Jan 26, 2026
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Intuitive Surgical’s (ISRG) Q4 2025 earnings call.
Intuitive Surgical (ISRG) is the global pioneer of robotic-assisted surgery, primarily known for its da Vinci surgical systems. The company manufactures advanced robotic platforms, 3D high-definition imaging systems, and proprietary instruments that allow surgeons to perform complex procedures through tiny incisions. By serving hospitals and ambulatory surgery centers (ASCs), Intuitive provides insight into the modernization of healthcare. Intuitive reported revenue climbing 19% to $2.87 billion and annual procedures growing 18%. The call centered on the transition to the da Vinci 5, which now represents over 50% of new placements. While international growth was strong at 23%, pricing intensity and local competition in China remain key headwinds. Notably, ISRG just secured FDA clearance for cardiac procedures on the da Vinci 5, opening a new vertical. However, 2026 guidance was cautious (13–15% growth) due to potential US Medicaid/ACA subsidy changes and a 120-basis-point tariff headwind. ISRG beat EPS and revenue estimates but finished trading on 1/23 slightly in the negative…
Continue reading our Conference Call Recap for ISRG by becoming a Bespoke Institutional subscriber. You can sign up for Bespoke Institutional now and receive a 14-day trial to read our newest Conference Call Recap. To sign up, choose either the monthly or annual checkout link below:
Bespoke Institutional – Monthly Payment Plan
Bespoke Institutional – Annual Payment Plan
Jan 26, 2026
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Capital One’s (COF) Q4 2025 earnings call.
Capital One (COF) is now the largest US credit card issuer by balances following its $35 billion acquisition of Discover in 2025. It owns one of the world’s few global payment networks, positioning it to challenge the Visa/Mastercard duopoly. The company made a surprise $5.15 billion acquisition of Brex, an AI-native B2B payments platform, accelerating its push into corporate liability and national small business banking. Financially, the results were mixed. Adjusted EPS of $3.86 missed estimates, pressured by a $4.1 billion provision for credit losses and a 41% spike in marketing ($1.9 billion). Management noted that while charge-offs rose to 4.93%, credit is settling out near pre-pandemic levels. CEO Rich Fairbank warned that proposed 10% interest rate caps would “immediately slash credit lines,” potentially triggering a recession. With the earnings miss, COF shares fell 7.9% on 1/23…
Continue reading our Conference Call Recap for COF by becoming a Bespoke Institutional subscriber. You can sign up for Bespoke Institutional now and receive a 14-day trial to read our newest Conference Call Recap. To sign up, choose either the monthly or annual checkout link below:
Bespoke Institutional – Monthly Payment Plan
Bespoke Institutional – Annual Payment Plan
Jan 26, 2026
See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium. CLICK HERE to learn more and start your trial.
“I skate to where the puck is going to be, not where it has been.” – Wayne Gretzky
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
As much of the country digs and/or scrapes out from the snow and ice over the weekend, it’s a very lackluster morning for US equity futures. The S&P 500 looks to open 6 bps lower, while the Nasdaq is down slightly more at 19 bps. It’s worth noting, though, that both indices are well off their overnight lows. Treasury yields have a downward bias, with the 10-year yield trading down to 4.22%. Crude oil is slightly lower at just under $61 per barrel, but natural gas is surging more than 10% as it has nearly doubled in price over the last ten days as the US continues to fall into the grip of a severe cold snap. Everything is hot in the metals space, though, as gold now trades above $5,000 per ounce, while silver rallies 8% and platinum gains another 4%. Crypto continues to sit this rally out, though. While it’s higher this morning, those gains follow weakness over the weekend.
Although the Hang Seng managed a slight gain, most other Asian benchmarks were lower to start the week, although Australia and India were closed for a holiday. The Nikkei declined 1.8%, and even South Korea declined 0.8%. The declines in Japanese stocks came as the Yen followed through from Friday’s rally and rallied another 1% on speculation of a possible intervention on the horizon to halt the long-term slide in the currency (more on that below). Chinese stocks were only down fractionally, but there were some reports of possible disagreements between President Xi and one of his top generals, resulting in the removal of the general and other military members.
There’s not a lot going on in European markets as the STOXX 600 is basically unchanged, but most major individual indices are slightly higher.
On the US calendar, it’s a light day with Durable Goods at 8:30, and there’s no Fedspeak as the Federal Reserve is in its blackout period ahead of Wednesday’s meeting.
The rally in the yen on Friday took the dollar cross below its 50-day moving average for the first time since early October, and today’s rally has extended those gains to take the currency to its best levels versus the dollar since early November.
From a longer-term perspective, the rally in the yen has occurred at what is turning into a significant support/resistance level. In more recent history, levels around 160 have acted as support for the yen, and that level also coincides with a peak in the cross (low in the yen) from early 1990. And if you want to get creative, you could even make out what looks like an inverse head and shoulders.
We’ve seen a lot of huge moves in commodities over the last several months, and natural gas has started to get into the act over the last two weeks. Ten calendar days ago, on 1/16, natural gas closed at 3.10 MMBtu. This morning, prices are nearly twice as high, and earlier in the morning, they were double the level of the 1/16 close! Looking at the chart of natural gas and its history in terms of how the commodity has performed following prior short-term spikes, buying natural gas today feels a lot like skating to where the puck is rather than where it’s going. And happy 65th birthday to Wayne Gretzky!
Jan 23, 2026
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Procter & Gamble’s (PG) Q2 2026 earnings call.
Procter & Gamble (PG) is a global titan in fast-moving consumer goods, manufacturing daily-use brands like Tide, Pampers, and Gillette. Serving over 5 billion consumers across 180 countries, the company provides insight into global household spending and supply chain health. P&G reported a steady yet “soft” quarter, with net sales of $22.2 billion (up 1%) and flat organic growth. Performance was polarized. Latin America surged 8%, while the US faced a 2% organic decline due to base period headwinds, including retail inventory shifts from 2025 port strikes and hurricanes. CEO Shailesh Jejurikar highlighted a “once-in-a-generation” pivot toward AI-driven molecular discovery and retail media integration. Revenue missed estimates, but EPS beat, sending shares 2.7% higher on 1/22…
Continue reading our Conference Call Recap for PG by becoming a Bespoke Institutional subscriber. You can sign up for Bespoke Institutional now and receive a 14-day trial to read our newest Conference Call Recap. To sign up, choose either the monthly or annual checkout link below:
Bespoke Institutional – Monthly Payment Plan
Bespoke Institutional – Annual Payment Plan
Jan 23, 2026
See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium. CLICK HERE to learn more and start your trial.
“Our conviction in the essential role of CPUs in the AI era continues to grow” – Lip-Bu Tan, Intel (INTC)
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
Wait. Isn’t the market up so far this year? For years, investors became conditioned to think that if the market rallies, software stocks will lead the gains. It was nearly 15 years ago, but Marc Andreeson’s famous article titled “Why Software Is Eating the World” reflected a theme that dominated the market for years – it was software’s market, and everyone else was just on the sidelines watching. Based on the last several months of trading, it appears as though the market is seriously questioning whether software has had its fill.
The iShares Expanded Tech-Software ETF (IGV) used to be a guaranteed way for traders and investors to generate alpha, but so far this year, the ETF is down over 5%, and it has pulled back about 20% from its record high in September to levels it hasn’t traded at since late April.
We covered software in yesterday’s Chart of the Day, and we’ll expand on that analysis below. Looking at the software ETF’s ten largest holdings and their performance through Thursday’s close, they’re all down YTD, all down over the last week, all below their 50-day moving averages, and all at oversold levels. Alpha? How about anti-alpha?
Jan 22, 2026
Log-in here if you’re a member with access to the Closer.
Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we begin with a review of the latest inflation data (page 1) in addition to an update on personal income, spending, and saving (page 2). Next up, we check in on jobless claims and the latest major earnings reports (page 3). We then finish with a review of winter storm impacts on natural gas inventories and prices (pages 4 and 5).
See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!
