Company Notes

Amphenol (APH; $100.66; E/W) produced another Q4 “beat and meet”, albeit influenced by a surge in M&A during November and December as it acquired four companies with a combined ~$325mm in annual sales for $678mm….

We raise our rating on TE Connectivity (TEL; $143.63) from Equal-Weight to Outperform. We believe the stock is now breaking out of its trading range of the past two years on a path to new…

Seagate (STX; $89.17; E/W) reported FQ2 (Dec) non-GAAP EPS of a profit of $0.12, which comfortably beat our estimate of a ($0.03) loss and the Street’s ($0.06) on sales of $1,555mm (vs. our $1,582mm and…

Amphenol (APH; $101.25; E/W) reported Q4 non-GAAP EPS of $0.82, which beat our $0.76 and the Street’s $0.77 on sales of $3,328mm that were ahead of our $3,148mm and the Street’s $3,157mm. The company also…

TE Connectivity (TEL; $134.65; E/W) reported FQ1 (Dec) non-GAAP EPS of $1.84, which comfortably beat our $1.70 and the Street’s $1.71 despite some moderately lower than expected sales ($3,831mm vs. our $3,850mm and consensus of…

Last Friday (1/19), Ballard Power Systems (BLDP; $3.34; NR) announced it successfully used “large format” hydrogen fuel cells to supply backup power to a data center through a partnership with Caterpillar (CAT; $288.35; NR) and…

Over the past several days, Belden (BDC; $72.71; E/W) announced it expanded its existing manufacturing facility in Pune, India, as well as opened a new Customer Innovation Center (CIC) in Bengaluru, India, as per plan….

Yesterday (1/17), Corning (GLW; $30.22; E/W) announced that Samsung Electronics’ just introduced Galaxy S24 Ultra smartphone will feature GLW’s new Gorilla Armor cover glass. As per a press release from GLW, Gorilla Armor is the…

We are bumping up our FQ2E (Dec) EPS for Seagate (STX; $83.33; E/W) from ($0.13) to ($0.03) to account for management commentary in recent weeks that suggested some better HDD shipments in the quarter (measured…

We are updating our financial model for Flex (FLEX; $22.13; O/P) to account for the recently completed divestiture of Nextracker (NXT; $41.89; E/W) on January 2nd (“NXT Spin Coming Much Sooner Than Expected”; 12/18/23). The…

Last night, Plexus (PLXS; $101.52; E/W) negatively pre-announced FQ1E (Dec) results. Specifically, PLXS now sees FQ1E sales of $980-985mm (-4% QoQ and -10% YoY at the mid-point), which is just 3% below the original guidance…

Yesterday (1/15), Uber Technologies’ (UBER; $63.51; O/P) Drizly on-demand alcohol marketplace in the U.S. sent out an email to customers, which disclosed its plans to cease operations at the end of March. Recall, Uber acquired…

Last week, Sensata (ST; $34.26; O/P) highlighted its electrification portfolio at the Consumer Electronics Show (CES) in Las Vegas, which we think has not been the case in previous years, at least to this extent…

Last week, Corning (GLW; $30.60; E/W) announced at the Consumer Electronics Show (CES) that it collaborated with BOE Technology Group to develop a 44.6” ultra-large oxide panel for automotive cockpit display designs. Importantly, GLW is…

Last week, we hosted an investor meeting with Dell Technologies’ (DELL; $79.31; E/W) Paul Frantz, VP of IR, at the Consumer Electronics Show (CES) in Las Vegas. Our conversation highlighted a broadening range of reasons…