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

0830 - Fed’s Goolsbee speaks
0945 - S&P Global services PMI (final) for July: Expected 56; Prior 56
0945 - S&P Global composite PMI (final) for July: Prior 55
1000 - ISM services PMI for July: Expected 51.3; Prior 48.8
1700 - Fed’s Daly speaks

Crypto Stocks

-14.01%

Trading lower as a group as Bitcoin and ether reach multi-month lows amid concerns over a potential U.S. recession and rising geopolitical worries. This selloff contrasts sharply with recent optimism that had pushed bitcoin above $70,000 and highlights the cryptocurrencies' increasing correlation with equities, undermining their reputation as safe-haven assets.

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

NVIDIA Corp (NVDA)

-9.57%

The Information reported that the company is facing production delays for its upcoming Blackwell AI chips due to design issues, which could extend for three months or more and impact major clients like Meta Platforms Inc., Alphabet Inc.’s Google, and Microsoft Corporation. A spokesperson from Nvidia affirmed that production is expected to ramp up later this year, and that sampling of the Blackwell series has already begun.

Apple Inc (AAPL)

-6.76%

Trading sharply lower premarket after Berkshire Hathaway’s earnings report revealed that the firm has sold roughly half of its stake in the company, unloading 390 million Apple shares in Q2 2024. As of the end of the quarter, Berkshire Hathaway, which also sold 115 million Apple shares in the first quarter of 2024, still had an $84.2 billion position in the company.

CrowdStrike Holdings Inc (CRWD)

-7.15%

On watch after the company’s attorneys released a letter counter Delta Air Lines’ pursuit of damages against them and Microsoft Corporation, stating that Delta ignored their offer of assistance during a major system outage last month. According to the letter, CrowdStrike's CEO, George Kurtz, personally reached out to Delta's CEO, Ed Bastian, but received no response. The cybersecurity firm argued that Delta's lawsuit threats are perpetuating a "misleading narrative."

Palantir Technologies Inc (PLTR)

-11.88%

Trading sharply lower with volume ahead of its earnings report, scheduled after the bell on Monday, August 5. Analysts are expecting the company to post revenue of $652.29 million and earnings of $0.08 per share.

Kellanova (K)

+19.22%

Gapping up after Reuters reported that Mars Inc. is considering acquiring the company. This potential acquisition would expand Mars Inc.'s portfolio beyond confectionery and pet food into the snack industry. Kellanova, the snack manufacturer behind brands like Cheez-It and Pringles, has a market value of approximately $27 billion including debt.

AMC Entertaining Holdings Inc (AMC)

-8.91%

Trading sharply lower premarket after reporting Q2 earnings, with losses of $0.43 per share and revenue of $1.03 billion both aligned with analyst estimates. The company posted its highest-ever adjusted EBITDA in June 2024 and noted that the industry is “poised for sustained growth” heading into 2025 and 2026 due to the resurgence of box office hits.

MGO Global Inc (MGOL)

+40.31%

Trading higher premarket on no apparent catalyst. The stock has a market capitalization of $4.78 million and a float of 629,250 shares, approximately 2.4% of which are sold short.

Zevra Therapeutics Inc (ZVRA)

+16.67%

Trading higher premarket after gaining FDA panel support for its drug Arimoclomol, intended to treat Niemann-Pick Disease Type C. This endorsement moves the drug closer to potential approval for addressing this rare genetic disorder. Additionally, HC Wainwright raised its price target for the stock from $15 to $18 while maintaining a Buy rating. The stock has a 7.6% short float.