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

0830 - Nonfarm payrolls for July: Expected 175k; Prior 206k
0830 - Unemployment rate for July: Expected 4.1%; Prior 4.1%
0830 - Average earnings y/y for July: Expected 3.7%; Prior 3,9%
1000 - Factory orders m/m for June: Expected -3.2%; Prior -0.5%
1200 - Fed’s Barkin speaks
1200 - Fed’s Goolsbee speaks

Intel Corp (INTC)

-21.17%

Gapping down after its earnings report, with adjusted earnings of $0.02 per share and sales of $12.83 billion missing estimates of $0.10 and $12.94 billion, respectively. The company announced a $10 billion cost-reduction plan, including significant headcount reductions and a suspension of its dividend starting in the fourth quarter of 2024 .Intel guided Q3 2024 revenue between $12.5 and $13.5 billion, compared to analyst estimates of $12.944 billion.

Amazon.com Inc (AMZN)

-8.00%

Trading sharply lower premarket after reporting Q2 earnings. Sales of $147.977 billion missed estimates of $148.557 billion, though earnings of $1.26 per share exceeded the estimated $1.03. The company guided Q3 2024 revenue between $154 billion and $158.5 billion, the lower end of which falls well below the consensus estimate of $158.24 billion. CFO Brian Olsavsky attributed the disappointing revenue forecast to the distraction caused by the ongoing Paris Olympics and the recent assassination attempt on former President Donald Trump.

NVIDIA Corp (NVDA)

-3.51%

Trading sharply lower premarket following a report from Politico alleging a U.S. Department of Justice antitrust investigation into monopolistic practices in the AI chip market. The inquiry focuses on whether Nvidia misused its dominant market position by pressuring cloud providers to purchase multiple products and charging higher prices for networking gear when customers wanted to buy AI chips from competitors like AMD and Intel.

Apple Inc (AAPL)

+0.80%

The company posted earnings of $1.40 per share, above the estimated $1.35, and sales of $85.8 billion, exceeding expectations of $84.53 billion. Sales in the iPad, Mac, and services categories came in above expectations, while sales in the iPhone and wearables product categories fell short of estimates. The company beat estimates for net sales in the Americas, but net sales in China were reported at $14.728 billion compared to estimates of $15.758 billion. During the conference call, CEO Tim Cook highlighted Apple’s plans for continued investments in AI and related technology.

Snap Inc (SNAP)

-17.56%

Gapping down after its earnings report. The company reported in-line earnings of $0.02 per share and sales of $1.24 billion, up 16% year-over-year but below analyst estimates of $1.25 billion. Snapchat’s daily active users reached 432 million, marking a 9% year-over-year increase, while monthly active users reached 850 million. The company guided fiscal Q3 revenue between $1.335 billion and $1.375 billion, above analyst estimates of $1.25 billion.

Block Inc (SQ)

+3.51%

The company reported a 20% year-over-year increase in gross profit for fiscal Q2, with Square’s gross profit jumping by 15% and Cash App’s gross profit growing by 23%. Block reported GAAP earnings of $0.31 per share, below the estimated $0.34, and sales of $6.115 billion, missing estimates of $6.276 billion but marking a 10.5% year-over-year increase. The company increased its buying program by $3 billion and guided a 17% increase in gross profit for fiscal Q3.

Crypto Stocks

+1.04%

On watch as a group following earnings reports from Marathon Digital and Coinbase. Marathon Digital is trading lower premarket after reporting a larger-than-expected loss per share and missing sales estimates for Q2. Its hash rate and revenue both increased by 78% year-over-year, though bitcoin production dropped by 30% in the same period. Coinbase, meanwhile, exceeded revenue expectations despite an 11% year-over-year decrease in transaction revenue. Additionally, the spot Ethereum ETFs are on watch after recording $26.7 million in inflows on Thursday, August 1.

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

DraftKings Inc (DKNG)

-2.79%

Trading lower premarket following its earnings report. The company reported earnings of $0.22 per share, above estimates of a one-cent loss per share, though sales of $1.104 billion missed estimates of $1.113 billion. DraftKings raised its revenue guidance for fiscal 2024 from $4.8 billion-$5 billion to $5.05 billion-$5.25 billion, above estimates of $4.98 billion, and announced a $1 billion share buyback program.

Roku Inc (ROKU)

+2.66%

Trading higher premarket after its earnings report. Losses per share of $0.24 were narrower than the expected loss of $0.43 per share, and sales of $963.18 million exceeded expectations of $937.89 million. The company also noted an 11% year-over-year increase in platform revenue, with streaming hours reaching 30.1 billion and streaming households reaching 83.6 million.

Vsee Health Inc (VSEE)

+157.95%

Gapping up after announcing an agreement with Ava Robotics to develop telepresence solutions specifically for the inpatient intensive care market. The new VSee-powered Ava robot aims to enhance remote patient care by providing advanced telepresence capabilities. Vsee has a float of 4.64 million shares.