[Music] Hello and welcome to Ask for a Trend. I'm Josh Lipton and for the next half hour, we are breaking down the trends of today that'll move stocks tomorrow. There's a lot to keep track of, so we're focusing on what you need to know to get ahead of the curve. Here's some of the trends we're going to be diving into.Stocks giving back most of their gains Wednesday before ticking up again as volatility continued to engulf Wall Street. At the end of the session, stocks did close the day mixed. Bickering in W ...

Core Insights - Investment banking fees significantly boosted the profits of Wall Street banks in Q3, primarily driven by a resurgence in mergers and acquisitions and initial public offerings [1][2] - Goldman Sachs emerged as the leading firm in this environment, outperforming its competitors in investment banking fees [1][3] Investment Banking Performance - Goldman Sachs generated $2.6 billion in investment banking fees during Q3, marking a 42% year-over-year increase [3] - Other banks also reported increases in investment banking fees: JPMorgan Chase saw a 16% rise to $2.6 billion, Citigroup's fees increased by 17% to $1.2 billion, and Wells Fargo's fees rose by 25% to $840 million [3] Market Conditions - The revival in deal-making is attributed to buoyant equity markets, anticipated interest-rate cuts, and a regulatory environment favoring lighter regulations [2] - The year 2025 is highlighted as a pivotal time for mergers and acquisitions and initial public offerings, following a prolonged downturn [2] Major Deals - Notable transactions include the $55 billion buyout of Electronic Arts, Thoma Bravo's $10.6 billion acquisition of Boeing's digital aviation unit, and Blackstone's $11.5 billion acquisition of TXNM Energy [3] Operational Challenges - Despite strong performance, Goldman Sachs faced a 14% increase in operating costs, driven by rising compensation expenses [3] - The firm is exploring efficiencies, including plans to lay off approximately 1,000 low performers and implement AI in certain roles, while still aiming for a net increase in headcount by year-end [3]

Core Insights - Jacobs, in partnership with PA Consulting, has been selected for a digital transformation project at Dallas Fort Worth International Airport (DFW) aimed at establishing benchmarks for intelligent, data-driven operations in North America [1][2]. Company Overview - Jacobs is recognized as the No. 1 ranked firm in airport design by Engineering News-Record (ENR) and has extensive experience in delivering advanced digital infrastructure solutions across various global aviation hubs [5]. - The company reported approximately $12 billion in annual revenue and employs nearly 45,000 people, providing end-to-end services across multiple sectors including transportation and environmental services [8]. Project Details - The engagement focuses on developing AI-based solutions with embedded cybersecurity capabilities to enhance predictive decision-making and support long-term innovation at DFW [3][4]. - The collaboration aims to create a scalable, future-ready aviation model that addresses DFW's priority challenges throughout the asset lifecycle [2][3]. Strategic Importance - The initiative reflects Jacobs' commitment to driving digital innovation in critical infrastructure sectors, including smart cities and digital twin implementations, to help clients navigate complex challenges [7]. - The partnership with PA Consulting leverages their expertise in aviation strategy and innovation, enhancing Jacobs' ability to implement intelligent systems that promote operational excellence and sustainability [4][5]. Global Engagements - In addition to DFW, Jacobs is involved with major airports worldwide, including Heathrow and Denver International, showcasing its proven experience in sustainable airport infrastructure [6].

Summary of EHang (EH) Conference Call Company Overview - **Company**: EHang - **Product**: VT-35 eVTOL (Electric Vertical Take-Off and Landing) aircraft - **Launch Date**: October 2025 - **Market Price**: Rmb6.5 million per unit in China Key Points Product Launch and Features - EHang launched the VT-35, designed for long-range inter-city applications, with a range exceeding 200 km [1][8] - The VT-35 features 2 seats and 8 distributed lift propellers, with a maximum take-off weight of 950 kg [8] - The aircraft is compact, allowing for landing in various locations such as parking lots, parks, and rooftops [8] - VT-35 is a driverless model with pre-set routes, supported by a control system and fleet operation team [8] Certification and Production - EHang has submitted the Type Certification (TC) application for the VT-35 to the Civil Aviation Administration of China (CAAC) in March 2025 [1][10] - The model is currently undergoing Airworthiness Certification (AC) through internal testing and experimental flights [1][10] - An agreement has been signed with the Hefei government to establish a production hub for the VT-35 [1][10] Market Potential and Strategy - The VT-35 targets city clusters such as Bay areas and the Yangtze River Delta, and is designed for various transportation scenarios including cross-sea and cross-mountain [11] - EHang plans to develop a tilt-rotor model based on the VT-35 platform to expand its application scenarios [11] Financial Outlook - EHang is rated as a "Buy" with a 12-month target price of US$24.80, indicating a potential upside of 37.5% from the current price of US$18.04 [15][18] - Revenue projections show growth from Rmb456.2 million in 2024 to Rmb1.563 billion by 2027 [18] - The company anticipates a 10% year-over-year growth in free cash flow from 2028 to 2030, with a terminal growth rate of 3% [15] Risks - Key risks include slower-than-expected regulatory progress regarding airworthiness, weaker customer adoption of passenger-grade AAVs (Autonomous Aerial Vehicles), and increased competition in the AAV market [16] Conclusion - EHang is positioned for significant growth with the launch of the VT-35, supported by strategic partnerships and a clear path to certification and production. The company's financial outlook remains positive, although it faces several risks that could impact its performance in the evolving AAV market [1][15][16]

Sustainable Aviation Fuel (SAF) Funding - Singapore will implement a fixed levy on departing flights [1] - The levy aims to fund sustainable aviation fuel (SAF) initiatives [1] - The goal is to reduce emissions from the aviation sector [1]

Group 1 - Archer Aviation Inc. (NYSE:ACHR) designs and develops electric vertical takeoff and landing aircraft, and also provides aerial ride-sharing, maintenance, and repair services [1] - Jim Cramer expressed skepticism about investing in ACHR, suggesting that the stock is currently overvalued and that investors should wait for a better entry point [1] - Cramer compared investing in ACHR to a speculative race, indicating that it may not be suitable for conservative investors [1] Group 2 - The article suggests that while ACHR has potential, certain AI stocks may offer greater upside potential with less downside risk [1] - There is a mention of a free report on undervalued AI stocks that could benefit from current economic trends, indicating a shift in focus from ACHR to AI investments [1]

Core Insights - E-Hang has launched the VT35, a new generation long-range pilotless EV toll aircraft designed for intercity air travel [1] - The VT35 features advanced technology including autonomous flight systems and obstacle avoidance, aiming to enhance safety and efficiency in urban transportation [1] Product Features - The VT35 has a compact tandem wing design, two seats, eight lift propellers, and a pusher propeller for efficient cruising [1] - It offers a range of 200 kilometers, showcasing improved aerodynamics and stability [1] Strategic Vision - The launch of the VT35 represents a significant milestone in E-Hang's long-range product line and its vision for advanced air mobility [1] - E-Hang aims to accelerate the commercialization of pilotless EV toll aircraft across various application scenarios, contributing to a new integrated urban intercity low-altitude transportation ecosystem [1] Market Applications - E-Hang develops a diversified portfolio of pilotless EV toll aircraft for multiple use cases, including aerial tourism, intracity transport, and intercity travel [1]

Sustainability Initiatives - Kenya Airways aims to demonstrate the feasibility of producing sustainable aviation fuel in Africa [1] - This initiative could unlock new financing avenues for the airline to reduce its emissions [1]

It's been nearly 24 hours now since this crash. I can tell you the Tarant County Sheriff's Office remains here with this area blocked off. So, this is as close as we can get.But, I do want to tell you some new information that we are getting in. Show you some new images that we are getting from the Fort Worth Fire Department. While we aren't able to get any closer to that crash, surveillance video shows the moment it all happened.Now, we've stopped that video not showing the moment of impact. The plane coll ...

Core Insights - The Cessna Citation Ascend made its world debut at the 2025 NBAA-BACE, showcasing its design and features aimed at enhancing customer experience [1][3] - The aircraft is powered by Pratt & Whitney Canada PW545D engines, emphasizing fuel efficiency and increased thrust, and incorporates advanced Garmin G5000 avionics [5] Company Overview - Textron Aviation Inc., a subsidiary of Textron Inc., has a long history of delivering aviation solutions, with over 1,000 Cessna Citation 560XL series aircraft delivered since 2000 [2][4] - The company is recognized for its diverse aviation product portfolio, including business jets, turboprops, and military trainer aircraft, serving customers in over 170 countries [7][9] Product Features - The Citation Ascend features a flat floor design, larger windows, and a wireless cabin management system, enhancing passenger comfort and experience [3][5] - The aircraft includes 19 standard USB charging ports and three universal outlets, ensuring connectivity for all passengers [6]