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

0830 - Retail sales m/m for June: Expected 0.1%; Prior -0.9%
0830 - Initial jobless claims: Expected 233k; Prior 227k
0830 - Core retail sales m/m for June: Expected 0.3%; Prior -0.3%
1000 - House vote on stablecoin (tentative)
1000 - Business inventories m/m for May: Expected 0.0%; Prior 0.0%
1000 - NAHB housing market index for July: Expected 33; Prior 32
1000 - Fed’s Kugler speaks

Taiwan Semiconductor Manufacturing Co Ltd (TSM)

+3.36%

Trading higher premarket after its Q2 2025 earnings report, with earnings of $2.47 per share and sales of $30.07 billion beating estimates of $2.37 and $30.04 billion, respectively. Profit rose by 61%, while revenue rose by 44.4% year-over-year in US dollar terms. The company guided Q3 revenue between $31.8 billion and $33 billion, compared to estimates of $32.65 billion.

Crypto Stocks

-0.98%

Pulling back as a group following a rally on Wednesday, with stablecoin play Circle closing more than 10% higher. The stocks are on watch during “Crypto Week” as traders await a decision from the House on three crypto-related bills. Following a long voting period on Wednesday evening, the House approved the rules of debate for the bills.

CRCL, COIN, MSTR, MARA, IBIT, ETHA, RIOT, CLSK, HUT, HIVE, IREN, CAN, BTBT

PepsiCo Inc (PEP)

+2.11%

Trading higher premarket following its Q2 2025 earnings report. Adjusted earnings of $2.12 per share and sales of $22.726 billion beat estimates of $2.03 and $22.292 billion, respectively. The company raised its FY25 adjusted earnings guidance from $7.92 per share to $8.04 per share, exceeding estimates of $7.88. Pepsi also noted that they now expect a 1.5% foreign exchange translation headwind with regards to net revenue and core EPS growth, down from a previously-projected 3% headwind.

Micron Technology Inc (MU)

-3.72%

Trading sharply lower after Goldman Sachs downgraded Nvidia supplier SK Hynix to Neutral. In its note accompanying the downgrade, Goldman warned of potential HBM price declines by 2026 and rising competition from Samsung, which could shift leverage to major buyers like Nvidia. Micron is known for its HBM offerings.

Meta Platforms and Amazon

+0.24%

Meta and Amazon Web Services are set to launch a $6 million program to support 30 U.S. startups building AI applications with Meta's open-source Llama model, offering each up to $200,000 in AWS credits and six months of joint technical support. The initiative is part of Meta CEO Mark Zuckerberg’s aggressive AI push, including high-profile researcher hires from OpenAI and efforts to make Llama the go-to alternative to closed-source models.

META, AMZN

United Airlines Holdings Inc (UAL)

-1.29%

Trading lower premarket after reporting Q2 2025 earnings. Adjusted earnings of $3.87 per share beat estimates of $3.77, but sales of $15.236 billion missed estimates of $15.349 billion. The company cut its adjusted EPS guidance for FY25 from $11.50-$13.50 to $9-$11; the midpoint of the new guide is in-line with estimates of $10.05.

Alphabet Inc (GOOGL)

-0.49%

On Wednesday afternoon, CNBC reported that OpenAI has added Google Cloud as a computing provider to help meet growing AI infrastructure needs. This move highlights the immense computing demands of AI development and how they’re reshaping partnerships among major tech rivals. Additionally, Perplexity CEO Aravind Srinivas criticized Google’s ad-driven model as incompatible with the future of AI agents during a Reddit AMA, arguing that true innovation requires prioritizing users over advertisers.

Sarepta Therapeutics Inc (SRPT)

+30.90%

Gapping up after announcing plans to lay off 500 employees, or 36% of the company’s total workforce. The company also announced that they are adding a serious safety warning to its gene therapy Elevidys after two patient deaths from acute liver failure raised concerns about the treatment.

Abbott Laboratories (ABT)

-4.36%

Trading sharply lower premarket following its Q2 2025 earnings report. Adjusted earnings of $1.26 per share and sales of $11.142 billion beat estimates of $1.25 and $11.068 billion, respectively. The company guided adjusted earnings between $1.28 and $1.32 per share for Q3 2025, below estimates of $1.34. Abbott also narrowed its EPS guide for the fiscal year from $5.05-$5.25 to $5.10-$5.20, compared to estimates of $5.16.

US Bancorp (USB)

-3.94%

Trading sharply lower premarket after reporting Q2 2025 earnings. Adjusted earnings of $1.11 per share beat estimates of $1.07, but GAAP revenue of $6.975 billion missed estimates of $7.052 billion.

Quantum Stocks

+1.98%

Several names in the quantum space are trading higher premarket. The group rallied throughout Wednesday’s session after Rigetti Computing announced a major performance breakthrough, achieving a 99.5% median fidelity rate for two-qubit gates on its new 36-qubit modular system. Many of the tickers in this group have short floats of greater than 10% and are closely watched by retail traders.

RGTI, QBTS, QUBT, IONQ

MP Materials Corp (MP)

-4.94%

Gapping down after announcing an upsized $650 million proposed public offering. The company plans to use the proceeds of the offering to help speed up their facility expansions and growth initiatives. MP Materials has been on watch in recent weeks after striking deals with the Department of Defense and Apple.

GrabAGun Digital Holdings Inc (PEW)

-6.10%

Continuing to trade lower premarket following a 23.9% decline on Wednesday, its first session after its business combination with Colombier Acquisition Corp II. Donald Trump Jr. is on the company’s board and joined GrabAGun at the NYSE on Wednesday to ring the opening bell.

22nd Century Group Inc (XXII)

+146.51%

Gapping up after announcing expanded partnerships with multiple tobacco brands to boost distribution and awareness of its VLN reduced nicotine products. It also provided a corporate update on the renewal process for its modified risk tobacco product designation, supporting long-term growth prospects. Approximately 11.78% of the stock’s float is sold short.