STOCK MARKET NEWS: Biden taps Brainard, Bernstein, Ford's F-150 snag and layoffs, latest CPI

Ukraine urgently needs more military aid, the United States and NATO said on Tuesday, pledging that western support will not falter in the face of a new Russian offensive as the war was about to mark the first full year since it began.

Western defense chiefs met in Brussels to discuss new arms provisions to Kyiv, which is pleading for greater firepower, and maintenance of existing supplies including shells whose production can hardly keep pace with the war.

Ukrainian President Volodymyr Zelenskiy said Russia was in a hurry to achieve as much as it could with its latest offensive before Kyiv and its allies could gather strength.

"That is why speed is of the essence. Speed in everything - adopting decisions, carrying out decisions, shipping supplies, training. Speed saves people's lives, speed brings back security," he said in an evening video address.

A federal judge on Tuesday ordered Sam Bankman-Fried not to use a virtual private network to access the internet, after prosecutors expressed concern the FTX cryptocurrency exchange founder might try to hide his online activities.

U.S. District Judge Lewis Kaplan imposed the VPN ban through Thursday, when he will hold a hearing to consider additional restrictions to Bankman-Fried's $250 million bail package.

Kaplan previously banned Bankman-Fried from using encrypted messaging apps such as Signal that let users auto-delete messages, and said using a VPN, which Bankman-Fried had done recently at least twice, "presents many of the same risks.

Defense lawyers responded that Bankman-Fried used a VPN to watch National Football League playoff games on Jan. 29 and the Super Bowl on Feb. 12. They also pledged he would not use a VPN "in the interim."

Subway said on Tuesday it was exploring a possible sale of its business as the sandwich chain faces surging costs and mounting competition from deeper-pocketed rivals.

The Wall Street Journal said last month a potential sale could value Subway at more than $10 billion.

Founded in 1965 by 17-year-old Fred DeLuca and family friend Peter Buck, the company has been owned by the founding families since its first restaurant opened as "Pete's Super Submarines" in Bridgeport, Connecticut. It now has more than 37,000 restaurants in over 100 countries.

Tripadvisor topped Wall Street estimates.

Fourth quarter revenue rose 47% to $354 million. Analysts expected $343.9 million.

Net income was $24 million for the three months ended Dec. 31. compared to a year ago loss of $1 million.

Non-GAAP earnings were 16 cents, topping the estimate of 4 cents.

“Our results reflect a combination of continued strength in the travel industry, the value our portfolio provides to travelers and partners, and the focus of our teams,” said CEO Matt Goldberg. “As we enter 2023, we will continue to leverage these strengths while identifying new opportunities to reinforce and accelerate our performance and drive sustainable profitable growth.”

Airbnb Inc on Tuesday forecast current-quarter revenue above Wall Street estimates as demand for travel shows little signs of cooling off, sending its shares up about 11% in extended trading.

A stronger U.S. dollar and reopening of closed borders have empowered consumers to spend more on travel even as recession fears have sparked concerns over discretionary spending.

Airbnb said travel demand continues to be strong in the first quarter despite recessionary fears sparking concerns around consumer spending.

"We're particularly encouraged by European guests booking their summer travel earlier this year," Airbnb said.

The company forecast first-quarter revenue between $1.75 billion and $1.82 billion, higher than analysts' expectations of $1.69 billion, as per Refinitiv data.

Revenue rose 24% to $1.90 billion during the holiday quarter ended December, lower than the preceding two quarters, but beat analysts' average estimate of $1.86 billion.

Airbnb reported a quarterly net profit of $319 million, or 48 cents per share, compared with a profit of $55 million, or 8 cents per share, a year earlier.

U.S. Senator Dianne Feinstein announced on Tuesday that she will not seek re-election at the end of her term in 2024, clearing the path for a hotly contested race among California Democrats for her seat.

Feinstein, who was first elected in 1992, has faced years of pressure to resign given that she is the oldest member of Congress at 89. Last year, media outlets reported that her memory was rapidly deteriorating.

She was expected to serve this year as president pro tempore, the ceremonial head of the Senate and third in line to the presidency, a position typically given to a senior senator of the majority party.

Several Democrats had already announced or hinted at runs even before her announcement, including Representatives Katie Porter and Adam Schiff.

California will hold its primary elections on Mar 5, 2024.

Microsoft  will make a last-ditch effort to defend its $69 billion bid for "Call of Duty" maker Activision Blizzard in front of EU and national antitrust officials at a closed hearing on Feb. 21, the U.S. software company said on Tuesday.

The company asked for the hearing after receiving a statement of objections from the European Commission warning about the possible anti-competitive effects of the deal.

A Microsoft spokesperson confirmed the oral hearing.

The Xbox maker announced the Activision Blizzard acquisition in January last year to help it compete better with leaders Tencent and Sony, but has run into regulatory headwinds in Europe, Britain and the United States.

Microsoft is expected to offer remedies after the hearing.

The U.S. Food and Drug Administration (FDA) has declined to review Soligenix Inc's application seeking approval of its cancer treatment, the drug developer said on Tuesday, sending its shares down more than 30% in early trading.

The application was rejected on grounds that it was insufficient to permit a review, and the company will work with the agency to clarify a path forward for the treatment.

The drug, HyBryte, is a light-activated ointment to be applied to skin lesions caused by cutaneous T-cell lymphoma — a rare type of cancer that begins in the white blood cells and attacks the skin.

HyBryte is the New Jersey-based company's lead experimental therapy and Soligenix had previously expected the drug to be approved in the second half of 2023. It had filed the marketing application to the FDA in December.

In November, the company said it was assessing several strategic options including merger and acquisition opportunities. It had $16.9 million in cash as of Sept. 30.

The application was based on a late-stage study in which 16% patients receiving the drug achieved at least a 50% reduction in their lesions, compared with only 4% of patients in the placebo group at 8 weeks during the first treatment cycle.

There is no cure for cutaneous T-cell lymphoma, which affects over 25,000 individuals in the United States, according to the company.

Burger King owner Restaurant Brands International Inc on Tuesday named company veteran and Chief Operating Officer (COO) Joshua Kobza as its new chief executive.

Kobza, who will take charge on March 1, became the COO in 2019 after serving as Restaurant Brands' finance chief between 2013 and 2018.

The 36-year-old has also held several senior roles at the company and played a key role in its acquisitions of the Tim Hortons coffee chain in 2014 and fried chicken chain Popeyes in 2017, Restaurant Brands said. 

Separately, the company edged past Wall Street estimates for quarterly revenue, boosted by strong demand at three of its main restaurant chains.

However, profit fell short of expectations on higher operating expenses.

Like other fast food companies, Toronto, Canada-based Restaurant Brands has been grappling with elevated costs of transportation, labor and raw materials, and has had to raise prices of its menu items over the past year.

Total revenue rose about 9% to $1.69 billion in the fourth quarter ended Dec. 31, compared to estimates of $1.67 billion, according to IBES data from Refinitiv.

Excluding items, Restaurant Brands earned 72 cents per share, compared with expectations of 73 cents.

Marriott International Inc on Tuesday forecast first-quarter adjusted profit above Wall Street estimate after the U.S.-based hotel operator benefited from strong travel demand even as the prospects of a global economic recession persist.

Pent-up desire to travel coupled with a strong U.S. dollar and flexible work arrangements have enabled hotel operators to boost their margins through the key holiday season.

The company expects its adjusted profit in the current quarter to come in between $1.82 and $1.88 per share, compared with $1.66 per share, as per Refinitiv data.

Marriott, which owns hotels such as Sheraton, Westin and St. Regis, posted a 28.8% rise in its revenue per available room (RevPAR), a key measure for a hotel's top-line performance, in the fourth quarter on a constant-currency basis.

Excluding special items, the company earned $1.96 per share, ahead of average analysts' expectations of $1.83 per share.    Its quarterly revenue rose about 33% to $5.92 billion, compared with an estimate of $5.47 billion.

Coca-Cola Co on Tuesday forecast 2023 profit growth above Wall Street expectations after edging past fourth-quarter revenue estimates, as demand for its sodas remains resilient in the face of multiple price hikes to tackle higher costs.

Coca-Cola's near duopoly in the global carbonated drinks market along with PepsiCo has made it easier for the company to raise prices over the last few quarters to counter higher freight, commodity and labor costs.

The soda giant also saw an increase in operating margin for the first time in three quarters.

Average selling prices rose 12% in the fourth quarter, the maker of Sprite and Fanta said, while unit case volumes slipped 1%.

Coca-Cola forecast full-year adjusted earnings per share to rise between 4% and 5%, compared to the average analyst estimate of 2.96% growth, according to IBES data from Refinitiv.

The company sees 2023 organic revenue growth of 7% to 8%.

The beverage maker's fourth-quarter net revenue rose 7% to about $10.1 billion compared with estimates of about $10 billion.

Adjusted profit came in line at 45 cents per share, the first time in three years the company failed to beat expectations.

The price of oil continues to fall on Tuesday, slipping roughly 1.5% to under $80 a barrel after the Biden administration announced another sale of oil from the Energy Department's Strategic Petroleum Reserve (SPR).

According to the announcement, there are 26 million barrels set to be delivered to the market from April 1 to June 30, which will take the number of barrels in the reserve to a new low dating back to 1983.

Unlike the largest-ever drawdown of the SPR that Biden announced in response to Russia's war in Ukraine, the latest release of 26 million barrels is in response to a requirement included in two laws enacted by Congress during the Obama administration under the Bipartisan Budget Act of 2015 and the Fixing America's Surface Transportation (FAST) Act.

The announcement comes ahead of a potential uptick in gas prices as the U.S. nears the summer driving season.

Currently, West Texas Intermediate crude is off approximately 2% year-to-date after slipping around 14% the last year.