Company Notes

Yesterday, Corning (GLW; $47.62; O/P) announced it is formally collaborating with Broadcom (AVGO; $232.42; NR) on a co-packaged optics (CPO) infrastructure aimed at increasing networking and processing bandwidth, density, and power efficiency, by reducing distances…

This morning, Flex (FLEX; $41.83; O/P) announced that its Anord Mardix business, which is focused on a range of power solutions for cloud and traditional data centers, as well as some other industrial applications, has…

This morning, Western Digital (WDC; $46.57; O/P) announced that its Board authorized a new $2B share repurchase program that is effective immediately and equates to 12% of the company’s market capitalization. We are not surprised…

Sensata (ST; $25.47; E/W) produced some solid Q1 EPS upside and offered up better than expected Q2E guidance, especially relative to our more dour assumptions on global light vehicle production, in new CEO’s Stephan Von…

We continue to think the shares of Lyft (LYFT; $13.00; O/P) offer excellent value, even as we remain wary of some future top-line macro headwinds on network rides growth and mix. To that end, Lyft…

Lyft (LYFT; $13.00; O/P) posted much better than expected Q1 adjusted EBITDA of $106mm (2.6% of gross bookings), which compared to our $93mm (2.2% of gross bookings) and the Street’s $92mm (2.2% of gross bookings)….

This morning, Maplebear, d/b/a Instacart (CART; $44.35; E/W) confirmed in an 8-K filing that CEO Fidji Simo, who has served in her current role for nearly four years, plans to resign from the company and…

We raise our F2025/F2026E (Jun) EPS for Sandisk (SNDK; $34.97; E/W) from $2.40/$4.45 to $2.78/$4.75 after the company produced some solid upside with FQ3 (Mar) results and offered up FQ4E (Jun) guidance that was ahead…

Last night, Western Digital (WDC; $44.30; O/P) announced that it appointed Kris Sennesael as CFO (effective May 12th). Recall, the company appointed Don Bennett as interim CFO back in February after WDC’s former CFO Wissam…

We adjust our 2025/2026E EBITDA for Uber Technologies (UBER; $83.65; E/W) from $8.325B/$10.775B to $8.5B/$10.825B after the company produced some Q1 profit upside on better-than-expected EBITDA from Delivery (48% of gross bookings or GB) and…

We raise our F2026E (Mar) EPS for Flex (FLEX; $37.90; O/P) from $2.85 to $2.90 after the company posted a solid “beat and raise” with its FQ4 (Mar) results, which highlighted a continued robust pace…

Uber Technologies (UBER; $85.83; E/W) posted Q1 adjusted EBITDA of $1,868mm (4.4% of gross bookings), which was ahead of our forecast of $1,850mm (4.3% of gross bookings) and the Street’s $1,849mm (4.3% of gross bookings)….

DoorDash (DASH; $190.11; E/W) announced some major geographic and platform expansion plans with Q1 results and guidance that lived up to Street expectations. Most importantly, DASH announced an agreement to acquire Deliveroo (ROO.GB; £1.75; NR)…

We reiterate our F2025E (Jun) EPS for Fabrinet (FN; $220.90; O/P) of $10.18 (+15% YoY) after its FQ3 (Mar) EPS came in ahead of our modeling, including the impact from a recently issued warrant to…

Fabrinet (FN; $220.90; O/P) reported FQ3 (Mar) non-GAAP EPS of $2.52, which was ahead of our $2.48 and the Street’s $2.50 on better-than-expected sales of $872mm (vs. our consensus matching $856mm). As illustrated in the…