The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
1408 ET - Intel's potential for a successful foundry business could take an additional two to three years, BofA Securities analysts say in a note. With struggles to deliver the right manufacturing yield for its own products at its current-generation 18A node, Intel "may not be able to promise flawless execution to external customers at the more advanced 14A process," especially in a market where it has no scale or history of execution, the analysts say. Even if Intel got a few billion dollars in external revenue, it likely wouldn't move the needle in a business that is doing $50 billion in sales currently, they say. They back their underperform rating, noting the stock appears well ahead of Intel's ability to offer a competitive and profitable business model. (kelly.cloonan@wsj.com)
1353 ET - The number of rigs drilling for oil in the U.S. increased by one this week to 411, or 61 fewer than a year ago, oil services company Baker Hughes reports. The U.S. has had record oil output despite lower drilling thanks to efficiency gains. The EIA in its latest outlook expects production to average 13.6 million barrels a day this year, little changed from 2025, and then drop in 2027 as lower prices lead to less drilling. "I don't see companies spending a lot of money in here, I think they're still going to allocate cash to shareholders," says Marcus McGregor, head of commodity research at investment management firm Conning. "With WTI in the $50s and maybe going lower, I don't see it averaging much more than 13.6 million barrels a day this year."(anthony.harrup@wsj.com)
1349 ET - Intel's rollout of its 18A chip fabrication technology and its Panther Lake processor is clearly a positive step following a number of skipped launches, according to Wedbush in a note. But analysts Matt Bryson and Antoine Legault say the timeline and trajectory for the technology to bear fruit is still unclear. "It is still very difficult (we'd argue nearly impossible) to properly understand and model the expected longer term benefit" enough to shift estimates around the company's EPS and margin trajectory, they say. The analysts back their neutral rating on the stock and $30 price target. Intel slides 17% after swinging to a 4Q loss and forecasting further losses in 1Q. (kelly.cloonan@wsj.com)
1323 ET - Alcoa reported a 4Q headline beat, but analysts at UBS say the underlying performance was a bit more complicated. While the aluminum producer's adjusted EBITDA of $546 million topped consensus estimates, the analysts note the figure was propped up by roughly $57 million in one-off CO2 credits that weren't in previous guidance. Strip those away, and the results actually missed the mark, they add. Though the company is targeting the sale of a legacy U.S. asset in the first half of 2026, the analysts say that a projected build in working capital and a potential rise in net debt during the first quarter suggest that share buybacks "are not imminent." Alcoa is down 1.5%. (amira.mckee@wsj.com)
1319 ET - Intel sounds more bullish on demand, and more confident in its ability to sign an external customer for its 14A technology, Truist Securities analysts say in a note. The chipmaker's revenue in its last quarter would have been higher if not for supply challenges, and it expects above-seasonal demand this year after the first quarter, the analysts say, citing management commentary. Intel also suggested it could secure an external customer for 14A in the second half of the year, which would lift longer-term revenue but further delay profitability, the analysts say. "The narrative is better now, but justifying upside from here is challenging," they say. (kelly.cloonan@wsj.com)
1257 ET - Intel could possibly sign deals with one or more of some of the biggest tech players with the release of its 14A production design kit late this year, UBS analysts say in a note. They point to Nvidia, Apple, Amazon or a high-end consumer product as potential customers. "This will likely be a positive catalyst," they say, "but we still struggle with the earnings power here." They raise their price target on the stock to $52 from $49.(kelly.cloonan@wsj.com)
1246 ET - The negative investor sentiment surrounding Fortinet is off-base, say TD Cowen analysts who upgrade the stock to buy. The analysts say their channel checks suggest fourth-quarter revenue upside, while concerns about rising memory costs are overblown. A positive demand backdrop exists across the company's core markets with network security a top budget priority cited by the majority of respondents in a TD Cowen survey. "AI is not eating security software but rather augmenting it," the analysts say. Shares rise 5.6%. (nicholas.miller@wsj.com)
1239 ET - CBOT grain futures are higher, with some traders looking to the status of row crops growing in Argentina. Rainfall is seen as limited in the country's growing areas, which may impact crop yields. "We are seeing more weather concern on Argentine crops with soybean ratings dropping for 2 straight weeks," says Karl Setzer of Consus Ag Consulting. "Corn yield is also being trimmed in Cordoba as well with limited rain in the forecast." How crops fare in South America is a driver for export market prices, in turn affecting CBOT grain futures. Corn rises 1.4%, soybeans climb 0.5%, and wheat is up 1.9%. (kirk.maltais@wsj.com)
1234 ET - Intel's struggle to keep up with demand "reads very positively for AMD," UBS analysts say in a note. Intel is contending with an inventory shortage that makes it tough to benefit from a big uptick in demand for its chips used in data-center servers, the analysts say. "Supply will improve from here, but the structural disadvantages of Intel's roadmap versus AMD are still worsening," the analysts say, noting Intel risks missing much of the server market's AI-related upside. "AMD must be gaining share by leaps and bounds" in the server CPU market, they add. (kelly.cloonan@wsj.com)
1223 ET - Clorox sees an opportunity to improve marketing and retail share for Purell, whose parent company Gojo Industries is being bought by Clorox for $2.25 billion. Gojo hasn't invested much in marketing or retail innovation, Clorox CEO Linda Rendle tells analysts on a Thursday call, adding that the company zeroed out its market share in retail during the Covid-19 pandemic to meet demand from professional customers. "But they're at a point now where they see so much opportunity and they need a partner to help them do it," Rendle says of Gojo. "They're really excited about what we can bring to the table on the retail side." (elias.schisgall@wsj.com)
1213 ET - Sentiment around Deckers Outdoor appears mixed, UBS analysts say in a note. Conversations with investors, as well as a decline in short interest in the stock since the company's latest earnings report, suggest that views have improved recently, the analysts say, noting industry data also shows Hoka's direct-to-consumer trends are getting better. But some investors are concerned that UGG's holiday sales were lackluster, and worry about its trajectory after two years of solid growth, the analysts say. Others worry Hoka could be hurt by Nike's comeback, they say. (kelly.cloonan@wsj.com)
1206 ET - In buying Purell-maker Gojo Industries, Clorox is getting a complementary brand to its own health & wellness business, Morgan Stanley analysts write in a note. Purell skews toward business-to-business and has high awareness but little household penetration, while 80% of Clorox's brand sales are in retail surface cleaning, they write, creating a major retail opportunity for Purell. In professional settings, the two brands are also complementary, with Purell performing best in government and health care settings, while Clorox is strong in schools and offices. "Pro forma, the combination creates a $3.5B+ health and hygiene brand portfolio with No. 1 or No. 2 share positions across solid growth categories," the analysts write. Clorox gains 2.3%.(elias.schisgall@wsj.com)
(END) Dow Jones Newswires
January 23, 2026 14:08 ET (19:08 GMT)
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