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

0830 - Core PCE price index m/m for July: Expected 0.2%; Prior 0.2%
0830 - PCE price index m/m for July: Expected 0.2%; Prior 0.1%
0830 - PCE price index y/y for July: Expected 2.7%; Prior 2.6%
0830 - Consumer spending m/m for July: Expected 0.5%; Prior 0.3%
0945 - Chicago PMI for August: Expected 44.8; Prior 45.3
1000 - UMich consumer sentiment (final) for August: Expected 68.1; Prior 67.8

Dell Technologies Inc (DELL)

+5.77%

Trading sharply higher premarket following its earnings report, with sales of $25.03 billion and adjusted earnings of $1.89 per share exceeding expectations of $24.14 billion and $1.71, respectively. The company noted a $328 million charge during the quarter, attributed to cuts in its workforce, but highlighted its ongoing AI growth, including a 23% sequential increase in demand for its AI-optimized servers. Dell also raised its annual revenue projections from $93.5 billion-$97.5 billion to $95.5 billion-$98.5 billion.

NVIDIA Corp (NVDA)

+0.88%

Rebounding with volume in premarket trading after dropping by more than 6% on Thursday following its earnings report, which beat expectations but saw margins drop slightly on a quarterly basis. Baird raised its price target for the stock from $120 to $150, citing its potential for revenue acceleration heading into 2025.

Intel Corp (INTC)

+0.13%

Trading higher premarket after Bloomberg reported that the company is considering strategic changes, including splitting its design and manufacturing businesses, and potentially cancelling factory projects and exploring mergers and acquisitions. Advisors Morgan Stanley and Goldman Sachs are guiding Intel on these options, expected to be presented to the board in September. However, the separation or sale of Intel's foundry division is deemed unlikely as it has not yet secured external customers to compete with leaders like Taiwan Semiconductor, with potential delays in expansion plans also anticipated.

Tesla Inc (TSLA)

+1.19%

Trading higher premarket following the dismissal of a federal lawsuit against the company related to allegations of fraud in connection with hyping the cryptocurrency dogecoin and insider trading. U.S. District Judge Alvin Hellerstein in Manhattan dismissed the case with prejudice, preventing its future re-filing, after investors sought $258 billion and amended their complaint multiple times over two years.

Chinese ADRs

+3.26%

Trading higher as a group, driven by significant buying from the sovereign fund Huijin and anticipation of new stimulus measures for the property sector. Filings showed that Central Huijin Investment, a state-backed fund, increased its holdings in several blue-chip ETFs. Stocks in the e-commerce space are particularly strong after China’s State Administration for Market Regulation noted that Alibaba has complied with antitrust regulations after a three-year investigation.

BABA, JD, BIDU, PDD, BILI, NIO, XPEV, LI

Lululemon Athletica Inc (LULU)

+4.63%

The company reported GAAP earnings of $3.15 per share for fiscal Q2 2024, above estimates of $2.94, though sales of $2.371 billion missed estimates of $2.409 billion. Lululemon guided earnings between $13.95 and $14.15 per share for fiscal 2024 compared to analyst estimates of $14.00, and projected annual revenue between $10.375 billion and $10.475 billion, below expectations of $10.618 billion.

Marvell Technology (MRVL)

+10.97%

Gapping up after reporting earnings for fiscal Q2 2025. The company reported in-line earnings of $0.30 per share and sales of $1.27 billion, exceeding expectations of $1.25 billion and increasing by 10% sequentially. Marvell guided Q3 revenue of $1.45 billion, plus or minus 5%, and earnings of $0.40 per share, plus or minus $0.05.

GameStop Corp (GME)

+2.24%

Continuing to trade higher premarket after gaining 8% during Thursday’s session. The move up was driven by the company’s termination of a $250 million asset-based secured revolving credit facility it entered in 2021; GameStop now relies on cash from operations and existing cash reserves, which totaled $1 billion as of May 4. The company is scheduled to report its Q2 results on September 10 after the bell.

Ulta Beauty Inc (ULTA)

-8.56%

Gapping down after a weaker-than-expected Q2 2024 earnings report, with GAAP earnings of $5.30 per share and sales of $2.552 billion missing estimates of $5.55 and $2.618 billion, respectively. Comparable sales dropped by 1.2% on a year-over-year basis, with transactions dropping by 1.8%. For fiscal 2024, the company cut its adjusted EPS guidance to $22.60-$23.50 from $25.20-$26.00 and reduced its net sales guidance to $11.5 billion-$11.6 billion from its previous guide of $11 billion-$11.2 billion.

Brenmiller Energy Ltd (BNRG)

+126.32%

Gapping up after reporting financial results for the first half of fiscal 2024, which saw losses per share narrow from $3.02 to $0.45 on a year-over-year basis. The company also announced the development of a project pipeline valued at up to $500 million, capitalizing on opportunities in AI computing and decarbonization. The company has a market capitalization of $1.43 million.