Brunch Reads – 10/24/25
Welcome to Bespoke Brunch Reads — a linkfest of some of our favorite articles over the past week. The links are mostly market-related, but there are some other interesting subjects covered as well. We hope you enjoy the food for thought as a supplement to the research we provide you during the week.
Wyatt Earp and His Immortals: On October 26, 1881, in Tombstone, Arizona, the famous gunfight O.K. Corral went down. One of the most famous moments of the American Old West, tensions between lawmen and outlaws reached a boiling point and turned into a deadly, 30-second barrage of gunfire. For months, a feud had grown between brothers Wyatt, Virgil, and Morgan Earp, and a group of local cowboys led by Ike Clanton and Tom McLaury, who were suspected of cattle rustling and stagecoach robberies.
On the afternoon of the 26th, the Earps, joined by Doc Holliday, an unlikely friend of Wyatt’s, confronted the cowboys near the O.K. Corral. The shootout lasted barely 30 seconds, but more than 30 shots were fired. Billy Clanton and both McLaury brothers died. Virgil and Morgan were wounded, and Doc Holliday was grazed on the hip. Wyatt Earp was unscathed.
In the aftermath, public opinion split sharply. Some saw the Earps as heroic lawmen standing up to chaos; others viewed them as ruthless enforcers settling personal grudges. A series of trials and vendettas followed, including the murder of Morgan Earp and the “last charge of Wyatt Earp and his immortals” otherwise known as the Earp vendetta ride, turning the event into the stuff of dime novels and Hollywood legend. Several books and movies exist about the event, but perhaps none are as good as the 1993 movie, Tombstone, starring Kurt Russell as Wyatt Earp and the late Val Kilmer as Doc Holliday. We’re not sure there is any Western film as widely quoted as Tombstone!
Education
The Impact of Cellphone Bans in Schools on Student Outcomes: Evidence from Florida (NBER)
A new study on Florida schools found that banning cellphones initially led to more suspensions, but discipline issues eased after the first year. Test scores and attendance both improved once students adjusted, with fewer unexcused absences explaining much of the academic boost. The positive effects were strongest in middle and high schools where phone use had been highest. [Link]
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The Bespoke Report – 10/24/25 – Earnings-Driven Breakout
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U.S. stocks closed the week at fresh record highs, and the S&P hasn’t had even a 3% pullback in the last 180+ days. But what’s in store next as we hit the heart of earnings season next week? Read our latest thoughts in this week’s report.
Daily Sector Snapshot — 10/24/25
Q3 2025 Earnings Conference Call Recaps: Procter & Gamble (PG)
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 Procter & Gamble’s (PG) Q1 2026 earnings call.
Procter & Gamble (P&G) is one of the world’s largest consumer goods companies, producing household staples across ten core categories like Fabric Care, Baby Care, Grooming, Oral Care, and Skin & Personal Care. Its iconic brands (Tide, Pampers, Gillette, Olay, and Crest) are used by billions globally and dominate supermarket shelves in over 180 countries. P&G gives investors a read on consumer confidence, pricing power, and retail spending trends across income levels and regions. P&G’s Q1 FY26 call reflected steady results amid a soft global consumption backdrop. Organic sales rose 2% with flat volumes and modest pricing gains, marking the 40th straight quarter of growth. Management highlighted competitive pressure in Fabric and Baby Care, especially in the US and Europe, but pointed to innovations like Tide’s biggest upgrade in 20 years and premium Olay launches in China as key demand drivers. China sales rose 5% while Latin America surged 7%. The company also discussed its restructuring, including cutting up to 7,000 non-manufacturing roles and a $1.5B cost-savings target through “Supply Chain 3.0.” Tariffs remain a $500M headwind, but guidance for 0–4% organic growth was reaffirmed. On better-than-expected results, PG shares were up 3% at the open on 10/24…
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Q3 2025 Earnings Conference Call Recaps: Intuitive Surgical (ISRG)
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 Intuitive Surgical’s (ISRG) Q3 2025 earnings call.
Intuitive Surgical (ISRG) develops and manufactures robotic-assisted surgical systems, most notably the da Vinci and Ion platforms. These systems combine robotics, advanced imaging, and AI to help surgeons perform minimally invasive procedures with greater precision and consistency. The company serves hospitals and healthcare networks globally, with applications spanning general surgery, urology, gynecology, thoracic, and lung biopsy procedures. ISRG’s innovation pipeline, such as its Single-Port (SP) system, force-feedback instrumentation, and AI-powered navigation, makes it a leading barometer for how technology and automation are transforming operating rooms worldwide. ISRG reported another strong quarter as worldwide procedures rose 20% and revenue climbed 23% to $2.5 billion. Adoption of the da Vinci 5 system accelerated, with 240 of 427 placements coming from the newest model. The Ion platform grew 52% in procedures, aided by new FDA-cleared AI imaging features that improved precision in lung diagnostics. SP procedures surged 91%, reflecting early success in new indications. While bariatric volumes softened amid GLP-1 drug use, benign general surgery remained robust. Internationally, growth was broad but tempered by budget pressure in Japan and China. Management highlighted AI integration, digital case insights, and refurbished systems as long-term growth drivers. On better-than-expected results, ISRG rallied 19% after-hours on 10/21…
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Q3 2025 Earnings Conference Call Recaps: Capital One (COF)
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 Capital One’s (COF) Q3 2025 earnings call.
Capital One (COF) is one of the largest diversified banks in the United States, offering credit cards, auto loans, retail and digital banking, and commercial financial services. The company has built one of the industry’s most advanced cloud-based platforms, serving over 100 million customers. It serves everyone from mass-market consumers to premium spenders and commercial clients, with its recent acquisition of Discover Financial Services expanding its reach into payment networks and debit processing. Capital One’s third quarter centered on the full-quarter impact of its Discover acquisition, which lifted revenue 23% sequentially. Management reaffirmed $2.5 billion in expected synergies. Consumer credit performance improved despite inflation, tariffs, and high rates, with charge-offs at 4.63% and strong recoveries. Auto losses were 25% lower year over year, while commercial lending remained cautious amid private credit expansion. CEO Richard Fairbank emphasized Capital One’s long-running tech transformation and AI integration, as well as continued investment in premium cards like Venture X to win higher-spending customers. COF shares opened almost 4% higher on 10/22 in reaction to stronger-than-expected results…
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Q3 2025 Earnings Conference Call Recaps: Illinois Tool Works (ITW)
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 Illinois Tool Works’ (ITW) Q3 2025 earnings call.
Illinois Tool Works (ITW) is an industrial manufacturer operating across seven segments (Automotive OEM, Test & Measurement & Electronics, Welding, Food Equipment, Polymers & Fluids, Construction Products, and Specialty Products). Its products range from auto fasteners and welding systems to commercial food equipment and industrial fluids. Organic growth of 1% outpaced end markets that declined in the low single digits, while record operating margins of 27.4% reflected strong pricing and supply-chain management that more than offset tariff costs. The Asia-Pacific region led growth with a 7% gain, including a 10% increase in China, where ITW continues to win EV market share and increase content per vehicle. Automotive OEM margins climbed 2.4% to 21.8%, and Welding equipment sales rose 6% on new product innovation. Management described demand patterns as “choppy,” noting tariff-related CapEx pauses and seasonal construction softness. Shares fell more than 4% on 10/24 after a revenue miss…
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Q3 2025 Earnings Conference Call Recaps: Norfolk Southern (NSC)
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 Norfolk Southern’s (NSC) Q3 2025 earnings call.
Norfolk Southern (NSC) is one of the largest freight railroads in North America, operating a 19,000-mile network across 22 eastern US states. The company transports a broad mix of industrial products, including automotive, chemicals, metals, construction materials, coal, and intermodal containers, linking manufacturers, utilities, and ports. NSC is a critical barometer of the US industrial and trade economy, serving major sectors like autos, energy, and agriculture. Norfolk Southern’s quarter reflected a freight economy under pressure from tariffs, oversupplied truck capacity, and weaker coal exports. Revenue grew 2% year-over-year, but volumes were flat, and management cited about $75 million in expected revenue that didn’t materialize. The pending Union Pacific merger weighed on intermodal demand as competitors reacted, especially in the Southeast, though leadership expects the effect to fade over upcoming bid cycles. Despite headwinds, NSC raised its cumulative cost-savings goal to $600 million by 2026 and highlighted advanced inspection portals that have already prevented over 40 potential derailments. NSC reported better-than-expected EPS on weaker revenue as shares fell around 1% on 10/24…
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Q3 2025 Earnings Conference Call Recaps: Medpace (MEDP)
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 Medpace’s (MEDP) Q3 2025 earnings call.
Medpace (MEDP) is a global contract research organization (CRO) that designs and manages clinical trials for biotech, pharmaceutical, and medical device companies. It helps sponsors bring new drugs and therapies to market by handling the complex clinical, regulatory, and operational work needed to move candidates through all trial phases. The company provides a lens into biopharma R&D activity and funding health, especially across high-demand therapeutic areas like oncology, metabolic disease, and cardiovascular medicine. Medpace delivered another strong quarter, with revenue up 23.7% year-over-year to $659.9 million and record net bookings driving a 1.20 book-to-bill ratio. The backlog of awarded-but-not-yet-started projects rose 30%, highlighting strong biopharma demand despite lingering funding challenges. CEO August Troendle noted that recent weakness in bookings was cancellation-driven, not due to a lack of demand. Metabolic and GLP-1 obesity trials continue to be a major growth engine, fueling higher pass-through costs (about 42% of revenue). MEDP reported a triple play, its second in a row, and the stock was up around 10% on 10/23, following last quarter’s earnings reaction of +54.7%…
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Bespoke’s Morning Lineup – 10/24/25 – Out of Range
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“If everything you try works, you aren’t trying hard enough.” – Gordon Moore
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 stocks are on pace to end the week on a positive note as S&P 500 futures indicate a 0.33% gap higher at the open, while the Nasdaq is up 0.50%. Treasury yields are higher as the 10-year yield is back above 4%, and crude oil remains above $60 with WTI trading up 1%. Gold, on the other hand, is down 1.7% and on pace to end its nine-week streak of gains. Finally, crypto is higher with Bitcoin up 0.6% and back above $111K, while Ethereum gets back up near $4K with a gain of 2.3%.
Overnight, Asia was mostly higher with Japan up 1.35% after declining 1.35% Thursday. For the week, most major indices were up multiple percentage points, although India and Australia only managed modest gains. The tone is less positive in Europe this morning as most major indices experience modest declines, but for the week, they’re all comfortably higher.
We finally got a government-run economic indicator as the BLS summoned workers back into the office to tabulate the September CPI, which came in weaker than expected across the board. While still well above the Fed’s 2% target, it’s moving in the right direction.
It’s been a while now, but after nine trading days bouncing around within the intraday range from 10/10, the S&P 500 is poised to test the upper end of that range at the open today. If the streak ends, it will be tied for the longest run of days trading within a prior day’s intraday range in at least 40 years. In our Chart of the Day from Tuesday, we covered these prior streaks and how the S&P 500 performed going forward, so make sure to check that out.
While the S&P 500 has been rangebound for two weeks now, like the rest of the world, it has been a positive week. The snapshot below from our Trend Analyzer shows the performance of various regional global ETFs. As shown, it’s been somewhat of a uniform move with every ETF trading higher to varying degrees over the last week, and all four moving into overbought territory. One of the biggest outliers, though, is in YTD performance. While every other regional equity ETF has rallied at least 27% YTD, the US is up barely more than half that, with a gain of ‘only’ 14.6%.
