Company Notes
July 17, 2023
We think the shares of Sensata (ST; $45.47; O/P) still look oversold to us ahead of its Q2 results and outlook on July 25th (after market). The stock is down 16% from its recent high…
July 17, 2023
We are reducing our FQ4 (Jun) and F2024E (Jun) EPS for Seagate (STX; $61.57; E/W) ahead of the company’s release of full FQ4 results on July 26th (after market). Recall, STX warned at an investor…
July 17, 2023
The shares of Corning (GLW; $33.56; E/W) were -6% on Friday (7/14) on rising concerns over the prospects for broadband and wireless infrastructure spending, which jibed with our own warnings (“Reducing Estimates”; 5/24). Most notably,…
July 12, 2023
This morning, Lucid Group (LCID; $7.16; O/P) announced it delivered 1,404 vehicles (flat QoQ) during Q2 while producing 2,173 vehicles (-6% QoQ) at its manufacturing facility in Casa Grande, Arizona. By comparison, we were modeling…
July 12, 2023
This morning, Domino’s Pizza (DPZ; $349.79; NR) announced a new global agreement with Uber Technologies (UBER; $44.36; O/P), which allows its customers, initially just from the U.S., to order from the pizza delivery chain through…
July 11, 2023
This morning, Uber Technologies (UBER; $44.04; O/P) announced a partnership with RideCo, which opens up further possibilities for the company to expand its user base while better monetizing its current network. To that end, Uber…
July 11, 2023
The shares of Lucid Group (LCID; $7.93; O/P) have now rallied 43% from around record lows since it announced a long-term technology supply agreement with Aston Martin Lagonda (AML.GB; £3.34; NR) on June 26th (“First…
July 10, 2023
We think the most recent “go public” news from Turo, which is the world’s largest peer-to-peer carsharing marketplace, further highlights a still underappreciated range of opportunities for Uber Technologies (UBER; $42.94; O/P) to increasingly monetize…
July 10, 2023
We are raising our Q2E and full 2023E sales for Polestar (PSNY; $4.49; O/P) after the company disclosed last week that its Q2 vehicle deliveries were approximately 15,800 (+36% YoY), which was well ahead of…
June 29, 2023
Last night, Nextracker (NXT; $37.13; E/W), a subsidiary of Flex (FLEX; $26.66; O/P), priced its previously announced Class A common stock offering at $36.50 per share, which delivers another $518mm of proceeds to Flex, albeit…
June 29, 2023
We adjust F2023E/F2024E (Aug) EPS for Micron (MU; $67.07; E/W) from ($4.50)/($2.10) to ($4.55)/($3.10) after a somewhat better than expected FQ3 (May). Also, FQ4 (Aug) guidance was not too far off from consensus even with…
June 28, 2023
Micron Technology (MU; $67.07; E/W) reported FQ3 (May) non-GAAP EPS loss of ($1.43), which was better than our ($1.58) and the Street’s ($1.61) on some sales upside ($3,752mm vs. our $3,600mm and consensus of $3,650mm….
June 28, 2023
This morning, DoorDash (DASH; $74.76; E/W) announced a large set of updates to its marketplace app, which we think furthers its scale and technical advantages against many on-line delivery network peers, as per recent share…
June 27, 2023
This morning, ChargePoint (CHPT; $7.51; O/P) formally announced availability of a North American Charging Standard (NACS) connector option for several of its Level 2 AC and DC fast chargers, including field updates for chargers already…
June 27, 2023
Last night, Nextracker (NXT; $38.05; E/W), a subsidiary of Flex (FLEX; $26.10; O/P), announced a Class A common stock offering that further monetizes Flex’s stake at a quicker pace than previously assumed due to bank…