The Closer – Out of OPEC, Breadth Streak Snapped, Earnings – 4/28/26
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- The United Arab Emirates announced that they will be withdrawing from OPEC later this week; the U.A.E. is group’s third largest producer with the second largest spare capacity.
- The S&P 500 snapped a streak of four straight days of price and breadth moving in opposite directions.
- Conference Board and Case-Shiller data indicated housing activity has begun to bottom out.
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Q1 2026 Earnings Conference Call Recaps: Coca-Cola (KO)
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 Coca-Cola’s (KO) Q1 2026 earnings call.
Coca-Cola (KO) is one of the world’s largest beverage companies, selling soft drinks, water, sports drinks, coffee, and tea across more than 200 countries through its bottling and distribution system. KO delivered 3% volume growth and 10% organic revenue growth, showing the business is getting back to a more even mix of selling more drinks and raising prices, after years of price-led gains. Management pointed to rising pressure on lower-income consumers, responding with affordability strategies like smaller packs and value offerings. Geopolitical risks, namely the Middle East conflict, hit March volumes, while APAC remains a long-term investment story, with negative price/mix as KO prioritizes market development over margins. Cost pressures in tea, coffee, and packaging persist, particularly for bottlers. Innovation, like Coke Zero Zero and Sprite variants, were highlighted, while digital packaging and World Cup activations were promoted as a way to convert engagement into transactions. On better-than-expected results, KO shares rallied more than 3% on 4/28…
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Daily Sector Snapshot — 4/28/26
Q1 2026 Earnings Conference Call Recaps: UPS (UPS)
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 UPS’s (UPS) Q1 2026 earnings call.
UPS (UPS) is one of the world’s largest logistics companies, moving packages, freight, and critical goods across a global network of air and ground infrastructure. It serves businesses of all sizes, from small merchants to large enterprises, while focusing more on high-value segments like healthcare, B2B shipping, and time-sensitive logistics, offering insight into global trade flows, e-commerce trends, and industrial demand. UPS is in the middle of a major reset, deliberately cutting lower-margin Amazon and e-commerce volume (down about 500K packages per day) to prioritize profitability over scale, which drove an 8% drop in US volumes but a 6.5% increase in revenue per package. The company is aggressively cutting costs (targeting $3B in savings through 30,000 job reductions, 50 building closures, and automation) while repositioning toward SMB, B2B, and healthcare, which delivered a record $3B quarter and continued share gains. Internationally, trade lane disruptions (China-US down about 18%) and tariffs are reshaping flows, but UPS says it is capturing growth elsewhere. Management expects a second-half inflection as restructuring costs fade, though risks remain from weak consumer confidence and rising fuel costs tied to Middle East tensions. Due to the revenue decline, despite outpacing estimates, shares fell more than 4% on 4/28…
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Bespoke’s Wealth Management Report – April 2026
Please click here or on the link below to read our latest quarterly Wealth Management Report. You can learn more about Bespoke’s wealth management services available to investors here or by calling our office at 914-315-1248.
Below are links to prior quarterly Wealth Management Reports:
B.I.G. Tips – Powell’s Time Comes to a Close
Chart of the Day – Mother, “May” I
Bespoke’s Morning Lineup – 4/28/26 – Water, Water, Everywhere
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.
“People generally see what they look for, and hear what they listen for.” – Harper Lee
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
Sentiment surrounding AI is really something these days. On one day, you can have stocks surging on the idea that companies can’t get their hands on enough compute, and then the next day, they sell off sharply because there’s not enough demand. It’s like the line from The Rime of the Ancient Mariner, “Water, water, everywhere/Nor any drop to drink”. This morning, the Nasdaq is leading futures lower on a report in the Wall Street Journal that OpenAI missed year-end user and revenue targets, raising questions over whether all of the investments in the sector will eventually pay off. These are legitimate questions to ask, but if the article is based on year-end 2025 targets, a lot has changed between now and then regarding OpenAI’s growth (Codex) and the sector.
Nasdaq futures are currently down more than 1% while the S&P 500 is indicated 0.65% lower, while oil prices have surged more than 5%, taking WTI back above $100 per barrel. The impact of that increase in oil prices can’t be overstated either. While oil prices surge, gold prices are sharply lower (-2.6%), while Bitcoin is down less than 1%.
In Asia, stocks were mostly lower, with South Korea being the only exception (+0.4%). Japan and Hong Kong were both down 1% while China declined only 0.2%. The BoJ left its policy rate unchanged, but it was a fractured vote with three of nine voters pushing for a rate hike.
In Europe, it’s a mixed picture. With much less tech exposure than the US, the STOXX 600 is unchanged on the session while Italy leads the way higher (+0.9%) and Germany lags (-0.2%).
In the US today, it’s a relatively quiet day for data with the FHFA House Price Index at 9:00, and the Richmond Fed and Consumer Confidence reports for April hitting the tape at 10 AM.
The S&P 500 hit both a new intraday and a closing high yesterday as the bull market continues to reconfirm itself with six closing record highs since 4/15. The index has had a parabolic run this month, and while a pullback or consolidation wouldn’t surprise anyone, the index should find decent support at the prior highs from late last year/early this year.
Over the last several years, whenever the market hits new highs, we look to see what’s driving the move higher. Is it the mega-caps or the rest of the index? Starting with the mega-caps, it’s been a strong month for the group, and while the group rallied nearly 1% yesterday to provide some positive momentum, it remains well below its prior all-time highs from last fall. At yesterday’s close of $67.08, the MAG7 ETF (MAGS) is still nearly 3% below its prior peak.
The equal-weight S&P 500, which more accurately reflects the performance of the “S&P 493”, traded down fractionally yesterday, so while it didn’t contribute at all to yesterday’s rally, it is actually much closer to all-time highs than the MAG7 ETF. In any event, though, it’s interesting to see that both the S&P 500 Equalweight and the MAG7 ETF closed more than 1% below all-time highs yesterday, even as the index itself hit a new one.
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The Closer – Political Performance, Renewable Rally, Auction – 4/27/26
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- Morgan Stanley (MS) indices tracking political themes in the stock market have seen Democratic outperformance since Inauguration Day.
- Renewable energy stocks are trading at three-year highs after putting in a long term bottom last spring.
- 5-year Treasury auctions have tailed or priced at the screws at every auction over the past eleven months, tying all other coupons for the record streak of auctions without a stop through.
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