Market Overview - U.S. stocks showed mixed trading, with the Nasdaq Composite falling over 50 points, while the Dow increased by 0.03% to 47,327.39 and the S&P 500 decreased by 0.09% to 6,790.33 [1] - Energy shares rose by 1.1%, while consumer staples stocks fell by 0.7% [1] Company Earnings - Cummins Inc (NYSE:CMI) reported third-quarter earnings of $5.59 per share, exceeding market expectations of $4.81 per share, with quarterly sales of $8.317 billion compared to expectations of $7.971 billion [2] Commodity Prices - Oil prices increased by 0.1% to $59.63, gold rose by 0.6% to $4,016.60, silver gained 0.6% to $48.300, and copper saw a slight increase of 0.1% to $4.9905 [5] European Market Performance - European shares were predominantly lower, with the eurozone's STOXX 600 declining by 0.3%, while Spain's IBEX 35 Index rose by 0.2% [6] Asian Market Performance - Asian markets closed mostly higher, with Japan's Nikkei 225 surging by 1.34% and Hong Kong's Hang Seng gaining 2.12% [7] Job Cuts Announcement - U.S.-based employers announced 153,074 job cuts in October, a significant increase from 54,064 in the previous month [8] Stock Movements - Baiya International Group Inc. (NASDAQ:BIYA) shares surged by 121% to $0.6032, while Forge Global Holdings, Inc. (NYSE:FRGE) increased by 68% to $43.83 following an acquisition agreement with Charles Schwab [9] - MingZhu Logistics Holdings Limited (NASDAQ:YGMZ) shares rose by 43% to $0.1801, while DIH Holding US, Inc. (NASDAQ:DHAI) shares dropped by 64% to $0.6608 [9] - ACV Auctions Inc. (NYSE:ACVA) shares fell by 37% to $5.13 after cutting its full-year sales guidance, and Aspen Aerogels, Inc. (NYSE:ASPN) decreased by 36% to $4.74 after lowering its full-year earnings and sales guidance [9]

Core Insights - Cummins reported quarterly earnings of $5.59 per share, exceeding the Zacks Consensus Estimate of $4.73 per share, and showing a slight decrease from $5.6 per share a year ago, resulting in an earnings surprise of +18.18% [1] - The company achieved revenues of $8.32 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 3.24%, although this represents a decline from year-ago revenues of $8.46 billion [2] - Cummins has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] Earnings Outlook - The future performance of Cummins' stock will largely depend on management's commentary during the earnings call and the revisions of earnings estimates [3][4] - The current consensus EPS estimate for the upcoming quarter is $4.72 on revenues of $8.2 billion, while for the current fiscal year, the estimate is $21.59 on revenues of $33.07 billion [7] Industry Context - Cummins operates within the Zacks Automotive - Internal Combustion Engines industry, which is currently ranked in the top 41% of over 250 Zacks industries, indicating a favorable industry outlook [8] - Historical data suggests that stocks in the top 50% of Zacks-ranked industries outperform those in the bottom 50% by more than 2 to 1 [8]

EXHIBIT 99 November 6, 2025 Cummins Reports Strong Third Quarter Operating Results, Records Non-Cash Charges Related to its Electrolyzer Business COLUMBUS, IND. - Cummins Inc. (NYSE: CMI) today reported results for the third quarter of 2025. "Cummins delivered strong operating results in the third quarter, driven by profitable growth in our Power Systems and Distribution segments, due in part to continued rising demand for backup power for datacenters. Effective cost management across the company helped nav ...

Core Insights - Cummins Inc. reported strong operating results for Q3 2025, driven by growth in Power Systems and Distribution segments [1] - The demand for backup power for data centers contributed to the profitable growth [1] - Effective cost management helped the company navigate a sharp decline in the North American truck market [1] Financial Performance - The company experienced profitable growth in specific segments, indicating resilience in its business model despite market challenges [1] - The anticipated decline in the North American truck market was acknowledged, highlighting the importance of diversification in revenue streams [1]

Market Overview - U.S. stocks experienced a positive session, with the Dow Jones index increasing by approximately 226 points to close at 47,311.00, while the S&P 500 and Nasdaq Composite gained 0.37% and 0.65%, respectively [4] - The CNN Money Fear and Greed index showed a slight easing in fear levels, currently at 24.1, remaining in the "Extreme Fear" zone, up from a previous reading of 21.5 [6][7] Employment Data - The ADP National Employment Report indicated that private employers added 42,000 jobs in October, a rebound from the 32,000 jobs lost in September, surpassing economists' expectations of a 25,000 job gain [2] Corporate Earnings - Eli Lilly and Co. continued its post-earnings rally for a fifth consecutive session, with shares reaching their highest levels since September 2024 [3] - McDonald's Corp. reported weaker-than-expected earnings for the third quarter [3] - Investors are anticipating earnings results from Cummins Inc., Airbnb Inc., and ConocoPhillips [5] Sector Performance - Most sectors within the S&P 500 closed positively, with communication services, consumer discretionary, and materials stocks showing the largest gains, while consumer staples and information technology sectors closed lower [4]

Market Overview - U.S. stocks experienced a positive session, with the Dow Jones index increasing by approximately 226 points to close at 47,311.00, while the S&P 500 and Nasdaq Composite gained 0.37% and 0.65%, respectively [4] - The CNN Money Fear and Greed index showed a slight easing in fear levels, currently at 24.1, remaining in the "Extreme Fear" zone, up from a previous reading of 21.5 [6][7] Employment Data - The ADP National Employment Report indicated that private employers added 42,000 jobs in October, rebounding from a loss of 32,000 jobs in September and surpassing economists' expectations of a 25,000 job gain [2] Corporate Earnings - Eli Lilly and Co. continued its post-earnings rally for the fifth consecutive session, with shares reaching their highest levels since September 2024 [3] - McDonald's Corp. reported weaker-than-expected earnings for the third quarter [3] - Investors are anticipating earnings results from Cummins Inc., Airbnb Inc., and ConocoPhillips [5] Sector Performance - Most sectors within the S&P 500 closed positively, with communication services, consumer discretionary, and materials stocks showing the largest gains [4] - In contrast, consumer staples and information technology sectors closed lower, bucking the overall market trend [4]

Earnings Expectations - Cummins Inc. is expected to report quarterly earnings of $4.81 per share on revenue of $7.97 billion [2] - Qualcomm Inc. reported positive earnings for Q4 and anticipates first-quarter revenue between $11.80 billion and $12.60 billion, with a consensus estimate of $11.62 billion [2] - Airbnb Inc. is projected to post quarterly earnings of $2.34 per share on revenue of $4.08 billion [2] - ConocoPhillips is expected to report quarterly earnings of $1.44 per share on revenue of $14.73 billion [2] Stock Performance - Cummins shares increased by 2.4% to close at $439.18 [2] - Qualcomm shares fell by 2.6% to $175.01 in after-hours trading [2] - Airbnb shares rose by 0.1% to $122.55 in after-hours trading [2] - Robinhood Markets Inc. reported better-than-expected Q3 results, but shares fell by 2.1% to $139.55 in after-hours trading [2] - ConocoPhillips shares gained 0.9% to $88.47 in after-hours trading [2]

Core Insights - The London Company Income Equity Strategy reported a 6.0% gross (5.8% net) portfolio appreciation in Q3 2025, outperforming the Russell 1000 Value Index which increased by 5.3% [1] - The portfolio's positive stock selection contributed to its outperformance, although sector exposure presented some headwinds [1] Company Analysis: Cummins Inc. (NYSE:CMI) - Cummins Inc. is recognized as a global leader in heavy- and medium-duty truck engines, benefiting from strong customer relationships and a large installed base that drives high-margin, recurring aftermarket revenue [3] - The company has diversified into Power Systems, which adds stability during trucking downturns, supported by a strong balance sheet and disciplined capital allocation [3] - Cummins Inc. is positioned for a rebound in truck demand and global growth, with its scale, emissions expertise, and service network providing durable advantages [3] - As of November 4, 2025, Cummins Inc. shares closed at $428.74, with a market capitalization of $59.074 billion, reflecting a 20.43% increase in value over the last 52 weeks [2] Investment Sentiment - Cummins Inc. was held by 59 hedge fund portfolios at the end of Q2 2025, an increase from 53 in the previous quarter, indicating growing interest among institutional investors [4] - Despite its potential, some analysts suggest that certain AI stocks may offer greater upside potential and carry less downside risk compared to Cummins Inc. [4]

U.S. Machinery Data Center Power Gen: How big is the onsite and standby TAM and what's different about CAT and CMI? Chad Dillard +1 917 344 8469 chad.dillard@bernsteinsg.com Miguel Marques, CFA +1 917 344 8432 miguel.marques@bernsteinsg.com Specialist Sales Steve Song +1 917 344 8401 steve.song@bernsteinsg.com This note sizes the onsite and standby data center power generation TAM and compares strategic positioning of Caterpillar & Cummins. We draw on our proprietary data center power gen model (available i ...

Group 1 - The market is experiencing selling pressure following a rate cut decision and disappointing discussions between China and the US, leading to a slight decline from all-time highs [2][3]. - There is a notable rotation in the market, moving away from big tech stocks that previously led gains [3][4]. - Diversification is emphasized as important in the current market environment, particularly with the volatility associated with AI-related trades [5]. Group 2 - Corning has reported record sales and is experiencing a strong uptrend, with a more than 100% increase over the last six months [5][7]. - The stock has broken above previous resistance levels, indicating potential for further upside [10][13]. - A trading strategy involves buying the stock and writing a call option to capture upside momentum while managing tax implications [15]. Group 3 - Cummins is highlighted for its strength in the industrial sector, particularly in engine and battery delivery systems, which contributes to its upward momentum [17][18]. - The stock has shown a strong price action with a recent breakout above previous highs, indicating continued bullish sentiment [21][24]. - A suggested trading strategy includes buying a call spread while selling a put to finance the position, allowing for upside capture [28]. Group 4 - Palo Alto Networks is maintaining upside momentum ahead of its earnings announcement, with the stock trading near all-time highs [30][31]. - The stock has shown significant price appreciation, moving from 165 to 220, with key support levels identified around 215 to 218 [33][37]. - A defined risk trading strategy is proposed, involving a call spread to capitalize on potential price appreciation while limiting downside risk [38].