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

0830 - GDP q/q for Q2 2026: Expected 2%; Prior 2.1%
0830 - Initial jobless claims: Expected 200k; Prior 187k
0830 - PCE m/m for June: Expected -0.1%; Prior 0.4%
0830 - PCE y/y for June: Expected 3.7%; Prior 4.1%
0830 - Core PCE m/m for June: Expected -0.1%; Prior 0.4%
0830 - Core PCE y/y for June: Expected 3.7%; Prior 4.1%
0830 - Consumer spending m/m for June: Expected 0.4%; Prior 0.7%

Meta Platforms Inc (META)

-8.64%

Gapping down after its Q2 2026 earnings report, with EPS of $6.18 missing estimates of $7.22 and marking a 13% year-over-year decline. Revenue of $60.8 billion beat estimates of $60.17 billion, up 28%, while daily active people grew by 3% year-over-year to 3.6 billion, in-line with estimates. The company hiked its FY 2026 capital expenditures outlook from $125 billion-$145 billion to $130 billion-$145 billion. Meta projected revenue between $61 billion and $64 billion for Q3 2026, compared to estimates of $63.15 billion.

Microsoft Corp (MSFT)

+9.41%

The company posted Q4 2026 earnings of $90.01 billion and adjusted EPS of $4.74, beating estimates of $87.72 billion and $4.25, respectively. Azure and Other Cloud revenue grew by 43A% year-over-year, with total cloud revenue coming in at a better-than-expected $59.3 billion; Intelligent Cloud revenue also topped estimates. Capital expenditures were reported at $35.8 billion, compared to estimates of $35.22 billion; the company maintained its CapEx forecast for calendar year 2026. Azure revenue topped $100 billion for FY 2026.

Apple Inc (AAPL)

-0.41%

On watch ahead of its earnings report, set to be released after the close on Thursday, July 30. Apple is expected to post earnings of $1.88 per share and revenue of $108.79 billion when it shares its Q3 2026 earnings report (ETA 4:30 PM ET). Separately, Bloomberg reported that a bipartisan group of US senators urged Apple CEO Tim Cook not to source memory chips from Chinese suppliers CXMT and YMTC. In a letter, the senators warned that doing so, even for devices sold only in China, would increase reliance on companies linked to China's military. The lawmakers noted both firms are on the Pentagon's list of Chinese military companies and argued using their chips would pose strategic and national security risks.

Qualcomm Inc (QCOM)

-4.32%

Trading sharply lower premarket after its Q3 2026 earnings report. Adjusted EPS dropped by 20% year-over-year to $2.21, below estimates of $2.23, though revenue of $9.95 billion beat estimates of $9.63 billion despite declining by 4% year-over-year. The company projected Q4 2026 revenue between $9.7 billion and $10.5 billion, compared to estimates of $9.95 billion; its adjusted EPS outlook of $2.05-$2.25 missed estimates of $2.35.

ARM Holdings PLC (ARM)

-1.13%

The company posted Q1 2027 revenue of $1.29 billion and adjusted earnings of $0.45 per share, beating estimates of $1.26 billion and $0.40, respectively. License and Other revenue was reported at $574, above estimates of $562.5 million; Royalty revenue of $715.2 million similarly beat estimates of $700.2 million. The company projected revenue between $1.33 billion and $1.43 billion for Q2 2027, compared to estimates of $1.35 billion. Arm projected adjusted EPS between $0.43 and $0.51 for the same period, compared to estimates of $0.45.

Robinhood Markets Inc (HOOD)

-3.27%

The company posted Q2 2026 revenue of $1.31 billion and EPS of $0.62, beating estimates of $1.28 billion and $0.44, respectively. Adjusted EBITDA grew by 35% year-over-year to $741 million, with net deposits reaching $21.7 billion. Transaction-based revenue grew by 44% to reach $776 million, while net interest revenue climbed by 9% to $389 million.

Carvana Co (CVNA)

-7.55%

Gapping down after its Q2 2026 earnings report, which included a profit outlook of $2.7 billion-$3 billion for FY 2026; analysts’ estimates for this metric for the year included $3 billion-$3.2 billion from Deutsche Bank and $4.45 billion from Morgan Stanley. Carvana posted Q2 2026 earnings of $0.42 per share and revenue of $7.38 billion, above estimates of $0.41 and $6.91 billion, respectively. Vehicle sales for the quarter came in at 197,325 units, marking 38% year-over-year growth.

Jersey Mike’s Subs Inc (JMKE)

0.00%

The restaurant chain priced its initial public offering at $23 per share, right in the middle of the $21-$25 price range. Jersey Mike’s is offering 43,478,261 shares in its trading debut. The stock is set to begin trading on the New York Stock Exchange on Thursday, July 30, under the ticker “JMKE”.

Amazon.com Inc (AMZN)

+3.36%

The company is scheduled to post Q2 2026 earnings at approximately 4:00 PM ET on Thursday, July 30. Analysts are looking for the company to post earnings of $1.82 per share and revenue of $196.85 billion for the quarter.

Memory Stocks

+1.21%

On watch after Samsung Electronic posted Q2 2026 earnings; the company released preliminary results for the quarter earlier this mornings. Revenue grew by 130% year-over-year, while profit grew by more than 1,800%. Fellow South Korean memory company SK hynix was also in focus this morning as UBS initiated coverage on its US-listed shares with a Buy rating and a $204 price target. The analyst argued that the stock does not fully reflect a structural improvement in the memory industry driven by AI-related demand. UBS expects agentic AI to accelerate DRAM and NAND bit-demand growth through 2027, supporting higher profitability, stronger free cash flow, and significantly higher long-term returns on equity than current valuations imply.

SKHY, MU, SNDK, STX, WDC, DRAM

Lam Research Corp (LRCX)

+8.45%

Gapping up after its Q4 2026 earnings report, with adjusted earnings of $1.82 per share and revenue of $6.72 billion beating estimates of $1.70 and $6.68 billion, respectively. Adjusted gross margin grew to 52%, above estimates of 50.5%. Systems revenue of $4.26 billion missed estimates of $4.43 billion despite climbing by 24% year-over-year. Capital expenditures grew by 9.6% to $188.8 million, compared to estimates of $270.2 million.

Intel Corp (INTC)

+2.05%

Reuters reported that the company has granted startup RosaicLabs access to some of its processor technology in an uncommon partnership, reflecting CEO Lip-Bu Tan's strategy of collaborating with emerging chip companies. RosaicLabs, incorporated in May, is led by a longtime co-investor of Tan, with both previously backing chip startup Nuvia before its acquisition by Qualcomm.

Oil and Energy Stocks

-1.72%

On watch as a group after Iran’s Islamic Revolutionary Guard Corps threatened further retaliation following overnight US strikes on Wednesday, warning that countries supporting the US would also face consequences and asserting it maintains full control of the Strait of Hormuz. The US said its operation targeted dozens of IRGC military, missile, drone, and coastal defense sites in response to Iran’s attacks on American forces earlier in the week.

USO, OXY, XOM, CVX, DVN, COP, BATL, VIVK, EONR, SKYQ

Norwegian Cruise Line Holdings Ltd (NCLH)

-7.18%

Gapping down after its Q2 2026 earnings report. Revenue of $2.6 billion narrowly missed estimates of $2.64 billion, while adjusted EPS of $0.48 topped estimates of $0.39. Adjusted EBITDA dropped by 4.1% year-over-year to $666 million, while net yields declined by 2.1%. The company cut its adjusted EPS outlook for FY 2026 to $1.50, below estimates of $1.67.

Crocs Inc (CROX)

-10.13%

Gapping down after its Q2 2026 earnings report. Revenue of $1.18 billion and adjusted earnings of $4.55 per share beat estimates of $1.15 billion and $4.34, respectively. Crocs brank revenue grew by 4.3% year-over-year to $1 billion. The company hiked its FY 2026 adjusted EPS outlook to $13.70-$14, compared to estimates of $13.69, and now expects annual revenue to grow by 1% to 2%. Crocs’ Q3 2026 adjusted EPS outlook of $3.20-$3.30 missed estimates of $3.53.

Fortinet Inc (FTNT)

+11.57%

Gapping up after its Q2 2026 earnings report, with revenue of $2.05 billion and adjusted earnings of $0.90 per share beating estimates of $1.89 billion and $0.75, respectively. Product revenue grew by 52% year-over-year to $773 million, while billings climbed by 33% to reach $2.37 billion. The company projected Q3 2026 revenue between $2.01 billion and $2.1 billion and adjusted EPS of $0.83-$0.87, beating estimates of $1.95 billion and $0.76, respectively. Fortinet also hiked its FY 2026 projections for both metrics.

Starbucks Corp (SBUX)

+6.44%

Gapping up after its Q3 2026 earnings report, with revenue of $9.3 billion and adjusted earnings of $0.85 per share beating estimates of $9.16 billion and $0.66, respectively. Comparable sales grew by 7.9% year-over-year. Starbucks projected FY 2026 adjusted earnings between $2.55 and $2.65 per share, topping estimates of $2.40. The company expects global comparable sales growth to near 6% for the fiscal year.

Xerox Holdings (XRX)

+26.89%

Gapping up after its Q2 2026 earnings report. The company posted revenue of $1.92 billion and adjusted earnings of $0.38, beating estimates of $1.9 billion and -$0.14, respectively; a $105 million IEEPA tariff benefit was included in the adjusted EPS results. Adjusted operating margin climbed by 690 basis points to 10.6%. The company raised its FY 2026 revenue outlook to $7.6 billion, compared to estimates of $7.61 billion.