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

1400 - Federal budget balance for July: Expected -$242B; Prior -$66B

Crypto Stocks

-2.15%

Trading lower as a group in tandem with a pullback for Bitcoin. The cryptocurrency drifted lower throughout the weekend and is trading just above the $59,000 level as of Monday morning; Ethereum is also trading lower. Separately, crypto miner CleanSpark reported their earnings after the bell on Friday. The company posted a larger-than-expected loss per share and missed sales estimates, and they announced a partnership with Coinbase wherein they have access to $50 million via a revolving line of credit.

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

Amazon.com Inc (AMZN)

+0.75%

The company has launched a co-branded credit card with Barclays in the UK, offering rewards on everyday spending that can be redeemed for Amazon.co.uk gift cards. The card provides 1% rewards on Amazon purchases, 0.5% on other spending in the first 12 months (0.25% thereafter), and additional benefits for Amazon Prime members, with no annual fee and a £20 gift card upon approval.

Robinhood Markets Inc (HOOD)

+1.79%

Trading higher premarket after Piper Sandler upgraded the stock from Neutral to Overweight and raised its price target from $20 to $23. The analyst noted that the stock’s recent pullback serves as an opportune time to get involved, emphasizing that growth potential in the trading market and the crypto space will likely offset any negative effects that rate cuts might have on the company’s net interest income.

Trump Media & Technology Group Corp (DJT)

-1.22%

On watch following the release of its earnings report after the bell on Friday. The company reported losses of $0.10 per share, narrower than the $0,26-per-share loss reported this time last year, while sales of $836,900 dropped from $1.19 million on a year-over-year basis. Trump Media announced that they have entered a Registration Rights Agreement with WorldConnect IPTV Solutions and JedTec as part of an asset acquisition, and that they have integrated a TV streaming platform into Truth Social called Truth+.

Starbucks Corp (SBUX)

+2.74%

Trading higher premarket after the Wall Street Journal reported that Starboard Value, an activist investor, has taken a stake in the company. This follows a previous report from Reuters, later confirmed by CEO Laxman Narasimhan, that activist investor Elliott is also building a stake in Starbucks.

Barrick Gold Corp (GOLD)

+2.35%

Trading higher following its earnings report, which exceeded Wall Street estimates driven by higher gold prices and robust production. Output reached 948,000 ounces, above the estimated 905,800 ounces, with sales of $3.162 billion and adjusted earnings of $0.32 per share beating estimates of $3.114 billion and $0.27, respectively. The company's all-in sustaining costs increased to $1,498 per ounce, while the average realized gold price rose to $2,344 per ounce, compared to $1,972 per ounce last year.

Hawaiian Electric Industries Inc (HE)

-11.16%

Gapping down following its Q2 2024 earnings reports. Earnings of $0.44 per share missed analyst estimates of $0.49, though sales of $897.36 million represented a slight increase on a year-over-year basis from $895.685 million in Q2 2023. The utility firm also expressed concerns about its ability to continue as a going concern after revealing it lacks a financing plan for the $1.99 billion Maui wildfire settlement reached earlier this month. Hawaiian Electric and its subsidiary are collaborating with financial advisers to explore financing options, including debt, equity, and other potential solutions.

KeyCorp (KEY)

+18.07%

Gapping up after Canada's Scotiabank announced an agreement to acquire a 14.9% stake in the U.S. regional bank through common shares issued at $17.17 each, representing a 17.5% premium over KeyCorp's last close. The deal, valued at approximately $2.8 billion, is expected to close in fiscal 2025.

Ke Holdings Inc (BEKE)

+4.06%

Trading higher premarket following its earnings report, where adjusted earnings of $0.31 per share and sales of $3.2 billion exceeded estimates of $0.21 and $3.09 billion, respectively. The company also announced the extension of its buyback program until August 31, 2025 and increased the buyback authorization from $2 billion to $3 billion.

PS International Group Ltd (PSIG)

+76.24%

Gapping up on no apparent catalyst. The stock has a market capitalization of $24.53 million and a float of 4.13 million shares.