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Friday, February 6

Noteworthy macro moves today: Bitcoin +7.1%. Nikkei 225 Index (Japan) +2.5%. Ethereum +7.2%. Noteworthy US mega-cap moves today: Amazon.com Inc (AMZN) -8.2%. Eli Lilly and Co (LLY) +3.8%. Broadcom Inc (AVGO) +3.6%. 

Global equity markets are trading higher as investors react positively to a mix of economic data and developments in the tech sector, following a significant selloff earlier in the week. Notably, Bitcoin and Ethereum have surged by over 7%, reflecting renewed interest in cryptocurrencies amidst ongoing volatility.

In Canada, employment data released today showed an unexpected loss of 24.8K jobs for January, contrasting sharply with expectations of a gain of 7.0K jobs. However, the unemployment rate fell to 6.5%, indicating some underlying strength in the labor market despite job losses. This mixed report has shifted market sentiment negatively regarding Canadian economic conditions as analysts reassess their outlooks.

Additionally, Germany's industrial production fell by 1.9% month-on-month in December, significantly worse than expectations of a 0.3% decline. This raises concerns about ongoing weaknesses within the German economy amid broader European challenges. This disappointing data has contributed to cautious sentiment among investors regarding future economic performance across Europe.

Bitcoin (BTC/USD) [+6.6%]
Bitcoin has rebounded above $66,000 after a drop to around $60,000 overnight, yet it remains down significantly for the week. China has intensified its cryptocurrency restrictions, now banning domestic entities from issuing unapproved cryptocurrencies abroad. Social media reports indicate unusual selling pressure on Bitcoin, with record trading volumes and significant ETF outflows totaling $434 million. A Bithumb employee mistakenly sent 2,000 BTC during an airdrop, contributing to a 10% price drop on that exchange. Whale and shark wallet holdings have decreased to a nine-month low, while retail investors are accumulating at 20-month highs. Additionally, Microstrategy's Bitcoin losses have surpassed $12 billion, reflecting ongoing market challenges. The Crypto Fear and Greed Index has fallen to extreme fear levels not seen since the FTX collapse, highlighting the current turbulent environment for Bitcoin.

SPDR Gold Shares (GLD) [+2.1%]
SPDR Gold Shares (GLD) has experienced a notable price increase of 2.1% since Thursday. This movement coincides with a recent surge in gold prices, attributed to increased demand for safe-haven assets amid geopolitical tensions, with spot gold rising significantly overnight. Concurrently, the CME has announced an 11% increase in maintenance margins for gold futures, marking the third such increase in ten days. Social media discussions have highlighted margin calls affecting GLD and SLV, suggesting potential market volatility. Silver has also seen a substantial rise, correlating with GLD's performance, as both assets respond similarly to macroeconomic factors. Overall, these developments reflect a dynamic trading environment for gold, driven by external pressures and seasonal patterns favoring the asset.

AMZN | -8.1% | -171.4B
Amazon.com Inc | Broadline Retail
Amazon.com Inc. is experiencing significant challenges following Germany's Bundeskartellamt's decision to prohibit the company from implementing price controls on its marketplace due to antitrust concerns. This ruling, which may be appealed, could adversely affect Amazon's competitive stance in Germany. In its fourth-quarter earnings report, Amazon reported revenues of $213.4 billion, exceeding estimates, yet earnings per share of $1.95 fell short of the anticipated $1.97. The company has also projected capital expenditures for 2026 at $200 billion, substantially higher than previous forecasts of $146.11 billion, raising concerns about its spending strategy. Following these announcements, Amazon shares dropped significantly in after-hours trading. Despite the revenue beat, there is skepticism regarding the sustainability of such high capital expenditures, as analysts caution that this spending plan could impede free cash flow generation.

STLA | -26.0% | -5.3B
Stellantis NV | Automobile Manufacturers
Stellantis NV has announced substantial charges of approximately €22.2 billion due to a strategic pivot away from electric vehicles, attributing this shift to diminished expectations for EV sales amid soft demand. This morning's announcement includes projected cash outflows of around €6.5 billion over the next four years and the suspension of its dividend for 2026. The company also plans to issue up to €5 billion in non-convertible subordinated perpetual hybrid bonds to bolster its balance sheet. In addition, Stellantis reported improved fourth-quarter shipments of 1.5 million units, reflecting a 9% year-over-year increase, although this growth is overshadowed by realignment needs with customer preferences and profitability concerns. The stock price has dropped significantly, with reports indicating a $26 billion write-down related to its electric vehicle business, contributing to a sharp decline of approximately 26% today.

ROIV | +14.8% | +2.7B
Roivant Sciences Ltd | Biotechnology
Roivant Sciences Ltd reported positive Phase 2 results for brepocitinib in cutaneous sarcoidosis, showing a significant improvement in the Cutaneous Sarcoidosis Activity and Morphology Instrument Activity score. The BEACON study indicated a 22.3-point increase for patients on the 45 mg dose, with 100% of these patients achieving at least a 10-point improvement, while the placebo group showed only a 0.7-point improvement. The treatment was well tolerated, with no serious adverse events reported. Roivant plans to advance brepocitinib into Phase 3 trials in 2026. In contrast, the company reported a Q3 loss of $0.38 per share, which exceeded consensus estimates, alongside a substantial revenue decline of 77.8% year-over-year, totaling $2 million. Despite these financial setbacks, the positive clinical data has coincided with a notable increase in the stock price.

UI | +8.7% | +3.3B
Ubiquiti Inc | Communications Equipment
Ubiquiti Inc. reported its second quarter fiscal 2026 financial results, revealing substantial growth. Revenue reached 814.9 million, marking a significant increase from the same quarter last year and surpassing consensus estimates. Adjusted earnings per share (EPS) were 3.88, exceeding analyst expectations by a notable margin. The company’s gross margin stood at 45.9%. This revenue growth was attributed to gains from both the Enterprise Technology and Service Provider Technology platforms. Additionally, Ubiquiti declared a regular dividend of 0.80 per share, with a record date set for February 17, 2026. Social media discussions highlight the company's strong performance, alongside speculation about a potential move to go private, noting that 93% of shares are owned by insiders.

RBLX | +10.7% | +4.6B
Roblox Corp | Interactive Home Entertainment
Roblox Corp reported its fourth-quarter results on February 5, 2026, revealing a narrower loss of $0.45 per share, better than the expected loss of $0.48. Revenue reached $2.22 billion, exceeding estimates of $2.09 billion and marking a significant year-over-year increase. Daily active users surged by 69% to 144 million, surpassing analyst forecasts, while hours engaged rose by 88% to 35 billion. The company provided optimistic guidance for fiscal year 2026, projecting bookings between $8.28 billion and $8.55 billion, well above the consensus of $7.87 billion. Operating cash flow for the quarter was robust at $607 million, reflecting a 229% increase year-over-year. Following these announcements, shares experienced a notable rise of approximately 20% in after-hours trading.

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