Apr 16, 2025
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 JB Hunt’s (JBHT) Q1 2025 earnings call.
JB Hunt (JBHT) is one of the largest surface transportation and logistics companies in North America, offering intermodal, truckload, dedicated contract carriage, brokerage, and final mile delivery. It operates a vast fleet of trucks and containers while partnering closely with railroads to move freight efficiently across long distances. The company posted record Q1 Intermodal volumes (+8% YoY), including 13% growth in its Eastern network and strength in Mexico, but margin repair remains elusive due to pricing pressure and excess capacity. Customers are actively reworking supply chains amid tariff and sourcing uncertainty, prompting more long-term mode shifts from highway to intermodal. Dedicated sales were solid with 260 trucks sold, though decision cycles remain elongated. Final Mile stayed weak in big-ticket categories like furniture and appliances, offset by fulfillment strength in off-price retail. After topping expectations, shares fell as much as 8.6% on 4/16 due to macro uncertainty that could hinder growth…
Continue reading our Conference Call Recap for JBHT 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:
Bespoke Institutional – Monthly Payment Plan
Bespoke Institutional – Annual Payment Plan
Apr 16, 2025
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.
“In seeking truth, you have to get both sides of a story.” – Walter Cronkite
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
Trade headlines are weighing on market sentiment this morning as semiconductor stocks are down about 4% in aggregate on the heels of a 6%+ decline in Nvicia (NVDA) due to US government restrictions on the sale of Hopper chips to China. While not having as large of an impact as they have in the past, it’s another indication that uncertainty surrounding trade isn’t going anywhere.
In economic news, Retail Sales were inline with expectations at the headline level but better than expected after stripping out Autos, and February’s readings were also revised higher. On a net basis, this was a strong report as the divergence between hard and soft data continues.
The S&P 500 bounced over 8% from its closing low last week and more than 11% from its intraday low. Despite the rebound, on Monday, the index experienced what technical analysts call a ‘death cross’ where its 50-day moving average (DMA) crossed below its 200-DMA as both have downward slopes.
This was the S&P 500’s first death cross in more than three years (March 2022) and the 25th in its history, dating back to 1928. It’s also the eighth such pattern in the post-financial crisis period, and as shown in the chart below, it followed a nearly 20-year period where there was only one occurrence.
Apr 15, 2025
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 Q1 2025 earnings calls from Goldman Sachs (GS), Morgan Stanley (MS), JPMorgan (JPM), Wells Fargo (WFC), BlackRock (BLK), and Bank of America (BAC).
Big banks and asset managers delivered solid Q1 results despite macro and policy headwinds. Trading desks were standouts, with Goldman Sachs and Morgan Stanley hitting record equities revenue and Bank of America posting $5.6B in sales and trading revenue, its 12th straight quarter of YoY growth. FICC strength was broad, especially in FX and rates. Wealth management momentum remained strong across the board, with Morgan Stanley adding $94B in net new assets, Goldman raising $19B in alternatives, and BlackRock pulling in $84B in net inflows. Clients showed a “wait-and-see” attitude on M&A and capital markets activity, citing policy uncertainty around tariffs, regulation, and the 2025 economic outlook. Most firms trimmed their US GDP forecasts, with Goldman now expecting just 0.5% growth and BAC flagging only a “very slight recession”. Still, commercial and consumer credit performance held steady, though JPMorgan built $973M in reserves and others cited cautious provisioning. Banks continued investing in AI, digital platforms, and efficiency initiatives, with Goldman deploying AI assistants and BAC highlighting tech as a “competitive moat.”…
Continue reading our Conference Call Recap for GS, MS, JPM, WFC, BLK, & BAC 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:
Bespoke Institutional – Monthly Payment Plan
Bespoke Institutional – Annual Payment Plan
Apr 15, 2025
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.
“The Titanic hit the iceberg not because they could not see it coming but because they could not change direction.” – Dean Devlin
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
It’s over. No, not the tariff tantrum, but the 2024 tax season. If you’ve somehow forgotten to get your taxes done (or file for an extension), you’ve got a few more hours left!
Bespoke’s Paul Hickey was invited on CNBC earlier this morning to discuss markets. You can view the clip here or by clicking on the image below.
While the S&P 500 is down 12% from its highs after making a series of lower lows, the index’s cumulative advance/decline line – which is simply a running sum of the daily number of advancers minus decliners – has held up very well. As shown below, even after the post-Liberation Day market crash, the cumulative A/D line remained above its December lows.
Apr 14, 2025
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.
“Concentration is that ability to not think about anything.” – Pete Rose
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
If you were hoping that April’s volatility would calm down this week, you will have to wait at least another day. However, bulls will find today’s volatility to be much more tolerable since it’s to the upside. The S&P 500 and Nasdaq are indicated to open over 1% higher while treasury yields are lower, crude oil is higher, and gold is marginally lower. It’s a much more ‘normal’ picture this morning than many days we saw last week. Friday evening’s news that smartphones, semis, and other electronics would be exempt from reciprocal tariffs has tech stocks flying, and nowhere is the strength more notable than in Apple (AAPL), which is trading up over 5% in the premarket.
Talk about a roller coaster. After peaking just after Christmas, shares of AAPL lost more than a third of their value in less than four months and have since recovered more than 23% when you consider this morning’s gains. Volatility of this magnitude is notable when it occurs in just about any stock, but this is the largest company in the world we’re talking about. Are we really to believe that the company’s value has fluctuated by this magnitude in such a short period?
With today’s 5% rally in the pre-market, AAPL is on track for its second straight daily gain of over 4%. Since the iPod was launched in 2001, the only other time the stock had a higher number of consecutive 4%+ daily moves was in October 2008 when there were three in a row. The current streak of back-to-back gains, if it holds, would be the first such streak since coming out of the Financial Crisis, but before that, they were common as the market cap was much lower.
Apr 11, 2025
To read our weekly Bespoke Report newsletter and access everything else Bespoke’s research platform offers, start a two-week trial to Bespoke Premium. It was another week of dizzying swings in the equity market, but movements in other asset classes got our attention even more. We dive into all the wild moves and give you a framework for looking past the noise of huge intraday swings to focus on what matters.
