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

0830 - Housing Starts Number for June: Expected 1.3M; Prior 1.277M
0830 - Building Permits Number for June: Expected 1.4M; Prior 1.399M
0900 - Fed’s Barkin speaks
0915 - Industrial Production m/m for June: Expected 0.3%; Prior 0.9%
0915 - Industrial Production y/y for June: Prior 0.39%
0935 - Fed’s Waller speaks
1400 - Fed’s Beige Book

Top Stories

Semiconductor Stocks

-3.07%

Trading sharply lower as a group amid ongoing concerns about U.S.-China trade tensions, with Bloomberg reporting that the US government is weighing the possibility of harsher restrictions to keep advanced chips from being sent to China. Traders are also digesting earnings from ASML, which beat EPS and revenue estimates but guided Q3 net sales between 6.7 billion and 7.3 billion euros compared to the estimate of 7.608 billion euros. Separately, Taiwan Semiconductor is trading lower after Donald Trump suggested Taiwan should pay the U.S. for its defense.

ASML, TSM, NVDA, AMD, MU, MRVL, ARM, INTC, AVGO

GitLab Inc (GTLB)

+15.02%

Gapping up after Reuters reported that the cloud-based software development tools provider, whose investors include Alphabet, is exploring a sale after attracting acquisition interest. According to the report, potential buyers include Datadog. The sale process, managed by investment bankers, is in early stages with no guaranteed outcome.

Crypto Stocks

-2.97%

Trading lower as a group in tandem with a pullback in Bitcoin. The cryptocurrency breached the $66,000 level early on Wednesday before dropping back below $65,000. Additionally, Ethereum is on watch amid heightened speculation from ETF specialists that Ethereum ETFs could begin trading as early as Tuesday, July 23.

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

Alphabet Inc (GOOGL)

-0.86%

On watch after receiving a pair of price target increases. BofA Global Research raised its price target for the stock from $206 to $220, while BMO raised its target price from $215 to $222.

Five Below Inc (FIVE)

-15.34%

Gapping down after providing a business update after the bell on Tuesday, during which the company announced ten-week sales results for the week ending July 13 and revealed that Kenneth Bull has been appointed interim CEO. The company noted a 5% decrease in comparable sales during the ten-week period despite a 9,5% increase in total sales during that period, adjusting its Q2 guidance to reflect a possible 6% to 7% decrease in comparable sales. Mizuho, Truist, Evercore ISI, and Morgan Stanley downgraded the stock following the announcement.

Bloom Energy Corp (BE)

+9.48%

Trading sharply higher premarket after announcing a partnership with CoreWeave to deploy its fuel cells for on-site power generation at a high-performance data center in Illinois. The partnership highlights Bloom Energy's capability to meet AI sector energy demands and reinforces the company's global efforts to address future energy needs in the AI industry. Approximately 20% of the stock’s float is sold short.

Eli Lilly and Novo Nordisk

-3.94%

The companies, which are seen as leaders in the obesity drug market, are trading lower as a pair after Roche announced that its experimental obesity drug, CT-996, showed promising results in an early-stage trial. Roche’s treatment achieved a placebo-adjusted average weight loss of 6.1% within four weeks in obese patients without diabetes. This positions Roche as a new contender in the obesity drug space, challenging Novo Nordisk and Eli Lilly, whose weight-loss treatments are projected to reach sales of up to $150 billion by the early 2030s.

LLY, NVO

Spirit Airlines Inc (SAVE)

-6.33%

Trading sharply lower premarket after providing weak preliminary Q2 data, with revenue guidance of $1.28 billion falling below the estimated $1.33 billion. The company’s estimated non-ticket revenue per passenger of $64 also fell below analyst estimates. BofA Securities lowered its price target for the stock to $2.75 after the update.

Aditxt Inc (ADTX)

+67.51%

Gapping up after announcing an amended merger agreement with Evofem scheduled for completion by September 30. The company has a market capitalization of $3.19 million and the stock has a float of 1.99 million shares, approximately 8.9% of which are sold short.