The Daily Beat - December 15, 2025 πŸ“ˆ

December 15, 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 it’s 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 πŸ‘‡

Beat Sheet (12.15.2025)

*Click the image to enlarge it

At the top of Friday's Beat Sheet was the $24B apparel retailer, Lululemon $LULU. Following a double beat, shareholders were rewarded with a +4.07 reaction score.

The company reported $2.57B in revenues, beating the expected $2.48B, and earnings per share of $2.59, above the expected $2.22.

On the flip side, Broadcom $AVGO shareholders suffered a -2.78 reaction score after a double beat.

They posted revenues of $18.02B, beating the expected $17.47B, and earnings per share of $1.95, above the expected $1.87.

Now let's dive into the fundamentals and technicals  πŸ‘‡

COST had a positive reaction score πŸ”₯

COST Chart (12.15.2025)

Costco had a flat post-earnings reaction, but a positive reaction score. Here's what happened:

  • The top- and bottom-lines grew year-over-year by 8.2% and 13.6%, respectively.
  • Membership fee income grew 14%, with executive memberships up 9.1% and total paid members up 5.2%.
  • In addition to a strong quarter, the management team expects top-line growth to continue in the mid-single digits. 

Heading into this report, the bears were looking to blast the stock through a shelf of former lows and decisively resolve a prolonged distribution pattern.

And they failed...

The company posted another great quarter, and the buyers stepped in.

Because Friday's tape was broadly negative, the stock's muted earnings reaction actually resulted in a positive reaction score. This is relative strength.

So long as COST holds above 868, we want to bet on this being a classic "not a top" pattern.

AVGO had its worst earnings reaction ever 🐻

AVGO Chart (12.15.2025)

Broadcom had a -11.4% post-earnings reaction, and here's what happened:

  • The top-line increased 24%, driven by a 74% surge in AI revenue over the same period.
  • The company's profit margins expanded, and free cash flow increased 39% year-over-year.
  • In addition to the blockbuster earnings report, the management team expects its AI revenue growth to accelerate.

Despite an incredible report from the world's second-largest semiconductor stock, the market showed no interest.

Not only were shareholders not rewarded for the good news, but they were also punished like never before.

Friday's earnings reaction was a significant change in earnings sentiment.

And while we're not in the business of calling tops, these are the kinds of events you tend to see historically at tops.

At the very least, we expect AVGO to churn sideways for the foreseeable future.

Cheers to a new week

-The Beat Team

P.S. Steve Strazza and Kenny Glick are going live on December 18th at 3 pm ET to show you one of their favorite market anomalies.

Reserve your seat today.