Feb 6 2026 | Gainer premarket | 40 - 100 B

 

Feb 6 2026 | Gainer premarket

 

a significant sell-off after the close on Thursday, February 5, 2026

 The stock market experienced a significant sell-off after the close on Thursday, February 5, 2026, primarily driven by Amazon's disappointing earnings report and aggressive capital spending projections. This "risk-off" sentiment extended a broader market decline triggered earlier in the day by weak U.S. labor data and a deepening rout in the technology and cryptocurrency sectors.

Primary After-Hours Drivers

• Amazon (AMZN) Results: Amazon shares plummeted 11% in after-hours trading. While revenue exceeded expectations, earnings per share slightly missed, and the company spooked investors by announcing a staggering $200 billion in planned capital expenditures for 2026—significantly higher than the $146 billion analysts expected.
• AI Capex Concerns: Similar to Alphabet's update earlier in the week, Amazon's massive AI-related spending raised fears about margin pressure and the timeline for returns on investment, leading to a "freefall" in software and tech-heavy indices.
• Weak Labor Signals: Earlier reports showed 231,000 initial jobless claims, higher than the 212,000 expected. Furthermore, U.S. employers announced over 108,000 layoffs in January, the highest level for that month since 2009, heightening recessionary fears. 

Key Market Indices at Close

The regular session also saw major losses across all indices: 

• S&P 500: Fell 1.23% to 6,798.40, marking its third straight losing session.
• Nasdaq Composite: Dropped 1.59% to 22,540.59 as tech volatility peaked.
• Dow Jones: Slipped 1.20% (approx. 600 points) to 48,908.72.
• Bitcoin: Plunged below $64,000, continuing a broader retreat from recent highs. 

Feb 5 2026 | 10 B | After market close | Losers

 

Feb 5 2026 | Post market losers | 200 billions

 

精神病院跟牛肉面馆一样遍地开花,骗保生意太好做了

 在坏事做尽的精神病院，与每周四到场检查的医保局之间，出现了一种类似猫和老鼠的游戏。这些肆意妄为的精神病院，将盈利模式建立在挖医保墙角的基础上，明目张胆地盗窃。

如果不是“生意”好做、风险小，精神病院也不会跟牛肉面馆一样遍地开花。这其中，相关部门扮演了什么角色，为何没有听到社情民意，襄阳要是排查调查，也不该遗忘这一点。

精神疾病的诊断，不像内外科手术那样，可以有明确的量化指标，很多情况下完全凭精神科医生一张嘴，一旦这个诊断被套利意图掌控，结果可想而知。

许多本该出院却被精神病院阻拦的人，正是吃了这个亏，而且吃了亏还说不出口，叫天天不应叫地地不灵。这种顽疾能因本次舆论有所扭转吗？

一帮想方设法制造精神病人的人，把持了襄阳的精神病院，他们硬生生地把精神病治疗做成了一门无本万利的生意，创意实在是高，危害也实在是大。

襄阳的地毯式排查，需要核实的信息很多，归根结底，就是在襄阳全域恢复精神病人与正常人的界线，把被精神病的人解救出来。记者用暗访点题，襄阳能否变得正常，等着看吧。

精神病院跟牛肉面馆一样遍地开花,骗保生意太好做了

 精神疾病的诊断，不像内外科手术那样，可以有明确的量化指标，很多情况下完全凭精神科医生一张嘴，一旦这个诊断被套利意图掌控，结果可想而知。

曾经揭露油罐车运输豆油的新京报记者韩福涛，近期以护工身份，卧底湖北襄阳、宜昌的精神病院，发现当地众多精神病院以免费住院为噱头招揽正常人住院，并阻止康复病人出院，目的就是骗取医保资金。

新京报2月3日刊登了报道，襄阳当天成立工作专班，在全市起底式排查调查，“一旦核实相关问题将依法从严从速处理”。

报道披露，湖北襄阳当地精神病院有20多家，给人一种“精神病院之乡”的感觉。扎堆的精神病院相互竞争，有专门的市场专员，去乡下揽收有病没病的人，有的许诺免医疗费、生活费，只要200元门槛费就能住院。

这些精神病院里的真假病人，多的有100多人，少的有50多人，真是一个奇特现象。

记者以应聘护工的名义，先后进入两家精神病院（一家在襄阳，一家在宜昌），通过老护工的介绍与一些暗访手段，确认多数精神病院住着的是正常人，有的精神病院还让保安和护工登记为精神病人。

登记造册后，虚构治疗项目，然后每人从医保局套取每天130元左右的资金，规模大一点的精神病院每年可套取五六百万医保。

这里面有没有真的病人呢？也是有的，但很少，相对于数量众多的精神病院，精神病人不够用了。真病人明显好转后，一些医院会想方设法设置障碍，变相阻止病人出院。

而病人仅仅每天吃点药丸，没什么治疗，他们和招揽住院的正常人一样，成为医院骗取医保资金的工具人。

为了骗过医保局的定期抽查，这些精神病院会预先做好台账，制造住院病人“出院”的假象。实际上，这些正常的“病人”被医院藏在医院里，不让医保局的人发现。

不管用什么花招，精神病院的唯一目的就是把人留住——不管有没有病——因为只有人在医院，摇钱树才不倒，可见襄阳的这些精神病院都魔怔了。

真正陷入疯狂式病态的是精神病院，他们最常用的招数是提供戒酒住院治疗服务，把好喝酒写成喝酒导致的精神病，就能入院展开所谓的治疗。

因为出院太难，不少无大碍的病人被困医院多年，免费给医院干活，中间还发生过自杀案例。能把痊愈的精神病人逼到自杀的地步，可见这些精神病院不仅图财还会害命。

当然，新京报记者调查到的这些触目惊心的情节，还有待官方调查的最终确认。

可反过来说，如果媒体介入，是因为当地这种骗保的特色产业人尽皆知，以致记者拿到了线索，那当地政府——包括市县医保局——真的不知情？如果病人普遍入院容易出院难，相关部门有没有接到家属的求助和投诉？

AMD stock | SMC POI vs support and resistance

 

AMD charts | 30 m , 15m, D chart

 

AMD stock | Heavy Unusual Trading in Call Options of AMD Stock Implies a Bullish Outlook

 Mark R. Hake, CFA

Wed, February 4, 2026 at 10:30 AM PST 5 min read

Advanced Micro Devices (AMD) stock has had heavy, unusual trading in short-term out-of-the-money call options today. Based on the company's strong earnings results yesterday, it could be a bullish signal for AMD stock.

AMD is at $201.72 in morning trading, down over 16% after the results release after the market closed yesterday. This heavy call options activity today could potentially indicate that some investors feel this is overdone.

This activity can be seen in today's Barchart Unusual Stock Options Activity report. It shows that over 6,600 call options have traded at the $217.50 strike price for expiry this Friday on Feb. 6, 2026.

At the time of the Report, the premium was $1.69, but now it is down to $1.39 per call contract, as AMD has continued to fall.

This may indicate that some investors are selling short covered calls to collect this high premium. After all, the yield is 0.69% ($1.39/$201.72) for just 2 days until expiry. That works out to a monthly yield of about 3.0%, assuming it could be repeated 4.33 times (i.e., 2 days per week for 4.33 weeks per month).

On the other hand, buyers of these calls may believe that today's sell-off has been overdone. They may feel, on a speculative basis, that AMD stock could recover in the next few days.

In that regard, this type of play is a speculative gamble that the premium will rise over $1.39, even if AMDe stock stays below below the $217.50 strike price.

That is because options typically have some extrinsic value, albeit declining, up until they expire, even if they remain out-of-the-money (i.e., have no intrinsic value).

That could be due to the strong nature of AMD's earnings results. Let's look at that.

Strong AMD Results

Advanced Micro Devices, the semiconductor company, reported yesterday that its Q4 revenue rose 34.1% YoY and was up +11% Q/Q. Moreover, its full revenue rose 34.34% in 2025, slightly higher than the 34.18% last 12 months (LTM) gain in Q3, according to Stock Analysis.

In addition, AMD's margins stayed strong. Its gross margin was 54%, up from 51% last quarter. And its operating margin was 17%, vs. 11% in Q3 and 14% last year.

More importantly, its free cash flow (FCF) was very strong, despite much higher capex spending. This can be seen in the table AMD provided in its earnings release.

It shows that FCF was $2.082 billion, representing 20% of revenue in Q4, up from 17% last quarter and 14% a year ago. For the full year, it hit 16% vs. 9% last year.

However, AMD may have low-balled its figures to make them comparable. They deducted the discontinuing operations results from operating cash flow.

Stock Analysis shows that the actual FCF was higher, resulting in a 22.79% FCF margin in Q4, vs. 20.56% last quarter, and 14.25% last year. Moreover, its full-year FCF margin was 19.33%, vs. 17.01% in Q3 on a TTM basis and 9.33% in 2024.

The point is that the company is squeezing out more cash from its operations on both a Y/Y and a sequential basis.

That implies its market value could have significant upside.

Forecasting FCF and a Price Target

For example, analysts are projecting revenue will rise to $46.62 billion in 2026 (up 34.3% over 2025) and $64.25 billion by 2027. So, over the next 12 months (NTM) it could average $55.435 billion.

So, assuming Advanced Micro Devices continues to improve its FCF margin with higher revenue, it could make $12.75 billion in FCF:

$55.435 billion NTM revenue x 23% FCF margin = $12.75 billion FCF

That is 90% more than the $6.697 billion in FCF that Stock Analysis reports AMD made in 2025.

Just to be conservative, let's call it $12 billion. Using a 2.0% FCF yield metric, here is what AMD stock would be worth:

$12b / 0.02 = $600 billion mkt value

That is 83.7% higher than today's market cap of $326.683 billion, according to Yahoo! Finance.

Just to be even more conservative, let's lower the FCF margin estimate to 20%. That still results in an estimate of $11.1 billion, and using a 2% FCF yield metric, the market value would be:

$11.1b / 0.02 = $555 billion mkt value

This is still 70% over today's value, and implies AMD's next 12 month (NTM) price target could be 70% higher:

$201.72 x 1.7 = $342.92 per share

Other analysts agree that AMD is undervalued. Yahoo! Finance's survey PT is $289.70, Barchart's is $288.56, and Anachart is at $273.36.

The bottom line is that AMD stock looks deeply undervalued here.

So, no wonder investors are buying call options, or selling short covered call options at much higher prices.

However, investors should be careful in following this speculative 2-day trade. It might make sense for most investors to take a longer-term period in which to invest in AMD call options.

ORCL stock | 甲骨文要崩？银行不借钱、股价腰斩

 甲骨文正陷入一场流动性危机。其周日宣布今年拟筹资450亿至500亿美元，用以扩张AI数据中心，而此前多家投行已发出警告，称其可能最早在2026年底耗尽现金。与此同时，其股价已较去年9月的峰值腰斩，信用违约掉期(CDS)价格飙升至2008年金融危机以来最高水平。

甲骨文这次融资被市场视为生死攸关之举。甲骨文计划通过强制转换优先股，以及规模最高达200亿美元的按市价发行计划筹集一半资金。其余资金拟在2026年初通过一次性债券发行完成。

美国多家银行已开始抽离对甲骨文相关项目的融资支持。据彭博报道，TD Cowen的渠道调查显示，由于对甲骨文融资能力的担忧，多家美国银行已停止向其数据中心项目提供贷款。

仍愿提供融资的银行已将利率提高至非投资级水平，从去年9月的SOFR+225-250个基点扩大至SOFR+300-450个基点。

甲骨文建设AI数据中心对资金的需求速度远超其现金流入速度，公司自由现金流已转为负值，预计这一状况将持续至2030年。

据TD Cowen分析，为支持与OpenAI的现有协议，甲骨文需采购约300万块GPU及其他IT设备，按保守估计每兆瓦3000万美元的IT配置成本计算，这意味着约1560亿美元的资本支出需求。

而OpenAI本身尚未盈利，且对其他公司存在约1.4万亿美元的多年期承诺，进一步加剧了市场对这笔交易可持续性的担忧。

融资计划紧急出台

甲骨文在周日的声明中表示，筹集资金是为了建设额外容量，以满足来自AMD、Meta Platforms、英伟达、OpenAI、TikTok和xAI等最大云客户的合同需求。

该公司计划通过强制可转换优先股和至多200亿美元的市价发行股票计划筹集约一半资金，另一半将通过2026年初的单次债券发行完成。

这是甲骨文继2025年发行180亿美元债券后的又一次大规模融资，2025年的发行是当年最大规模企业债券发行之一。

但市场对此次融资的前景并不乐观。Luria指出，考虑到甲骨文现有的承诺以及其信用违约掉期的交易情况，债券市场无法容纳如此大规模的投资级债务。而发行股权也可能进一步打压公司股价，进而波及其债券。

华尔街发出严厉警告

摩根士丹利和TD Cowen的分析师在1月下旬相继发布报告，对甲骨文的财务状况提出严重质疑。

摩根士丹利大幅下调了甲骨文的目标价，理由是"GPU即服务(GPUaaS)虽是可观的收入机会，但股票、信贷和GVAT团队的联合深入研究表明，基础设施建设将使每股收益低于目标，并导致融资需求大幅增加。"

据彭博报道，TD Cowen的Michael Elias在1月26日的报告中指出，甲骨文正考虑裁员2万至3万人，并出售部分业务，以应对美国银行对其AI数据中心扩张融资的撤离。裁员将释放80亿至100亿美元的现金流。

Greyhound Research首席分析师Sanchit Vir Gogia称，3000亿美元的OpenAI交易可能看起来令人印象深刻，但"当你仔细观察时，它建立在积压订单之上，没有保证的收入，却有巨大的资本支出要求。"

融资渠道收窄困境

甲骨文的融资困境源于其激进的数据中心扩张计划。据TD Cowen的渠道调查，2025年第三季度末，甲骨文在美国租赁了约5.2吉瓦的数据中心容量，以支持OpenAI的工作负载。

两个月内，私营运营商为甲骨文/OpenAI数据中心项目共筹集了约580亿美元债务。但随着股票和债券投资者对甲骨文融资能力的质疑加剧，体现为CDS利差扩大和股债双杀，多家美国银行开始撤回对甲骨文关联数据中心项目的贷款。

TD Cowen的渠道调查显示，多个正在与私营运营商谈判的甲骨文数据中心租赁项目因无法获得融资而失败，导致甲骨文无法通过租赁方式获得数据中心容量。

面对激增的资本需求，TD的最新渠道调查显示，甲骨文目前要求客户支付40%的预付定金，以减轻增量收入(RPO)增长所需的增量资本支出。此外，甲骨文还在评估多种缓解资金压力的路径，包括裁员、资产剥离、供应商融资以及“自带芯片（BYOC）”模式。

现金流黑洞与OpenAI风险

甲骨文面临的核心问题是其交易结构导致的现金流错配。建设AI数据中心的同时无法同步从客户处收取现金，已使甲骨文的自由现金流转为负值，预计这一状况将持续至2030年。公司未来几年需承担数百亿美元的支出，主要用于半导体采购和租赁。

与OpenAI的合同是甲骨文云投资的关键部分。OpenAI承诺支付约3000亿美元从甲骨文租赁服务器，但OpenAI本身尚未盈利，这加剧了市场对巨额资本支出何时能产生有意义回报的担忧。

Gogia认为，企业需要从根本上重新思考如何看待甲骨文的云合同。"应将甲骨文的云建设视为共享的基础设施风险，而非服务协议。"

DA Davidson的Luria表示："如果甲骨文能成功完成融资，它将开始从目前所处的巨大困境中自救。"但即便融资成功，该公司仍面临巨大的资金缺口；如果失败，可能意味着灯熄人散。

APP stock | APP, RBLX, U | Why AppLovin Stock Was Taking a Dive Today | Feb 11 2026 Earning coming

 Jeremy Bowman, The Motley Fool

Fri, January 30, 2026 at 11:08 AM PST 2 min read

In this article:

APP
-16.89%
U
-24.22%
TTWO
-7.93%
GOOG
-0.04%

Shares of AppLovin (NASDAQ: APP) were heading lower today in an apparent response to Google's Project Genie, a new prototype from Google DeepMind that allows users to create virtual worlds for gaming with AI.

The news sparked a sell-off among gaming stocks as Unity Software, Take-Two Interactive Software, and Roblox all fell sharply on the news.

Is Project Genie bad for AppLovin?

The sell-off in AppLovin seems surprising because the company isn't a game developer anymore. It sold that part of its business last year as its adtech platform began to take off.

Much of its business still relates to mobile games, but it's monetizing that through advertising, rather than game sales and fees. It's unclear if Project Genie will be disruptive to the mobile gaming industry, but it could potentially be a tailwind for AppLovin if it opens up new ad inventory in mobile gaming.

What's next for AppLovin

AppLovin stock could also be facing pressure from a broader sell-off in software stocks, which has continued as the fast-growing adtech stock trades at a lofty price-to-sales ratio of 31 even after today's decline.

The company will get a chance to redirect the narrative when it reports fourth-quarter earnings on Feb. 11. Analysts are expecting revenue, which includes a headwind from the sales of the apps business, to grow 17.4% to $1.61 billion, and for adjusted earnings per share to jump from $1.73 to $2.95.