chief internal medicine officer, stated that the topline results support the potential of PF'3944 as a monthly treatment with competitive efficacy [3] - The trial involved patients transitioning from weekly to monthly injections, with no plateau in weight loss observed after the switch [3]

Core Viewpoint - Disney's stock is experiencing fluctuations due to the impending CEO transition, with a focus on the company's strong quarterly performance despite leadership uncertainties [5][6]. Financial Performance - Disney's overall revenue reached approximately $26 billion, reflecting a 5% year-over-year increase and surpassing Wall Street's expectations of $25.7 billion [4]. - The experiences division, which includes theme parks, resorts, and cruises, generated over $10 billion in quarterly revenue [2]. CEO Transition - The Disney board is expected to vote on a new CEO this week, marking the second time the company has sought a successor for Bob Iger since his return [5]. - Analysts from Jefferies and BofA noted that the leadership transition is currently an overhang on Disney's shares, but a resolution appears imminent [6]. - Iger acknowledged that the previous appointment of Bob Chapek was a mistake and emphasized the need for the company to adapt and evolve [6][8]. Potential Successors - Josh D'Amaro, Chair of Disney Experiences, and Dana Walden, co-chair of Entertainment, are among the top candidates to succeed Iger [8]. - The appointment of D'Amaro is anticipated to be positively received by the investment community due to the significance of the experiences division to Disney's earnings [9].

Alphabet reports earnings Wednesday, and investors will be looking for more details on the company's deal with Apple to revamp the Siri virtual assistant with Google's Gemini artificial intelligence technology.While Wall Street is expecting Google to report a 15% year-over-year increase in its fourth-quarter revenue, much of the attention during the company's earnings call will be on any new details about the Siri-Gemini deal, analysts told CNBC. The earnings on Wednesday will be the first time Alphabet's l ...

Albert Bourla, CEO of Pfizer, speaking on Squawk on the Street at the World Economic Forum in Davos, Switzerland on Jan. 20, 2026.Pfizer on Tuesday reported fourth-quarter results that topped estimates even amid dwindling demand for its Covid products, while reaffirming its modest 2026 guidance that rattled investors in December.The pharmaceutical giant is looking to longer-term investments in its pipeline, including its $10 billion acquisition of the obesity biotech Metsera, to counter waning Covid product ...

Core Viewpoint - Merck reported strong fourth-quarter earnings driven by demand for its cancer immunotherapy Keytruda, but provided a modest 2026 outlook that fell short of Wall Street expectations due to upcoming patent expirations and generic competition [1][2]. Financial Performance - For the fourth quarter, Merck posted net income of $2.96 billion, or $1.19 per share, compared to $3.74 billion, or $1.48 per share, in the same period last year [4]. - Adjusted earnings for the fourth quarter were $2.04 per share, slightly above the expected $2.01 per share [6]. - Revenue for the quarter was $16.4 billion, a 5% increase from the previous year, and exceeded expectations of $16.19 billion [5][6]. 2026 Outlook - Merck anticipates 2026 revenue between $65.5 billion and $67 billion, lower than analysts' expectations of $67.6 billion [2]. - The company expects adjusted earnings per share to be between $5 and $5.15, compared to the analyst estimate of $5.36 [2]. Acquisition and Charges - The 2026 guidance includes a one-time charge of approximately $9 billion, or around $3.65 per share, related to the acquisition of Cidara, which is developing a flu prevention drug [3]. Cost Management - Merck is implementing a cost-cutting plan aimed at reducing expenses by $3 billion by the end of 2027 to offset revenue losses from the upcoming patent expiration of Keytruda in 2028 [5]. Drug Pricing Deal - Under a "most favored nation" deal, Merck will sell existing treatments to Medicaid patients at the lowest price offered in other developed nations and will receive a three-year reprieve from tariffs [4].

Core Insights - The Nintendo Switch has become the company's best-selling console of all time, with lifetime sales reaching 155.37 million units, surpassing the previous record held by the Nintendo DS [3] - The Switch's success marks a significant turnaround for Nintendo, which faced challenges following the poor performance of the Wii U, leading to a tripling of the company's valuation since the Switch's release [2][3] Product Evolution - The Switch was launched in March 2017, following the Wii U's failure, which sold only 13.56 million units compared to the Wii's 100 million [5] - The Switch combines the features of both handheld and traditional consoles, allowing users to play on a large screen or on the go, thus merging Nintendo's dual product strategy into a single offering [6][7] Market Timing and Strategy - The timing of the Switch's release was crucial, as it countered the rising popularity of mobile gaming, which had negatively impacted the sales of previous consoles like the 3DS and Wii U [8] - Nintendo's strategy included leveraging its popular franchises and characters, with titles like "Mario Kart 8 Deluxe" selling over 70 million units, contributing to the console's popularity [9][10] Expansion of Intellectual Property - Nintendo has broadened its intellectual property reach beyond consoles, engaging in collaborations with theme parks, movies, and toys, which helped maintain interest in the Switch [11] - The recent success of the Super Mario movie in 2023 also revitalized interest in the Switch, demonstrating the effectiveness of this strategy [10][11] Future Prospects - Nintendo aims to replicate the success of the Switch with the recently launched Switch 2, which has already sold over 14 million units, making it the fastest-selling console in the company's history [12]

Core Viewpoint - PepsiCo reported strong quarterly earnings and revenue that exceeded analysts' expectations, driven by improving organic sales across its business [1][2]. Financial Performance - The company reported a fourth-quarter net income of $2.54 billion, or $1.85 per share, an increase from $1.52 billion, or $1.11 per share, a year earlier [1]. - Excluding restructuring and impairment charges, the adjusted earnings per share were $2.26, slightly above the expected $2.24 [2][3]. - Net sales increased by 5.6% to $29.34 billion, surpassing the expected $28.97 billion [2][3]. - Organic revenue, which excludes foreign currency effects, acquisitions, and divestitures, rose by 2.1% in the quarter [2]. Future Outlook - PepsiCo reiterated its outlook for 2026, which was initially provided in December [2].

Core Insights - Palantir reported $1.41 billion in revenue, exceeding LSEG estimates of $1.33 billion, with CEO Alex Karp claiming these are the best results in tech over the last decade [1] - The company's stock rose 10% in premarket trading after beating Wall Street's fourth quarter estimates, driven by increased spending on AI tools from both government and business sectors [2] - Palantir's revenue from U.S. government contracts grew by 66% year-on-year, highlighting strong demand for its software and data tools [2] Government Contracts - Palantir secured a software contract worth up to $10 billion with the U.S. Army in July and a $448 million deal with the U.S. Navy in December to enhance shipbuilding production [3] - The company is expected to see its operating margin increase from 50% to 65% over the next five years due to a rise in government and defense contracts [4] Market Sentiment - Despite a 135% increase in stock value in 2025, Palantir's shares were down 17% year-to-date as of the latest report, following a challenging end to 2025 [1] - Analyst Louie DiPalma noted that while Palantir's valuation remains high, it appears more reasonable compared to recent venture rounds in the AI sector [3] - Recent scrutiny has arisen regarding Palantir's work with U.S. Immigration and Customs Enforcement (ICE) following controversial incidents involving federal agents [4]