FLEX: Adjusting Model for NXT Divestiture

We are updating our financial model for Flex (FLEX; $22.13; O/P) to account for the recently completed divestiture of Nextracker (NXT; $41.89; E/W) on January 2nd (“NXT Spin Coming Much Sooner Than Expected”; 12/18/23). The…

PLXS: Slow End to Quarter Leads to FQ1 Miss

Last night, Plexus (PLXS; $101.52; E/W) negatively pre-announced FQ1E (Dec) results. Specifically, PLXS now sees FQ1E sales of $980-985mm (-4% QoQ and -10% YoY at the mid-point), which is just 3% below the original guidance…

UBER: Last Call for Drizly

Yesterday (1/15), Uber Technologies’ (UBER; $63.51; O/P) Drizly on-demand alcohol marketplace in the U.S. sent out an email to customers, which disclosed its plans to cease operations at the end of March. Recall, Uber acquired…

ST: CES Highlights Breadth of Electrification Opportunity

Last week, Sensata (ST; $34.26; O/P) highlighted its electrification portfolio at the Consumer Electronics Show (CES) in Las Vegas, which we think has not been the case in previous years, at least to this extent…

GLW: Some CES News to Consider

Last week, Corning (GLW; $30.60; E/W) announced at the Consumer Electronics Show (CES) that it collaborated with BOE Technology Group to develop a 44.6” ultra-large oxide panel for automotive cockpit display designs. Importantly, GLW is…

DELL: Still Looking for Big Recovery at CES

Last week, we hosted an investor meeting with Dell Technologies’ (DELL; $79.31; E/W) Paul Frantz, VP of IR, at the Consumer Electronics Show (CES) in Las Vegas. Our conversation highlighted a broadening range of reasons…

JBL: CES Meeting Highlights a Still Big Set of Auto Opportunities

Last week, we met with Jabil (JBL; $128.14; O/P) management, including CEO Kenny Wilson and Chad Morley, SVP, Auto & Transportation, from the company’s transportation product exhibit at the Consumer Electronics Show (CES) in Las…

APTV: CES Highlights Technology Breadth

Last week, we attended an Aptiv (APTV; $80.88; O/P) investor event at the Consumer Electronics Show (CES) in Las Vegas where we heard from CEO Kevin Clark, CTO Benjamin Lyon, plus Paul Miller, CTO for…

MBLY: CES Highlights Debate Over Short vs. Long Term

Last week, we had the opportunity to dig deeper into the Mobileye Global (MBLY; $30.07; E/W) investment story, at the Consumer Electronics Show (CES), which is obviously under more scrutiny after management cut deep into…

MU: CFO Meeting at CES Lays Out DRAM Recovery Roadmap

Last week, we hosted an investor meeting for Micron’s (MU; $82.39; E/W) CFO Mark Murphy and the IR team during the Consumer Electronics Show (CES) in Las Vegas. The meeting largely focused on Micron’s DRAM…

DASH: Adds More Non-Restaurant Brand Partnerships

Last Thursday (1/11), DoorDash (DASH; $104.13; E/W) announced several new retail on-demand delivery partnerships to its Marketplace platform, including well-known retail brands such as Camping World, Golf Galaxy, JD Sports, and The Vitamin Shoppe. As…

CES Highlights Ads Focus of Delivery & Rideshare Networks

We think a just announced Maplebear, d/b/a Instacart (CART; $23.09; O/P), tie-up with Google Shopping ads plus presentations from Uber Technologies’ (UBER; $63.20; O/P) Megan Ramm, Global Director, Head of Consumer Packaged Goods (CPG) Partnerships,…

PSNY: Big Q4 Delivery Disappointment

Last night, Polestar (PSNY; $1.84; E/W) announced Q4 vehicle deliveries were approximately 12,800 (-15% QoQ and -39% YoY) or well below our estimate of 18,183 and the company’s own guidance of ~18,200, which it blamed…

LCID: Deliveries Remained Subdued in Q4

This morning, Lucid Group (LCID; $3.19; E/W) announced it delivered 1,734 vehicles (+19% QoQ) while producing 2,391 vehicles (+54% QoQ) during Q4. By comparison, our model called for Q4 vehicle deliveries of 1,983 or basically…

CHPT: Announces Additional Cost Actions

Last night, ChargePoint (CHPT; $1.94; E/W) announced a “strategic reorganization”, including another reduction in the company’s headcount by 12% (vs. ~1,800 employees at the end of October), which new CEO Rick Wilmer believes will result…