Q1 2024 Earnings 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 Q1 2024 and Q4 2023 earnings reporting periods.

Q1 2024 Recaps:

RH: Q4 2023

FedEx: Q3 2024

Nike: Q3 2024

Lululemon: Q4 2023

General Mills: Q3 2024

Q4 2023 Recaps:

Williams Sonoma: Q4 2023
Nordstrom: Q4 2023
AeroVironment: Q3 2024
Aaron’s: Q4 2023
NVIDIA: Q4 2024
Walmart: Q4 2024
Home Depot: Q4 2023
Deere: Q4 2023
Generac: Q4 2023
Airbnb: Q4 2023
AutoNation: Q4 2023
Restaurant Brands International: Q4 2023
Shopify: Q4 2023
Cloudflare: Q4 2023
Hershey: Q4 2023
Disney: Q1 2024
Arm: Q3 2024
Uber: Q4 2023
Chipotle: Q4 2023
Spotify: Q4 2023
Simon Property: Q4 2023
Palantir: Q4 2023
Caterpillar: Q4 2023
McDonald’s: Q4 2023
Apple: Q1 2024
Amazon: Q4 2023
Meta Platforms: Q4 2023
Honeywell: Q4 2023
Old Dominion Freight: Q4 2023
Starbucks: Q1 2024
Microsoft: Q2 2024
United Parcel Service: Q4 2023
Alphabet: Q4 2023
Whirlpool: Q4 2023
Super Micro Computer: Q2 2024
Norfolk Southern: Q4 2023
American Express: Q4 2023
IBM: Q4 2023
Tesla: Q4 2023
ASML: Q2 2024
Texas Instruments: Q4 2023
Netflix: Q4 2023
RTX: Q4 2023
3M: Q4 2023
General Electric: Q4 2023
Schlumberger: Q4 2023
PPG Industries: Q4 2023
Taiwan Semiconductor: Q4 2023
H.B. Fuller: Q4 2023
Fastenal: Q4 2023
Big Banks (JPM, C, BAC, GS): Q4 2023
Delta Air Lines: Q4 2024
Constellation Brands: Q3 2024
Conagra Brands: Q2 2024
Lamb Weston: Q2 2024
Walgreens: Q1 2024
FedEx: Q2 2024
Costco: Q1 2024
Brown-Forman: Q2 2024
SentinelOne: Q3 2024

 

 

Recaps published during Q1 2024 are available with a Bespoke Institutional subscription.

All or Nothing Comes Back

Although the S&P 500 is ending the week little changed (as of this writing it is trading 7 bps higher today), yesterday’s gain came in at a more impressive 86 bps. Besides the size of the move higher was that the gain occurred on very strong breadth with the S&P 500 registering an “All or Nothing Day”. We consider any day an “All or Nothing Day” when the daily advance/decline line (the difference between the number of S&P 500 stocks rising and falling on a given day) comes in at above +400 or below -400. In other words, these are days when broad swathes of the market trade in the same direction.

Recently, all-or-nothing days have been hard to come by. On a rolling 200-day basis, only 4.5% of days have registered such readings.  Following very elevated readings just one year ago, current levels are now down around some of the lowest of the past two decades.

For this calendar year, yesterday was also the first all-or-nothing day of the year. Since 2008, when the pace of all-or-nothing days experienced a structural increase in frequency as the popularity of ETFs ballooned, the only other year where the first occurrence came later in the year was 2017 when it took 72 trading days.

Not only have “All or Nothing Days” been fairly uncommon lately, but before yesterday it had been just over three months since the last one was observed. As shown below, that is one of the longer streaks of the past couple of decades. The last streak of such a length ended in late January 2020. Of course, there have been multiple streaks that have run much longer such as 2006 and 2018 which were nearly twice as long. Or going further back to the 1990s (not pictured in the chart below), there have been streaks that have gone on upwards of 561 trading days.

In the table below, we show the performance of the S&P 500 following the end of each other streak without an all-or-nothing day since 1990 that has lasted at least three months.  This most recent streak just barely made that three-month mark, but following prior streaks performance was mixed.  After these streaks have ended, the S&P 500 has traded higher only a little better than half the time one week, one month, and three months later. Additionally, median returns were weaker than the norm for all periods since 1990.  Six months to a year later, the S&P 500 traded higher much more consistently, albeit again median returns have trailed the norm.


 

 

Bespoke’s Morning Lineup – 3/28/24 – Hold Your Horses

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.

“Even if you don’t have the authorities – and frankly I didn’t have the authorities for anything – if you take charge, people will follow.” – Hank Paulson

Morning stock market summary

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

Futures were little changed coming into the 8:30 data dump this morning, even as Ged Governor Waller implied that investors should hold their horses regarding rate cuts by saying he needed to see additional evidence of decelerating inflation before thinking about cutting rates.  This morning’s data was generally positive as jobless claims were pretty much right in line with forecasts, while GDP was revised higher.  Inflation data in the form of the GDP Price Index and the core PCE Price Index were either right in line or slightly better than expected. In response to all the reports, futures remain little changed although they may have seen a slightly positive bump.

It may be the last trading day before a long weekend, but one thing you may want to stick around to watch for is whether the S&P 500 can squeak by with a double-digit percentage gain for the first quarter. Through yesterday’s close, the S&P 500’s quarter-to-date gain was 10.04%, so any gain today will make it two straight quarters of double-digit percentage gains.  Any decline, however, of even more than a point in the S&P 500 will put the quarter just shy of a 10% gain.

Taking an optimistic approach, the table below shows the performance of the S&P 500 following every prior period where the S&P 500 was up at least 10% since WWII. For each period, we show the S&P 500’s performance following the end of the second double-digit percentage quarter. The following month tended to see some weakness with a median decline of 0.75% and gains just three out of seven times.  Three months later, returns shifted positive with a median gain of 1.67%, but none of the streaks extended to a third quarter of double-digit gains.  Six months later, performance was also positive with gains more than two-thirds of the time, and one year later, the S&P 500’s median gain was 9.55% with positive returns all but once. The only time the S&P 500 wasn’t up over the next year was following the occurrence in Q4 2010, and that decline was just 0.002%.

Whether the market finished up 10% or more for the quarter, barring a very bad day, it will be the fifth straight positive month for the S&P 500, but one area of the market that hasn’t contributed much to this month’s rally is the mag 7. Through yesterday’s close, two of the seven stocks in the group were down month to date, and five were underperforming the S&P 500. That’s been an uncommon trend since the bull market kicked off in late 2022. The last time the S&P 500 was up in a given month and five of the seven mag 7 stocks underperformed the index was in October 2022.

Read today’s entire Morning Lineup.

For more analysis of global equities and economic readings released this morning, read today’s full Morning Lineup with a two-week Bespoke Premium trial.

The Closer – Banks and Central Banks, CFOs and Automation – 3/27/24

Log-in here if you’re a member with access to the Closer.

Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we begin with a look into the performance of bank stocks and latest action in central banking (page 1).  We then dive into the latest business uncertainty data from the Atlanta Fed (page 2).  Switching to the Richmond Fed, we then provide an overview of the latest CFO survey data (page 3 and 4). We finish with recaps of today’s 7 year note auction (page 5) and EIA petroleum stockpiles (page 6).

See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!

Fixed Income Weekly — 3/27/24

Searching for ways to better understand the fixed income space or looking for actionable ideas in this asset class?  Bespoke’s Fixed Income Weekly provides an update on rates and credit each week.  We start off with a fresh piece of analysis driven by what’s in the headlines or driving the market in a given week.  We then provide charts of how US Treasury futures and rates are trading, before moving on to a summary of recent fixed-income ETF performance, short-term interest rates including money market funds, and a trade idea.  We summarize changes and recent developments for a variety of yield curves (UST, bund, Eurodollar, US breakeven inflation, and Bespoke’s Global Yield Curve) before finishing with a review of recent UST yield curve changes, spread changes for major credit products and international bonds, and 1-year return profiles for a cross-section of the fixed income world.

Our Fixed Income Weekly helps investors stay on top of fixed-income markets and gain new perspectives on the developments in interest rates.  You can sign up for a Bespoke research trial below to see this week’s report and everything else Bespoke publishes for the next two weeks!

Click here and start a 14-day free trial to Bespoke Institutional to see our newest Fixed Income Weekly now!

Bespoke’s Global Macro Dashboard — 3/27/24

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!

Bespoke’s Morning Lineup – 3/27/24 – One Bad Apple

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.

“If my answers frighten you, then you should cease asking scary questions.” – Jules Winnfield, Pulp Fiction

Morning stock market summary

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

After three straight days of losses for the S&P 500, futures are higher this morning along with gold and bitcoin while oil and treasury yields are modestly lower. There’s no economic data on the calendar, and the only earnings reports of note are from Carnival (CCL), Cintas (CTAS), and Unifirst (UNF). CTAS and UNF are both in similar industries (uniform rentals for staff) but reported different results. While CTAS reported better-than-expected EPS and raised guidance, UNF missed forecasts and lowered guidance.

Can the market rally without Apple? For years you’ve heard this question asked within broader market conversations. It’s been especially the case in more recent years as Apple (AAPL) has been the largest company in the world and at one point last year even accounted for over 7% of the entire S&P 500. Just as the question has been asked, though, the market has answered. Over the last 200 trading days, the S&P 500 is up 21%, and during that time, shares of AAPL have dropped over 6%.  As shown below, the 27.2 percentage point performance gap between the two ranks as the widest since October 2013.  Looking over even a shorter time frame, over the last 100 trading days, the S&P 500 is up over 24% while AAPL is down fractionally.  In the entire period since the iPod was first launched in late 2001, this current period is the first time that the S&P 500 has been up 20% or more over a 100-trading day period while AAPL was down.

The chart below compares the performance of AAPL over a 200-trading day period (x-axis) to the performance of the S&P 500 over that same span (y-axis) for all periods since 2002. The shaded area represents periods where the S&P 500 was up 20% or more, and during those, AAPL’s median performance was a gain of 43% compared to the current period’s decline of 6%.  More broadly, in the 715 trading days since the start of 2002 when the S&P 500’s trailing 200-day performance was over 20%, shares of AAPL were also higher 94% of the time.  Looking at it from the reverse perspective, in all periods since 2002 when AAPL was down over a 200-trading day period, the S&P 500’s median performance during that same span was a decline of 9.3% with gains less than 32% of the time. In other words, the market can rally without AAPL, but it usually doesn’t.

Read today’s entire Morning Lineup.

For more analysis of global equities and economic readings released this morning, read today’s full Morning Lineup with a two-week Bespoke Premium trial.

Bespoke’s Morning Lineup – 3/26/24 – Spicing Things Up

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.

“Youth is like having a big plate of candy.” – F. Scott Fitzgerald, This Side of Paradise

Morning stock market summary

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

There’s a positive tone in futures this morning which is helping to reverse Monday’s decline. With earnings season not kicking off for a couple of weeks, investors are left to grapple with whether the results from Q1 will be enough to justify the rally since late October. The only significant earnings report this morning (and this week for that matter) was from spice maker and seasoning behemoth McCormick (MKC) which reported better-than-expected EPS and sales and is trading up about 6% in the pre-market. That better-than-expected result was telegraphed last week when General Mills (GIS) reported better-than-expected EPS and sales and noted in its conference call that it was seeing a pickup in the percentage of Americans choosing to eat at home. Outside of MKC, though, we’re in a bit of a vacuum for earnings results, and that will leave investors forced to focus almost exclusively on economic data and attempt to extrapolate that into company results.

Outside of the equity market, treasury yields have seen a modest downside bias along with the dollar, and Bitcoin is little changed after surging back above $70,000 yesterday. While not necessarily a financial story, the collapse of the Francis Scott Key Bridge in Baltimore after a container ship crashed into it overnight will pose problems for ship traffic in the Port of Baltimore and a traffic nightmare for cars not to mention the tragic loss of life. As fans of The Wire will remember, the port is one of the largest in the nation. Bloomberg also reported that no other port in the United States handles more imports of autos and light trucks.

It’s a holiday-shortened week for the stock market but not for the economic calendar, and the most important report of the week could be Friday’s release of Personal Consumption Expenditures (PCE) for February when the equity market will be closed in observance of Good Friday.  Already released inflation data for February suggested that the January increase may have been more than an aberration. Therefore, traders will pay close attention as PCE is typically considered the Fed’s preferred inflation measure.

While the release of PCE only covers February, already released regional Fed manufacturing reports for March showed some encouraging signs. We’ll start with the bad news first. In the Dallas Fed Manufacturing report, released on Friday, the Prices Paid component ticked up from 15.4 to 21.1 – the highest level since September. While the Dallas Fed report showed a pickup in prices, the Empire and Philly Fed reports showed a deceleration. In the Empire report, March’s reading of 28.7 partially reversed some of the February surge, but outside of February’s reading, it would have been the highest level since last May. Saving the best news for last, the Prices Paid component of the Philly Fed report plunged from 16.6 down to 3.7. Not only is that barely in positive territory, but it’s also the lowest monthly reading since May 2020.

To round out the five regional Fed reports, the Richmond Fed report will be released at 10 AM today and the KC Manufacturing report comes out on Thursday. Overall, the first three of the regional Fed reports show a mixed picture in terms of inflation, but there were some welcome trends.

Read today’s entire Morning Lineup.

For more analysis of global equities and economic readings released this morning, read today’s full Morning Lineup with a two-week Bespoke Premium trial.

Bespoke’s Morning Lineup – 3/25/24 – A World of Overbought

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.

“This is not an antitrust case but a return of the Luddites.” – John Warden, Microsoft Trial Attorney, October 1998

Morning stock market summary

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

There’s a bit of a hangover in the markets this morning as equity futures are lower across the board.  Besides the fact that markets just need to digest last week’s gains, news out of the EU over probes into Alphabet (GOOGL), Apple (AAPL), and Meta (META) haven’t helped.  Also, in China, the government is now banning the use of AMD and Intel (INTC) in government computers.

On the economic calendar, the Chicago Fed National Activity Index came in better than expected rising to 0.05 vs -0.34 expected. The only other reports scheduled for today are New Home Sales at 10 AM and the Dallas Fed Manufacturing report at 10:30.

Last week, the S&P 500 had its best week of the year, but the rally wasn’t only here in the US, though. As shown in the snapshot of regional international ETFs from our Trend Analyzer below, of the 18 ETFs listed, all but one was up and just three – Latin America (ILF), International Dividend Achievers (PID), and Emerging Markets (VWO) – didn’t close out last week at overbought levels (1+ standard deviations above the 50-day moving average). It’s also worth noting that 17 of the 18 ETFs shown are also up YTD.

Here in the US, it was a broad rally last week as Real Estate was the only sector ETF to finish in the red, and seven of eleven sectors rallied over 1%, including three that were up over 2.5%. Normally, when you have a big gain in the market like last week, you can expect to see Technology at the top of the performance list, and while the 2.25% gain for the sector was pretty much right in line with the S&P 500, it was ‘only’ the fourth best-performing sector on the week. On a YTD basis, Technology ranks as just the fifth best-performing sector, and six other sectors are more extended relative to their 50-day moving average.  Technology has been far from a dog lately, but it’s certainly given up some of its leadership position, and it’s understandable with several of the mega-caps now in the crosshairs of US and EU regulators.

Read today’s entire Morning Lineup.

For more analysis of global equities and economic readings released this morning, read today’s full Morning Lineup with a two-week Bespoke Premium trial.

Brunch Reads – 3/24/24

Welcome to Bespoke Brunch Reads — a linkfest of the favorite things we read 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.

While you’re here, join Bespoke Premium with a 30-day trial!

On This Day in History:

A Microbial Milestone: On March 24, 1882, Dr. Robert Koch, a pioneering German microbiologist, announced a groundbreaking discovery that would change the course of medical history. He identified the bacterium Mycobacterium tuberculosis as the causative agent of tuberculosis (TB), a devastating disease that was a leading cause of death at the time killing one in seven Americans and Europeans. Koch’s meticulous research and the introduction of Koch’s postulates established a new standard for linking specific pathogens to diseases. The discovery not only paved the way for developing treatments and diagnostics for TB, but also significantly advanced the fields of microbiology and infectious disease research. Dr. Koch went on to earn a Novel Prize in 1905 for his work.

Economic Trends

Carbone Red Sauce, Duck Breast: Walmart Tries to Lure Wealthy Shoppers (Bloomberg)
Walmart is integrating high-end products and brands, enhancing store aesthetics with wider aisles and better lighting, and featuring items like $50 silk sleep masks and deluxe comforters as it tries to attract wealthier shoppers who are traditionally more drawn to more upscale chains. With initiatives like improved lighting, the addition of mannequins, and the inclusion of luxury and on-trend brands, Walmart aims to shake off its budget-friendly reputation without alienating its core customer base. Early signs suggest the strategy might be working, with sales rising in renovated stores and a broader customer demographic, including households earning over $100,000, increasingly shopping at Walmart. [Link]

Saudi Arabia reportedly in talks with VC firms like Andreessen Horowitz to create mammoth $40 billion AI fund (CNBC)
To diversify away from oil, Saudi Arabia has been investing billions into stake purchases and joint funds with companies like Uber, Bank of America, Citi, SoftBank, and Blackstone. Now, the country is in talks with Andreessen Horowitz to establish a $40 billion fund for AI. Andreessen Horowitz is one of Silicon Valley’s largest venture capital firms and has substantial experience with AI-related investments including major companies like Facebook and close to 100 startups. [Link]

Streamers like Netflix and Disney+ have a Gen-Z problem (Business Insider)
Entertainment giants like Disney and Warner Bros. Discovery have their hands full with Gen Z, who show a strong preference for social video and live streams over traditional TV shows and movies. Deloitte’s research indicates that Gen Z’s viewing habits are driven more by social media creators than streaming service algorithms. With Gen Z also more influenced by social media ads than streaming ads, the future of streaming services may need a shift towards stronger social media engagement and creator-driven content to remain relevant to this key demographic. Sounds like more good news for YouTube! [Link]

Once America’s Hottest Housing Market, Austin Is Running in Reverse (WSJ)
Austin, Texas, which once epitomized the pandemic-driven housing boom fueled by low borrowing costs, an influx of remote workers, and companies like Tesla and Oracle relocating there, is now experiencing the most significant downturn in home prices and apartment rents in the US. Overbuilding and a slowdown in job and population growth have led to a surplus of luxury apartments and unoccupied office space, signaling a reversal from the city’s previous hot market status. Despite a national dip in the housing market, Austin’s situation is unique, with prices dropping over 11% since their peak in 2022, the largest decrease in any metro area. [Link]

AI & Technology

Elon Musk Just Added a Wrinkle to the AI Race (The Atlantic)
Elon Musk has escalated his ongoing feud with OpenAI by launching xAI and releasing Grok, its AI model, for free public use, challenging OpenAI’s GPT-4. Musk criticizes OpenAI for straying from its original open-source ethos in favor of profit. Major tech companies have started to open-source their AI models, contrasting OpenAI’s secretive approach. This movement raises questions about the balance between secrecy and accessibility in AI development, especially regarding the potential risks and ethical concerns. [Link]

Evaluating the Effectiveness of Speed Cameras on Philadelphia’s Roosevelt Boulevard (Sage Journals)
A study conducted around Roosevelt Boulevard, one of Philadelphia’s most dangerous roadways, assessed the impact of speed cameras on reducing traffic crashes, injuries, and fatalities. The study leveraged AI to identify control segments and compared the treated sections of Roosevelt Boulevard with these controls. The research found a significant decrease in crashes, injuries, and fatalities on Roosevelt Boulevard after the installation of speed cameras, with reductions on the higher end of what is typically found in the academic literature on speed cameras. [Link]

Health & Wellness

Viagra Could Be Good for Your Brain (WSJ)
Recent research from the Cleveland Clinic indicates that Viagra, known generically as sildenafil, may have the potential to prevent or reverse Alzheimer’s disease. This discovery was facilitated by AI, which helped identify sildenafil among over 1,600 FDA-approved drugs as having significant interactions with Alzheimer’s pathology. Observational studies and tests on neurons derived from Alzheimer’s patients showed that sildenafil could increase brain cell growth and decrease toxic tau levels. Further analysis of patient databases suggested a reduced risk of Alzheimer’s diagnosis among sildenafil users. [Link]

Privacy & Law

SEC Charges Two Investment Advisers with Making False and Misleading Statements About Their Use of Artificial Intelligence (SEC)
The SEC recently settled charges against Delphia Inc. and Global Predictions Inc. for making false and misleading statements about their AI usage. Both firms were accused of misrepresenting their AI capabilities in various communications, including SEC filings, press releases, websites, and social media. Delphia claimed that it “put collective data to work to make our artificial intelligence smarter so it can predict which companies and trends are about to make it big and invest in them before everyone else” while Global Predictions claimed to be the “first regulated AI financial advisor.” Both claims were false and resulted in a combined total of $400,000 in civil penalties. [Link]

General Motors Quits Sharing Driving Behavior With Data Brokers (NYT)
Following last week’s Brunch Reads article, General Motors has ceased sharing data on driver behavior with data brokers LexisNexis Risk Solutions and Verisk, which had been used to create risk profiles for the insurance industry and therefore negatively impact insurance rates for some drivers. The controversy has sparked a class-action lawsuit against GM, OnStar, and LexisNexis, highlighting concerns over privacy and the use of personal driving data. The decision to cease data sharing will help prioritize customer trust in the reversal of a controversial practice. [Link]

Sports

How one fan picked the greatest March Madness bracket ever built (ESPN)
In March 2019, Gregg Nigl, a neuropsychologist from Ohio, unknowingly set a record with the most accurate NCAA men’s basketball tournament bracket in history, correctly predicting the first 49 games. Planning to enjoy a family trip to Vermont, he filled out brackets focusing on his favorites like Michigan and Gonzaga, and even an underdog, UC-Irvine, without much expectation. Struck by illness right before the trip, he was unaware of his bracket’s success until notified by the NCAA during his vacation. His miraculous streak came to an end after 49 correct picks, but the experience led to a special trip to Anaheim for the Sweet 16 with his son. [Link]

Are you ready for Opening Day? Here’s your guide to the offseason chaos that rocked MLB (ESPN)
The 2024 MLB offseason has been one for the history books, filled with high-profile signings and a flurry of other moves to reshape the competitive landscape. Highlights so far include the Cubs hiring a rival team’s manager for a record contract, the Phillies investing heavily in their pitching duo to keep their championship window open, and the Dodgers making a splash by signing Shohei Ohtani to a groundbreaking contract (the article was written before his latest betting scandal). Other include the Diamondbacks continuing their upward trajectory with key acquisitions, and the Yankees making a bold trade to acquire Juan Soto. As Opening Day approaches, the reshuffled deck promises an intriguing 2024 MLB season. [Link]

Environmental

How a Colombian City Cooled Dramatically in Just Three Years (Reasons to be Cheerful)
In Medellín, Colombia, a pioneering “Green Corridors” project is transforming the urban landscape to combat the heat island effect. Launched in 2016 under Mayor Federico Gutiérrez, this initiative has developed 30 Green Corridors, adding over 2.5 million plants and 880,000 trees to the city. These efforts have not only cooled the city by 2°C but also improved air quality and biodiversity. It hasn’t all been easy though, as pollution, maintenance, and homelessness have all been hindrances. [Link]

Suburbia Is the Real Battleground for Electric Cars (Heatmap News)
The transition to EVs is not uniform across the United States, with urban areas adopting them at a faster rate compared to rural regions due to concerns like charging infrastructure and winter range reduction. However, the urban majority, which constitutes 83% of Americans, lives in conditions well-suited for EV use, making cities the focal point for reducing transportation emissions. In suburban America though, residents typically have higher incomes, which correlates with larger carbon footprints due to increased driving and larger homes. Suburbanites also have the potential means to afford EVs and the necessary home infrastructure for charging. As suburban areas often sit politically and culturally between urban and rural extremes, targeting these regions for EV adoption could be key to achieving broader acceptance and use of electric vehicles. [Link]

Biden to Award $6 Billion to Decarbonize US Heavy Industry (Yahoo News)
The Biden administration plans to distribute up to $6.3 billion in grants to industries that are difficult to decarbonize, such as cement, glass, chemicals, metals, and pulp and paper. Together, these industries contribute to nearly a quarter of US emissions. The grants aim to support the transition to lower-carbon technologies, aligning with the White House’s goals to significantly reduce greenhouse gas emissions by 2030 and achieve net zero by mid-century. The funding, largely from the Inflation Reduction Act, will support projects like hydrogen-based steel production and the construction of a new primary smelter for aluminum. [Link]

Read Bespoke’s most actionable market research by joining Bespoke Premium today!  Get started here.

Have a great weekend!

Featured Tools

Bespoke Chart Scanner Bespoke Trend Analyzer Earnings Report Screener Seasonality Database Economic Monitors

Additional Features

Wealth Management Free Charting Bespoke Podcast Death by Amazon

Categories