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

0945 - S&P manufacturing PMI for April: Expected 54; Prior 54
1000 - ISM manufacturing PMI for April: Expected 53.2; Prior 52.7

Apple Inc (AAPL)

+3.37%

Trading higher premarket after its Q2 2026 earnings report, with revenue of $111.184 billion and earnings of $2.01 per share beating estimates of $109.66 billion and $1.96, respectively. iPhone revenue grew by 21.7% year-over-year to $56.99 billion, in-line with analyst estimates; the company beat estimates and posted year-over-year growth across all other business categories. Americas revenue of $45.093 billion missed estimates of $45.82 billion, though revenue in the key Greater China revenue outpaced estimates and grew by 28.1%. The company guided Q3 revenue growth between 14% to 17% year-over-year, well above estimates of 9%.

Roblox Corp (RBLX)

-24.67%

Gapping down after its Q1 2026 earnings report. Bookings came in at $1.7 billion, compared to estimates of $1.74, and revenue of $1.4 billion similarly met estimates of $1.42 billion while representing 39% year-over-year growth. Quarterly losses of $0.35 per share were narrower than the estimated loss of $0.41. The company cut its FY 2026 bookings outlook from $8.28 billion-$8.55 billion to $7.33 billion-$7.6 billion, well below estimates of $8.38 billion. Its Q2 2026 bookings outlook of $1.55 billion-$1.61 billion similarly missed estimates of $1.88 billion.

Rivian Automotive Inc (RIVN)

-4.88%

Trading sharply lower premarket after its Q1 2026 earnings report. Revenue of $1.38 billion beat estimates of $1.36 billion and represented 11% year-over-year growth. Adjusted EBITDA came in at -$472 million, narrower than estimates of -$512.2 million. The company guided adjusted EBITDA between -$2.1 billion and -$1.8 billion for FY 2026, compared to estimates of -$2 billion, and reaffirmed its prior delivery outlook of 62,000 to 67,000 vehicles for the fiscal year.

Reddit Inc (RDDT)

+13.91%

Gapping up after its Q1 2026 earnings report. Revenue grew by 69% year-over-year to $663 million, above estimates of $609 million, while earnings of $1.01 per share fell short of the estimated $1.09. Daily active unique users came in at 126.8 million, narrowly beating estimates of 126.7 million and representing 17% year-over-year growth; average revenue per user grew by 44% year-over-year to $5.23. The company projected revenue between $715 million and $725 million for Q2 2026, above estimates of $714 million.

Sandisk Corp (SNDK)

-5.75%

Gapping down after its Q3 2026 earnings report. Revenue came in at $6 billion, beating estimates of $4.7 billion and representing 251% year-over-year growth, with EPS of $23.41 similarly outpacing estimates of $14.42. Consumer revenue grew by 44% year-over-year to $820 million, and gross margin came in at a better-than-expected 78.4%. The company projected revenue between $7.75 billion and $8.25 billion for Q4 2026, well above estimates of $6.3 billion; this outlook implies 308%-334% year-over-year growth.

Microsoft, NVIDIA, and Amazon

+0.45%

Bloomberg reported that the Pentagon expanded its AI partnerships by securing classified network deployment agreements with Nvidia, Microsoft, Reflection AI, and Amazon Web Services. The initiative is aimed at rapidly transforming the US military into an AI-first force while diversifying beyond Anthropic amid ongoing tensions over military AI adoption.

MSFT, NVDA, AMZN

Estee Lauder Companies Inc (EL)

+10.22%

Gapping up after its Q3 2026 earnings report, with revenue of $3.71 billion and earnings of $0.91 per share beating estimates of $3.69 billion and $0.65, respectively. The company projected earnings between $2.35 and $2.45 per share for FY 2026, above estimates of $2.22.

Meta Platforms Inc (META)

+0.33%

On watch after Reuters reported that the company told its staff that it isn’t ruling out further layoffs. Meta reportedly said planned layoffs are being driven primarily by higher AI-related capital spending, as CEO Mark Zuckerberg emphasized the company must shift resources toward compute infrastructure and away from headcount. He also clarified that the reductions are separate from Meta’s broader AI-focused organizational restructuring.

Oil Stocks

-0.78%

On watch as a group amid ongoing geopolitical uncertainty surrounding US-Iran tensions and questions over President Trump’s War Powers Resolution deadline. The Trump administration has argued that the ceasefire between the parties in early April ended active hostilities, which could allow tensions to continue without Congressional approval. Separately, Chevron posted revenue of $48.61 billion for Q1 2026, missing estimates of $50.61 billion. Upstream earnings of $3.91 billion beat estimates of $3.5 billion, with worldwide production growing by 15% year-over-year.

CVX, USO, XOM, OXY, DVN, COP, TPET, RE, BATL, EONR

Moderna Inc (MRNA)

+7.65%

Trading sharply higher premarket after its Q1 2026 earnings report, with revenue of $389 million growing sharply from $108 million on a year-over-year basis. The company posted losses of $3.40 per share for the quarter, much larger than last year’s loss of $2.52 but better than analysts’ estimates. Moderna also touted its first Covid vaccine shipment in the UK.

Veeva Systems Inc (VEEV)

+10.81%

The company was just announced as the latest addition to the S&P 500,. Veeva will replace Coterra Energy in the index effective May 7, 2026, due to the latter company’s acquisition by Devon. Other stocks considered strong contenders to join the index this year include SoFi and Marvell.

Atlassian Corp (TEAM)

+21.66%

Revenue for Q3 2026 grew by 32% year-over-year to $1.79 billion, outpacing estimates of $1.7 billion, while earnings of $1.75 per share sharply exceeded estimates of $1.34. Cloud revenue and data center revenue grew by 29% and 44%, respectively. The company projected Q4 2026 revenue between $1.65 billion and $1.66 billion, missing estimates of $1.7 billion and implying 19%-20% year-over-year growth. Atlassian projected 24% year-over-year revenue growth for FY 2026, expecting growth of greater than 20% each in both its cloud and data center segments.

Western Digital Corp (WDC)

-8.46%

Gapping down after its Q3 2026 earnings report. Revenue of $3.3 billion and earnings of $2.72 per share beat estimates of $3.2 billion and $2.37, respectively. Gross margin came in at 50.5%, above estimates of 47.5%. The company projected Q4 2026 revenue of $3.6 billion, beating estimates of $3.5 billion and implying 40% year-over-year growth.

Beyond Meat Inc (BYND)

+7.77%

Gapping up amid heightened investor attention following a rally on Thursday. The stock began its move higher following a report from Defense News which suggested the US Army is considering meatless protein options for food rations. Approximately 31.6% of Beyond Meat’s float is sold short.