Company Notes
October 24, 2023
This morning, Hyzon Motors (HYZN; $0.88) announced the appointment of Stephen Weiland as CFO, effective November 1st. Recall, the company appointed Jiajia Wu as interim CFO back in April after Hyzon’s former CFO Samuel Chong…
October 24, 2023
Corning (GLW; $26.93; E/W) reported Q3 “core” EPS of $0.45, which was in line with our $0.45 but a penny below the Street’s $0.46 despite somewhat lower than expected core sales ($3,459mm vs. our $3,500mm…
October 19, 2023
The shares of Aptiv (APTV; $90.25; O/P) are -20% since 7/12 with its Q3 print coming up on 11/2 (before market), which we assume reflects concerns around ongoing UAW strikes despite what we see as…
October 17, 2023
We think FQ2 (Sept) results and outlook from Flex (FLEX; $25.94; O/P), scheduled for next Wednesday (10/25 after market), prove the 10% retreat in the stock since mid-July to be overdone. We think Nextracker (NXT;…
October 17, 2023
This morning, Lucid Group (LCID; $5.11; O/P) announced it delivered 1,457 vehicles (+4% QoQ) while producing 1,550 vehicles (-29% QoQ) during Q3, which is before considering another 700+ Lucid Air vehicles that are in transit…
October 16, 2023
The shares of Benchmark Electronics (BHE; $24.34; O/P) continued to “bounce around” the $24-25 level in recent weeks, still down ~10% from mid-July levels and ~15% below where the stock was in mid-January, which is…
October 16, 2023
We think news last week that the U.S. Department of Energy (DoE) awarded a long awaited $7B in funding to launch seven Regional Clean Hydrogen Hubs (H2Hubs) across the U.S. is an important milestone for…
October 16, 2023
PCTEL (PCTI; $4.66; NR) announced after the close on Friday (10/13) it reached a definitive agreement to be acquired by Amphenol (APH; $81.90; E/W) in an all-cash transaction valued at a total of $139.7mm. Amphenol…
October 13, 2023
We are reducing our rating on the shares of Belden (BDC; $95.27) from Outperform to Equal-Weight after management negatively pre-announced Q3 results last night and warned about its Q4E outlook. Our rating change reflects the…
October 11, 2023
This morning, ChargePoint (CHPT; $4.06; E/W) announced it raised $175mm through its ATM equity facility with the issuance of 41.4mm shares of its common stock. More specifically, CHPT reached a commitment from a consortium of…
October 11, 2023
We see recent price consolidation in the shares of Uber Technologies (UBER; $46.63; O/P) as an attractive entry point ahead of its Q3 print in a few weeks. We think this is even the case…
October 9, 2023
We reiterate our Outperform on the shares of Jabil (JBL; $130.65) and raise our target from $150 to $160 after hosting meetings for management in New York and Boston last week. In attendance from Jabil…
October 9, 2023
Last Thursday (10/5), we attended Dell Technologies’ (DELL; $66.41; E/W) Securities Analyst Meeting in New York, which included presentations from CEO Michael Dell, CFO Yvonne McGill, COO Jeff Clarke, along with Arthur Lewis (President, Infrastructure…
October 9, 2023
We recently learned that Amphenol (APH; $83.37; E/W) acquired privately held and U.S. based Connor Manufacturing Services as per a LinkedIn post by Connor on 9/28. Connor, which boasts a 110-year history, produces custom precision…
October 9, 2023
We are adjusting our Q3E and Q4E modeling for Polestar (PSNY; $2.66) after the company disclosed last Thursday (10/5) that its Q3 vehicle deliveries were approximately 13,900 (+50% YoY) and that it believes the company…