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

0830 - CPI y/y for October: Expected 2.6%; Prior 2.4%
0830 - CPI m/m for October: Expected 0.2%; Prior 0.2%
0830 - Core CPI y/y for October: Expected 3.3%; Prior 3.3%
0830 - Core CPI m/m for October: Expected 0.3%; Prior 0.3%
0830 - Fed’s Kashkari speaks
0930 - Fed’s Williams speaks
0945 - Fed’s Logan speaks

Tesla Inc (TSLA)

+1.98%

Trading higher premarket after President-elect Donald Trump announced plans to appoint CEO Elon Musk and former presidential candidate Vivek Ramaswamy to lead a new Department of Government Efficiency (DOGE). This department is set to focus on reducing bureaucracy, cutting regulations, and curbing government waste, and its announcement led to a spike in the price of Dogecoin. Separately, the National Highway Traffic Safety Administration recalled 2431 Cybertrucks due to concerns regarding the transfer of drive power to the vehicle’s wheels.

Crypto Stocks

-1.85%

Trading lower as a group as Bitcoin prices continue to fluctuate following the 2024 US Presidential election. The cryptocurrency made new all-time highs above $90,000 late on Tuesday night and is trading just below $88,000 as of early Wednesday morning. Marathon Digital is trading sharply lower following its earnings report, which missed expectations for earnings per share and sales.

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

Spotify Technology SA (SPOT)

+7.86%

The company reported earnings of $1.59 per share, below estimates of $1.84, though sales of $4.38 billion exceeded expectations of $4.31 billion. Monthly active user (MAU) net additions and subscriber net additions both exceeded previous guidance, and premium subscribers jumped by 12% on a year-over-year basis. Phillip Securities downgraded the stock from Buy to Accumulate following the report, though their price target was increased from $420 to $485.

Super Micro Computer Inc (SMCI)

-2.58%

Trading lower premarket after the company announced that it Super Micro Computer announced it could not file its quarterly report for the period ending September 30, 2024, on time due to challenges requiring unreasonable effort or expense. This is one of a series of recent challenges for the company, whose auditor resigned and whose 10-K for fiscal 2024 has still not been filed. Super Micro released disappointing preliminary results for the quarter during a business update on November 5.

NVIDIA Corp (NVDA)

+0.18%

At the Nvidia AI Summit Japan, CEO Jensen Huang announced that the company is collaborating with SoftBank to advance Japan's AI initiatives. These plans include building Japan's most powerful AI supercomputer using NVIDIA's Blackwell platform and piloting the first combined AI and 5G telecom network to unlock significant AI revenue opportunities for telecom providers. Additionally, SoftBank aims to establish an AI marketplace using NVIDIA AI Enterprise software.

Rocket Lab USA Inc (RKLB)

+25.31%

Gapping up following its Q3 2024 earnings report, during which the company a revenue beat and narrower-than-expected losses per share. Revenue rose by 55% year-over-year to reach $104.81 million, compared to estimates of $102.28 million. Rocket Lab also announced a confidential satellite-based multi-launch contract with Neutron and said it has received a US Air Force Research contract valued at up to $8 million.

Rivian Automotive Inc (RIVN)

+8.41%

Trading sharply higher premarket after launching its joint venue with Volkswagen Group, called Rivian and VW Group Technology, LLC. The partnership, valued at up to $5.8 billion compared to VW’s previously-announced investment of $5 billion, was created to develop next-generation electrical architecture and software for future electric vehicles. This project aims to accelerate technology development, with Rivian’s R2 expected by 2026 and Volkswagen's models utilizing the platform by 2027.

CAVA Group Inc (CAVA)

+16.18%

Gapping up after reporting Q3 2024 earnings, with GAAP earnings of $0.15 per share and sales of $243.82 million beating estimates of $0.11 and $233.59 million, respectively. New store openings grew by 21.4% year-over-year, restaurant-level profit jumped by 41.9%, and same-store sales increased by 18.1%. The company raised its guidance for same-store sales growth and net new restaurant openings for fiscal 2024.

Spirit Airlines Inc (SAVE)

-69.19%

Gapping down after filing Form 12b-25, indicating that the company will be unable to file its quarterly earnings report on time. Spirit Airlines attributed the delay to its debt restructuring efforts. The company guided a $61-million drop in revenue year-over-year, a $52-million increase in operating expenses, and a 12% decrease in operating margin for Q3 2024.

Mullen Automotive Inc (MULN)

+13.09%

Trading sharply higher premarket following a rally on Tuesday, which saw the stock gain 74% on the day. The company announced that one of its vehicles is now available to be rented on Turo. The company has a market capitalization of $135.67 million, and approximately 20.7% of its float is sold short.

Kaixin Holdings (KXIN)

+85.62%

Gapping up after regaining compliance with Nadsaq’s minimum bid price requirement, according to a letter it has received from the index. The stock has a short float of 8.1%.