BofA Merrill Lynch analyst Ross Gilardi made a number of changes in his Industrial Machinery ratings, including three upgrades and two downgrades, as he contends cyclical rotation is likely to persist into 2020. Lead indicators have started to inflect positively, but, in retrospect, he now thinks he was "a little too early" with his pro-cyclical rotation thesis earlier in the year, the analyst said in his sector note. With that view in mind, he upgraded Stanley Black & Decker (SWK) to Buy from Underperform, raised PACCAR (PCAR) and Allison Transmission (ALSN) both to Buy from Neutral, and downgraded Deere (DE) and H&E Equipment (HEES) each to Neutral from Buy. He noted that record defensive-to-cyclical valuation premiums have begun to shrink and said that if there is a de-escalation in China trade tensions, even in a light capital spending environment, he sees the stage being set for a restocking-driven recovery in Spring 2020.

"We are reaffirming our full year 2024 guidance provided to the market on February 13. Allison expects 2024 Net Sales in the range of $3,050 to $3,150 million, Net Income in the range of $635 to $685 million, Adjusted EBITDA in the range of $1,070 to $1,130 million, Net Cash Provided by Operating Activities in the range of $700 to $760 million, Capital Expenditures in the range of $125 to $135 million, and Adjusted Free Cash Flow in the range of $575 to $625 million."

Cyngn (CYN) has been chosen to supply its DriveMod Tuggers for industrial automation to John Deere's (DE) operation in Dubuque, Iowa. Cyngn is a supplier of AI-powered autonomous vehicle and data solutions based in Menlo Park, CA.