Company Notes

Last night, the shares of Western Digital (WDC; $33.05; E/W) jumped 8% after the market closed on reports that the company has re-engaged in merger talks with its NAND manufacturing joint venture partner, Kioxia Holdings,…

We establish an Equal-Weight on the shares of Mobileye Global (MBLY; $35.06), a well-scaled provider of purpose-built software and hardware for Advanced Driver Assistance Systems (ADAS). MBLY “checks a lot of boxes” for a successful…

We reviewed Micron’s (MU; $50.40; E/W) recently filed 10-Q for the FQ1 period ending December 1st, which provided some further support for the idea that a longer than typical duration to the DRAM/NAND downturn and…

Last night after the close, Hyzon Motors (HYZN; $1.66) disclosed in an 8-K filing that the company entered into an equity capital contribution agreement with Chevron New Energies, a subsidiary of Chevron (CVX; $177.76; NR)…

Aptiv (APTV; $91.26; E/W) announced on Friday (12/23), that it completed the acquisition of Wind River under revised terms. Specifically, APTV will now acquire Wind River from TPG Capital for $3.5B in cash or below…

We make another round of major cuts to EPS for Micron (MU; $51.19; E/W) after FQ1 (Nov) results came in around the low end of targets and FQ2E (Feb) profitability guidance badly disappointed even against…

Micron Technology (MU; $51.19; E/W) reported FQ1 (Nov) non-GAAP EPS loss of ($0.04), which compared to our ($0.05) and the Street’s ($0.02) on sales of $4,085mm (vs. our $4,000mm and consensus of $4,134mm). Recall, we…

This morning, Uber Technologies (UBER; $25.78; O/P) announced a new on-demand and scheduled grocery delivery partnership with Meijer for consumers located in the Midwest of the U.S. (Illinois, Indiana, Kentucky, Michigan, Ohio, Wisconsin). We think…

Yesterday after the close, Aptiv (APTV; $93.87; E/W) announced that Benjamin Lyon has been appointed Senior Vice President and Chief Technology Officer (CTO), succeeding Glen De Vos, who has served as Senior Vice President and…

This morning, Hyzon Motors (HYZN; $1.80) disclosed in an 8-K that it entered into an agreement to acquire the remaining 49.5% of the issued and outstanding shares of its Hyzon Europe joint venture (JV) from…

Earlier this week (12/13), Corning (GLW; $32.74; E/W) announced it is building on its existing partnership with LG Electronics (066570.KR; W88,700; NR) and is now providing new sustainable cover glass solutions for curved interior auto…

We reiterate our Outperform on the shares of Jabil (JBL; $69.22) as we bump up F2023E (Aug) EPS from $8.25 to $8.40 (+10% YoY) and adjust F2024E EPS from $9.00 to $9.20 (+10%) after FQ1…

Jabil (JBL; $72.60; O/P) reported FQ1 (Nov) “core” non-GAAP EPS of $2.31, which was ahead of our $2.25 and the Street’s $2.24 on sales of $9,635mm (vs. our $9,300mm and the Street’s $9,290mm). As per…

Earlier this week (12/12), Lyft (LYFT; $11.60; O/P) announced in a blog post it will be offering drivers on its network easier access to electric vehicles (EVs) and charging infrastructure as part of a path…

We think recent news flow continues to point to healthy project activity around hydrogen refueling infrastructure as well as provide further evidence for the idea that hydrogen fuel cell electric vehicle (FCEV) technology is “taking…