All Reports


February 1, 2023

NTAP: An Ominous Headcount Cut Announcement

By Steven Fox

Yesterday, NetApp (NTAP; $66.23; E/W) disclosed plans in an 8-K to restructure and subsequently reduce global headcount by a surprising ~8% in order to better prioritize investments in the face of ongoing macro uncertainties and…

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January 31, 2023

GLW: Guidance Disappoints Per Our Warnings

By Steven Fox

Corning’s (GLW; $34.61; E/W) Q1E guidance disappointed the Street, basically as we anticipated, outside of news of another round of inflation-fighting price increases and productivity ratio improvements. Specifically, GLW targets Q1E sales and EPS of…

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January 31, 2023

GLW: First Look at Q4 Results and Outlook

By Steven Fox

Corning (GLW; $36.39; E/W) reported Q4 “core” EPS of $0.47, which was ahead of our $0.45 and the Street’s $0.44 on some core sales upside ($3,633mm vs. our $3,578mm and the Street’s $3,551mm). By comparison,…

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January 31, 2023

ST: First Look at Q4 Results and Outlook

By Steven Fox

Sensata (ST; $45.88; O/P) reported Q4 adjusted EPS of $0.96, which beat our consensus matching $0.88 on some sales upside ($1,015mm, vs. our $1,010mm and the Street’s $1,000mm) that drove half of the EPS upside…

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January 27, 2023

MBLY: Living Up to Premium Valuation

By Steven Fox

Mobileye Global (MBLY; $35.97; E/W) produced better than expected Q4 results and offered up 2023E sales and operating profit guidance that encompassed consensus forecasts, albeit with a more back-end loaded slope to the year. Specifically,…

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January 26, 2023

PLXS: Some Disappointing Guidance

By Steven Fox

We revise F2023/F2024E (Sept) EPS for Plexus (PLXS; $93.86; E/W) from $5.80/$6.60 to $5.50/$6.65 after FQ2E (Mar) guidance disappointed, reflecting further pressures in semi-cap equipment markets (20%+ of sales) and some slower ramps on a…

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January 26, 2023

APH: Another Beat and Lower

By Steven Fox

We reduce 2023E EPS for Amphenol (APH; $78.41; E/W) from $3.05 to $2.92 (-3% YoY) after the company produced a second consecutive “beat and lower” quarter, including a just completed acquisition now in our model…

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January 26, 2023

PLXS: First Look at FQ1 (Dec) Results and Outlook

By Steven Fox

Plexus (PLXS; $113.24; E/W) reported FQ1 (Dec) non-GAAP EPS of $1.49, which was ahead of our $1.45 and in line with consensus of $1.49 on sales of $1,094mm (vs. our $1,100mm and consensus of $1,107mm)….

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January 26, 2023

MBLY: First Look at Q4 Results and Outlook

By Steven Fox

Mobileye Global (MBLY; $33.95; E/W) reported adjusted Q4 EPS of $0.27, which was comfortably ahead of our $0.16 and the Street’s $0.17 on sales of $565mm (+59% YoY and +26% QoQ), which beat our $531mm…

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January 26, 2023

STX: A Shorter Route to Production Re-Start Than We Assumed

By Steven Fox

We raise F2023/F2024E (Jun) EPS for Seagate (STX; $62.25; E/W) from $1.35/$3.20 to $1.70/$3.85 after FQ2 (Dec) EPS of $0.16 exceeded our $0.07 and the Street’s $0.09, on slightly better sales and operating margins as…

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January 26, 2023

FLEX: Valuation Drivers Continue to Present Themselves

By Steven Fox

Flex (FLEX; $24.36; O/P) produced as expected FQ3 (Dec) results and outlook, albeit with some put and takes, which in the “grand scheme of things” should prove transient, especially in the context of valuation (10.5X…

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January 25, 2023

TEL: A Bit of a Meet and Lower

By Steven Fox

We modify F2023E (Sept) EPS for TE Connectivity (TEL; $123.57; E/W) from $6.80 to $6.60 (-10% YoY) after FQ1 (Dec) lived up to expectations, albeit with FQ2E (Mar) guidance somewhat below Street thinking, mainly on…

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January 25, 2023

APH: First Look at Q4 Results and Outlook

By Steven Fox

Amphenol (APH; $79.44; E/W) reported Q4 non-GAAP EPS of $0.78, which was ahead of our consensus matching $0.75 led by some sales upside ($3,239mm vs. our $3,154mm and the Street’s $3,151mm). As per the table…

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January 25, 2023

HYZN: CFO Steps Down

By Steven Fox

Last night after the close (1/24), Hyzon Motors (HYZN; $2.07) disclosed in an 8-K filing the resignation of CFO Samuel Chong, who only joined the company back in April of last year (effective February 10th)….

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January 25, 2023

TEL: First Look at FQ1 (Dec) Results and Outlook

By Steven Fox

TE Connectivity (TEL; $124.65; E/W) reported FQ1 (Dec) non-GAAP EPS of $1.53 vs. our $1.50 and the Street’s $1.51 on some sales upside that was led by auto markets ($3,841mm vs. our $3,750mm and consensus…

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