Daily Brief Equity Bottom-Up: Coupang Inc.: Its Efforts Towards International Expansion & Market Penetration & Other Major Drivers and more

• Chevron Corporation’s third-quarter 2024 financial results demonstrated a mixture of positive operational achievements and financial headwinds.
• The company reported earnings of $4.5 billion or $2.48 per share, with adjusted earnings similarly at $4.5 billion or $2.51 per share.
• Despite these substantial earnings, this marked a decrease from the prior year largely due to lower liquids realizations and increased depreciation, depletion, and amortization (DD&A), particularly at the Tengizchevroil (TCO) project in Kazakhstan.

• Novanta Inc.’s third quarter of 2024 results reflect a mixed performance driven by a challenging macroeconomic environment, customer-related timing issues, and some positive business developments.
• The company reported revenue of $244 million, an increase of 10% year-over-year, though organic growth was flat.
• Adjusted gross margins were 46%, a slight decline from the previous year due to the dilution from the Motion Solutions acquisition, although core business margins improved by 70 basis points.

• BlackLine’s recent quarterly performance showcases a mix of both robust achievements and ongoing strategic challenges.
• The company, co-led by Owen Ryan and Therese Tucker, has demonstrated its ability to exceed revenue and profitability targets, reflecting effective strategic execution.
• A significant achievement this quarter was the record free cash flow generation, indicating strong financial health and potential for reinvestment in growth initiatives.

• Mediatek’s Apple Watch Win Highlights Smartwatch Market Opportunity; Breakthrough Into Apple’s Supply Chain
• MediaTek’s Role in Apple Watch Connectivity; Mediatek’s TSMC Relationship to Provide a Lasting Advantage
• Mediatek Rallied But Remains Below Highs; Significant Upside Remains — Maintain Structural Long

• Interview with Michael Dell, founder of Dell Technologies, discussing his journey and insights in the tech industry
• Dell started his tech career at a young age, working in a Chinese restaurant and later upgrading computers
• Dell shares his thoughts on entrepreneurship, technology development, and the future impact of AI in various industries

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• International Flavors & Fragrances Inc. (IFF) exhibited robust financial performance in its third quarter of 2024, showcasing a significant upward trend across its business units.
• IFF achieved a notable growth in revenue, surpassing $2.9 billion, reflecting a 9% increase on a comparable, currency-neutral basis.
• This growth was driven by high single-digit to double-digit volume improvements across various segments, notably in the Nourish, Health & Biosciences, Scent, and Pharma Solutions units.

• Marathon Petroleum Corporation reported third quarter earnings per share of $1.87 with a refining utilization rate of 94%.
• The company continues to deliver solid performance in its refining and marketing (R&M) segment, boasting a 96% capture rate, a 2% improvement quarter-over-quarter, reflecting strong commercial performance.
• The refining operating costs were at $5.30 per barrel, a slight increase primarily due to decreased throughputs and higher project expenses linked to intensified turnaround activity.

• NVIDIA Corporation, the global AI and semiconductor powerhouse, has found itself in the crosshairs of China’s antitrust regulators.
• Amid an escalating tech war between the U.S. and China, Beijing’s State Administration for Market Regulation has launched an investigation into NVIDIA’s compliance with antimonopoly laws concerning its $6.9 billion acquisition of Mellanox Technologies in 2020.
• This probe comes on the heels of the U.S. imposing stricter export controls on advanced semiconductor technologies, further intensifying the global tech rivalry.

• Accolade’s recent earnings disclosure offers a comprehensive perspective on its current market positioning and performance, highlighting several important facets relevant to understanding its investment potential.
• The company, which focuses on healthcare advocacy and personalized solutions, detailed its second-quarter fiscal 2025 results, underscoring both areas of confidence and concern for investors.
• Accolade reported quarterly revenue of $106.4 million, exceeding its guided range.

• GlobalFoundries’ third-quarter fiscal year 2024 results provide a comprehensive overview of its financial performance and strategic initiatives.
• The company reported revenue of $1.739 billion for the quarter, reflecting a 7% sequential growth, albeit a 6% decline year-over-year.
• This revenue growth is commendable given the challenging industry conditions with lower factory utilization levels around mid-70s.