Q2 2023 Earnings Conference Call Recaps
Bespoke’s Conference Call Recaps provide helpful summaries of corporate conference calls throughout earnings season. We go through the conference calls of some of the most important companies in the market and summarize key topics covered by management. These recaps include information regarding each company’s financial results, growth by segment, as well as some aspects of the business that management expects to impact future results. We also identify trends emerging for the broader economy in these recaps.
Bespoke’s Conference Call Recaps are available at the Bespoke Institutional level only. You can sign up for Bespoke Institutional now and receive a 14-day trial to read our newest Conference Call recaps. To sign up, choose either the monthly or annual checkout link below:
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Below is a list of the Conference Call Recaps published during the Q2 2023 and Q1 2023 earnings reporting periods.
Q2 2023 Recaps:
Chewy: Q2 2023
NVIDIA: Q2 2024
Walmart: Q2 2024
Target: Q2 2023
Home Depot: Q2 2023
YETI: Q2 2023
Disney: Q3 2023
Rivian: Q2 2023
Palantir: Q2 2023
Elanco: Q2 2023
Amazon: Q2 2023
Apple: Q3 2023
Visteon: Q2 2023
Caterpillar: Q2 2023
Aercap: Q2 2023
McDonald’s: Q2 2023
Lennox: Q2 2023
Meta: Q2 2023
Chipotle: Q2 2023
Microsoft: Q4 2023
Alphabet: Q2 2023
Lamb Weston: Q4 2023
Corning: Q2 2023
General Electric: Q2 2023
NXP Semiconductors: Q2 2023
Domino’s Pizza: Q2 2023
Philip Morris: Q2 2023
D.R. Horton: Q3 2023
Tesla: Q2 2023
Netflix: Q2 2023
Lockheed Martin: Q2 2023
JB Hunt Transport: Q2 2023
Bank of America: Q2 2023
Charles Schwab: Q2 2023
Big Banks (JPM, C, WFC): Q2 2023
Fastenal: Q2 2023
Delta Air Lines: Q2 2023
PepsiCo: Q2 2023
Nike: Q4 2023
Greenbrier: Q3 2023
Micron: Q3 2023
General Mills: Q4 2023
AeroVironment: Q4 2023
Walgreens: Q3 2023
TD Synnex: Q2 2023
Darden Restaurants: Q4 2023
CarMax: Q1 2024
Winnebago: Q3 2023
Accenture: Q3 2023
KB Home: Q2 2023
FedEx: Q4 2023
Adobe: Q2 2023
Kroger: Q1 2023
Lennar: Q2 2023
Q1 2023 Recaps:
Oracle: Q4 2023
Broadcom: Q2 2023
Dollar General: Q1 2023
Lululemon: Q1 2023
Nordstrom: Q1 2024
Salesforce: Q1 2024
NVIDIA: Q1 2024
RH: Q1 2023
Home Depot: Q1 2023
Tyson: Q2 2023
TreeHouse Foods: Q1 2023
Palantir: Q1 2023
Generac: Q1 2023
Visteon: Q1 2023
Meta: Q1 2023
Alphabet: Q1 2023
Spotify: Q1 2023
McDonald’s: Q1 2023
Tesla (TSLA): Q1 2023
Procter & Gamble (PG): Q1 2023
Big Banks (JPM, C, BAC, GS): Q1 2023
JB Hunt Transport: Q1 2023
BlackRock: Q1 2023
Delta: Q1 2023
Conagra Brands: Q3 2023
Lululemon: Q4 2022
Lennar: Q1 2023
Recaps published during Q1 2023 are available with a Bespoke Institutional subscription
Bespoke’s Weekly Sector Snapshot — 8/31/23
The Triple Play Report — 8/31/23
An earnings triple play is a stock that reports earnings and manages to 1) beat analyst EPS estimates, 2) beat analyst sales estimates, and 3) raise forward guidance. You can read more about “triple plays” at Investopedia.com where they’ve given Bespoke credit for popularizing the term. We like triple plays as an indication that a company’s business is firing on all cylinders, with better-than-expected results and an improving outlook. A triple play is indicative of positive “fundamental momentum” instead of pure fundamentals, and there are always plenty of names with both high and low valuations on our quarterly list.
Bespoke’s Triple Play Report highlights companies that have recently reported earnings triple plays, and it features commentary from management on triple-play conference calls, company descriptions and analysis, and price charts. Bespoke’s Triple Play Report is available at the Bespoke Institutional level only. You can sign up for Bespoke Institutional now and receive a 14-day trial to read this week’s Triple Play Report, which features 13 new stocks. To sign up, choose either the monthly or annual checkout link below:
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Alarm.com (ALRM) is an example of a company that reported an earnings triple play recently back on the evening of August 9th. As shown below, ALRM’s share price has been in an uptrend since May and is now trading above both its 50 and 200-day moving averages after its triple play earnings report on the 9th sent shares up 24% on the day.
As shown in the snapshot from our Earnings Explorer below, Alarm.com (ALRM) has now posted 33 straight EPS and revenue beats! This quarter the company also raised guidance, which represented its first triple play in two years. Investors reacted positively to the report as the company introduced new products like the first battery free video doorbell and efforts to make inroads in the commercial sector. You can read more about ALRM and the 12 other triple plays in our newest report by starting a Bespoke Institutional trial today.
Bespoke Investment Group, LLC believes all information contained in these reports to be accurate, but we do not guarantee its accuracy. None of the information in these reports or any opinions expressed constitutes a solicitation of the purchase or sale of any securities or commodities. This is not personalized advice. Investors should do their own research and/or work with an investment professional when making portfolio decisions. As always, past performance of any investment is not a guarantee of future results. Bespoke representatives or clients may have positions in securities discussed or mentioned in its published content.
B.I.G. Tips – Earnings Triple Plays Recap: Q2 2023
Today we published our newest Earnings Triple Plays report. During the just-completed Q2 2023 earnings reporting period, there were a total of 142 earnings triple plays out of just under 2,000 individual quarterly earnings reports from US-listed stocks. That’s 15 more than the 127 triple plays we saw during the prior earnings reporting period.
What is a triple play? When a stock reports quarterly earnings, it registers a “triple play” when it beats analyst EPS estimates, beats analyst revenue estimates, and raises forward guidance. We coined the term back in the mid-2000s, and you can read more about it at Investopedia.com. We consider triple plays to be the cream of the crop of earnings season, and we’re constantly finding new long-term opportunities from this basket of names each quarter. You can track the newest earnings triple plays on a daily basis at our Triple Plays page if you’re a Bespoke Premium or Bespoke Institutional member. To read our newest report and see some of the triple plays with intriguing charts at the moment, start a two-week trial to Bespoke Premium!
Bespoke’s Matrix of Economic Indicators – 8/31/23
Our Matrix of Economic Indicators provides a concise summary analysis of the US economy’s momentum. We combine trends across the dozens and dozens of economic indicators in various categories like manufacturing, employment, housing, the consumer, and inflation to provide a directional overview of the economy.
To access our newest Matrix of Economic Indicators, start a two-week free trial to either Bespoke Premium or Bespoke Institutional now!
Sentiment Stays Down
Although the S&P 500 has risen 3.25% in the past week, sentiment has seen little in the way of recovery from the substantial increase in bearish sentiment earlier this month. The AAII’s weekly sentiment survey saw bullish sentiment rise just 0.8 percentage points week over week to 33.1%. While that is a few percentage points below the historical average of 37.5%, bullish sentiment is above the consistently weak range of readings observed from early 2022 through this past spring.
Bearish sentiment, on the other hand, was slightly lower falling to 34.5% this week. Like bullish sentiment, that is a few percentage points off the historical average of 31%.
The inverse moves to bullish and bearish sentiment means the bull-bear spread was modestly higher this week. However, that increase was not enough to lift it back into positive territory meaning bears outnumbered bulls in back to back weeks for the first time since the end of May and first week of June.
Factoring other sentiment surveys echo the recent turn toward bearish sentiment. In the chart below, in addition to the AAII survey we have added the Investors Intelligence and NAAIM Exposure Index readings to create a sentiment composite. This index plummeted in August as increasingly bearish readings were observed across all three surveys. Last week, that bearishness hit a low point of -0.45. Although it has bounced back this week, it is still in negative territory (meaning sentiment is more bearish than what has been the historical average). Just like the bull-bear spread for the AAII survey, that is the first back to back negative readings since May/June.
Claims Improve Ahead of Nonfarm Payrolls
Ahead of tomorrow’s nonfarm payrolls report (which is expected to show a deceleration in jobs growth), initial jobless claims have been reversing lower in the past few weeks and are back down to the low end of the past several months’ range. At 228K, the seasonally adjusted number came in well below expectations which were anticipated to rise to 235K. Overall, claims continue to indicate a historically healthy labor market albeit with almost a year in the rearview since the absolute best levels.
On a non-seasonally adjusted basis, claims came in below 200K for a second week in a row. At 192.5K, claims are near similar levels to the comparable weeks of last year and 2017 through 2019. From a seasonal perspective, this week or next is likely to mark the annual low for claims before drifting higher through year end.
Unlike initial claims, continuing claims were higher this week rising to 1.725 million which was a much larger increase than was forecasted. Regardless, claims remain at healthy levels even after rounding out a bottom and beginning to trend higher more recently.
Chart of the Day – A Fly In The Inflation Punchbowl
Bespoke’s Morning Lineup – 8/31/23 – Not Buying It
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’ve always said Thomas Edison invented the movie camera to show people killing and kissing.” – Quentin Tarantino
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In 2017, Netflix CEO Reed Hastings was asked what the company’s biggest competitor was. Analysts were expecting him to say something like TikTok, YouTube, or maybe even cable TV, but he famously answered that the company’s most formidable competitor was sleep. His exact comment was, “You get a show or a movie you’re really dying to watch, and you end up staying up late at night, so we actually compete with sleep…And we’re winning.”
Love them or hate them, consumers are faced with a never-ending stream of video content from the countless number of streaming options to traditional movies, and even TV. None of them would have been possible, though, without Thomas Edison and his invention of the Kinetograph (the first known movie camera) 126 years ago today. We can safely assume that as big and important as Edison may have thought his invention would be, he would have never been able to ‘picture’ how important video would become in today’s culture. Today’s big invention is AI, and while hopes are high for how it will impact the world in the coming years, it’s ultimate impact will probably look nothing like what people today expect.
This morning futures are higher with the Dow leading the way following strong results from Salesforce.com (CRM). The stock is trading up over 5% and contributing more than 80 points to the Dow. A ton of economic indicators were just released and there was little in the way of surprises. Initial jobless claims were lower than expected while continuing claims were slightly higher. Likewise, Personal Income was slightly weaker while Personal Spending was slightly stronger. With respect to the PCE data, though, they were all in line with forecasts. So, while they’re still on the high side, at least there weren’t any big surprises. There wasn’t a big reaction in equity futures, but there was some slight improvement.
It’s been a nice rally since last Friday as the S&P 500 is looking to make it five straight gains in a row. With the rebound, you would expect individual investor sentiment to rebound as sentiment typically tracks stock prices closely, but at this point, investors aren’t buying it. According to the weekly survey from the American Association of Individual Investors (AAII), bullish sentiment did improve this week, but it increased by less than a percentage point, increasing from 32.3% to just 33.1%.
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The Closer – Country Garden Collapse, GDP, EIA – 8/30/23
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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we begin with some insights into the scale of losses at Chinese property developers as well as corporate profits here in the US (page 1). We then dive into the latest GDP numbers as well as GDPNow (pages 2 and 3). We finish with a look at the big draw in crude inventories (page 4).
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