Company Notes

Last week, we met with Jabil (JBL; $128.14; O/P) management, including CEO Kenny Wilson and Chad Morley, SVP, Auto & Transportation, from the company’s transportation product exhibit at the Consumer Electronics Show (CES) in Las…

Last week, we attended an Aptiv (APTV; $80.88; O/P) investor event at the Consumer Electronics Show (CES) in Las Vegas where we heard from CEO Kevin Clark, CTO Benjamin Lyon, plus Paul Miller, CTO for…

Last week, we had the opportunity to dig deeper into the Mobileye Global (MBLY; $30.07; E/W) investment story, at the Consumer Electronics Show (CES), which is obviously under more scrutiny after management cut deep into…

Last week, we hosted an investor meeting for Micron’s (MU; $82.39; E/W) CFO Mark Murphy and the IR team during the Consumer Electronics Show (CES) in Las Vegas. The meeting largely focused on Micron’s DRAM…

Last Thursday (1/11), DoorDash (DASH; $104.13; E/W) announced several new retail on-demand delivery partnerships to its Marketplace platform, including well-known retail brands such as Camping World, Golf Galaxy, JD Sports, and The Vitamin Shoppe. As…

Last night, Polestar (PSNY; $1.84; E/W) announced Q4 vehicle deliveries were approximately 12,800 (-15% QoQ and -39% YoY) or well below our estimate of 18,183 and the company’s own guidance of ~18,200, which it blamed…

This morning, Lucid Group (LCID; $3.19; E/W) announced it delivered 1,734 vehicles (+19% QoQ) while producing 2,391 vehicles (+54% QoQ) during Q4. By comparison, our model called for Q4 vehicle deliveries of 1,983 or basically…

Last night, ChargePoint (CHPT; $1.94; E/W) announced a “strategic reorganization”, including another reduction in the company’s headcount by 12% (vs. ~1,800 employees at the end of October), which new CEO Rick Wilmer believes will result…

This morning, Hyzon Motors (HYZN; $0.73) provided a positive business update, disclosing it is hitting key milestones previously laid out by management, which we think further highlights how the company is making good progress along…

This morning, Maplebear, doing business as Instacart (CART; $23.20; O/P), announced it is expanding its advertising solutions to Caper Carts, which are AI-powered smart carts equipped with scales, sensors, touchscreens, and computer vision for proprietary…

The shares of Mobileye Global (MBLY; $29.97; E/W) plunged 25% yesterday after the company revealed a highly disappointing sales outlook for the upcoming year, which basically reflected a realization of excess inventories of its EyeQ…

Jabil (JBL; $127.40; O/P) announced on Friday (12/29/23) that it completed the divestiture of its Mobility business to BYD Electronic for $2.2B or $1.7B after transaction fees, taxes, and restructuring for resulting stranded costs and…

We establish an Outperform rating and $30 target on the shares of Maplebear (CART; $23.47) d/b/a Instacart. We think the 22% decline in CART shares since its $750mm+ IPO on 9/18/23 at $30 per share,…

We think recent news flow related to Uber Technologies (UBER; $61.71; O/P) further highlights a range of global secular drivers that can continue to enhance the company’s business model over time. Most importantly, Japanese regulators…

Corning (GLW; $30.00; E/W) recently unveiled its Fusion5 Glass, which is the company’s latest automotive exterior glass for windshields, and part of its Auto Glass Solutions business that has been building a market position over…