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

0830 - PPI y/y for June: Expected 2.3%; Prior 2.2%
0830 - PPI m/m for June: Expected 0.1%; Prior -0.2%
0830 - Core PPI y/y for June: Expected 2.5%; Prior 2.3%
0830 - Core PPI m/m for June: Expected 0.2%; Prior 0.0%
1000 - UMich Consumer Sentiment (prelim) for July: Expected 68.5
1000 - UMich 5-yr Inflation Expectations (prelim) for July: Expected 3%; Prior 3%
1000 - UMich 1-yr Inflation Expectations (prelim) for July: Expected 2.9%; Prior 3%

Watch Episode 6 Now!

Top Stories

Tesla Inc (TSLA)

-1.87%

Trading lower premarket following an 8% drop during Thursday’s session, driven by a Bloomberg report that its RoboTaxi unveiling will be delayed. Additionally, UBS downgraded the stock from Neutral to Sell and raised the price target from $197 to $147, indicating an 18% downside from the last close. UBS cited concerns over the stock's valuation driven by AI enthusiasm, the costly and slow-paced AI investments, and skepticism about Tesla achieving over 5 million EV deliveries by 2030 amidst tepid demand and uncertainty around its high-margin energy business. Both Mizuho and Citigroup raised their price targets for Tesla.

JPMorgan, Wells Fargo, and Citigroup

-3.27%

All three banks are scheduled to release their earnings reports before the bell on Friday, marking the start of a new earnings season. JPMorgan beat revenue and EPS estimates for Q2 2024, with net revenues of $50.2 billion exceeded estimates of $42.339 billion. The bank reported a 46% year-over-year increase in investment banking revenue and a 10% increase in market revenue. Wells Fargo also exceeded EPS and revenue estimates but reported a 3% year-over-year decrease in average loans, with net interest margin decreasing on a yearly and quarterly basis. Meanwhile, Citigroup reported earnings of $1.52 per share, above estimates of $1.39 per share, and guided revenues between $80 billion and $81 billion for fiscal 2024 compared to the estimated $80.65 billion.

JPM, WFC, C

NVIDIA Corp (NVDA)

+0.13%

On watch after receiving a price target increase from Benchmark. The analyst raised its price target for Nvidia’s stock from $135 to $170.

Snowflake and AT&T

-2.34%

Trading lower as a pair after AT&T disclosed a data breach allowing cybercriminals to steal phone records of nearly all customers, impacting approximately 110 million people. A TechCrunch report revealed that the stolen records were taken from Snowflake, which was targeted during data thefts aimed at its customers. Piper Sandler lowered its price target for Snowflake from $240 to $165 while maintaining an Overweight rating.

SNOW, T

Apple Inc (AAPL)

+0.39%

On watch after Reuters reported that India's antitrust body found that Apple abused its dominant position in the app store market on its iOS operating system, engaging in unfair practices. The Competition Commission of India's investigation, ongoing since 2021, revealed that Apple's influence over digital products and mandatory use of its proprietary in-app purchase system forces developers into unfair terms, despite Apple's claim of being a minor player in a market dominated by Google's Android.

Chinese Stocks

+1.97%

Continuing higher with volume as a group. On Thursday, the China Securities Regulatory Commission (CSRC) announced that it would be cracking down on short selling by raising margin requirements for shorts and increasing the scrutiny of algorithmic trading.

BABA, BIDU, BILI, JD, PDD, NIO, XPEV, LI

TOYO Ltd (TOYO)

+114.84%

Gapping up on no apparent catalyst. The solar company combined with Blue World Acquisition Corp as of July 2, 2024, and the stock has a float of approximately 4.51 million shares.

Zapp Electric Vehicles Group Ltd (ZAPP)

+28.80%

Trading sharply higher premarket after entering into a new standby equity purchase agreement with an affiliate of Yorkville Advisors Global, securing an increased commitment of up to $50 million. This funding will accelerate the commercial rollout of their i300 electric urban motorcycle. The stock, which has rallied repeatedly over the past few weeks, has a float of approximately 1.61 million shares.