All Reports


April 24, 2024

TEL: Currencies and Taxes Hide Generally Improving Trends

By Steven Fox

We adjust our F2024/F2025E (Sept) EPS for TE Connectivity (TEL; $140.00; O/P) from $7.55/$8.20 to $7.45/$8.15 after its slight FQ2 (Mar) EPS beat ($1.86 vs. our consensus matching $1.83), which included $0.02 of headwinds from…

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April 24, 2024

PLXS: First Look at FQ2 (Mar) Results and Outlook

By Steven Fox

Plexus (PLXS; $95.67; E/W) reported FQ2 (Mar) non-GAAP EPS of $0.94, which beat our $0.86 and the Street’s $0.87 on sales of $967mm (vs. our $950mm and the Street’s $951mm). Recall, PLXS’ FQ2 guidance called…

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April 24, 2024

APH: First Look at Q1 Results and Outlook

By Steven Fox

Amphenol (APH; $114.26; E/W) reported Q1 non-GAAP EPS of $0.80, which beat our consensus matching $0.73 led by healthy sales upside ($3,256mm vs. our $3,088mm and the Street’s $3,103mm). As per the table below, operating…

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April 24, 2024

STX: Sticking to Supply Plan as HDD Demand Improves Some More

By Steven Fox

We raise our F2024/F2025E (Jun) EPS for Seagate (STX; $86.53; E/W) from $0.75/$4.35 to $0.93/$5.40 after FQ3 (Mar) results and guidance generally lived up to expectations across key metrics, albeit with “puts and takes”. STX…

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April 24, 2024

TEL: First Look at FQ2 (Mar) Results and Outlook

By Steven Fox

TE Connectivity (TEL; $143.23; O/P) reported FQ2 (Mar) non-GAAP EPS of $1.86, which was ahead of our consensus matching $1.83 led by some slightly better than expected sales ($3,967mm vs. our $3,950mm and consensus of…

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April 23, 2024

STX: First Look at FQ3 (Mar) Results and Outlook

By Steven Fox

Seagate (STX; $86.49; E/W) reported FQ3 (Mar) non-GAAP EPS of $0.33, which was ahead of our $0.30 estimate and the Street’s $0.29 despite moderately lower than expected sales ($1,655mm vs. our $1,662mm and the Street’s…

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April 23, 2024

CART: Amazon Raises Competitive Bar

By Steven Fox

The shares of Maplebear, doing business as Instacart (CART; $33.59; E/W), are down 7% today and have now retreated 14% from recent highs (vs. +43% YTD) on news that Amazon (AMZN; $179.62; NR) is offering…

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April 23, 2024

HYZN: More Optionality Evidence

By Steven Fox

Last week, we attended Data Center World in Washington DC (“More Powerful Takeaways from Data Center World”; 4/22), which added to other recent news flow that continues to support the idea that hydrogen fuel cell…

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April 22, 2024

APTV: Wondering What We Don’t Know

By Steven Fox

The shares of Aptiv (APTV; $69.75; O/P) are now down 22% YTD (vs. +4% for the S&P 500) as investor concerns with 2024E EPS guidance of $5.55-6.05 (+14-24% YoY) continue to mount to levels that…

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April 22, 2024

MBLY: Looking for More Signs of Recovery

By Steven Fox

We expect Mobileye Global’s (MBLY; $30.23; O/P) Q1 results and outlook, scheduled for Thursday (4/25 before market), to clear another hurdle required for a further recovery in the stock as we mapped out in our…

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April 22, 2024

More Powerful Takeaways from Data Center World

By Steven Fox

As per our prior report (“A Powerful Data Center Conference”; 4/17), we spent a few days last week at Data Center World in Washington DC, where the wild level of bullishness we highlighted from our…

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April 19, 2024

JBL: CEO Placed on Paid Leave

By Steven Fox

Last night, Jabil (JBL; $129.59) announced in an 8-K filing that CEO Kenny Wilson was placed on paid leave pending completion of “an investigation related to corporate policies”. Effective as of today (4/19), the company’s…

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April 18, 2024

Mixed March European Registrations

By Steven Fox

This morning, the European Automobile Manufacturers Association released car registration data from the region for the month of March, which was somewhat below seasonal trends including weaker electric vehicle registration trends that should be measured…

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April 18, 2024

BHE: Favorable Risk/Reward into Earnings

By Steven Fox

The risk/reward on the shares of Benchmark Electronics’ (BHE; $30.04; O/P) still looks attractive to us ahead of the company’s Q1 results and Q2E outlook in coming weeks, especially with the stock trading at only…

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April 18, 2024

AMKR: Do H1 Results Matter Much for the Stock?

By Steven Fox

We continue to wonder if Amkor Technology’s (AMKR; $30.10; E/W) Q1 results and Q2E outlook, scheduled for April 29th (after market), are limited more than originally expected by a generally high exposure to still challenging…

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