Daily ideas

Takeda's Q1 FY2026 revenue fell 0.5% at constant currency to ¥1,219.9 billion with a 29.4% core margin; Q2 tests whether US ENTYVIO and immunoglobulin dips are only timing.

ConocoPhillips produced 2.248 million BOE/d in Q2 2026 with $7.18 billion of CFO; Q3 results test whether Qatar LNG recovers enough to reach 2.29-2.32 million.

CN grew Q2 2026 revenue 11% to C$4.75 billion with adjusted EPS of C$2.08; Q3 tests whether the fuel surcharge lag becomes the roughly C$0.15 EPS tailwind management flagged.

East West Bancorp posted record Q2 2026 net interest income of $685 million as its margin slipped to 3.43%; Q3 tests whether deposit growth offsets $13 billion of CD repricing.

Marathon Petroleum earned $5.1 billion in Q2 2026 on a $36.33 per barrel refining margin and 112% capture; Q3 results test whether capture holds above 100%.

PayPal grew Q2 2026 payment volume 10% but transaction margin dollars only 1% to $3.9 billion; Q3 tests whether branded checkout can hold 1%-2% growth without more dilution.

eBay grew Q2 2026 GMV 14% to $22.4 billion at a 28.5% non-GAAP margin; Q3 results test whether organic growth holds 7%-9% as margin guidance falls to about 25%.

Gallagher grew Q2 2026 brokerage organic revenue 5% with base commissions up only 4% and margin down 284 bps; Q3 tests whether growth holds as property rates fall.

Colgate-Palmolive grew Q2 2026 net sales 4.9% to $5.36 billion as gross margin rose 140 bps to 61.5%; Q3 tests whether North American volume, down 3.9%, recovers.

Garmin grew Q2 2026 revenue 11% to $2.02 billion at a 62.4% gross margin; Q3 tests whether Fitness growth can outrun rising memory chip costs.

India's 2026-27 ethanol tender excludes cane routes, shifting about 2.56 billion litres to grain and possibly raising maize feed costs for Venky's.

Republic Services grew Q2 2026 revenue 4.6% to $4.43 billion on 4.0% average yield as volume fell 1.9%; Q3 results test whether pricing still covers volume and margin holds flat.

Deutsche Bank's core divisions grew Q2 2026 revenue 9.6% to €8.4 billion, led by a 19% Investment Bank gain; Q3 tests whether deposit and fee income can offset cooler trading.

TE Connectivity posted record Q3 FY2026 sales of $5.16 billion, up 14%, with orders up 27%; Q4 results test whether AI orders become revenue as metal costs rise.

Teradyne's Q2 2026 revenue doubled to $1.33 billion at a 33.7% non-GAAP operating margin; Q3 tests how far SoC test sales fall and whether memory fills the gap.

Genuine Parts grew Q2 sales 6.0% to $6.54 billion as adjusted EBITDA margin slipped to 8.7%; Q3 tests whether pricing outruns cost inflation and NAPA holds 2% comps.

Equifax grew Q2 2026 revenue 11% to $1.70B, but only about 7% excluding FICO royalties; Q3 tests whether government verification stops falling and EWS regains 8% growth.

Regeneron's Q2 2026 revenue rose 17% to $4.29 billion, half from Sanofi's Dupixent profit share; Q3 tests whether a $253 million repaid deduction lifts operating income.