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

1800 - Fed’s Bostic speaks

NVIDIA Corp (NVDA)

+0.30%

On watch ahead of its hotly-anticipated post-market earnings report. The company’s market value has surged by roughly 3000% since 2019 due to its leading role in AI hardware to reach a market cap of $3.2 trillion, making its share price movements influential on the broader market. Nvidia's second-quarter earnings for fiscal 2025, which could show doubled revenue, are seen as critical for setting the tone in the tech sector and gauging AI-related capital expenditure. Analysts are looking for $28.24 billion in revenue and earnings of $0.65 per share.

Crypto Stocks

-2.24%

Trading lower as a group in tandem with steep price drops in Bitcoin and Ethereum. Bitcoin dropped below $59,000 and Ethereum reached the $2,400 level as of Tuesday evening, triggering $313 million in liquidations of leveraged crypto derivatives. The sudden downturn, which saw Bitcoin led to the largest washout since early August, though the cause of the sell-off remains unclear.

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

Apple Inc (AAPL)

+0.18%

The company is partnering with India's Bharti Airtel to offer its music and video streaming services for free to Airtel's premium customers, gaining access to a large consumer base in the world's most populous country. This move comes amid increasing competition in India's $28 billion media market, where Apple TV+ competes with giants like Netflix, Amazon Prime Video, and Disney+.

Li Auto Inc (LI)

+0.66%

Trading marginally higher premarket following its Q2 earnings report, with Q2 deliveries rising by 25.5% on a year-over-year basis to reach 108,600. Earnings of $0.20 per share exceeded estimates of $0.19, while sales of $4.36 billion fell below the expected $4.45 billion. The company guided Q3 revenue between $5.4 billion and $5.8 billion, compared to estimates of $5.74 billion, and projected a 38% to 47.5% increase in deliveries year-over-year.

Foot Locker Inc (FL)

-8.66%

Gapping down after its earnings report. The company posted losses of $0.05 per share, narrower than the expected $0.07-per-share loss, though net losses of $12 million exceeded net losses of $5 million the prior year. Sales of $1.896 billion beat estimates of $1.888 billion, with net sales increasing by 1.9% and comparable sales increasing by 2.6% for Q2. Foot Locker also noted 31 store closures and five new store openings during Q2, and reaffirmed its adjusted EPS guidance of $1.50 to $1.70 for fiscal 2024.

Chewy Inc (CHWY)

+1.39%

Trading higher premarket following its earnings report. The company reported earnings of $0.24 per share, above estimates of $0.02, while sales of $2.859 billion missed estimates of $2.869 billion. Chewy guided Q3 net sales between $2.84 and $2.86 billion, compared to estimates of $2.86 billion, and projected fiscal 2024 net sales between $11.6 and $11.8 billion, compared to estimates of $11.78 billion. The stock received an onslaught of retail attention earlier in the summer, when Keith “Roaring Kitty” Gill disclosed a position in the company.

Kohl’s Corp (KSS)

+3.27%

Trading higher premarket after reporting Q2 earnings. The company reported GAAP earnings of $0.59 per share, exceeding expectations of $0.44, and sales of $3.732 billion, above estimates of $3.583 billion. Inventory dropped by 9%, while margins rose by 59 basis points during Q2 to reach 39.6%. Kohl’s guided adjusted earnings of $1.75 to $2.25 for fiscal 2024, exceeded analyst estimates of $1.56.

Nordstrom Inc (JWN)

+3.12%

The company reported Q2 sales of $3.894 billion, slightly missing estimates of $3.896 billion, while adjusted earnings of $0.96 per share exceeded expectations of $0.71. Total comparable sales rose by 1.9% and digital sales jumped by 6.2% for the quarter, with net sales increasing by 8.8% for the Nordstrom Rack segment. Jefferies, TD Cowen, and JP Morgan raised their price targets for the stock following the report.

Abercrombie & Fitch Co (ANF)

-5.79%

Gapping down after its earnings report, during which CEO Fran Horowitz warned of an “increasingly uncertain environment”. Earnings of $2.50 per share exceeded estimates of $2.22, and sales of $1.134 billion beat estimates of $1.101 billion. The company raised its growth guidance for fiscal 2024 from 10% to a range between 12% and 13%, and raised its FY 2024 operating margin guidance from 14% to a range between 14% and 15%.

Virax Biolabs Group Inc (VRAX)

+26.99%

Gapping up after entering into a distribution agreement to commercialize RT PCR Mpox virus detection kits in 13 European countries and members of the Gulf Cooperation Council, including Saudi Arabia and the UAE. The stock has a float of 3.79 million shares, roughly 10.1% of which are sold short, and has been running intermittently since the World Health Organization declared mpox a global health emergency on August 16.