Apr 23, 2026
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- 175 stocks have more than doubled year-over-year and now trade with a price-to-sales ratio of more than 10x.
- Stocks proxying OpenAI have exploded higher by 40% since March 30th.
- The share of total jobless claims for claimants above the age of 65 rose to a record high in March.
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Apr 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 United Airlines’ (UAL) Q1 2026 earnings call.
United Airlines (UAL) is one of the largest global airlines, operating an extensive domestic and international network for passenger and cargo services. The company has been repositioning itself as a premium, brand-driven carrier, investing heavily in customer experience, loyalty, and technology to drive higher-margin revenue rather than competing purely on price. Its business offers a read on global travel demand, corporate spending trends, fuel cost pressures, and broader economic activity. United posted revenue up 10.6% to $14.6B and EPS of $1.19 despite a $340M fuel headwind, as jet fuel prices doubled amid geopolitical tensions tied to Iran. Management is aggressively raising fares, with yields up about 20% YoY, and cutting lower-margin capacity to offset costs, targeting full fuel pass-through by year-end. Demand remains resilient, especially in premium (+13.6% revenue) and business travel (+14%), with no clear signs of elasticity yet. The company is leaning into a multi-year premium strategy, rolling out new aircraft configurations, fare bundles, and digital merchandising tools to drive upsell, while loyalty revenue rose 13%. United also strengthened its balance sheet, paying down $3.1B in debt and signaling confidence in achieving double-digit margins longer term. Despite EPS and revenue coming in above estimates, the stock fell 5.6% on 4/22…
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Apr 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.
“Better three hours too soon than a minute too late” – William Shakespeare, The Merry Wives of Windsor
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
Paul Hickey appeared on CNBC’s Squawk on the Street yesterday to discuss energy, midterms, and the markets. To view the segment, click on the image below
Equity futures traded sharply lower overnight on concerns of renewed military action in the Middle East. Since then, the negative sentiment has receded on reports out of China that the US and Iran will return to the bargaining table, and futures are well off their lows. S&P 500 and Nasdaq futures are now flat, while the Dow, being dragged lower by a decline in IBM, is indicated to open down 0.35%.
Treasury yields are marginally higher this morning, with the 10-year yield ticking above 4.30%, while crude oil is now lower after trading much higher overnight. Gold prices are fractionally lower, and Bitcoin is still down 1.5% at just under $78K.
Asian stocks were mostly lower overnight, with South Korea the standout gainer among a sea of red. Higher oil prices were the primary driver of the weakness. In terms of economic data, though, flash PMI readings for April in Japan, India, and Australia came in higher than expected. European stocks are also trading tentatively this morning as the STOXX 600 trades down 0.3%, with France the only gainer. Like Asia, the flash PMI reading for the Eurozone Manufacturing also unexpectedly showed an acceleration.
Besides the pickup in earnings flow, the economic calendar is busy this morning with jobless claims at 8:30, flash PMI readings at 9:45, and then the KC Manufacturing report at 11 AM. On the sentiment front, if should come as no surprise that AAII’s weekly survey saw a big uptick in bullish sentiment, rising from 31.7% up to 46.0%, which isn’t far from the 52-week high of 49.5% in January.
Semis and software have generally moved in opposite directions this year, but over the last several days, both have moved higher. Semis extended their streak of daily gains to a record 15 trading days yesterday, and the streak in software stocks has been half as long. As shown in the chart below, the iShares Expanded Tech Software Sector ETF (IGV) has traded higher for eight straight days, making it tied for the longest daily winning streak since late 2019. With the ETF trading down close to 3% this morning, though, we wouldn’t bet on the streak extending to a ninth day.
The chart below shows a long-term look at IGV’s performance, with red dots showing every prior eight-day streak. Only once, in the summer of 2011, did one of these streaks coincide with a notable peak in the sector, as the majority occurred within various stages of longer-term uptrends. This current streak has been somewhat unique in that IGV is trading so close to a low.
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Apr 22, 2026
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- Tesla (TSLA) reported earnings after the bell with weaker profitability in part because of a litany of massive projects such as Optimus robots, Robotaxi rollout, and more.
- Since the end of 2024, earnings estimates have risen 25.3% and have accelerated more recently with the 6 month change in the 95th percentile of all periods.
- After a strong Q1 last year, data center ABS issuance has moderated over the past year.
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Apr 22, 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 Masco’s (MAS) Q1 2026 earnings call.
Masco (MAS) is a global leader in home improvement and building products, best known for brands like Delta Faucet, Behr paint, and Hansgrohe. The company primarily serves repair and remodel markets across plumbing, coatings, and wellness products, giving it a strong read on housing activity, consumer spending, and contractor demand. Masco delivered a strong Q1 with sales up 6% and EPS up 20%, driven by pricing and better-than-expected plumbing volumes, especially in North America, where share gains and resilient demand stood out. The company is navigating a volatile macro backdrop, with tariff changes potentially helping but largely offset by rising commodity costs like copper, oil, and resins. PRO paint demand remained solid while DIY continues to lag due to weak existing home sales. Management highlighted restructuring and cost actions as key margin drivers, with benefits already showing. Despite geopolitical uncertainty, including oil-related inflation pressures, Masco remains optimistic about long-term demand for repair and remodel, supported by aging housing stock and high home equity. On better-than-expected results, shares rose 10% on 4/22…
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Apr 22, 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 Boeing’s (BA) Q1 2026 earnings call.
Boeing (BA) is one of the world’s largest aerospace and defense companies, building commercial aircraft like the 737 and 787, military platforms, satellites, and aviation services for airlines, governments, and defense agencies. With a nearly $700 billion backlog and exposure to both global travel demand and defense spending, Boeing offers a real-time lens into airline health, geopolitical tensions, and large-scale industrial production. The quarter showed continued stabilization with revenue up 14% to $22.2 billion and improved losses, driven by stronger deliveries and performance across all segments. Commercial momentum is building, with 737 production stable at 42/month and plans to ramp higher, while certification of the 737-7/10 and 777X remains the key for future deliveries and cash flow. Defense demand is accelerating alongside heightened global tensions, helping offset potential risks from the Middle East conflict, which has not yet impacted deliveries but could affect airline economics via fuel prices. The main bottleneck is supply chain friction, like engine delays and seat certifications that are holding back deliveries despite improved factory execution. Free cash flow was negative $1.5 billion in Q1 but is expected to turn positive in the second half as production ramps and deliveries increase. On better-than-expected results, BA gained 5.75% on 4/22…
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