Company Notes

This morning, Polestar (PSNY; $3.63; O/P) announced it plans to integrate Mobileye Global’s (MBLY; $35.71; E/W) Chauffeur consumer autonomous driving platform into its Polestar 4 SUV. Recall, MBLY believes Chauffeur enables “eyes-off/hands-free” driving in a…

The shares of ChargePoint (CHPT; $6.79; O/P) are now down 30% since its FQ1 (Apr) results in early-June (-22% since July-end) and -57% YoY ahead of its FQ2 (Jul) results and outlook, scheduled for September…

We approach the shares of Dell Technologies (DELL; $56.71; E/W) with caution into FQ2 (Jul) results and outlook next Thursday (8/31 after market). The stock is +25% (vs. +4% for the S&P 500) since FQ1…

NetApp’s (NTAP; $76.53; E/W) FQ1 (July) EPS was $1.15 (-4% YoY), which beat our $1.05 and the Street’s $1.07, on basically as expected sales and upside from some higher gross margins and tighter opex controls,…

NetApp (NTAP; $76.53; E/W) reported FQ1 (Jul) non-GAAP EPS of $1.15, which was ahead of our $1.05 and the Street’s $1.07 on basically as expected sales ($1,432mm vs. our $1,425mm and the Street’s $1,413mm). As…

We are fine tuning our 2023/2024E EPS for Corning (GLW; $32.22; E/W) from $1.80/$2.15 to $1.78/$2.13 to better consider likely sales pressures on Environmental Technologies (12% of 2023E sales and 16% of EBIT ex-corporate) for…

We think recent news flow continues to point to healthy project activity aimed at emerging needs for a range of hydrogen refueling infrastructure, in turn providing support for the idea that hydrogen fuel cell electric…

The shares of NetApp (NTAP; $75.03; E/W) are up 13% (vs. +5% for the S&P 500) post FQ4 (Apr) results on 5/31 despite ongoing top line pressures (e.g., down low-to-mid-single digits in F2024E) and limited…

This morning, TE Connectivity (TEL; $129.49; E/W) announced a public tender offer for all outstanding shares of Schaffner (SAHN.CH; CHF493.00; NR), which produces electromagnetic capability (EMC) filters, harmonic filters, and other electromagnetic components for certain…

This morning, Lyft (LYFT; $10.85; E/W) disclosed in a blog post that its Media division (dedicated media and advertising business) is rolling out personalized ads across the Lyft ridershare app through a partnership with Rokt….

We think this morning’s news that Serve Robotics is in the process of finalizing an IPO by merging with unlisted special purpose acquisition company (SPAC) Patricia Acquisition further highlights Uber Technologies’ (UBER; $44.70; O/P) commitment…

We move our rating on the shares of Tritium (DCFC; $1.18) from Outperform to No Rating given that the stock continues to trade below $5, which we think leaves it at “tough to call” levels,…

We think recent news flow out of Nextracker (NXT; $41.14; E/W), as well as yesterday’s CQ2 results from industry peer Array Technologies (ARRY; $22.42; NR), which admittedly came with some “puts and takes”, further highlight…

Yesterday (8/8), ChargePoint (CHPT; $7.90; O/P) announced “significant” investments in a range of software and solutions aimed at ensuring nearly 100% battery electric vehicle (BEV) charger uptime. We think this announcement highlights how the company…

We adjust our 2023E EBITDA forecasts for Lyft (LYFT; $11.56; E/W) from $233mm (5.6% of sales) to $190mm (4.4% of sales) after the company produced somewhat of a Q2 beat, albeit accompanied by some relatively…