-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：UPS公布了2026年第一季度业绩，营收为212亿美元（同比下降1.6%，高于市场预期1.1%），调整后每股收益为1.07美元（同比下降28.2%，高于市场预期4.9%）。尽管UPS采取了转型措施，但其整体销量同比下降7.8%，降幅远超亚马逊的降幅。调整后营业利润率下降200个基点至6.2%。由于单件成本（同比增长9.5%）超过单件收入增长（同比增长6.5%），国内业务利润率下降320个基点。UPS通过网络重构和效率提升计划在第一季度实现了6亿美元的成本节约，预计全年将实现30亿美元的成本节约。管理层维持了2026年营收897亿美元和调整后营业利润率9.6%的预期，并预计第二季度运营将出现拐点。鉴于成功的定价策略，我们认为营收预期是合理的，单件营收同比增长7.7%，但利润率预期可能过于乐观。我们预计伊朗冲突导致的燃油附加费将有助于抵消柴油/航空燃油成本的上涨，但由于消费者对价格上涨的接受度较高，销量可能进一步下滑。
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Sector Update: Tech Stocks Fall Late Afternoon
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Research
Research Alert: Paccar: Q1 Eps Match Expectations; Class-8 Outlook Reiterated
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:PCAR's Q1 results matched consensus with operating EPS of $1.15 vs. $0.96 in the prior year, supported by the absence of litigation charges that impacted Q1 2025. New truck deliveries fell 7K units to 33.1K globally, with North American Class-8 shipments declining while Europe showed strength. The Parts business managed positive expansion despite truck sales softness, benefiting from strategic investments in distribution infrastructure. Management maintained an upbeat tone on customer demand trends, though their North American outlook for retail Class-8 truck sales remained unchanged from Q4. PCAR generated healthy operating cash flow of $972M vs. $910M and maintained a strong balance sheet, in our view. Management projected full-year capex of ~$750M and R&D expenses of ~$475M for next-generation powertrains. We see the unchanged shipment projections as a signal that management is not entirely confident an inflection is occurring stronger than previously anticipated.
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Australia
Erasca Shares Fall After Preliminary Phase 1 Dose Escalation Data
Erasca (ERAS) shares fell 48% Tuesday after the company reported preliminary phase 1 dose-escalation data for its experimental ERAS-0015 in patients with RAS-mutant solid tumors, including colorectal cancer, non-small-cell lung cancer and pancreatic adenocarcinoma.The preliminary data, from ongoing trials in the US and China, suggest ERAS-0015 may be combined with standard-of-care doses of panitumumab, positioning it as a potential backbone therapy for future combination regimens, the company said.The therapy was generally "well tolerated," with no dose-limiting toxicities or treatment discontinuations due to adverse events, according to a statement.Erasca said it selected 24 mg and 32 mg once daily as recommended doses for further study and said the drug showed "promising clinical potential" for combination use with panitumumab.In a regulatory filing, the company said a patient, who was a 66 year-old male with heavily pretreated metastatic pancreatic adenocarcinoma, had died. The company said grade 3 treatment-related adverse events of pneumonitis progressed to grade 5 following withdrawal of supportive care per patient decision.Price: $9.96, Change: $-9.20, Percent Change: -48.02%
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