Core Points - AECOM will host its 2025 Investor Day in New York City on November 18, 2025, at the New York Stock Exchange [1] - The event will begin at 10 a.m. Eastern Time and will feature presentations from AECOM's executive leadership team [1] - The presentations will cover the company's long-term strategic plan and financial targets, including initiatives aimed at transforming the business [1]

Core Insights - ACM Research, Inc. has launched its first Ultra ECDP Electrochemical Deplating tool aimed at wide bandgap compound semiconductor manufacturing, enhancing gold etching processes [1][3] Company Overview - ACM Research, Inc. specializes in semiconductor process equipment, including cleaning, electroplating, and packaging tools, aimed at improving productivity and yield in semiconductor manufacturing [6] Product Features - The Ultra ECDP tool supports specialized processes such as Au bump removal, thin film Au etching, and deep-hole Au deplating, featuring integrated pre-wet and cleaning chambers [2] - It utilizes advanced multi-anode electrochemical technology to minimize side etching and enhance surface finish and uniformity [2] - The tool is designed to accommodate various substrates like silicon carbide (SiC) and gallium arsenide (GaAs), with a modular design allowing integration of plating and deplating processes [3][4] Market Context - The compound semiconductor market is experiencing growth driven by demand in electric vehicles, 5G/6G communication, RF, and AI applications, with gold being a preferred material due to its high conductivity and corrosion resistance [3]

Core Viewpoint - AC Milan secured a 1-0 victory against Bologna in the third round of the Serie A, marking their second consecutive win in the league [1]. Group 1: Match Summary - The match took place at San Siro Stadium on September 15, with AC Milan facing Bologna [1]. - In the first half, a goal by Cambiaso was disallowed for offside, and both Estupiñán and S. Jiménez hit the woodwork, resulting in a 0-0 scoreline at halftime [1]. - In the second half, goalkeeper Maignan was injured, and Modrić scored his first goal for AC Milan, leading to the eventual victory [1]. Group 2: Key Incidents - A penalty awarded for a foul on Nkunku was overturned by VAR, and the referee issued a red card to Allegri [1]. - The match concluded with AC Milan achieving a narrow win, continuing their positive momentum in the league [1].

Core Insights - AECOM has launched an Underground Infrastructure AI Innovation Centre in Singapore to enhance sustainable urban development by utilizing underground space [1] - The centre aims to develop AI-based solutions for improving data quality and mapping of underground utilities, while also protecting underground spaces for future projects [2][4] - The initiative is supported by the Singapore Economic Development Board (EDB) and aims to strengthen Singapore's position as a global hub for AI innovation [6] Group 1 - The centre will be led by digital professionals with expertise in urban planning and infrastructure [2] - AECOM plans to collaborate with educational institutions and industry partners to enhance training and skills development [2] - The centre will create software to automate workflows related to underground utility design and surveys, reducing manual checks and supporting regulatory processes [3][4] Group 2 - The digital tools developed will assess the accuracy of existing underground data and identify areas with severe space congestion [4] - These tools will streamline utility corridor studies, which typically depend on multiple utility plans and trial trench reports [5] - The efficiencies gained are expected to benefit major infrastructure projects in Singapore [5] Group 3 - AECOM's managing director emphasized the need for innovation in infrastructure planning in dense urban environments like Singapore [3] - The EDB highlighted the transformative potential of AI-powered engineering for smarter urban planning and development [6] - The Innovation Centre is expected to support the development of local talent with advanced digital and engineering capabilities [6]

Core Viewpoint - Allied Critical Metals Inc. is enhancing its visibility and investor engagement through a series of marketing events and site tours, focusing on its tungsten projects in Portugal, amidst increasing geopolitical tensions affecting supply chains of critical minerals [1][2][7]. Company Activities - The company will host an investor tour of the Vila Verde Tungsten Project on September 18-19, 2025, providing insights into development plans and strategic initiatives [3]. - Allied will participate in the 121 Mining Investment Conference in Hong Kong on September 23-24, 2025, to connect with institutional investors and strategic partners [4]. - The company will also attend the Capital Events Management conference in Muskoka, Ontario, from September 26-28, 2025, aimed at connecting with the Canadian investment community [5]. - A return to Europe is planned for November 17-18, 2025, for another 121 Mining Investment Conference in London, providing a platform to showcase projects and milestones [6]. Strategic Importance - The company emphasizes the critical need for stable supply chains of tungsten for western nations, especially in light of recent geopolitical developments involving China, Russia, and North Korea [2][11]. - Tungsten is recognized as a critical metal, with significant applications across various industries, including defense, automotive, manufacturing, electronics, and energy [10][11]. Stock Options and Incentives - The company announced the grant of 6,165,000 stock options at an exercise price of $0.53 per share, with specific vesting schedules [8]. - Additionally, 4,743,750 restricted share units (RSUs) were granted, which will vest immediately [8]. Market Context - Currently, China, Russia, and North Korea account for approximately 86% of the global tungsten supply and reserves, highlighting the strategic importance of securing alternative sources [11].

Core Viewpoint - AECOM reported mixed Q3 results for fiscal 2025, with earnings exceeding estimates while revenues fell short, driven by organic growth in the Americas and International segments [2][3]. Financial Performance - Adjusted earnings per share were $1.34, surpassing the Zacks Consensus Estimate of $1.25 by 7.2% and improving 16% year over year from $1.16 [3]. - Revenue was $4.18 billion, reflecting a 1% year-over-year growth, while net service revenue (NSR) was $1.94 billion, missing the consensus mark of $1.95 billion but increasing 6% year over year [3]. Margins and Profitability - Adjusted operating income rose 13% to $296 million, with adjusted operating margin expanding 90 basis points to 17.1% [4]. - Adjusted EBITDA reached $313 million, up 10% from the prior year, with an adjusted EBITDA margin of 17.6%, growing 110 basis points year over year, marking a record for the company [4]. Segment Highlights - In the Americas segment, NSR rose 8%, with adjusted operating margin expanding 120 basis points to a quarterly record of 20.5% [5]. - The International segment saw NSR increase by 3%, with adjusted operating margin expanding 20 basis points to 11.9%, driven by strong execution in the UK and Middle East, partially offset by a decline in Australia [5]. Balance Sheet and Capital Allocation - AECOM ended the quarter with a net leverage of 0.6x and no debt maturities until 2029 [6]. - Year-to-date free cash flow rose 27% to $551 million, including $262 million in Q3, with $240 million returned to shareholders through repurchases and dividends [6]. Outlook - The company raised its fiscal 2025 outlook, anticipating 5-8% organic NSR growth and adjusted EPS in the range of $5.20-$5.30, indicating a 16% improvement from fiscal 2024 levels [7][8]. - Adjusted EBITDA is expected to be in the range of $1.19-$1.21 billion, indicating 10% year-over-year growth at the midpoint [8].

Core Viewpoint - The initial market reaction to ACM Research's Q2 2025 earnings report was negative, but subsequent analysis revealed strong underlying growth potential, leading to a significant stock recovery and a year-to-date increase of nearly 98% [1][2][3]. Financial Performance - ACM Research reported Q2 2025 revenue of $215.4 million, slightly below Wall Street's estimate of $223.4 million, which initially raised concerns [4]. - The company achieved Non-GAAP earnings per share (EPS) of 54 cents, surpassing analyst estimates of 42 cents by nearly 30% [5]. - Non-GAAP gross margin was reported at 48.7%, exceeding the company's long-term target range of 40% to 45%, indicating strong operational efficiency [5]. Management Guidance - Management reaffirmed full-year 2025 revenue guidance of $850 million to $950 million, suggesting that the quarterly revenue miss was a timing issue rather than a sign of weakening demand [6]. - The long-term revenue target for Mainland China was raised from $1.5 billion to $2.5 billion, reflecting a nearly 70% increase based on an expanded view of the market [7]. Market Dynamics - U.S. export controls on China's tech sector have accelerated China's push for semiconductor independence, creating significant opportunities for local suppliers like ACM Research [8]. - ACM Research's strategic positioning in Shanghai provides a competitive advantage and access to capital expenditures from leading Chinese foundries [9]. Strategic Expansion - The company is developing an R&D and production facility in Oregon, aiming to attract Western clients and leverage support from initiatives like the U.S. CHIPS Act [10]. - This dual focus on strengthening its presence in China while expanding internationally establishes a robust growth pathway for ACM Research [10]. Investment Outlook - The recent stock rally reflects a market reevaluation of ACM Research's strategic position, emphasizing long-term growth opportunities over short-term earnings fluctuations [11]. - ACM Research is positioned as a premier investment choice for those looking to capitalize on the multi-year build-out of China's semiconductor industry [12].

Core Insights - AECOM has been awarded a position on the U.K. National Highways' SPaTS3 framework, enhancing its presence in the U.K. market [1][8] - The framework is valued at up to £495 million and will last for six years, emphasizing AECOM's role in modernizing transportation infrastructure [2][4] - AECOM's collaboration with Arup aims to provide advisory and technical services to improve England's 4,500-mile road network [3][8] AECOM's Work Scope - The SPaTS3 framework will offer technical and consulting services to National Highways, focusing on enhancing the safety and resilience of major roads [3][4] - AECOM's extensive experience with National Highways will support the delivery of sustainable transport networks that promote economic growth [4] Government Relationships - AECOM's long-standing partnerships with the Department for Transport and National Highways enhance its credibility and execution capabilities [5] - The reappointment under SPaTS3 provides visibility into recurring revenues and strengthens AECOM's position as a preferred partner for government-backed projects [5] Infrastructure Modernization Focus - There is a rising demand for AECOM's expertise in various sectors, driven by global investments in infrastructure modernization and sustainability [6] - Supportive government policies, such as the "Big Beautiful Bill," are expected to further stimulate growth in clean energy and resilience projects [6] Financial Performance - AECOM's backlog reached an all-time high at the end of the third quarter of fiscal 2025, with a book-to-burn ratio above 1 for the 19th consecutive quarter [7] - The company has increased its full-year guidance, reporting adjusted EBITDA and EPS growth of 10% and 16% year-to-date, respectively, along with a 27% increase in free cash flow [7] - Management anticipates sustainable growth and further margin expansion supported by long-term megatrends in infrastructure and sustainability [7][10] Stock Performance - AECOM's stock has increased by 17.1% year-to-date, outperforming the Zacks Engineering - R and D Services industry, which grew by 11.2% [8][10] - Despite near-term budgetary constraints, long-term trends in infrastructure investment and sustainability are expected to drive continued growth [10]

Market Overview - On August 25, US stock indices collectively declined, with the Dow Jones falling by 349.27 points to close at 45,282.47, a decrease of 0.77% [1] - The Nasdaq dropped by 47.24 points to 21,449.29, down 0.22%, while the S&P 500 fell by 27.59 points to 6,439.32, a decline of 0.43% [1] Technology Sector - Major tech stocks showed mixed performance; Tesla rose by 1.94%, Google increased by over 1%, and Nvidia also gained over 1%. In contrast, Microsoft fell by 0.59%, Amazon by 0.39%, Apple by 0.26%, and Facebook by 0.2% [3] - Nvidia announced the launch of the Drive AGX Thor development kit, available for pre-order immediately and set to ship in September, aimed at accelerating the design, testing, and deployment of autonomous vehicles and smart transportation solutions [3] - Nvidia also launched the Jetson AGX Thor developer kit, specifically designed for robotics applications, with a starting price of $3,499, now available for global customers including those in China [3] - Intel stated that Trump's US stockholding plan poses business risks, and on August 22, Intel announced an agreement with the US federal government for an $8.9 billion investment to acquire 433.3 million shares of Intel common stock at $20.47 per share, representing 9.9% of the company [3] Banking Sector - Most bank stocks declined, with JPMorgan down 0.49%, Goldman Sachs down 0.45%, Citigroup down 0.31%, and Morgan Stanley down 0.25%. However, Bank of America rose by 0.04%, and Wells Fargo increased by over 1% [4] Chinese Stocks - The Nasdaq Golden Dragon China Index saw a slight increase of 0.11%. Among popular Chinese stocks, Daqo New Energy rose by over 4%, Melco Resorts increased by over 3%, and NetEase gained over 2%. Conversely, Newegg fell by over 15%, DaJiang Cloud Warehouse dropped by over 9%, and Semtech declined by over 5% [4] Economic Indicators - According to the CME Group's FedWatch tool, traders currently estimate an 84% probability of a Federal Reserve interest rate cut in September [5] - The London Stock Exchange was closed, while the other two major European indices reported declines, with the CAC40 index in Paris closing at 7,843.04, down 126.65 points or 1.59%, and the DAX index in Frankfurt closing at 24,273.12, down 89.97 points or 0.37% [5]

Core Insights - ACM Research, Inc. (NASDAQ: ACMR) has experienced a 24% increase in stock price following significant fluctuations in market sentiment [1] - The stock previously dropped by 22% after the release of Q2 earnings, which showed topline growth below analyst expectations [1] Company Analysis - The recent performance of ACMR highlights the volatility in the market, particularly for mid and small-cap stocks [1] - The company's earnings report indicated challenges in meeting growth expectations, which can impact investor confidence and stock performance [1] Market Trends - The analysis emphasizes the importance of thorough research and understanding of financial statements and market trends to identify undervalued investment opportunities [1]