Company Notes

We recently spent a couple of days at the EV Charging Summit & Expo in Las Vegas, which was very well attended by both electric vehicle (EV) OEMs and manufacturers of charging equipment as well…

We lower our rating from Outperform to Equal-Weight on the shares of Maplebear, which is doing business as Instacart (CART; $37.29; O/P). The stock is now up 59% in just the three months since our…

Yesterday, Lucid Group (LCID; $2.86; E/W) announced another major investment from its majority stockholder and affiliate of the Public Investment Fund (PIF), Ayar Third Investment Company, which did not come as a major surprise to…

On Friday (3/22), Hyzon Motors (HYZN; $0.67) posted Q4 results and guidance, with a commercial roadmap update, that all seemed basically “status quo” with our prior thinking. Most importantly, Hyzon’s Q4 free cash flow (FCF)…

Earlier today, Lyft (LYFT; $20.55; E/W) disclosed in a blog post that its Media division, which is its dedicated media and advertising business, expanded its advertising offerings through the launch of in-app video ads across…

Micron (MU; $96.25; O/P) left Street estimates “in the dust” with FQ2 (Feb) results and guidance as profits returned a quarter ahead of targets on the back of much better pricing, along with further operating…

Yesterday after the close (3/19), Benchmark Electronics (BHE; $27.65; O/P) announced CFO Roop Lakkaraju, who has served in his current role for the past six years, is stepping down (effective April 1st) to take over…

In recent weeks, DoorDash (DASH; $134.31; E/W) has continued to announce new retail on-demand delivery partnerships to its Marketplace platform, most recently adding well-known brands such as MAC Cosmetics, Pet Supplies and Sally Beauty. We…

This morning, the Volkswagen Group (VOW.DE; €136.90; NR) announced it will integrate Mobileye Global’s (MBLY; $29.97; O/P) advanced driver assistance systems (ADAS) and autonomous driving systems (ADS) across its luxury global brands (Audi, Bentley, Lamborghini,…

Earlier today, Mobileye Global (MBLY; $29.11; O/P) announced the wind down of its aftermarket solutions business following a “thorough review” of the operations’ future growth prospects and investment requirements. The decision was reached as MBLY…

We think recent news flow around Uber Technologies (UBER; $74.51; O/P) has generally been much more positive than negative since the company hosted its Virtual Investor Update (“Raise Target to $100 After Investor Update”; 2/14)….

Last Thursday, the Minneapolis City Council passed an ordinance that requires rideshare drivers to earn $0.51 per minute and $1.40 per mile for each ride provided, with a minimum of $5 for each fare, excluding…

The shares of Jabil (JBL; $123.15; O/P) plunged 16% on Friday, leaving the stock 20% below recent highs, after F2024E (Aug) guidance disappointed the Street for a second quarter in a row, albeit in the…

Jabil (JBL; $1.47.46; O/P) reported FQ2 (Feb) “core” non-GAAP EPS of $1.68, which was ahead of our $1.63 and the Street’s $1.66 on sales of $6,767mm (vs. our $6,900mm and the Street’s $6,891mm). Recall, JBL…

Yesterday (3/13), the U.S. Department of Energy (DoE) announced it awarded $750mm in funding for 52 different clean hydrogen-based projects (across 24 U.S. states) that was available through the U.S. Infrastructure Investment and Jobs Act….