WST Research Note — The Multiple Faces CPI
West Pharmaceutical is growing with net cash, but CPI and Treasury yields will test whether its premium multiple can hold.
CAMS Free Update
SPCX Research Note — Supply Calendar Still Open
SPCX recovered above its issue price after the first ownership release, but November reporting and December supply keep the evidence incomplete.
ASML Research Note — The Cycle Needs Its Own Proof
ASML’s operating quality and TSM demand support the cycle, but bookings and export-policy evidence remain the missing confirmation.
QQQ Research Note — Three Tests for the Recovery
QQQ recovered above its 50-day average, but CPI, Treasury yields and two semiconductor reports will test whether the rebound can broaden.
Market Structure: Risk-On Breadth Meets an Inflation Test — August 11, 2026
Broad participation supports the trend, while a 4.70% Treasury yield and the August 12 CPI release keep the risk-on regime event-gated.
JPM Research Note — Quality at a Full Price
JPMorgan’s operating strength remains clear, but peak valuation and incomplete credit visibility leave little room for disappointment.
MOH Research Note — The Cost Ratio Test
Molina’s cash flow supports the recovery case, while Marketplace losses and the October medical-cost test keep conviction limited.
HBAN Research Note — The Reserve Test
HBAN remains profitable, but falling CRE reserve coverage and faster nonaccrual growth make the October credit disclosure the central evidence test.
FITBPA Research Note — Credit Holds, Rates Decide
Fifth Third credit remains sound, but FITBPA closed near a fresh one-year low as long Treasury yields kept pressure on perpetual preferreds.
MS Research Note — Strong Quarter, Full Price
Record wealth flows and a 26.6% return support the franchise case, but the valuation already assumes durable execution.