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

0812 ET - Hudbay's copper outlook is weaker-than-expected, but TD Cowen's Craig Hutchison says gold guidance is a bright spot in the mining company's 4Q report. In a note, the analyst says that the 2026 copper guidance midpoint of 124,000 tons is 8% below consensus, a meaningful reset driven by reduced expectations at Copper Mountain and Constancia. Gold is another story. "On the positive side, total gold production is expected to be between 217-272koz (midpoint 244koz), vs. previous 2026 guidance of 206-261koz (233.5koz) and our/consensus 234koz," Hutchison says. (adriano.marchese@wsj.com)

0754 ET - German industrials group Thyssenkrupp's earnings outlook benefits from policy tailwinds and the group's improving execution, Jefferies's Tommaso Castello and Cole Hathorn say. European Union policy supporting automotive and decarbonization technologies is bullish for the sector, they write. Moreover, the introduction of the EU's Carbon Border Adjustment Mechanism--a policy designed to protect carbon-intensive European industries--will provide a tailwind, the analysts say. The potential sale of the group's Steel Europe division to Indian peer Jindal is another positive catalyst, they add. Thyssenkrupp shares climb 5.85% to 11.39 euros. (josephmichael.stonor@wsj.com)

0737 ET - Anglo American's 2025 earnings highlight the need to finalize its merger with Canadian copper miner Teck Resources, AJ Bell's Russ Mould writes. The red metal's crucial role in the manufacturing of electric vehicles and build out of artificial-intelligence data centers mean copper demand will continue to grow, Mould says. Anglo's results showed its copper production fell 10% last year. "This underlines why a tie-up with Teck might be needed to build out scale in production of the metal," he adds. Anglo shares rise 0.5% in London.(josephmichael.stonor@wsj.com)

0728 ET - Anglo American should use cash raised from divestments to reduce its debt pile over the next twelve months, Jefferies analysts write. Anglo posted 2025 results on Friday that saw earnings come in ahead of the analysts expectations. Looking ahead, Anglo's push to break up its business will drive earnings higher, while the move to exit diamond business De Beers will boost the London miners valuation, they say. Anglo's pending merger with Teck Resources will finalize before the end of the year, the analysts estimate. Anglo shares rise 0.6% in afternoon European trade.(josephmichael.stonor@wsj.com)

0713 ET - Anglo American's pending merger with Teck Resources remains the key driver of the miner's outlook, Quilter Cheviot's Maurizio Carulli writes. Regulatory approval of the merger will make Anglo American a global copper giant, Carulli says. "Once the merger is completed in 12-18 months, significant cost savings and production growth will be achieved." Anglo's results were better than expectations, though currency fluctuations driven by a weaker dollar weighed on the group's costs, the analyst adds. Anglo American shares rise 0.7% in early afternoon European trade.(josephmichael.stonor@wsj.com)

0658 ET - Bitcoin's recent falls are driven by weak market sentiment and macroeconomic factors as recent developments in U.S. crypto regulation have reduced policy risk, UniCredit's Investment Institute strategist Thomas Strobel says in a note. Uncredit's position on bitcoin therefore remains neutral, he says. The bank estimates bitcoin's "fundamentally justified value" is about $75,000. "A decline of roughly 35% from that level might increase the risk of a more-structural shift, particularly if accompanied by a prolonged move below $50,000," Strobel says. More positive sentiment and exchange traded fund flows would help bitcoin recover along with a gradual improvement in liquidity conditions, he says. Bitcoin rises 1.3% to $67,807, having reached a 16-month low of $60,008 on Feb.6, LSEG data show. (renae.dyer@wsj.com)

0646 ET - Anglo American's writedown of De Beers implies a valuation for the multinational diamond miner of $2.1 billion, below the $2.5 billion analysts at J.P. Morgan assign the company. The writedown--which knocks $2.3 billion off De Beers's value--was the result of weak Chinese economic growth and the rise of lab-made synthetic diamonds, the miner said. Elsewhere in Anglo's earnings, a fall in 2026 capital expenditure improves the company's cash flow, while the news that investment from Mitsubishi will revive Anglo's mothballed Woodsmith fertilizer project was a major surprise, the analysts say. Analysts will likely raise their 2026 earnings expectations for the company in response to earnings, they add. Anglo shares climb 1.2%. (josephmichael.stonor@wsj.com)

0608 ET - Danone's limited disclosure regarding its recall dynamics will cause prolonged uncertainties, analysts at Jefferies write. The French nutrition-and-food company reported for the year-end on Friday, and said there wasn't any material impact on its 2025 results from the infant-formula recalls. It did not share any changes to its outlook or impact on sales, but told investors in a call that it expects 50 to 100 basis-point hit to net sales. The lack of clarity is extending uncertainty, the analysts say. Shares are down 0.4% at 73.82 euros. (aimee.look@wsj.com)

0603 ET - Shares in Blue Owl Capital nudge up 0.6% premarket after falling by the same amount earlier in the session. The private credit giant's stock fell 6% Thursday after it liquidated assets worth $1.4 billion in order to redeem investors wanting out of its Capital Corp II fund. The New York-based asset manager is also limiting withdrawals from a fund pitched at retail investors. The news rekindled investor worries from last fall around the stability of private credit markets, Deutsche Bank's Jim Reid writes. Futures tied to Blue Owl's peer Apollo rise 0.5% after the stock dropped 5.6% Thursday. (josephmichael.stonor@wsj.com)

0526 ET - Sika's 2026 guidance doesn't imply any changes to consensus estimates, Jefferies analysts say in a research note. Consensus estimates already sit within the 2026 guidance range for both sales and the earnings before interest, taxes, depreciation, and amortization margin, the analysts say. "We also see the guidance as credible given it already factors in negative organic progression in the second half of 2026, underlying market contraction, and conservative mergers and acquisition assumptions," they say. Shares of Swiss chemicals company trade 2.5% higher at 156.6 Swiss francs. (nina.kienle@wsj.com)

0513 ET - Unipol Assicurazioni's dividend per share of 1.12 euros is materially higher than market watchers' consensus, analysts at UBS write. The Italian insurer announced 2025 results Friday. Though pretax profit came in slightly below consensus, investors will focus on the group's strong dividend, the analysts say. Dividend payments grew 32% on-year, versus the company's previous guidance of 10%. Moreover, traders will react favorably to the insurer's improved solvency, the analysts add. Unipol shares rise 5.9%. (josephmichael.stonor@wsj.com)

0453 ET - Segro's latest results suggest it is successfully navigating a transitional period, with strong operational fundamentals now beginning to outpace broader economic drags, UBS analysts say. While recent rental growth and property valuations landed slightly below consensus, primarily due to a sluggish European market and softness in parts of London, UBS analysts point to a brightening outlook for 2026. "Segro reiterated medium-term estimated rental value guidance ... and with occupancy tightening and demand trending positively, we see scope for estimated rental value data points to improve through 2026," the analysts write in a note. Shares are up 0.08% at 798.80 pence and are up 11% in the year to date. (anthony.orunagoriainoff@dowjones.com)

(END) Dow Jones Newswires

February 20, 2026 08:12 ET (13:12 GMT)

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