Company Performance - Cisco (CSCO) reported solid earnings and guidance but saw its stock decline due to concerns over rising memory costs, which analysts believe are manageable given Cisco's strength in AI-related areas [5] - AppLovin (APP) also experienced a stock drop despite beating revenue and earnings estimates, guiding for Q1 revenue between $1.745 billion and $1.775 billion, exceeding the $1.7 billion estimate [5] - Rollins (ROL) was the largest decliner in the S&P 500 after missing both revenue and adjusted earnings estimates, attributing the shortfall to erratic weather patterns affecting seasonal work [6] Economic Indicators - Existing home sales fell by 8.4% in January to a seasonally adjusted annual rate of 3.91 million, below the consensus estimate of 4.2 million and down from 4.27 million in December [7] - The decline in home sales is being compared to lows seen during the Great Recession, with some analysts suggesting that the drop may be temporary and could reverse if mortgage rates decrease in the coming quarters [8] Market Trends - The S&P 500 has not shown significant gains this year, but there is a rotation away from last year's leading sectors, benefiting less trendy areas of the market [9] - The S&P 500 Machinery Index has increased by over 20% year to date, with companies like Cummins (CMI), Nordson (NDSN), PACCAR (PCAR), Caterpillar (CAT), and Parker-Hannifin (PH) receiving strong ratings [10]

A股三大股指2月12日集体高开。早盘短暂回踩后震荡上行，创指更是涨超1%。午后呈现窄幅震荡走 势，三大股指收涨。 从盘面上看，算力硬件产业链反弹，CPO、存储器方向领涨；云计算、特高压、稀土永磁、半导体、小 金属板块活跃。影视、短剧游戏题材继续调整，零售、食品、白酒等消费股表现不佳。 机械设备涨幅靠前，鑫磊股份（301317）、申菱环境（301018）、天宜新材（688033）、川润股份 （002272）等涨停或者涨超10%，朗进科技（300594）、博盈特焊（301468）等涨超7%。 传媒股领跌两市，荣信文化（301231）、读客文化（301025）、光线传媒（300251）、龙韵股份 （603729）、横店影视（603103）、博纳影业（001330）等跌停或跌超10%。 至收盘，上证综指涨0.05%，报4134.02点；科创50指数涨1.78%，报1480.99点；深证成指涨0.86%，报 14283点；创业板指涨1.32%，报3328.06点。 Wind统计显示，两市及北交所共2107只股票上涨，3273只股票下跌，平盘有96只股票。 沪深两市成交总额21418亿元，较前一交易日的19842亿元增加 ...

Group 1 - U.S. tariffs are negatively impacting euro zone growth and inflation, with the most affected sectors being sensitive to interest rates, suggesting that lower borrowing costs could mitigate price pressures [1][3] - A study by ECB economists indicates that the decline in demand due to tariffs outweighs any inflationary supply effects, resulting in a price drag, with consumer price levels potentially being 0.1% lower 1.5 years after a 1% drop in euro zone exports to the U.S. [2] - Euro zone exports to the U.S. have decreased by approximately 6.5% in the latest three months compared to the same period last year, coinciding with a drop in euro zone inflation to 1.7%, below the ECB's 2% target [3] Group 2 - The sectors most affected by tariffs, such as machinery, autos, and chemicals, are also those that respond strongly to interest rate changes, indicating that output may decline due to tariffs but could increase significantly with lower borrowing costs [4] - This pattern of sensitivity to interest rates holds for about 60% of the sectors studied, which represent roughly 50% of total average euro zone industrial output and total goods exports to the U.S. [5]

Core Insights - ATS Corporation reported strong financial results for the third quarter of fiscal 2026, with revenues increasing by 16.7% year-over-year to $760.7 million, driven by organic revenue growth across various markets [1][2][3] - The company experienced a net income of $30.0 million, significantly up from $6.5 million in the same quarter last year, reflecting improved operational performance [2][5] - Adjusted basic earnings per share rose to 48 cents from 32 cents a year ago, indicating enhanced profitability [1][2] Financial Performance - Revenues for the third quarter were $760.7 million, a 16.7% increase from $652.0 million in the previous year [1][4] - Year-to-date revenues reached $2,225.8 million, up 13.6% from $1,959.0 million [1][4] - Net income for the third quarter was $30.0 million, compared to $6.5 million in the prior year, marking a 361.5% increase [2][5] - Adjusted EBITDA for the third quarter was $105.2 million, a 20.2% increase from $87.5 million a year ago [1][4] Order Bookings and Backlog - Order Backlog as of December 28, 2025, was $2,053 million, slightly down from $2,060 million a year ago [1][2] - Order Bookings for the third quarter were $821 million, a decrease of 7.0% year-over-year, primarily due to a decline in organic Order Bookings [2][3] - Year-to-date Order Bookings totaled $2,248 million, down from $2,442 million in the previous year [1][2] Market Performance - Revenue growth was observed across various sectors, with life sciences increasing by 3.9%, consumer products by 57.4%, and energy by 161.6% year-over-year [2][4] - The transportation sector saw a decline in revenues by 22.1% due to lower Order Backlog [2][3] - The company noted strong demand in the food & beverage sector, particularly in automated solutions [3][4] Management and Strategic Outlook - Doug Wright was appointed as CEO, with a focus on enhancing execution discipline and capital allocation [1][2] - The company is optimistic about its diversified portfolio and leadership team, aiming to navigate current market conditions effectively [1][3] - Management anticipates revenues in the fourth quarter of fiscal 2026 to be between $710 million and $750 million [3][4]

U.S. Machinery Caterpillar Inc Rating Market-Perform Price Target CAT 678.00 USD (630.00 OLD) 29 January 2026 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 Caterpillar: Monster backlog, strong demand, tough valuation CAT reported a strong 4Q. Top line results beat, but margins remained pressured as price (ex-P&E) remained negative, and tariff costs remain elev ...

Core Viewpoint - Mueller Industries Inc. has shown significant stock performance, with a 16.19% increase over the past month and a 72.34% increase over the past year, leading to optimism among long-term shareholders [1] Group 1: Stock Performance - The current trading price of Mueller Industries Inc. is $135.01, reflecting a 0.90% increase [1] - Over the past month, the stock has increased by 16.19% [1] - In the past year, the stock has appreciated by 72.34% [1] Group 2: Valuation Metrics - Long-term shareholders are assessing the stock's price-to-earnings (P/E) ratio to determine if it is overvalued [2] - Mueller Industries has a lower P/E ratio compared to the Machinery industry's aggregate P/E of 40.71, suggesting potential undervaluation [6] - A lower P/E ratio may indicate that shareholders do not expect the stock to outperform in the future or that the company is undervalued [5][6]

Core Viewpoint - U.S. equity futures are showing a mixed to positive outlook as investors react to recent corporate earnings, particularly in the technology sector, while also anticipating important economic data releases [1] Premarket Trading and Futures Movements - U.S. stock futures are generally higher, with Nasdaq 100 futures up 0.4%, S&P 500 futures up 0.3%, and Dow Jones Industrial Average futures up 0.1% [2] - The S&P 500 finished flat in the previous session, while the Nasdaq Composite rose by 0.2%, indicating a cautious optimism driven by positive earnings reports from tech companies [2] Current Market Indexes and Trends - The S&P 500 briefly surpassed 7,000 before settling lower, while the Nasdaq Composite showed strength, particularly from semiconductor stocks like Texas Instruments, which surged 9.9% [3] - The Federal Reserve's decision to maintain interest rates at 3.5%-3.75% and Chair Powell's comments on inflation are influencing market sentiment [3] Upcoming Market Events - Investors are closely monitoring a busy calendar of economic data and corporate earnings for further market direction [4] Earnings Releases - Key companies reporting earnings include Mastercard, Caterpillar, Thermo Fisher, Honeywell, Lockheed Martin, Sanofi, and Blackstone before market open, with Apple, Visa, and Western Digital reporting after market close [5] Economic Data Announcements - The Bureau of Labor Statistics will release the revised Productivity and Costs report for Q3 2025, and the Atlanta Fed's GDPNow model will update its GDP growth estimate, which was last at 5.4% for Q4 2025 [6] Policy Decisions - The Federal Reserve's recent decision to hold interest rates steady reflects a cautious approach, with Chair Powell noting improvements in the economic outlook but highlighting inflation concerns [7] Major Stock News and Developments - Microsoft shares fell 6.1% in premarket trading despite beating earnings estimates, raising concerns about capital spending and Azure growth [9] - Meta Platforms saw a 7.0% increase in after-hours trading due to strong advertising revenue [9] - Tesla gained 1.9% as investors focused on its future plans despite softer profits [9] - Sanofi announced a three-year profitability improvement program targeting 10% EBITDA by 2028 [10]

Core Insights - Symbotic Inc (NASDAQ:SYM) stock has recently increased by 4% to $64.09, recovering from a low of $60 and potentially continuing this upward trend due to a historically bullish trendline [1] Group 1: Stock Performance - The stock is currently within 0.75 of the 126-day moving average's 20-day average true range (ATR), having remained above this level 80% of the time in the past two weeks and 80% of the last 42 trading sessions [2] - Historical data indicates that similar signals have led to a 100% success rate in stock price increases one month later, with an average gain of 6.6% [2] Group 2: Market Sentiment - A potential short squeeze could benefit the stock, as short interest accounts for 12.9% of the available float, equating to nearly five days of buying power [4] - Despite a 93% year-over-year increase in stock price, analysts remain cautious, with 13 out of 20 covering analysts rating the stock as "hold" or worse [4]

Core Insights - The article provides an overview of the performance of various mutual funds, highlighting the top and bottom performers based on net asset value changes [2][3]. Group 1: Top Performing Funds - The top 10 mutual funds with the highest net value growth on January 20 include: 1. 富国价值发现混合C with a net value of 1.2962 and a growth of 3.92% 2. 富国价值发现混合A with a net value of 1.3122 and a growth of 3.92% 3. 国投瑞银白银期货(LOF)A with a net value of 2.6095 and a growth of 3.88% 4. 富国研究精选灵活配置混合C with a net value of 2.9810 and a growth of 3.65% 5. 富国研究精选灵活配置混合D with a net value of 3.0400 and a growth of 3.61% 6. 景顺长城中国回报混合A with a net value of 1.7070 and a growth of 3.58% 7. 工银价值精选混合C with a net value of 1.1350 and a growth of 3.56% 8. 工银价值精选混合A with a net value of 1.1364 and a growth of 3.55% 9. 景顺长城中国回报混合C with a net value of 1.6810 and a growth of 3.51% 10. 景顺长城资源垄断混合(LOF)C with a net value of 0.5720 and a growth of 3.44% [2]. Group 2: Bottom Performing Funds - The bottom 10 mutual funds with the lowest net value growth on January 20 include: 1. 东财景气驱动C with a net value of 1.6980 and a decline of 6.34% 2. 东财景气驱动A with a net value of 1.7190 and a decline of 6.34% 3. 前海开源沪港深强国产业混合 with a net value of 1.7195 and a decline of 5.83% 4. 东方阿尔法瑞丰混合发起A with a net value of 1.1021 and a decline of 5.21% 5. 东方阿尔法瑞丰混合发起C with a net value of 1.0906 and a decline of 5.21% 6. 平安高端装备混合发起式A with a net value of 1.3687 and a decline of 5.02% 7. 平安高端装备混合发起式C with a net value of 1.3672 and a decline of 5.02% 8. 中加优势企业混合C with a net value of 1.9189 and a decline of 4.98% 9. 中加优势企业混合A with a net value of 2.0087 and a decline of 4.98% 10. 长城久嘉创新成长混合C with a net value of 2.7860 and a decline of 4.77% [3]. Group 3: Market Overview - The Shanghai Composite Index experienced a slight decline after a peak, while the ChiNext Index showed a significant drop. The total trading volume reached 2.80 trillion, with a ratio of advancing to declining stocks at 2233:3102 and a limit-up to limit-down ratio of 62:23. The leading sectors included real estate, chemical fiber, and water utilities, each with gains exceeding 2% [5].

Core Thesis - Terex Corporation (TEX) presents a bullish investment opportunity driven by strategic acquisitions and a potential merger with REV Group, which could enhance growth and shareholder value [1][5][7] Business Overview - Terex operates three distinct business segments: aerial work platforms in North America, mobile screening and crushing equipment in Ireland, and Heil-branded garbage trucks, which were acquired for $2 billion from Dover in October 2024 [2][3] Historical Context - The company has a history of acquisitions and divestitures, including the significant purchase of Genie's aerial work platform business in 2002, followed by a balance sheet strengthening under CEO John Garrison [3] - Current CEO Simon Meester has continued this trend with the Heil acquisition, which has added revenue but also increased debt [3] Recent Developments - Terex announced a merger with REV Group, involving $425 million in cash and 48 million TEX shares, alongside a planned divestment or spinoff of the Genie business [4] - The rationale for this strategic shift is not fully clear, but the chair, David Sachs, has a significant stake, suggesting confidence in management's direction [4] Financial Performance - In 2025, core business segments showed mixed results, with the aerial work platform and materials segments softening, while the garbage truck division remained strong [3] - TEX's stock price has appreciated by approximately 33.23% since previous bullish coverage, indicating positive market sentiment [6] Investment Outlook - If the merger with REV Group is completed, shareholders could benefit from a combined entity with substantial growth potential and a significant backlog [5] - If the merger does not proceed, existing shareholders would still retain a profitable and diversified business with an attractive valuation, particularly in the aerial work platform unit [5]