Daily Brief United States: AppLovin , Medline, NVIDIA Corp, US Treasury (10 Yr Generic), Cooper Cos, Crude Oil, Doximity, Middleby Corp, Constellation Energy , Intel Corp and more

• AppLovin is a leading mobile technology company operating a comprehensive platform for app developers to market, monetize, and analyze their applications. Its integrated business model, combining a powerful ad-tech software platform with a portfolio of first-party mobile games, creates a significant data advantage.
• The company is experiencing hyper-growth, driven by its advanced AI-powered advertising engine, AXON. Financial performance has been exceptional, with substantial year-over-year increases in revenue and a dramatic improvement in profitability and free cash flow generation.
• Future growth is expected to be fueled by the expansion of its ad platform into non-gaming verticals like e-commerce and Connected TV (CTV), and the global rollout of its self-service ad manager. However, the company faces key risks including intense competition, reliance on the volatile advertising market, and evolving data privacy regulations.

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• Medline is a leading manufacturer and distributor of medical-surgical supplies with a vast and resilient supply chain, positioning it as a critical player in the U.S. healthcare system.
• The company has demonstrated consistent revenue growth, with sales reaching $25.5 billion in 2024, and a significant rebound in profitability, indicating strong operational execution.
• Following a major leveraged buyout in 2021 by a consortium of private equity firms, Medline is poised for a significant IPO, which is expected to reduce debt and provide capital for further strategic investments and expansion.

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• NVIDIA Corporation reported robust financial performance for the third quarter of fiscal 2026, reflecting its leadership in the AI and accelerated computing markets.
• The company achieved record revenue of $57 billion, marking a 62% year-over-year increase and a sequential revenue growth of 22%.
• NVIDIA’s data center segment contributed significantly to this performance, recording $51.2 billion in revenue, up 66% from the previous year.

• We maintain our near-term bullish outlook on S&P 500 (SPX) and Nasdaq 100 (QQQ), which has remained in place since 4/22/25, aside from one week (11/19/25-11/25/25) when we were neutral.
• Our intermediate-term bullish outlook has been in place since 5/14/25. We’ll stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ hold.
• Additionally, as discussed last week (12/2/25) we believe SPX, QQQ, and Russell 2000 (IWM) are in the midst of a new lockout rally, which is likely to run through early-2026

• Cooper Companies reported its fourth quarter and full year 2025 financial results, highlighting several key aspects across its business segments: CooperVision and CooperSurgical.
• The company set forth strategic initiatives focusing on market share gains, earnings, free cash flow, and capital return to shareholders.
• The company reported consolidated revenues of $1.065 billion for the quarter, representing a 4.6% increase year-over-year, with a 3.4% organic growth.

• Crude oil futures were moving sideways on Tuesday as markets steadied after early-week losses, although surplus fears continued to drive sentiment.
• Front-month Feb26 ICE Brent  futures were trading at  $62.01/b (2000 GMT) versus Monday’s settle of $62.49/b, while Jan26 NYMEX WTI  was at  $58.35/b against a previous close of $58.88/b.
• Forecasts of a surplus of at least 2 million bpd in the new year continue to weigh heavily on sentiment, despite OPEC+ pausing output hikes in Q1 and the threat to Russian supplies from sanctions.

• Doximity, Inc. recently reported its fiscal second-quarter earnings for 2026, highlighting both strides in its growth strategy and existing challenges.
• Overall, the company demonstrated strong financial performance and operational expansion, positioning itself as a key player in the digital health space, but it also noted some market uncertainties and risks that could impact future performance.
• On the positive side, Doximity recorded $169 million in revenue, marking a 23% year-over-year increase and exceeding its previous guidance.

• Middleby Corp.’s third-quarter performance exhibited both strategic progress and certain challenges that require careful analysis.
• The company reported total revenues of $980 million, surpassing its guidance range, while adjusted EBITDA reached $196 million and adjusted EPS was $2.37, both exceeding expectations.
• This performance underscores Middleby’s capacity to leverage its investments in marketing and strategic growth initiatives over the years.

• Constellation Energy Corporation’s third quarter financial performance reflects strong operational execution across its nuclear and energy generation assets.
• The company reported GAAP earnings of $2.97 per share and adjusted operating earnings of $3.04 per share, an increase compared to the same period last year.
• This performance was attributed to fewer nuclear outage days and robust generation volumes, though the financial benefits were partially offset by nonrecurring operating and maintenance (O&M) headwinds due to stock compensation plans triggered by the company’s stock appreciation.

• Intel’s supply constraints aren’t manufacturing issues; three independent demand drivers have converged simultaneously, something which the firm seemed to have under-modelled.  
• Hyperscalers are abandoning their flexible procurement model to secure multi-year CPU commitments for the first time, indicating structural demand shifts rather than temporary spikes.
• Even TSMC-manufactured Intel products are sold out, proving this is demand-driven across both internal and outsourced capacity.