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

0900 - S&P/Case-Shiller Home Price m/m for May: Expected 1.2%; Prior 1.4%
0900 - S&P/Case-Shiller Home Price y/y for May: Expected 6.9%; Prior 7.2%
1000 - JOLTS job openings for June: Expected 8M; Prior 8.14M
1000 - CB Consumer Confidence for July: Expected 99.7; Prior 100.4

PayPal Holdings Inc (PYPL)

+5.02%

Gapping up after its earnings report. The company posted second-quarter earnings of $1.19 per share, above the estimated $0.98, and sales of $7.81 billion beat estimates of $7.9 billion. PayPal reported 11% growth in total payment volumes and 9% growth in net revenue, and raised its adjusted profit forecast for 2024 for the second straight quarter. They now forecast that adjusted profit will grow by a percentage in the “low to mid teens” for fiscal 2024.

Tesla Inc (TSLA)

+0.39%

On watch after the National Highway Traffic Safety Administration (NHTSA) announced that the company is recalling over 1.8 million vehicles in the U.S. due to a software issue that may fail to detect an unlatched hood, potentially leading to the hood fully opening and obstructing the driver’s view, which increases the risk of a crash. The recall, which covers certain models from 2020-2024, follows investigations and hardware recoveries initiated after customer complaints. Tesla is issuing an over-the-air software update to address the problem. Separately, Daiwa Securities raised its price target for the stock from $180 to $225.

NVIDIA Corp (NVDA)

-0.13%

Trading marginally lower premarket after an Apple research paper claimed that Apple has chosen to use chips designed by Google's Alphabet rather than Nvidia for its new artificial-intelligence software infrastructure. Despite Nvidia's dominance in the AI processor market, Apple used Google's tensor processing units (TPUs) to train its AI models, organizing thousands of TPU chips in large clusters for both iPhone and server AI models.

Pfizer Inc (PFE)

+1.50%

Trading higher with volume after its earnings report, with adjusted earnings of $0.60 per share and sales of $13.283 billion exceeding estimates of $0.46 and $13.024 billion, respectively. The company raised its adjusted EPS guidance for fiscal 2024 from $2.15-$2.35 to $2.45-$2.65, above analyst estimates of $2.37. Meanwhile, its sales guidance for fiscal 2024 was increased from $58.5 billion-$61.5 billion to $59.5-$62.5 billion, compared to analyst estimates of $60.668 billion.

CrowdStrike Holdings Inc (CRWD)

-4.14%

Gapping down after CNBC reported that Delta Air Lines plans to seek compensation from the cybersecurity firm for a global IT outage that led to over 2,200 flight cancellations on July 19 and more than 6,000 total cancellations. The outage, caused by CrowdStrike's "Falcon Sensor" software crashing Microsoft Windows systems, has resulted in a significant stock decline, wiping out over $20 billion in market valuation. Needham lowered its price target for the stock from $425 to $375.

Affirm Holdings Inc (AFRM)

+4.84%

Trading sharply higher premarket after receiving an upgrade from B of A Securities. The analyst raised tis rating for Affirm’s stock from Neutral to Buy while maintaining a price target of $36.

SoFi Technologies Inc (SOFI)

+0.99%

The company posted in-line earnings of $0.01 per share and sales of $599 million, exceeding estimates of $564.59 million. The company guided adjusted net revenue for Q3 2024 between $625 million and $645 million, above estimates of $610.9 million. SoFi also raised its guidance for fiscal 2024 revenue from $2.39 billion-$2.43 billion to $2.425 billion-$4.465 billion, the higher end of which greatly exceeds analyst estimates of $2.783 billion.

Novovax Inc (NVAX)

-8.15%

Gapping down after receiving a downgrade from JP Morgan. The analyst lowered its rating for the stock from Neutral to Underweight and set an $8 price target, citing concerns that the stock levels post-Sanofi deal are unsupported by moderate forecasts for COVID-influenza combo and COVID vaccines. Despite a 267% rise in shares following a $1.2 billion licensing deal with Sanofi, J.P. Morgan noted that COVID vaccine demand is expected to be a fraction of flu vaccine demand, with standalone COVID vaccine demand potentially reducing to 20%-25% of flu demand.

Tilray Brands Inc (TLRY)

+8.74%

Trading higher premarket after its earnings report. Adjusted earnings of $0.04 per share exceeded analyst estimates of a $0.02-per-share loss, while sales of $229.882 million beat estimates of $227.07 million and rose 25% on a year-over-year basis. The company reported a 12% increase in cannabis net revenue, a 137% increase in beverage-alcohol net revenue, and a 6% decrease in distribution revenue for fiscal Q4 2024.

Imunon Inc (IMNN)

+188.92%

Gapping up after announcing that the topline results from its Phase 2 study of its IMNN-001 treatment for advanced ovarian cancer are to be released on Tuesday, July 30 at 8 AM ET. The company has a market capitalization of $11.19 million and a float of 9.29 million shares, approximately 3% of which are sold short.