Daily ideas

Microsoft posted $90.01 billion of June-quarter revenue with Azure up 42%; the September quarter tests whether Azure reaches 44%-45% as costs grow 23%-24%.

Shell earned $9.8 billion in adjusted earnings in Q2 2026 despite the Qatar outage; Q3 results show whether LNG trading keeps Integrated Gas above $2.5 billion.

Corning grew Q2 2026 core sales 17% to $4.74 billion on 65% enterprise optical growth; Q3 results test whether AI fiber demand can fund a $2 billion capex year.

Merck grew Q2 2026 sales 5% to $16.6 billion but posted a loss on a $5.7 billion Terns charge; Q3 tests how far U.S. Keytruda growth slows.

Amphenol grew Q2 2026 sales 55% to $8.76 billion with a 1.23 book-to-bill; Q3 results test whether AI datacom orders keep converting inside the $9.3-9.4 billion guide.

Meta's Q2 2026 revenue rose 28% to $60.80 billion while free cash flow fell to $784 million; Q3 tests whether AI-driven ad pricing can offset slower impression growth.

KLA grew fiscal 2026 revenue 12% to $13.58 billion at a 61.3% gross margin; the key question is whether new leading-edge tools, not services, carry its $4.0 billion September-quarter guide.

Thermo Fisher grew Q2 2026 revenue 10% to $11.99 billion on 5% organic growth; Q3 results test whether pharma and biotech demand can hold organic growth near 4%.

TotalEnergies earned $6.03 billion adjusted in Q2 2026 as output fell 4%; Q3 tests whether Middle East restarts and an LNG trading rebound offset lower oil prices.

GE Vernova grew Q2 2026 revenue 22% to $11.1 billion and drew $9.9 billion of H1 free cash flow from down payments; Q3 tests whether gas turbine shipments climb from 3.3 GW toward 5 GW.

Eli Lilly grew Q2 2026 revenue 48% to $22.97 billion as volume rose 60% and prices fell 13%; Q3 turns on whether Medicare-driven U.S. volume outruns falling net prices.

Alphabet grew Q2 2026 revenue 24% to $119.8 billion and Cloud 82%, but free cash flow was -$5.9 billion; Q3 tests whether Search and Cloud margins can absorb rising depreciation.

Seagate grew fiscal 2026 revenue 34% to $12.2 billion with a 45.6% gross margin; Q1 fiscal 2027 tests whether HDD price hikes drive its guided 56% growth.

Tesla's Q2 2026 revenue rose 26% to $28.2 billion, but its operating margin was 1.4% and free cash flow was -$1.1 billion; Q3 tests whether cars and storage can fund capex above $25 billion.

Santander earned a record €3.768 billion underlying profit in Q2 2026 with CET1 at 14.0%; Q3 tests core income growth and capital after Webster.

Apple grew June-quarter revenue 16% to $109.4 billion at a 50.1% gross margin; Q4 tests 9%-11% guidance amid chip shortages and memory costs.

Mastercard grew Q2 2026 net revenue 14% to $9,277 million at a 61.1% adjusted operating margin; Q3 results test whether cross-border fees can keep outrunning rising rebates.

Spotify grew Q2 2026 revenue 14% to €4.78 billion at a 13.7% operating margin; Q3 results test whether price increases can offset slower subscriber adds and peak spending.

Novartis grew Q2 2026 net sales 1% in constant currency to $14.41 billion while generics cut 14 points; Q3 shows whether second-half growth reaches mid-single digits.