Jun 26, 2025
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 Carnival Corporation’s (CCL) Q2 2025 earnings call.
Carnival Corporation (CCL) is the world’s largest leisure travel company and cruise operator, with a portfolio of nine global brands including Carnival Cruise Line, Princess Cruises, and Holland America Line. It operates over 90 ships serving millions of passengers annually across North America, Europe, Australia, and Asia. Known for delivering high-value vacation experiences at scale, Carnival provides insight into global travel trends, discretionary consumer spending, and hospitality demand across demographics. What sets the company apart is its ability to pair operational scale with brand differentiation, while also owning and developing exclusive destinations, such as private islands and beach resorts that enhance onboard offerings. In Q2 2025, Carnival delivered record results for the eighth consecutive quarters. Yields rose 6.5% amid strong ticket and onboard demand, and margins surpassed 2019 levels by 200 basis points, the highest in 20 years. Carnival hit all three of its 2026 targets 18 months early, including a 20% carbon intensity reduction. Expansion of Celebration Key and the new “Paradise Collection” were key themes, alongside a revamped loyalty program and ongoing fleet upgrades. Despite geopolitical headwinds, bookings remain strong, and the company raised full-year guidance…
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Jun 26, 2025
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 AeroVironment’s (AVAV) Q4 2025 earnings call.
AeroVironment (AVAV) is a US-based defense technology company specializing in unmanned systems, loitering munitions, autonomous platforms, and advanced solutions across air, land, sea, space, and cyber domains. Best known for its Switchblade drones and Puma UAS, AVAV serves the US Department of Defense, international allies, and key government agencies. Its portfolio offers unique insight into military modernization, battlefield autonomy, and the global demand for small, rapidly deployable unmanned systems. AVAV closed fiscal 2025 with record revenue of $821M (up 14%) and Q4 revenue of $275M (up 40%). Loitering Munitions saw massive momentum, pushed forward by a nearly $1B sole-source IDIQ contract from the US Army and $477M in LMS bookings. AVAC introduced three new products (P550, JUMP 20-X, and Red Dragon) all of which are expected to generate hundreds of millions in future backlog. The BlueHalo acquisition expanded AVAV’s reach into space, cyber, and directed energy. Notably, over 52% of fiscal 2025 sales were international, showing surging NATO demand as defense budgets grow globally. AVAV reported better-than-expected results on the top and bottom lines and the stock is up close to 40% since the close on Tuesday, 6/24…
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Jun 26, 2025
The “Bespoke 50” is a basket of noteworthy growth stocks in the Russell 3,000. To make the list, a stock must have strong earnings growth prospects along with an attractive price chart based on Bespoke’s analysis. There were 11 changes to the list this week.
The Bespoke 50 is available with a Bespoke Premium subscription or a Bespoke Institutional subscription. With Bespoke Premium, you’ll receive a number of daily market updates from us along with our weekly newsletter and a portion of our investor tools. With Bespoke Institutional, you’ll receive everything that’s included with Premium plus additional daily macro analysis and more stock-specific research.
To see all 50 stocks that currently make up the Bespoke 50, simply start a two-week trial to Bespoke Premium or Bespoke Institutional.
The Bespoke 50 performance chart shown does not represent actual investment results. The Bespoke 50 is updated monthly on Thursdays unless otherwise noted. Performance is based on equally weighting each of the 50 stocks (2% each) and is calculated using each stock’s opening price as of Friday morning after publication. Entry prices and exit prices used for stocks that are added or removed from the Bespoke 50 are based on Friday’s opening price. Any potential commissions, brokerage fees, or dividends are not included in the Bespoke 50 performance calculation, but the performance shown is net of a hypothetical annual advisory fee of 0.85%. Performance tracking for the Bespoke 50 and the Russell 3,000 total return index begins on March 5th, 2012 when the Bespoke 50 was first published. Past performance is not a guarantee of future results. The Bespoke 50 is meant to be an idea generator for investors and not a recommendation to buy or sell any specific securities. It is not personalized advice because it in no way takes into account an investor’s individual needs. As always, investors should conduct their own research when buying or selling individual securities. Click here to read our full disclosure on hypothetical performance tracking. Bespoke representatives or wealth management clients may have positions in securities discussed or mentioned in its published content.
Jun 26, 2025
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.
“It takes a great deal of bravery to stand up to our enemies, but just as much to stand up to our friends.” – JK Rowling
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
New highs for the S&P 500 are increasingly coming up on the horizon as the S&P 500 is on pace to open within 0.5% of its record closing high in February, but between here and there, we have a slew of data and Fed speakers to get through. Leading up to those reports at 8:30 and 10, Treasury yields are fractionally lower, while crude oil and gold are fractionally higher, and the dollar is lower.
FedEx (FDX) reported earnings after the close on Tuesday, and despite better-than-expected EPS and sales, the stock fell 3.3% in reaction to its report on Wednesday. The table below shows how FDX has reacted to earnings over the last four years, and the results haven’t been positive. Over this period, this week’s report was only the third time FDX reported better-than-expected EPS and sales for the same quarter. While the company has reported better-than-expected EPS 10 times in the last 16 quarters, it has only exceeded sales forecasts six times. The company’s inability to consistently exceed expectations, particularly in terms of revenue, suggests that management has a significant problem in managing Wall Street’s expectations. It also appears that investors have become increasingly frustrated with the company, as the stock has now experienced four consecutive negative reactions to earnings.
The one-year price chart of FDX also doesn’t look good. Each of the red arrows below indicates when FDX reported earnings. Even outside of those four days, the stock has seen a steady slide lower, falling from over $300 to the low $200s. For years, FDX was considered a leading indicator for the economy as its transportation network was among the largest in the world. A slowdown in FDX’s business signaled a slowdown in the economy and vice versa. Given that logic, should investors be concerned about the ongoing weakness in FDX’s results and share price reaction?
Jun 25, 2025
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 lead off with an explainer on the Fed’s announcement of cuts to the enhanced supplemental leverage ratio and how that plays in for bank stocks (page 1). We then check up on mega-cap Tech performance (page 2). After a review of the latest new home sales figures (page 3), we close out with a look into the latest CFO survey (pages 4 – 6).
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Jun 25, 2025
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.
“Every generation imagines itself to be more intelligent than the one that went before it, and wiser than the one that comes after it.” – George Orwell
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
Maybe it’s the summer heat, but after two days of solid gains, futures are listless this morning with the major averages showing little change in either direction. In Europe, major equity averages are flat to lower, with the UK unchanged, Spain is down over 1%, and the STOXX 600 trades 0.3% lower. After two days of sharp declines, Crude oil is looking at a gain of nearly 1% while gold is marginally higher and Bitcoin is back above $107K. In the Treasury market, yields are slightly higher.
Today’s economic calendar is light. New Home Sales is the only report (10 AM) on the calendar, and Fed Chair Powell will testify in front of the Senate this morning as well.
As geopolitical pressures eased yesterday, gold prices have seen a modest pullback with the SPDR Gold ETF (GLD) falling just over 1.5%. Given the sharp decline in crude and the rally in stocks, you might have expected to see gold see an even sharper drop. However, as shown in the chart below, prices have been moving sideways for the last two months as they never really rallied as tensions started to simmer leading up to the past weekend. With the sideways action over the last two months, GLD’s 50-day moving average (DMA) has been in a game of catch-up to prices, and were it not for a bounce late in yesterday’s session, GLD would have closed below that level.
With GLD managing to hold onto its 50-DMA, it extended its streak of closes above that level to 114 trading days, which ranks as the second-longest since the ETF’s launch just over 20 years ago. The longest streak lasted 140 trading days and ended in March 2008, while the only other streak of more than 100 trading days ended in January 2011. For GLD’s current streak to reach a record, it would have to extend through August 1st.
While gold has been consolidating monster gains from the prior several months, platinum only recently got involved in the party, but it has been making up for lost time. This month alone, the commodity is up 25% after breaking above resistance in late May.
