• Roxanne Meyer (BMO) does a very good rundown of Lulu.
  • Cites management goal of doubling business in China.
  • Ecommerce strategy.
  • Use of innovation in fabric.
  • Solid management
2/20/2020
  • Company is a digital ad management company.
  • After stock was hit especially hard by the market in February, the company reported a strong 4Q although they guided conservatively in 2020 as it continues to invest in connected TV.  The company is benefiting from cored cutting.
  • Trade Desk is also benefiting from campaign spending from candidates in both parties.
  • Management not seeing any global effect on its advertising business from coronavirus.
  • Stock was up 14.9% on Friday.
 
  • Huawei security chief Andy Purdy defends the company's position in the market and how to change the negative perception of the company.
  • He is critical of the Trump administration's handling of Huawei and other technology companies which he says is costing 10's of thousands of jobs in the US.
  • He says they are practicing full transparency including enhanced IP compliance, cross licensing deals with partners who can see Huawei's actions.
  • Measures successfully put in place in the UK where the government monitors and evaluates the products produced.
  • Volatile stock after IPO in June at $39, stock hit high of $99 in mid August, now trading at $69.
  • In part due to growing market concerns with competition.
  • Kurtz thinks their approach is different and proprietary with focus on breaches.
  • Also believes that security software market will ultimately consolidate, similar to CRM.
January 15, 2020
  • Cramer interviews CEO Katrina Lake.
  • Very interesting interview as Stitch Fix is truly a modern retail company.
  • Company takes customer input on personal style preferences then curates clothing offerings through a combination of data science and a team of 5,100 stylists for its 3 million customers.
  • The Direct Buy service further curates customer style preferences and offers a more selective number of choices to its customers.
  • Company has been profitable since 2014 with the stock up modestly the past year.
  • Smart long time leading technology analyst.
  • In addition to 3 new I-phones, sees more importance on wearables (low single digit growth) and smart glass.
  • More broadly, overweight services and Internet, underweight software as faces challenging YOY comps.  Cautious on semis given the run up in the stocks into higher inventories.
  • Likes FANG, although sees stock returns (vs prior 5 years) impacted by increased regulation.
 
  • Long conversation with Dimon.
  • Notable comments with much of it on the importance of having good government and public policy and the negative impact on national economic growth from bad policy.  Also, carbon tax and dividend.
  • He seems to be generally comfortable with the state of the US economy (calls it "goldilocks"), particularly on the consumer side.  Expects capex to pick up this year on the corporate/industrial side.
  • Beyond government and public policy, concerns are negative interest rates, QE, cyber security.
  • Very negative comments from Kostin with expectations of the market trading down 15%, then almost recovering by year end.
  • He sees an earnings recession and analyst consensus estimates remain too high with major revisions the coming months.  Goldman lowered their S&P 2Q earnings estimate to a YOY 15% decline and down 5% for 2020.  From us, clearly the fact that analysts' estimates need to come down is not new and is mostly in stock valuations, although the magnitude of coming adjustments may not be fully reflected.
  • Nothing that incremental beyond the view on earnings, but worth a watch for updated consensus view.
  • Click through for the video.
2/27/2020
  • Company reported a strong 4Q and guided 2020 up.
  • Company seems to be also benefiting as a "stay at home" stock in the coronavirus environment.
  • CEO says not concerned with supply side disruptions.
  • Television advertising is working as it taps peoples creative sides.
  • Stock was up 14% on Thursday.
  • The company lowered 1Q rev forecast saying that traffic was actually very strong through most of February, then last week CEO Kelly said there was a significant drop due to coronavirus showing up in the US.  He said that the hit could be "several hundred million dollars".
  • The company is not cutting capacity at this point, but obviously evaluating.
  • He says it is "encouraging" to look to China where the number of new cases is declining.
  • Stock is down 3.9% today and down about 25% since mid February.