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

0830 - Initial jobless claims: Expected 236k; Prior 235k
0830 - Unit labor costs (prelim) for Q2: Expected 1.7%; Prior 1.4%
0830 - Productivity (prelim) for Q2: Expected 1.8%; Prior 0.2%
0945 - S&P manufacturing PMI (final) for July: Expected 49.6; Prior 49.5
1000 - ISM manufacturing PMI for July: Expected 48.8; Prior 48.5

Meta Platforms Inc (META)

+6.82%

Trading sharply higher premarket following its earnings report, where earnings of $5.16 per share and sales of $39.07 billion topped estimates of $4.73 and $38.31 billion, respectively. The company guided Q3 revenue between $38.5 billion and $41 billion, above estimates of $38.3 billion, and projected expenses to fall between $96 billion and $99 billion for fiscal 2024.

Arm Holdings PLC (ARM)

-8.44%

Gapping down after providing weaker-than-expected guidance for fiscal Q2 2025. The company projected Q2 earnings between $0.23 and $0.27 per share, compared to estimates of $0.27, and revenue between $780 million to $830 million, compared to estimates of $804.08 million. For fiscal Q1, Arm posted earnings of $0.40 per share and revenue of $939 million, both of which exceeded analyst estimates, and reported a 72% year-over-year increase in its “license and other revenue” segment.

Moderna Inc (MRNA)

-11.45%

The company lowered its guidance for 2024 net product sales in its respiratory franchise from $4 billion to a range between $3 billion and $3.5 billion during its earnings report. This drop in guidance was attributed to factors including lower-than-expected sales in Europe and escalating competition in the US respiratory vaccine space. Sales for fiscal Q2 came in at $241 million, well above estimates of $132.183 million, and losses of $3.33 per share were slightly narrower than estimates of a $3.36-per-share-loss.

Li Auto Inc (LI)

+2.58%

Trading higher premarket with volume after reporting delivery numbers for July 2024. The company reported the delivery of 51,000 vehicles for the month, indicating a 49.4% increase from its deliveries for July 2023. Fellow Chinese EV companies Nio and Xpev reported year-over-year increases of 0.2% and 1%, respectively, for July 2024 deliveries.

Carvana Co (CVNA)

+10.63%

Gapping up after its earnings report. The company posted GAAP earnings of $0.14 per share, above estimates of a $0.12-per-share loss, and sales of $3.41 billion exceeded estimates of $3.244 billion. Carvana also guided 2024 adjusted EBITDA between $1 billion and $1.2 billion, well above its 2023 adjusted EBITDA of $339 million.

Wayfair Inc (W)

-8.14%

Gapping down following its earnings report. The company reported earnings of $0.47 per share and sales of $3.117 billion, missing estimates of $0.49 and $3.179 billion, respectively. Quarterly adjusted EBITDA of $163 million also missed estimates of $169.3 million.

Crocs Inc (CROX)

-5.48%

Trading lower premarket following its earnings report. Earnings of $4.01 per share and sales of $1.112 billion for fiscal Q2 beat estimates of $3.56 and $1.102 billion, respectively. The company projected adjusted earnings between $2.95 and $3.10 for Q3, below estimates of $3.33, and projected revenue growth between -1.5% and 0.5% year-over-year for the quarter.

Mobileye Global Inc (MBLY)

-9.52%

Gapping down after guiding fiscal 2024 revenue between $1.6 billion and $1.68 billion, below its prior guide of $1.83 billion to $1.96 billion and falling short of the estimated $1.87 billion. The company reported adjusted earnings of $0.09 per share for Q2, above estimates of $0.07, and sales of $439 million similarly beat estimates of $424.802 million.

Teladoc Health Inc (TDOC)

-18.77%

The company reported Q2 sales of $642.444 million, missing estimates of $649.65 million, though losses of $0.28 per share were narrower than the estimated $0,35-per-share loss. Teladoc withdrew its full-year 2024 guidance and three-year forecast, and recorded a non-cash impairment charge of $790 million due to revised future cash flow estimates from BetterHelp.

Bone Biologics Corp (BBLG)

+57.41%

Gapping up on no apparent catalyst. The stock, which has rallied in the past and is receiving premarket attention on social media, has a market capitalization of $2.38 million and a float of 1.03 million shares.