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

0830 - Building permits for June: Expected 1.402M; Prior 1.41M
0830 - Housing starts for June: Expected 1.312M; Prior 1.177M
0830 - Import prices m/m for June: Expected -0.6%; Prior 1.9%
0830 - Export prices m/m for June: Expected -0.6%; Prior 1.3%
1000 - UMich consumer sentiment for July: Expected 51; Prior 49.5
1000 - UMich 1-yr inflation expectations for July: Expected 4.5%; Prior 4.6%
1000 - UMich 5-yr inflation expectations for July: Expected 3.3%; Prior 3.3%

Netflix Inc (NFLX)

-9.85%

Gapping down after its Q2 2026 earnings report, with revenue of $12.56 billion missing estimates of $12.59 billion. Earnings of $0.80 per share narrowly beat estimates of $0.79. Operating margin declined by 70 basis points year-over-year to 33.4%, while free cash flow dropped by 33% to $1.53 billion. The company projected revenue of $12.86 billion and earnings of $0.82 per share for Q3 2026, missing estimates of $13.01 billion and $0.84, respectively; its operating income and operating margin projections for the quarter also missed estimates. Netflix narrowed its FY 2026 revenue outlook to $51 billion-$51.4 billion, compared to estimates of $51.41 billion.

Space Exploration Technologies Corp (SPCX)

-3.38%

The 13th flight test of the company’s Starship was aborted at the last second after some Super Heavy engines failed to start. CEO Elon Musk saying the company will replace two Raptors and likely attempt another launch early next week. Thursday marked the first time that SpaceX has closed below its $135 IPO price for the first time.

Chip and Memory Stocks

-4.54%

Gapping down amid global tech weakness during the overnight session, with the Nikkei 225 in Japan dropping by 4%. The semiconductor-focused SMH ETF in the US is poised to post its third weekly loss in four weeks. Memory stocks are getting hit particularly hard; both Sandisk and the US listing of SK hynix are down by more 10% week-to-date as of Thursday’s close.

NVDA, INTC, MRVL, AVGO, SMCI, SKHY, MU, SNDK, STX, WDC

Alphabet Inc (GOOGL)

-1.26%

The stock closed more than 4% lower on Thursday after Bloomberg reported that the company has delayed the release of its Gemini 3.5 Pro AI model as it works to improve performance, particularly coding capabilities that lag behind rivals like OpenAI and Meta. Google responded to report, saying it continues to test the model with partners and is focused on rapidly shipping cost-effective AI products across its lineup. Separately, Indonesia is preparing major copyright law changes that would grant rights to creators who use artificial intelligence to generate content; this could potentially create conflicts with major tech companies like Alphabet and Meta.

Meta Platforms Inc (META)

-1.46%

The Wall Street Journal reported that the company has hired longtime AWS infrastructure executive Dave Brown to help lead its expanding AI data center efforts, fueling speculation about a future cloud computing business. CEO Mark Zuckerberg previously said that a potential cloud services offering for Meta is "definitely on the table," noting that companies frequently approach Meta for access to its AI models and excess computing capacity.

Chinese ADRs

-2.02%

Trading sharply lower as a group, mirroring weakness during the overnight session in China. The CSI 300 Index closed 3.6% lower, while the tech-focused Hang Seng Index declined by nearly 1.8%. The Japanese market also experienced weakness during the overnight session.

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

Oil and Energy Stocks

+1.81%

Trading higher as a group as tensions between the US and Iran continue to re-escalate. Iran claimed it targeted US forces in Syria and Bahrain. The US, meanwhile, announced that it completed another wave of strikes against Iranian military targets, including air defenses and maritime infrastructure. US Central Command said more than 50,000 U.S. troops remain deployed across the Middle East.

USO, OXY, XOM, CVX, BATL, EONR, TPET

Intuitive Surgical Inc (ISRG)

-11.26%

Gapping down after its Q2 2026 earnings report. Revenue grew by 19% year-over-year to $2.89 billion, beating estimates of $2.82 billion, while adjusted earnings of $2.80 per share beat estimates of $2.51. The company noted that the quarterly EPS print included an $0.08 -per-share benefit related to tariff refunds. Intuitive Surgical expects its da Vinci procedure to grow by 13.5% to 15.5% in FY 2026 and projected adjusted gross margin between 68% and 69% for the same period; tariff impacts are expected to impact the gross margin print by -100 basis points.

PayPal Holdings (PYPL)

-1.44%

Reuters reported that the company’s board believes the $53 billion takeover offer from Stripe and Advent, valuing the company at $60.50 per share, is inadequate and undervalues its turnaround potential. The board has not formally responded and is expected to continue reviewing the proposal, while also considering potential regulatory and financing challenges.

Apple Inc (AAPL)

-0.11%

On watch after HSBC upgraded the stock to Buy from Hold and raised its price target to $366 from $260. The upgrade was attributed to what HSBC views as major operational inflection driven by the upcoming rollout of revamped Apple Intelligence, agentic Siri, and a strong multi-year product pipeline. The firm expects AI features and new devices -including foldable iPhones, smart glasses, and anniversary models - to drive a powerful upgrade cycle. Separately, the Financial Times reported that Apple has sent legal letters to about 40 former employees now working at OpenAI. These letters instruct the individuals to preserve documents, communications, and meet with Apple's lawyers as part of the company’s expanding legal investigation into OpenAI after filing a lawsuit last week.

The Coca-Cola Company (KO)

+0.33%

On watch after announcing that fairlife LLC, the company’s dairy subsidiary, has temporarily suspended US production after unauthorized third-party access impacted parts of its systems, including production-related operations. Fairlife is investigating the cybersecurity incident with external experts. Coca-Cola said product quality and safety remain unaffected.

Microsoft Corp (MSFT)

-2.05%

CNBC reported that CEO Satya Nadella criticized Anthropic's Fable 5 model during an internal meeting on Copilot, saying its refusal to handle certain "random" requests makes it feel "editorially controlled" and "doesn't make sense." Nadella also argued against AI infrastructure becoming concentrated in just a few companies, emphasizing that the industry should not rely on only a couple of firms controlling AI compute while everyone else rents access.

AST SpaceMobile Inc (ASTS)

-0.89%

B. Riley upgraded the stock to Buy from Neutral with an $85 price target, citing improved risk/reward after the company raised $1 billion through low-cost convertible notes and strengthened its cash position to fund its satellite constellation rollout. The firm highlighted ASTS’s progress with BlueBird satellite deployments, expected commercial service launches, and increased financial flexibility to expand spectrum holdings.

Callan JMB Inc (CJMB)

+46.34%

Gapping up. On Thursday morning, the company announced a partnership with Alabama State University to support a domestic pharmaceutical manufacturing ecosystem, providing logistics, compliance, warehousing, and supply chain infrastructure. Callan JMB expects the initiative could generate up to $105 million in annual revenue, representing a potential $414 million five-year opportunity if projected pharmaceutical manufacturing revenues are achieved.