CITI'S TAKE Flash | 30 Jul 2026 10:31:57 ET │ 11 pages GATX (GATX.N) GATX 1st Look: 2Q EPS beat on stronger-than-expected remarketing/other inc.; Guide raise; Lower LPI on sand railcar mix GATX reported 2Q adj. EPS of $2.84, up +38% y-y, ahead of our/FactSet cons. $2.48/$2.46 ests. on better-than-expected Rail NA remarketing/Engine Leasing other income and lower-than-expected SG&A. It raised its '26 adj. EPS guide to $9.90-10.30 (midpoint $10.10 above our/cons. $10.05/$10.04 ests.) from $9.50-10.10. Shares ...

J P M O R G A N Latin America Equity Research 30 July 2026 JBS NV PPC 2Q26 Conf Call Notes: U.S. Poultry Supply Growth Set to Moderate Ahead JBS, JBS US Price (29 Jul 26):$14.23 LatAm Food & Beverages and Agribusiness Lucas Ferreira AC (55-11) 4950-3629 lucas.x.ferreira@jpmorgan.com Banco J.P. Morgan S.A. Larissa Perez (55-11) 4950-6400 larissa.perez@jpmchase.com Banco J.P. Morgan S.A. Froylan Mendez {[{3pZu1Ltv28TRWlzshUeIO5k6QC7tuGwt__rFLxBtlVGiIRzk1B50vJ7TW8_NQgG6BHNnDjmK1VYSsbklXO1UYYeR0VX6F-RHIUeBq9n5} ...

J P M O R G A N Neutral ALA.TO, ALA CN Price (29 Jul 26):C$55.27 North America Equity Research 30 July 2026 AltaGas Ltd 2Q EBITDA Ahead; Strong LPG Exports Power Guidance Bump; Midstream Platform Expansions Underway ALA reported 2Q26 normalized EBITDA of $391mm, above the $351/350mm JPMe/Street median. Midstream generated $285mm of EBITDA (+$44mm vs JPMe), driven by record global export volumes and margins, robust Pipestone II contributions, and increased throughput at Townsend and North Pine. Utilities con ...

J P M O R G A N North America Economic Research 30 July 2026 Continuing claims also point toward lower unemployment over time, even if an unwind in June's participation rate drop pushes up unemployment in July. For the week ending July 18 continuing claims fell by 7k to 1.782mn. This report thus continues to send a more positive signal than other leading indicators of the unemployment rate, including the Conference Board labor market differential and NFIB survey, which have both pointed toward higher unempl ...

Vi e w p o i n t | 30 Jul 2026 10:24:40 ET │ 8 pages US Economics Trend, not level, of initial claims more important CITI'S TAKE Initial jobless claims rebounded to 197k the week of July 25 from a very low 188k the week prior. While the level of initial claims is very low and suggestive of still-low layoffs, we think the trend of claims is more important this year. Recently declining initial claims is very similar to patterns last year, and could mean a stronger increase in employment in July data next Frid ...

Vi e w p o i n t | 30 Jul 2026 10:18:13 ET │ 9 pages US Economics Another dovish inflation report CITI'S TAKE The market narrative that the Fed will need to hike to bring down inflation remains divorced from economic data. Core PCE inflation surprised lower at just 0.13%MoM following cooler than expected CPI and PPI reports for June. 3.3%YoY core PCE looks concerningly elevated, but is now an obvious outlier amongst other measures of core inflation – including core CPI. We expect markets to price-out hikes ...

Flash | 30 Jul 2026 10:11:13 ET │ 15 pages Balkrishna Industries (BLKI.BO) 1QFY27 Results Above Estimate, Driven by Healthy Volume Growth CITI'S TAKE BKT's 1QFY27 results were significantly above our estimates as volume growth surprised positively. Despite weaker gross margin, higher operating leverage and fx tailwinds boosted profits. Mgmt. outlook is positive on India across OHT as well as the new 2W/truck & bus tyres. EU demand would be monitored given adverse weather trends (though 1Q volumes were healt ...

Flash | 30 Jul 2026 10:24:35 ET │ 9 pages China Battery Materials Lithium into 5th week of July - Tug of war between smelters and downstream CITI'S TAKE Lithium price has been in the downward trajectory in the last few weeks, and we see an emerging tug of war between smelters and downstream consumers. Smelters (i.e. Jiuling Lithium, Sinomine Resource, Canmax Technologies, etc.) announced maintenance plans on lithium carbonate production lines recently, which we view as (1) a tactic to support gloomy lithium ...

July 30, 2026 02:34 PM GMT ASE Technology Holding Co. Ltd. | Asia Pacific Strong 2027 AI revenue guidance; stay OW What's Changed ASE Technology Holding Co. Ltd. (3711.TW) From To Price Target NT$558.00 NT$628.00 AlphaSignals Earnings Reaction forecast US$8.5bn: On the July 30 earnings call, management said that 2026 LEAP (leading-edge advanced packaging and testing) is tracking ahead and raised guidance from US$3.5bn to US$3.7bn. Management also lifted the 2027 LEAP target from US $5.5bn to at least US$7.5 ...

Shipbuilding results overall were strong and above expectations, but the impact of the Navy contracts awarded last night should be a key focus area and so conference call commentary will be an important driver of the reaction as well. Management raised shipbuilding sales and margin guidance and while 2H doesn't look dramatically different than our model, Q2 performance and the contracts should provide momentum. Q2 FCF fell short but mgmt maintained the outlook for the year and Q4 likely includes significant ...