Big banks report Q4 beats, QXO proposes to buy Beacon: Morning Buzz

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• JPMorgan (JPM) reported better-than-expected Q4 earnings, with CEO Jamie Dimon saying the bank concluded the year with a “strong” quarter
• Wells Fargo (WFC) reported upbeat Q4 earnings but lower-than-expected quarterly revenue
• Citi (C) reported better-than-expected Q4 results and authorized a $20B stock repurchase program
• Goldman Sachs (GS) reported upbeat Q4 earnings and revenue, with CEO David Solomon saying he is “very pleased” with the quarter’s results
• QXO (QXO) proposed to acquire Beacon Roofing Supply (BECN) for $124.25 per share in cash

2. WALL STREET CALLS:

• Adobe (ADBE) upgraded to Neutral at Exane BNP Paribas on valuation
• SentinelOne (S) downgraded at UBS and initiated with bullish view at Oppenheimer
• Wolfe downgraded Lam Research (LRCX) on “bearish” NAND call
• William Blair started coverage of SoFi (SOFI) and Affirm (AFRM) with Outperform ratings
• Deutsche Bank upgraded Digital Realty (DLR) to Buy

3. AROUND THE WEB:

• Lineage (LINE) is laying off staff six months after launching the largest IPO in the U.S. last year, WSJ reports
• Meta (META) has dismantled a system that identified viral hoaxes and limited their reach, Platformer reports
• China is tightening its scrutiny of Apple (AAPL) and other U.S. tech firms’ exports under its dual-use export controls, Nikkei Asia says
• Brussels is reassessing its investigations of tech groups including Apple (AAPL), Meta (META), and Google (GOOGL) as the U.S. companies urge president-elect Donald Trump to intervene against what they characterize as overzealous E.U. enforcement, FT reports
• The U.S. plans to unveil more regulations to keep chips made by TSM (TSMC), Samsung (SSNLF), and other producers from flowing to China, Bloomberg says

4. MOVERS:

• Quantum Computing (QUBT) higher after collaborating with Sanders TDI
• D-Wave Quantum (QBTS) gains after announcing a distribution partnership with Carahsoft Technology
• IonQ (IONQ) increases after saying it will serve as an anchor partner in Maryland’s “Capital of Quantum” initiative
• Keros Therapeutics (KROS) falls after voluntarily halting all dosing of its Phase 2 TROPOS trial
• Fortuna Silver Mines (FSM) lower in New York after selling 100% interest in San Jose Mine

5. EARNINGS/GUIDANCE:

• BlackRock (BLK) reported Q4 results, with EPS and revenue beating consensus
• Unity Bancorp (UNTY) reported Q4 results, with CEO James Hughes commenting, “We achieved both a record year and a record quarter of earnings”
• BNY Mellon (BK) reported Q4 results, with EPS and revenue beating consensus
• Compass (COMP) raised its guidance for Q4
• Cytek Biosciences (CTKB) provided guidance for FY24 and Q4

INDEXES:

Near midday, the Dow was up 1.31%, or 557.85, to 43,076.13, the Nasdaq was up 1.75% , or 333.26, to 19,377.65, and the S&P 500 was up 1.32%, or 76.94, to 5,919.85.