Market Overview - The market reaction to the Supreme Court ruling against Liberation Day tariffs was relatively muted, indicating ongoing investor uncertainty [2][4]. - The Dow Jones Industrial Average ended the day up by about 0.5%, while the S&P 500 increased by approximately 0.7% [7]. - The Russell 2000, which includes small-cap stocks, finished unchanged, reflecting a divergence in market performance [8]. Sector Performance - The communications services sector was the biggest gainer, up by about 2.7%, driven by Alphabet [9]. - Energy and healthcare sectors were the only ones to finish in the red, with energy down about 0.7% and healthcare down about 0.3% [10]. - Overall, 334 names in the S&P 500 saw gains, with 169 declining [8]. Individual Stock Highlights - FDX (Comfort Systems) was the top gainer in the S&P 500, hitting an all-time high with a gain of about 6.5% [11]. - General Electric also reached an all-time high, closing up about 2.5% [13]. - Alphabet was the top gainer in the NASDAQ 100, increasing by about 4%, as the company explores new markets for its AI chips [15]. Company-Specific News - Blue Owl shares fell by 4% due to concerns over liquidity in private credit, following the restriction of withdrawals from one of its funds [17]. - Wal-Mart's stock decreased by 1.5% after a recommendation cut from HSBC, despite solid fourth-quarter results [20]. - CoreWeave shares dropped by 8% amid fears regarding financing for a $4 billion data project [22].

Question-and-Answer SessionOf course. And I think JCI had some news on an acquisition. So maybe just start off with the background on that and kind of what it brings to JCI's portfolio?Marc VandiepenbeeckExecutive VP & CFO Yes. So this is really a capability acquisition. Alloy is quite an incredible firm with a team of engineering folks in Boston that really have created a differentiated technology to really combine manufacturing process and material technology to create differentiated solution for data cen ...

Performance beat in Q4 was driven by gradual end-market recovery in industrial and ADAS sectors combined with aggressive structural cost-cutting measures. Industrial sales, the company's largest segment at 27% of revenue, saw high single-digit growth due to market recovery and market share gains from traditional customers. EV/HEV performance faced headwinds as growth in ADAS was offset by declining EMS sales, particularly in regions where EV demand remains challenged. Management implemented a simpli ...

Core Viewpoint - Atmofizer Technologies Inc. has signed a non-binding letter of intent to acquire Power Leaves Corp. through a reverse takeover transaction, which will result in the formation of a new entity named Power Leaves Holdings Corp. [1][2] Proposed Transaction - The Proposed Transaction is outlined in a letter of intent (LOI) and is subject to various conditions, including the execution of a definitive agreement by March 20, 2026 [3]. - The transaction will be classified as a "Fundamental Change" under Canadian Securities Exchange policies [2]. - The closing of the transaction is expected to occur before the end of June 2026 [4]. Securities Exchange and Financing - Each outstanding security of PLC will be exchanged for an equivalent security of the Resulting Issuer, and Atmofizer shares will be consolidated or split based on a determined ratio prior to closing [4]. - PLC plans to complete a concurrent financing for gross proceeds of up to US$3 million, issuing subscription receipts at US$0.25 each [6]. - Upon meeting certain conditions, each subscription receipt will convert into a unit consisting of one common share and one warrant exercisable at US$0.30 for 24 months [6]. Resulting Issuer Structure - The Resulting Issuer's board of directors is expected to consist of five directors, all nominated by PLC [8]. - Lock-up conditions will apply to certain shares of the Resulting Issuer upon closing, subject to customary exceptions [9][15]. Company Background - Power Leaves Corp. specializes in the legal supply chain of decocainized coca extract, targeting the global food and beverage markets [12]. - Atmofizer focuses on technology for ultrafine particle agglomeration and neutralization, addressing dangerous nano-scale particles [13].

Company Overview - Textron Inc. is based in Providence, Rhode Island, and operates in the aircraft, defense, industrial, and finance sectors globally, with a market capitalization of $17.1 billion. The company has six segments: Textron Aviation, Bell, Textron Systems, Industrial, Textron eAviation, and Finance [1]. Stock Performance - Textron's shares have outperformed the broader market over the past year, surging 35.7%, while the S&P 500 Index has increased by nearly 12.9%. Year-to-date, Textron stock is up 13.3%, contrasting with a slight dip in the S&P 500 [2]. - The company has also outperformed the iShares U.S. Aerospace & Defense ETF, which gained about 48.7% over the past year and 8.3% year-to-date [3]. Financial Performance - In the fourth quarter, Textron reported a revenue increase of 16% year-over-year to approximately $4.2 billion, with adjusted EPS rising roughly 29% to $1.73. This growth was driven by higher aircraft deliveries at Textron Aviation and strong military demand at Bell, supported by operational improvements and easing supply-chain constraints. However, the positive results were overshadowed by a softer outlook for 2026, with adjusted EPS guidance of $6.40–$6.60 and warnings of lower manufacturing cash flow due to increased investment in the MV-75 program [5]. - For the current fiscal year ending in December, analysts expect Textron's EPS to grow by 7.1% to $6.53 on a diluted basis. The company has a strong earnings surprise history, beating consensus estimates in three of the last four quarters [6]. Analyst Ratings - Among the 16 analysts covering Textron stock, the consensus rating is a "Moderate Buy," consisting of five "Strong Buy" ratings and 11 "Holds" [6]. - Recently, Jefferies analyst Sheila Kahyaoglu reiterated a "Buy" rating on Textron while adjusting the price target to $110 from $115, indicating a tempered valuation outlook but maintaining a positive investment stance. The current trading price is above the mean price target of $97.86, with a Street-high price target of $115 suggesting an upside potential of 16.5% [7].

Summary of Graham Corporation Conference Call Company Overview - **Company Name**: Graham Corporation - **Industry**: Defense, Energy, Process, and Space - **Core Products**: Mission-critical vacuum systems and heat transfer systems for various industries including petrochemical, refining, and defense [2][3] Key Points Business Model and Strategy - Graham has a diversified portfolio with a 50/50 split between defense and commercial sectors, providing stability and visibility with over two years of backlog [3][4] - The company has invested approximately $42 million in capital expenditures (CapEx) to enhance its operations, targeting a return on invested capital (ROIC) greater than 20% [4][12] - The defense segment accounts for about 60% of the portfolio, focusing on nuclear submarines and aircraft carriers, with 80% of work being sole source [4][5] Financial Performance - Revenue increased by 21% in the latest quarter, driven primarily by a 31% growth in the defense sector [22][23] - Adjusted EBITDA rose to $6 million, a 50% increase year-over-year, with a year-to-date increase of 30% [25] - The company aims for low- to mid-teen EBITDA margins (13%-15%) by fiscal year 2027 [26] Backlog and Growth - The backlog reached a record $516 million, with 85% related to defense contracts, providing long-term visibility for investments [28] - The book-to-bill ratio for the first nine months of the year is 1.6, indicating strong demand in defense and space sectors [27][29] Recent Developments - Graham recently acquired FlackTek for $35 million, enhancing its capabilities in mixing technology, which is expected to open new market opportunities [18][19] - The company is focusing on operational improvements, including a new Navy facility that will reduce product lead times from two years to one year [12][14] Market Dynamics - The company is experiencing sluggishness in its legacy energy and process business due to geopolitical tensions and lower gas prices, but is offsetting this with growth in defense and new energy sectors [27] - Graham is also exploring opportunities in space cooling, leveraging its cryogenics experience to meet increasing demand for power density in space applications [47][48] Cultural and Operational Changes - There is a cultural shift within the company towards a growth-oriented mindset, with improved employee engagement and a focus on continuous improvement [60][61] - The company is transitioning from a legacy ERP system to a modern one, which is expected to enhance operational efficiency [60] Additional Insights - The company is working on developing commercially available products that can command higher margins, moving away from the constraints of build-to-print contracts [39][40] - Graham's legacy business still constitutes a significant portion of revenue, but the company is positioning itself for future growth through innovation and market expansion [63][64] This summary encapsulates the key points discussed during the conference call, highlighting Graham Corporation's strategic direction, financial performance, and market opportunities.

Group 1 - Japanese Prime Minister Sanae Takaichi's recent snap election victory has led to a surge in both the yen and Japanese equities, indicating the strength of the "Takaichi trade" [1] - The WisdomTree Japan Opportunities Fund (OPPJ) is highlighted as a potential investment vehicle for U.S. investors to capitalize on Takaichi's economic agenda, which includes tax relief and incentives for key industries [1] - Takaichi's electoral win provides a strong mandate, which is positively influencing market participants' views on Japanese assets, leading to increased capital inflows into Japanese equities [1] Group 2 - The political clarity resulting from Takaichi's victory allows investors to make more precise risk assessments regarding Japanese assets, enhancing the attractiveness of investments in this market [1] - Japan is positioned as a unique opportunity among major developed markets due to aligned political and market expectations, supported by a favorable growth outlook and investment incentives [1] - The dominance of industrial stocks, which make up nearly 64% of the OPPJ lineup, reflects the focus on boosting domestic investments in Japan [1]

Earnings Summary - A busy earnings season has seen 23 S&P 500 industrial companies report quarterly results, indicating a significant activity in the sector [2] - The Industrial Select Sector SPDR Fund (NYSEARCA:XLI) has experienced a nearly 12% gain year-to-date, outperforming other sectors [2]

Core Viewpoint - Trane Technologies plc will participate in a fireside chat at the Barclays Industrial Select Conference on February 17, 2026, at 9:15 a.m. ET, which will be accessible via a live webcast on their website [1] Company Participation - Company leadership will engage in discussions during the conference, highlighting their role as a global climate innovator [1] - The live webcast will be available under the investor relations section of the Trane Technologies website [1] - An archive of the webcast will be accessible for 30 days following the event [1]

Financial Data and Key Metrics Changes - Revenue for Q4 was $162 million, up 14% year-over-year, exceeding the high end of the guidance range [4][10] - EPS for Q4 was $0.36, up 33% from the previous year [4][10] - Full year revenue was $593 million, up 7% year-over-year, also above the high end of the guidance range [10][14] - Adjusted EBITDA from continuing operations was $140 million, up 9% from 2024 [14] Business Segment Data and Key Metrics Changes - MedTech and Specialty Audio revenue for Q4 was $73 million, up 4% year-over-year, with full year revenue at $264 million, also up 4% [5][10] - Precision Devices segment revenue for Q4 was $90 million, up 23% year-over-year, with full year revenue growing 10% [6][10] - Gross margins for MedTech and Specialty Audio were 51.9% for Q4, while Precision Devices had gross margins of 40.1% [10][11] Market Data and Key Metrics Changes - The company reported strong demand across key end markets including MedTech, Defense, Industrial, EV, and Energy, with revenue growth in all segments [6][8] - Book-to-bill ratio was greater than 1x, indicating healthy bookings and demand [8] Company Strategy and Development Direction - The company is focused on leveraging unique technologies to design custom-engineered solutions for high-growth markets [4] - There is a strong emphasis on organic growth and potential acquisitions to enhance market position [9][22] - The company aims to maintain strong organic revenue growth above historic levels, with expectations for continued growth in 2026 and beyond [9][16] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to achieve revenue, earnings, and cash flow growth, supported by a robust backlog and increased order activity [16] - The company anticipates strong year-over-year growth in the first quarter of 2025, despite it being seasonally low [9] - Management highlighted the importance of collaboration with customers to drive new design wins and revenue growth [8] Other Important Information - Cash generated from operations was $47 million in Q4, with capital spending at $15 million [13] - The company exited the quarter with $54 million in cash and $114 million in borrowings under its revolving credit facility [13] Q&A Session Summary Question: Update on energy order and thin-film capacitor products - Management expects the energy order ramp-up to fully commence by the end of Q2 2025, with revenue expectations in the $50 million-$65 million range for 2026 [18][21] Question: Prospects for future organic growth and acquisitions - Management indicated a positive outlook for organic growth opportunities and a strong pipeline for potential acquisitions [22] Question: Gross margin guidance for March and June quarters - Management moved away from specific gross margin guidance, focusing instead on revenue, but indicated potential for margin expansion in the back half of 2026 [29] Question: Supply-demand dynamics in Industrial - Management expects strong Industrial shipments in the first half of 2026, with overall growth anticipated for the full year [46][48] Question: Impact of component shortages on demand - Management acknowledged concerns about capacity and pricing dynamics but noted strong bookings and demand [49]