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- Trader TV Watchlist - July 11, 2024
Thursday July 11, 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 - Core CPI mm, SA for June: Expected 0.2%; Prior 0.2%
0830 - Core CPI yy, NSA for June: Expected 3.4%; Prior 3.4%
0830 - CPI Index, NSA for June: Expected 314.627; Prior 314.069
0830 - Core CPI Index, SA for June: Prior 318.14
0830 - CPI mm, SA for June: Expected 0.1%; Prior 0.0%
0830 - CPI yy, NSA for June: Expected 3.1%; Prior 3.3%
0830 - CPI mm NSA for June: Prior 0.170%
0830 - CPI Index SA for June: Prior 313.230
0830 - Initial jobless claims: Expected 236,000; Prior 238,000
0830 - Jobless claims 4-week average: Prior 238,500
0830 - Continued jobless claims: Expected 1.860 mln; Prior 1.858 mln
1115 - Fed’s Bostic speaks
1300 - Fed’s Musalem speaks
1400 - Federal budget for June: Expected -$83.00 bln; Prior -$347.00 bln
Premarket Trading:
Trading Higher ($): NVDA, PFE, NIO, SOUN, GME
Trading Lower ($): DAL, PEP, NKLA, ZAPP
Earnings Today:
Premarket: PEP, DAL, CAG
Aftermarket: VIST
Top Stories
All Eyes on Crucial CPI Data at 8:30 AM ET, AMD Gets an Analyst Nod as Chips Push Higher! | Futures are drifting lower ahead of a key U.S. inflation report that could influence expectations of Federal Reserve policy easing. Economists expect the June Consumer Price Index (CPI) print, which is set to be released at 8:30 AM ET, to show a slight decrease, which would support forecasts for rate cuts later this year. Traders are currently pricing in a 68% chance of a rate cut by September, with weekly jobless claims and the Friday’s Producer Price Inflation report also in focus. The S&P 500 and Nasdaq closed at record highs on Wednesday, driven by gains in major tech stocks and semiconductor shares. Ahead of Friday’s major bank earnings, which signify the start of a new earnings season, Delta Air Lines and Pepsi released their quarterly reports. |
In The News
Delta Air Lines Inc (DAL)
-9.43%
Gapping down after guiding Q3 2024 earnings between $1.70 and $2.00 per share, below analyst estimates of $2.06.Other Q3 guidance includes 2% to 4% revenue growth and 11% to 13% growth in operating margins. The airline reported Q2 earnings of $2.36 per share, narrowly missing the estimated $2.37, while sales of $16.658 billion exceeded the estimate of $15.452 billion.
Apple Inc (AAPL)
-0.24%
The company will open its tap-and-go mobile payments system to rivals, ending a four-year EU antitrust investigation that could have resulted in a hefty fine. The European Commission announced that Apple's decision, valid for 10 years, allows competitors to effectively compete with Apple Pay for mobile payments on the iPhone, expanding consumer options.
Advanced Micro Devices Inc (AMD)
-0.33%
On watch following price target increases from Roth MKM and Wells Fargo. Roth MKM raised its target price for the stock from $180 to $200, while Wells Fargo raised its target from $190 to $205. Early on Wednesday, the company announced that it has acquired Silo AI, Europe's largest private AI lab, for $665 million to enhance its open-source AI software for efficient training and inference on AMD platforms; Roth MKM cited the Silo acquisition as a reason for the price target hike.
Chinese ADRs
+1.87%
Trading higher as a group after China's securities regulator announced additional restrictions on short-selling and pledged tighter scrutiny of algorithmic trading to support the struggling stock market. The China Securities Regulatory Commission (CSRC) will suspend securities re-lending and raise margin requirements for short-sellers, aiming to mitigate market declines often attributed to these practices.
BABA, BIDU, BILI, PDD, JD, XPEV, NIO, LI
PepsiCo Inc (PEP)
-1.58%
Trading lower premarket after reporting second-quarter FY24 revenue of $22.501 billion, missing the $22.599 billion analyst consensus. Despite a 0.8% year-on-year sales growth and a 10.6% increase in operating income to $4 billion, the company saw mixed performance across its segments, with notable declines in Frito-Lay North America and Quaker Foods North America. Pepsi beat adjusted EPS estimates with $2.28 versus $2.16 expected and reiterated its earnings guidance of at least $8.15 per share compared to the estimated $8.16.
QuantumScape Corp (QS)
+39.59%
Gapping up on an announcement that Volkswagen will significantly increase production of solid-state batteries developed with QuantumScape, aiming to integrate the technology into more vehicles. Volkswagen's battery unit PowerCo will receive a license to mass-produce QuantumScape's battery cells, with potential production capacity of up to 80 GWh annually. This agreement replaces an earlier joint venture between the two companies. Approximately 11% of QuantumScape’s float is sold short.
Pfizer Inc (PFE)
+1.55%
Trading higher premarket with volume after announcing that it has chosen its preferred once-daily modified release formulation for Danuglipron, its diabetes mellitus treatment, based on results from an ongoing pharmacokinetic study. The company plans to conduct dose optimization studies in the latter half of 2024.
SoundHound AI Inc (SOUN)
+4.54%
Continuing to trade higher premarket with volume after announcing on Wednesday that its SoundHound Chat AI voice assistant, integrated with ChatGPT, is now live and operational in Peugeot, Opel, and Vauxhall vehicle brands in Europe. The company has a market cap of $1.67 billion and approximately 21.7% of its stock is sold short.
Volcon Inc (VLCN)
+88.49%
Gapping up on no apparent catalyst. The company has a $916,110 market capitalization and its stock has a float of 250,970 shares, approximately 68.7% of which are sold short.
