Chart of the Day – Leaders Leap
Q1 2026 Earnings Conference Call Recaps: Boeing (BA)
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…
Continue reading our Conference Call Recap for BA by becoming a Bespoke Institutional subscriber. You can sign up for Bespoke Institutional now and receive a 14-day trial to read our newest Conference Call Recap. To sign up, choose either the monthly or annual checkout link below:
Signs of Life for Bitcoin
It was a rough six months for Bitcoin longs, as the price of BTC fell by more than half from an all-time high of $126,251 last October 6th, down to the low $60,000s in Q1.
Things have turned more positive this month, though, as Bitcoin has risen from $68k at the end of March up to $79k today.
As shown below, the rally over the last week or two has pushed Bitcoin’s price above the top of the downtrend channel that had formed off the highs made late last year. We’ve also seen a series of higher lows since the intraday low was made on February 24th.
If Bitcoin continues higher, its next test will be right around $85k, which acted as support from last November through January before ultimately giving way.
That prior support will now act as resistance that could be difficult to break through on a first or second test.
Sign up for Bespoke’s Think BIG mailing list to receive an interesting market thought like this in your inbox a few times per week. Click here or on the image below to sign up. An email is all we need!
Bespoke’s Morning Lineup – 4/22/26 – Semis on the Brink of History
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.
“When you sell your great companies and add to the losers, it’s like watering the weeds and cutting the flowers.” – Peter Lynch
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
Make sure to check out Paul Hickey on CNBC’s Squawk on the Street today at 10:30 Eastern.
It looks like a two-day losing streak was all the Nasdaq needed to recharge from the impressive 13-day streak the index ripped off from the March lows. Following news that President Trump extended the ceasefire with Iran, Nasdaq futures point 0.75% higher while the S&P 500 looks to gap up 0.60% at the open. Treasury yields are lower, with the 10-year hovering near 4.27%, while crude oil and gold rally by 0.50% to 1.0%. The star of the show this morning is Bitcoin, which is up over 4% and trading back above $78K, the highest level since early February.
In Asia, it was a mixed session overnight with the Nikkei up 0.4% and the Kospi adding 0.5%. Hong Kong and India, however, both finished down over 1%. European stocks aren’t looking as positive. The STOXX 600 is slightly lower, with Spain leading the losses, declining 0.5%. In both regions, the key driver of the moves has been Iran and its impact on energy prices.
Here in the US, it will be a quiet session for economic data, but the pace of earnings continues to pick up steam. Some of the more notable reports since the close yesterday include Boeing (BA), Capital One (COF), GE (GE), and United (UAL), and after the close, IBM, Tesla (TSLA), Texas Instruments (TXN), and United Rentals (URI) will be the headliners.
The fact that equity futures and crude oil are trading higher this morning is uncommon relative to recent history, especially since the war started. Over the last 50 trading days, the crude oil ETF (USO) and the S&P 500 ETF (SPY) have traded in the opposite direction (up or down) 37 times (74%). Since the ETF launched in 2006, this is right near the record high of 76%, reached less than two weeks ago on April 9th. Before this current period, the last time the correlation between the two ETFs was at comparable levels was in the summer of 2008, during the early stages of the financial crisis.
Shifting from crude oil, the fuel of the physical economy, to the fuel of the digital economy, semiconductors continued to roll yesterday as the Philadelphia Semiconductor Index (SOX) traded higher for the 15th straight day, tying the record from June 2014. Besides these two periods, there have only been three other periods where the SOX even had a ten-day winning streak.
Below we show a long-term chart of the SOX showing when the prior 15-day winning streak occurred with a red dot. That streak capped off a longer run of gains for the index, and while it continued to rally, the pace of the ascent started to slow. From a longer-term perspective, though, it’s amazing to think that in the 12 years since that streak, the SOX has doubled and then doubled again and then doubled again and doubled once more for a total gain of 1,500%. Not bad for 12 years!
What’s just as impressive as the SOX’s 15-day winning streak is the 34% rally it has experienced during that span. That’s the largest 15-day gain for the index since October 2002, coming out of the dot-com lows. As shown in the chart, these types of moves were somewhat more common during the late 1990s and early 2000s, but have been very uncommon since.
Again, looking at these occurrences on a long-term chart of the SOX shows that most were exclusive to the period after the 1998 Russian Debt Crisis through the lows of the dot-com crash. Since then, the only two others were coming out of Covid and the tariff-tantrum. What has also been uncommon is for these moves to cap off rallies to all-time highs. That only occurred in late 1999 and early 2000. Gulp.
Start a two-week trial to Bespoke Premium to continue reading today’s full Morning Lineup.
The Closer – Warsh, Tech Finally Falls, Credit Cards – 4/21/26
Log-in here if you’re a member with access to the Closer.
- The Tech sector ended a 14-day long winning streak; the sector’s second longest winning streak on record.
- Weekly estimates of private sector jobs growth from ADP continue to impress and are running above 200K for March.
- Credit card issuer delinquency rates have generally remained stable as related stocks have rebounded solidly.
See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!
Q1 2026 Earnings Conference Call Recaps: Equifax (EFX)
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 Equifax’s (EFX) Q1 2026 earnings call.
Equifax (EFX) is a data and analytics firm that aggregates consumer credit, income, and employment data to help lenders, employers, and governments make decisions on lending, hiring, and benefits. Its Work Number database and proprietary credit files give it a unique edge, especially as demand grows for alternative data in underwriting and fraud prevention. The company sits at the center of consumer finance, offering a real-time read on credit demand, labor markets, and government benefit programs. Equifax results showed revenue up 14% and mortgage revenue surging 38%, though activity slowed late in the quarter as rising rates tied to the Iran conflict pressured demand. The company is gaining share through its TWN (The Work Number) indicator, which gives lenders early visibility into borrower income and is driving workflow changes across mortgage, auto, and personal loans. AI is showing up in both cost savings and faster product development, helping expand margins, while government verification tied to Medicaid and SNAP remains a major long-term growth driver, but with uneven timing into 2027. Management also highlighted a potential industry shift toward VantageScore, with aggressive price cuts giving Equifax upside potential if adoption accelerates. Shares opened 4.3% lower on 4/21 despite better-than-expected results…
Continue reading our Conference Call Recap for EFX by becoming a Bespoke Institutional subscriber. You can sign up for Bespoke Institutional now and receive a 14-day trial to read our newest Conference Call Recap. To sign up, choose either the monthly or annual checkout link below:
Q1 2026 Earnings Conference Call Recaps: Netflix (NFLX)
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 Netlfix’s (NFLX) Q1 2026 earnings call.
Netflix (NFLX) is a global streaming platform for films, series, live events, games, and now podcasts enjoyed by 325 million paid members, reaching an audience nearing 1 billion people worldwide. Netflix reiterated a strong 2026 outlook with 12–14% revenue growth and a 31.5% operating margin, driven by continued member growth, pricing power, and an ad business expected to double to about $3 billion. Engagement remains strong with record “member quality” metrics and improved retention across all regions, supporting recent US price increases. Live events are emerging as a key growth lever, with the World Baseball Classic becoming Netflix’s most-watched program ever in Japan and driving record sign-ups. Advertising momentum continues with a 70% increase in advertisers, and programmatic is now approaching 50% of non-live ads. Management emphasized long-term upside given <5% global TV share and <45% penetration of addressable households, while highlighting AI’s expanding role across content creation, recommendations, and advertising. Despite EPS and revenue beats, shares fell 9.7% on 4/17…
Continue reading our Conference Call Recap for NFLX by becoming a Bespoke Institutional subscriber. You can sign up for Bespoke Institutional now and receive a 14-day trial to read our newest Conference Call Recap. To sign up, choose either the monthly or annual checkout link below:
Chart of the Day – Reading the Tea Leaves of Earnings Reactions
UPDATE: Trump 1.0 vs. Trump 2.0
We’re currently 314 trading days into President Trump’s second term, and the S&P 500 is currently up 17.9% since its last close prior to Inauguration Day 2025.
Amazingly, the stock market was essentially up the exact same amount at this point in President Trump’s 1st term!
While just 0.3 percentage points separates the S&P 500’s performance at this point in Trump’s 1st and 2nd terms, sector performance has been quite a bit different.
Communication Services is up more than any other sector in Trump’s second term (+34.4%), while it was down 13% at this point in Trump’s first term.
Energy was flat at this point in Trump’s first term, but it has shot up nearly 20% in Trump’s second term.
Technology was the best sector in Trump’s first term through April 21st, and it has been the second best sector during Trump’s second term with a gain of 29.3%.
Three sectors that have been weak relative to their performance during Trump 1.0 are Health Care, Financials, and Consumer Discretionary. All three sectors were up roughly 20% at this point in Trump’s first term, but they’re all only up 3-5% during Trump’s second go-around.
Tech and AI Infrastructure stocks have dominated the list of biggest winners since Trump was re-elected. For the table below, we show the 25 best and worst performing stocks since Election Day 2024 (not Inauguration Day).
Sixteen of the 25 best-performing stocks are from the Tech sector, including the top three, which are all up 600%+: Lumentum (LITE), Ciena (CIEN), and Western Digital (WDC).
Nine of the 25 worst performers are also from the Tech sector, which are names like Gartner (IT), Adobe (ADBE), and ServiceNow (NOW) that are getting crushed due to fears of AI obsolescence.
While politics certainly causes plenty of stress and anxiety for many investors, the biggest winners and losers since Trump’s re-election have been driven mostly by the AI trade, not politics. This is yet another example of why investors should never let politics impact long-term investment decisions.
One final chart we wanted to highlight is the performance of GEO Group (GEO) versus New York Times (NYT). For these two names, Trump has been a big driver of performance, but their paths are what’s enlightening.
GEO Group (GEO) is one of the few publicly traded private prison and detention center stocks, and traders bid this name up significantly after Trump won re-election on his promise to crack down on crime and illegal immigration. As you can see in the chart, GEO soared 80% in the first few months after Election Day 2024, but since peaking in early 2025, it has given up all of those gains and then some.
The New York Times (NYT), on the other hand, treaded water in the first six months after Trump’s re-election, but it has done nothing but trade higher since last April.
While traders initially saw GEO as a potential winner during Trump’s second term, the longer-term opportunity was in NYT, which continues to see an uptick in subscriptions.
Sign up for Bespoke’s Think BIG mailing list to receive an interesting market thought like this in your inbox a few times per week. Click here or on the image below to sign up. An email is all we need!
Q1 2026 Earnings Conference Call Recaps: D.R. Horton (DHI)
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 D.R. Horton’s (DHI) Q2 2026 earnings call.
D.R. Horton (DHI) is the largest homebuilder in the US, focused on constructing and selling primarily entry-level and move-up homes. This quarter’s results showed a company navigating a tough affordability backdrop. Orders rose 11% YoY despite cautious consumers, supported by heavy incentives (about 10% of revenue) and widespread mortgage buydowns (used in about 73% of closings). Pricing remains under pressure (Average Selling Price down 3% YoY), but lower construction costs and strong execution kept margins near the high end of guidance. Inventory is being tightly managed, with completed unsold homes down 35% YoY and cycle times improving by nearly a month, allowing faster turns and earlier sales at better margins. Demand trends held up through March and into April despite macro noise (rates, oil, geopolitics), with strength in Texas, Florida, and newer northern markets. Despite the 2.3% YoY revenue dip, EPS and revenue topped estimates, and shares rose 7% on 4/21 as a result…
Continue reading our Conference Call Recap for DHI by becoming a Bespoke Institutional subscriber. You can sign up for Bespoke Institutional now and receive a 14-day trial to read our newest Conference Call Recap. To sign up, choose either the monthly or annual checkout link below: