The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

0908 ET - Canadian corporations logged a rise in earnings in the final quarter of last year, despite a drag from the financial sector. Statistics Canada data shows net income before taxes rose 2.1% from the prior quarter and 3.4% on a year earlier to C$164.53 billion. The increase was driven by the non-financial sector, thanks to lower expenses for the quarter, the data agency says. Mining and quarrying sector income was up C$837 million on-quarter, but petroleum and coal manufacturers together saw a C$1.1 billion fall in income with decline in the refined petroleum price. Across the financial sector, income was down 0.7% on-quarter, with the largest drop recorded by the banks with a loss on the sale of assets and a rise in non-recurring expenses. (robb.stewart@wsj.com; @RobbMStewart)

0840 ET - Germany's new government will likely follow through with its plans to reduce electricity prices through tax cuts, BMI Research analysts say in a webinar. Analysts at the British research firm expect residential and industrial electricity prices to fall by over 12% in 2025 and electricity consumption to grow 3.5% annually in Germany. These trends will be driven by the electrification of the economy, with electric vehicles and data centers playing a central role. However, the analysts question the Christian Democratic Union's plans to revive decommissioned power plants due to high costs, regulatory hurdles and technological challenges. (helena.smolak@wsj.com)

0840 ET - Apple's $500 billion investment in domestic manufacturing shows that Tim Cook is 10% politician and 90% CEO, Wedbush analyst Dan Ives says in a research note. Donald Trump told reporters on Friday that he had met with Cook the day before and that Apple was planning a large investment in the U.S., though the company hadn't said anything about it yet. Making the investment not only helps Apple diversify its manufacturing footprint, but also plays into Trump's U.S. investment theme following the recently announced $500 billion Project Stargate initiative, Ives says. Cook is proving that he can use his strong ties to keep things running smoothly at Apple despite market concerns about growth in the wake of Trump's threatened import tariffs on China, the analyst says. (dean.seal@wsj.com)

0835 ET - Apple's $500 billion investment in expanding U.S. manufacturing doesn't look like a signal that the iPhone maker is tweaking its Chinese manufacturing buildout, Wedbush analyst Dan Ives says in a research note. The effort involves a new facility for making servers that support Apple Intelligence, the company's AI program, and thousands of new employees in R&D and software development. Those initiatives are not areas that Apple focuses on for its China region, Ives says. (dean.seal@wsj.com)

0815 ET - Apple says it will invest $500 billion in expanding domestic manufacturing days after Donald Trump said he met with CEO Tim Cook. Trump said at a gathering of governors last Friday that Cook planned to shift manufacturing from Mexico to the U.S., though Apple hadn't publicly discussed such a shift. Trump has said he wants more companies to bring their production to the U.S. and threatened tariffs on imports from multiple countries, including Mexico. After Apple's announcement, Trump says in a post on his social media platform that the investment was driven by "faith in what we are doing, without which, they wouldn't be investing ten cents." (dean.seal@wsj.com)

0805 ET - Target Hospitality says the US government is ending its services agreement with the company's nonprofit partner running the Pecos Children's Center, an emergency intake site for unaccompanied migrant children. The move comes amid rapid cuts and other changes under President Trump's second term. Target Hospitality provides rental accommodations with catering and hospitality services. The company says it's remarketing these assets for other opportunities potentially supporting the U.S. government's current immigration policies. Given termination of the PCC contract, Target Hospitality says it's withdrawing its previously issued preliminary 2025 financial outlook. Target Hospitality dives 43% to $5.31 premarket. (denny.jacob@wsj.com; @pennedbyden)

0757 ET - Germany's new government is likely to be a lot more pragmatic toward supporting the local automotive industry, BMI analysts say in a webinar. They also expect increased EU discussion on the transition towards electric vehicles (EVs). Germany's automotive industry has been under significant pressure in recent years as the auto market has leaned increasingly towards electrical vehicles. Its three largest car makers struggle to recover from lower sales volumes since 2019 and continue to lose market share in China, the analysts say. While direct EV subsidies under the new government are unlikely, new launches and competitive EV pricing should stimulate demand, BMI says. (helena.smolak@wsj.com)

0752 ET - Repsol's 700 million euros share buyback for 2025 is solid, HSBC analysts write in a note to clients. The amount was in line with the analysts' expectations and there is scope for more given the Spanish energy company said it was the minimum amount they expect to return, they say. Repsol committed to returning 25% to 35% of cash flow from operations to shareholders, and its 2025 buyback implies a 30% return, they say. The analysts don't expect Repsol to sustain payouts at the upper-end of its range beyond 2026 as debt rises. Shares trade down 2% at 12.45 euros. (adam.whittaker@wsj.com)

0735 ET - Finning International's Canada business may be able to get away without major bruises from tariffs, according to Cherilyn Radbourne of TD Cowen in a report. She says the Caterpillar dealer's Canadian segment is about 50% of the company's revenue, and a weaker Canadian dollar should boost the translation of earnings from its South America, U.K. and Ireland markets. Radbourne notes that heavy equipment was excluded from the first round of retaliatory tariffs drawn up by Canada, but Finning/Caterpillar are contingency planning for an inclusion scenario. The analyst says that Finning views a 10% tariff as likely manageable for the Canadian energy sector, but a 25% would be more problematic. Finning is the largest Caterpillar dealer in the world, according to TD Cowen. (adriano.marchese@wsj.com)

0724 ET - TD Cowen continues to believe tariff risk and free cash flow uncertainty will limit upside for Bombardier in the short term. Analyst Tim James says the business jet manufacturer withdrew 2025 guidance due to tariff uncertainty, but implied "a relatively flat delivery environment at about 150 units a year and suggested supply-chain headwinds are likely to persist through 2025 before abating in 2026." James forecasts 2025 free cash flow of $819 million, 18% growth in adjusted Ebitda, and 170 basis points of EBIT margin expansion "with further upside beyond 2025 related to manufacturing margin expansion, product mix and increasing Defense and Service revenues." If U.S. tariffs do come, James thinks they will likely be short-lived. (adriano.marchese@wsj.com)

0717 ET - Rheinmetall's stock price could rise further, driven by strong momentum and the company's ability to align its products with Europe's defense needs, Deutsche Bank analysts say in a research note. Deutsche Bank lifts the target on the German arms manufacturer's stock to 1,040 euros from 780 euros. The analysts expect the market's focus to shift to capacity build-out and the implications this has for the company's supply chain. "Thanks to a deep vertical integration across several key products, we see Rheinmetall having an advantage in building additional capacity," the bank says. Shares are up 3.5% at 925.80 euros. (maitane.sardon@wsj.com)

0703 ET - Prosus' offer for Just Eat Takeaway.com is the best shareholders could have hoped for, Panmure Liberum analyst Sean Kealy writes in a note. Technology investor Prosus reached a conditional agreement to buy the Amsterdam-listed food-delivery group for $4.29 billion. "A competing offer is unlikely with the industry now sufficiently concentrated that most potential counter-bidders would face regulatory hurdles," Kealy says. However, the offer includes a raft of non-financial covenants that restrict Prosus' ability to manage the business for two years, which raises the possibility for a better deal excluding such restrictions, the analyst adds. Just Eat shares are up 54.6% at 19.20 euros, while Prosus shares are down 6.9% at 1.75 euros. (najat.kantouar@wsj.com)

(END) Dow Jones Newswires

February 24, 2025 09:09 ET (14:09 GMT)

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