EM EMR Emerson Electric Loading... : Bullish and Bearish Analyst Opinions

Linde's US packaged gas business shows investment in automation (hard goods) picking up, but consumption of consumables and gas is flat, indicating customers are preparing for a recovery but haven't seen demand materialize yet. — The divergence between 'automation equipment sales' (up) and 'consumable sales' (flat) is a classic leading indicator. It suggests US manufacturing is bottoming, but a pickup in actual industrial activity is still several months out. If this leads to a broader recovery, Linde's high operating leverage will drive outsized EPS growth.