All Reports


December 27, 2022

APTV: Wind River Deal Crosses the Finish Line

By Steven Fox

Aptiv (APTV; $91.26; E/W) announced on Friday (12/23), that it completed the acquisition of Wind River under revised terms. Specifically, APTV will now acquire Wind River from TPG Capital for $3.5B in cash or below…

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December 22, 2022

MU: In a Downturn Like No Other

By Steven Fox

We make another round of major cuts to EPS for Micron (MU; $51.19; E/W) after FQ1 (Nov) results came in around the low end of targets and FQ2E (Feb) profitability guidance badly disappointed even against…

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December 21, 2022

MU: First Look at FQ1 (Nov) Results and Outlook

By Steven Fox

Micron Technology (MU; $51.19; E/W) reported FQ1 (Nov) non-GAAP EPS loss of ($0.04), which compared to our ($0.05) and the Street’s ($0.02) on sales of $4,085mm (vs. our $4,000mm and consensus of $4,134mm). Recall, we…

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December 16, 2022

UBER: Leveraging Delivery Advantages Further

By Steven Fox

This morning, Uber Technologies (UBER; $25.78; O/P) announced a new on-demand and scheduled grocery delivery partnership with Meijer for consumers located in the Midwest of the U.S. (Illinois, Indiana, Kentucky, Michigan, Ohio, Wisconsin). We think…

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December 16, 2022

APTV: A Critical Executive Transition

By Steven Fox

Yesterday after the close, Aptiv (APTV; $93.87; E/W) announced that Benjamin Lyon has been appointed Senior Vice President and Chief Technology Officer (CTO), succeeding Glen De Vos, who has served as Senior Vice President and…

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December 15, 2022

HYZN: An Important Step Forward to Resolving Operating Issues

By Steven Fox

This morning, Hyzon Motors (HYZN; $1.80) disclosed in an 8-K that it entered into an agreement to acquire the remaining 49.5% of the issued and outstanding shares of its Hyzon Europe joint venture (JV) from…

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December 15, 2022

More Funding for Zero Emissions Infrastructure Builds

By Steven Fox

Yesterday (12/14), the California Energy Commission (CEC) approved $2.9B of funding aimed at accelerating the rollout of electric vehicle (EV) charging and hydrogen refueling infrastructure over the next four years, which we think bodes well…

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December 15, 2022

GLW: Further Building Out AutoGrade Glass Reach

By Steven Fox

Earlier this week (12/13), Corning (GLW; $32.74; E/W) announced it is building on its existing partnership with LG Electronics (066570.KR; W88,700; NR) and is now providing new sustainable cover glass solutions for curved interior auto…

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December 15, 2022

A Positive Auto Data Point Within a Still Risky Production Picture

By Steven Fox

This morning, the European Automotive Manufacturers Association released car registration data from the region for the month of November, which we think suggested some recent improvements in local component availability. However, per our recent industry…

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December 15, 2022

JBL: Demonstrates Further Resiliency

By Steven Fox

We reiterate our Outperform on the shares of Jabil (JBL; $69.22) as we bump up F2023E (Aug) EPS from $8.25 to $8.40 (+10% YoY) and adjust F2024E EPS from $9.00 to $9.20 (+10%) after FQ1…

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December 15, 2022

JBL: First Look at FQ1 (Nov) Results and Outlook

By Steven Fox

Jabil (JBL; $72.60; O/P) reported FQ1 (Nov) “core” non-GAAP EPS of $2.31, which was ahead of our $2.25 and the Street’s $2.24 on sales of $9,635mm (vs. our $9,300mm and the Street’s $9,290mm). As per…

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December 15, 2022

More Regulatory Back and Forth

By Steven Fox

The shares of Lyft (LYFT; $11.89; O/P) and Uber Technologies (UBER; $27.47; O/P) have outperformed over the past week, including yesterday in a down market (+3% and +2%, respectively), which we find interesting into a…

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December 13, 2022

LYFT: Broader EV Vision Makes Good Business Sense

By Steven Fox

Earlier this week (12/12), Lyft (LYFT; $11.60; O/P) announced in a blog post it will be offering drivers on its network easier access to electric vehicles (EVs) and charging infrastructure as part of a path…

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December 13, 2022

HYZN: A Hydrogen Future Continues to Unfold

By Steven Fox

We think recent news flow continues to point to healthy project activity around hydrogen refueling infrastructure as well as provide further evidence for the idea that hydrogen fuel cell electric vehicle (FCEV) technology is “taking…

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December 13, 2022

More Support for the Charging Software Potential

By Steven Fox

We think recent news from privately-held FreeWire Technologies further supports the idea that the “long software revenue tail” embedded within charging hardware sales strategies is still not well appreciated by investors, especially as it provides…

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