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Friday, February 7

Noteworthy macro moves today: Copper +2.0%. Ethereum +3.2%. Bitcoin +2.4%. Noteworthy US mega-cap moves today: Amazon.com Inc (AMZN) -2.5%.

The U.S. labor market data released today indicates mixed results, with non-farm payrolls increasing by 143,000 jobs in January—significantly below the expected increase of 170,000 and down from a revised gain of 307,000 in December. However, the unemployment rate fell to 4.0%, slightly better than expectations that had forecasted it would remain at 4.1%. This divergence between job growth and declining unemployment may create uncertainty regarding future Federal Reserve interest rate decisions.

In Canada, employment figures exceeded forecasts as net job additions reached an impressive total of 76,000 for January compared to an anticipated rise of only about 25K; this has contributed to a decrease in the national unemployment rate from previously reported levels. The robust performance suggests that Canada's economy is maintaining strength despite broader economic uncertainties tied to trade policies affecting North America.

European markets are reacting cautiously ahead of key macroeconomic indicators while grappling with recent disappointing industrial production numbers out of Germany showing a decline greater than analysts predicted (-2.4% vs -0.6%). Additionally, France's current account surplus improved unexpectedly alongside narrowing trade deficits; these developments reflect ongoing adjustments within major economies amidst fluctuating global conditions influenced by geopolitical tensions surrounding tariffs and central bank policy shifts.

Ethereum (ETH/USD) [+3.2%]
Ethereum (ETH/USD) has seen an increase, currently up by approximately 3.2%. Additionally, President Trump's renewed tariff proposals on Eurozone countries have introduced uncertainty, potentially driving investors towards cryptocurrencies as alternative stores of value. Institutional interest in digital assets is underscored by Franklin Templeton's filing for a cryptocurrency index ETF focusing on Bitcoin and Ether. Notably, BlackRock has acquired 3,840 ETH, valued at around $10.36 million, which has generated significant discussion on social media regarding the implications of such large institutional purchases. Furthermore, a new integration allowing ETH to bridge across over 60 networks was announced this morning, which may impact its market dynamics.

iShares China Large-Cap ETF (FXI) [+1.5%]
The iShares China Large-Cap ETF (FXI) has experienced a price increase of 1.5% since Thursday. In the latest market activity, China's Shanghai Composite rose, along with the Shanghai Shenzhen CSI 300 and Hong Kong's Hang Seng Index, suggesting a positive sentiment in the region. Social media discussions have highlighted a breakout in the Hang Seng Index and expressed bullish sentiment towards major Chinese technology companies, including FXI. Notably, Li Auto Inc. received an upgrade to "outperform," contributing positively to FXI's performance, alongside JD and TCOM.

PINS | +21.5% | +6.0B
Pinterest Inc | Interactive Media & Services
Pinterest Inc. reported its fourth-quarter results on February 6, 2025, achieving revenue of $1.15 billion, an 18% increase year-over-year, surpassing the consensus estimate of $1.14 billion. The adjusted earnings per share were $0.56, below expectations of $0.65. Monthly active users grew by 11% to 553 million. For the first quarter of 2025, Pinterest forecasts revenue between $837 million and $852 million, exceeding analyst estimates. A significant 90% year-over-year increase in advertiser clicks was disclosed, reflecting strong engagement with its AI-driven tools, particularly among Gen Z users. Following these announcements, Pinterest's stock surged over 22%, with analysts reacting positively; Bernstein upgraded PINS to Outperform with a new price target raised to $41 from $34. Wells Fargo and Barclays also increased their price targets, suggesting a consensus regarding the company's strong performance and outlook.

EXPE | +11.2% | +2.9B
Expedia Group Inc | Hotels, Resorts & Cruise Lines
Expedia Group Inc reported robust fourth-quarter earnings, achieving an adjusted EPS of 2.39, surpassing the analyst consensus estimate of 2.02 by over 18%. Revenue reached 3.18 billion, exceeding expectations of 3.07 billion and reflecting a year-over-year increase of 10.3%. Booked room nights grew by 12%, contributing to total gross bookings of 24.42 billion, which represents a 13% increase year-over-year. The company also reinstated a quarterly dividend of 0.40 per share. Following the earnings announcement, Expedia's stock experienced a notable increase, rising approximately 10% in after-hours trading and further climbing to around 172.57 in pre-market activity.

ILMN | -7.1% | -1.3B
Illumina Inc | Life Sciences Tools & Services
Illumina Inc reported its fourth-quarter results on February 6, 2025, with revenue of $1.10 billion, slightly exceeding estimates of $1.09 billion. The adjusted EPS was $0.95, surpassing the consensus estimate of $0.92. Despite this, revenue declined by $18 million year-over-year. Analysts from Leerink Partners and Baird have lowered their price targets to $150 and $127, respectively. For fiscal year 2025, Illumina's guidance includes an adjusted EPS forecast of $4.50 to $4.65 and revenue expectations of $4.28 billion to $4.40 billion, aligning closely with analyst predictions. Social media discussions highlighted the company's core adjusted EPS of $0.95 and a gross margin of 65.9%, while the total revenue for fiscal year 2024 was reported at $4.3 billion, down 2% from the previous year.

TTWO | +9.3% | +3.2B
Take-Two Interactive Software Inc | Interactive Home Entertainment
Take-Two Interactive Software Inc. reported its fiscal third-quarter results on February 6, 2025, disclosing a net loss of $125.2 million, or $0.71 per share, compared to a loss of $91.6 million, or $0.54 per share, in the prior year. Revenue for the quarter reached $1.37 billion, slightly below the consensus estimate of $1.39 billion. The company maintained its fiscal year 2025 net bookings outlook at $5.55 billion to $5.65 billion. Notably, strong performances from NBA 2K and anticipated game launches, including Grand Theft Auto VI in fall 2025, were highlighted by the CEO. Analysts raised price targets for Take-Two, with MoffettNathanson increasing it to $170 and Benchmark lifting it to $225. Following the earnings announcement, the stock price increased significantly, reflecting market reactions to the results and guidance provided.

AFRM | +12.9% | +2.8B
Affirm Holdings Inc | Transaction & Payment Processing Services
Affirm Holdings Inc. reported its Q2 2025 earnings, posting an earnings per share (EPS) of $0.23, significantly exceeding the consensus estimate of a loss of $0.15. Revenue for the quarter reached $866.4 million, surpassing expectations of $807.2 million and reflecting a year-over-year increase of 46.6%. The company’s gross merchandise volume (GMV) was $10.1 billion, up 356% year-over-year. For Q3 FY2025, Affirm projected revenue between $755 million and $785 million, while its full-year revenue guidance for FY25 is set at $3.13 billion to $3.19 billion, above analyst consensus of $3.11 billion. Following the earnings report, Affirm's stock surged approximately 12% in after-hours trading, driven by these robust results and optimistic guidance. Mizuho raised its price target for AFRM to $84 from $78, citing strong financial performance and increased GMV guidance.

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