Jun 25, 2026
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- Consumer electronic devices are beginning to see price hikes as a result of higher memory prices.
- The S&P 500 has had a record share of days over the past 50-, 120-, and 200-trading days where price went in one direction and daily breadth went in the other.
- All rates of change for core PCE ex. rent are above 2%, meaning that even with zero rent core inflation is still comfortably above target.
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Jun 25, 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 Winnebago’s (WGO) Q3 2026 earnings call.
Winnebago (WGO) is a diversified outdoor-recreation manufacturer of motorhomes, travel trailers, fifth wheels, and boats through brands like Winnebago, Grand Design, Newmar, Barletta, and Chris-Craft. Its mix of entry-level, premium, and luxury products gives investors a useful read on discretionary spending, financing-sensitive big-ticket purchases, dealer inventories, and the gap between affluent and middle-income consumers. Demand weakened from late March as inflation, high interest rates, geopolitical uncertainty, and low consumer confidence delayed purchases. Revenue fell 9.9% to $698.7 million, though Motorhome sales rose and operating profit improved to $9.6 million from a loss, helped by Grand Design Motorized, Newmar, and newer Winnebago products. Dealers remain financially stable but are ordering cautiously, clearing 2026 inventory, and targeting faster inventory turns. Winnebago expects fourth-quarter sales to fall sequentially and by double digits year-over-year. Management is cutting capacity and fixed costs while introducing cheaper products, including the $15,000–$16,000 Transcend Lite and roughly $50,000 Barletta Sanza. Luxury Chris-Craft demand remains stable, while middle-market products face the most pressure, and used RVs are taking share from new units. WGO reported weaker-than-expected EPS and revenue, and cut guidance, as investors shrugged the poor results off and the stock rallied more than 12% on 6/25…
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Jun 25, 2026
There are still a few trading days left in June, but so far it has been a rough month for the world’s largest stocks. In the month where SpaceX (SPCX) began trading as the biggest IPO in history with a market cap near $2 trillion, the eight largest stocks in the S&P 500 have all fallen at least 8%, with six of eight down 10%+. Did SpaceX suck the life out of the rest of its mega-cap brethren?
Notably, the eight largest stocks are all down this month for an average decline of 13.7%, but the next nine largest stocks are all up this month for an average gain of 7.6%.
Tomorrow we’re also going to see one of the biggest rebalances in history for key Russell indices. With the halfway point of 2026 coming up, Russell is rebalancing its indices by moving stocks in and out of its large-cap Russell 1,000 and small-cap Russell 2,000.
The small-cap Russell 2,000 is sitting on a nice 20% gain this year mostly on the back of its largest index members.
The peak market cap for inclusion in the small-cap Russell 2,000 has historically been $5.7 billion, but right now there are 165 stocks in the index with market caps above that mark, including six stocks with market caps above $20 billion, and two above $50 billion. Bloom Energy (BE) is the Russell 2,000’s largest stock by far at $87.1 billion. It’s up more than 1,100% over the last year.
Russell doesn’t provide a full list of the stocks moving up into the large-cap Russell 1,000 from the small-cap Russell 2,000, but they’ve said that 43 stocks will be making the jump tomorrow. Simply looking at the largest stocks in the Russell 2,000 gives you a pretty good idea of which ones will be graduating into the Russell 1,000.
Below is a list of the 25 largest Russell 2,000 stocks right now along with their year-over-year percentage change. As shown, all 25 of these stocks are up over the last year for an average gain of 261%!
You can bet that the large majority of these names will no longer be in the Russell 2,000 when trading begins next week, meaning the index itself is going to look and act a lot different in the second half of the year.
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Jun 25, 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 Micron’s (MU) Q3 2026 earnings call.
Micron (MU) is one of the world’s largest manufacturers of memory and storage semiconductors, producing DRAM (volatile working memory), NAND (non-volatile storage) flash, high-bandwidth memory (HBM), and Solid-State Drives (SSDs) used in data centers, PCs, smartphones, vehicles, industrial equipment, and other connected devices. These technologies are what allow computers and other devices to hold data and process information quickly. Micron said AI development is creating more demand for memory chips than the industry can currently produce, and it expects shortages to continue beyond 2027. Data center revenue exceeded $25 billion, sales of storage drives used in data centers more than doubled sequentially to over $5 billion, and shipments of Micron’s newest high-bandwidth memory product, HBM4, which is used alongside advanced AI processors, surpassed $1 billion. Scarce supply and steep price increases lifted gross margin to a record 84.9%, and it expects that figure to reach about 86% next quarter. The company also signed 16 multiyear contracts requiring customers to purchase agreed-upon volumes, giving Micron more predictable demand and protecting profitability if market prices eventually fall. Micron plans to spend roughly $27 billion this year to increase production, but building chip factories takes years and requires specialized workers, regulatory approvals, power infrastructure, and highly complex equipment. This means supply growth will likely stay gradual. The stock rallied about 17% on 6/25 after posting its fifth straight triple play…
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Jun 25, 2026
It always comes back – eventually. Bitcoin is making new multiyear lows today as prices break back below $60K to the lowest level since September 2024. Since the high last fall, prices have been in a steady downtrend in a stairstep pattern lower.
With today’s decline, the current drawdown in Bitcoin has exceeded 50%, a depth it hasn’t reached since late 2023. The chart below shows Bitcoin drawdowns relative to all-time highs dating back to 2007, when its price first closed above $1,000 per coin. This current decline represents the fourth time prices have reached a new record high and then got cut in half, with the last such decline being in May 2022.
The chart below shows Bitcoin in the year after each of the prior periods when prices first fell 50%+ from an all-time high. One of the things you always hear about Bitcoin after it sees a large decline like the current one is that “prices always come back”. That’s an accurate statement, but after prices experienced a 50% haircut in the three prior periods, the road back to new highs wasn’t necessarily short or smooth.
As shown in the chart, one year after each of the prior three periods, Bitcoin was lower a year later than it was when the drawdown first reached 50%. Not only that, but in two of the three periods, it barely even experienced a bounce. The one exception was after the June 2021 drawdown when prices quickly rebounded to new highs, but almost as quickly returned back to new lows. Perhaps the best thing Bitcoin has working in its favor is that you don’t hear much about $500,000 or even million-dollar price targets anymore.
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Jun 25, 2026
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 no changes to the list this month.
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.
