Q3 Earnings Season 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:

Bespoke Institutional – Monthly Payment Plan

Bespoke Institutional – Annual Payment Plan

Below is a list of the Conference Call Recaps published during the Q3 2022 and Q2 2022 earnings reporting period.

Q3 2022 Recaps:

Constellation Brands Q2 2023

Nike Q1 2023

Costco Q4 2022

Lennar Q3 2022

Adobe Q3 2022

Oracle — Q1 2023

DocuSign — Q2 2023
DocuSign Earnings Summary

Lululemon — Q2 2022
Lululemon (LULU) Earnings Summary

Recaps published during Q2 2022 are available with a Bespoke Institutional subscription:

Deere Q3 Conference Call — 8/19/22
Cisco Q4 Conference Call — 8/18/22
Target Q2 Conference Call — 8/17/22
Home Depot Q2 Conference Call — 8/16/22
Walmart Q2 Conference Call — 8/16/22
Disney Q3 Conference Call — 8/10/22
The Trade Desk Q2 Conference Call — 8/10/22
Coinbase Q2 Conference Call — 8/9/22
Tyson Foods Q3 Conference Call — 8/8/22
Alibaba Q1 Conference Call — 8/4/22
PayPal Q2 Conference Call — 8/4/22
Starbucks Q3 Conference Call — 8/4/22
Advanced Micro Devices Q2 Conference Call — 8/4/22
Caterpillar Q2 Conference Call — 8/2/22
Uber Q2 Conference Call — 8/2/22
Builders FirstSource Q2 Conference Call — 8/1/22
Apple Q3 Conference Call — 7/28/22
Amazon Q2 Conference Call — 7/28/22
Ford Q2 Conference Call — 7/27/22
Meta Platforms Q2 Conference Call — 7/27/22
Automatic Data Processing Q4 Conference Call — 7/27/22
Alphabet Q2 Conference Call — 7/26/22
Microsoft Q4 Conference Call — 7/26/22
3M Q2 Conference Call — 7/26/22
McDonald’s Q2 Conference Call — 7/26/22
Whirlpool Q2 Conference Call — 7/25/22
PPG Industries Q2 Conference Call — 7/22/22
American Express Q2 Conference Call — 7/22/22
Freeport-McMoRan Q2 Conference Call — 7/21/22
Blackstone Q2 Conference Call — 7/21/22
Tesla Q2 Conference Call — 7/20/22
Baker Hughes Q2 Conference Call — 7/20/22
Netflix Q2 Conference Call — 7/19/22
Johnson & Johnson Q2 Conference Call — 7/19/22
International Business Machines Q2 Conference Call — 7/18/22
Goldman Sachs Q2 Conference Call — 7/18/22
Citigroup Q2 Conference Call — 7/15/22
Blackrock Q2 Conference Call — 7/15/22
JP Morgan Q2 Conference Call — 7/14/22
Taiwan Semiconductor Q2 Conference Call — 7/14/22
Delta Q2 Conference Call — 7/13/22
PepsiCo Q2 Conference Call — 7/12/22
Constellation Brands Q1 Conference Call — 6/30/22
Walgreens Q3 Conference Call — 6/30/22
Nike Q4 Conference Call — 6/27/22
CarMax Q1 Conference Call — 6/24/22
FedEx Q4 Conference Call — 6/23/22
KB Home Q2 Conference Call — 6/22/22
Adobe Q2 Conference Call — 6/16/22
Kroger Q1 Conference Call — 6/16/22
Oracle Q4 Conference Call — 6/13/22
Lululemon Q1 Conference Call — 6/2/22

LIKS Report: 8/25/22

Bespoke’s Little Known Stocks (LIKS) report highlights a company that may not be on the traditional radar of most investors. In this report, we provide an in-depth analysis of the little known stock, including industry insights, growth lever analysis, insights to the competitive landscape, equity performance, relative valuation, operational efficiency, pros & cons, and more. Today’s report is about a company that helps governments and enterprises defend their cyber assets.

Best Small Cap Stocks

As always, this report is for informational purposes only and is not a recommendation to buy or sell any specific securities.  Investors should do their own research and/or work with a professional when making investment decisions.  Highlighting a stock doesn’t mean we are bullish or bearish on it.  Our goal is simply to provide readers with facts to help them make informed decisions rather than just opinions.

Bespoke’s LIKS reports 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 LIKS reports.  To sign up, choose either the monthly or annual checkout link below:

Bespoke Institutional – Monthly Payment Plan

Bespoke Institutional – Annual Payment Plan

Goldman and Citi Rip

Following earnings in recent days, both Goldman Sachs (GS) and Citigroup (C) have seen their stocks rip higher, resulting in rarely seen price moves for the stocks. Goldman’s trading segment benefited from increased trading volumes in FX, rate, and commodity markets, helping to fuel a beat on the top and bottom line. C also reported a top and bottom line beat, and every segment saw revenue rise y/y. Click here to view an in-depth analysis of these two earnings reports. Click here to learn more about Bespoke’s premium stock market research service.

Since the close on July 14th (three trading days ago), GS has ripped 12.5% higher which is the largest three-day rally since May 2020. On its earnings reaction day (7/18), the stock gapped up over four percent but finished the day with a gain of 2.6%. Today, GS jumped an additional 5.5% higher. Notably, the stock has now broken its downtrend and its 50-day moving average, a bullish technical sign for the stock. However, the stock is still down close to 20% on the year, which is worse than the performance of the broader financial sector ETF (XLF).

GS stock

Following three-day gains of over 12% for GS (for the first time in at least a month), the stock has underperformed its all-period performance on a median basis across each time period we looked at (one day, one week, one month, and three months). Positivity rates are lower as well, so it’s hard to view this occurrence as an overly optimistic signal. One data point to take note of is that the average absolute three-month change is significantly elevated at 20.5% (median: 21.6%). For all periods since its IPO, the average absolute three month price change has been 12.9% (median: 10.1%). If the historical pattern holds, this would suggest that the next three months for the stock will be more volatile than normal. Click here to learn more about Bespoke’s premium stock market research service.

GS 12%+ gains

Citi’s chart looks quite similar, and its rally has been even more impressive than the rally in GS as the stock also broke above both the 50-DMA and the downtrend that has been in place since early January. With a gain of 17%, the stock has seen its largest three-day rally since the days coming off the COVID lows in March 2020.  Both stocks have also struggled to definitively break through the 50-DMA, so investors should watch these levels carefully over the next few trading sessions. For both stocks, the 50-DMA is still moving lower, but the performance over the last few trading sessions certainly helps the technical picture.

C Stock

In terms of forward returns, C has had mixed performance following prior three-day gains of at least 17.0%.  The table below shows all prior occurrences since the October 1998 merger between Travelers and Citigroup.  Of the thirteen prior occurrences, C’s median next-day performance has been a loss of 1.8%, but the stock has booked a median gain of 2.3% over the following week. Over the next three months, C underperforms all periods on an average basis but significantly outperformed on a median basis, and positivity rates have been narrowly above that of all periods. Three months out, C has averaged an absolute move of 24.5% (median: 11.8%), which like GS, is much higher than the 13.2% (median: 9.1%) average absolute three-month change for all periods.  Long story short, although the technical picture has improved for both GS and C, investors should continue to expect volatility ahead.

C Gains 15%+

Growth at a Reasonable Price (GARP) Basket

Today we are debuting our Growth at a Reasonable Price (GARP) Basketwhich utilizes a proprietary algorithm in an attempt to find stocks that may be mispriced relative to their growth. In this report, we highlight some of the flaws of pure growth and value strategies before diving into the potential benefits of a GARP strategy. There are 50 stocks included in the GARP Basket, with brief descriptions provided for each one. This basket is weighted in proportion to S&P 1500 sector weightings and will be updated on a quarterly basis, which gives each company the ability to report an additional quarter of earnings.

Growth at a Reasonable Price Stocks

Bespoke’s GARP Basket is available at the Bespoke Premium level and higher.  You can sign up for Bespoke Premium now and receive a 14-day trial to read our GARP report.  To sign up, choose either the monthly or annual checkout link below:

Bespoke Premium – Monthly Payment Plan

Bespoke Institutional – Annual Payment Plan

2022: Where Nothing Can Go Right

2022 has seen the bulls get slugged with a number of heavy blows.  The S&P 500 has already experienced 14 separate one-day declines of 2% or more this year.  That’s nine more than the entire total for 2021!

While there are still another six months left in the year, only ten other years have seen as many or more 2% daily declines in their entirety!  At the current pace, 2022 would see 28 daily declines of 2%+, which would rank as tied with 2009 for the third most in the post-WWII period trailing only 2002 (29) and 2008 (41).  Not great company.  If 2021 was the year where nothing could go wrong for investors, 2022 has been the year where nothing is going right.  Click here to learn more about Bespoke’s premium stock market research service.

Daily S&P 500 Declines