Bitcoin hovered near $65,000 on Thursday, Feb 12, as strategists reassess the divergence from gold. Gold has risen 16% this year, extending its 2025 run of 65% gains, while Bitcoin is down about 22% YTD after four consecutive months of decline.

Sean Farrell of Fundstrat said the disconnect in performance signals Bitcoin is less a store of value and more a high-beta growth asset, outpaced by central bank demand and macroeconomic tailwinds that favor gold.

Deutsche Bank analyst Marion Laboure noted the divergence shows Bitcoin no longer plays the role of “digital gold.” Since Bitcoin began its decline in late 2025, institutional ETFs have seen数十亿美元 of outflows, intensifying bearish sentiment.

Bitcoin is off about 45% from its October 2025 high and posted its largest single-day drop since November 2022 in early February, with Ethereum trading under $2,000 for the session, down about 30% YTD.

Standard Chartered analysts Geoff Kendrick lowered targets: Ethereum to $4,000 from $7,500 and Bitcoin to $100,000 from $150,000, citing potential weakness to $50,000 before a rebound. He added ETF holders are likely to sell in anticipation of no further Fed easing until June when Kevin Warsh takes the helm.

Arista Networks (ARST) reported Q4 revenue of $750 million, up 11% year-over-year, and net income of $147 million, exceeding Wall Street guidance. The company attributed the improvement to strong demand in data center switching and continued adoption of its cloud networking solutions. For the quarter ended January 3, 2026, ARST's revenue grew 11% YoY to $750 million, with GAAP net income of $147 million, or $0.25 per share, compared to $135 million, or $0.23 per share, in the same period of 2025.

Ultragenyx Pharmaceuticals (NASDAQ: UGRX) reported a narrowing loss in the fourth quarter of 2025, with net loss shrinking to $127 million from $154 million in the prior-year period, according to a Feb 12 filing. The company announced plans to reduce its workforce by 10%, or approximately 200 employees, effective in 2026 to align with its evolving business strategy and optimize expenses.

The reduction follows continued pressure from high development costs and limited commercial traction for its lead product, Zolgensma, a gene therapy for spinal muscular atrophy. Revenue for 2025 was $168 million, down from $208 million in 2024, reflecting the company's shift toward more efficient operations.

Bright Horizons Family Solutions (BHS) (NASDAQ: BHS) reported fourth-quarter revenue of $287.5 million, a 8% year-over-year decline, with net income falling 12% to $13.2 million, or 16 cents per share, on February 12, 2026. The decline followed a continued contraction in early childhood education enrollment and higher-than-expected severance expenses.

Supporting context: The company attributed the revenue drop to soft demand in its preschool and family services segments, with enrollment down 6% for the quarter. Management cited ongoing economic challenges and reduced government funding as key factors. The earnings miss exceeded analyst expectations by $0.02 per share.

Mohawk Industries Inc (MO) reported fourth-quarter net income of $14.9 million, a 16% decline from $17.5 million in the same period of 2025. Revenue fell 12% year-over-year to $319.8 million, with demand weakness in furniture and flooring contributing to the decline. The company attributed the results to softness in residential construction and supply chain disruptions. For the quarter ended January 3, 2026, adjusted EBITDA was $52.4 million, down 10% from $58 million in Q4 2025.

Net income for CAE Inc (NASDAQ:CAEI) fell to $18.5 million in Q3 2026, a 15% decline from $21.8 million in the same period of 2025. The results reflect softer demand in North America and Europe, partially offset by gains in Asia-Pacific operations. Revenue declined 4.2% to $2.18 billion, driven by reduced spending in healthcare and industrial air systems. The company attributed the drop to inflationary pressures and supply chain disruptions, citing a 12% year-over-year increase in operating expenses. CAEI shares closed at $32.15 on February 12, 2026, down 2.3% for the session.

Roku Inc. (ROKU) reported Q4 earnings on February 12, 2026, topping expectations with a surprise profit and strong streaming device sales. The company posted net income of $123 million, versus a loss of $21 million in the same period last year, and revenue of $1.46 billion, exceeding the $1.35 billion median estimate.

Key drivers included a 14% year-over-year increase in streaming device sales and a 22% rise in average revenue per user. The results reflect continued momentum in the connected device segment and Roku's strategy to expand its ad-supported streaming options.

OpenAI alleges that DeepSeek is distilling results from leading U.S. AI models to train its R1 chatbot, according to a Bloomberg report citing an internal memo. The accusation was made to U.S. lawmakers. DeepSeek has not issued a public response. The report dates to February 12, 2026.

Mercer International Inc. (MERC) released results for the quarter ended January 31, 2026, reporting a loss of $308.7 million, or $4.61 per share, adjusted to $1.39 per share after asset impairment charges. Revenue for the quarter totaled $449.5 million. For the full year 2025, the company recorded a loss of $497.9 million, or $7.44 per share, with revenue of $1.87 billion.

Fortune Brands Innovations (FBIN) released Q4 results: earnings of $76.4 million, or 63¢ per share, with adjusted non-GAAP earnings of 86¢ per share. Revenue for the quarter totaled $1.08 billion, both below analyst estimates of $1.00 per share and $1.14 billion, respectively. Year-over-year, the company posted net income of $298.8 million, or $2.47 per share, and revenue of $4.46 billion. Management guidance for full-year 2026 EPS is $3.35 to $3.65 per share.

Forrester Research Inc. (FORR) released Q4 results on February 12, 2026, reporting a loss of $33.9 million, or $1.78 per share, with adjusted earnings of 17 cents per share. Revenue of $101.1 million missed analyst forecasts of $103.3 million. The company posted a year-earns loss of $119.4 million, or $6.28 per share, and revenue of $396.9 million. Management guidance for 2025: EPS of 72 to 82 cents and revenue of $345 million to $360 million.

CareTrust REIT Inc. (CTRE) released Q4 results: Funds from operations of $104.1 million, or 47 cents per share, and net income of $111.3 million, or 50 cents per share. Revenue for the quarter was $134.9 million. For the year, FFO was $359.7 million, and revenue reached $476.4 million. The company expects full-year FFO of $1.90 to $1.95 per share. FFO is calculated by taking net income and adding back depreciation and amortization.

Bright Horizons Family Solutions Inc. (BFAM) reported fourth-quarter earnings of $21.7 million, or 38 cents per share, with adjusted earnings of $1.15 per share, surpassing the average Zacks estimate of $1.13. Revenue for the quarter was $733.7 million, beating the $728.7 million forecast. Year-over-year results: profit of $193.1 million or $3.36 per share, and revenue of $2.93 billion. The company guided to full-year earnings of $4.90 to $5.10 per share and revenue of $3.08 billion to $3.13 billion. Shares closed at $81.83, down 19% year-to-date and 31% over the past 12 months.

Arista Networks (ARST.OB) issued upbeat quarterly revenue guidance and saw its shares rise over 17% in extended trading as demand for its high-speed networking hardware, critical for expanding AI and data center infrastructure, outpaces expectations.

The company forecast first-quarter revenue of about $2.6 billion, exceeding the average estimate of $2.45 billion. Fourth-quarter revenue reached $2.49 billion versus $2.38 billion expected, with adjusted profit of 82 cents per share beating 76 cents per share.

Arista serves major cloud and AI customers including Microsoft and Meta, alongside enterprise, financial services, and specialized cloud providers, driving growth as capital expenditures for AI infrastructure continue to expand.

The Federal Reserve Bank of New York’s analysis shows that nearly 90% of President Trump’s 2025 import tariffs were passed on to U.S. consumers and businesses. With the average import tariff reaching 13% in 2025—up from less than 3%—U.S. importers bore 94% of the cost in January–August, and 86% by November.

The administration argues foreign producers bear the brunt, citing an op-ed Jan. 30 and touting growth: Q3 GDP rose 4.3%, and January nonfarm payrolls increased by 130,000. The Treasury collected $287 billion in tariffs in 2025, up 192% from 2024.

Legal uncertainty looms as the Supreme Court evaluates Trump’s emergency powers basis for tariffs; a ruling against the policy could obligate the government to refund as much as $168 billion to businesses.

Airbnb (NASDAQ:ABNB) reported Q4 CY2025 revenue up 12% YoY to $2.78B, exceeding analyst expectations. Guidance for H1 CY2026 is $2.61B at the midpoint, 3% above consensus. GAAP EPS of $0.56 missed 15.6% of the consensus.

Key metrics: Nights & Experiences booked totaled 121.9 million, up 9.1% YoY; 10.9 million in Q4, or 9.8% YoY. Average revenue per booking (ARO) rose 2% YoY to $22.79 despite a slight deceleration in growth.

Relative to the broader consumer internet sector, Airbnb’s three-year sales CAGR was 13.4%. The stock closed up 2.2% at $118.54 following the report.

Apple (AAPL-US) fell 5% on Thursday, its worst single-day performance since April 2025, as two key developments sent selling pressure: the delay of the upcoming Siri AI update and the Federal Trade Commission’s (FTC) review of Apple News’ content curation practices.

The stock traded as low as 260.18 before closing at 261.73, down 5% from its opening 275. According to Bloomberg, the Siri AI upgrade, originally scheduled for early this month, may be delayed to May or further, with a phased rollout likely.

In a letter to CEO Tim Cook, FTC Chair Andrew Ferguson asked Apple to examine its Apple News recommendation algorithm, citing concerns about preferential treatment of left-leaning media and suppression of conservative content, and whether such practices comply with fair principles.

Cisco (CSCO-US) fell 12% on Thursday, its largest single-day decline since 2022. The plunge followed strong AI chip demand driven by NVIDIA (NVDA-US), which tightened data center memory supply and drove prices sharply higher, squeezing margins for network equipment makers including Cisco.

The memory shortage expanded beyond smartphones to impact Apple (AAPL-US), Dell (DELL-US), and chipmakers like Qualcomm (QCOM-US). Cisco's pre-earnings report on February 4 and its subsequent weaker-than-expected guidance contributed to the tumble.

In the earnings call, CEO Chuck Robbins said memory price increases are a shared industry challenge, and CFO Mark Patterson noted the company will adjust pricing, renegotiate contracts, and focus on controllable costs. For the quarter ended February 4, Cisco forecast adjusted gross margins of 65.5%–66.5%, below analysts' average of 68.2%, citing product mix changes and rising memory costs.

U.S. dollars posted a slight decline on Thursday, February 12, 2026, as continued pressure outpaced limited support from stronger-than-expected January jobs. The Dollar Index (DXY) fell 0.1% to 96.93, ending the session with about 1% net weekly loss.

The strong January employment data—growth accelerating and the unemployment rate at 4.3%—provided only limited tailwinds. Traders are revising down expectations for further Federal Reserve rate cuts, with ING noting that the initial gains were offset by continued strength in short-term U.S. interest rates and broader sell pressure on the dollar.

Key attention shifts to Friday’s CPI report to gauge further Fed policy direction. Cross-currency highlights: EUR/USD near 1.1869, GBP/USD near 1.3616, and USD/JPY触及 152.72, with the latter hitting a three-week low.

Nu Skin Enterprises Inc. (NUS) reported net income of $14.5 million for Q4, equivalent to 29 cents per share, with revenue of $370.3 million. Year-over-year results: profit of $160.2 million or $3.18 per share on revenue of $1.49 billion. For Q1 ending March 31, the company expects EPS between 10c and 20c and revenue between $320M and $340M. Full-year guidance: EPS 80c to $1.20 and revenue $1.35B to $1.50B. (Data source: Zacks Investment Research; generated Feb 12, 2026.)