Company Notes

On Friday (12/2), Uber Technologies’ (UBER; $28.50; O/P) Freight business (22% of 2022E sales) announced it is expanding on an existing pilot autonomy program with Aurora Innovation (AUR; $1.36; NR) through a new commercial lane…

We take a “stab” at further reducing sales, gross margin and EPS estimates for Micron (MU; $53.64; E/W) off the latest wave of bad fundamental news, as per the company’s recent decision to cut DRAM…

We think FQ3 (Oct) results and FQ4E (Jan) guidance from ChargePoint (CHPT; $12.19; O/P) generally lived up to expectations, albeit with a relatively small interim issue related to “getting product out the door”. This was…

Yesterday (11/30), DoorDash (DASH; $56.87; E/W) announced it is reducing global headcount by ~1,250 people or ~7% of total employees, which we think is weighted toward eliminating redundancies and management layers amongst more expensive jobs…

This morning, Corning (GLW; $33.21; E/W) announced its latest cover glass advancement with the launch of Gorilla Glass Victus 2, which is based on a new glass composition that offers better drop performance vs. its…

We are reducing our F2023E (Apr) EPS from $5.50 to $5.40 (+2% YoY) and F2024E EPS from $6.05 to $5.70 (+5% YoY) for NetApp (NTAP; $71.79; E/W) after the company delivered a “beat and lower”…

NetApp (NTAP; $71.79; E/W) reported FQ2 (Oct) non-GAAP EPS of $1.48, which was ahead of our $1.34 and the Street’s $1.33, albeit helped along by ~$0.10 of benefits from non-operating items relative to our modeling…

We are making some further cuts to our F2024E (Jan) EPS for Dell Technologies (DELL; $43.58; E/W), from $6.50 to $6.10 (-19% YoY), to better consider ongoing competitive pressures we expect to continue across the…

We expect FQ3 (Oct) results and outlook from ChargePoint (CHPT; $11.51; O/P), which are scheduled for Thursday (12/1 after the close), to provide healthy fundamental support for a stock price that has been under pressure…

We assume some sort of moderate “beat and lower” from NetApp (NTAP; $73.88; E/W) reports its FQ2 (Oct) results and outlook next Tuesday (11/29 after market). We expect another gradual realization from management that macro…

We raise F2023E (Jan) EPS from $6.80 to $7.50 (+21% YoY) as we also reduce F2024E EPS from $6.85 to $6.50 (-13% YoY) for Dell Technologies (DELL; $41.07; E/W) after the company produced a big…

Dell Technologies (DELL; $41.07; E/W) reported FQ3 (Oct) non-GAAP EPS of $2.30, which was well ahead of our $1.63 and the Street’s $1.60. Sales were somewhat better than forecasts ($24.72B vs. our $24.5B and consensus…

This week, Lyft (LYFT; $11.35; O/P) announced further updates to its Lyft Pink subscriber benefits for Chase Sapphire Reserve cardmembers, which should make its program more attractive to potential users that in turn usually become…

Due to a reallocation of resources, Fox Advisors is discontinuing coverage of Bird Global (BRDS – $0.29 – Last Rating: Not Rated – Price Target: NA). Effective immediately, our rating, price target, disclosures and estimates…

This morning, Micron (MU; $60.00; E/W) announced that it is further cutting DRAM and NAND wafer starts by approximately 20% vs. FQ4 (Aug), which comes after the company previously announced plans to reduce NAND and…