Jan 28, 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 ASML’s (ASML) Q4 2025 earnings call.
ASML (ASML) is the world’s sole provider of Extreme Ultraviolet (EUV) lithography machines, massive, €350 million rigs that use plasma-generated light to etch circuits onto silicon at the atomic scale. By serving giants like TSMC, Intel, and Samsung, ASML gives insight into the global tech roadmap. Without their systems, the advanced chips powering AI, 5G, and high-performance computing simply cannot be built. ASML concluded 2025 “with a bang,” reporting record Q4 net bookings of €13.2 billion, more than doubling year-over-year. This is fueled by the AI arms race, as customers accelerate transitions to 3nm and 2nm nodes. Management raised its 2026 revenue guidance to a range of €34 billion to €39 billion, citing a perfect storm of demand for AI logic and high-bandwidth memory (HBM). To sharpen its competitive edge, ASML announced a streamlining of 1,700 positions to focus on engineering innovation. EPS of $7.35 missed the $7.58 estimate on better-than-expected revenue, and shares fell roughly 2% on 1/28…
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Jan 28, 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 Starbucks’ (SBUX) Q1 2026 earnings call.
Starbucks (SBUX) is the world’s largest premium coffeehouse chain. The company sells handcrafted coffee and espresso beverages, teas, food, and ready-to-drink products, while also running one of the most sophisticated loyalty ecosystems in retail with over 35 million active US Rewards members. Starbucks serves daily ritual-driven consumers, from commuters to afternoon social customers, and offers insight into global consumer demand, pricing power, labor dynamics, commodity inflation (coffee), and urban real estate trends. Starbucks delivered a clear turnaround inflection in Q1, with global comps up 4% and US transactions growing year-over-year for the first time in eight quarters, driven by both rewards and non-rewards customers. Revenue rose 5% to $9.9B, while operating margin fell 180 bps to 10.1% due to labor investments, tariffs, and elevated coffee costs, which management expects to ease in the back half of FY26. The Green Apron service model improved throughput and customer satisfaction, while menu simplification and protein-driven innovation supported traffic. International comps rose 5%, with China comps accelerating to 7%. Starbucks also outlined its China joint venture with Boyu Capital. While missing EPS estimates, revenue came in better-than-expected, and SBUX shares opened 6.6% higher on 1/28, though lost momentum through the session…
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Jan 28, 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.
“The future doesn’t belong to the fainthearted; it belongs to the brave.” – Ronald Reagan, 1/28/1986
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
US equity futures are modestly higher again this morning, with the S&P 500 indicated to open up 0.25% while the Nasdaq is looking much stronger, gaining 0.85% as positive earnings reports in the Technology sector drive the sector’s gains. Investors are selling treasuries as the 10-year yield pushes 4.25%.
Gold is surging again today after yesterday’s comments by the President regarding the dollar, and the SPDR Gold ETF (GLD) has already rallied at least 1% for six straight days! Silver is also strong this morning, and the Silver ETF (SLV) has rallied at least 3% for four straight days! Investors are in such a ‘buy anything mode’ that even Bitcoin is rallying more than 1%, taking it back above $90K.
In Asia overnight, most major indices were higher. Hong Kong led the way with a gain of more than 2.5%, and South Korea’s Kospi tacked on 1.7%. A 40-year JGB auction in Japan was met with strong demand as the bid-to-cover ratio came in at 2.76, which was the strongest since last March. As we said, they’re buying everything this morning!
Well, maybe investors aren’t buying everything. In Europe, stocks are lower across the board. The STOXX 600 is down 0.5% with France, Italy, and Spain both down over 1%. Luxury stocks are weighing on stocks in the region following earnings from LVMH after the close yesterday, which we covered in last night’s Closer.
Today in the US, there’s no economic data on the calendar, but at 2 PM, the Fed will announce its latest rate decision, and the market is basically pricing in 100% odds of no change in rates. After the close, though, we’ll get earnings from Meta (META), Microsoft (MSFT), and Tesla (TSLA).
Merriam-Webster’s word of 2025 was slop which described the unending stream of low-quality, computer-generated content that has inundated the internet and social media feeds over the last three years. As much as AI promises to change life for the better, some of the more immediate impacts have been less than compelling. You can’t get away from it!
This is not even a month old, but if early indications are accurate, the term broadening could be a serious contender for the word of 2026. Looking at sector performance, the S&P 500 is up just under 2% YTD, but seven sectors have outperformed the index, including Energy and Materials, which are both up over 10%! Behind these two commodity-related sectors, Consumer Staples and Industrials are both up over 5%, while Consumer Discretionary, Communication Services, and Real Estate are all outperforming the index by a small degree.
On the right side of the S&P 500, Technology sticks out like a sore thumb with its gain of less than 1%. Along with Technology, Utilities, and Health Care are also up YTD but still underperforming, while Financials, which started the year off hitting all-time highs, is the only sector in the red for the year.
With the market broadening, we found it notable that, along with the S&P 500 yesterday, four sectors also closed at 52-week highs yesterday. Even many of the sectors that didn’t hit new highs yesterday aren’t far. Industrials and Consumer Discretionary are both within 2% of a 52-week high, while Utilities, Financials, and Technology are the only three sectors down more than 5%. The fact that the S&P 500 closed at a record high yesterday and its two largest sectors (Technology and Financials), which together account for nearly half of the entire index, are both down more than 5% from their highs is remarkable.
Regarding yesterday’s trivia, the five other schools to produce a Super Bowl winning QB and at least one US President are:
– Delaware: Biden/Flacco
– Miami (OH): Harrison/Big Ben
– Michigan: Ford/Brady
– Stanford: Hoover/Elway/Plunkett
– Navy: Carter/Staubach
Now to the bonus question. Of the 36 different head coaches to win a Super Bowl title, the school the college/university that has produced the most winning head coaches is Miami University of Ohio. The three Super Bowl-winning coaches who went there were Weeb Ewbank, John Harbaugh, and Sean McVay. Congratulations to everyone who got it right.
Jan 27, 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 Polaris’ (PII) Q4 2025 earnings call.
Polaris (PII) is a North American powersports manufacturer, producing off-road vehicles (ORVs like side-by-sides and ATVs under brands including RZR, Ranger, and XPEDITION), snowmobiles, motorcycles, three-wheelers (Slingshot), and marine products (pontoon boats under Bennington, Godfrey, and Hurricane). With approximately 2,000 dealers across North America, Polaris serves both recreational consumers and commercial customers in agriculture, ranching, and construction. PII had an exceptionally challenging 2025, facing $215 million in tariff headwinds, its largest obstacle since the pandemic, yet still gained market share across all segments. The company reduced China-sourced materials from 18% to 14% of COGS, targeting below 5% by 2027. However, consumer demand remains bifurcated. Utility segments show strength driven by commercial buyers benefiting from tax incentives, while recreational purchases stall due to elevated interest rates and macro uncertainty. The pending Indian Motorcycle separation, closing Q1 2026, will add $0.75-$0.80 to EPS. For 2026, Polaris guides to 1-3% sales growth (7-9% organic ex-Indian) despite $90 million in incremental tariffs. PII beat EPS and revenue estimates, though cut guidance and shares fell as much as 8.6% on 1/27…
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Jan 27, 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 NextEra Energy’s (NEE) Q4 2025 earnings call.
NextEra Energy (NEE) is America’s largest electric utility company by market cap, operating Florida Power & Light (FPL), which serves over 12 million people across Florida, and NextEra Energy Resources, the world’s largest generator of renewable energy from wind and solar. The company has built more renewables, battery storage, and gas-fired generation than any competitor over the past two decades. NextEra provides insight into the intersection of data center power demand, grid modernization, and the economics of serving hyperscale loads while maintaining residential affordability. NextEra delivered $3.71 adjusted EPS (up 8% YoY) and guided to 8%+ annual growth through 2035. The call centered on explosive AI-driven power demand. Management disclosed 20 GW of data center interest in Florida (9 GW in advanced discussions) and a 30 GW nationwide backlog. The company is pioneering a “bring your own generation” (BYOG) model where hyperscalers fund infrastructure buildout, addressing the affordability crisis spotlighted by the White House’s January PJM framework. NextEra secured solar/battery supply through 2029 and 4 GW of gas turbine capacity with GE Vernova, while pursuing nuclear restarts and 1.7 GW of recontracting opportunities. Florida’s new 4-year rate agreement enables $90-100B in infrastructure investment while keeping bills 30% below the national average. Despite missing revenue estimates, NEE beat on EPS and the stock was up as much as 3.7% on 1/27…
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Jan 27, 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.
“We’re all mad here.” – Lewis Carroll, Alice in Wonderland
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
Stocks are poised to build on yesterday’s rally with S&P 500 futures up 0.25% while the Nasdaq gains 0.60%. Treasury yields are slightly higher as the 10-year yield sits just under 4.23% while the dollar is weaker. Crude oil is little changed at $60 per barrel, while natural gas is giving back some of the massive gains of last week with a drop of over 6%. Precious metals are also lower after their surges to start the week, and Bitcoin is slightly higher.
On the data front, we’ll get Case Shiller numbers at 9 AM, and then the Richmond Fed and Consumer Confidence at 10 AM. After those reports, all eyes will shift to tomorrow’s FOMC announcement, although there’s already widespread agreement that rates will be left unchanged, and the upcoming mega cap earnings.
Following last night’s announcement that the U.S. government proposed a much lower-than-expected payment increase of just 0.09% for Medicare Advantage plans in 2027, coupled with a tepid revenue outlook for the year ahead, shares of UnitedHealth Group (UNH) and many of its peer stocks are down sharply in pre-market trading. For just UNH alone, its impact on the Dow Jones Industrials will be a decline of 350 points, so without that, the Dow would be higher.
Looking at a one-year chart of UNH shows that, based on where the stock is trading in the pre-market, it is on track to test support at the low end of its current six-month range, and a break of that level would put the lows from the summer back into play.
Going back to 1990, today’s downside gap will be the 12th time that UNH has gapped down more than 10%, and the frequency of those downside moves has really increased in pace over the last year. From late 2008 through the end of 2024, there was only one occurrence (during Covid on 3/16/20), but today’s decline will be the fifth in the last year alone!
The scatter chart below compares UNH’s daily opening gaps with its intraday performance from the open to close. The shaded area highlights each time the stock gapped down more than 10%, and following most of those opening declines, dip buyers weren’t quick to step in during the trading day, and in many cases, the stock added significantly to those opening declines.
Trivia Time. We wanted to close today with a little bit of trivia, and this one comes partially from Yahoo! Sports. If Drake Maye wins the Super Bowl this year, the University of North Carolina would be just the sixth school to produce a U.S. president and a Super Bowl-winning QB. What were the other five?
And as a bonus question, 36 different head coaches have won a Super Bowl title. What college/university has produced the most winning head coaches? Check back tomorrow for an answer, or feel free to respond with your guess. No cheating!
