Daily Brief United States: Gold, Andersen Group, Solstice Advanced Materials, Netflix Inc, Natural Gas, Ralph Lauren, Doximity, Expedia Group, Inc., DuPont, Akamai Technologies and more

• Precious metals sub index has surged by 62% year to date, base metals are up 11%, oil has declined by 16%, and agricultural livestock index has been flat
• Forecasting broadly flat returns for 2026, with declines in energy offset by price increases in metals and agriculture
• Gold price expected to rise to $5,000 per ounce by end of 2026, driven by supply inelasticity, central bank demand, and investor inflows

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• Andersen Group launches a $14–$16 IPO, offering 11 million shares with an estimated $1.55–$1.75 billion valuation.
• IPO proceeds primarily fund AT Umbrella LLC and support technology, infrastructure, and potential strategic acquisitions.
• Strong long-term growth and a controlled company structure shape the offering amid uncertain late-year IPO market conditions.

• Solstice Advanced Materials (SOLS US) is a recent spin-off from legacy conglomerate Honeywell International (HON US). It sports a market capitalization of US$7.5bn and ADTV of US$226m. 
• It is a beneficiary of continued AI data center buildouts and owns the only domestic nuclear conversion site in the US.
• In this note, we will talk about the company’s past performance and future prospects.

• The streaming wars just got their biggest twist yet.
• Netflix, already the world’s largest video platform by subscribers, is poised to acquire Warner Bros Discovery in a mammoth $82.7 billion cash-andstock deal.
• If completed, the transaction would bring HBO, HBO Max, and an iconic catalog—think Game of Thrones, The Big Bang Theory, and the entire DC Universe—under Netflix’s roof.

• Global gas prices often diverge sharply as Henry Hub and TTF respond to regional conditions, unlike WTI and Brent, which move together due to seamless global crude market integration.
• Recently, Henry Hub surged while TTF declined, highlighting how contrasting storage conditions, weather patterns, and demand fundamentals create major regional price disconnects in global natural gas markets.
• Although LNG links regions, slow arbitrage, infrastructure limits, policy differences, and contrasting demand mixes prevent price alignment, leaving Henry Hub and TTF shaped by distinct regional fundamentals.

• Ralph Lauren’s recent fiscal performance demonstrates strong progress as the company continues to execute its strategic growth plan, coined “Next Great Chapter: Drive.” The second quarter of fiscal year 2026 delivered better-than-expected results across various financial metrics, indicating robust brand strength and alignment of operational execution with its strategic objectives.
• From a financial perspective, Ralph Lauren reported a 14% increase in total company revenue, exceeding expectations.
• This growth was marked by significant contributions from each geographical segment, including a 16% increase from Asia, a 15% increase from Europe, and a 13% increase in North America.

• Business Breakdowns is a series diving deep into a single business
• Doximity is a B2B media business for medical professionals
• Community engine, social network, and tools make life easier for medical professionals

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• The recent earnings release from Expedia Group for the third quarter of 2025 reveals a mixed yet optimistic outlook for the company.
• While the company reports exceeding top and bottom line expectations with a 12% growth in bookings and 9% revenue increase, alongside expanded EBITDA margins, there are nuances to consider in assessing its performance.
• Positive aspects include the substantial growth in the B2B segment, which saw a 26% increase in bookings, marking the 17th consecutive quarter of double-digit growth.

• DuPont recently reported its third-quarter financial results for 2025, reflecting a solid performance with both positives and challenges.
• The company’s net sales rose to $3.1 billion, marking a 6% growth on an organic basis compared to the previous year.
• This growth was driven largely by volume increases across the board, particularly within its Healthcare & Water and Electronics segments, which saw significant demand influenced by advancements in AI technology.

• Akamai Technologies, Inc. reported strong financial performance for the third quarter of 2025, demonstrating positive growth across several key areas.
• The company recorded total revenue of $1.055 billion, marking a 5% increase year-over-year as reported, and a 4% increase in constant currency.
• This growth was driven largely by their Cloud Infrastructure Services (CIS) which saw a 39% rise in revenue year-over-year, indicating robust demand and solidifying Akamai’s position in the cloud services sector.