All Reports


January 22, 2024

Not All Bad News on the Electric Vehicle Front

By Steven Fox

We think there are some positives worth focusing on amongst all the electric vehicle (EV) hand wringing of recent weeks. For example, recent updates from direct current fast charging (DCFC) network operators EVgo (EVGO; $2.72;…

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January 19, 2024

Will Minimum Q1 Visibility Reign In 2024 Bullishness?

By Steven Fox

We think a muted end to the December quarter, combined with ongoing uncertainty around the impact of high interest rates on capital spending-driven markets, and typical seasonal pressures to start the year suggests to us…

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January 19, 2024

BDC: Expanding in India

By Steven Fox

Over the past several days, Belden (BDC; $72.71; E/W) announced it expanded its existing manufacturing facility in Pune, India, as well as opened a new Customer Innovation Center (CIC) in Bengaluru, India, as per plan….

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January 18, 2024

GLW: Rolls Out Next Gen Gorilla Glass

By Steven Fox

Yesterday (1/17), Corning (GLW; $30.22; E/W) announced that Samsung Electronics’ just introduced Galaxy S24 Ultra smartphone will feature GLW’s new Gorilla Armor cover glass. As per a press release from GLW, Gorilla Armor is the…

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January 18, 2024

A Mixed Bag of Year-End European Auto Data

By Steven Fox

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

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January 17, 2024

STX: Bumping Up Estimates

By Steven Fox

We are bumping up our FQ2E (Dec) EPS for Seagate (STX; $83.33; E/W) from ($0.13) to ($0.03) to account for management commentary in recent weeks that suggested some better HDD shipments in the quarter (measured…

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January 17, 2024

FLEX: Adjusting Model for NXT Divestiture

By Steven Fox

We are updating our financial model for Flex (FLEX; $22.13; O/P) to account for the recently completed divestiture of Nextracker (NXT; $41.89; E/W) on January 2nd (“NXT Spin Coming Much Sooner Than Expected”; 12/18/23). The…

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January 17, 2024

PLXS: Slow End to Quarter Leads to FQ1 Miss

By Steven Fox

Last night, Plexus (PLXS; $101.52; E/W) negatively pre-announced FQ1E (Dec) results. Specifically, PLXS now sees FQ1E sales of $980-985mm (-4% QoQ and -10% YoY at the mid-point), which is just 3% below the original guidance…

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January 16, 2024

UBER: Last Call for Drizly

By Steven Fox

Yesterday (1/15), Uber Technologies’ (UBER; $63.51; O/P) Drizly on-demand alcohol marketplace in the U.S. sent out an email to customers, which disclosed its plans to cease operations at the end of March. Recall, Uber acquired…

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January 16, 2024

ST: CES Highlights Breadth of Electrification Opportunity

By Steven Fox

Last week, Sensata (ST; $34.26; O/P) highlighted its electrification portfolio at the Consumer Electronics Show (CES) in Las Vegas, which we think has not been the case in previous years, at least to this extent…

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January 16, 2024

GLW: Some CES News to Consider

By Steven Fox

Last week, Corning (GLW; $30.60; E/W) announced at the Consumer Electronics Show (CES) that it collaborated with BOE Technology Group to develop a 44.6” ultra-large oxide panel for automotive cockpit display designs. Importantly, GLW is…

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January 16, 2024

DELL: Still Looking for Big Recovery at CES

By Steven Fox

Last week, we hosted an investor meeting with Dell Technologies’ (DELL; $79.31; E/W) Paul Frantz, VP of IR, at the Consumer Electronics Show (CES) in Las Vegas. Our conversation highlighted a broadening range of reasons…

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January 16, 2024

JBL: CES Meeting Highlights a Still Big Set of Auto Opportunities

By Steven Fox

Last week, we met with Jabil (JBL; $128.14; O/P) management, including CEO Kenny Wilson and Chad Morley, SVP, Auto & Transportation, from the company’s transportation product exhibit at the Consumer Electronics Show (CES) in Las…

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January 16, 2024

APTV: CES Highlights Technology Breadth

By Steven Fox

Last week, we attended an Aptiv (APTV; $80.88; O/P) investor event at the Consumer Electronics Show (CES) in Las Vegas where we heard from CEO Kevin Clark, CTO Benjamin Lyon, plus Paul Miller, CTO for…

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January 16, 2024

MBLY: CES Highlights Debate Over Short vs. Long Term

By Steven Fox

Last week, we had the opportunity to dig deeper into the Mobileye Global (MBLY; $30.07; E/W) investment story, at the Consumer Electronics Show (CES), which is obviously under more scrutiny after management cut deep into…

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