Company Notes

We bump up our F2024E (Aug) EPS from a loss of ($2.60) to ($2.30) and raise F2025E EPS from $1.90 to $2.45 for Micron (MU; $68.21; E/W) after a basically as expected FQ4 (Aug) print…

Micron Technology (MU; $68.21; E/W) reported FQ4 (Aug) non-GAAP EPS of a loss of ($1.07), which was somewhat ahead of our ($1.18) and the Street’s ($1.15) on slightly better than expected sales ($4,010mm vs. our…

Last night, Jabil (JBL; $105.00; O/P) announced that it reached a definitive agreement to divest its Mobility business (11% of sales at somewhat below average margins) to BYD Electronic or BYDE (285.HK; HK$34.95; NR) for…

Last night, Hyzon Motors (HYZN; $1.22) announced a final resolution of an SEC investigation, ongoing since January of 2022, in which the company agreed to pay a civil monetary penalty of $25mm, subject to court…

The shares of Uber Technologies (UBER; $44.27; O/P) have now retreated 11% since the end of July, albeit in a weak tech tape (-9% for NASDAQ over the same period), but despite a subsequent Q2…

We reiterate our Outperform on Jabil shares (JBL; $107.33) ahead of its FQ4 (Aug) results and Annual Investor Briefing next Thursday (9/28 before market) when we expect a first view on F2024E (Aug) sales and…

After reducing our generally below consensus estimates for Micron (MU; $69.68; E/W) on five different occasions over the course of the past year, we think this may finally be the quarterly call where Street projections…

We sat in on Aptiv’s (APTV; $102.57; O/P) Software Teach-In yesterday. The presentation and Q&A suggested to us that management has increased confidence in its ability to leverage last year’s $3.5B acquisition of Wind River’s…

We followed up with Nextracker (NXT; $41.89; E/W) after it introduced a suite of next-gen solar tracker hardware, software, and services at the RE+ 2023 conference in Las Vegas. We think these recent announcements highlight…

This morning, DoorDash (DASH; $83.00; E/W) announced a series of new grocery and alcohol delivery partnerships, ironically just as Maplebear, doing business as Instacart, plans its IPO for tonight under the ticker CART. We note…

Yesterday (9/15), Rivian’s (RIVN; $24.06; E/W) CEO RJ Scaringe presented at an investor conference, where among other things, the company highlighted plans to update its electronic and electrical vehicle architecture, for integration into its next-generation…

This morning, Maplebear, which is doing business as Instacart, raised its proposed IPO price range from $26-28 to $28-30. The company still plans to issue 22.0mm shares (14.1mm in a primary offering and 7.9mm in…

This week, Uber Technologies (UBER; $48.32; O/P) announced two new grocery partnerships, ironically well timed with the upcoming IPO of Maplebear (d/b/a Instacart), which we evaluated in a note yesterday (“Insta Analysis of CART”; 9/14)….

We reviewed S-1 filings of Maplebear, which is doing business as Instacart, and assembled a financial model, including a “first stab” at forecasts ahead of a proposed IPO under the ticker CART. Instacart, the largest…

We reduce our F2024E (Jun) EPS for Seagate (STX; $65.37; E/W) from a profit of $0.13 to a loss of ($0.03) to catch up with the management warnings last week at an investor conference that…