The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
1131 ET - Telus' push beyond traditional telecom into health, agriculture, digital services, and real estate has created both opportunity and frustration, says Adam Shine of National Bank of Canada. "Many of these elements are familiar to telecom investors, but the latter may not be looking for a health, agriculture or REIT angle for their investments in telecom," the analyst says in a report. He thinks that while some investors may also be losing patience as to when value gets unlocked from the vertical strategy that Telus has been pursuing. Execution in 2026 will be critical, especially for a multi-faceted business such as Telus', Shine says. Debt reduction needs to stay on track, wireless pricing must firm up, and asset sales could help simplify the narrative. (adriano.marchese@wsj.com)
1118 ET - Move over, Tesla. There's a new largest electric-vehicle company in the world. Chinese carmaker BYD, which doesn't sell vehicles in the U.S., said late Thursday that it sold 2.26 million battery electric vehicles last year. Hours later, on Friday, Tesla said it sold 1.64 million vehicles in 2025. Despite reporting annual vehicle delivery declines for the second year in a row, Wedbush analysts noted that Tesla's drop in sales wasn't as bad as some on Wall Street had feared. And they noted that EV sales are becoming less important to Tesla, as the company works to pivot its business toward robotics and autonomous vehicles. (connor.hart@wsj.com)
1017 ET - Tesla is working to pivot its business toward robotics and autonomous vehicles, with products such as its Optimus humanoid robot and steering-wheel free Cybercab under development. While electric-vehicles currently account for most of the company's revenue, that might not be the case for much longer. Wedbush analysts say in a research note that they expect Tesla's market capitalization to jump to as much as $3 trillion by the end of 2026, as Cybercap production is expected to ramp up this spring thanks in part to easing federal frameworks. "We estimate the AI and autonomous opportunity is worth at least $1 trillion alone for Tesla," they write. "We believe Tesla will own 70% of the global autonomous market over the next decade as no other company in the world can match the scale and scope of Tesla coupled with its broadening AI footprint." (connor.hart@wsj.com)
1001 ET - Sable Offshore is closer than ever to relaunching oil production at its Santa Ynez Unit after a federal appeals court denied an emergency stay requested by environmental groups, Benchmark analyst Subash Chandra writes in a note. The case is still ongoing, but the ruling in the 9th Circuit Court of Appeals is a promising sign, Chandra writes. After a confusing series of rulings in state court over the Santa Ynez Unit, he writes, "this initial outcome in a Federal court is a relief." He adds that shares could double once oil production restarts and Sable recapitalizes its debt to Exxon Mobil. Shares are up 20% to $10.86. (elias.schisgall@wsj.com)
0956 ET - Tesla's sales dropped 16% for the fourth quarter compared with a year prior. While the tally came in slightly below the company's consensus delivery estimate, Wedbush analysts say in a research note the figure was "much better" than some of the numbers that had been whispered on Wall Street. "This will be viewed as better than feared deliveries and a step in the right direction for the Tesla story heading into 2026," they write. Currently, the electric-vehicle maker is navigating a more difficult demand environment thanks to the end of the EV tax credit in the U.S. Europe, meanwhile, remains a headwind to deliveries, the analysts say. Shares rise 0.9%. (connor.hart@wsj.com)
0919 ET - Capstone Copper's unionized workers are going on strike at its northern Chile copper-gold mine, and it could get costly if no agreement is reached soon. TD Cowen analyst Craig Hutchison notes that a union representing about half of the workers at Mantoverde are on strike starting Jan. 2. The company had engaged in negotiations for a new agreement but was unable to reach a resolution with the union, Hutchison says, despite successfully negotiating three-year agreements with the other three unions in 2025. He says that says that while it's difficult to predict how long the strike will last, he estimates that for every week of strike, Capstone is expected work at 30% capacity and lose out on $17 million in lost revenue. (adriano.marchese@wsj.com)
0846 ET - Canada's TSX capped off one of its strongest years in recent memory, climbing 27.4% to finish 2025 at 31712. The surge, its strongest since the bounce-back in 2009, was powered by a rebound in the major banks, which benefited from stabilizing interest rates and improving credit conditions, as well as a strong run in gold miners amid higher gold. Energy stocks also added momentum as oil held firm and investors rotated back into Canadian resource names. Broader market sentiment improved through the year as recession fears faded and concerns over President Trump's tariffs were shrugged off. The TSX outperformed many global peers, including the S&P 500, the Nasdaq, and U.K.'s FTSE 100 which rose 16.7%, 25.4% and 20.2%, respectively. (adriano.marchese@wsj.com)
0811 ET - It's shaping up to be one of the harshest winters in recent memory, but that bodes well for companies Douglas Dynamics, Toro and Aebi Schmidt Group, Davidson analysts say in a research note. Higher-than-average snowfall across the U.S. is creating near-term demand for products such as snowplows, de-icing equipment and snow-management solutions, they say. Douglas, Toro and Aebi all stand to benefit from the increased demand, with snow-related businesses accounting for over half of Douglas' annual adjusted Ebitda, and about 15% of Toro's and Aebi's annual adjusted Ebitda. These companies were already well positioned, the analysts say, with increased snowfall adding an additional cherry on top. (connor.hart@wsj.com)
0801 ET - UniCredit could move to acquire Banca Monte dei Paschi if family office Delfin sells its stake in the Sienese bank, analysts at Equita write. Delfin--currently the bank's largest shareholder--is considering selling its stake, with UniCredit a leading suitor to buy the family office out, according to a report in Italian outlet il Giornale. If realized, UniCredit would be become the largest shareholder in BMPS which could "represent a possible first step towards a future full acquisition of BMPS," the Equita analysts write. The move would also make increased collaboration with Italian bank Generali possible, given BMPS is currently Generali's largest shareholder, with UniCredit third, they add. Banca Monte dei Paschi shares lead Italy's FTSE MIB index, gaining 2.8%. (josephmichael.stonor@wsj.com)
0734 ET - President Trump's decision to delay the implementation of furniture tariff hikes by a year will give some breathing room to Wayfair and other furniture companies, say Mizuho analysts David Bellinger and Declan Kelley. Wayfair has so far navigated tariffs well and could see its shares rise higher, particularly with this latest news. "The company's marketplace model has absorbed pricing well to date, flexing product sourcing where appropriate and avoiding direct margin pressure," the analysts say. "Overall, structural changes within the business are accelerating share gains and tariffs are allowing the big to get bigger." (nicholas.miller@wsj.com)
0648 ET - European natural-gas prices climb as cold weather intensifies across the continent. Temperatures are below or near-to-below normal and are expected to fall further in some regions over the weekend. Colder weather is expected in western Europe as an Arctic cold pool spreads. The benchmark Dutch TTF contract is up 1.2% at 29.49 euros a megawatt hour. European gas storage levels fall 0.5% on-day to 62.2%, according to industry group Gas Infrastructure Europe. (josephmichael.stonor@wsj.com)
0630 ET - Copper continues its rally into the new year as supply constraints push the red metal higher. Futures on the London Metal Exchange are up 0.8% at $12,522.50. Supply shocks in Indonesia, the Democratic Republic of Congo and Latin America have combined to send prices higher, analysts at SP Angel write. "We suspect the recent copper rally is more reflective of supply/demand fundamentals rather than speculative capital betting on improved global growth in 2026," the analysts add. Copper prices are shy of the $12,960.00 intraday high hit Monday. (josephmichael.stonor@wsj.com)
(END) Dow Jones Newswires
January 02, 2026 11:31 ET (16:31 GMT)
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