Daily Briefs

• Amazon.com reported a strong fourth quarter for 2024, with a revenue of $187.8 billion, reflecting a year-over year growth of 10%.
• Notably, this growth was primarily driven by the company’s strategic focus on expanding its product selection, competitive pricing, and enhanced delivery services, which significantly boosted customer engagement and unit sales, especially in the North American and International segments.
• The company’s operating income also saw a substantial improvement, reaching $21.2 billion, marking a 61% increase from the previous year, further supported by effective cost management and productivity improvements throughout its distribution network.

• McDonald’s faced a challenging end to 2024, as its U.S. sales and earnings declined, largely due to an E.
• coli outbreak tied to slivered onions on Quarter Pounders.
• This food safety crisis affected 104 people across 14 states, leading to 34 hospitalizations and one fatality.

• Development of medicine for weight loss and diabetes has evolved over time, with newer drugs like Tirzepatide showing dual actions for weight loss and metabolic benefits
• These drugs have potential to impact behaviors like smoking, alcohol consumption, and potentially drug addiction, but further studies are needed
• Blue sky scenario for future impact includes potential for weight management to become a choice rather than an affliction, and reduction in downstream diseases of obesity like cardiovascular risk and kidney disease, which account for a significant portion of healthcare costs

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• S&P Global reported a robust 2024, evidenced by revenue growth and improved profitability metrics.
• The company reported a 15% increase in revenue, excluding the effect of divested Engineering Solutions in 2023.
• Subscription products grew by 7%.

• DoorDash’s latest earnings report provides a comprehensive overview of the company’s performance, growth prospects, and strategic initiatives.
• The company showcased strong performance, with significant contributions from both U.S. and international markets.
• Despite the financial statements being marked by improvements and challenges, they highlight the key factors influencing the company’s trajectory.

• OPEC kept its 2025 and 2026 oil demand growth forecasts steady, while EIA and IEA raised their estimates for 2025 by 3% and 4.8%, respectively.
• EIA sees India leading oil demand growth, with consumption rising 0.3m bpd in 2025 and 2026, while China’s demand is expected to increase by 0.2m bpd over the same period.
• Among the nine OPEC members with quotas, production fell 107k bpd MoM to 21.23m bpd, just below the 21.24m bpd target. Saudi Arabia led the decline in output.

• Gilead Sciences Inc. delivered a strong performance in the fourth quarter and full year 2024, with significant revenue growth driven by its core business areas despite facing some industry-specific and macroeconomic challenges.
• Positives from the earnings results include a robust increase in product sales, excluding Veklury (remdesivir), demonstrating an 8% year-over-year growth, reaching $26.8 billion.
• The primary driver was the HIV portfolio, which exceeded expectations with an 8% growth to $19.6 billion for the year, led by the leading HIV treatment, Biktarvy, which saw a 13% increase in sales.

• Marriott International’s fourth-quarter 2024 earnings reflect a strong performance with continued robust demand translating into a worldwide RevPAR increase of 5% for the quarter.
• Key metrics such as ADR grew by 3% and occupancy improved by over 1 percentage point.
• The company also achieved significant net rooms growth of 6.8% for the year, driven by strategic partnerships and conversions, which contributed significantly to its success.

• Etsy’s market is likely saturated. In a nutshell, that’s what the 4Q results suggest to us. On the call, the company stated ~75% of its gross merchandise sales (GMS) are from US-based buyers.
• In the US, and much more so since COVID, awareness of what Etsy brings to the table has been especially high.
• When we typically see increasing marketing costs, coupled with lower new buyer count and lower reactivated buyers as a percentage of an inactive base, those are signs of a market that is, at the very least, close to saturation, if it is not saturated already. 

• Southern Copper Corporation’s third-quarter and nine-month results for 2024 reflect a mixed performance with several key highlights and challenges.
• On the positive side, the company saw a significant boost in sales, production, and profitability.
• Revenue for the third quarter of 2024 increased to $2.9 billion, a 17% rise from the same period in 2023, mainly driven by a 21% rise in copper sales value and an 8% rise in copper sales volume.