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

0830 - Initial Jobless Claims: Expected 229k; Prior 222k
0830 - Continued Jobless Claims: Expected 1.856M; Prior 1.852M
0830 - Philly Fed Business Index: Expected 2.9; Prior 1.3
1000 - Fed’s Goolsbee speaks
1000 - Leading Index Change m/m for June: Expected -0.3%; Prior -0.5%
1345 - Fed’s Logan speaks
1805 - Fed’s Daly speaks

Top Stories

Semiconductor Stocks

+1.89%

Rebounding as a group following a strong Q2 report from Taiwan Semiconductor. The company posted GAAP earnings per share of $1.48 and $20.82 billion in revenue, above analyst estimates, and forecasted higher revenue for the current quarter due to AI-driven demand. This positive outlook is poised to help U.S. chipmakers recover from Wednesday’s tech sell-off on Wall Street, which marked the largest decline for the Philadelphia Semiconductor Index in over four years.

TSM, AMD, NVDA, INTC, SMH, MU, ARM, MRVL

Alphabet Inc (GOOGL)

+0.39%

Trading marginally higher premarket after its target price was raised from $190 to $205 by Mizuho. Separately, Italy's antitrust agency announced that it has launched an investigation into Google and its parent company Alphabet over alleged unfair commercial practices related to users' personal data, claiming the consent requests for connecting multiple services could be misleading and aggressive. The watchdog stated that the information provided to users is incomplete and fails to clarify the impact on their personal data, potentially limiting their freedom of choice by inducing agreement to combined data usage across different Google services.

Tesla Inc (TSLA)

+1.19%

Trading higher premarket with volume on no apparent catalyst. Barclays increased its price target for the stock from $180 to $225 on Wednesday, citing the stock as a long-term EV play despite short-term fundamental concerns heading into its Q2 earnings report.

Nio Inc (NIO)

+1.31%

Trading higher premarket amid excitement for the upcoming release of the NIO Phone, which has been included in a regulatory database. The 5G mobile phone, model number N2401, received China Compulsory Certificate (CCC) certification on July 17, with Lens Technology in Hunan as the manufacturer.

United Airlines Holdings Inc (UAL)

+1.52%

Trading higher premarket following its earnings report. Quarterly sales were reported at $14.986 billion, falling short of the estimated $15.096 billion, but earnings of $4.14 per share beat the estimate of $3.95. The company maintained its previous fiscal 2024 EPS guidance of $9 to $11 per share, compared to estimates of $10.04, and highlighted opportunities for outperformance in unit revenue during the latter half of fiscal Q3.

Warner Bros Discovery Inc (WBD)

+4.93%

Trading sharply higher premarket after the Financial Times reported that the company is considering splitting its digital streaming and studio businesses from its legacy TV networks. CEO David Zaslav is reportedly exploring various strategic options, including selling assets or creating a new company for the Warner Bros movie studio and Max streaming service. This move could potential leave most of the company's $39 billion debt with the pay-TV networks business.

Beyond Meat Inc (BYND)

-13.81%

Gapping down after the Wall Street Journal reported that the company has begun discussions with a group of bondholders about a balance-sheet restructuring. The bondholders, who hold interests in Beyond Meat's $1.1 billion of convertible notes, are reportedly working with law firm Akin Gump Strauss Hauer & Feld on the restructuring. Beyond Meat’s stock has a 36.8% short float.

BriaCell Therapeutics Corp (BCTX)

+45.39%

Gapping up after reporting that its treatment for metastatic breast cancer quadrupled the chances of progression-free survival for one of its patients. The patient who responded the best to the treatment in the first phase of the study is set to continue with the treatment in Phase 2.