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

0830 - PPI y/y for July: Expected 2.3%; Prior 2.6%
0830 - PPI m/m for July: Expected 0.2%; Prior 0.2%
0830 - Core PPI y/y for July: Expected 2.6%; Prior 3.0%
0830 - Core PPI m/m for July: Expected 0.2%; Prior 0.4%
1315 - Fed’s Bostic speaks

NVIDIA Corp (NVDA)

+0.67%

On watch after the Wall Street Journal reported that Huawei Technologies is preparing to introduce its new AI chip, in an effort to compete with Nvidia's advanced processors in China, particularly after U.S. sanctions limited Nvidia's ability to sell its top-tier H100 chips in the region. Huawei's Ascend 910C chip, which is reportedly sought after by major Chinese tech companies like ByteDance, Baidu, and China Mobile, is expected to start shipping as early as October.

On Holding AG (ONON)

-8.82%

The company’s US-listed shares are trading lower following its earnings report. Sales rose by 28% on a year-over-year basis to reach $627.683 million, above analyst estimates of $561.028 million, but earnings of $0.15 fell slightly below the estimated $0.16.

The Home Depot Inc (HD)

-2.00%

The company reported quarterly earnings of $4.67 per share, exceeding estimates of $4.50, and sales of $43.175 billion, below the consensus estimates of $43.376 billion. Comparable sales and US comparable sales dropped by 3.3% and 3.6%, respectively; customer transactions, average ticket, and sales per retail square foot also dropped on a year-over-year basis. Home Depot raised its sales guidance for fiscal 2024 to a range between $156.49 billion and $158.01 billion, below analyst estimates of $158.88 billion, with its 2024 EPS outlook of $14.66-$14.96 also missing estimates of $15.14.

Dell Technologies Inc (DELL)

+1.79%

Trading higher premarket after receiving an upgrade from Barclays. The analyst raised its rating for Dell from Underweight to Equal-Weight and assigned a $97 price target to the stock. Barclays cited that the growth potential of Dell's AI business justifies a higher valuation while also highlighting concerns about the weak macroeconomic environment impacting the company’s PC and traditional server/storage markets, which may offset gains from the AI segment.

Trump Media & Technology Group Corp (DJT)

-3.50%

On watch following Elon Musk’s interview US President and current Republican presidential candidate Donald Trump on Monday evening. The interview, which was aired live on X, began later than its scheduled start time at 8:00 PM ET due to technical issues which Musk claimed were the result of a cyberattack.

Tencent Music Entertainment Group (TME)

-6.93%

The company’s US-listed shares are gapping down following its earnings report. Earnings of $0.16 per share were in-line with analyst estimates, while sales of $985 million missed estimates of $996.68 million. Monthly active users dropped by 3.9% year-over-year for online music and 31.6% year-over-year for social entertainment. The company reported increases in revenue and average revenue per paying user (ARPPU) for online music, but reported decreases in both these metrics in their social entertainment segment.

Sea Ltd (SE)

-1.12%

Trading lower premarket following its earnings report. The company reported earnings of $0.14 per share, below estimates of $0.15, and sales of $3.087 billion, exceeding expectations of $3.724 billion. Sea Ltd also raised its guidance for gross merchandise value growth in its Shopee segment to the mid-20% range for fiscal 2024.

B. Riley Financial Inc (RILY)

-7.24%

Trading lower premarket after announcing on Monday evening that the company would delay filing its Q2 2024 financial report with the SEC. The stock traded sharply lower throughout Monday’s session following the release of B. Riley’s preliminary Q2 earnings, which included projected net losses of $435 million to $475 million for the quarter.

CXApp Inc (CXAI)

+76.97%

Gapping up after announcing a multi-year, multi-million dollar strategic partnership with Google Cloud during the earnings report. The deal is set to involve the development and delivery of advanced AI infrastructure, security, and application products, with Google Cloud also co-investing in the CXAI platform's ongoing development. CXAPP reported loss of $0.34 per share and sales of $1.766 million, compared to estimates of a $0.27-per-share loss and $1.8 million in sales.