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

0800 - Building permits R number for Oct: Prior 1.416 mln
0800 - Building permits R change MM for Oct: Prior -0.6%
1000 - Consumer Confidence for Nov: Expected 111.3; Prior 108.7
1000 - New home sales-units for Oct: Expected 0.725 mln; Prior 0.738 mln
1000 - New home sales change MM for Oct: Prior 4.1%
1000 - Richmond Fed Composite Index for Nov: Prior -14
1000 - Richmond Fed Manufacturing Shipments for Nov: Prior -8

Crypto Stocks

-6.2%

Bitcoin, the world's largest cryptocurrency by market cap, was down 6.2%, trading at $92,446.38 early Tuesday, according to CoinGecko. This after barely failing to hit 100k over the weekend. Other major cryptocurrencies also declined, with Ether dropping 4.2% to $3,346.86 and Solana's SOL token falling 8.9% to $231.88. The overall cryptocurrency market cap decreased by $182 billion, reaching $3.35 trillion. Despite this downturn, Bitcoin has gained over 30% since the U.S. presidential election.

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

Intel Crop (INTC)

+0.64%

Intel is set to receive up to $7.87 billion under the U.S. CHIPS Act to fund chip plant expansions in Arizona, New Mexico, Ohio, and Oregon, as part of a broader effort to bolster domestic semiconductor production and reduce reliance on Asia. The grant, tied to specific project milestones, marks a key step in Intel CEO Pat Gelsinger’s turnaround strategy, which includes competing with TSMC and Samsung in advanced chip technology. Separately, Qualcomm's interest in acquiring Intel has reportedly cooled due to the complexities of such a deal, though it may explore acquiring specific parts of Intel or revisit the idea later. A full acquisition would face significant antitrust hurdles globally, given the size and influence of both firms.

INTC, QCOM

Kohl’s Corporation (KSS)

-13.30%

Kohl's reported quarterly earnings of $0.20 per share, falling short of analysts' expectations of $0.28 by 28.57%. Quarterly sales came in at $3.507 billion, also missing the consensus estimate of $3.638 billion, representing a 3.6% shortfall. This marks an 8.74% decline compared to the $3.843 billion in sales during the same period last year. CEO Tom Kingsbury attributed the weaker results to soft sales in the company's apparel and footwear segments.

Rivian Automotive, INC. (RIVN)

+5.8%

Rivian shares are trading higher in premarket activity on Tuesday after announcing a conditional commitment from the U.S. Department of Energy's Advanced Technology Vehicle Manufacturing (ATVM) Loan Program for up to $6.6 billion. The loan includes $6 billion in principal and $600 million in capitalized interest. Rivian plans to use the funds to support growth and expand its U.S. production capabilities, including constructing a new facility in Georgia. If finalized, this investment will boost Rivian's ability to meet increasing domestic and international demand for its electric vehicles.

Dick’s Sporting Goods Inc (DKS)

+6.62%

Dick’s Sporting Goods raised its full-year guidance after strong Q3 results driven by a robust back-to-school season, with comparable sales up 4.2% (vs. 2.7% expected). The company beat Wall Street expectations with EPS of $2.75 (vs. $2.68 expected) and revenue of $3.06 billion (vs. $3.03 billion expected). Fiscal 2024 same-store sales growth is now forecasted at 3.6%-4.2%, and EPS guidance increased to $13.65-$13.95. CEO Lauren Hobart expressed confidence in the holiday season, citing strategic focus and omni-channel strength. Shares could see momentum as Dick’s positions itself for sustained growth.

Zenatech (ZENA)

+70%

The low float and high short interest name is again trading sharply after gaining over 300% in yesterdays session. The firm is targeting opoprtunities in the &47 billion Military Drone industry

Amgen Inc. (AMGN)

-7.23%

Amgen’s weight loss drug MariTide showed up to 20% weight loss in a Phase 2 trial, meeting expectations but trailing rivals like Eli Lilly’s Zepbound (22%) and Novo Nordisk’s Wegovy (15%). MariTide’s unique peptide-antibody approach may offer quicker results, better maintenance, and less frequent dosing, positioning it to capture part of the obesity drug market projected to hit $150 billion annually by the 2030s. Amgen’s stock has been volatile amid concerns over side effects, but upcoming Phase 2 data on long-term efficacy and a planned late-stage trial could be catalysts for investors.

Novo-Nordisk & Eli Lilly

+4.77%

The Biden administration has proposed expanding Medicare and Medicaid coverage for anti-obesity drugs, potentially benefiting 3.4 million Americans and boosting demand for market leaders like Novo Nordisk, Eli Lilly, Amgen, and Viking Therapeutics. This move aligns with broader cost-saving initiatives under the Inflation Reduction Act, which aims to cut Medicare Part D drug costs by $6 billion by 2026. Insurers like UnitedHealth, Humana, and CVS may face adjustments as coverage expands, while the proposal highlights growing government focus on obesity treatment as a healthcare priority.

NVO, LLY

Zoom Video Communications (ZM)

-10.54%

Zoom Communications reported strong Q3 results with a 3.6% increase in revenue to $1.18 billion and a 47% rise in profit to $207.1 million ($0.66 per share), surpassing analyst expectations. The company saw growth in enterprise revenue, up 5.8% to $698.9 million, while online revenue remained flat. Zoom’s outlook for fiscal 2025 is positive, raising revenue guidance to $4.66 billion and adjusted EPS to $5.41–$5.43. The company is on track to meet Q4 expectations, with adjusted EPS forecasted between $1.29 and $1.30. Investors are likely to focus on Zoom’s continued success in enterprise accounts and its fiscal growth trajectory.