Company Notes

This week, Uber Technologies (UBER; $64.94; O/P) announced a partnership with NVIDIA (NVDA; $140.17; NR) aimed at accelerating the development of artificial intelligence (AI) based autonomous driving technology. We think news of Uber’s partnership with…

This morning, Uber Technologies (UBER; $64.59; O/P) announced it entered into an accelerated share repurchase (ASR) agreement to buy back $1.5B of its stock (vs. the company’s $139B market cap), which it plans to be…

We formally initiate coverage on Vertiv Holdings (VRT; $125.67) with an Equal-Weight rating. We see VRT continuing to be well positioned to capitalize on the rising power and thermal management complexities of next gen data…

Due to a reallocation of resources, Fox Advisors is discontinuing coverage of ChargePoint (CHPT – $1.11 – Last Rating: Equal-Weight – Price Target: NA). Effective immediately, our rating, price target, disclosures and estimates are discontinued…

Due to a reallocation of resources, Fox Advisors is discontinuing coverage of Lucid Group (LCID – $3.15 – Last Rating: Equal-Weight – Price Target: NA). Effective immediately, our rating, price target, disclosures and estimates are…

We reduce our F2025/F2026E (Jun) EPS for Western Digital (WDC; $60.70; O/P) from $7.50/$9.00 to $6.50/$7.60 to incorporate the impact of greater than expected NAND pricing pressures (~50% of sales) during December within its soon…

We think recent FQ2 (Oct) results out of NetApp (NTAP; $118.14; E/W) and industry peers provide support for the idea that the stock is now at the low end of its trading range especially given…

Yesterday (12/25), Taiwan’s Fair Trade Commission (FTC) announced that it was blocking Uber Technologies’ (UBER; $61.71; O/P) planned acquisition of Delivery Hero’s (DHER.DE; €28.58; NR) foodpanda delivery business in Taiwan (foodpanda Taiwan) due to its…

This morning, Uber Technologies (UBER; $60.21; O/P) announced plans to acquire TMAP Mobility’s 49% stake in the two companies’ joint venture (JV), named Uber Taxi, in South Korea for $39mm, which would give Uber full…

We reduce F2025/F2026E (Aug) EPS for Micron (MU; $103.90; O/P) from $8.40/$11.20 to $6.75/$8.80 after FQ2E (Feb) guidance badly disappointed the Street, albeit with FQ1 (Nov) profits that were somewhat better than expected despite a…

Micron Technology (MU; $103.90; O/P) reported FQ1 (Nov) non-GAAP EPS of $1.79, which was ahead of our $1.75 and the Street’s $1.76 despite some lower than expected sales ($8,709mm vs. our $8,750mm and consensus of…

We bump up our F2025/F2026E (Aug) EPS for Jabil (JBL; $144.95; O/P) from $8.65/$9.60 to $8.75/$9.75 after the company produced a solid “beat and raise” on especially healthy free cash flows (FCF), which was led…

Jabil (JBL; $133.96; O/P) reported FQ1 (Nov) “core” non-GAAP EPS of $2.00, which beat our $1.87 and the Street’s $1.88 on sales of $6,994mm that were also ahead of our $6,600mm and the Street’s $6,608mm)….

Last night, CommScope (COMM; $5.61; E/W) announced a major refinancing that pushes out upcoming maturities while laying out a specific plan to reduce balance sheet leverage, which we think enables the company’s ongoing businesses to…

This evening, Sensata (ST; $29.48; E/W) announced that its Board appointed Stephan Von Schuckmann as CEO effective as of January 1st. Recall, Sensata appointed Martha Sullivan as interim CEO back in April after its former…