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- Trader TV Watchlist - August 8, 2024
Trader TV Watchlist - August 8, 2024
Trader TV Watchlist - August 8, 2024
Thursday August 8, 2024
Welcome to the TraderTV Live Morning Research Note. Here's what's making major moves in the market today.
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Economic Events:
0830 - Initial jobless claims: Expected 240k; Prior 249k
0830 - Continued jobless claims: Expected 1.87M; Prior 1.877M
1500 - Fed’s Barkin speaks
Premarket Trading:
Trading Higher ($): PLTR, HOOD, MARA
Trading Lower ($): TSLA, BMBL, WBD
Earnings Today:
Premarket: LLY, DDOG, NVAX
Post-market: U, PARA, ELF
In The News
Robinhood Markets Inc (HOOD)
+2.16%
Trading higher premarket after its earnings report. Revenue was reported at $682 million, above estimates of $643.32 million, and earnings of $0.21 per share exceeded expectations of $0.15. The company’s transaction revenue rose by 69% on a year-over-year basis to reach $387 million; options revenue rose by 43%, equities revenue rose by 60%, and crypto revenue rose by 161%. Robinhood also noted a 41% year over-year increase in net assets and a 57% year-over-year increase in assets under custody.
Palantir Technologies Inc (PLTR)
+1.44%
Trading higher premarket after announcing that it will offer its AI products, including the Artificial Intelligence Platform (AIP) and "Gotham" software, on Microsoft's Azure Government cloud platforms, targeting U.S. government agencies like the Department of Defense. The company will also be the first to deploy Microsoft's Azure OpenAI Service in classified environments, though the availability of these services depends on government authorization and accreditation.
Crypto Stocks
+4.07%
Trading higher as a group as Bitcoin continues to recover from Monday’s selloff. The cryptocurrency was trading just above the $57,500 level as of Thursday morning. Additionally, Thursday marks MicroStrategy’s first day of trading after its 10-for-1 stock split.
MSTR, MARA, COIN, BITO, IBIT, CLSK, HUT, RIOT
Tesla Inc (TSLA)
-0.64%
On watch following the release of July sales and export data from the China Passenger Car Association. The company’s China sales in July came in at 46,277 vehicles, dropping 21.99% on a month-over-month basis but rising 47.11% on a year-over-year basis, while exports dropped by 15.3% on a year-over-year basis and rose by 137.44% on a month-over-month basis. Separately, RBC lowered its price target on the stock from $227 to $224.
Eli Lilly and Novo Nordisk
+6.19%
The pharmaceutical companies, both of which produce well-known weight-loss and diabetes drugs, are trading sharply higher as a pair following Eli Lilly’s earnings report. The company reported earnings of $3.92 per share and sales of $11.3 billion, above estimates of $2.70 and $9.949 billion, respectively. Eli Lilly also raised its EPS guidance for FY 2024 from $13.50-$14 to $16.10-$16.60 and raised its revenue guidance to a range between $45.4 billion and $46.6 billion, citing the strength of its Mounjaro and Zepbound sales.
LLY, NVO
Intel Corp (INTC)
+0.58%
On watch after receiving a downgrade from Mizuho. The analyst lowered its rating for the stock from Outperform to Neutral and cut its price target from $36 to $22. Separately, the company has been sued by shareholders who claim Intel fraudulently concealed issues that led to weak financial results, job cuts, and a dividend suspension, causing a $32 billion drop in market value in a single day. The lawsuit, filed in San Francisco federal court, alleges that Intel's false or misleading statements about its foundry business and manufacturing capabilities inflated its stock price before the problems were revealed on August 1.
Datadog Inc (DDOG)
+4.29%
Trading higher premarket following its earnings report. Quarterly earnings of $0.43 per share beat estimates of $0.37, and sales of $645 million beat estimates of $624.88 million. The company provided higher-than-expected earnings per share guidance for Q3 and fiscal 2024; its revenue guidance for FY 2024 exceeded estimates, while its Q3 revenue guidance of $660 million to $664 million missed estimates of $664.188 million.
Warner Bros Discovery Inc (WBD)
-10.51%
Trading sharply lower with volume following its earnings report, during which the company noted a $9.1 billion write-down on TV assets that led to a $10 billion net loss. Sales for Q2 were reported at $9.713 billion, below estimates of $10.071 billion. Revenue in the Networks and Advertising segments decreased by 8% and 9% year-over-year, respectively, though content revenue rose by 5% and total subscribers grew by 7%.
Bumble Inc (BMBL)
-41.81%
Gapping down after its earnings report. Bumble reported earnings of $0.22 per share, above the estimated $0.13, but sales of $269 million missed the consensus estimate of $273.12 million. While the company’s total paying users rose during the quarter to reach 4.1 million, the average revenue per paying user dropped from $23.23 to $21.37 on a year-over-year basis. The company guided Q3 revenue between $269 million and $275 million, with analysts looking for $273 million, and expects revenue to grow by 1% to 2% for fiscal 2024.
Digital Turbine Inc (APPS)
+16.29%
Trading higher after reporting earnings for fiscal Q1 2025 and reaffirming its previous FY 2025 guidance. The company reported quarterly earnings of $0.07 per share, above analyst estimates of $0.04, and sales of $118 million, exceeding expectations of $116.03 million. The stock has a 5.6% short float.