DoorDash operates a global commerce meal delivery platform that connects merchants, consumers and independent contractors to consumers. Its marketplace operates under the names DoorDash and Wolt. Its acquisition of Wolt in 2022 has helped DASH expand its reach to Eastern Europe, Japan, and smaller Asian countries. The company also offers membership products and services to help merchants advertise and promote on its platform to acquire customers. It was founded in 2013 under the name Palo Alto Delivery, Inc. and changed its name to DoorDash in 2015. It went public in 2020 during the COVID-19 pandemic. Headquartered in San Francisco, CA, the company has approximately 23,700 employees in over 30 countries.

Stock prices are fizzling after being higher much of the morning. Seems there are concerns over Nvidia earnings and future AI spending. Part of the doubt is coming from reports that Microsoft is cancelling leases for new AI facilities. We'll learn more from Nvidia when it issues its earnings report on Wednesday after the bell. The yield on the 10-year Treasury note is at 4.42%. Oil is at $70 per barrel. Bitcoin is at $96,000.

In this edition, opportunities bloom in Asia market despite tariff threats; Amazon said to have eye on hailing Lyft; a mixed bag for Tesla; and Nike, Nanosonics, and Geely Automobile Holdings.

The long-term trend in the U.S. stock market has been higher. In the 40-plus years since Ronald Reagan became president in 1980, stocks have turned in profitable performances almost 80% of the time. The average annual gain has been 13%. This year was another winner, as stocks in 2024 extended a bull market that started in October 2022. The rally was ignited by falling inflation and has been fueled by lower interest rates, consistent economic growth, and rising corporate profit growth rates. But despite the historical trends, there's no guarantee that 2025 will be a bell-ringer as well. The start of the year may be difficult, as the Fed wrestles with stubborn inflation, the employment environment potentially weakens from a historically strong position, and geopolitical issues simmer. But earnings growth is expected to accelerate to a low-double-digit rate year over year during the first half. And should inflation resume its downward trek, giving the central bank more latitude to cut rates, the outlook for the second half should improve. We believe the stock market will take its cues from two sources in 2025. First is the Fed, which has been in the driver's seat for this second leg of the bull market ever since it pivoted on its rate outlook. Second will be earnings growth, which is already solid but could get a boost in 2025 from Donald Trump's new policies. It is at least modest comfort that the first year of the four-year presidential cycle as historically has been good for equity returns. In all, our economic, earnings, and valuation models support a forecast for another positive year for stocks. We expect to see earnings grow 12%, after a 9% increase in 2024; interest rates that will continue to trend lower as the Fed continues to ease; and valuations that will at least hold steady. Our target price for the S&P 500 is 6700, or about 12% above current levels.