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

Crypto Stocks

+3.34%

Trading sharply higher as a group in tandem with strength in Bitcoin and Ethereum. Both cryptocurrencies traded lower during the Thanksgiving holiday on Thursday following pushes to the upside on Wednesday. Bitcoin is trading around $97,500 on Friday morning, while Ethereum is just below $3,600.

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

Semiconductors

+1.04%

Trading higher as a group following a sector-wide drop on Wednesday, in tandem with weakness in the Nasdaq. Intel is on watch after Reuters reported that the company must retain majority control (at least 50.1%) of its Intel Foundry unit under the terms of its CHIPS Act grant. The agreement also restricts any third party from acquiring 35% or more of Intel Foundry or Intel itself, ensuring Intel's control over funded entities. This update follows previous reports that Intel has been looking to sell or receive outside funding for its foundry business.

INTC, NVDA, AMD, MRVL, MU, AVGO, ARM

Microsoft Corp (MSFT)

-0.41%

On watch after Bloomberg reported that the Federal Trade Commission has launched a broad investigation into Microsoft’s business practices. The FTC has reportedly requested information from the company as part of the probe, which spans its AI, cloud computing, and gaming operations. This comes after Microsoft’s recent antitrust scrutiny, including its $69 billion Activision Blizzard acquisition and concerns over its AI partnerships.

Tesla Inc (TSLA)

+1.05%

Trading higher premarket after having its Outperform rating and $400 price target maintained by Wedbush. The note from analyst Dan Ives addressed reports that California will exclude Tesla from a proposed EV credit in the state, saying that this move is likely related to past scuffles between California Governor Gavin Newsom and Tesla CEO Elon Musk. Ives and Wedbush also noted that Tesla’s reported exclusion from California’s EV initiatives could inspire the company to move jobs out of its Fremont, California factory and into its Austin, Texas factory.

Amazon.com Inc (AMZN)

+0.39%

Trading marginally higher premarket after The Information reported that the company is developing Olympus, a multimodal AI system specializing in advanced image and video analysis. This model is an attempt to address Amazon’s limitations in text processing compared to rivals like OpenAI and Anthropic. Olympus reportedly offers capabilities such as precise motion tracking in sports footage, accurate video archive searches, and industrial applications like detecting corrosion in underwater drilling equipment.

ASML and Taiwan Semiconductor Manufacturing Co

+0.98%

Both international semiconductor manufacturing companies are on watch after Bloomberg reported that the U.S. may impose less severe sanctions on China's chip industry than initially proposed. Analysts from Jefferies suggested this could soften the anticipated decline in ASML's China revenue, previously forecasted to drop by 30% next year. ASML surged in European trading and is trading higher by 1.7% premarket, while Taiwan Semiconductor is trading 0.5% higher premarket.

ASML, TSM

Retailers

+1.06%

Several members of the group are trading marginally higher premarket on Black Friday, which marks the beginning of the holiday shopping season. Data from the National Retail Federation suggests that holiday spending could increase by 2.5% to 3.5% on a year-over-year basis, though this number is smaller than the 3.9% year-over-year increase in 2023. Retailers including Walmart, Nordstrom, Target, and Abercrombie & Fitch have released earnings reports over the last two weeks; Lululemon, Foot Locker, Dollar General, and Dollar Tree are all scheduled to report next week.

TGT, WMT, DKS, KSS, BBY, ANF, JWN, M, LULU, DG, DLTR, FL.

Applied Therapeutics Inc (APLT)

-73.16%

Gapping down after receiving an FDA Complete Response Letter for its govorestat New Drug Application for Classic Galactosemia, citing deficiencies in the clinical application that prevent approval in its current form. The company plans to meet with the FDA to address the feedback and determine next steps for resubmission or appeal. Approximately 15.61% of the stock’s float is sold short.

Bolt Projects Holdings Inc (BSLK)

+206.11%

Gapping up premarket with a market capitalization of $9.57 million and a float of 10.88 million shares, 66.35% of which are insider-owned. On Tuesday morning, the company announced that it has agreed to sell over one million shares of common stock at $0.34 each in a private placement to raise approximately $360,000, with the deal expected to close by early December 2024.