Daily ideas

ArcelorMittal earned 2Q 2026 EBITDA of $2,064 million while net debt rose to $9,500 million; Q3 results must show whether Europe holds volumes and margins under the EU quota.

Sun Life grew Q2 2026 underlying net income 11% to C$1.123 billion; Q3 earnings test whether US$22.9 billion of MFS outflows erode fees as insurance gains normalize.

Live Nation's Q2 2026 revenue rose 9% to $7.7 billion while Concerts AOI fell 14%; Q3 results test whether delayed stadium shows restore concert profit.

Con Edison earned $3.00 adjusted EPS in the first half of 2026 against $6.00-$6.20 guidance; Q3 earnings test whether peak-season electric profit can keep pace with rate base growth.

Humana grew individual Medicare Advantage to 6.45 million members with a 91.2% Q2 benefit ratio; Q3 results test whether new members keep it near the guided 94%.

AngloGold Ashanti made $727m of Q2 free cash flow as output fell 7% to 744koz and cash costs hit $1,480/oz; Q3 tests whether Obuasi's recovery pulls costs back into guidance.

Microchip's June-quarter revenue rose 38% to $1.485 billion with a 63.8% non-GAAP gross margin; the test is whether 7%-9% sequential growth holds without channel restocking.

Vistra lifted Q2 2026 adjusted EBITDA to $1,767 million from $1,349 million; Q3 earnings must show whether weak ERCOT prices push its 2027 outlook below $7.4 billion.

Devon produced 1.36 million Boe/d with $1.7 billion of adjusted free cash flow in Q2 2026 after Coterra; Q3 earnings test whether oil hits 555,000 b/d within $1.5 billion of capex.

Palo Alto Networks grew fiscal 2026 revenue 24% to $11.48 billion with NGS ARR at $9.1 billion; Q1 fiscal 2027 earnings test whether platform deals sustain net new ARR.

AIG grew Q2 2026 General Insurance premiums 9% and earned $2.00 adjusted EPS; Q3 earnings test whether personal lines still offset commercial margin pressure.

Sempra lifted first-half 2026 adjusted EPS 14% to $2.67 as Texas earnings rose 46%; Q3 tests whether Oncor's new rates sustain that growth and the KKR deal closes.

Home Depot grew Q2 sales 5.7% to $47.9 billion on a 1.7% comp as transactions fell 1.0%; Q3 tests whether ticket-led comps and margins hold without tariff refunds.

Sysco grew fiscal 2026 sales 3.9% to $84.55 billion with adjusted EPS of $4.61; its Nov. 3 results must show whether U.S. local case growth can hold near 2.5% without margin loss.

Constellation lifted Q2 2026 adjusted EPS to $2.55 from $1.91 after adding Calpine; Q3 earnings test whether customer margins can sustain the raised $11.50-$12.50 guidance.

Prudential Financial earned $4.08 per share of after-tax adjusted operating income in Q2 2026; Q3 tests whether the Japan sales suspension stays within its $525-575 million cost range.

PSEG's Q2 2026 operating EPS rose to $0.86 from $0.77 as nuclear capacity revenue climbed; Q3 earnings test whether $329 PJM prices outrun rising utility costs.

KKR's Q2 2026 fee related earnings rose 37% to $1.21 billion on record management fees; Q3 results test whether fee growth holds once catch-up fees fade.

BD grew fiscal Q3 2026 revenue 4.4% FX-neutral to $4.983 billion; Q4 results test whether GLP-1 devices and margins can offset the Alaris pump roll-off.