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

0830 - Initial jobless claims: Expected 238k; Prior 243k
0830 - Durable goods orders m/m for June: Expected 0.3%; Prior 0.1%
0830 - GDP q/q advance for Q2: Expected 2%; Prior 1.4%
0830 - GDP price index advance for Q2: Expected 2.6%; Prior 3.1%
0830 - Core durable goods orders for June: Expected 0.2%; Prior -0.1%
0830 - Continued jobless claims: Expected 1.869M; Prior 1.867M
0830 - Core PCE prices advance for Q2: Expected 2.7%; Prior 3.7%

Top Stories

Ford Motor Co (F)

-13.87%

Gapping down after its earnings report, with earnings of $0.47 per share missing the analyst estimate of $0.68. The company beat revenue expectations and posted overall Q2 revenue of $47.81 billion, a 6% year-over-year increase. CEO Jim Farley discussed Ford’s plans to heighten its EV strategy during the earnings call; the EV unit posted Q2 losses of $1.14 billion compared to positive results for its traditional and commercial units.

American Airlines and Southwest Airlines

-6.26%

Both airlines are trading lower following their earnings report. American Airlines beat EPS estimates but missed on revenue, with its FY 2024 guidance of $0.70-$1.30 largely missing estimates of $1.10 to $2.60.The company also guided a 4.5% drop in unit revenue for Q3. Meanwhile, Southwest beat estimates for both revenue and EPS but projected that unit revenue could drop by as much as 2% for the current quarter.

AAL, LUV

Semiconductors

-1.24%

Continuing to sell off as a group amid disappointing earnings from semiconductor companies worldwide and concerns over the AI investment frenzy. The Philadelphia SE Semiconductor index fell 5.4% on Wednesday, pushing it into correction territory as it closed roughly 13.5% removed from its highest closing price. Tech sectors in Asian markets also experienced significant sell-offs with South Korea's SK Hynix and Japan's Renesas Electronics suffering substantial declines.

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

Crypto Stocks

-4.34%

Trading sharply lower premarket as a group amid drops in bitcoin and ethereum. Ether dropped up to 7% on Thursday morning amid a broader market sell-off, failing to gain from the recent launch of the first U.S. ETF tracking the currency, with bitcoin trading at its lowest level in nearly a week. Additionally, Coinbase is on watch after Britain's Financial Conduct Authority fined the company’s CB Payments Limited £3.5 million for poor anti-money laundering controls, highlighting undiscovered breaches over nearly two years.

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

Amazon.com Inc (AMZN)

+0.18%

Trading marginally higher premarket after securing an 11-year deal, alongside Walt Disney's ESPN and Comcast-owned NBCUniversal, to broadcast National Basketball Association games, beginning after next season. The NBA rejected a last-minute offer from Warner Bros Discovery's TNT Sports division, ending a four-decade relationship. The deal is valued at $77 billion. Separately, BMO raised its price target for the stock from $220 to $230.

Apple Inc (AAPL)

-0.66%

Trading lower premarket after data from research firm Canalys showed that the company’s market share in China dropped by 2% in Q2 2024 to 14%. This drop means that Apple is now ranked sixth in the Chinese smartphone market compared to its third-place ranking last year. This drop comes amid a 10% increase in smartphone shipments in China overall.

Chipotle Mexican Grill Inc (CMG)

+3.21%

Trading higher premarket after its earnings report, with revenue of $2.97 billion and earnings of $0.34 per share exceeding estimates of $2.94 billion and $0.32, respectively. The company’s restaurant-level operating margin rose to 28.9% from 27.5% a year ago, and comparable sales increased by 11.1% versus the expected 9%. Chipotle also announced a $400 million stock buyback and projected margins around 25% for Q3.

Edwards Lifesciences Corp (EW)

-24.38%

Gapping down after missing second-quarter revenue estimates, reporting $1.39 billion compared to the expected $1.65 billion, due to lower demand for its artificial heart valves. The company, having recently sold its critical care products unit to Becton Dickinson, also announced plans to acquire heart device makers JenaValve Technology and Endotronix to enhance its structural heart portfolio.

Psyence Biomedical Ltd (PBM)

+155.49%

Gapping up after announcing that its nature-derived psilocybin is set to be exported to Australia as part of its Phase IIb study, which is set to begin “imminently”. The company has a market capitalization of $5.24 million, and its stock has a float of 4.7 million shares.