Company Notes

Last night, Jabil (JBL; $130.68; O/P) negatively pre-announced FQ1E (Nov) and guided down full F2024E (Aug) sales and EPS. Specifically, Jabil now sees FQ1E sales of $8.3-8.4B, down from prior thinking of $8.4-9.0B, and EPS…

NetApp (NTAP; $78.11; E/W) reported FQ2 (Oct) non-GAAP EPS of $1.58, which comfortably beat our $1.37 and the Street’s $1.39 on somewhat better than expected sales ($1,562mm vs. our $1,525mm and the Street’s $1,528mm). As…

Micron (MU; $75.10; E/W) bumped up its FQ1 (Nov) non-GAAP outlook in conjunction with CEO Sanjay Mehrotra and CFO Mark Murphy presenting at an investor conference earlier this morning. Micron now expects FQ1E EPS losses…

Recent news flow out of Uber Technologies (UBER; $56.06; O/P) highlights how the company continues to engage in a range of new category and new product opportunities, admittedly as per below more on the “experimental”…

Earlier this month, Maplebear (CART; $25.10), doing business as Instacart, made a series of announcements that we think highlight how the company can continue to “control its own destiny” by expanding its product category reach,…

Last Thursday (11/16), DoorDash (DASH; $94.19; E/W) announced a new partnership with The Save Mart Companies to offer on-demand grocery delivery in under an hour from nearly 200 stores that operate under the banners Save…

Last week, Jabil (JBL; $130.29; O/P) announced it entered into a strategic manufacturing agreement with Power Electronics, which is a scaled OEM provider of a range of energy storage solutions based largely in Valencia, Spain…

We are adjusting our 2023E and 2024E EPS for Benchmark Electronics (BHE; $25.70; O/P) from $2.05/$2.35 to $2.03/$2.15 in order to correct for an error in our prior modeling assumptions around gross margins. Specifically, our…

We think it especially difficult to “game” Dell Technologies (DELL; $73.60; E/W) upcoming FQ3 (Oct) results and outlook, scheduled for November 30th (after market). On one hand, Dell guidance of the past four quarters has…

We think the EPS bar for NetApp (NTAP; $77.52; E/W) is set at a reasonable level ahead of its FQ2 (Oct) results and outlook, which are set for Tuesday, November 28th (after market). We think…

Last Thursday (11/16), we attended the launch of Lucid’s (LCID; $4.25; E/W) Gravity at the Los Angeles Auto Show, which expands the company into a much larger market opportunity with an electric sport utility vehicle…

Last night, ChargePoint (CHPT; $3.13; E/W) negatively pre-announced a big top and bottom line miss to its FQ3 (Oct) guidance, which comes after the company just raised $232mm through an at-the-market facility on October 11th….

Earlier this week, Uber Technologies (UBER; $54.20; O/P) announced a series of improvements to its driver and courier app that are aimed at improving safety, enabling more efficient rideshare and delivery trips, while also addressing…

This morning, Western Digital (WDC; $46.03; O/P) announced it started volume shipments of its 10-disk 24TB conventional magnetic recording (CMR) HDDs to hyperscale and enterprise customers. At the same time, WDC disclosed it started ramping…

We think Hyzon Motors’ (HYZN; $1.08) Q3 print and forward-looking commentary demonstrates how management is making good progress along key commercial, technical and cash burn vectors. From a numbers perspective, Hyzon still sees free cash…