Editorial companion

What stands out

Alstom’s shares plunged about 31% in a single session after the train maker cut its adjusted EBIT (earnings before interest and taxes) margin forecast and warned of a significant free-cash-flow outflow, a dramatic hit that makes this the company’s largest one-day drop in over three years. JPMorgan called it a “painful but necessary clearing event,” which frames the slide not as random panic but as a market re-pricing after management lowered expectations twice this year, an unusually public reset in a capital-intensive business.