Happy Thursday afternoon to everyone on The Street. Here's a snapshot of where markets ended the trading session, plus tomorrow's trade idea delivered to you today.

• 🟥 | US stocks fell today as NVIDIA’s earnings beat failed to impress investors enough to overcome tariff fears.

• 📈 | One Notable Gainer: Warner Bros Discovery’s (WBD) stock added nearly 5% after showing a surprising surge in Max subscribers. Well, I’m not surprised. The White Lotus alone is worth the price of admission.

• 📉 | One Notable Decliner: Shares of eBay (EBAY) sold off faster than a Gretzky rookie card. The company jumped on the bandwagon of major retailers issuing lackluster forecasts, sending its stock some 8% lower.

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MARKET MOVERS

NVIDIA, Snowflake, Super Micro

NVDA (-8.5%) Nvidia stock dips as earnings beat has investors 'yawning' (YF)

SNOW (+4.5%) Snowflake’s stock soars as revenue and guidance cheer up investors (MarketWatch)

SMCI (-16%) Super Micro Stock Dives. Why Nvidia Earnings Aren’t Boosting SMCI.(Barron’s)

WBA (+1.7%) Walgreens Boots buyout to lay groundwork for three-way split of group (FT)

TFX (-21.7%) Teleflex Hits 52-Week Low On Plan To Split Into Two Companies, Reports Mixed Q4 Earnings (Benzinga)

OVERHEARD ON THE STREET

YF: NVIDIA beat earnings expectations, but by the smallest amount in two years, leaving Wall Street with lingering concerns about future margins.

Reuters: US GDP growth slowed to a 2.3% annualized rate in the fourth quarter, down from 3.1% in the previous quarter.

CNBC: Pending home sales fell 4.6% in January to their lowest level since 2001, with weather possibly influencing the decline.

Bloomberg: New US jobless claims rose to 242,000 last week, the highest level of 2025, likely reflecting federal layoffs.

WSJ: President Trump said the US will impose an additional 10% tariff on Chinese imports next week, doubling the previous tariff.

TOMORROW’S TRADE IDEA, TODAY

Citi Shines the Light on a Dark Horse

Bright Idea

There’s a dark horse in the telecom industry — but Citi (C) believes it’s poised to shine bright.

Lumen Technologies (LUMN) has struggled lately, down 15% since the start of 2025. The CenturyLink-parent’s February guidance came in below expectations, and its shares dropped sharply as a result.

Citi sees that as an attractive entry point into a promising stock. The bank recently upgraded the telecom stock to Buy, with a roughly 44% upside. 

Positive Catalysts

According to analyst Michael Rollins, Lumen’s stock price is protected from AI-related volatility, due to its long-term deals with big tech companies.

Additionally, Rollins believes it will be able to increase its value by selling off assets, improving business operations, and boosting its core sales. 

The analyst expects Lumen to announce another $3.5 billion in private connectivity fabric deals over the next six months, on top of its already secured $8.5 billion.

Divesting Some Assets

Rollins says Lumen is likely to sell only its fiber assets, which he believes may attract buyers like AT&T (T), T-Mobile (TMUS), or Verizon (VZ).

The company is aiming to reduce its annual costs by $1 billion, which could serve to boost the stock price as well. 

Contrary to its name, not all analysts see a bright future for Lumen. Only 2 of 14 analysts covering the stock have given it a Buy rating.

But its average price target of $5 per share suggests most think its price will rise from its $4.51 close today. And at least one analyst believes it won’t be long before the stock is back in the spotlight.

ON OUR RADAR

AP: In addition to the higher tariffs on China, Trump reiterated that the suspended 25% tariffs on Canada and Mexico will take effect next Tuesday.

The Guardian: The FBI said North Korea was behind the $1.5B hack of Dubai-based crypto exchange ByBit, the largest cyber-heist in history.

CNBC: The world’s largest ocean carriers are facing a sharp decline in pricing power due to the frontloading of cargo shipments ahead of anticipated tariffs.

CNN: The CFPB dropped cases against several companies accused of harming consumers, including Capital One and Rocket Mortgage affiliates.

The Verge: The reviews of Apple’s new budget iPhone 16E are in. Simply put? Meh.

WEDNESDAY’S POLL RESULTS

Are you bullish or bearish on BGC Group (BGC) over the next 12 months?

🟩🟩🟩🟩🟩🟩 🐂 Bullish

🟨🟨🟨⬜⬜⬜ 🐻 Bearish

And, in response, you said:

• 🐂 Bullish — “It's been on the rise the last several years; and the Trump dereg scenario should be advantageous.”

• 🐻 Bearish — “It’s not going anywhere, just going to float around.”

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