Stocks were relatively flat in late-morning trading Tuesday as investors parsed Federal Reserve Chair Jerome Powell's comments in his appearance on Capitol Hill.

In company news, Coca-Cola (KO) reported Q4 comparable earnings Tuesday of $0.55 per diluted share, up from $0.49 a year earlier and above the consensus estimate of analysts surveyed by FactSet calling for $0.52. Q4 net operating revenue was $11.54 billion, up from $10.85 billion in the year-ago period and above the FactSet consensus estimate of $10.68 billion. The company said it expects 2025 comparable EPS growth of 2% to 3% and organic revenue growth of around 5% to 6%. Analysts surveyed by FactSet expect non-GAAP EPS of $2.95 and sales of $47.45 billion. Coca-Cola shares were up 3.3% around midday.

Apple (AAPL) and Alibaba (BABA) have partnered on developing AI for iPhone users in China, The Information reported Tuesday. Separately, Apple's Beats on Tuesday launched the Powerbeats Pro 2 fitness earphones that feature a heart-rate monitor, active noise cancellation, transparency mode and wireless charging, the company said. The earphones are available for ordering in the US for $249.99, with on-shelf availability starting Thursday. Apple shares were up 2.9%, while those of Alibaba were up 3.5%.

Fidelity National Information Services (FIS) reported Q4 adjusted earnings Tuesday of $1.40 per diluted share, up from $0.94 a year earlier and above the FactSet consensus estimate of $1.36. Q4 revenue was $2.60 billion, up from $2.51 billion in the year-ago period but below the FactSet consensus of $2.63 billion. For Q1, the company expects adjusted diluted EPS of $1.17 to $1.22 on revenue of $2.49 billion to $2.51 billion. Analysts polled by FactSet expect adjusted diluted EPS of $1.28 on revenue of $2.57 billion. For full-year 2025, the company expects adjusted diluted EPS of $5.70 to $5.80 on revenue of $10.44 billion to $10.50 billion. Analysts surveyed by FactSet expect $5.73 diluted adjusted EPS on revenue of $10.60 billion. Shares of the company were down 16.4%.

Novartis (NVS) on Tuesday agreed to acquire Anthos Therapeutics in a deal worth up to $3.1 billion. Under the terms of the deal, Novartis will pay $925 million upfront to Anthos shareholders upon completion of the transaction. The deal also includes potential additional payments of up to $2.15 billion based on the achievement of specific regulatory and sales milestones. The transaction is expected to close in H1. Novartis shares were up 0.5%.

Phillips 66 (PSX) activist investor Elliott Investment Management said Tuesday the company's midstream business should be sold or spun off. In a letter to the company's board, Elliott said the business could fetch a premium valuation of over $40 billion. Phillips should also sell its interest in CPChem and divest some European retail operations, Elliott said. The letter came after earlier news on Tuesday that Elliott had built up a stake worth more than $2.5 billion in the oil refining company. Phillips 66 shares were up 5.4%.

A consortium of investors led by Elon Musk is offering $97.4 billion to buy the nonprofit that controls Microsoft-backed (MSFT) OpenAI, The Wall Street Journal reported late Monday. Microsoft shares were down 0.4%.

Price: 410.64, Change: -1.58, Percent Change: -0.38