Daily ideas

RNR sees U.S. general liability loss trends at 10%-12% versus 8%-10% rate gains as third-party capital expands casualty reinsurance supply.

Celestica capex rose to 4.7% of revenue from 1.2% as contract manufacturers add factory power to test liquid-cooled AI racks, while ASMPT SMT bookings rose 122%.

CenterPoint, AEP and FirstEnergy say large loads used up spare transmission capacity, so new spending targets regional grid work as suppliers book into 2027-2029.

Cadence says its design IP business now earns royalties and Rambus won pre-standard HBM IP deals as hyperscalers buy custom chip IP directly and early.

DoorDash grew Q2 2026 revenue 36% to $4.45 billion, or 24% excluding Deliveroo; Q3 tests whether organic orders hold above 16% at a 13.5% take rate.

INNIO expects more than $50,000 of annual service revenue per MW from data center gas engines, about 70% above its fleet; Wärtsilä sees the same shift but has no orders yet.

Alnylam grew Q2 2026 revenue 67% to $1.29 billion after cutting TTR guidance to $4.2-$4.5 billion; Q3 tests whether first-line AMVUTTRA demand holds.

Clearwater Paper says about 800,000 tons of SBS paperboard output left the market and a $60/t increase stuck, while Elopak's Americas growth is capped by board supply.

Apollo's Q2 2026 Fee Related Earnings rose 25.2% to $785 million while Athene's first-half spread earnings fell 1.8%; Q3 results test whether that spread starts to grow.

Cboe's Q2 2026 net revenue rose 25% to $731.6 million on record index options volume; Q3 earnings test whether index options ADV holds above 6 million contracts.

Cognizant grew Q2 2026 revenue 4.1% in constant currency to $5.48 billion, only about 1.4 points of it organic services; Q3 hinges on whether Financial Services stays above 10%.

Kenvue's Q2 sales rose 3.0% to $3.955 billion while adjusted gross margin fell to 60.2%; Q3 tests whether Self Care volume turns positive and margin stops sliding.

Rocket Companies earned $229 million on $2.78 billion of Q2 2026 revenue after absorbing Mr. Cooper; Q3 earnings test whether share gains and synergies offset a smaller mortgage market.

Manulife's Q2 2026 core earnings rose 12% to C$1.92 billion as Asia's NBV margin fell to 36.3%; Q3 tests whether Hong Kong savings sales grow without more margin loss.

EOG Resources earned $2.72 billion in Q2 2026 at $98.15 oil while crude output held near 548,000 barrels a day; Q3 earnings test whether oil growth resumes.

Cheniere Partners' Sabine Pass terminal earned $983 million of Q2 2026 adjusted EBITDA on 396 TBtu; Q3 earnings test whether summer volumes and margin per MMBtu hold.

YouGov (YUGVF) and Zedge (ZDGE) say AI labs and robotics developers now pay for human survey and task-video data that cannot be scraped, moving margin to panel owners.

The real fell more than 11% to 5.58 per dollar after Lula won Brazil's runoff, which could cut dollar costs for Brazil-based miners Ero Copper and Nexa Resources.

Energy Transfer's Q2 2026 adjusted EBITDA rose 31% to $5.07 billion on NGL export premiums and Waha spreads; Q3 tests whether fee volumes hold growth as spreads fade.