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

1000 - New home sales for May: Expected 694k; Prior 743k
1000 - New home sales m/m for May: Expected -6.7%; Prior 10.9%
1000 - Fed Chair Powell testifies to the Senate

Crypto Stocks

+2.13%

Trading higher as a group as Bitcoin looks to rally for a third straight day. The cryptocurrency, which briefly traded below $100,000 on Monday, is back above $107,000 as of Wednesday at 7:10 AM ET. Additionally, Coinbase is on watch after gaining more than 12% on Tuesday, outperforming its peers. Bernstein raised its price target on Coinbase from $310 to a Street high of $510 following Tuesday’s strong performance.

COIN, MSTR, MARA, RIOT, IBIT, ETHE, HUT, CLSK, IREN, CAN, HIVE

Tesla Inc (TSLA)

+0.48%

Data from the European Automobile Manufacturers Association (ACEA) shows that the company’s European sales notched a fifth straight month of declines in May 2025. Tesla sold 13,863 units in the region last month, marking a 27.9% year-over-year decline, with its European market share dropping from 1.8% to 1.2%. Separately, Reuters reported that Tesla rival BYD is cutting vehicle production at several China plants by at least a third. These efforts, which reportedly include cutting night shifts and halting new lines, come as BYD deals with sluggish sales and mounting inventory despite aggressive price cuts.

Circle Internet Group Inc (CRCL)

+2.92%

On watch after closing more than 15% lower on Tuesday, ending a massive three-day rally that saw the stock reach an all-time high near $300. The sharp decline was not accompanied by any apparent news catalyst and occurred as other stocks in the crypto space continued to rally.

NVIDIA Corp (NVDA)

+0.70%

Trading marginally higher premarket after Loop Capital raised its price target on the stock to $250 from $175, citing explosive growth in AI and hyperscale compute spending that could hit $2 trillion by 2028. The firm believes this could justify a $6 trillion market cap for Nvidia, calling it the start of a new "golden wave" in generative AI. Loop Capital maintained a Buy rating on Nvidia.

FedEx Corp (FDX)

-5.73%

Gapping down after its Q4 2025 earnings report. Adjusted earnings of $6.07 per share and sales of $22.2 billion beat estimates of $5.87 and $21.837 billion, respectively. The company guided Q1 2026 earnings between $3.40 and $4.00 per share, below estimates of $4.15; this guidance excluded business optimization costs and impacts from its FedEx Freight spinoff. FedEx noted that they expect capital spend of $4.5 billion for fiscal 2026.

Microsoft Corp (MSFT)

+0.25%

Wedbush raised its price target on the stock to $600 from $515 and reiterated its Outperform rating, citing strong adoption of Copilot and Azure as key drivers of AI monetization. The firm sees accelerating enterprise AI deployments across sectors like finance, government, and retail. Additionally, OpenAI CEO Sam Altman said that he talked with Microsoft CEO Satya Nadella on Monday to discuss the relationship between the two companies amid reports of negotiations over Microsoft’s OpenAI investment.

Novo Nordisk A/S (NVO)

-2.13%

The company’s US-listed shares are trading lower premarket following news that Spain's Health Ministry is investigating the company. The probe is related to potentially illegal online promotion of Novo Nordisk’s weight-loss drug Wegovy, which may constitute banned indirect advertising of a prescription medication. The related website has since been taken down.

Reddit Inc (RDDT)

+3.94%

Poised to notch another day of gains after closing nearly 5% higher on Tuesday. The stock received a handful of analyst notes on Tuesday morning, with Citigroup raising its price target to $163 and Guggenheim maintaining its Buy rating and $165 price target. Approximately 17.6% of the stock’s float is sold short.

General Mills Inc (GIS)

-1.58%

Trading lower premarket following its Q4 2025 earnings report. Adjusted earnings of $0.74 per share beat estimates of $0.71, but sales of $4.56 billion missed estimates of $4.59 billion. The company expects adjusted earnings per share to decline by 10% to 15% for fiscal 2026, guiding organic net sales growth between -1% and +1% for the same period.

BlackBerry (BB)

+7.16%

Trading sharply higher premarket following its Q1 2026 earnings report, with adjusted earnings of $0.02 per share and sales of $121.7 million beating estimates of $0.00 and $112.185 million, respectively. The company guided Q2 2026 earnings between $0.00 and $0.01 per share and projected sales between $115 million and $125 million for the quarter; the lower end of both guidance ranges missed estimates. BlackBerry affirmed its earnings guide for FY26 but raised its sales guide, now expecting $508 million to $538 million in revenue for the fiscal year.

Quantumscape Corp (QS)

+34.41%

Gapping up after QuantumScape has launched production using its new Cobra separator technology, replacing the older Raptor process to significantly speed up heat treatment and reduce equipment size. The company touted the development as a critical milestone in scaling solid-state battery manufacturing for future gigafactory deployment. Approximately 17.05% of the stock’s float is sold short.

Urgent.ly Inc (ULY)

+119.11%

Gapping up on no apparent news catalyst. The stock has rallied in the past and has a float of approximately 11.95 million shares, roughly 6.6% of which are sold short.