Midday Fly By: JPMorgan reports mixed Q4, L3Harris to form new missile company

The major averages were mixed near noon following yesterday’s gains, with JPMorgan bogging down the Dow as investors digest its earnings as well as new data, including the U.S. consumer price index. The release may be seen helping to shape expectations for Federal Reserve policy and the pace of potential rate cuts later this year. The annual inflation rate remained stable at 2.7%, while the core annual rate also remained at 2.6%, the lowest since 2021.

Looking to commodities, gold edged higher as the “safe haven” asset continues to reach for record highs. Oil was surging ahead of this afternoon’s API crude numbers release as investors await more information on the situation in Venezuela.

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

1. STOCK NEWS:

• JPMorgan (JPM) reported mixed Q4 results and provided its outlook for FY26
• Delta (DAL) reported upbeat Q4 earnings and revenue and provided guidance for Q1 and FY26
• L3Harris (LHX) announced the creation of a new missile solutions company, adding that it will pursue an IPO of the unit in 2H26
• Boeing (BA) reported 600 commercial airplane deliveries in FY25
• Microsoft (MSFT) announced a 5-point-plan for “Community-First AI Infrastructure” as Trump lauded the company amid criticism of utility bill increases amid data center builds

2. WALL STREET CALLS:

• Intel (INTC) upgraded to Overweight at KeyBanc
• AMD (AMD) upgraded to Overweight at KeyBanc
• Arm (ARM) downgraded to Neutral at BofA
• Charter (CHTR) downgraded to Underweight at Wells Fargo
• MGM Resorts (MGM) downgraded to Hold at Truist

3. AROUND THE WEB:

• BlackRock (BLK) plans to cut hundreds of jobs as part of a regular round of layoffs to improve efficiency, Reuters reports
• Apple’s (AAPL) services business continues to be a major profit engine, delivering record results in 2025 and entering 2026 with a focus on innovation, privacy, and customer experience, The Hollywood Reporter says
• Google (GOOGL) removed AI Overviews for two liver health queries after experts warned of “alarming” results, but slight tweaks still trigger AI responses, Guardian reports
• UBS (UBS) CEO Sergio Ermotti plans to step down in April 2027, FT says
• Citi (C) is expected to reduce its headcount by about 1,000 jobs this week as part of CEO Jane Fraser’s cost-cutting efforts, Bloomberg says

4. MOVERS:

• Lithium Argentina (LAR) higher in New York after Deutsche Bank upgraded the stock to Buy
• HIVE Digital (HIVE) increases after announcing its expansion into Paraguay
• Arcus Biosciences (RCUS) gains after Goldman Sachs upgraded the stock to Buy
• Travere Therapeutics (TVTX) lower after the FDA requested further characterization of the clinical benefit of FILSPARI
• Wealthfront (WLTH) falls after reporting Q3 results

5. EARNINGS/GUIDANCE

• Illumina (ILMN) provided guidance for Q4 and FY25
• Concentrix (CNXC) reported Q4 results and provided guidance for Q1 and FY26
• Sight Sciences (SGHT) reported preliminary Q4 results, with CEO Paul Badawi commenting, “We are pleased with our progress in the fourth quarter”
• BNY Mellon (BK) reported Q4 results with EPS and revenue beating consensus
• Cardinal Health (CAH) raised its guidance for FY26

INDEXES:

Near midday, the Dow was down 0.61%, or 304.97, to 49,285.23, the Nasdaq was up 0.17%, or 40.72, to 23,774.63, and the S&P 500 was down 0.07%, or 5.05, to 6,972.22.