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

0830 - Fed Chair Powell’s Text ahead of Testimony
0915 - Fed’s Barr Speaks
1000 - Fed Chair Powell Testifies
1330 - Fed’s Bowman Speaks

Watch Episode 6 Now!

Top Stories

Intel Corp (INTC)

+3.12%

Trading sharply higher premarket and looking to continue its nearly 10% increase over the past four sessions, including a 6% rise on Monday. Intel remains down 32% year-to-date, making it the second worst-performing stock on the Philadelphia semiconductor index, which is up 38% in the same period. Monday’s gains have been attributed in part to a series of positive analysts notes on Taiwan Semiconductor, one of the company’s suppliers.

Apple Inc (AAPL)

-0.05%

On watch following an analyst note from Piper Sandler, which raised its price target from $190 to $225 and maintained a Neutral rating on the stock. The analyst noted that Apple’s recent AI announcements have the potential to drive significant upgrades and renewed growth in iPhone sales in China, but cautioned that much of the good news is already priced in. Piper Sandler also noted potential risks from consumer spending slowdowns due to inflation.

Amazon.com and Alphabet

+0.19%

Trading slightly higher as a pair after Jefferies increased its price target for both stocks. The analyst raised its price target for Alphabet from $215 to $220, citing the potential positive impact of Google Cloud on the company’s stock price, and raised its price target for Amazon from $225 to $235.

AMZN, GOOGL

Crypto Stocks

+1.24%

Trading higher as a group amid strength in Bitcoin, which traded around the $57,500 level as of Tuesday morning. The cryptocurrency experienced a steep drop around 10:30 AM during Monday’s trading session, falling from roughly $57,000 to around $55,500.

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

AMD and Marvell Technologies

+0.45%

On watch as a pair after Keybanc adjusted its price target for both semiconductor stocks. Marvell is trading slightly higher premarket after Keybanc raised its price target from $90 to $95, while Advanced Micro Devices is trading marginally lower after the analyst lowered its target price from $230 to $220.

AMD, MRVL

Novo Nordisk A/S (NVO)

-1.73%

The company’s US-listed shares are trading lower premarket after JAMA Internal Medicine published a study showing that Eli Lilly's weight loss treatment Mounjaro leads to faster and greater weight loss than Novo Nordisk’s Wegovy. Novo Nordisk stated that the analysis compared the weight loss outcomes of semaglutide (Ozempic) and tirzepatide (Mounjaro), not Wegovy, and emphasized that the best comparison would come from a head-to-head clinical trial, which has not yet been completed.

BP PLC (BP)

-4.13%

Gapping down after disclosing a weak trading update for Q2 FY24, anticipating lower oil trading results compared to a strong first quarter. BP expects flat Upstream production, stable oil production, a slight decrease in gas and low-carbon energy output, lower refining margins negatively impacting results by $0.5 billion-$0.7 billion, and post-tax adverse adjustments of $1.0 billion-$2.0 billion due to asset impairments and onerous contract provisions.

Pineapple Energy Inc (PEGY)

+65.17%

Trading sharply higher premarket after announcing that the company has hired Conduit Capital to provide structural internal support, staffing, and help with capital-raising activities. The stock has a float of 5.23 million shares, approximately 9.15% of which is sold short.