Core Viewpoint - U.S. stock futures are showing a cautious tone as investors react to mixed corporate earnings and await key economic data, following a recent rally in the broader markets [1][2] Premarket Trading and Futures Movements - U.S. stock futures are trending modestly lower, with Nasdaq 100 futures down 0.15%, S&P 500 futures down 0.04%, and Dow Jones Industrial Average futures down 0.05% [2] - Global markets are mixed, with GIFT Nifty futures indicating a soft start for domestic indices, down 0.22% [2] Commodity Markets - Crude oil prices are up 0.66%, gold futures have risen 0.62%, and silver futures surged 3.25%, indicating ongoing inflation concerns or a flight to safety [3] Major Market Indexes Performance - U.S. stock indices closed positively, with the Dow Jones Industrial Average up 0.62% to 49,405.00 points, S&P 500 up 0.55% to 6,916 points, and Nasdaq Composite up 0.91% [4] - Despite recent gains, S&P 500 and Nasdaq are poised for their second consecutive weekly loss, with S&P 500 down 0.23% over the past month but up 13.35% year-over-year [5] Upcoming Market Events - Key economic data releases include S&P Global Composite PMI, Manufacturing PMI, and Services PMI for January at 09:45 AM ET, followed by Michigan inflation expectations and consumer sentiment at 10:00 AM ET [6] Corporate Earnings Reports - Notable companies reporting earnings include Schlumberger Limited, Ericsson, First Citizens BancShares, Booz Allen Hamilton, and Webster Financial, which may influence stock movements [7] Federal Reserve's Monetary Policy - Market participants are monitoring signals regarding future interest rate adjustments, with expectations of two quarter-point rate cuts in 2026, though the median projection suggests only one cut this year [8] Major Stock News - Intel Corporation shares fell over 10% after issuing weaker-than-expected guidance, impacting other semiconductor stocks [9] - Meta Platforms, Inc. surged 5.7%, while GE Aerospace shares fell 7.4% despite positive profit guidance [10] Other Corporate Developments - TikTok has finalized a deal to continue operating in the U.S. through a majority American-led joint venture [12] - CSX Corporation reported a decline in profit and revenue due to subdued industrial demand, while Alcoa Corporation posted higher profits [12] - Tesla's CEO set an ambitious target for Optimus robots, potentially adding $20 trillion to Tesla's valuation [13]

Stock Market Overview - U.S. stocks finished higher with the Dow Jones Industrial Average up 0.6% to 49,384.01, S&P 500 up 0.55% to 6,913.35, and Nasdaq up 0.9% to 23,436.02 [1] Intel Corporation - Intel reported fourth-quarter revenue of $13.67 billion, exceeding estimates of $13.37 billion, with adjusted earnings of 15 cents per share compared to expectations of 8 cents [2] - Revenue declined 4% year over year, with Client Computing down 7% to $8.2 billion, while Data Center and AI revenue rose 9% to $4.7 billion [2] - For the first quarter, Intel guided revenue between $11.7 billion and $12.7 billion, projecting breakeven adjusted earnings [2] - Intel's stock rose by 0.13% to close at $54.32, but slipped 11.4% in after-hours trading to $48.11 [1][2] GE Aerospace - GE Aerospace reported fourth-quarter adjusted EPS of $1.57, beating estimates of $1.39–$1.44, on revenue of $11.87 billion, above expectations of $11.24 billion [4] - Commercial Engines & Services revenue increased to $9.47 billion, driven by a 31% year-over-year increase in Services [4] - For 2026, GE guided adjusted EPS of $7.10 to $7.40 and free cash flow of $8.0 billion to $8.4 billion [4] - GE Aerospace shares fell by 7.41% to close at $295 [3][4] Intuitive Surgical Inc - Intuitive Surgical reported fourth-quarter revenue of $2.87 billion, beating estimates of $2.75 billion, with adjusted EPS of $2.53 compared to expectations of $2.26 [6] - Revenue rose 19% year over year, supported by an 18% increase in worldwide da Vinci procedures [6] - The stock increased by 0.40% to close at $525.81, rising 2.38% in extended trading to $538.30 [5][6] Capital One Financial Corp - Capital One reported fourth-quarter earnings of $3.86 per share, missing estimates of $4.11, while revenue was $15.58 billion, beating expectations [8] - Total net revenue rose 1% to $15.6 billion, but pre-provision earnings fell 12% to $6.2 billion due to a 13% increase in non-interest expenses [8] - The company confirmed an agreement to acquire fintech Brex Inc. for $5.15 billion, split between cash and stock [8] - Capital One's stock rose by 1.76% to close at $235.07, but fell 3.3% in after-hours trading to $227.30 [7][8] Meta Platforms Inc - Meta Platforms' stock surged by 5.66% to close at $647.63, with an intraday high of $660.57 [10] - The company announced the global rollout of ads on its Threads platform, which has over 400 million monthly active users [10]

Core Insights - XTI Aerospace, Inc. will host an Investor Town Hall on February 5, 2026, to discuss strategic priorities for 2026 and the impact of the acquisition of Drone Nerds on the company's competitive position and growth potential [1][2] Group 1: Company Overview - XTI Aerospace focuses on advancing vertical flight technology and has acquired Drone Nerds, a provider of unmanned aircraft systems (UAS) [6] - The company is engaged in developing advanced vertical takeoff and landing (VTOL) aircraft that combine the range and speed of planes with the takeoff and landing capabilities of helicopters [6] Group 2: Strategic Priorities - The Town Hall will outline how the acquisition of Drone Nerds enhances revenue visibility and provides a foundation for long-term growth [2] - Key topics will include the integration of Drone Nerds' UAS capabilities, customer relationships, and alignment with national priorities in security and advanced aerospace technologies [10] Group 3: Market Opportunities - Recent FCC decisions to restrict foreign-made drones may create new opportunities for XTI and Drone Nerds [10] - XTI's growth roadmap includes plans to expand into commercial enterprise solutions and increase its presence in government and defense sectors [10]

Core Insights - European countries are sending military units to Greenland to explore opportunities for a NATO mission, indicating a strategic interest in the region [2] - President Trump initially imposed a 10% tariff on these countries but later reversed the decision after discussions, highlighting the volatility in international trade relations [2] Group 1: Industry Analysis - The aerospace, defense, and airline sectors are experiencing significant growth prospects, driven by geopolitical developments and military engagements [2] - The Aerospace Forum, led by an analyst with a background in aerospace engineering, aims to identify investment opportunities within these industries through data-informed analysis [2] Group 2: Investment Insights - The investing group provides access to data analytics monitors, which can enhance investment decision-making in the aerospace and defense sectors [2]

Core Insights - Deere & Co's chief financial officer, Joshua Jepsen, will resign from the company to take the same role at Honeywell's aerospace unit, ending a career of over two decades at Deere [1] Company Summary - Joshua Jepsen has been with Deere & Co for more than 20 years, indicating a significant leadership change within the company [1] - The transition of Jepsen to Honeywell's aerospace unit may impact Deere's financial strategies and operations moving forward [1] Industry Summary - The departure of a long-serving CFO like Jepsen could signal potential shifts in the agricultural equipment industry, particularly in how companies manage financial operations and strategic direction [1]

Core Insights - Nukkleus Inc. is focused on strategic acquisitions and partnerships in the aerospace and defense industry, aiming to build a robust portfolio that is expected to generate revenues of $20-22 million in 2026 [1][3]. Company Strategy - The company has executed a successful M&A strategy in 2025, completing multiple acquisitions and forming key partnerships to strengthen its foundation for future growth [1][3]. - Nukkleus is targeting businesses with proven revenue and operational synergies, positioning its portfolio to benefit from sustained demand in the defense sector [3][5]. Market Environment - The U.S. military and national security spending is projected to reach $1.5 trillion, reflecting a bipartisan commitment to defense readiness and modernization [2]. - Increased investments from NATO members and Indo-Pacific allies are driving demand for advanced aerospace and defense technologies globally [2]. Acquisitions and Partnerships - Nukkleus has completed several strategic acquisitions, including: - Star 26 Capital, Inc., which owns B. Rimon Agencies Ltd., Water.IO Ltd., Zorronet Ltd., and a convertible loan to ITS Industrial Techno-logic Solutions [6]. - Nimbus Drones Technologies and Tiltan Software Engineering Ltd., enhancing its capabilities in unmanned aircraft and defense technology [6]. - The company has also signed a three-year distribution agreement with BladeRanger Ltd. and a joint venture with Mandragola Ltd. to focus on aircraft modernization projects in the EU [12]. Future Outlook - Nukkleus aims to scale its recently acquired businesses, drive organic growth, and maintain operational reliability as part of its strategic outlook for 2026 [9]. - The company is committed to a disciplined acquisition approach, focusing on five core layers of the value chain, including manufacturing and tactical technologies [10][14]. - Nukkleus has identified over 400 potential acquisition targets across the U.S., Israel, and Europe, focusing on Tier-2 and Tier-3 manufacturers with strong customer relationships [13].

Core Viewpoint - Honeywell Aerospace is set to become an independent, publicly traded company in the second half of 2026, with a projected sales figure exceeding $15 billion for 2024, positioning it as one of the largest pure-play aerospace suppliers globally [5][6]. Leadership Appointments - Josh Jepsen will assume the role of Chief Financial Officer of Honeywell Aerospace starting February 23, 2026, bringing extensive experience from his previous position at Deere & Company [1]. - Bob Buddecke has been appointed President and Chief Executive Officer of Electronic Solutions, leveraging over 27 years of experience at Honeywell [2]. - Dave Marinick will take on the role of President and Chief Executive Officer of Engines & Power Systems, with a background of more than 37 years at Honeywell [3]. - Rich DeGraff will serve as President and Chief Executive Officer of Control Systems, contributing over 17 years of experience at Honeywell [4]. Strategic Focus - The leadership team will report to Jim Currier, who has been designated as the President and CEO of Honeywell Aerospace, aiming to sharpen strategic focus and align leadership with core technology platforms [4][6]. - The spin-off is expected to enhance Honeywell Aerospace's ability to capitalize on long-term growth trends in the aerospace and defense industry [5]. Business Units Overview - Honeywell Aerospace will consist of three main business units: - Electronic Solutions (ES), which provides integrated avionics, navigation, sensors, and space solutions [7]. - Engines & Power Systems (E&PS), focusing on propulsion systems and electric power solutions [7]. - Control Systems (CS), delivering mission-critical thermal and motion control systems for various aircraft [7]. Spin-off Details - The spin-off of Honeywell Aerospace is on track for completion in the second half of 2026, contingent upon customary conditions including regulatory approvals [6][8].

Core Insights - GE Aerospace reported strong fourth-quarter 2025 results, with revenues and earnings exceeding expectations, following its spin-off from General Electric in April 2024 [1][2] Financial Performance - Adjusted earnings for Q4 were $1.57 per share, surpassing the Zacks Consensus Estimate of $1.44, reflecting a 19% year-over-year increase [2][8] - Total revenues reached $12.7 billion, an 18% increase year-over-year, with adjusted revenues at $11.87 billion, up 20% year-over-year, beating the consensus estimate of $11.26 billion [2][3] - For the full year 2025, adjusted revenues were $42.3 billion, a 21% increase year-over-year, and adjusted earnings were $6.37 per share, up 38% year-over-year [3] Segment Performance - Revenues from the Commercial Engines & Services segment increased by 24% year-over-year to $9.47 billion, driven by higher shop visit work, spare parts, and favorable pricing, with total orders rising 76% to $22.8 billion [4] - The Defense & Propulsion Technologies segment reported revenues of $2.84 billion, a 13% increase year-over-year, with total orders up 61% to $4.57 billion [5] Cost and Margin Analysis - Cost of sales surged 23.7% year-over-year to $8.36 billion, while selling, general, and administrative expenses decreased by 13.8% to $997 million [6] - Research and development expenses rose 16.4% to $448 million, with operating profit (non-GAAP) at $2.3 billion, a 14% increase year-over-year, resulting in a margin of 19.2%, down 90 basis points year-over-year [6] Balance Sheet and Cash Flow - At the end of Q4 2025, GE Aerospace had cash and cash equivalents of $12.4 billion, down from $13.6 billion at the end of December 2024, with long-term borrowings increasing to $18.8 billion from $17.2 billion [7] - Adjusted free cash flow for Q4 was $1.76 billion, compared to $1.53 billion in the same quarter last year [9] Future Outlook - For 2026, GE expects low-double-digit revenue growth, with operating profit estimated between $9.85 billion and $10.25 billion, and adjusted earnings projected to be between $7.10 and $7.40 per share [10] - Free cash flow is anticipated to be in the range of $8.0 billion to $8.4 billion, with a conversion rate of over 100% [10] - The Commercial Engines & Services segment is expected to grow in the mid-teens range, while the Defense & Propulsion Technologies segment is projected to increase in the mid-to-high single-digit range [11]

Core Viewpoint - GE Aerospace reported better-than-expected fourth-quarter financial results and provided an optimistic FY26 EPS outlook, despite shares trading lower on the day of the announcement [1]. Financial Performance - The company guided for adjusted EPS of $7.10 to $7.40 for 2026, slightly above the $7.12 estimate, and projected free cash flow of $8.0 billion to $8.4 billion, with an adjusted effective tax rate below 17% and no planned debt repayment [1]. - GE Aerospace's fourth-quarter adjusted EPS was $1.57, exceeding Bank of America's estimate of $1.39 and Bloomberg's estimate of $1.44 [2]. - Revenues for the quarter reached $11.865 billion, surpassing Bank of America's estimate of $11.25 billion and Bloomberg's estimate of $11.236 billion [3]. Segment Performance - The Commercial Engines & Services segment generated $9.468 billion, beating Bank of America's estimate of $9.031 billion, driven by a 31% year-over-year increase in Services revenue due to higher shop visit volumes and spares output [3]. - The Defense & Propulsion Technologies segment reported $2.839 billion in revenue, above Bank of America's forecast of $2.628 billion, with Defense revenue up 2% despite a 7% volume decline, and Propulsion revenue rising 33% due to increased Avio volumes [4]. Analyst Insights - Bank of America analyst Ronald J. Epstein maintained a Buy rating on GE Aerospace with a price forecast of $365, citing strong fourth-quarter results driven by higher-than-expected revenue and margins [2]. - Epstein noted that GE Aerospace's 2026 outlook for revenue and adjusted EPS is favorable compared to Bank of America's estimates [4]. Stock Performance - GE Aerospace shares were down 5.52% at $305.81 at the time of publication [5].

Photographer: Chandan Khanna/AFP/Getty Images SpaceX has lined up four banks to lead its initial public offering, according to people familiar with the matter, as Elon Musk’s rocket and satellite firm moves forward with plans for the biggest-ever listing. The company sees Bank of America Corp., Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley in senior roles, the people said, asking not to be identified as the information isn’t public. Most Read from Bloomberg The Financial Times repo ...