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Thursday, February 12

Noteworthy macro moves today: Bitcoin +1.9%. Ethereum +2.7%. USD/CNH -0.2%. Noteworthy US mega-cap moves today: Exxon Mobil Corp (XOM) -1.0%. JPMorgan Chase & Co (JPM) +0.9%. Eli Lilly and Co (LLY) +0.9%.

Global equity markets are trading higher following the release of U.S. jobless claims data this morning, which showed initial claims fell to 227,000, slightly above expectations of 222,000 but indicating ongoing labor market resilience. This data has contributed to a positive sentiment in U.S. indices as traders reassess their expectations for Federal Reserve rate cuts amid strong employment figures.

Additionally, Bitcoin and Ethereum have seen gains of approximately 1.9% and 2.7%, respectively, as market participants react to mixed economic signals and the potential for future upward movement in risk assets despite recent volatility linked to Fed rate expectations. The overall cryptocurrency market is facing headwinds due to concerns about economic uncertainties impacting risk appetite.

In Europe, equity indices are also trading higher on the back of strong corporate earnings reports from major companies like Siemens and Hermes, which have bolstered investor confidence despite some weaker economic indicators from the UK showing declines in manufacturing output and construction activity this morning.

iShares MSCI Germany ETF (EWG) [+1.4%]
The iShares MSCI Germany ETF (EWG) has seen a price increase of 1.4% since Wednesday. The U.S. Labor Department reported stronger-than-expected job growth in January, with non-farm payroll employment rising significantly and the unemployment rate dropping. This positive labor market data may influence perceptions of economic stability, potentially affecting EWG's performance, which tracks large- and mid-cap German companies. Additionally, ongoing tensions between the United States and Iran have caused fluctuations in oil prices, which can indirectly impact European markets, including Germany. Among EWG's holdings, significant contributors to its performance included SAPGF, SAP, and Deutsche Bank, each showing positive returns. Furthermore, the Russell 2000 Index increased, reflecting broader market sentiment that may also influence EWG's performance.

iShares MSCI South Korea ETF (EWY) [+2.4%]
iShares MSCI South Korea ETF (EWY) has seen a notable increase of 2.3% since Wednesday's close. This uptick coincides with significant developments in the semiconductor sector, notably Samsung's commencement of mass production of its first commercial HBM4 memory module, which will be integrated into Nvidia's AI accelerators. Samsung is expected to supply about 30% of Nvidia's HBM4 needs. Additionally, ByteDance is reportedly considering Samsung for AI chip production, planning to manufacture 100,000 units this year and ramping up to 350,000 annually. Social media discussions have highlighted a 120% surge in Korea's stock market over the past 10 months, with Samsung and SK Hynix identified as primary drivers of EWY's performance. The Korean market has also risen over 30% since the year's start, underscoring the concentration of market movements around these key players. Furthermore, the S&P 500 Index has increased by 0.31%, reflecting broader market sentiment that may influence EWY's performance.

CSCO | -6.1% | -19.7B
Cisco Systems Inc | Communications Equipment
Cisco Systems reported second-quarter results with revenue of $15.3 billion, surpassing estimates of $15.1 billion, and an adjusted EPS of $1.04, exceeding expectations of $1.02. The company raised its full-year revenue forecast to between $61.2 billion and $61.7 billion, up from a prior range of $60.2 billion to $61 billion. Despite these positive metrics, shares experienced a decline in after-hours trading, dropping approximately 3.7%. Product revenue reached $11.64 billion, exceeding the estimated $11.29 billion, while service revenue was $3.71 billion, slightly below expectations. The adjusted gross margin was reported at 67.5%, below the anticipated 68.1%. Cisco anticipates third-quarter revenue between $15.4 billion and $15.6 billion, with adjusted EPS expected in the range of $1.02 to $1.04. The company declared a quarterly dividend of $0.42 per share, reflecting a 2% increase over the previous quarter's dividend.

MU | +4.0% | +18.8B
Micron Technology Inc | Semiconductors
Micron Technology Inc. has seen a notable price increase, rising significantly in premarket trading following a robust Q4 outlook from Kioxia, which positively affected the memory sector. Shares of Micron rose after a previous session increase, alongside gains for other memory suppliers like SanDisk and Samsung. At a recent Wolfe conference, Micron's CFO Mark Murphy announced the commencement of customer shipments for its new high-bandwidth memory product, HBM4, ahead of schedule, citing strong demand for the product operating above 11 gigabits per second. The market sentiment is further buoyed by social media discussions highlighting Kioxia's optimistic projections and the ongoing demand for memory products driven by AI technologies, suggesting favorable conditions for Micron and its peers in the memory chip manufacturing sector.

APP | -7.5% | -10.4B
Applovin Corp | Application Software
Applovin Corp's stock has declined significantly in pre-market trading following its fourth-quarter earnings report released on February 11, 2026. Despite reporting revenue of $1.66 billion and earnings per share of $3.24, both surpassing analyst expectations, the stock fell approximately 4%. The company provided optimistic guidance for the first quarter, projecting revenues between $1.745 billion and $1.775 billion. However, several analysts adjusted their price targets downward, with Goldman Sachs reducing its target to 585 from 710 and Wells Fargo lowering its target to 543 from 735. Social media discussions reflect a mixed sentiment regarding the earnings report, highlighting a year-over-year revenue increase of 66% and net cash from operating activities of 1.31 billion for Q4. Concurrently, recent jobless claims data indicated mixed labor market signals, which may have influenced market sentiment surrounding Applovin Corp.

BUD | +2.8% | +4.0B
Anheuser-Busch Inbev SA | Brewers
Anheuser-Busch InBev reported its fourth-quarter earnings, revealing an underlying EPS of 0.95, surpassing last year's 0.88 and exceeding analysts' expectations of 0.89. Revenue for the quarter reached 15.56 billion, slightly above the consensus estimate of 15.51 billion. The company noted a total organic volume decline of 1.5%, which was an improvement from the anticipated decline of 2.7%. Growth in Africa and South America, alongside premium brands like Corona, offset weaknesses in western markets. For fiscal year 2026, Anheuser-Busch InBev anticipates EBITDA growth of 4% to 8%, with capital expenditures projected between 3.5 billion and 4 billion. Additionally, a final dividend of EUR 1.00 per share has been proposed. In pre-market trading, shares have increased by approximately 2.9%.

STX | +4.4% | +3.9B
Seagate Technology Holdings PLC | Technology Hardware, Storage & Peripherals
Seagate Technology Holdings PLC has announced a $600 million note exchange for cash and shares, enhancing its financial flexibility and capital structure. Additionally, the company will participate in upcoming investor events, which may facilitate engagement with stakeholders. Concurrently, social media discussions highlight Kioxia's strong outlook for Q4, contributing to a surge in memory stocks, including Seagate. The stock has moved significantly higher since Wednesday.

MELI | +3.6% | +3.8B
MercadoLibre Inc | Broadline Retail
MercadoLibre Inc has announced a commercial partnership with Assai, set to begin in March, which will enable the e-commerce platform to sell Assai products while managing their storage and delivery. This strategic collaboration is expected to enhance MercadoLibre's product offerings and operational capabilities. Additionally, JPMorgan has upgraded MercadoLibre's rating to Overweight from Neutral, increasing the price target to 2,800 from 2,650, reflecting valuation considerations following the stock's recent underperformance. The upgrade coincides with Shopee's recent increase in take rates, suggesting a more favorable market environment for e-commerce. Analysts maintain a positive outlook on MercadoLibre, with a consensus rating of "Moderate Buy" and a majority leaning towards "Buy."

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