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

1158 ET - Algoma Steel might finally get a reprieve now that reports are suggesting President Trump is considering rolling back steel and aluminum tariffs. President Trump's 50% tariff on imported supplies is a key measures of his administration which aimed at curbing the flow of Chinese metal that has been pushing global prices lower. Canadian steelmakers weren't spared either his tariffs. Now, unlike U.S. steelmakers, Algoma Steel shares are rising, up 11%, on the report. Shares still have a long way to go. The stock is still down 45% from a year ago as it navigated pressures of tariffs and duties from its largest trading partner. (adriano.marchese@wsj.com)

1149 ET - Algoma Steel might finally get a reprieve now that reports are suggesting President Trump is considering rolling back steel and aluminum tariffs. President Trump's 50% tariff on imported supplies is a key measures of his administration which aimed at curbing the flow of Chinese metal that has been pushing global prices lower. Canadian steelmakers weren't spared either his tariffs. Now, unlike U.S. steelmakers, Algoma Steel shares are rising, up 11%, on the report. Shares still have a long way to go. The stock is still down 45% from a year ago as it navigated pressures of tariffs and duties from its largest trading partner. (adriano.marchese@wsj.com)

1125 ET - Instacart's 4Q earnings showed improvement across all fronts after a period of dropping shares, JPMorgan analysts write in a note. The company has strengthened its relationships with retailers and is seeing momentum across its marketplace, enterprise, and ads segments. Though some investors were concerned about competition from Amazon's same-day perishable delivery service, that offering is mostly geared toward smaller, fill-in orders. Instacart has also leveraged artificial-intelligence to boost its output per engineer by 40% and improve the efficiency of its ads and enterprise businesses. "Overall, we're encouraged by CART's execution around improving the business across the board while maintaining cost discipline," the analysts write. Shares gain 10%. (elias.schisgall@wsj.com)

1123 ET - European banks wiped out their gains for the year amid a sharp sector downturn Friday. A basket of European banking stocks falls 3%--having gained 1.3% for the year to Thursday's close--with major names falling sharply. Societe Generale is down 5.3% in Paris, while German giants Commerzbank and Deutsche Bank fall 5.2% and 3.6%, respectively. In Spain, Santander and BBVA slide 2.5% and 3.2%, while Italian lender UniCredit is down 3.75%. Barclays falls 2.3% in London. Banks are the latest victims of marauding fears around artificial-intelligence competition, Panmure Liberum's Joachim Klement says. "The AI loser theme has spread to banks. People are selling now, asking questions later," Klement adds. (josephmichael.stonor@wsj.com)

1100 ET - Rivian expects to begin deliveries of its new R2 model in the second quarter before production ramps up in the back half of the year, executives said on a call with analysts. The company will begin production with a single shift before adding a second in the second half and a third shift in 2027. Rivian is betting that the model will be a compelling electric vehicle alternative around the $50,000 price point. "There's going to be a large demand backlog that we're working through and a tremendous amount of excitement for the R2 vehicle," CEO RJ Scaringe told analysts. Shares are up 20%.(elias.schisgall@wsj.com)

1056 ET - Rivian is likely to face headwinds from a pullback in electric vehicles sales as the company prepares to launch its R2 model in March, Mizuho analysts write in a note. After a key EV tax credit expired last year, light vehicle production of electric vehicles in 2026 expected to be down around 10% year-over-year, also due to macroeconomic headwinds and a shift toward hybrid and combustion vehicles. The company also noted some cost headwinds from the memory shortage, the analysts note. Rivian surges 24% to $17.40 after a 4Q earnings beat. (elias.schisgall@wsj.com)

1045 ET - Rivian surges in early trading on a better-than-expected 4Q, and Benchmark says the results reinforce a "path to profitability" ahead of the R2 launch. Analyst Mickey Legg says in a note that "2026 guidance positions RIVN for a clear transition year, with R2 volume ramping in the back half, software growing at attractive margins, and auto gross profit expected to turn positive exiting the year." Legg adds that the 4Q performance, combined with solid liquidity and visibility of funding from Volkswagen, helps clear a path to scale "and supports a more durable earnings inflection beginning in 2027." Legg raises his price target to $25 from $18. Rivian jumps 20% to $16.86. (elias.schisgall@wsj.com)

1040 ET - DraftKings is trying to take a more conservative approach to its financial guidance, Chief Executive Jason Robins says. The betting company's outlook indicated a slowdown in revenue. Robins says DraftKings used to guide more conservatively and then beat expectations and raise its outlook consistently through the year. "I like that playbook a lot better and we got away from that," Robins says. When DraftKings got more ambitious with its guidance, investors were disappointed and sold off shares, he says. He says he told his accounting team to lower the outlook twice because he was frustrated that the company missed its own expectations in the fourth quarter. (katherine.hamilton@wsj.com)

1038 ET - DraftKings is feeling more confident about prediction markets because the regulatory landscape is improving, Chief Executive Jason Robins says. The CFTC, which regulates prediction markets, has shifted from being hands-off to fully affirming that prediction markets are within its jurisdiction and should be defended in court as legal, Robins says. "Anything that creates a stable regulatory environment, that allows us to operate more freely, is a great upside thing for us," Robins says. DraftKings was staying on the sidelines through last summer, citing legal concerns, but launched a prediction markets product in December and plans to ramp up investments through 2026. Shares fall 12%. (katherine.hamilton@wsj.com)

1009 ET - Moderna lacks visibility on the company's path to regulatory approval for its new seasonal flu vaccine after the FDA this week refused to review Moderna's application for the vaccine. Moderna has requested an urgent meeting with the agency, but until then, "we won't really know how quickly we can get moving forward," Moderna President Stephen Hoge says on a call with analysts. The company adds that it plans to wait to refile its application for a combined Covid-19 and flu vaccine until it can get more clarity from the FDA about the new seasonal flu vaccine. (elias.schisgall@wsj.com)

0957 ET - A white paper on artificial-intelligence disruption in the trucking industry from Algorithm Holdings, which owns the SemiCab AI platform, triggered a sell-off of truck brokerage stocks including C.H. Robinson Worldwide on Thursday. But the paper overstates the risk of disruption, Benchmark's Christopher Kuhn writes in a note. The paper states that truckload freight planning is largely manual with models that plateau at about 500 truckloads, but he notes C.H. Robinson has performed more than 3 million automated tasks using AI agents and handles 5,500 truckloads a day. "While concerns about AI-driven disruption are understandable, it is important to remember that since 2023, CHRW's disciplined and differentiated approach to deploying advanced artificial intelligence at scale has already delivered tangible business results," he writes. (elias.schisgall@wsj.com)

0948 ET -- Air Canada continues to see strong demand from late 2025 into the new year, and it's not coming from the U.S. In an earnings call, CEO Michael Rousseau says the airline saw "very strong demand in the last two months of the year," which helped top expectations in 4Q. More broadly in 2025, the airline says it has leveraged its geographic exposure to pivot capacity to areas of strength, such as to Canada and the Atlantic in the summer months, "fully mitigating the impact of reduced Canada-U.S. demand." Rousseau says that Air Canada saw notable success in the Atlantic and Latin America as each posted load factor expansion from the prior year. (adriano.marchese@wsj.com)

(END) Dow Jones Newswires

February 13, 2026 11:58 ET (16:58 GMT)

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