July 23, 2024
Admittedly, 2Q24E is Not an Easy Quarter to Model for Tesla. In the below, we consider various moving parts in TSLA’s 2Q24E model, including: (a) 57.146K more cars sold in 2Q24E QoQ (a positive), (b)…
July 17, 2024
Wow… That Can’t be Good. Below, in Ex. 1, we provide a letter sent by SunPower (SPWR; SELL) to its customers around 1:39pm EST today. In what follows, we provide our take. SunPower is No…
July 15, 2024
Hold On… Come Again? Last Friday, unbeknownst to many (it seems), SPWR (link) filed an amendment to its July 3rd 8-K, which provided additional information, this time from Ernst & Young (“EY”). more specifically, in…
July 15, 2024
What Does Our Bridge to Tesla’s 2Q24E EPS and Free-Cash-Flow Say vs. the Current Consensus Estimates? In the below, we provide our bridge to TSLA’s 2Q24E GAAP/non-GAAP EPS and free-cash-flow (“FCF”) when considering: (a) TSLA’s…
July 11, 2024
Our Checks Suggest Cleveland Cliffs May be Trying to Stop the Bleeding of Hot-Rolled-Coil Prices Falling. In checks we conducted yesterday, we were informed that CLF is alleged to be offering a significant baseload of…
July 8, 2024
SunPower Releases “Horror Show” of an 8-K, After the Markets Closed July 3rd at 5pm EST (almost as if to “sneak” it by investors ahead of a national U.S. holiday). In short, another day, another…
July 1, 2024
As Has Become Custom, Ahead of Fundamentally Bad News, Tesla’s Stock Rallies. Despite what we expect to be a sizeable 2Q24E delivery miss when TSLA reports numbers tomorrow (i.e., 416.027K [Europe – 70.463K; U.S. –…
June 25, 2024
SolarEdge Announces it is Raising $300mn via Senior Convertible Notes due 2029 and Provides (disappointing) 2Q24E Free-Cash-Flow Guidance. So, yesterday, after the close, via an 8-K filing, SEDG made three key announcements, including: (1) it…
June 18, 2024
So, What’s the Set-Up for the World’s Leading Module-Level-Performance-Electronics (“MLPE”) Inverter Suppliers Enphase (ENPH; SELL) and SolarEdge (SEDG; SELL)? Last week, the solar world learned that Titan Solar, one of the largest residential rooftop solar…
June 14, 2024
This (i.e., Modeling Daqo’s Fundamentals) Isn’t Hard Folks. This week, we decided to update our bottoms-up Daqo earnings-driver model, and, OH BOY, were we surprised. In brief, in what follows, we detail why we see…
June 6, 2024
Are Street Ests. Too High, and Are Service Centers Actively Trading Steel Stocks Amongst Themselves, Suggesting the “Great Restocking” That Many Steel Bulls Have Become Accustomed to is Not Coming Anytime Soon? The, somewhat complicated,…
June 3, 2024
Does the Intraday Surge in Sunpower’s Stock Today, Juxtaposed Against its 8-K Filing this Morning, Suggest Wall Street (and Specifically Sunpower Bulls) is in for a “Rude Awakening”? In the analysis below, we look to…
May 22, 2024
As Global Solar Distributors/Installers Shift Away from Higher-Cost Module-Level-Performance-Electronics (“MLPE”) Inverters, Opting Instead for Lower-Cost String Optionality, we See Outsized Risk to Enphase. In this initiation of coverage report, we detail the basis for our…
May 14, 2024
Which One of these Things (SPWR + GME + AMC) is Not Like the Other? When meme stocks squeeze, typically, owners of the stock hold firm onto the shares, causing fear among the “shorts“, sending…
April 22, 2024
Tesla Took a Slashing to the Price of its New Cars All Through this Past Weekend. In the analysis that follows, using estimates for the number of cars TSLA is expected to sell in each…