Luminar CFO addresses chip image issue, calls out Goldman analyst

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Luminar CFO addresses chip image issue, calls out Goldman analyst

seekingalpha2023-03-25

Luminar Technologies CFO Tom Fennimore penned a strongly worded open letter on Friday, arguing the stock’s recent slide is unjustified. Shares of the Florida-based automotive technology company have ...

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anyhow99
·2023-04-12
why even bother with analysts? if they are good they won't be working for shit banks isn't it. if you can predict the winning numbers of lottery would you tell the world? I defo won't. Even if I can only predict the smaller prizes I won't even share.
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Shares of the Florida-based automotive technology company have fallen sharply in March, sliding over 35% since March 3. The stock added to that decline on Friday, slipping 5.81%. A key catalyst for that slide was the revelation that the company used an image of a chip belonging to a competitor in promotional material. Adding to downside pressure, Goldman Sachs moved to a Sell rating in mid-March as its analysts argued there is downside to margin projections from the company. Fennimore dismissed these issues as “other lidar companies stepping up their public attacks”, “FUD”, and “misinformation.” He accused the broader industry of adopting a “crab mentality” amid a struggle to compete. On the issue of the competitor’s chip being used in a YouTube video, Fennimore attributed this to simple human error. He explained that a team member utilized a generic photo that was not meant to be representative of Luminar’s technology, but of a photonic integrated circuit generally.  “A startup company that Luminar has never heard of contacted the media claiming that we were improperly passing off their tech as ours. This is clearly not the case,” he declared. “For the avoidance of doubt, we replaced the thumbnail with an actual microscopic photo of one of our integrated circuits. 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Shares of Innoviz (INVZ) -5.49%, AEye (LIDR) -11.49%, Mobileye (MBLY) -5.09% and Cepton (CPTN) -6.02% all fell as the LiDAR industry broadly dipped after Ouster’s (OUST) -12.91% earnings disappointment on Thursday evening.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9942574602,"gmtCreate":1681263559707,"gmtModify":1681266448095,"author":{"id":"3573519995060976","authorId":"3573519995060976","name":"anyhow99","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"hat":"https://static.tigerbbs.com/0a8758340a08196056f8bc1e54805193","crmLevel":4,"crmLevelSwitch":1,"idStr":"3573519995060976","authorIdStr":"3573519995060976"},"htmlText":"why even&nbsp;bother with analysts? if they are good they won't be working for shit banks isn't it. if you can predict the winning numbers of&nbsp;lottery would you tell the world? I defo won't. Even if I can only predict the smaller prizes I won't even share.&nbsp;","listText":"why even&nbsp;bother with analysts? if they are good they won't be working for shit banks isn't it. if you can predict the winning numbers of&nbsp;lottery would you tell the world? I defo won't. Even if I can only predict the smaller prizes I won't even share.&nbsp;","text":"why even bother with analysts? if they are good they won't be working for shit banks isn't it. if you can predict the winning numbers of lottery would you tell the world? I defo won't. Even if I can only predict the smaller prizes I won't even share.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9942574602","repostId":2322149625,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}