Company Notes

This morning, Lyft (LYFT; $10.80; O/P) announced it signed a definitive agreement to acquire FREENOW, a European-based mobility platform that is best known for its taxi offering. The business is being acquired from BMW Group…

Our recent checks suggest Seagate (STX; $72.00; O/P) highlights that near term demand for its “core” mass capacity hard disk drives (HDDs) is holding up well into the June quarter (80-85% of sales), when it…

Based on some further field checks, we now think we may have been underestimating risks to our current EBITDA estimates for CommScope (COMM; $3.64; E/W) from a range of new U.S. tariffs now beginning to…

We assume Plexus’ (PLXS; $121.28; E/W) relative mix of served market exposure and global footprint proves new tariffs to be less of an issue for the company relative to others we follow in the supply…

We assume that CommScope (COMM; $3.44; E/W) proves relatively less impacted, when it reports Q1 results and outlook on May 1st (before market), by a range of new U.S. tariffs beginning to impact global supply…

The shares of Belden (BDC; $93.48; E/W) are down 17% YTD, including -11% since the U.S. announced a first version of new import tariffs on April 2nd, ahead of the company’s Q1 results and outlook,…

We reduce our 2025/2026E EPS from $3.10/3.40 to $2.90/$3.15 for Sensata (ST; $19.44; E/W) to take a “first stab” at our concerns that global vehicle production weakens as the year progresses in the face of…

We are maintaining our 2025E EPS at $2.25, including $0.50 in Q1E, for Corning (GLW; $41.69; O/P) ahead of the company’s Q1 print and outlook, which is scheduled for April 29th (before market). This is…

We reduce our F2025/F2026E (Sept) EPS from $8.10/$8.90 to $7.95/$8.40 for TE Connectivity (TEL; $127.35; O/P), ahead of its FQ2 (Mar) results and guidance, scheduled for April 23rd (before market). Our “first stab” to consider…

The shares of Amphenol (APH; $64.13; E/W) are “only” down 6% in the 5+ trading days since the U.S. announced a first version of new import tariffs, simplified on Wednesday to a 90-day pause for…

We think Delta Air Lines’ (DAL; $38.24; NR) disappointing Q2E sales outlook from this morning, which came with further warnings on broader trends on consumer and corporate travel, provided further support for our concerns that…

This morning, NetApp (NTAP; $76.58; E/W) announced several new updates to Google Cloud NetApp Volumes, its fully managed, cloud-based data storage service, which aims to reduce complexity and increase performance for cloud storage workloads. As…

Earlier this week, we toured Corning’s (GLW; $42.29; O/P) trade show booth at the Optical Networking and Communications Conference (OFC) in San Francisco, where we heard from Mike O’Day, SVP and GM, Optical Communications, and…

Yesterday, Domino’s Pizza (DPZ; $468.35; NR) announced a new partnership with DoorDash (DASH; $189.25; E/W), which allows its customers, initially just in the U.S. to order from the pizza delivery chain through DASH’s marketplace. Keep…

Yesterday, we hosted an investor meeting for Jabil (JBL; $138.71; O/P) during the Optical Networking and Communications Conference (OFC) in San Francisco where we met with CFO Greg Hebard, Matt Crowley, EVP, Intelligent Infrastructure, as…