Desk Note — Retatrutide Advances Toward Filing · Jul 23
Two more Phase 3 retatrutide successes and a Q1 2027 filing plan strengthen LLY’s pipeline case while key safety and valuation questions remain.
CAMS Research Desk
Desk Note — Oil Shock Tightens the Macro Gate · Jul 23
Brent at $100, weaker equities and higher rate expectations tighten the macro gate across growth, Staples, income and broader portfolio risk.
WULF Research Note — Foundry Strength Under Pressure
WULF’s contracted AI-infrastructure opportunity faces construction, financing, customer concentration and weak legacy mining economics today.
WULF Deep Coverage Review — Analysis as of July 23, 2026
TSMC’s record margins and pricing power support the foundry thesis, while weak semiconductor breadth and geopolitical risk widen the valuation range.
TSM Research Note — Foundry Strength Under Pressure
TSMC’s record profitability and pricing power face weak semiconductor breadth, customer concentration and a persistent geopolitical discount.
TSM Deep Coverage Review — Analysis as of July 23, 2026
TSMC’s record margins and pricing power support the foundry thesis, while weak semiconductor breadth and geopolitical risk widen the valuation range.
RCL Research Note — Franchise Strength Meets an Earnings Test
Royal Caribbean’s franchise quality remains clear, while net yield, fuel costs and the July report will test whether its premium valuation endures.
RCL Deep Coverage Review — Analysis as of July 13, 2026
Royal Caribbean’s strong margins, investment-grade credit and full ships now face a decisive test from net yield, fuel costs and July earnings.
FITBPA Research Note — Issuer Strength Meets Perpetual-Rate Risk
Fifth Third’s preferred credit remains sound, while perpetual duration and thin liquidity keep FITBPA sensitive to Treasury yields and capital evidence.
FITBPA Deep Coverage Review — Analysis as of July 22, 2026
FITBPA combines sound Fifth Third credit with a 6% fixed coupon, while perpetual duration and thin liquidity keep valuation sensitive to Treasury yields.