Daily ideas

ONEOK posted Q2 2026 adjusted EBITDA of $2.12 billion, up 7%, on record NGL volumes; the Q3 question is whether volume growth turns back into per-barrel NGL profit.

Novo Nordisk's Q2 2026 sales rose 7% at CER to DKK 78.5 billion as gross margin fell to 78.2%; Q3 tests whether Wegovy pill uptake can offset US price cuts and patent expiry.

Dover grew Q2 2026 orders 16% to $2.33 billion against $2.19 billion of revenue; Q3 tests whether refrigeration output lets that backlog become sales and cash.

KeyCorp's Q2 2026 net interest margin rose just 2 bps to 2.89% on $1.258B of net interest income; Q3 results test whether asset repricing can outrun rising deposit costs.

Eaton's Q2 2026 sales rose 21% to $8.53 billion as Electrical Americas margins fell to 27.5%; Q3 tests whether price hikes lift that margin above 30% while backlog keeps building.

ASML raised prices on its most critical tools as 2027-28 output falls short of demand, and TSMC calls tool price inflation real while lifting 2026-28 capex.

PG&E's first-half 2026 core EPS rose about 30% to $0.83 with debt at $64.2 billion; Q3 tests whether investment and cost savings alone hold the $1.64-$1.66 guidance.

Fidelity and Schwab are limiting financing for $170bn of tax-aware long-short SMAs; BlackRock is adding counterparties and Interactive Brokers has taken about $300M.

Public Storage earned Q2 2026 core FFO of $4.17 a share, down 2.6%, as same-store revenue fell 0.6%; Q3 tests whether rent recovery and the NSA merger lift per-share results.

Lloyds' Q2 2026 net interest income rose 4% to £3.71bn on a 3.22% margin; Q3 results test whether structural hedge income keeps beating mortgage and deposit pressure.

Las Vegas Sands' Q2 2026 property EBITDA fell 16.1% to $1.12 billion as Macao costs rose 18%; Q3 results test whether Macao volume gains turn back into profit.

PACCAR earned $1.43 per share on $7.55 billion of Q2 2026 revenue as gross margin rose to about 14.4%; Q3 tests whether about 42,000 deliveries keep margin at 14.4%-14.5%.

Qualcomm's handset chip revenue fell 20% to $5.09 billion in the June quarter as memory shortages hit Android builds; Q4 results test whether Android recovery offsets lost Apple modem share.

Omnicom grew core revenue 6.1% organically to $5.995 billion in Q2 2026 with a 17.8% core margin; Q3 tests whether media can stay at double digits after losing PepsiCo.

NXP posted record Q2 2026 revenue of $3.50 billion, up 19%, with a 58.0% non-GAAP gross margin; Q3 tests whether 12% auto growth reflects chip content or customer restocking.

AEP earned $1.36 operating EPS in Q2 2026 but raised 2026 guidance to $6.25-$6.55; Q3 tests whether data center sales growth and new rates can outpace higher costs.

O'Reilly grew Q2 2026 sales 8% to $4.89 billion on a 6.0% comp gain; Q3 tests whether double-digit pro growth holds as the tariff price lift fades to about 2%.

Toyota grew quarterly revenue 10.4% to ¥13.53 trillion but operating income fell 8.8% to ¥1.06 trillion; Q2 tests whether North America stays profitable under U.S. tariffs.

Synchrony's Q2 2026 purchase volume rose 8.1% to $49.8 billion while loans grew only 2.4%; Q3 results must show whether new programs like OnePay turn that spending into balances.