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

0830 - Balance of trade for June: Expected -$72.5B; Prior -$75.1B
0830 - Exports for June: Expected $268B; Prior $261.7B
0830 - Imports for June: Expected $340B; Prior $336.7B

Palantir Technologies Inc (PLTR)

+9.71%

Gapping up after its earnings report, with earnings of $0.09 per share and revenue of $678.13 million exceeding estimates of $0.08 and $652.1 million, respectively. The company’s Q2 revenue increased by 27% on a year-over-year basis; revenue in the commercial segment jumped by 33%, and government revenue grew by 23%. Additionally, Palantir guided fiscal 2024 revenue between $2.742 billion and $2.75 billion, above estimates of $2.7 billion.

NVIDIA Corp (NVDA)

+3.83%

Trading higher premarket after the U.S. Commerce Department announced plans to award SK Hynix, one of the company’s key suppliers, up to $450 million in grants and $500 million in government loans to fund an advanced packaging plant and R&D facility for AI products in Indiana. The grants are expected to create 1,000 jobs and bolster the U.S. semiconductor supply chain. SK Hynix previously announced a $3.87 billion investment to build this facility, including a production line for next-generation high bandwidth memory chips used in AI systems.

Uber Technologies Inc (UBER)

+5.71%

Trading sharply higher premarket following its earnings report. Adjusted earnings of $0.47 per share exceeded estimates of $0.31, and revenue of $10.7 billion similarly exceeded the estimated $10.57 billion. The company projected 18% to 23% year-over-year growth in gross bookings and 45% to 54% year-over-year growth in adjusted EBITDA for Q3 2024.

Alphabet Inc (GOOGL)

+0.81%

On watch after a federal judge ruled that the company’s payments to make its search engine the default on smartphone browsers violate U.S. antitrust law by blocking competition. Antitrust regulators claimed Google's $26 billion in payments to companies like Apple and Samsung helped maintain its monopoly on online search and advertising, making this the first major antitrust trial against a U.S. tech company in over two decades. On Tuesday morning, Reuters reported that the company is looking to appeal the ruling.

Crypto Stocks

+2.39%

Trading higher as a group in tandem with a rebound in cryptocurrencies, which fell sharply along with the market during Monday’s session. As of Tuesday morning, Bitcoin reclaimed the $55,000 level, while Ethereum traded around the $2450 level. Additionally, Cathie Wood’s Ark Invest purchased roughly $17.78 million in Coinbase shares and $11.12 million worth of Robinhood shares as of Monday’s close; Robinhood is scheduled to report earnings after the bell on Wednesday, August 7.

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

EV Stocks

+2.15%

Trading higher as a group following an earnings report from Lucid. The EV startup reported a loss of $0.29 per share, wider than the estimated $0.26-per-share loss, but sales of $200.6 million exceeded expectations of $192.059 million. The company announced that the Public Investment Fund, which is affiliated with the sovereign wealth fund of Saudi Arabia, has committed to providing Lucid with $1.5 billion in funding. Rivian is also on watch ahead of its earnings report after the bell on Tuesday, August 6.

LCID, RIVN, TSLA

CrowdStrike Holdings Inc (CRWD)

+2.88%

Trading higher premarket after being upgraded from Neutral to Overweight by Piper Sandler. The analyst stated that despite the unprecedented scale of the company’s recent outage, its impact will likely be short-lived and at negligible cost. While cutting the price target to $290 from $310, the brokerage noted the opportunity for investors to build positions at current levels and expressed confidence in CrowdStrike's strong cash flow generation and insurance coverage for such incidents.

Celsius Holdings Inc (CELH)

+5.80%

Trading higher premarket after its earnings report. The company reported GAAP earnings of $0.28 per share, above the estimated $0.29, and sales of $402 million, exceeding expectations of $393.165 million.

Zoominfo Technologies Inc (ZI)

-14.29%

Gapping down with volume after reporting Q2 earnings, with adjusted earnings of $0.17 per share and sales of $291.5 million missing estimates of $0.23 and $307.73 million, respectively. The company guided GAAP revenue for Q3 2024 between $298 million and $301 million, below estimates of $307.7 million, with its net income per share projections of $0.21-$0.22 also missing the estimated $0.23. Zoominfo also announced the appointment of interim CFO Graham O’Brien, with current CFO Cameron Hyzer set to serve in an advisory role during O’Brien’s first month.

Lumen Technologies Inc (LUMN)

+42.66%

Gapping up after securing $5 billion in new deals for its networking and cybersecurity solutions from cloud and tech companies. The agreements include a significant deal with Microsoft, which will use Lumen's network equipment to enhance its AI workload capacity. Citigroup upgraded its rating for the stock from Sell to Neutral and raised its price target from $1.25 to $3.15 following the announcement. Lumen is scheduled to report earnings after the bell on Tuesday, August 6, and its stock has a 13.6% short float.