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

0830 - PCE price index y/y for June: Expected 2.4%; Prior 2.6%
0830 - PCE price index m/m for June: Expected 0.1%; Prior 0.0%
0830 - Core PCE price index y/y for June: Expected 2.5%; Prior 2.6%
0830 - Core PCE price index m/m for June: Expected 0.16%; Prior 0.1%
0830 - Consumer spending m/m for June: Expected 0.3%; Prior 0.2%
0830 - Personal income m/m for June: Expected 0.4%; Prior 0.5%
1000 - UMich Consumer Sentiment (final) for July: Expected 66.4; Prior 66

Top Stories

Semiconductors

+2.07%

Trading higher as a group as the sector attempts to recover from recent weakness. Advanced Micro Devices, Intel Corp, and Arm Holdings are all scheduled to report their earnings next week. Additionally, Nvidia supplier SK Hynix announced a 9.4 trillion won ($6.8 billion) investment in its first chip plant in Yongin, South Korea, part of a long-term plan for four new chip plants at a semiconductor cluster. The investment, aimed at addressing AI semiconductor demand and securing future growth, will cover infrastructure and facilities work until the end of 2028.

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

Crypto Stocks

+5.24%

Trading sharply higher as a group in tandem with bounces in Bitcoin and Ethereum. Bitcoin crossed above the $67,000 level as of Friday morning, and Ethereum surpassed the $3,200 level. The Bitcoin Conference is currently underway in Nashville, Tennessee and is scheduled from July 25 to July 27. Coinbase Global and Marathon Digital are both scheduled to report earnings after the bell on Thursday, August 1, and Riot received a Speculative Buy rating and an $18 price target from Stifel.

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

Apple Inc (AAPL)

+1.19%

Trading higher premarket after Raymond James raised its price target for the stock from $200 to $250. Additionally, Bloomberg reported that the company has agreed to voluntary AI safeguards set by President Joe Biden's administration, aiming to guide AI development and protect consumers. Other companies that have agreed to the voluntary safeguards include OpenAI, Amazon, Alphabet, Meta, and Microsoft.

Bristol-Myers Squibb Co (BMY)

+3.91%

Trading higher premarket with volume following a stronger-than-expected earnings report. The company reported earnings of $2.07 per share, above the estimated $1.63, and sales of $12.201 billion similarly beat estimates of $11.547 billion. Bristol-Myers Squibb also raised its adjusted EPS estimate for fiscal 2024 from $0.40-$0.70 to $0.60-$0.90 compared to analyst estimates of $0.51.

Dexcom Inc (DXCM)

-36.85%

Gapping down after providing lower-than-expected Q3 and FY24 revenue guidance. Adjusted earnings per share for Q2 were reported at $0.43, above estimates of $0.39, but sales of $1.004 billion missed the estimated $1.036 billion. The company guided Q3 revenue between $975 million and $1 billion and guided fiscal 2024 revenue between $4 billion and $4.05 billion, well below the consensus estimates of $1.15 billion and $4.33 billion, respectively. JPMorgan downgraded the stock to Neutral following the report.

3M Co (MMM)

+6.82%

Gapping up after its earnings report, with earnings of $1.93 per share and sales of $6.3 billion exceeding estimates of $1.68 and $5.878 billion, respectively. The company raised its EPS guidance for fiscal 2024 from $6.80-$7.30 to $7-$7.30, compared to estimates of $7.17.

SoFi Technologies Inc (SOFI)

+2.34%

Trading higher premarket with volume on no apparent catalyst. The company is scheduled to report earnings before the bell on Tuesday, July 30. Approximately 17.3% of the stock’s float is sold short.

Coursera Inc (COUR)

+24.70%

Gapping up after reporting Q2 earnings. Sales of $170.337 million exceeded estimates of $164.413 million, and earnings of $0.09 per share similarly beat the estimated $0.01. The company provided lower-than-expected Q3 revenue guidance but maintained its FY 2024 revenue guidance of $695 million to $705 million, compared to the consensus estimate of $699.746 million.

Windtree Therapeutics Inc (WNT)

+113.98%

Trading sharply higher after filing to withdraw a securities offering with the SEC through Form S-1. The company has a $1.95 million market capitalization with a float of 568,150 shares, approximately 8% of which are sold short.