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

0815 - ADP employment change for July: Expected 150k; Prior 150k
0830 - Employment costs for Q2: Expected 1%; Prior 1.2%
0945 - Chicago PMI for July: Expected 45; Prior 47.4
1000 - Pending home sales change m/m for June: Expected 1.4%; Prior -1.4%
1400 - US interest rate decision: Expected 5.5%; Prior 5.5%
1400 - FOMC press conference with Fed Chair Powell

Semiconductors

+6.15%

Trading sharply higher as a group, led by Advanced Micro Devices after its earnings report. The company reported adjusted earnings of $0.69 per share, beating the estimate of $0.68, and sales of $5.835 billion, exceeding the estimated $5.724 billion. Revenue in the data center segment jumped by 115% year-over-year to reach $2.8 billion for fiscal Q2, with CEO Lisa Su highlighting accelerating growth in AMD’s AI business. Arm Holdings is scheduled to report after the bell on Wednesday, while Intel is set to report Thursday after the close. Separately, Reuters reported that allies like Japan, the Netherlands, and Singapore may be exempt from a possible expansion of the new U.S. export restrictions on chipmaking equipment to China.

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

Microsoft Corp (MSFT)

-2.94%

Trading lower premarket following its earnings report for fiscal Q4 2024, where Azure and Intelligent Cloud revenue growth came in below estimates. Microsoft reported earnings of $2.95 per share, above estimates of $2.93, and revenue of $64.73 billion, beating estimates of $64.39 billion and marking a 15% year-over-year increase.

The Boeing Company (BA)

+2.28%

During its earnings report, the company named Kelly Ortberg, formerly of Collins Aerospace, as its new president and CEO as of August 8, 2024. Boeing reported losses of $2.90 per share for Q2 2024, larger than the estimated loss of $1.97 per share, with revenue of $16.87 billion also missing estimates of $17.23 billion.

Starbucks Corp (SBUX)

+3.20%

Trading higher premarket following its earnings report. The company reported in-line earnings of $0.93 per share and revenue of $9.11 billion, below estimates of $9.24 billion. Global comparable store sales dropped by 3% and comparable transactions dropped by 5%, with comparable sales dropping by 14% in China and 2% in North America. During the earnings call, CEO Laxman Narasimhan highlighted the company’s three-part action plan aimed at improving financials and operations.

Chinese ADRs

+1.54%

Trading higher as a group following a strong session overseas, with the onshore benchmark gauge achieving its best day since February 6. Bloomberg attributed the rally to rising expectations for Beijing to support its struggling economy with a stimulus.

BABA, JD, PDD, BILI, BIDU, LI, XPEV, NIO

Norwegian Cruise Line Holdings (NCLH)

+4.52%

Trading higher premarket following its earnings report. Earnings of $0.40 per share beat analyst estimates of $0.35, but sales of $2.372 billion fell short of the estimated $2.383 billion. The company projected adjusted earnings per share between $1.42 and $1.53 for fiscal 2024, compared to estimates of $1.44.

Pinterest Inc (PINS)

-10.44%

Gapping down after its earnings report, where the company guided Q3 2024 revenue between $885 million and $900 million compared to estimates of $907 million. Pinterest reported adjusted earnings of $0.29 per share and sales of $854 million, exceeding estimates of $0.28 and $847.81 million, respectively. Revenue grew by 21% year-over-year, with global monthly active users rising by 12% and average revenue per user growing by 8%.

Upstart Holdings Inc (UPST)

+5.26%

Trading sharply higher premarket following an upgrade from Mizuho. The analyst raised its rating for Upstart from Underperform to Outperform and increased its price target for the stock from $17 to $31. Upstart is scheduled to report earnings after the bell on Tuesday, August 6.

Meihua International (MHUA)

+43.69%

Gapping up after announcing that its NT-2000 Surgical Path Analysis System successfully supported the world's second 5G remote robot-assisted lobectomy. The stock has a float of approximately 9.52 million shares.