Daily Brief United States: Crude Oil, Cloudflare , Copper, Bitcoin, Enphase Energy, Coherent Inc, Cvs Health Corp, Lear Corp, ROBLOX and more

• OPEC bullish on global oil demand growth, while IEA remains negative as it lowers its forecast from the previous report.
• US commercial crude inventories see stronger-than-expected buildup as refinery utilisation levels drop.
• OPEC is optimistic about the world economic growth in 2024 and 2025, increasing growth forecasts compared to the previous report.

• Cloudflare Inc.’s latest Q4 2023 earnings highlighted several encouraging developments, underscoring a strong quarter of business growth and an upbeat financial performance, even amid prevailing macroeconomic uncertainties.
• The cloud-based network security company reported total revenues of $362.5 million, a 32% increase year-over-year(YoY).
• The increase was driven significantly by larger customers, with 66% of revenue coming from this group.

• The copper market has experienced significant changes in the past few months, with supply constraints and increased demand from smelters in China.
• Major incidents, such as the suspension of production at First Quantum’s Cobra Panama mine, have contributed to a deficit in the market.
• Treatment and refining charges (TCRCs) have been on a downtrend, reflecting the tight supply and increasing demand, leading to more spot transactions in the market.

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• Investment firms are using ten east to diversify their personal portfolios.
• Zero Hash is a software company that allows businesses to launch crypto products quickly and compliantly.
• Zero Hash provides infrastructure for businesses to embed digital assets within their own infrastructure, serving as a regulated entity.

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• Enphase Energy Inc.’s fourth quarter 2023 financial results show a quarterly revenue of $302.6 million, a considerable shipment of 1.6 million microinverters and 80.7 megawatt hours of battery, along with a generation of free cash flow of $15.4 million.
• The company also achieved a reduction of $147 million in Q4, and met their goal of reducing channel inventory.
• The quarter saw a 50% gross margin, 29% operating expenses, and 22% operating income.

• Coherent Corp.’s second quarter fiscal 2024 earnings demonstrated signs of gradual improvement in its financial performance, furthering confidence in its outlook for growth and profitability.
• They reported solid sequential growth in both revenue and margins.
• Significant developments from Q2 include increasing gross and operating margins and improving demand across its communications and industrial markets.

• The transition to a low carbon economy, also known as the brown to green transition, involves moving from an economy based on fossil fuels with high carbon emissions to one with lower emissions.
• This transition will require a significant mobilization of capital, with estimates in the tens of trillions of dollars. Governments and the private sector are providing support and driving the change due to both funding and economic factors.
• In addition to investing in wind and solar infrastructure, the low carbon transition will require a significant amount of metals and materials. This includes steel, cement, rare earth, aluminum, silver, polysilicon, copper cabling, and more. The transition will create a more materials-intensive global economy.

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• Analyzing the latest earnings call transcript of CVS Health, it becomes evident that the company has managed to successfully navigate through a challenging environment and deliver on its financial commitments, underscoring the strength of its diversified business model.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

• Lear Corporation achieved record revenue in 2023, reaching $23.5 billion, a 12% increase from 2022.
• The significant growth in core operating earnings by 29% to $1.1 billion and the 38% increase in adjusted earnings per share to $12.02 highlight the company’s strong financial performance.
• Additionally, its operating cash flow improved by 22% to over $1.2 billion, and free cash flow conversion exceeded the target of 80%.

• Roblox Corporation exhibited a robust performance in the fourth quarter and full year 2023, in line with the outlook projected at their Investor Day.
• Q4 saw daily active users (DAUs) reaching 71.5 million, a 22% increase, and hours engaged increasing to 15.5 billion hours, a jump of 21% year-on-year.
• Revenue for Q4 alone stood at $749 million, up 30% year-on-year, with bookings hitting $1.1 billion, a bump of 25% year on year.