Company Notes

This morning, Micron (MU; $123.04; O/P) disclosed in an 8-K that last week’s 7.4 magnitude earthquake in Taiwan will limit the company’s DRAM supply during CQ2E by a “mid-single digit percentage” as wafer capacity at…

This morning, Lucid Group (LCID; $2.73; E/W) announced it delivered 1,967 vehicles (+13% QoQ and +40% YoY), while producing 1,728 vehicles (-28% QoQ and -25% YoY) during Q1. By comparison, our model called for Q1…

This morning, Infineon Technologies (IFX.DE; €32.18; NR) announced a new multi-year strategic partnership with Amkor Technology (AMKR; $31.45; E/W) that further expands Infineon’s use of outsourced backend manufacturing in Europe. The two companies will operate…

We see Flex’s (FLEX; $29.11; O/P) cloud data center portfolio, led by its in-house power solutions, as still well underrepresented in current valuations (12X F2025E EPS). To that end, we note an ongoing rally in…

This morning, DoorDash (DASH; $138.93; E/W) announced the launch of a new benefits program in Pennsylvania for its couriers (aka Dashers). The program will offer a range of new benefits to Dashers including options around…

The shares of Aptiv (APTV; $78.79; O/P) continue to languish despite solid support in recent weeks from a range of supply chain sources for the company’s 2024E financial targets, which include the potential for record…

We recently spent a couple of days at the EV Charging Summit & Expo in Las Vegas, which was very well attended by both electric vehicle (EV) OEMs and manufacturers of charging equipment as well…

We lower our rating from Outperform to Equal-Weight on the shares of Maplebear, which is doing business as Instacart (CART; $37.29; O/P). The stock is now up 59% in just the three months since our…

Yesterday, Lucid Group (LCID; $2.86; E/W) announced another major investment from its majority stockholder and affiliate of the Public Investment Fund (PIF), Ayar Third Investment Company, which did not come as a major surprise to…

On Friday (3/22), Hyzon Motors (HYZN; $0.67) posted Q4 results and guidance, with a commercial roadmap update, that all seemed basically “status quo” with our prior thinking. Most importantly, Hyzon’s Q4 free cash flow (FCF)…

Earlier today, Lyft (LYFT; $20.55; E/W) disclosed in a blog post that its Media division, which is its dedicated media and advertising business, expanded its advertising offerings through the launch of in-app video ads across…

Micron (MU; $96.25; O/P) left Street estimates “in the dust” with FQ2 (Feb) results and guidance as profits returned a quarter ahead of targets on the back of much better pricing, along with further operating…

Yesterday after the close (3/19), Benchmark Electronics (BHE; $27.65; O/P) announced CFO Roop Lakkaraju, who has served in his current role for the past six years, is stepping down (effective April 1st) to take over…

In recent weeks, DoorDash (DASH; $134.31; E/W) has continued to announce new retail on-demand delivery partnerships to its Marketplace platform, most recently adding well-known brands such as MAC Cosmetics, Pet Supplies and Sally Beauty. We…

This morning, the Volkswagen Group (VOW.DE; €136.90; NR) announced it will integrate Mobileye Global’s (MBLY; $29.97; O/P) advanced driver assistance systems (ADAS) and autonomous driving systems (ADS) across its luxury global brands (Audi, Bentley, Lamborghini,…