UBER: Announces Some New Grocery Engagements

This week, Uber Technologies (UBER; $48.32; O/P) announced two new grocery partnerships, ironically well timed with the upcoming IPO of Maplebear (d/b/a Instacart), which we evaluated in a note yesterday (“Insta Analysis of CART”; 9/14)….

Insta Analysis of CART

We reviewed S-1 filings of Maplebear, which is doing business as Instacart, and assembled a financial model, including a “first stab” at forecasts ahead of a proposed IPO under the ticker CART. Instacart, the largest…

STX: Adjusting Estimates for Further Headwinds

We reduce our F2024E (Jun) EPS for Seagate (STX; $65.37; E/W) from a profit of $0.13 to a loss of ($0.03) to catch up with the management warnings last week at an investor conference that…

CHPT: Reduce Rating to Equal-Weight

We lower our rating on ChargePoint (CHPT; $7.06) from Outperform to Equal-Weight after FQ2 (July) results disappointed even if we exclude an unexpected inventory write-down. CHPT also provided weaker than expected top and bottom-line targets…

MBLY: Some Interesting SuperVision News

This morning, Mobileye Global (MBLY; $37.23; E/W) announced that a set of autonomous driving features based on the company’s SuperVision platform have now been added to 110,000 ZEEKR 001 electric vehicles (EVs) in Hangzhou and…

DELL: Big Beat to Guidance Again

Dell Technologies (DELL; $56.24; E/W) easily cleared its FQ2 (July) guidance bar on EPS of $1.74 (+4% YoY), beating our consensus matching $1.14 and its own $1.00-1.20. The beat was driven by much better-than-expected sales…

PSNY: Facing a Critical 18 Month Period Post Q2 Print

Polestar (PSNY; $3.33; O/P) announced full Q2 results this morning that were generally around our expectations outside of some noticeable gross margin disappointment. At the same time, the company shipped 15,765 vehicles during Q2, which…

Generally Solid European Auto Registrations

This morning, the European Automobile Manufacturers Association released car registration data from the region for the month of July, which was modestly below seasonal trends. Specifically, European vehicle registrations in July (~20% of global demand)…

HYZN: Takes Another Development Step Forward

This morning, Hyzon Motors (HYZN; $1.25) announced the successful completion of its first customer demonstration with a liquid hydrogen fuel cell electric vehicle (FCEV) in partnership with Chart Industries (GTLS; $177.63; NR). Recall, Hyzon announced…

JBL: Announces Plans to Exit Mobility Business

Last night, Jabil (JBL; $103.22; O/P) surprised us when it announced a preliminary agreement for the sale of its Mobility business to BYD Electronic or BYDE (285.HK; HK$32.85; NR). Most recently, management estimated its Mobility…

APTV: An Interesting Wind River Win

Earlier this week, Aptiv’s (APTV; $97.22; O/P) Wind River business unit, acquired late last year for $3.5B, announced that Geely’s (175.HK; HK$9.51; NR) ZEEKR electric vehicle (EV) brand selected the Wind River Linux operating system…

MBLY: Announces Another Chauffeur Win

This morning, Polestar (PSNY; $3.63; O/P) announced it plans to integrate Mobileye Global’s (MBLY; $35.71; E/W) Chauffeur consumer autonomous driving platform into its Polestar 4 SUV. Recall, MBLY believes Chauffeur enables “eyes-off/hands-free” driving in a…

CHPT: Time to Catch That Falling Knife?

The shares of ChargePoint (CHPT; $6.79; O/P) are now down 30% since its FQ1 (Apr) results in early-June (-22% since July-end) and -57% YoY ahead of its FQ2 (Jul) results and outlook, scheduled for September…

DELL: More Risk than Reward into FQ2 Print

We approach the shares of Dell Technologies (DELL; $56.71; E/W) with caution into FQ2 (Jul) results and outlook next Thursday (8/31 after market). The stock is +25% (vs. +4% for the S&P 500) since FQ1…

NTAP: Still No Signs of a Storage Demand Recovery

NetApp’s (NTAP; $76.53; E/W) FQ1 (July) EPS was $1.15 (-4% YoY), which beat our $1.05 and the Street’s $1.07, on basically as expected sales and upside from some higher gross margins and tighter opex controls,…