Capital Goods

Luck Stone announced in mid-September 2026 that it had expanded its collaboration with Caterpillar to roll out autonomous hauling technology to two additional Virginia quarries, building on a site where autonomous Cat trucks have already moved more than 3.50 billion tons without reported injuries. The expansion includes the first-ever deployment of Caterpillar's autonomous haulage on Cat 775 trucks, and the company is pairing the automation with workforce skill development to address quarry safety and productivity challenges. The move reinforces Caterpillar's broader push into autonomy and AI, which analysts tie to higher quality recurring revenue, and follows the company's August update highlighting record backlog and heavy investment in digital and automation. Caterpillar's narrative projects $94.5 billion revenue and $17.4 billion earnings by 2029, with a $970.37 fair value implying 20% upside, while some of the most optimistic analysts already assumed revenues above US$112,200,000,000 and earnings near US$20,700,000,000 by 2029. Investors are still weighing rising tariffs and pricing pressure against the pace at which digital and service income can scale.

Lockheed Martin is set to benefit from a US government plan to sell up to 48 F-35 jets to Saudi Arabia, following a notification to Congress in 2026, a package that would mark the first sale of F-35 aircraft to the kingdom. The company also marked the rollout of Germany's first F-35A in 2026, a key step in Berlin's transition to the aircraft. The Saudi notification for up to 48 F-35s would, if approved and executed, add a new Gulf customer to a platform already adopted by 20 nations and operating from 42 bases worldwide, extending an existing global footprint rather than creating a new product line. The next concrete waypoint is formal progression of the Saudi sale through Congress after the 2026 notification, which would turn a proposed package into a contracted backlog line, while for Germany investors can track the first eight F-35 deliveries to Ebbing Air National Guard Base for pilot training beginning this fall. Lockheed Martin, a US aerospace and defense group with a market cap of about $124.2b, designs and builds combat aircraft like the F-35 along with a wide range of military technology systems for governments in Europe, Asia, the Middle East, and other regions.

An analysis of the construction contractor sector by Asia Plus Securities indicates that the passage of the annual budget expenditure bill for fiscal year 2027, worth 3.788 trillion baht, marks the start of a new round of accelerated public investment, with investment spending reaching approximately 789 billion baht, or 20.8% of the total budget. Meanwhile, the Ministry of Transport is preparing to push forward a total of 262 investment projects covering roads, railways, electric trains, ports, and airports. Local budgets of nearly 395 billion baht will help increase construction and maintenance work in the regions. The brokerage views the construction contractor group as the most direct beneficiary and assesses that Ch. Karnchang Public Company Limited, or CK, and STECON Group Public Company Limited, or STECON, are the most closely linked to the acceleration of budget disbursement. It recommends "Buy" on CK with a fair value of 24 baht and "Buy" on STECON with a fair value of 23 baht. For the construction materials group, it views SCC, SCCC, and TASCO as beneficiaries, with TASCO set to gain support from budgets for road and highway network maintenance. Meanwhile, Pi Securities has a consistent view, saying it is beginning to see positive signals for a new round of government auctions. Since the start of 2026, CK has signed new work that is largely additional work from existing projects worth only about 870 million baht, causing its backlog to fall from more than 168 billion baht early in the year to about 146 billion baht at the end of the first half of 2026. However, the direction of new work has become clearer after the Cabinet resolved on September 1, 2026, to approve the continuation of three double-track railway projects with a combined value of more than 106 billion baht, comprising the Chumphon-Surat Thani section worth 36.892 billion baht, the Surat Thani-Hat Yai Junction section worth 61.534 billion baht, and the Hat Yai Junction-Padang Besar section worth 8.371 billion baht. Bidding is expected to open in early 2027. These projects are part of Phase 2 of the double-track railway program, which has six projects in total. Pi Securities views the opening of bidding for double-track railway projects worth more than 100 billion baht as an opportunity for CK to bid for all of them, expecting the three projects to be divided into about five contracts. If it wins new work, this would be upside to Pi Securities' 2027 revenue forecast of 42.134 billion baht, since the forecast does not yet include the new work to come. In addition, CK has the opportunity to win two other large projects related to Bangkok Expressway and Metro Public Company Limited, or BEM: the installation of systems for the Purple Line South electric train, worth approximately 30 billion baht, and the Double Deck expressway project, worth approximately 35 billion baht. Pi Securities maintains its "Buy" recommendation on CK with a fair value of 23.10 baht, based on 1.3 times its 2026 book value.

NASA and Boeing are in talks about using Boeing's Starliner vehicle to handle 10 or more new flights to low-Earth orbit in the coming years, The Wall Street Journal reported Friday. The Starliner has not flown since summer 2024, when performance problems including failed thrusters that posed safety risks left two astronauts stuck on the International Space Station for months; the astronauts returned to Earth on SpaceX's Crew Dragon vehicle, and the Starliner came back empty. SpaceX's Crew Dragon has been the only certified vehicle to carry NASA astronauts to the space station from the U.S., but SpaceX has stopped making new Dragon ships and has not said publicly when it plans to stop operating the ship. NASA said Friday it awarded SpaceX three additional astronaut missions to the space station using Crew Dragon, flights worth an average of $315M each and running through 2030. Few other options exist for flights to low-Earth orbit: Northrop Grumman has a cargo capsule that flies to the space station for NASA but not a human-rated one, while Russia flies vehicles to the ISS that handle crews and cargo.

Honeywell Aerospace CEO Jim Currier called GE Aerospace's planned $11.75 billion acquisition of Consolidated Precision Products positive for the industry overall, while noting Honeywell does not directly compete with CPP because the parts it sources differ from GE's. CPP supplies roughly a quarter of GE's casting requirements, and GE expects the business to generate about $2 billion of revenue in 2027. Currier said Honeywell could bring additional outsourced capabilities back in-house through smaller, complementary acquisitions, after the company cut its 2026 organic sales-growth outlook to 4%-5% from 7%-9% and quadrupled spending on multi-sourcing and in-sourcing initiatives this year. Honeywell deployed skilled workers into supplier factories, which Currier said helped increase production 30% year over year during the preceding 30-45 days. In the second quarter, sales rose 5% to $4.52 billion, but adjusted EPS fell 32% to $1.87, with supply constraints and an unfavorable mix weighing on profitability.

Illinois Tool Works reported second-quarter revenues of $4.30 billion, up 6.1% year on year and 2.7% above analysts' expectations, as the general industrial machinery sector posted a strong quarter overall. The company's organic growth reached 4.5 percent, operating margin came in at 26.7 percent, and GAAP earnings per share rose 10 percent to $2.84, according to President and Chief Executive Officer Christopher A. O'Herlihy. Across the 12 general industrial machinery stocks tracked, revenues beat consensus estimates by 2.6% while next quarter's revenue guidance came in 3.3% below, and share prices in the group have fallen 7.7% on average since the latest results. Illinois Tool Works shares are down 6.1% since reporting and trade at $267.51. Among peers, Columbus McKinnon posted the fastest revenue growth at $531.5 million, up 125% year on year, while Albany delivered the weakest performance against analyst estimates with revenues of $329.5 million, up 5.8% year on year but 3.1% short of expectations.

Lockheed Martin presented Germany's first F-35A Lightning II to the German government during a ceremony at its F-35 production facility in Fort Worth, Texas, on Sept. 18, 2026. Germany's program of record calls for 35 F-35As, with the first eight aircraft to be delivered to Ebbing Air National Guard Base in Arkansas for pilot training beginning this fall, and the first German F-35s arriving in-country in late 2027. German Minister of Defense Boris Pistorius said the first fighter jets will be delivered this year, with full operational capability to be reached by 2029, calling the aircraft a decisive key capability for the German Air Force and for the whole of NATO. Lieutenant General Holger Neumann, Chief of the German Air and Space Force, said the F-35 will make Germany part of the larger international F-35 community, strengthening both Germany and NATO. OJ Sanchez, president of Lockheed Martin Aeronautics, said the company is building on more than 50 years of partnership with Germany, and noted that German industry has contributed to the F-35 program since its inception in 2001. The F-35 has been selected by 20 nations, including 13 in Europe, and more than 1,355 F-35s are currently operational worldwide.

Wabtec reported second-quarter revenues of $3.18 billion, up 17.5% year on year and 3.3% above analysts' expectations, as the 12 heavy transportation equipment stocks tracked posted a satisfactory quarter with group revenues beating consensus by 2.2% and next-quarter revenue guidance 8.6% above estimates. Chairman and CEO Rafael Santana said Wabtec delivered a strong first half with solid second-quarter execution driving robust sales growth, margin expansion and a 22% increase in adjusted EPS growth, though the quarter was mixed as full-year EPS guidance only slightly topped expectations while organic revenue estimates missed significantly. Wabash posted the group's best quarter, with revenues of $417.2 million, down 9.1% year on year but 3.6% above expectations, alongside a solid EBITDA beat and next-quarter revenue guidance exceeding analysts' expectations. Greenbrier delivered the weakest performance of the group, with revenues of $576.5 million, down 31.6% year on year and 5.9% short of expectations, plus full-year revenue and EPS guidance missing significantly. PACCAR reported revenues of $7.55 billion, flat year on year and in line with expectations, while Commercial Vehicle Group reported revenues of $195.2 million, up 13.5% year on year and 13.8% above expectations, delivering the group's biggest estimate beat and highest full-year guidance raise. On average, shares of the tracked companies are down 11.3% since the latest earnings results.

Ingersoll Rand reported second-quarter revenues of $2.05 billion, up 8.5% year on year and 4.6% above analysts' expectations, in what was a strong quarter for the company. The industrial equipment maker also beat analysts' EPS estimates, while its full-year EBITDA guidance met expectations, though the stock is down 14% since reporting and currently trades at $72.48. Across the 12 gas and liquid handling stocks tracked, group revenues beat consensus estimates by 2% while next quarter's revenue guidance came in 0.8% below, and share prices have fallen 7% on average since the latest earnings results. SPX Technologies posted the best quarter with revenues of $679 million, up 22.9% year on year and 5.8% above expectations, and achieved the highest full-year guidance raise of the group, while Graco delivered the weakest performance against analyst estimates with revenues of $590.6 million, up 3.3% year on year but 3% short of expectations. Flowserve reported revenues of $1.17 billion, down 1.6% year on year but 0.9% above expectations, and Parker-Hannifin reported revenues of $5.76 billion, up 9.8% year on year and 3.3% above expectations.

Nordson reported third-quarter fiscal 2026 adjusted earnings of $3.25 per share, up 19.0% year over year and 5.2% above the Zacks Consensus Estimate of $3.09, on revenues of $817.67 million that rose 10.3% and beat the consensus estimate of $779 million by 5.0%. Organic sales increased 11.7% year over year, with record third-quarter sales in each of its three business segments, and backlog was up 35% from the prior-year level. Industrial Precision Solutions revenues rose 4.7% to $367.25 million, Medical and Fluid Solutions revenues increased 5.0% to $230.54 million, and Advanced Technology Solutions revenues surged 28.4% to $219.88 million. Nordson now expects fiscal 2026 sales of $3,035-$3,075 million, up from the prior $2,930-$3,010 million range, and adjusted earnings of $11.80-$12.00 per share, compared with the previous $11.30-$11.80 range, calling for sales growth of 9-10% and adjusted earnings growth of 15-17%. The company also highlighted $1.1 billion of near-term capacity for strategic acquisitions, while net debt leverage improved to 1.7 times trailing 12-month EBITDA from 2.1 times at the end of fiscal 2025.

Mercury Systems reported fourth quarter fiscal 2026 revenues of $289.8 million, up 6.1% year on year and 9.2% above analysts' expectations, as the 14 defense contractors stocks tracked by the report collectively beat consensus revenue estimates by 4% and guided next quarter 1.1% above expectations. Chairman and CEO Bill Ballhaus said the company delivered record bookings, record backlog, record revenue, the highest EBITDA margin of the year, and robust free cash flow, though Mercury shares are down 18.5% since reporting and trade at $85.56. Huntington Ingalls posted the group's best quarter, with revenues of $3.42 billion, up 10.9% year on year and 8.2% above expectations, while its shares have traded sideways at $278.53. Parsons delivered the weakest quarter, with revenues of $1.58 billion, flat year on year and 1.9% below expectations, alongside full-year revenue and EBITDA guidance that missed significantly, sending its stock down 25.5% to $46.19. Northrop Grumman reported revenues of $10.88 billion, up 5.1% and 0.5% above expectations, with shares flat at $526.95, and Leidos reported revenues of $4.56 billion, up 7.2% and 2.6% above expectations, with its stock up 10.4% at $131.09. On average, defense contractors shares are down 2.9% since the latest earnings results.

Caterpillar announced on September 15 that its self-driving haul trucks at a Luck Stone quarry are moving large tonnage, with expansion to two more Virginia quarries, Boscobel and Bealeton, including the first autonomous deployment of Cat 775 trucks. The company disclosed no order value, truck count, or profit contribution from the autonomy milestone, and autonomy was named on the earnings call only as a source of higher SG&A and R&D expenses inside Resource Industries. In the second quarter of 2026, revenue reached $20.5 billion, up 24% year over year, with adjusted EPS of $8.17, up 73%, while backlog climbed to $72 billion, up roughly $35 billion versus a year earlier. Power & Energy is the engine, with segment sales up 17% to $8.2 billion and power generation sales up 72% on large gensets and turbines for data centers, and gas prime orders extend toward the back half of 2028 and into 2029. Caterpillar trades at $798.51 against a consensus analyst target of $975.61, a trailing PE of 34x, and full-year tariff costs of around $2.2 billion for 2026, with expected IEEPA tariff recoveries of approximately $400 million.

GE Aerospace said a durability issue found in the GE9X engine is not expected to affect the planned entry into service of Boeing's 777X aircraft next year, according to comments made Thursday at a Morgan Stanley conference. The problem centers on the engine's mid-seal, a component linking the front and rear sections of the GE9X, where testing showed the original design did not meet durability expectations. Engines fitted with a redesigned seal began shipping to Boeing during the third quarter, and Federal Aviation Administration certification is anticipated within the next few months. GE Aerospace first disclosed the potential problem in February and later said it had identified the root cause and completed a corrective design without changing the overall timeline for the GE9X program. Separately, the company said its recently agreed $11.75 billion acquisition of Consolidated Precision Products is intended to strengthen supplies of precision-cast engine components and should not be viewed as a broader shift toward vertical integration across its aerospace operations.

TransDigm Group's defense revenues rose approximately 11% year over year in the third quarter of fiscal 2026, with year-to-date defense revenues up 10%, as healthy demand across the U.S. defense aerospace market lifted both original equipment manufacturing and aftermarket businesses. Aftermarket growth ran slightly ahead of OEM growth, reflecting continued demand for replacement parts and services across military aircraft. Defense bookings increased both year over year and sequentially in the quarter and exceeded sales, and management expects defense revenue growth to continue through fiscal 2026, with a strong backlog providing visibility into fiscal 2027. Shares of TransDigm have lost 9.7% over the past six months against a 13.5% decline for the industry, and the stock trades at a forward 12-month price-to-sales ratio of 5.25X versus an industry average of 7.23X. The Zacks Consensus Estimate for TransDigm's 2026 and 2027 earnings has moved higher over the past 60 days, and the stock carries a Zacks Rank #3 (Hold).

The State Department approved a potential $24.3B sale of 48 Lockheed Martin F-35 Lightning II aircraft to Saudi Arabia, along with 49 Pratt & Whitney F135-PW-100 engines and related equipment, a deal that still requires congressional approval and would strengthen Saudi Arabia's air defense and interoperability with U.S. and allied forces. Separately, Bloomberg reported that the U.S. could postpone announcing new tariffs on China and other countries until after President Donald Trump meets Chinese President Xi Jinping next week; a previously planned trade report was expected to recommend a 7.5% tariff on Chinese goods, while the final rate could potentially exceed the 20% level agreed during earlier talks. Nvidia CEO Jensen Huang said the company expects to sell roughly twice as many chips next year as this year as demand for AI infrastructure expands. China's ChangXin Memory Technologies is preparing to enter the NAND flash-memory market, with Reuters reporting that CXMT plans an R&D production line at its new Beijing plant and has established a research institute in the city, broadening its focus beyond DRAM. OpenAI has hired Brian McCarthy from SpaceX as vice president of worldwide sales, Fortune reported; McCarthy joined SpaceX through its acquisition of Cursor, where he led global revenue and field operations, and previously held senior sales roles at Rubrik, ThoughtSpot, AppDynamics and Qlik.

Generac Holdings has secured a major long-term supply agreement with Amazon to provide backup power generators for Amazon data centers, sending its shares up 18.3% to close at $207.23. In a regulatory filing, Generac disclosed that initial deliveries are expected to total $2.4 billion across 2027 and 2028, and it issued Amazon.com NV Investment Holdings LLC a warrant to acquire up to 1,693,745 shares of common stock at an exercise price of $200.9266 per share. Of the total warrant shares, 307,954 vested immediately, while the remainder will vest in tranches contingent on aggregate gross payments, net of certain offsets, received by Generac and its affiliates from Amazon and its affiliates for backup power generators, extending up to a total of $8 billion of qualifying payments. The agreement adds scale and visibility to a data center business that is emerging as Generac's key growth engine, after the company generated more than $100 million of data center revenues in the second quarter and reported a data center backlog of $1.6 billion as of July 2026, including roughly $1 billion of new orders in the prior 90 days. Management also raised its 2026 data center revenue expectation to roughly $450 million, and Generac is expected to post quarterly earnings of $2.40 per share on revenues of $1.32 billion in its upcoming report.

The State Department has approved a potential $24.3B sale of F-35 Lightning II stealth fighter jets built by Lockheed Martin to Saudi Arabia. Saudi Arabia requested 48 F-35 Lightning II Joint Strike Fighter aircraft, 49 Pratt & Whitney F135-PW-100 engines and other equipment. The proposed sale, which would require congressional approval, will strengthen Saudi Arabia's homeland defense and improve interoperability with U.S., regional and NATO forces, the State Department said, adding that it will not alter the military balance in the region or adversely impact U.S. defense readiness. The Saudi embassy in Washington said the proposed F-35 sale reflects the strength and enduring nature of the Saudi-U.S. strategic partnership and the continued advancement of defense cooperation. The approval follows other U.S. arms deals cleared with Saudi Arabia this year, including a $5B sale of bombs and guidance kits and a $1.96B sale of Advanced Precision Kill Weapon Systems.

VINCI unit VINCI Energies has secured a multi-year contract to maintain a major electricity distribution network in Sweden. The agreement covers long term upkeep of critical grid assets and expands VINCI Energies' operational presence in the Nordic power infrastructure market. The contract includes extension options that could lengthen the partnership and increase VINCI Energies' role in Sweden's electricity distribution system. Vinci is a €62.6b construction group that combines concessions, energy services and large scale infrastructure projects, and the Swedish grid work plugs directly into its wider energy contracting activity across Europe rather than being a one off contract win. For investors, the deal reinforces the energy transition and recurring services catalyst in Vinci's narrative rather than its more cyclical transport concessions, which recently saw declines in VINCI Autoroutes intercity traffic and softer airport movements for the year to date in 2026.

Pi Securities assesses that CK is starting to see signs of new bidding activity, after the early part of this year saw only 870 million baht in new contracts signed, causing its backlog to fall from over 168 billion baht at the start of 2026 to 146 billion baht at the end of the first half of 2026. Most recently, on September 1, the cabinet approved proceeding with three double-track railway projects with a combined value of over 106 billion baht, comprising the Chumphon-Surat Thani route at 36.892 billion baht, the Surat Thani-Hat Yai Junction route at 61.534 billion baht, and the Hat Yai Junction-Padang Besar route at 8.371 billion baht. Bidding is expected to be held in early 2027. These three double-track rail routes are part of Phase 2 of the double-track railway programme, which comprises six projects in total, so moving forward on three of them is a good signal that other projects will follow. The research team views that with the contracts expected to be split into five packages across the three projects, CK will have a chance to win some of the bids, which would help support 2027 revenue above the research team's forecast of 42.134 billion baht, since new work had not previously been included. As for the earnings outlook for the third quarter of 2026, it is expected to remain at a high level, continuing from the second quarter of 2026, driven by the high season for CKP. In addition, there are two other large projects that CK has a high chance of winning because they are projects involving its subsidiary BEM: the electrical and signalling system works for the southern section of the Purple Line, valued at approximately 30 billion baht, and the Double Deck expressway works, valued at 35 billion baht. The research team therefore maintains its Buy recommendation with a fair value estimate of 23.1 baht.

Pie Securities said in an analysis that it is beginning to see positive signals for new project opportunities for Ch. Karnchang Public Company Limited, or CK, after the Cabinet on September 1, 2026 approved proceeding with Phase 2 of the double-track railway project, covering 3 southern sections: Chumphon-Surat Thani, Surat Thani-Hat Yai Junction, and Hat Yai Junction-Padang Besar, with a combined value of over 106 billion baht. Government data puts the total at 106,798.32 million baht, split into approximately 36,892 million baht for the Chumphon-Surat Thani section, approximately 61,535 million baht for the Surat Thani-Hat Yai Junction section, and approximately 8,371 million baht for the Hat Yai Junction-Padang Besar section. Pie expects bidding to open in early 2027. The three double-track routes are part of the Phase 2 double-track railway project. Pie assesses that CK has an opportunity to take part in the bidding, which it expects to be divided into about 5 contracts, and if it wins the work it would be a factor supporting 2027 revenue above the current estimate of 42,134 million baht, which does not yet include revenue from new projects. Meanwhile, CK's backlog has fallen from more than 168,000 million baht in early 2026 to about 146,000 million baht at the end of the first half of 2026, after only about 870 million baht of new work was signed since the start of 2026. In addition, there are two other large projects that Pie sees CK as having a chance of winning because they are related to its subsidiary BEM: the MRT Purple Line South system installation work, valued at approximately 30,000 million baht, and the Double Deck expressway project, valued at approximately 35,000 million baht. Pie maintains a buy recommendation on CK with a fair value estimate of 23.10 baht, based on 1.3 times 2026 PBV.

Generac Holdings announced a long-term agreement to supply Amazon with industrial backup generators for its global data centers, with initial deliveries of about US$2.40 billion in 2027–2028 and total potential purchases up to US$8.00 billion. The deal also includes purchase-linked warrants for Amazon to buy Generac shares, tying the two companies together through equity incentives. The arrangement locks in critical power resilience for Amazon's expanding AI and cloud infrastructure, though it does not change the near-term catalyst of AWS execution or the risk around rising capital intensity and debt-funded infrastructure. Amazon's narrative projects US$1152.4 billion in revenue and US$158.3 billion in earnings by 2029, requiring 14.1% yearly revenue growth and a US$23.0 billion earnings increase from US$135.3 billion today, with a fair value estimate of US$327.00 implying 30% upside.

RTX Corporation announced on September 4 that its Pratt & Whitney business is investing $25 million to expand its manufacturing facility in Niepołomice, Poland, a site that produces complex tubular assemblies for both military and commercial engines. The expanded facility will begin operations in 2028 and create over 120 jobs, adding to a site that already delivers precision components for engines including the F135, the Pratt & Whitney GTF, and the PW800. The move complements the $100 million investment announced in April to boost production and enhance capabilities at the company's facility in Rzeszów, Poland, and is backed by the Polish government under the Polish Investment Zone Programme, which provides certain tax exemptions. RTX ended the second quarter with a record backlog of $289 billion, up 22% year-over-year, and Poland is already the company's largest presence outside the United States with more than 9,500 employees. As of the close on September 11, RTX carried a forward P/E ratio of 27.29, above the sector median of 19.59 and that of peers including LMT, GD, and NOC.

The U.S. Department of War announced a $336,112,000 Navy contract for Huntington Ingalls Industries to advance procurement of long-lead materials for construction of the future USS William J. Clinton, designated CVN 82. Work will be executed in Newport News, Virginia, with completion anticipated by March 2039, and shipbuilding and conversion funding from FY 2026 will be obligated at the time of award. The award is a sub-component of the Navy's larger aircraft carrier replacement program, which defense websites say the service plans to fund at $22.34 billion over the next five years, with this contract seen as among the first in a sequence of awards as procurement accelerates. The sole-source contract reaffirms HII's status as the sole nuclear carrier builder for the U.S. Navy and extends revenue visibility to 2039, supporting the company's raised full-year shipbuilding revenue guidance of $10.2 billion to $10.4 billion and shipbuilding operating margin of 6% to 6.5%. The contract is cost-only and undefinitized, meaning work begins before final pricing and terms are agreed, adding to cash strain after HII used $31 million of net cash in operating activities in Q2, spent $193 million on capital expenditure, and posted negative free cash flow of $611 million for the first half of 2026 against full-year FCF guidance of $500-600 million. Hedge fund ownership in HII rose 18% in the second quarter to 47 funds from 40, with AQR Capital Management remaining the largest stakeholder at approximately $184 million as of June 30, 2026, followed by Diamond Hill Capital at over $55 million and Citadel Investment Group at $53 million.

GE Aerospace CFO Rahul Ghai said Thursday he believes a durability issue with the GE9X engine's mid-seal will not delay next year's planned entry into service for the Boeing 777X aircraft. Speaking at a Morgan Stanley conference, Ghai said GE has "a huge degree of confidence" in the redesigned seal after testing it internally, and that the new design has been incorporated into engines now being produced. After testing showed the mid-seal, a part connecting the front and rear sections of the engine, was not as durable as GE had expected, the company redesigned the part and began shipping GE9X engines fitted with the new seal to Boeing in the third quarter, Ghai said, adding that Federal Aviation Administration certification of the redesigned part is expected in the next few months. Ghai also said he does not see broad vertical integration as the answer to aerospace supply chain constraints, after GE agreed to buy castings supplier Consolidated Precision Products for $11.75B. The company announced the CPP deal last week as it seeks to expand supplies of precision-cast metal parts used in jet engines, including turbine blades and vanes.

China CAMC Engineering announced that it has signed a commercial contract with Nicaragua's Ministry of Transport and Infrastructure for Section 3 of the Puerto Bluff construction project. The contract is valued at US$116 million, equivalent to approximately 782 million yuan, representing 6.76% of the company's total operating revenue for 2025.

KCG Corporation, or KCG, announced its first-half 2026 operating results with a net profit of 276.8 million baht, up 25.2%, driven by efficient management of production costs and expenses despite challenging macroeconomic factors. Chief Executive Officer Dumrongchai Wipawattanakul expressed confidence that profit will continue to grow in the second half. Meanwhile, Sermsang Power Corporation, or SSP, reported a net profit attributable to shareholders of 325.1 million baht and electricity sales revenue of 1,572.1 million baht, following revenue recognition from the Leo 2 solar farm and increased power generation from SPN's repowering. Warut Thammawaranukup noted that business trends in the second half will grow prominently, with plans to sell power from two community waste-to-energy plants by year-end, and expressed confidence that power generation volume will more than double by 2028. Separately, Demco, or DEMCO, reported a first-half 2026 net profit of 30.2 million baht, up 519.4% from the same period last year. Chief Executive Officer Nattapong Korom said the current backlog stands at 2,699 million baht, to be gradually recognized as revenue within 2028, while the company pursues new business investment opportunities. Northeast Rubber, or NER, received an AGM Checklist assessment for 2026 at the excellent level of a full 100 points for the third consecutive year, and Starflex, or SFLEX, received an AGM Checklist score for 2026 in the 90–99 range, or the 4 gold-star level.

Generac agreed to supply as much as $8B worth of backup-power generators for Amazon's data centers and issued warrants allowing Amazon to buy Generac shares through 2033, sending the stock up as much as 32% before it closed Thursday with an 18.3% gain at the top of the S&P 500 leaderboard. The initial $2.4B delivery commitment represents a substantial order for Generac, and the potential for payments reaching $8B suggests the relationship could extend well beyond the first phase if Amazon continues expanding its data center network. William Blair analyst Brian Drab called the deal a massive win that provides clarity on the demand underpinning management's recently announced plan to triple manufacturing capacity for large-format generators by August 2027, adding that the stock could double in price over the next 12 to 18 months. Cantor Fitzgerald's Manish Somalya said the Amazon delivery schedule provides the first tangible evidence of demand extending into 2028 and is materially larger than the opportunity investors could previously quantify for Hyperscaler 2. Canaccord Genuity analyst George Gianarikas reiterated his Buy rating and raised his stock price target to $375 from $275, writing that Generac's residential rebound could collide with an accelerating data center surge.

Sunrun has arranged a private placement of convertible preferred shares and warrants to raise US$100 million from a single investor under Regulation D, without paying sales commissions or finder fees. The funding move lands after a volatile stretch for the company, with the share price up 5.5% over the last day yet still down 55.1% year to date and the 1 year total shareholder return falling 46.5%. Sunrun is rapidly scaling its storage and grid services offerings, enrolling a growing portion of its customer base, currently approximately 35% of 200,000 batteries, and aiming for 10 GWh of dispatchable energy by 2029. The most followed narrative pins fair value at $17.05 against a last close of $8.73, implying the stock is 49% undervalued, though the bullish case frays if tax credits fade faster than expected or tight credit markets restrict access to low-cost funding.

GE Aerospace agreed to acquire castings maker Consolidated Precision Products for $11.75 billion, its largest acquisition since becoming a standalone company in 2024, in a move to secure supply of the precision metal turbine-blade components that have been a persistent bottleneck across the jet engine industry. CPP is the world's third-largest maker of these parts and supplies about one-quarter of GE's casting needs, and CEO Larry Culp called the capacity "mission-critical" as the company works through a backlog stretching into the next decade. GE's backlog exceeded $210 billion after its second-quarter results, including roughly $170 billion in commercial services and more than $30 billion in defense, and the company expects the deal to generate about $200 million in net synergies and achieve double-digit return on invested capital by the fifth year. GE will fund $7 billion of the acquisition with cash and finance the remainder with new debt, and it expects to complete the acquisition in the second half of 2027, leaving time for antitrust review; CPP supplies GE's rivals alongside GE, which could raise concerns about access to critical casting capacity. GE expects demand for airfoils to increase more than 30% by 2030 from 2026 levels, and it expects CPP to make roughly $2 billion in revenue in 2027.

Boeing has received a $112.4 million contract modification to upgrade and sustain Saudi Arabia's F-15 Advanced Aircrew Training Device Phase II program. The modification raises the contract's total value to $256.7 million from the previous $144.3 million. Work will be carried out at three Saudi air bases: King Faisal, King Khalid, and King Abdulaziz Air Bases. The program is expected to be completed by September 30, 2031, under the U.S. Air Force contract. The contract is part of a Foreign Military Sales program to Saudi Arabia, with the full $112.4 million funded through foreign military funds.

Sikorsky, a Lockheed Martin company, received a $234.46 million U.S. Army contract modification to procure 16 UH-60M Black Hawk helicopters. The modification raises the cumulative value of contract W58RGZ-26-C-0008 to $356.25 million. The helicopters will be manufactured in Stratford, Connecticut, with work scheduled for completion by June 30, 2028. The U.S. Army obligated the full $234.46 million in FY2026 aircraft procurement funds at the time of the award, and Army Contracting Command at Redstone Arsenal, Alabama, is responsible for the contract.

Fujikura has sharply raised its full-year forecast for the fiscal year ending March 2027, more than doubling its operating profit projection from 211 billion yen to 432 billion yen. Net sales are expected to rise 48.4% to 1.755 trillion yen, ordinary profit to increase 127.1% to 453 billion yen, and net profit to grow 107.4% to 326 billion yen. The upgrade follows first-quarter operating profit for the fiscal year ending March 2027 of 104.8 billion yen, which exceeded half of the previous full year's 188.7 billion yen, with progress at the first-quarter mark standing at 24.3% for operating profit, 22.9% for net sales, and 24.7% for net profit, all on track with the plan. For the fiscal year ended March 2026, consolidated net sales rose 20.7% year on year to 1.1823 trillion yen, operating profit climbed 39.2% to 188.7 billion yen, and net profit jumped 72.5% to 157.1 billion yen, with the information and communications business generating 653 billion yen in net sales and 152.7 billion yen in operating profit on growing data center demand, accounting for more than 80% of consolidated operating profit. Forecast net profit per share is 196.88 yen, and the planned dividend is 38 yen per share.

Crane Company announced a definitive agreement on September 14 to acquire Trillium Flow Technologies' U.S. pump business for approximately $240 million. The operations primarily serve municipal water and wastewater customers and are expected to generate approximately $115 million in full-year revenue, with closing expected in the fourth quarter subject to regulatory approvals and customary conditions. The deal would add the Floway, Wemco, Roto-Jet and WSP brands to Crane's Process Flow Technologies segment, and Crane disclosed a price of approximately 14.6 times estimated 2026 adjusted EBITDA. The announcement did not quantify aftermarket revenue's share of the business, its margins, expected synergies, or integration costs, nor did it specify the funding mix. Process Flow Technologies' second-quarter sales rose 20.9% to $385.6 million while company-defined non-GAAP core sales declined 1.4%, and at June 30 Crane held $350.4 million of cash and $1.098 billion of debt before subsequently repaying another $90 million.