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

0830 - Retail inventories ex-auto m/m adv for June: Prior 0.0%
0830 - Wholesale inventories m/m adv for June: Expected 0.5%; Prior 0.6%
0945 - S&P Global services PMI flash for July: Expected 54.9; Prior 55.3
945 - S&P Global manufacturing PMI flash for July: Expected 51.6; Prior 51.6
0945 - S&P Global composite PMI flash for July: Expected 54.2; Prior 54.8
1000 - New home sales (units) for June: Expected 640k; Prior 619k
1000 - New home sales change m/m: Expected 3.4%; Prior -11.3%

Top Stories

Tesla Inc (TSLA)

-8.67%

Gapping down after its earnings report, during which the company noted that its growth rate for 2024 would be “notably lower” than that of 2023. The company reported $25.5 billion in Q2 revenue, exceeding estimates of $24.726 billion and marking a 2% year-over-year increase, while adjusted earnings per share fell 43% year-over-year to reach $0.52 compared to estimates of $0.62. Tesla’s operating margin fell for the fourth quarter in a row to 14.4%, a three-year low. Other announcements made during the report and call included an October 10th unveiling date for the robotaxi and a plan to start production on affordable vehicles, among other new models, during the first half of 2025.

Alphabet Inc (GOOGL)

-3.63%

Trading lower premarket after its earnings report. Revenue of $84.74 billion exceeded estimates of $84.19 billion and earnings of $1.89 per share beat estimates of $1.84. The company also exceeded expectations for its Google Cloud revenue and reported lower-than-expected traffic acquisition costs, but YouTube ad revenue of $8.66 billion fell below estimates of $8.93 billion. During the earnings call, CEO Sundar Pichai highlighted the successful rollout of Waymo in San Francisco and Phoneix.

NVIDIA Corp (NVDA)

-1.65%

On watch after Reuters reported that the company has approved the use of Samsung's fourth-generation high bandwidth memory (HBM3) chips in its AI processors for the Chinese market, marking the first collaboration of this kind. Initially, these chips will reportedly be used in Nvidia's less advanced H20 GPU, designed to comply with U.S. export controls, with potential supply starting as early as August amidst high demand for advanced GPUs driven by the AI boom.

Apple Inc (AAPL)

+0.19%

Spain's antitrust regulator, CNMC, announced an investigation into the company’s app store for potentially imposing unequal commercial conditions on mobile app developers, which may constitute anti-competitive behavior. If found guilty, Apple could face a fine up to 10% of its global revenues for this serious violation of competition law. Separately, Barclays raised its price target for the stock from $164 to $187, and JPMorgan raised its price target from $245 to $265.

Rivian Automotive Inc (RIVN)

-3.43%

Trading lower premarket as the company faces a trial over allegations of encouraging former Tesla employees to steal trade secrets, with a final hearing scheduled for Wednesday. A justice in the Superior Court of Santa Clara County declined to dismiss the lawsuit and decided that Tesla had enough evidence for the trial to move forward.

AT&T Inc (T)

+3.46%

Trading higher premarket after reporting the addition of 419,000 paid wireless phone subscribers during Q2m, well above analyst estimates of 284,800 additions. Sales of $29.8 billion missed analyst estimates of $29.92 billion, and earnings of $0.57 were in line with expectations. The company also reported $4.6 billion in free cash flow for Q2, beating estimates of $4.22 billion and marking a 9% increase.

Vertiv Holdings Co (VRT)

-2.10%

Trading lower premarket after its earnings report, where the company guided Q3 revenue between $1.935 billion and 1.985 billion compared to estimates of $1.971 billion. Its guidance for fiscal 2024 was increased to a range between $7.59 billion and $7.74 billion compared to the estimated $7.69 billion. The company exceeded revenue and EPS expectations for Q2 and noted 57% growth in organic orders and 63% growth in operating profit during the quarter.

Dermata Therapeutics Inc (DRMA)

+189.23%

Gapping up on no apparent catalyst. The company has a market capitalization of $901,130 and its stock has a float of 676,080 shares, approximately 3.9% of which are sold short.