Daily ideas

SMFG grew Q1 net interest income 26.4% to ¥791.9 billion as SMBC's yen spread hit 1.31%; first-half results test whether deposit costs caught up after the BoJ's 1% call rate.

Rockwell Automation grew Q3 sales 10% organically to $2.313 billion at a 22.3% margin; Q4 tests whether Logix holds double-digit growth as memory-chip costs bite.

Atlassian grew fiscal 2026 revenue 26% to $6.57 billion with a $10.4 million GAAP operating profit; Q1 tests whether Cloud keeps ~28.5% growth as Data Center declines.

Cardinal Health grew fiscal 2026 revenue 14% to $254.2 billion and non-GAAP EPS 37% to $11.26; Q1 tests whether Pharma profit keeps outgrowing GLP-1-driven sales.

Yum! Brands grew Q2 2026 revenue 12% to $2,169 million with Core Operating Profit up 8% ex-Pizza Hut; Q3 tests whether Taco Bell U.S. margin holds 19%-21% after the lettuce recall.

Natera grew Q2 2026 revenue 37.7% to $752.8 million on 283,000 clinical MRD tests; Q3 earnings test whether Signatera volume keeps climbing as true-ups fade.

Astera Labs grew Q2 2026 revenue 104% to $392.4M at a 73.7% non-GAAP gross margin; Q3 earnings test whether Scorpio X lifts sales to the $540M-$560M guide.

Estée Lauder grew fiscal 2026 sales 5% to $15.05 billion and lifted adjusted operating margin to about 11.2%; Q1 tests whether Asia travel retail demand or restocking drives growth.

Waters grew Q2 2026 revenue 113% to $1.645 billion after buying BD's biosciences unit; Q3 tests whether legacy LC-MS holds 8%-10% growth and BDS reaches $895 million.

Allstate earned $8.99 adjusted EPS in Q2 2026 as auto pure premium fell 3.5%; Q3 earnings test whether lower loss costs still offset auto price cuts.

Edwards Lifesciences grew Q2 2026 sales 13.6% to $1.74 billion with TAVR up 10.5% in constant currency; Q3 tests whether TAVR growth holds once share gains lap.

TC Energy's Q2 2026 comparable EBITDA rose 12% to C$2.95 billion; Q3 earnings test whether U.S. pipelines and Bruce Power can offset fading Mexico growth.

Aflac posted Q2 2026 adjusted EPS of $1.75 with a 64.0% Japan benefit ratio; Q3 tests whether that ratio holds near 63% once the annual review release is stripped out.

MetLife lifted Q2 2026 adjusted EPS 20% to $2.43 on a 79.0% group life mortality ratio; Q3 earnings test whether VII and buybacks can carry EPS to about $2.77.

Targa posted record Q2 2026 adjusted EBITDA of $1.603 billion, up 38%, helped by Permian spread gains; Q3 shows whether fee volumes can hold the $5.9 billion guidance top end.

Teva's Q2 2026 revenue fell 1% to $4.14 billion as US AUSTEDO sales rose 37%; Q3 earnings test whether pre-IRA destocking pushes AUSTEDO below guidance.

Block's Q2 2026 gross profit rose 25% to $3.166 billion as Cash App lending grew 59%; Q3 results test whether Cash App holds up as Borrow lending slows.

Keurig Dr Pepper's Q2 2026 net sales rose 75.6% to $7.3 billion as its U.S. Coffee margin fell to 24.5%; Q3 earnings test whether coffee profits recover.

Thomson Reuters grew Q2 2026 revenue 9% to $1.95 billion with 10% Big 3 organic growth; Q3 earnings test whether Legal AI upgrades sustain 10% and the margin holds near 35%.