Daily Brief United States: Natural Gas, Celsius Holdings, Ionis Pharmaceuticals, Fortinet Inc, Airbnb , Copper, Lyft , Galaxy Gaming, IonQ , Crude Oil and more

• European natural gas market facing uncertainty due to potential end of Russian gas flows through Ukraine
• North American LNG supply delays causing imbalance in global market
• Price relationship between summer 2025 and winter 2526 dependent on weather, supply sources, and storage refill mandates

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• Celsius Holdings Inc.’s third-quarter 2024 earnings reveal a mixture of growth opportunities and challenges.
• The energy drink company has managed to maintain robust consumer demand and retail sales growth despite a dip in total revenue compared to the previous year.
• The company recorded a modest 7.1% increase in retail sales year-over-year for the quarter, with unit sales rising by 7.3%.

• Ionis Pharmaceuticals recently reported their third-quarter financial results for 2024, presenting a comprehensive view of its current position in the biotechnology sector.
• The company’s focal points include imminent product launches, ongoing clinical trials, and strategic pipeline developments—all set within the context of their financial performance and future outlook.
• The company is on the verge of launching its first independently marketed product, Olezarsen, for familial chylomicronemia syndrome (FCS), with an anticipated FDA action next month.

• Fortinet’s third-quarter financial results for 2024 showcase robust performance and a strategic focus on growth markets in the cybersecurity landscape.
• The company’s total revenue grew by 13%, a return to product revenue growth bolstered by strong service revenue expansion.
• Fortinet’s strong execution led to record gross and operating margins, with the latter increasing by 830 basis points to over 36%.

• Airbnb, Inc. reported its financial results for the third quarter of 2024, showcasing a mixture of positives and negatives.
• The company experienced continued growth in Nights and Experiences Booked, with bookings reaching 123 million, and saw a 10% increase in revenue year-over-year to $3.7 billion.
• Net income stood at $1.4 billion, translating to a notable 37% net income margin.

• The Ministry of Finance has decided to end the 13% export tax rebate on copper effective December 1st, 2024. Copper semi-producers rely on this rebate to remain profitable. 
• Copper semi-producers might rush to sell their inventory by 1st December when changes take effect, which may affect prices and distort differentials on the SHFE-LME. 
• As long-term bulls, we like Southern Copper (SCCO US); under 100 USD/share, it is worth exploring. We also believe a long LME short SHFE trade in the short-term could work.  

• The third quarter 2024 financial results for Lyft, Inc. provide a complex picture of the company’s current standing and future outlook.
• On the positive side, Lyft reported gross bookings exceeding $4.1 billion, marking a 16% year-over-year increase.
• The company also saw strong demand across its services with a 9% growth in active riders and a 6% rise in ride frequency, propelled by various strategic initiatives such as the ‘Price Lock’ feature aimed at commuters.

• Galaxy Gaming is being acquired by Evolution AB for $3.20/share, with a 17% spread and minimal regulatory hurdles.
• OCI N.V. plans a $1bn capital return in H1 2025, equating to 40% of its market cap.
• Benson Hill’s buyout spread widened to 60% due to liquidity issues and ongoing buyout negotiations nearing completion.

• IonQ, Inc., a leading company in the quantum computing space, reported its results for the third quarter of 2024, showing considerable progress both financially and operationally.
• The company recognized $12.4 million in revenue for the quarter, surpassing its guidance range of $9 million to $12 million.
• This marks a year-over-year doubling of third-quarter revenue, highlighting robust growth and demand for IonQ’s quantum computing services.

• OPEC cut its 2024 demand growth forecast by 5.7%, marking the fourth consecutive monthly downgrade, while the EIA and IEA raised their forecasts by 7.6% and 7%, respectively.
• Although the EIA and IEA raised 2024 demand projections, they lowered 2025 estimates. They anticipate an oversupplied oil market in 2025, with supply growth expected to outpace demand.
• The EIA raised Q4 2024 oil price forecasts on geopolitical tensions and inventory withdrawals but cut post-Q2 2025 estimates due to expectations of rising inventories from higher output.