Chapter 1: What is the main topic discussed in this episode?
Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning.
It's always good to be with you. Today is Tuesday, February 24th. I'm Julie Morgan. FedEx has sued the Trump administration, seeking a full refund of the tariffs it paid under IEPA, the International Emergency Economic Powers Act, after the Supreme Court ruled against the administration. The lawsuit did not specify the amount due. The company filed the lawsuit in the U.S.
Court of International Trade, naming the Customs and Border Protection Agency, CBP Commissioner Rodney Scott, and the U.S. as defendants. Several companies already filed lawsuits seeking IEPA tariff refunds before the Supreme Court's ruling, including Costco, and that number is expected to rise significantly.
Penn Wharton budget model economists projected that reversing the IEPA tariffs will generate up to $175 billion in refunds. The firm representing FedEx and Costco in their lawsuit say that they anticipate that the administration will resist paying refunds and the process may take some time. But they say retailers with significant tariff exposure should evaluate potential claims now.
Hims and Hers Health said in a 10-K filing that it received a letter from the staff of the Securities and Exchange Commission's Division of Enforcement notifying the company of an investigation.
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Chapter 2: What is FedEx's lawsuit about regarding IEEPA tariffs?
The SEC directed it to preserve documents and information related to its public statements and disclosures about compounded semaglutide and related business relationships. The company said it is cooperating with the investigation but is unable to predict when or how this matter will be concluded. Therefore, the financial impact of the SEC investigation cannot be predicted at this time.
Hims and Hers Health reported Q4 gap EPS of $0.08, beating estimates by $0.03, while revenue rose 28.4% year-over-year to $617.8 million, which was in line with expectations. Its subscribers grew to over 2.5 million, up 13% year-over-year in 2025. For the first quarter of 2026, the company guided for revenue of $600 to $625 million, below the $652.6 million consensus estimate.
HEMS is down 6% in pre-market action. The software and chief commercial officer of IBM, Rob Thomas, wrote in a blog post on Monday that translating COBOL code is not equivalent to modernizing enterprise systems, emphasizing that platform architecture, not the programming language, determines mainframe value. The comments come after IBM shares had their worst day in more than 25 years on Monday.
This was after AI startup Anthropic, said its clawed code tool can help modernize COBOL, a dated programming language that's run on IBM computers. The stock plunged over 13% in its biggest single-day percentage loss since October of 2000.
With the decline, IBM shares have fallen 27% in February, on track for their biggest one-month slide since at least 1968, according to data compiled by Bloomberg. Here's a look at a few other articles that are trending. The White House is working on the 15% tariff, but the timeline remains unclear. Bayer has sued Johnson & Johnson over prostate cancer drug claims.
And IonQ is in focus after being selected for a Golden Dome contract. I have one item to tell you about in our Catalyst Watch for the day. It's about Apple. Apple will hold its annual meeting. Shareholders will vote on a proposal from the National Center for Public Policy Research requesting a board-level report on risk and cost of Apple's reliance on and operations in China.
A vote on director re-election will include Chair Art Levinson and Director Ron Sugar, with the board explicitly waiving its usual age 75 guideline for those two. On Wall Street, Dow, S&P and Nasdaq futures are in the green. Crude oil is up 0.25% at $66 a barrel. Bitcoin is down 2.3% at $63,000. Gold is down 1% at $51.73. The FTSE 100 is down 0.2% and the DAX is little changed.
The markets in China and Japan are open again following the holiday. Veer Biotechnology is on our list of the biggest movers of the day pre-market. VIR is up 58% after announcing a partnership with Astellas Pharma to develop and commercialize a drug for prostate cancer. And on today's economic calendar at 9 a.m. the FHFA House Price Index and at 10 a.m. Consumer Confidence.
That's it for today's Wall Street Breakfast. Thanks for listening. For a full offering of news, analysis, ratings, and data on stocks and ETFs, become a premium subscriber. Learn more at SeekingAlpha.com slash subscriptions. I'm your host, Julie Morgan. Go out and make it a great day.
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