Group 1 - The liquidity contract entrusted by Alstom to Rothschild Martin Maurel shows the number of transactions processed from July 1, 2025, to December 31, 2025, with 18,132 buy transactions and 23,824 sell transactions, involving a total of 5,521,744 securities [1] - The total amount of buy transactions reached €120,335,974.01, while the total amount of sell transactions was €120,329,409.53 [1] - The report is in accordance with AMF decision n°2021-01, which renews the introduction of liquidity contracts on equity securities as an accepted market practice [1] Group 2 - Alstom generated sales of €18.5 billion for the fiscal year ending on March 31, 2025, and is committed to developing sustainable transportation solutions [4] - The company operates in 63 countries and employs over 86,000 people from 184 nationalities, focusing on innovative mobility solutions [4]

Core Insights - The manufacturing industry experienced 329,000 job separations in October, marking a 0.6% increase from September's 327,000 separations [1] - Job openings rose by 6.5% month-over-month to 410,000, but decreased by about 10% year-over-year from 455,000 [2] - Manufacturing unemployment increased by 18.7% year-over-year to 571,000 individuals, with job losses of 6,000 in September [3] Sector-Specific Trends - The beverage, tobacco, and leather manufacturing sectors gained approximately 3,300 jobs, while nonmetallic mineral products and machinery added 1,500 and 1,300 jobs, respectively [4] - The plastics and rubber products sector faced significant job cuts, losing around 3,500 jobs [4] - The semiconductor and electronic components sector lost about 2,500 workers, and transportation equipment cut 2,400 employees, with half of those from the motor vehicle segment [5] Future Outlook - Job cuts in the transportation equipment sector are anticipated to continue into 2026 due to declining electric vehicle sales, rising costs, and tariffs on materials like aluminum and steel [6] - General Motors is expected to lay off thousands of workers and pause production at its Ultium Cells battery sites starting in January [6] - Tariffs are reportedly discouraging manufacturers from relocating production back to the U.S., particularly in the transportation equipment sector [7]

Economic Conditions - The ISM manufacturing index has dropped to 48.2%, indicating contraction in business conditions as it is below the 50% threshold [3] - The labor market is showing signs of softening, with the employment gauge falling to 44%, the lowest since August [3] Labor Market Impact - Companies are expressing concerns that tariffs on U.S. imports will increase operating costs, potentially leading to job cuts [2] - Executives from various industries, including petroleum and coal, anticipate significant changes in cash flow and employee headcount as they prepare for 2026 [4] - A large retailer reported a 20% year-over-year increase in average costs due to tariffs, complicating their cost distribution strategies [9] Tariff Effects - The OECD report indicates that while tariffs have not yet significantly impacted the global economy, their full effects may still be forthcoming [7] - The report highlights a sharp decrease in the value of U.S. imported goods subject to tariffs, suggesting that demand is being affected [8] - Tariffs and the uncertainty surrounding them are noted as ongoing challenges for manufacturers [9] Supply Chain Concerns - Respondents from various sectors, including electrical equipment and transportation, have indicated that current conditions are more challenging than during the COVID-19 pandemic, particularly regarding supply chain uncertainty [5][4]

Core Viewpoint - Elon Musk attempted to persuade President Trump against implementing tariffs, arguing they distort markets and could lead to a recession, which has implications for U.S. manufacturers facing industry challenges linked to these levies [1][2][3][4]. Group 1: Impact of Tariffs on Manufacturing - U.S. manufacturing has contracted for nine consecutive months as reported by the Institute for Supply Management (ISM), with declines in new orders, supplier deliveries, and employment attributed to tariffs [5]. - Manufacturers are experiencing labor cuts and are shifting towards overseas production due to the tariff environment, contrary to the intended goal of reshoring American jobs [4][6]. - The U.S. Bureau of Labor Statistics reported a loss of 6,000 manufacturing jobs in October, contributing to a total of 59,000 manufacturing jobs lost since the initiation of tariffs in April [6]. Group 2: Manufacturer Sentiment - Some manufacturers have indicated that the tariff environment has led to permanent changes in their operations, including staff reductions and increased offshore manufacturing [6]. - The sentiment among manufacturers is that tariffs have exacerbated business slowdowns and labor tightening, leading to a reevaluation of operational strategies [5][6].

Core Viewpoint - U.S. manufacturing has contracted for the ninth consecutive month in November, driven by declining orders and rising input prices due to ongoing import tariffs [1][2]. Manufacturing Sector Performance - The Institute for Supply Management (ISM) reported that the manufacturing PMI fell to 48.2 in November from 48.7 in October, indicating contraction in the sector, which constitutes 10.1% of the economy [4]. - Some manufacturers linked layoffs to the tariff environment, indicating a shift towards more permanent changes, including staff reductions and offshore manufacturing [2]. Impact of Tariffs - The imposition of 25% tariffs on over $460 billion worth of imports, particularly in the transportation equipment industry, has negatively impacted manufacturing, although some tariff relief has been provided [2][5]. - The Federal Reserve's Beige Book noted that while some districts reported slight increases in manufacturing activity, tariffs and uncertainty continue to pose challenges [5]. Industry-Specific Insights - Only four industries, including computer and electronic products and machinery, reported growth, while sectors such as wood products, transportation equipment, and textile mills experienced contraction [5]. - Chemical product manufacturers indicated that tariffs and economic uncertainty are dampening demand for construction-related products like adhesives and sealants [6].

Core Insights - Alstom SA is a global leader in smart and sustainable mobility solutions, focusing on innovative transportation systems and competing with major players like Siemens Mobility and Bombardier Transportation [1] Financial Performance - For Q2 2026, Alstom reported an earnings per share (EPS) of $0.03, matching estimates, and revenue of approximately $10.54 billion, surpassing the estimated $10.50 billion [2] - Group sales reached €9.1 billion in the first half of the 2025/26 fiscal year, marking a 3.2% increase, with a notable 7.9% rise on an organic basis [3] - Adjusted EBIT rose by 13% to €580 million, with an adjusted EBIT margin of 6.4%, up by 50 basis points compared to the previous fiscal year [4] - The company reported a net profit of €220 million, significantly up from €53 million in the first semester of fiscal year 2024/25, reflecting strong commercial momentum [4] Future Outlook - Alstom is set for a solid second half, maintaining group and Rolling Stock book-to-bill ratios above 1 [5] - The company has upgraded its organic sales outlook to above 5%, up from the previous forecast of 3-5% [5] - With a price-to-earnings (P/E) ratio of approximately 117.39, investor confidence in Alstom's future earnings potential is evident [5] - Financial metrics indicate a stable position, with a debt-to-equity ratio of 0.34 and a current ratio of 0.97 [5]

Financial Performance - Q3 2025 revenue reached $143 million, reflecting an 8% increase compared to Q3 2024[7] - Adjusted Gross Margin was 38.9% in Q3 2025, a 66 bps increase from Q3 2024[7, 38] - Adjusted Diluted EPS was $0.60 in Q3 2025, a (2)% decrease compared to Q3 2024[7] Segment Performance - Diversified end markets (industrial, aerospace & defense, and medical) saw a 22% revenue increase year-over-year and accounted for 59% of total revenue[10, 38] - Transportation end market revenue decreased by (7)% year-over-year due to lower commercial vehicle sales[10, 38] - Total booked business in transportation was approximately $1 billion at the end of Q3 2025[25] End Market Highlights - Medical Q3 sales were $22 million, up 22% year-over-year, with bookings up 8%[17] - Aerospace & Defense Q3 sales were $25 million, up 23% year-over-year, with bookings up 29%[17] - Industrial Q3 sales were $37 million, up 21% year-over-year, with bookings up 29%[25] Cash Flow and Balance Sheet - Generated $29 million in operating cash flow in Q3 2025[10] - Free cash flow YTD 2025 was $60 million[40] - Cash returned to shareholders YTD 2025 totaled $44 million[40]

Core Insights - Consistent earnings growth is crucial for companies as it directly impacts profitability and share prices [1][2] - Market expectations of earnings significantly influence stock price movements, often leading to declines even when earnings grow [2][3] Earnings Estimates & Stock Selection - Earnings estimates reflect analysts' views on sales growth, product demand, competitive environment, profit margins, and cost control, serving as a key tool for investment decisions [3] - Investors should focus on stocks with historical earnings growth and increasing quarterly and annual earnings estimates [4][8] Screening Criteria - The screening process identified stocks with strong earnings growth and positive estimate revisions, narrowing down from 7,839 stocks to 16 [5][8] - Key screening measures include Zacks Rank, historical EPS growth, and recent changes in earnings estimates [5][6][7] Highlighted Stocks - **JPMorgan Chase & Co. (JPM)**: Expected earnings growth rate of 7.9% over the next five years, currently holds a Zacks Rank 2 (Buy) [7][8] - **Commvault Systems, Inc. (CVLT)**: Anticipated earnings growth rate of 13.4% for the current year, currently holds a Zacks Rank 1 (Strong Buy) [9][8] - **Westinghouse Air Brake Technologies Corporation (WAB)**: Projected earnings growth rate of 24.5% over the next five years, currently holds a Zacks Rank 2 (Buy) [10][8]

Core Points - Lindsay Corporation plans to release its financial results for the fiscal 2025 fourth quarter and fiscal year ended August 31, 2025, before the market opens on October 23, 2025 [1] - Management will host a conference call on the same day at 11:00 a.m. ET to discuss the results [1] Company Overview - Lindsay Corporation is a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, established in 1955 [4] - The company focuses on innovative solutions to meet the food, fuel, fiber, and transportation needs of the growing global population [4] - Key products include Zimmatic™ center pivot and lateral move agricultural irrigation systems, FieldNET™ and FieldWise™ remote irrigation management technology, and transportation solutions like Road Zipper™ and Snoline™ [4]

Core Points - Alstom has appointed Martin Sion as the new Chief Executive Officer, effective April 1, 2026, succeeding Henri Poupart-Lafarge, who has served since February 2016 [1][2] - The Board of Directors conducted an extensive search process and believes Martin Sion has the necessary experience to lead the company [2] - Henri Poupart-Lafarge will continue in his role until the transition to ensure a smooth handover [2] Martin Sion's Background - Martin Sion graduated from École Centrale de Paris and has held various engineering positions since joining Société Européenne de Propulsion in 1990 [4] - He has extensive experience in the aerospace sector, having held leadership roles at Snecma and Safran, and became CEO of ArianeGroup in 2023 [4] Company Overview - Alstom is a global leader in smart and sustainable mobility, committed to developing innovative transportation solutions [6] - The company operates in 63 countries with a workforce of over 86,000 people and generated sales of €18.5 billion for the fiscal year ending March 31, 2025 [6]