Apr 11, 2025
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We’ve just released our most recent monthly report to Pulse subscribers, and it’s definitely worth the read if you’re curious about the health of the consumer in the current market environment. Start a 30-day free trial for a full breakdown of all of our proprietary Pulse economic indicators.
Apr 10, 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 Constellation Brands’ (STZ) Q4 2025 earnings call.
Constellation Brands (STZ) is best known for its top-selling Mexican beer imports like Modelo, Corona, and Pacifico. The company also owns a premium wine and spirits business, with a focus on higher-end brands following recent divestitures of its mainstream wine labels. Serving primarily US consumers, STZ provides unique insight into consumer trends, particularly among Hispanic buyers who account for about half of its beer volume. STZ lowered its beer sales growth outlook to 0–3% for FY26 (previously 7–9%), citing persistent weakness among Hispanic consumers, who remain cautious due to inflation, immigration concerns, and job insecurity. Despite this, brand health remains strong with Modelo, Corona, and Pacifico all showing increased awareness and favorability. Tariff-related cost pressures, especially on aluminum cans, are expected to weigh on margins, but the company reaffirmed its 39–40% beer margin target. STZ shares opened 4.2% lower but ended the day up slightly on 4/10…
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Apr 10, 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 CarMax’s (KMX) Q4 2025 earnings call.
CarMax (KMX) is the largest used car retailer in the United States, operating over 250 stores and a digital platform that enables customers to buy, sell, and finance vehicles seamlessly online or in-store. What sets KMX apart is its fully integrated omni-channel experience and its ability to scale vehicle sourcing, reconditioning, and financing through its proprietary tech and logistics infrastructure. KMX posted strong results with EPS up 81% to $0.58, as used unit comps rose 5.1%. Omni-channel sales reached 67% under a newly expanded definition, with digital tools like the AI assistant “Skye” answering over 50% of customer questions. Sourcing hit a record 269,000 vehicles, driven by a 114% YoY jump in dealer-sourced units. Management highlighted rising demand amid tariff-driven new car price fears and began recapturing Tier 1 loans into CarMax Auto Finance (CAF). There was also notable discussion about cost efficiency gains, a seemingly large focus for the company. Despite growth, results were weaker than expected, and amid macro volatility, shares fell close to 20% on 4/10…
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Apr 10, 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.
“Self-praise is for losers. Be a winner. Stand for something. Always have class and be humble.” – John Madden
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 one of the largest one-day gains in market history yesterday, we’re giving back some of the gains this morning as the S&P 500 is indicated to open 1.75% lower while the Nasdaq is down 2%. European stocks are surging with the STOXX 600 up over 5%, and in Asia overnight, the Nikkei was up over 9% while China saw more muted gains.
We just got March CPI, and the headline and core readings were weaker than expected. Headline CPI dropped 0.1% while core CPI increased just 0.1% versus expectations for an increase of 0.3%. In recent history, this report would send futures sharply higher, but given the looming tariffs, the markets may view it as somewhat stale. Jobless claims were right in line with expectations, ending a streak of five better-than-expected reports. Given concerns over the economy, initial claims have been contained.
As big as yesterday’s move was in the S&P 500, it’s crazy to think that it is still down over 3.5% since last Wednesday’s close and well below both its 50 and 200-day moving averages.
In terms of where various sectors are trading relative to their short-term trading ranges, nine out of eleven are still at oversold levels (1+ standard deviations below their 50-DMAs), and that accounts for yesterday’s big gains!
In yesterday’s session, the SPDR S&P 500 ETF (SPY) traded in an incredible intraday range of 10.8%. Even crazier is that on Tuesday, the intraday range was 7.3% while Monday’s range was 8.6%! Since SPY was launched in 1993, the last three days represent just the sixth time that the ETF has had an intraday range of more than 5% for three or more days. The only periods with as many or more consecutive intraday ranges of at least 5% were in the fourth quarter of 2008 (four separate occurrences) and March 2020. These levels of sustained volatility are truly historic.
Apr 9, 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 Delta Air Lines’ (DAL) Q1 2025 earnings call.
Delta Air Lines (DAL) is one of the largest global airlines, offering passenger and cargo service to more than 275 destinations across six continents. DAL generates a significant portion of its revenue from premium seating, international travel, and a lucrative co-branded credit card partnership with American Express. The airline is a key barometer for consumer and corporate travel trends. DAL recorded March quarter revenue of $13 billion, but flagged a more difficult operating environment. Domestic main cabin demand was notably weak, prompting plans to cut second-half capacity growth to flat, with specific reductions in off-peak days and Southeastern markets. Premium and loyalty revenues remained resilient, with Amex remuneration up 13% and premium revenue up 7%. International bookings stayed strong, especially on transatlantic and Pacific routes. Executives also warned of tariff risks, stating they won’t accept deliveries of Airbus aircraft with a 20% surcharge. No full-year guidance was given due to macro uncertainty. On better-than-expected results, DAL shares were up as much as 23.4% on 4/9…
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Apr 9, 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 WD-40’s (WDFC) Q2 2025 earnings call.
WD-40 (WDFC) is best known for its namesake Multi-Use Product, a household and industrial lubricant with global brand recognition. Beyond its iconic blue and yellow can, the company develops a range of maintenance products, including the WD-40 Specialist line, serving end users in automotive, industrial, and DIY markets across more than 176 countries. With a lean product portfolio and asset-light model, WDFC offers a window into global industrial demand, distributor dynamics, and consumer-level brand loyalty. WDFC reported 5% sales growth in Q2, or 9% in constant currency, led by double-digit volume gains in EIMEA and a $3.4M lift from Brazil’s new direct distribution model. Premium product sales rose sharply (Smart Straw/EZ Reach up 11%, Specialist up 12%) and e-commerce sales climbed 9% YTD. Gross margin hit 54.6%, up 220 bps, driven by lower can and chemical costs. Supply chain optimizations are expected to offset potential tariff impacts this year. WDFC is actively marketing its homecare and cleaning brands for divestiture, aiming to sharpen its focus on higher-margin maintenance products. Despite rising 3% at the open on 4/8, the stock reversed to end the day almost 9% lower…
Continue reading our Conference Call Recap for WDFC 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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