The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
1143 ET - Coty appoints Markus Strobel as executive chairman and interim CEO, succeeding Peter Harf and Sue Nabi, respectively. The switch up comes as the house of beauty and fragrance brands is conducting a strategic review of CoverGirl and its other mass-market beauty brands. While the company didn't provide an update on the review, Strobel emphasizes a significant opportunity to reinforce Coty's leadership in beauty and unlock multiple avenues for profitable growth and expansion. (connor.hart@wsj.com)
1141 ET - Fund traders were seen moving into wheat futures in the Commodity Futures Trading Commission's last Commitment of Traders report, dated through Dec. 9. Managed money traders were seen adding both long and short positions in soft- and hard-red winter wheat, while reducing short positions in spring wheat. Wheat futures are leading the CBOT higher Monday, with traders seeming to balance rising wheat production figures globally with escalation risks around the Russia-Ukraine conflict. "Traders must balance the broadening Russian attack on Ukraine against world wheat prices," says AgResource in a note. CBOT wheat is up 1% in today's session, while corn rises 0.4% and soybeans are up 0.3%. (kirk.maltais@wsj.com)
1139 ET -- There are more returns down the line for FedEx shareholders, Raymond James analysts Patrick Tyler Brown and David Hicks write in a note. Management's focus on minimizing costs, scrutinizing capital expenses, and returning capital to shareholders via dividends and buybacks "point to a more returns-oriented playbook," they write. "We believe that change is afoot with FDX's DRIVE program driving better margins, earnings and FCF in out years than fully appreciated." Though the Freight division underperformed relative to expectations and incurred some costs related to the spinoff, they see the segment going independent as a "key value unlock" for the company. They are raising FedEx's price target to $305 from $255. (elias.schisgall@wsj.com)
1110 ET - Orsted shares fall 18.50 Danish kroner, or 13.8%, after the U.S. Department of the Interior blocked construction of five offshore wind projects, two of which are owned by the Danish energy group. Revolution Wind and Sunrise Wind are among the windfarms nixed in a move Secretary of the Interior Doug Burgum says "is bringing common sense back to energy policy." Orsted shares are down 35.4% so far this year as President Trump's energy policy has pivoted away from the renewables sector. The U.S. had already issued a stop-work order in August for the Revolution project, a move which sent shares tumbling. Dominion Energy--owner of the Coastal Virginia Offshore Wind project, among those blocked--falls 4.3%. (josephmichael.stonor@wsj.com)
1014 ET - Paramount Skydance is willing to bet $5.8 billion that an acquisition of Warner Bros. Discovery won't be blocked by regulators. That figure, which Paramount raised from an initial $5 billion, now matches Netflix's unusually high termination provision. Netflix's deal is expected to face intense antitrust scrutiny, with the Justice Department already weighing how the tie-up would further cement Netflix's dominance in the media industry. Paramount climbs 6%, while Warner Bros. Discovery gains 3%. (connor.hart@wsj.com)
0852 ET - Companies in the AI field could face 'valuation dispersion' over the coming years, Morgan Stanley strategists say in a note. Companies that use AI to improve their productivity and lower costs are likely to "re-rate higher while others fall behind", the strategists say. (miriam.mukuru@wsj.com)
0843 ET - Paramount Skydance is amending its bid for Warner Bros. Discovery, continuing its attempt to beat out Netflix to acquire the entertainment company. Paramount says billionaire Larry Ellison is agreeing to personally guarantee $40.4 billion of equity financing for the deal and publish records related to the family trust that backstops the deal. Paramount is offering $77.9 billion, or $30 a share, for all of Warner Bros. Discovery, compared with Netflix's $72 billion proposal for its studios and streaming assets. Paramount and Warner Bros. Discovery climb 3.4% and 4%, respectively, while Netflix edges 0.4% higher. (connor.hart@wsj.com)
0742 ET - Aritzia is likely to beat 3Q EPS expectations thanks to "outsized revenue growth from same-store sales growth, new store openings and its successful mobile app," TD Cowen's Brian Morrison says. What's more, he adds, this should be a positive for the stock, which has more than doubled since the start of the year. How much upside, however, depends on "the magnitude of the F2026 guidance raise and confidence for ongoing revenue momentum in F2027." (adriano.marchese@wsj.com)
0742 ET - Contracts agreed by oil services group Saipem mean the company has already covered the low-to-mid-single digit percentage revenue growth for 2026 that the market expects, analysts at Jefferies write. The Italian company said Sunday it had been awarded a contract worth around $3.1 billion from QatarEnergy LNG for offshore engineering, procurement, construction and installation. The contract is material, the analysts write, and is "a timely reminder of continued supportive offshore investment" in the sector. Shares are up 3.2%, but down 2.3% over the year to date. (josephmichael.stonor@wsj.com)
0734 ET - The European Commission says it welcomes the recently released beta version of Apple's iOS 26.3 operating system. The watchdog says that developers can now test interoperability with two new features that came up as part of an EU investigation into the company's terms for connected devices such as smartwatches in March this year under the Digital Markets Act. "The DMA creates new opportunities for developers to bring to market innovative products and services in Europe," says a spokesperson. "This is another step towards a more inter-connected digital ecosystem to the benefit of all EU citizens," the spokesperson says. (edith.hancock@wsj.com)
0728 ET - U.K. banks' ratings could decline after a proposal to lower banks' capital requirements, Fitch Ratings says in a note. The Bank of England Financial Policy Committee recently proposed reducing the minimum capital that banks are required to hold. "Lower capital ratios accompanied by faster loan growth and a higher risk appetite would be particularly credit negative." (miriam.mukuru@wsj.com)
0728 ET - The euro stands to benefit from increased central bank appetite for the currency, MUFG Bank analysts say in a note. This appetite has long been depressed due to the euro-area debt crisis, the start of negative rates, Brexit, Covid-19 and Russia-Ukraine war, they say. "While the war continues, the end of negative rates and the reaching of capacity to diversifying into smaller currencies means the euro will likely become a viable option once again." If central banks continue to slowly diversify foreign exchange reserves away from the dollar, the euro is better placed to take advantage over coming years, they say. (renae.dyer@wsj.com)
(END) Dow Jones Newswires
December 22, 2025 11:43 ET (16:43 GMT)
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