Steve Strazza highlights stocks showing both fundamental strength and technical momentum.
The Daily Beat - November 28, 2025 π
November 28, 2025
Earnings season is the heartbeat of the market - and every day brings fresh signals about where money is flowing.
With each report, we learn not just how companies are performing, but how investors are reacting.
In the Daily Beat, we spotlight the most important S&P 500 earnings moves from the prior session - the winners, the losers, and the reactions that reveal what really matters to the market right now.
Whether itβs a bellwether with broad economic implications or a niche name making waves, we cut through the noise to focus on the setups that matter most.
Here are the latest earnings stats from the S&P 500 π
*Click the image to enlarge it
At the top of Wednesday's list was the $90B computer hardware stock, Dell Technologies $DELL. The company reported mixed headline results, and shareholders were rewarded with a +1.39 reaction score.
Revenues came in below expectations, but earnings per share beat by $12 cents.
On the flip side, HP Inc $HPQ, NetApp $NTAP, Deere & Co. $DE, & Workday $WDAY were punished for reporting double beats.
WDAY and DE suffered the largest beatdowns with reaction scores of -4.90 and -4.70, respectively.
Now let's dive into the fundamentals and technicals π
DELL snapped a four-quarter beatdown streak π₯
Dell had a +5.8% post-earnings reaction, and here's what happened:
Revenues and earnings increased year-over-year by 11% and 17%, respectively.
AI server orders and shipments reached all-time highs, with $12.3B in Q3 orders and $5.6B shipped, and $30B in AI server orders year-to-date.
In addition to the strong quarter, the management team issued better-than-expected forward guidance.
We highlighted this report in the latest Weekly Beat column, noting that despite strong fundamental performance, the market had punished the stock for four-consecutive earnings reports.
Mr. Market's mood changed this quarter...
The stock ripped higher for its best earnings reaction in years, and looks poised to make a run toward the 2024 peak.
Will it breakout? We think we'll find out soon!
So long as DELL is below 168, the path of least resistance is sideways for the foreseeable future. A break above that level would shift our bias higher.
DE had its second-consecutive negative earnings reaction π»
Deere had a -5.7% post-earnings reaction, and here's what happened:
Overall sales and earnings declined year-over-year, but the construction and forestry segment increased its sales by 27% year-over-year.
The company continues to lead in autonomous solutions by spending a record amount on R&D.
The management team's forward guidance was the main cause for selling: they expect revenue and earnings to decline further next year.
We also highlighted this report in the latest Weekly Beat column, noting that for seven consecutive quarters, the company has reported negative top and bottom-line growth.
Despite this, we've seen mixed earnings reactions: some have been really good and others have been terrible. The last two have been on the terrible side.
But the chart looks constructive...
The price is consolidating above a shelf of former highs and below the volume-weighted average price, anchored to the all-time high. We think a breakout to new all-time highs is coming soon.
Until proven otherwise, we expect more rangebound price action for DE.
Happy Friday!
-The Beat Team
P.S. Retail earnings can create some of the fastest moves of the quarter, especially when expectations are off. Macke will highlight the stocks where that disconnect is biggest right now.
