JPM | Industrial Strength Mid-Morning Messages: Resultsnado - thoughts post dust settling

Research evidence excerpt

JPM | Industrial Strength Mid-Morning Messages: Resultsnado - thoughts post dust settling

Specialist Sales J P M O R G A N

30 July 2026

JPM | Industrial Strength Mid-Morning Messages: Resultsnado - thoughts

post dust settling

Sam Edmunds

+44 207 742 8733

sam.edmunds@jpmorgan.com

Earnings:

US All Stars Conference is taking place on the 22nd and 23rd of September. In Industrials we've got 3M, Carrier Global,

Deere & co, Eaton Corp, Equifax, Honeywell International, Howmet Aerospace, Quanta Services, Rollins, TransUnion

and Trimble attending. Registration link is here: https://jpm.buythesell.com/Registration/EventAccess?id=176

In Focus Today

• I hope you’re surviving the Super Thursday Resultsnado. There was too much to deal with this morning to write a coherent

pre-market piece - so coming with some post dust settling thoughts. Links to first take are below - please shout if you’d like

details on any of the names. There’s been some big moves today both ways - and while they are mainly idiosyncratic the

rotational discussion remains live - and the increased military activity in the Middle East is also, I think, a macro factor.

• The ‘good’ news is that ‘Two weeks ago in our Flows and Liquidty product, the strategy team had argued that the

deleveraging phase that started in June appeared to be still ongoing and saw room for further deleveraging by investors –

really marking the acceleration of the huge moves we’ve had in momentum strategies lead by Korea and semis stocks

globally. Today, the same team think that this deleveraging has advanced faster than we had anticipated. As a result, we now

see more limited room for any further deleveraging. Firstly, by updating our leverage proxy for daily reporting Equity Long/