Daily ideas

Newmont realized $4,414 an ounce in Q2 2026 with $2.2 billion of free cash flow and $3.4 billion of net cash; Q3 shows whether AISC falls back from $1,621 once Cadia's copper credit returns.

Intel grew Q2 2026 revenue 25% to $16.1 billion on a 48% server ASP jump while Intel Foundry lost $2.1 billion; the 2026-10-22 Q3 report must show whether unit volume can replace price.

Freeport-McMoRan earned $984 million on $7.03 billion of Q2 2026 revenue with Indonesia at partial capacity; Q3 must show whether Grasberg's ramp to about 65% of capacity is on track.

Barclays grew H1 2026 pretax profit 17% to £6.07 billion with a 14.8% RoTE; the Q3 report must show whether the Barclays UK margin recovers above 3.68% while costs stay behind income.

GM earned $3.94 billion of adjusted EBIT in Q2 2026 on an 8.6% North America margin and guides $14-16 billion for the year; Q3 on October 20 tests whether that margin survives heavier costs.

Blackstone managed $1.35 trillion at June 30, 2026, with distributable earnings up 26% but base fees up only 4.5%; Q3 will show whether BCRED repurchase requests fall back inside the 5% cap.

P&G grew fiscal 2026 sales 3% to $87.0 billion with no volume contribution and core EPS up 1% to $6.89; Q1 FY2027 tests whether volume and pricing turn positive as a $1 billion cost headwind hits.

AAR grew fiscal 2026 sales 19% to $3.31 billion while its Parts Supply margin slipped to 12.5% and cash flow trailed profit; Q1 FY2027 results test whether distribution growth lifts margins and cash.

Valero earned $3.72 billion in Q2 2026 on a $23.62 per barrel refining margin and holds $7.9 billion of cash; Q3 will show whether feedstock discounts keep margins above $20 as diesel cracks retreat.

SAP grew Q2 2026 cloud revenue 24% and backlog 26% at constant currencies, yet operating profit rose only 9%; Q3 results show whether profit growth returns to the guided pace.

CME Group's Q2 2026 revenue rose 1% to $1.71 billion as average daily volume slipped 1%; Q3 results on October 21 will show whether rate per contract holds at $0.678.

Progressive grew premiums 5% in Q2 2026 at an 87.3 combined ratio, but August hit 89.3; Q3 results will show whether rate cuts and heavier advertising still buy policy growth.

Lam Research posted record June-quarter revenue of $6.72 billion at a 51.7% gross margin; Q1 fiscal 2027 results will show whether memory tool orders drive the guided $8.1 billion.

Abbott's Q2 2026 comparable sales grew 4.8% with adjusted EPS of $1.31 after the Exact Sciences deal; Q3 must show whether nutrition, diagnostics and devices can lift growth toward 6.5%-7.5%.

AT&T grew Q2 2026 revenue 2.3% to $31.6 billion with postpaid phone churn at 0.86% after a price increase; Q3 will show whether churn, fiber adds and cash flow hold.

IBM's Q2 2026 revenue rose just 1.1% to $17.2 billion as mainframe sales fell 42%; Q3 results will show whether the large deals that slipped in June are closing.

Northrop Grumman grew Q2 2026 sales 5% to $10.9 billion as segment profit fell 5% and first-half free cash flow ran negative; Q3 must show backlog turning into margin and cash.

Philip Morris International posted Q2 2026 adjusted EPS of $2.20 on 10% cigarette pricing; Q3 results will show whether that pricing can fund a costlier ZYN defense.

Elevance Health's Q2 benefit expense ratio rose 80 basis points to 89.7% as revenue grew 0.8%; Q3 tests whether a −1.75% Medicaid margin is really the trough.