Daily Sector Snapshot — 11/26/24
The Closer – GDP, PCE, Data Deluge, 7y Sale – 11/27/24
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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we break down today’s second reading on Q3 GDP (page 1) then move on to a review of the deluge of other data points released today including personal consumption expenditures price index data (page 2), personal income and spending (page 3), MNI Chicago PMI (page 3), and October durable goods data (page 3). We also break down another strong UST auction from this afternoon (page 3).
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Q3 2024 Earnings Conference Call Recaps: Best Buy (BBY)
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 Best Buy’s (BBY) Q3 2025 earnings call.
Best Buy (BBY) is a leading specialty retailer of consumer electronics like laptops, smartphones, home appliances, and gaming equipment. BBY is also a major player in tech services through its Geek Squad. Its operations provide a lens into consumer spending habits, technology adoption trends, and the dynamics of the electronics supply chain. BBY’s Q3 resulted in a 2.9% decline in comparable sales, as demand softened in September and October due to macroeconomic uncertainty and pre-election distractions. Despite that, categories like computing and tablets saw 5.2% growth, driven by strong laptop sales (+7%). Despite a highly promotional retail environment, targeted pricing strategies and cost controls kept profitability on track. The company anticipates Q4 comparable sales to range from flat to -3%, buoyed by early Black Friday promotions. BBY shares fell almost 5% in reaction to the results…
Continue reading our Conference Call Recap for BBY 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:
Q3 2024 Earnings Conference Call Recaps: Deere (DE)
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 Deere’s (DE) Q4 2024 earnings call.
Deere (DE) provides insights into global agriculture trends, rural economic, and infrastructure development as a leader in agricultural, construction, and forestry machinery. The company produces advanced equipment like tractors, combines, and precision ag technologies that benefit farmers, construction firms, and forestry operators worldwide. DE’s fiscal Q4 results outperformed expectations, sending the stock up 8% on 11/21. Despite headwinds like high interest rates and declining global agricultural demand, Deere delivered strong margins of 13.1% and net income of $1.2 billion. Inventory management was a major focus, and strategic inventory reductions, including a 15% drop in combine inventories, supported the company’s ability to navigate weak farm fundamentals while maintaining positive pricing across segments. Notable highlights included the adoption of precision technologies, with orders for See & Spray exceeding 1,000 units and connected acres growing 20% globally…
Continue reading our Conference Call Recap for DE 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:
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Bespoke’s Global Macro Dashboard — 11/27/24
Bespoke’s Global Macro Dashboard is a high-level summary of 22 major economies from around the world. For each country, we provide charts of local equity market prices, relative performance versus global equities, price to earnings ratios, dividend yields, economic growth, unemployment, retail sales and industrial production growth, inflation, money supply, spot FX performance versus the dollar, policy rate, and ten year local government bond yield interest rates. The report is intended as a tool for both reference and idea generation. It’s clients’ first stop for basic background info on how a given economy is performing, and what issues are driving the narrative for that economy. The dashboard helps you get up to speed on and keep track of the basics for the most important economies around the world, informing starting points for further research and risk management. It’s published the last Wednesday of every month at the Bespoke Institutional membership level.
You can access our Global Macro Dashboard by starting a 14-day free trial to Bespoke Institutional now!
Chart of the Day – Radware (RDWR)
Q3 2024 Earnings Conference Call Recaps: Snowflake (SNOW)
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 Snowflake’s (SNOW) Q3 2025 earnings call.
Snowflake (SNOW) is a cloud data platform that enables organizations to store, manage, and seamlessly analyze large volumes of structured and unstructured data. Known for its ease of use, SNOW supports advanced data architectures like data warehouses, lakehouses, and data meshes while simplifying data engineering tasks. The company’s products and services are of widespread use in the technology, healthcare, finance, and entertainment sectors, helping customers like Disney, Hyatt, and NBC Universal. Its partnerships with hyperscalers like AWS and Azure have also solidified its reputation as a leader in data. Product revenue grew 29% YoY this quarter as AI drove momentum, with over 1,000 AI/ML use cases and 3,200 accounts leveraging Snowflake Cortex AI. Apache Iceberg was another highlight, an open-source table format designed for managing large-scale datasets in data lakes. Management also pointed to customers saving 50% on costs by migrating to Snowflake. On the strong earnings results, SNOW shares surged 32.7% on 11/21. The stock is still down almost 30% from 52-week highs in February…
Continue reading our Conference Call Recap for SNOW 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:
B.I.G. Tips – Triple Play Descriptions
Bespoke’s Morning Lineup – 11/27/24 – Cramming a Lot into One Day
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.
“Knowledge speaks, but wisdom listens” – Jimi Hendrix
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
Heading into the last trading day before Thanksgiving, equity futures are modestly lower while crude oil sees a modest rally (still below $70), and the 10-year yield is down close to 5 bps trading near 4.25%. After a sharp pullback from record highs in the first half of November, gold prices have caught a bid in the last week, and prices are pushing back close to $2,700 per ounce after dropping as low as $2.540 on the 14th. Bitcoin prices have also pulled back since their all-time high of just below $100,000 last week, and after dropping below $91K yesterday, the price is rallying over 2% today and back above $93K.
With today being the last full trading day of the month, a ton of economic data is getting packed into the day (good luck trying to keep up), so where the market stands at 4 PM today will likely differ a lot from where it is now.
After an initial post-election surge that took the S&P 500 barely above 6,000, stocks took a bit of a breather mid-month as the S&P 500 closed lower than it opened for five straight days pulling back just over 2%. The second half of November has put the market back on track, though, with the S&P 500 now riding a seven-day winning streak into the last trading day before Thanksgiving.
Going back to 2000, the current run for the S&P 500 is the 26th time the index has been up at least seven trading days in a row. Of the prior 25 streaks, only eight stretched to an eighth day, and the longest was nine trading days in November 2004. What makes the current run somewhat unique is that it is the fourth time in the last five months that the S&P 500 put together a streak of at least seven positive days in a row. The only other year since 2000 that saw even four seven-day winning streaks in an entire calendar year was 2013.
