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

0907 ET - AI-based traffic is making companies' network traffic needs increasingly complex, providing a significant boost in demand for Fastly's business, say Raymond James analysts Frank Louthan and Rob Palmisano. "The capabilities of a company like Fastly are rapidly becoming important again, and customers are seeking them out accordingly," the analysts say. "We believe Fastly excels at complex network trafficking needs, and this is contributing to the success in 2025 and the positive outlook for 2026." D.A. Davidson analysts Rudy Kessinger and Andres Miranda Lopez also say that the company's traffic growth is in a much healthier place now with agentic AI traffic a strong driver. Fastly surges 40% premarket after posting a blowout 4Q. (nicholas.miller@wsj.com)

0850 ET - Fastly surges premarket after posting strong 4Q earnings and a robust 2026 guide, showing that "the business reset management has been pursuing is gaining traction," say Raymond James analysts Frank Louthan and Rob Palmisano. The company has started asking for revenue commitments from customers, which has given it a much higher degree of confidence in its guide, the analysts say. Fastly has also been cross-selling more aggressively, which is "driving improved relationships and deeper knowledge of customers' operations," according to the analysts. "The net result is an improved level of business across the board, particularly with the company's largest customers." Fastly jumps 41% premarket. (nicholas.miller@wsj.com)

0845 ET - Unilever's outlook for 2026 is underwhelming and reflects difficult market conditions, AJ Bell's Dan Coatsworth says. The consumer-goods giant has seen people trading down to unbranded products, and this is a main reason why emerging markets have been a main place of growth, Coatsworth writes in a note. But even in emerging markets, Unilever has had uneven demand, struggling in markets like China and Latin America, he writes. "It's hard to escape the feeling that the Unilever recovery story is spluttering," he adds. Shares are down 1.5%, or 77 pence, at 52.43 pounds. (aimee.look@wsj.com)

0840 ET - Kraft Heinz's decision to pause work on the planned split of its condiment and grocery-staples businesses and focus instead on returning the business to growth leaves it open to risk, JPMorgan analysts say in a research note. The company plans to invest hundreds of millions of dollars in marketing and product development in order to spur sales, following 19 consecutive quarters of declining volumes in North America, according to the analysts. However, those types of investments often take time to gain traction with customers, the analysts say. And if the costs are higher than expected, Kraft Heinz may find itself with less financial flexibility, they add. JPMorgan downgrades Kraft Heinz to underweight from neutral, and cuts its price target to $22 from $24. Kraft Heinz falls 1.3% premarket. (connor.hart@wsj.com)

0823 ET - Bitcoin and ether turn slightly higher but struggle for a stronger recovery in the wake of Wednesday's better-than-expected U.S. jobs data, Saxo Bank analysts say in a note. The nonfarm payrolls data prompted markets to bet on higher-for-longer interest rates, hitting risk sentiment, they say. Flows in digital asset exchange-traded funds "underline this cautious tone," with data showing outflows from U.S. spot bitcoin ETFs and ether ETFs on Wednesday. "Overall, the digital asset market reads as cautious but orderly: positioning is being adjusted, not abandoned." Bitcoin rises 0.3% to $67,960, having reached a 16-month low of $60,008 last Friday, LSEG data show. Ether rises 0.7% to $1,984 after hitting a nine-month low of $1,751 Friday. (renae.dyer@wsj.com)

0750 ET - Base metals edge higher despite a firmer U.S. dollar as risk appetite improved among global investors, according to market watchers. Copper futures on the London Metal Exchange rise 0.1% to $13,251 a metric ton, while aluminum is up 1.3% to $3,157 a ton. Meanwhile, nickel prices closed above $18,000 a ton in the previous session after Indonesia--the world's largest nickel producer--ordered a sharp cut in production at a key mine, before easing back to $17,690 a ton. Overall, prices are reacting to short-term trading moves, with investors' bets driving swings more than underlying fundamentals, analysts at Sucden Financial say. (giulia.petroni@wsj.com)

0735 ET - Bitcoin and ether could extend recent falls in coming months as risk sentiment remains weak, Standard Chartered's Geoff Kendrick says in a note. The risk backdrop is becoming "more challenging" with the U.S. economy softening and markets not expecting any further interest-rate cuts until June after Kevin Warsh potentially becomes Fed Chair, he says. Holdings of digital-asset exchange-traded funds have fallen, he says. Bitcoin could fall to a low of $50,000 and ether could reach $1,400, he says. Bitcoin is last up 0.1% at $67,869 after hitting a 16-month low of $60,008 last Friday, LSEG data show. Ether rises 0.8% to $1,984 after reaching a nine-month low of $1,751 on Friday. (renae.dyer@wsj.com)

0712 ET - A 2 billion-euro share buyback outlined by Michelin will outweigh negative signals surrounding the tire maker's stock, Equita analysts write. The buyback--which is the French tire maker's largest ever--and associated share cancellation are more significant than earnings below Equita's expectations in the second half of 2025, they say. Michelin forecast income below consensus expectations for 2026 as a result of a weaker dollar against the euro, Jefferies analysts write in a separate note. However, Michelin trades at its highest level since May 2025 as shares gain 6.1% in early afternoon European trade. European peers climb too, with Continental up 3.5% while Pirelli gains 2.4%. (josephmichael.stonor@wsj.com)

0711 ET - Hermes' results confirm the group's impressive resonance with luxury shoppers globally, analysts at Jefferies say in a research note. The French luxury company reported an increase in fourth-quarter revenue of 9.8% to 4.09 billion euros. The company said sales growth was solid across all the geographical areas despite a particularly high comparison base. The group's superior sales trajectory is helping drive earnings stability at a time when currency headwinds continue to significantly hit the broader sector, they say. "The global demand backdrop is set to remain volatile," the analysts say. The stock trades 2.9% higher at 2,181 euros. (andrea.figueras@wsj.com)

0645 ET - The Canadian dollar and Mexican peso could fall if President Trump threatens to withdraw from the U.S.-Mexico-Canada Agreement, MUFG Bank's Lee Hardman says in a note. Bloomberg reported that Trump is privately discussing the possibility of exiting the agreement, which faces a mandatory review before possible extension on July 1. Based on Trump's past negotiating tactics, it "would not be surprising to see the threat of withdrawal used at some point to extract more favorable terms," Hardman says. That is a risk for the Canadian dollar and Mexican peso in coming months, although skepticism over whether Trump will follow through should limit any falls, he says. The U.S. dollar falls 0.1% to 1.3564 Canadian dollars and drops 0.1% to 17.1601 pesos. (renae.dyer@wsj.com)

0645 ET - RELX's full-year results haven't entirely eased investors' concerns over potential AI threats, AJ Bell's Dan Coatsworth writes in a note. Despite revenue, profit and dividend growth, some nervousness lingers over potential disruption from third-party AI, he says. "RELX's message on AI is loud and clear--it's an opportunity, not a threat," he says. The information-and-analytics group will need to continue reassuring clients that generative AI apps like Claude won't replace the level of service they currently receive, he adds. Shares are up 0.3% at 20.19 pounds. (najat.kantouar@wsj.com)

0634 ET - RELX's full-year results look good, ING analyst Thymen Rundberg writes in a note. The information-and-analytics group's performance was largely in line with expectations, he says. The results highlight the company's consistent strength across all segments, and coupled with the announced share buyback, should help revive the shares amid recent weakness. Last week, RELX shares fell following the launch of new tools by artificial-intelligence provider Anthropic. The Dutch bank expects minor consensus changes to organic revenue growth, and adjusted operating profit for 2026. Shares are up 0.3% at 20.20 pounds. (najat.kantouar@wsj.com)

(END) Dow Jones Newswires

February 12, 2026 09:07 ET (14:07 GMT)

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