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

0830 - Housing starts for July: Expected 1.333M; Prior 1.353M
0830 - Building permits for July: Expected 1.425M; Prior 1.454M
0830 - Housing starts change m/m for July: Expected -1.5%; Prior 3%
0830 - Building permits change m/m for July: Expected -2%; Prior 3.9%
1000 - UMich Consumer Sentiment (prelim) for August: Expected 66.9
1325 - Fed’s Goolsbee speaks

Crypto Stocks

+1.87%

Trading higher as a group in tandem with a recovery in Bitcoin. The cryptocurrency began trading lower near the end of Thursday’s session, dropping as low as the $56,000 level, and is back to trading above $58,000 as of Friday morning.

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

Semiconductors

+0.41%

Trading slightly higher as a group with volume following a sector-wide rally during Thursday’s session. Stocks including Nvidia, Intel, Broadcom, and Micron all closed sharply higher on the day. Nvidia is scheduled to report earnings on Wednesday, August 28, while Marvell is set to report on Thursday, August 29.

NVDA, INTC, AVGO, MU, MRVL, AMD, MSTR, ARM, SMCI, TSM

Alibaba Group Holding and JD.Com

+2.33%

Continuing to trad higher as a pair following both companies’ earnings reports on Thursday morning, with Baird raising its price target for Alibaba from $85 to $88 and maintaining a Buy rating; JP Morgan also raised its price target for Alibaba from $100 to $108. Both Alibaba and JD.Com exceeded expectations for earnings per share but missed revenue estimates.

BABA, JD

Rivian Automotive Inc (RIVN)

-0.51%

Trading lower premarket after Bloomberg reported that the company has temporarily halted production of its electric delivery van for Amazon due to a parts shortage, though they expects to recover the lost production. While Rivian's other EV models remain unaffected, the pause highlights ongoing supply chain challenges as the company works to meet its commitment to deliver 100,000 vans to Amazon by the end of the decade.

Nike Inc (NKE)

+0.96%

On watch after being upgraded from Sell to Buy by Williams Trading, with the analyst raising its price target for the stock from $67 to $93. Nike has been trading higher throughout the week due to speculation of potential activist involvement and a 13F filing which revealed that Bill Ackman’s Pershing Square has taken a 3.04 million-share stake in the company.

Applied Materials Inc (AMAT)

-2.14%

Trading lower premarket following its earnings report. The company reported earnings of $2.12 per share, above estimates of $2.02, and sales of $6.78 billion also exceeded expectations of $6.673 billion. Applied Materials guided Q4 2024 revenue of $6.93 billion, plus or minus $400 million, compared to analyst estimates of $6.91 billion. They provided a non-GAAP EPS forecast of $2.00 to $2.36 for Q4 compared to analyst estimates of $2.14.

Lumen Technologies Inc (LUMN)

-6.48%

Gapping down after being downgraded by Wells Fargo. The analyst lowered its rating for the stock from Equal-Weight to Underweight but raised its price target from $1.75 to $4.

Cingulate Inc (CING)

+83.33%

Gaping up for the second day in a row after rallying during Thursday’s session. On Thursday morning, the company announced that it was granted European Patent No. 3261625 for its ADHD treatment, CTx-1301. The stock has a float of 844,320 shares.

Greenland Technologies Holding Corp (GTEC)

+28.41%

Gapping up following its earnings report. The company reported earnings of $0.34 per share, above the estimated $0.04, while sales of $23.017 million came in below the estimated $27 million.