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

0830 - CPI y/y for November: Expected 2.7%; Prior 2.6%
0830 - CPI m/m for November: Expected 0.3%; Prior 0.2%
0830 - Core CPI y/y for November: Expected 3.3%; Prior 3.3%
0830 - Core CPI m/m for November: Expected 0.3%; Prior 0.3%

GameStop Corp (GME)

+3.53%

Trading higher premarket following its earnings report. Adjusted earnings of $0.06 per share came in above expectations of a $0.03-per-share loss, while sales of $860.3 million missed estimates of $887.7 million. Sales in the company’s software, collectibles, and hardware and accessories segments all dropped on a year-over-year basis. GameStop reported $4.62 billion in cash at the end of Q3 and announced that they are not expecting any further stock offerings in fiscal 2024.

Tesla Inc (TSLA)

-1.56%

Trading higher premarket after Goldman Sachs raised its price target for the stock from $250 to $345 while maintaining a Neutral rating. Goldman Sachs highlighted Tesla's leading position in clean mobility and its long-term potential in FSD and robotics despite industry-wide challenges in the auto business. Separately, China’s Ministry of Industry and Information Technology announced that Tesla’s Cybertruck has competed its energy consumption declaration with the ministry.

Palantir Technologies Inc (PLTR)

+2.07%

Trading higher premarket. The company launched its first Warp Speed cohort, including Anduril Industries, L3Harris, Panasonic Energy of North America, and Shield AI, to drive U.S. manufacturing innovation through advanced AI and technology. Warp Speed, a manufacturing operating system, empowers businesses with adaptable software for enhanced production scheduling, engineering management, and automated quality inspection.

Crypto Stocks

+1.76%

Trading higher as a group in tandem with a rebound in Bitcoin. The cryptocurrency broke below $94,500 at its lowest level on Tuesday and is trading above $98,000 as of Wednesday morning; Ethereum, which made a low around $3500 on Wednesday, is trading around $3750. Separately, Bernstein announced a $600 price target for MicroStrategy following a Bloomberg Intelligence note suggesting that the stock could be added to the Nasdaq 100 as of December 23.

MSTR, COIN, MARA, IBIT, ETHE, RIOT, CLSK, CAN, HIVE, IREN, HOOD

Super Micro Computer Inc (SMCI)

-3.35%

Trading lower premarket with volume after JP Morgan maintained an Underweight rating for the stock with a one-year price target of $23. The analyst noted that the company does not seem to have lost a significant amount of orders despite its ongoing financial troubles and delisting concerns. During the Reuters NEXT conference on Tuesday, CEO Charles Liang declared that he is confident the stock will not get delisted.

Microsoft and Alphabet

+0.31%

The Information reported that Google has urged the U.S. Federal Trade Commission to dismantle Microsoft's exclusive agreement to host OpenAI’s technology on its cloud servers, citing concerns over anti-competitive practices. This move intensifies the rivalry between the two tech giants, as Google and others argue the exclusivity forces customers to use Microsoft servers. Alphabet is also on watch following an impressive rally on Tuesday, driven by the company’s announcement of a quantum computing chip.

MSFT, GOOGL

Macy’s Inc (M)

-8.19%

Gapping down after its earnings report. The company reported adjusted earnings of $0.04 per share and sales of $4.74 billion, narrowly beating estimates of $0.03 and $4.72 billion, respectively. Macy’s raised its sales guidance for FY24 but lowered its EPS guidance for the same period, with its new EPS guidance of $2.25-$2.50 falling well below estimates of $2.73. The company also noted that it has finished its investigation of an employee who concealed $151 million of delivery expenses, which delayed its quarterly report.

C3.ai Inc (AI)

-5.56%

Trading sharply lower premarket after JP Morgan downgraded the stock from Neutral to Underweight but raised its price target from $19 to $28. Despite 29% quarterly revenue growth and a projected 25% annual growth rate, JP Morgan believes the stock warrants a significant discount as its revenue scale remains 80% smaller than its peer group. The downgrade follows the company’s earnings report on Monday, where earnings and revenue beat estimates.

Destiny Tech100 Inc (DXYZ)

+2.18%

Trading higher premarket with volume after Bloomberg reported that SpaceX and its investors have agreed to purchase up to $1.25 billion in insider shares, valuing the company at $350 billion. This valuation solidifies SpaceX’s status as the world's most valuable private startup. Destiny is a closed-end investment company that holds private tech companies; SpaceX makes up 36.9% of its portfolio as of Q3 2024, according to its website.

SEALSQ Corp (LAES)

+101.40%

Gapping up following a strong session on Tuesday, when the company announced a partnership with IC'ALPS for Application Specific Integrated Circuit (ASIC) development. Approximately 9.8% of the stock’s float is sold short.