Shares of industrial machinery maker Ingersoll Rand were soaring on Thursday, and the reason was hard to suss out.

Ingersoll stock was up almost 7% at $84.60, while the S&P 500 was down 0.1%.

The jump came despite no analyst updates or company news releases. Instead, Swedish machinery maker Atlas Copco reported second-quarter results. They were good.

Atlas reported second-quarter sales of about 45 billion Swedish krona, up 9% year over year. Wall Street was looking for 44 billion krona. What's more, order intake was about 51 billion krona, up 27% year over year.

"The demand for Atlas Copco Group's equipment and services improved notably, and order intake in the quarter was better than expected," the company said in a news release. The company expects current trends to remain in place for the foreseeable future.

Ingersoll and Atlas have significant business overlap. Both make compressors, pumps, and other products used in countless industrial facilities worldwide. Strong results from Atlas can therefore signal healthy demand for Ingersoll's end markets as well.

Atlas stock was up 4.2% in overseas trading. The gains left the shares up 22% over the past 12 months. Ingersoll stock was down 2% over the past 12 months. It has some catching up to do.

Ingersoll shares trade for about 23 times earnings expected over the coming 12 months. Atlas shares trade for about 30 times.

Write to Al Root at allen.root@dowjones.com

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July 16, 2026 13:00 ET (17:00 GMT)

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