^{_{Welcome to the TraderTV Live Morning Research Note. Here's what's making major moves in the market today.}}

0815 - ADP national employment for May: Expected 175,000
0945 - S&P Global Composite Final PMI for May: Prior 54.4
0945 - S&P Global Services PMI Final for May: Prior 54.8
1000 - ISM Non-Manufacturing PMI for May: Expected 50.8; Prior 49.4
1000 - ISM Non-Manufacturing Employment Index for May: Prior 5.9
1000 - ISM Non-Manufacturing New Orders Index for May: Prior 52.2
1000 - ISM Non-Manufacturing Price Paid Index for May: Prior 59.2

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Top Stories

Taiwan Semiconductor Manufacturing (TSM)

+2.11%

Trading higher premarket after reporting net revenue for June 2024 and the first half of fiscal 2024. Revenue for the month of June rose 32.9% on a year-over-year basis to reach NT$208.7 billion, while revenue from January to June of 2024 rose by 28% to NT$1.266 trillion. Calculations from Reuters estimate that fiscal Q2 revenue grew by 32% on a year-over-year basis, above expectations.

Microsoft Corp (MSFT)

+0.24%

On watch after relinquishing its board observer seat at OpenAI, citing the AI startup's improved governance over the past eight months. The Financial Times further reported that Apple, which was expected to assume this role, has declined, and OpenAI will now host regular stakeholder meetings with strategic partners like Microsoft and Apple. Microsoft had initially taken the observer position following OpenAI CEO Sam Altman's return, but regulatory scrutiny from antitrust authorities in Europe, Britain, and the U.S. over Microsoft's influence led to its decision to give up the seat.

Alphabet, Meta, and Amazon.com

+0.43%

All three stocks are trading marginally higher premarket after receiving price target increases from TD Cowen. Alphabet’s price target was raised from $200 to $220, Meta’s was raised from $530 to $600, and Amazon’s was raised from $225 to $245.

Crypto Stocks

+1.23%

Trading higher as a group as bitcoin looks to build on its gains during Tuesday’s session, trading around the $58,500 level on Wednesday morning. Ethereum also rose to trade just below $3,100 early on Wednesday.

MARA, IBIT, RIOT, CLSK, COIN, MSTR, HUT

Baidu Inc (BIDU)

-5.24%

The company’s US-listed shares are trading sharply higher premarket after jumping by more than 8% on Tuesday, with the stock rising to its highest level in over a year in China on Wednesday. Bullish options bets in the stock have reached a record high, with over 48,000 call options traded, significantly surpassing the 20-day average and doubling the number of bearish puts.

Longeveron Inc (LGVN)

+9.07%

Trading with strong volume after announcing that Lomecel-B, its Alzheimer’s disease treatment, has received Regenerative Medicine Advanced Therapy designation from the FDA in the US. The stock, which received attention from retail traders on Tuesday as the company announced updates to its board of directors, has a short float of 46.8% out of a total float of 4.27 million shares.

Carvana Co (CVNA)

+3.99%

Trading higher premarket after Needham upgraded its rating on the stock from Hold to Buy with a price target of $160. Separately, the company announced a streamlined shopping and checkout experience for used electric vehicle buyers, highlighting vehicles eligible for the Clean Vehicle Tax Credit. This new process allows qualified customers to apply savings of up to $4,000 from the tax credit directly during the purchase.

VivoPower International PLC (VVPR)

+120.00%

Gapping up after securing an amendment and extension to its $34 million shareholder loan financing agreement after negotiations with the independent directors of AWN Holdings Limited. This agreement aims to provide continued financial support and flexibility for VivoPower's operations. The stock has a float of 1.5 million shares.