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

0830 - Fed’s Kugler speaks
1000 - Fed’s Goolsbee speaks
1130 - Fed’s Williams and Waller speak

Coinbase Global, Marathon Digital, and CleanSpark

-1.30%

All three crypto-related names are trading lower premarket following their earnings reports, even as Bitcoin continues to trade above $100,000. Coinbase posted adjusted earnings of $1.94 per share and sales of $2.03 billion, missing estimates of $2.11 and $2.12 billion, respectively. CleanSpark posted larger-than-expected loses per share and lower-than-expected sales; Marathon posted a surprise loss per share and a sales miss.

COIN, MARA, CLSK

Taiwan Semiconductor Manufacturing Co Ltd (TSM)

+2.34%

Trading higher premarket after reporting record April sales of T$349.57 billion ($10.76 billion), a 48.1% year-over-year surge, as customers pull orders forward ahead of anticipated U.S. trade tariffs. The spike in revenue reflects both tariff-related urgency and sustained AI-driven demand, as TSMC remains a crucial supplier to companies like Nvidia and continues to expand its U.S. manufacturing footprint.

Big Tech

+0.56%

On watch as a group after Reuters reported that India has proposed cutting its average tariff differential with the U.S. to below 4%, down from 13%, in an attempt to gain exemptions from current and future U.S. tariffs. In exchange for comprehensive tariff relief and greater access to the U.S. market, India is reportedly offering major tariff cuts and preferential access to U.S. imports, while seeking concessions for its key export sectors. Additionally, US President Donald Trump posted on Truth Social that an eighty-percent tariff on China “seems about right”, and that the decision will be left up to Treasury Secretary Scott Bessent.

GOOGL, AAPL, TSLA, MSFT, AMZN

Pinterest Inc (PINS)

+13.53%

Gapping up after its Q1 2025 earnings report. Adjusted earnings of $0.23 per share missed estimates of $0.26, but sales of $855 million beat expectations of $846.59 million. Global monthly active users grew by 10% on a year-over-year basis. The company guided Q2 sales between $960 million and $980 million, compared to estimates of $966.3 million.

Affirm Holdings Inc (AFRM)

-7.43%

Gapping down following its Q3 2025 earnings report. The company posted earnings of $0.01 per share, better than the expected loss of $0.03 per share, with sales of $783.13 million narrowly exceeding estimates of $783.03 million. Affirm raised its sales guidance for Q4 and FY 2025. The company now expects FY25 sales between $3.16 billion and $3.19 billion, compared to the estimated $3.18 billion, and projects Q4 sales between $815 million and $845 million, compared to estimates of $841.42 million.

NVIDIA Corp (NVDA)

+0.15%

On watch after Reuters reported that the company plans to launch a downgraded version of its H20 AI chip for China in July, aiming to comply with new U.S. export restrictions that effectively blocked the original model. This move reflects Nvidia's effort to retain access to the critical Chinese market amid tightening U.S. controls on advanced semiconductor exports.

Meta Platforms Inc (META)

+1.09%

On watch as the company’s FTC antitrust trial continues. Instagram CEO Adam Mosseri testified on Thursday that TikTok’s rapid rise significantly hurt Instagram’s user engagement, forcing the Meta-owned app to quickly adapt or risk decline. His statements support Meta’s argument in the FTC’s antitrust trial that competition from TikTok and YouTube undermines claims of monopolistic dominance in social networking.

Lyft Inc (LYFT)

+11.81%

Gapping up after its Q1 2025 earnings, during which it announced a $750 million share buyback program. The company posted earnings of $0.01 per share compared to an expected loss of $0.01, though sales of $1.45 billion missed estimates of $1.47 billion. Gross bookings increased by 13% year-over-year, rides increased by 16%, and active riders grew by 11%.

The Trade Desk Inc (TTD)

+13.64%

Gapping up after its Q1 2025 earnings report, with adjusted earnings of $0.33 per share and sales of $616.02 million beating estimates of $0.25 and $584.27 million, respectively. Revenue grew by 25% on a year-over-year basis, and CEO Jeff Green praised the early impacts of the company’s strategic upgrades put into place in Q4 2024. The company guided Q2 revenue of greater than $682 million, compared to estimates of $685.04 million.

Cloudflare Inc (NET)

+11.65%

Gapping up after its Q1 2025 earnings report. Adjusted earnings of $0.16 per share missed estimates of $0.17, but sales of $479.09 million exceeded expectations of $469.28 million. CEO Matthew Prince said that Cloudflare scored a deal valued at more than $100 million during the quarter, the largest contract in company history. The company guided adjusted earnings of $0.18 per share and sales between $500 million and $501 million for Q2, both of which met analyst estimates, and reaffirmed its FY25 sales and EPS guide.

Draftkings Inc (DKNG)

+2.15%

Trading higher premarket after its Q1 2025 earnings report. Adjusted earnings of $0.12 per share and sales of $1.41 billion missed estimates of $0.22 and $1.44 billion, respectively. Average monthly users grew by 28% year-over-year to reach 4.3 million, though average revenue per user dropped by 5%. The company cut its FY 2025 sales guidance from $6.3-$6.6 billion to $6.2-$6.4 billion, well below the consensus estimates of $7.61 billion.

Wolfspeed Inc (WOLF)

-20.32%

Gapping down after reporting earnings for Q3 2025. Adjusted losses of $0.72 per share were narrower than the expected loss of $0.77, but sales of $185.4 million missed estimates of $194.13 million. Just over 41% of Wolfspeed’s float is sold short.

ZK International Group Co Ltd (ZKIN)

+64.68%

The Chinese ADR is gapping up premarket after being mentioned in a press release alongside a handful of other small-cap tickers, including Asset Entities Inc (ASST). ZK has a float of 4.21 million shares.