LT Weekly: Feb 20, 2026
Major US equity indices were higher for the holiday-shortened week, though it did end on a bit of a choppy note with SCOTUS ruling that the Trump-era tariffs were illegal, headlines around a potential new 10% tariff, and comments about a possible limited strike on Iran adding to policy and geopolitical uncertainty.
It was week 5 in the TMT earnings cycle with key prints across live entertainment, last-mile, and OTAs. We also got a first glimpse into some of the major consumer companies. As always, AI continues to be at the center of a seemingly never-ending stream of updates. See below for what we focused on in this edition.
- Earning Scorecard – Week 5
- Live Nation Cites No Pullback “Whatsoever” In Concert Demand
- AI Spooks The Media & Entertainment Industry, Along W/ Other Key AI Developments
- TMT Lost Some Favor W/ Hedge Funds In Q4…Per 13’Fs
- 2026 Will Be An Investment Year For DoorDash As It Builds The Next Version Of Itself
- Booking.com Believes That LLMs Will Stay At The Top Of The OTA Funnel
- Quick Earnings Takes – OMC, WMT, EBAY, ETSY, & W
- Grab Bag: MSG Sports Is Exploring A Spin-Off / Apple Introduces A New Video Podcast Feature / Uber Is Expanding Food Delivery In Europe
Also, on the home front, I wanted to highlight that LionTree Advisors LLC served as financial advisor to Liberty Global and Telefonica on their £2bn acquisition of Substantial Group through their existing joint venture, Nexfibre and LionTree Advisors LLC also served as financial advisor to Liberty Global on its acquisition of Vodafone’s stake in VodafoneZiggo and the creation of Ziggo Group.
Best,
Leslie
Earning Scorecard – Week 5
This was Week 5 of the TMT earnings storm. In total, 17 stocks in our LionTree Universe reported. Unlike the last 2 weeks, stock reactions skewed positive this week, with 9 stocks trading up and 8 trading down. The best performer in reaction to earnings was Omnicom, which was up +15.4% (see Theme #7), while the worst performer was Wayfair, which fell -13.0% (see Theme #7).
Live Nation had a favorable reaction to earnings (up +3.3% – see Theme #2) as did DoorDash (up +1.6% – see Theme #5). Bookings closed out the OTA earnings season, but it was on a tougher note with the stock falling -6.1% in reaction to its print (see Theme #6).
On the Consumer front, eBay, Etsy and Walmart all reported and were up +3.1%, +9.3% and down -1.4% respectively in reaction to earnings (see Theme #7).
The table below includes select mid- and large-cap TMT and consumer companies in our LionTree stock universe that reported this week.