U.S. Specialty Equipment Stocks Lose 800 Billion Won in a Day... Has the Merger Rally Ended?

Terex Corp (NYSE: TEX), the U.S. speciality equipment manufacturer, closed down 8.82% at $58.11 on the New York Stock Exchange on April 14. That slide reduced its market capitalization to roughly $6.6 billion (about KRW 9.7 trillion), erasing about $530 million (around KRW 800 billion) in value in a single day, with trading volume totaling 1,047,625 shares.

Having just completed its merger with REV Group, Terex is shifting its portfolio toward specialty equipment. The company has issued guidance for $5.4 billion in revenue for 2025, and for 2026 it expects $7.5 billion to $8.1 billion in revenue and $930 million to $1 billion in EBITDA. This month, some brokerages—including JPMorgan—have turned more conservative and lowered their price targets on Terex, a move analysts say is weighing on short-term investor sentiment.

Headquartered in Norwalk, Connecticut, Terex is a global manufacturer of industrial specialty equipment serving less cyclical markets such as environmental and waste management, utilities, and emergency services. Since its founding in 1986, the company has grown through construction and access equipment. Under CEO Simon Mister, who took the helm in 2024, Terex is reshaping its business around low-cycle specialty equipment and digital capabilities—following the REV Group acquisition and the establishment of a new AI and data organization.