All Reports


December 1, 2022

DASH: Revisits Headcount Needs

By Steven Fox

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…

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November 30, 2022

Tip of the EMS Re-Shoring Iceberg?

By Steven Fox

We continue to see evidence that our well-established investment theme around global manufacturing re-shoring is still early stages when it comes to the electronics manufacturing service (EMS) providers we follow (“In Unchartered Territory; Launch on…

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November 30, 2022

GLW: Another Round of Cover Glass Advancement

By Steven Fox

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…

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November 30, 2022

NTAP: Beat and Lower as Expected

By Steven Fox

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”…

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November 29, 2022

NTAP: First Look at FQ2 (Oct) Results and Outlook

By Steven Fox

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…

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November 28, 2022

DELL: Upon Further Review

By Steven Fox

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…

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November 28, 2022

CHPT: Buying Opportunity into Earnings

By Steven Fox

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…

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November 28, 2022

Fox Tracks: Retail LCD TV Pricing Survey

By Steven Fox

Our pricing checks on the Wednesday before Thanksgiving (11/23) of popular full-HD (1080p) and 4K Ultra High Definition (UHD 2160p) LCD TV models provided some evidence that promotional activity during the holiday selling season could…

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November 28, 2022

Fox Tracks: Retail Storage Pricing Survey

By Steven Fox

We checked retail prices last week (11/23) on hard disk drives (HDDs) and solid-state drives (SSDs) for the first time since May. Based on our latest survey work, we believe HDD retail prices are down…

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November 22, 2022

NTAP: Expect Some Moderation in Outlook

By Steven Fox

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…

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November 22, 2022

DELL: Manages FQ3 Well but Warns Further on Outlook

By Steven Fox

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…

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November 21, 2022

DELL: First Look at FQ3 (Oct) Results

By Steven Fox

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…

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November 17, 2022

LYFT: Lyft-ing Up Its Subscriber Benefits Further

By Steven Fox

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…

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November 17, 2022

The Devil is Now in the Details for New Mobility

By Steven Fox

This week, we spent a couple of days at CoMotion 2022 in Los Angeles where we had the opportunity to meet with and hear presentations from a range of participants, including government policymakers, operating in…

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November 17, 2022

Still Questions on European Auto Demand

By Steven Fox

This morning, the European Automotive Manufacturers Association released car registration data from the region for the month of October, which did not alleviate our concerns regarding European vehicle demand into next year. Recall, Aptiv (APTV;…

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