Nvidia earnings are going to have to rise above already soaring expectation

Fuel cell-based power provider Bloom Energy posted better-than-expected Q4 earnings and sales results after the bell on Thursday, sending the stock higher aftermarket and into early Friday trading. Here’s some of the positive chatter from analysts reacting to the bullish results:

Barclays: “What to know: 1) 2026 guide well above the Street for all metrics; 2) Product backlog comes in at $6.0bn with services backlog of $14.0 bn, reflecting 100% attach rate on new bookings.”

Morgan Stanley: “An inflection in growth is now beginning to show up in the financials. Significant 4Q25 earnings beat, product backlog up 2.5x, and 2026 revenue guidance meeting our Street-high forecast: >50% YoY as demand begins to ramp. We stay OW, raise PT to $184 on recent project wins.”

JP Morgan: “We are adjusting our estimates and introducing FY28 estimates with this note. Our YE26 price target goes to $166, from $154. While the stock has significantly outperformed YTD, we maintain our Overweight rating and believe that additional contract announcements should provide further positive catalysts and potentially increased visibility into our unit shipment vs margin sensitivity analysis (see below).”

Evercore ISI: “The most noticeable and arguably most anticipated metric Bloom provided was its current product backlog which currently stands at $6B representing a ~2.5x increase YoY, with total current backlog (product and services) ballooning to $20B. These impressive backlog metrics should provide confidence in the company’s ability to deliver on its newly established $3.1-$3.1B 2026 revenue target (vs. cons. of ~$2.1B) and double its non-GAAP operating income ($450M midpoint vs. $221M 2025A).”

Stellantis shares are tumbling on Friday, down as much as 25% in trading in Milan and its US listing suffering similarly in the premarket, after the Jeep owner announced it would take €22 billion (~$26.5 billion) worth of charges related to scaling down its electric vehicle ambitions.

Announcing a “reset” of its business, Stellantis detailed that the charges “largely reflect the cost of over-estimating the pace of the energy transition that distanced us from many car buyers’ real-world needs, means and desires,” as well as “previous poor operational execution.” The company’s board has also authorized the company to issue up to €5 billion of nonconvertible subordinated perpetual hybrid bonds, in order to preserve “a strong balance sheet and liquidity position” while the business looks to get back to positive free cash flow generation.

The breakdown of the losses are as follows:

• €14.7 billion for changing product plans (largely reflecting significantly reduced expectations for battery electric vehicle products).

  • Write-offs related to canceled products of €2.9 billion.

  • Impairment of platforms of €6.0 billion.

  • €5.8 billion of the sum will be cash payments spread over the next four years, relating to “cancelled products as well as other ongoing BEV products whose volumes are now expected to be considerably below prior projections.”

• €2.1 billion of charges related to the resizing of the EV supply chain.

  • €0.7 billion of that will be cash payments also spread over the next four years.

• €5.4 billion related to other changes in the company’s operations.

Stellantis’ strong bet on electric vehicles under former boss Carlos Tavares has been de-emphasized since Antonio Filosa became the CEO in June 2025, but this morning’s announcement suggests a much more significant shift in strategy.

The company also noted that these initial measures have returned its business to positive volume growth, sharing in a separate report that the company notched 1.5 million units shipped in Q4 2025, up 9% year on year.

Stellantis will host a call at 8 a.m. ET to discuss the preliminary results, before releasing its full-year report on February 26.

The company also said it will not pay an annual dividend in 2026 and announced that it agreed to sell its 49% stake in battery manufacturer NextStar Energy to LG Energy Solution.

Investors are reacting premarket to US Food and Drug Administration Commissioner Marty Makary signaling a crackdown on unapproved drugs that are marketed as being similar to FDA-approved products.

In an X post on Thursday, Makary said the FDA would “take swift action against companies mass-marketing illegal copycat drugs, claiming they are similar to FDA-approved products,” adding that the agency “cannot verify the quality, safety, or effectiveness” of such products.

While Makary’s post didn’t single out specific companies, it came shortly after telehealth firm Hims & Hers rolled out a much cheaper compounded version of Novo Nordisk’s newly launched Wegovy pill, starting at $49 a month. Hims’ product is not FDA-approved and has not undergone clinical trials to prove safety and efficacy, and Novo yesterday threatened legal and regulatory action.

The launch had initially sparked a sell-off in shares of Novo Nordisk and Eli Lilly, the latter of which is expected to debut its own oral weight-loss pill in April and has pledged lower pricing.

Following Makary’s comments, Hims shares have fallen about 6% as of 6 a.m. ET, while Novo and Lilly partially erased earlier losses, rising 7.5% and 3.8%, respectively.

Molina Healthcare tanked after it reported earnings results that missed Wall Street expectations and gave disappointing full-year guidance.

For the last three months of 2025, Molina reported:

• An adjusted loss per share of $2.75, compared to the $0.34 earnings per share analysts polled by FactSet were expecting. The company said about $2 per share of its earnings miss was due to “retroactive premium adjustments attributable to the Company’s Medicaid business in California and ongoing medical cost pressure in Medicare and Marketplace.”

• Revenue of $11.3 billion, compared to the $10.8 billion the Street was penciling in.

• A medical cost ratio of 94.6%, higher than the 93.1% analysts expected.

For the full year in 2026, Molina expects:

• Adjusted earnings per share of at least $5.00, compared to the $13.66 analysts had forecast. Molina said its guidance takes into account ongoing losses in its traditional Medicare Advantage Part D business, which it now plans to exit in 2027.

• Revenues of about $42.2 billion, compared to the $46.6 billion analysts had penciled in.

• Its medical cost ratio to sit at 92.6%, while analysts had expected 91.4%.

Health insurers have been under pressure for the past year amid rising health costs. Molina, one of the largest providers of ACA Marketplace plans, has taken a hit as tax credits for the program lapsed in January.

Molina’s report also dragged down competitors, including Centene, which is also a major provider of ACA plans and reports earnings Friday morning.