The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
1101 ET - The $5.15 billion acquisition of Brex by Capital One could give the fintech the resources it needs to unlock its full growth potential, JPMorgan analyst Richard Shane writes in a note, calling management's strategic rationale for the acquisition compelling. He notes management comments suggesting that Brex's growth is already outpacing the business card market, which is itself growing at 9% annually, as it steals market share from both banks and software companies. Management indicated that the limiting factor seems to be Brex's financial resources. The acquisition gives Brex access to Capital One's travel portal, brand, and scale, while allowing Capital One to leverage Brex's platform for its own small business banking. Capital One is down 5.6%. (elias.schisgall@wsj.com)
1051 ET - European natural-gas prices could push even higher in the near-term, though the longer-term outlook remains bearish, analysts at ING say. EU gas storage is well below the five-year average and could end the heating season around 25% full, leaving the market vulnerable, according to the firm. Meanwhile, record short positions in TTF by funds also raise the risk of a short-covering rally in the event of supply shocks or extended cold spells. Looking ahead, however, the ramp up of global LNG export capacity is expected to push the market into surplus, putting further pressure on gas prices. ING expects TTF to average 30 euros a megawatt hour this year. In afternoon trading, prices are up 4.5% at 39.79 euros. (giulia.petroni@wsj.com)
1049 ET - Procter & Gamble could be poised to accelerate its organic sales growth after a challenging first half to its fiscal year, JPMorgan analyst Andrea Teixeira writes in a note, upgrading the stock to overweight. "At the earnings call Thursday morning, management gave much needed and hoped for reassurance that the company is on the right track to sequentially improve OSG from flat in FQ2 (1% in F1H) to about 2-3% in F2H," she writes. There are execution risks, she writes, but several factors are looking up for the back half of the fiscal year: underlying category growth improvement, the company lapping tough comps leaving the second quarter, and intervention tactics to stimulate growth that proved successful internationally. The worst seems to be behind, she writes. Procter & Gamble is up 1%.(elias.schisgall@wsj.com)
1044 ET - SLB expects near-term trends to remain tepid, despite its forecast for longer-term growth. Commodity prices will likely remain pressured during the first half of the year, and elevated geopolitical uncertainty is sparking some widespread cautiousness, CEO Olivier Le Peuch says on a call with analysts. Over the longer-term, though, SLB expects large-scale manufacturing and infrastructure investments--partially those tied to AI in the U.S. and China--to drive increased demand for both oil and gas. "As supply and demand continues to rebalance into 2027, conditions will likely support a gradual recovery," Le Peuch says. (connor.hart@wsj.com)
1042 ET - SLB CEO Olivier Le Peuch says the oilfield-services company can rapidly ramp up its business in Venezuela. On a call with analysts, Le Peuch notes that SLB is the only service provider actively operating in Venezuela today, where it delivers a range of services for Chevron. Le Peuch also notes the company maintains active facilities, equipment and local personnel on the ground in the county. "We remain confident that with appropriate licensing safety parameters and compliance measures in place, we can rapidly ramp up activities in support of the oil and gas industry in Venezuela," he says. "We are excited and we are receiving a lot of inquiries from our customers." Shares climb 0.8%. (connor.hart@wsj.com)
0925 ET - SLB wants a piece of the data-center pie. Despite being best known for its oilfield services, the company says its Digital and Data Center Solutions businesses are creating clear pathways for growth. SLB says Digital revenue grew 9% from last year in 4Q, boosted by an uptick in demand as customers continue to invest in AI and automated solutions. Meanwhile, its Data Center Solutions business more than doubled. "This business is expanding rapidly as we strengthen strategic partnerships with hyperscalers to deliver modular data center manufacturing solutions," CEO Olivier Le Peuch says "We expect that Data Center Solutions will be our fastest growing business for years to come, and Digital will continue to grow at highly accretive margins." (connor.hart@wsj.com)
0904 ET - Silver prices are nearing the $100 mark, bolstered by investor appetite for safe-haven assets, U.S. dollar weakness and robust industrial demand. Futures in New York climb 3.3% to $99.58 a troy ounce in early trade, having touched $99.81 earlier. Prices are on track for a weekly gain of around 12% and have risen more than 40% in the year to date. "Momentum has clearly become part of the story, with FOMO [fear of missing out] playing a visible role as prices push into uncharted territory," Saxo Bank's Ole Hansen says. "Yet it would be a mistake to dismiss the rally as purely speculative." Meanwhile, platinum rises 3.3% to $2,561.80 an ounce. (giulia.petroni@wsj.com)
0846 ET - Copper prices rise back above $13,000 over a weakening U.S. dollar, persistent supply disruptions and easing fears over trade frictions between Washington and Europe. Futures on the London Metal Exchange are up 1.6% to $13,044 a metric ton and on track for a weekly gain of more than 1.5%. The U.S. dollar is instead on track for its first weekly decline of the year, making commodities cheaper for holders of other currencies. Meanwhile, Capstone Copper said Thursday that operations at the Mantoverde copper and gold mine in Chile are largely halted amid a three-week labor strike. "Workers have blocked access to the site, which can produce around 106,000 tons per year," analysts at ANZ say. "There are no plans to resume wage talks at this stage."(giulia.petroni@wsj.com)
0720 ET - The U.K.'s long-dated bonds look attractive as they are expected to perform well as the Bank of England cuts interest rates further, RBC BlueBay Asset Management's Mark Dowding says in a note. U.K. economic data is expected to weaken further, enabling the BOE to continue cutting interest rates, Dowding says. Reduced interest rates should lead to lower bond yields and higher bond prices. (miriam.mukuru@wsj.com)
0638 ET - Stocks of German arms maker Renk Group and other defense companies could get a boost next week from escalating risks in the Middle East, and Iran in particular, MWB-Research analyst Jens-Peter Rieck says. Renk is more exposed than peers due to its footing in the Israeli market, he notes. U.S. military moves, including the repositioning of its aircraft carrier USS Abraham Lincoln toward the region, increase the risk of escalation, Rieck says. MWB-Research upgrades its rating of Renk to hold from sell, and maintains its target price of 53 euros. Shares are up 1.9% at 58.59 euros. (cristina.gallardo@wsj.com)
0624 ET - Sanofi's eczema treatment amlitelimab showed mixed results across several trials, Jefferies analyst Michael Leuchten writes in a note. The good news for the French drugmaker is that amlitelimab could be more conveniently administered than similar drugs, and it met a primary U.S.-centric study goal, Leuchten says. The bad news is it missed EU-focused endpoints, and one trial failed to improve on results from a previous iteration, the analyst says. Certain results showed efficacy that falls short of other biologic medications, and more detailed data are needed to make a stronger assessment there, he adds. Sanofi shares are down 1% at 78.95 euros.(william.gray@wsj.com)
0557 ET - Richemont has shown it is willing to streamline its portfolio, Alexander Koller at Swiss investment bank Vontobel writes in a note after the Swiss luxury-goods group agreed to offload watchmaker Baume & Mercier to Italy's Damiani Group at an undisclosed price. The divestment is largely immaterial to Richemont's top line, Koller notes, making up a negligible fraction of a revenue intake dominated by larger watchmakers and major jewelers like Cartier. "But [the sale is] strategically positive for sentiment [and] signals greater readiness to streamline the portfolio," the analyst says. Other possible divestments by Richemont could include brands like Dunhill, Alaia or Roger Dubuis, Koller says. "Overall, the announcement supports the narrative of tighter capital allocation and sharper strategic focus," he adds. (joshua.kirby@wsj.com; @joshualeokirby)
(END) Dow Jones Newswires
January 23, 2026 11:01 ET (16:01 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
Comments