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

0945 - S&P Global manufacturing PMI (final) for November: Expected 49; Prior 48.8
1000 - ISM manufacturing PMI for November: Expected 47.6; Prior 46.5
1000 - ISM manufacturing prices paid for November: Expected 56; Prior 54.8
1000 - Construction spending m/m for October: Expected 0.2%; Prior 0.1%
1515 - Fed’s Waller speaks
1630 - Fed’s Williams speaks

Tesla Inc (TSLA)

+1.37%

Trading higher premarket after Stifel raised its price target from $287 to $411 while maintaining a Buy rating. The analyst emphasized the company's unique position as more than just an automaker. Stifel specifically cited the value creation potential from Tesla’s AI-driven full self-driving technology and future robotaxi business as key drivers of its optimistic outlook. Separately, Roth MKM upgraded Tesla to Buy from Neutral and raised its price target for the stock from $85 to $380, also citing Tesla’s AI potential.

Amazon.com Inc (AMZN)

+0.78%

Trading higher premarket following the Black Friday shopping weekend. Data from Adobe Analytics suggests that online consumer spending on Black Friday reached $10.8 billion in 2024, up from $9.8 billion in 2023. Separately, Amazon Web Services announced generative AI enhancements for Amazon Connect, its cloud contact center solution. These features promise faster issue resolution, enhanced customer satisfaction, and reduced operational costs for organizations.

Microsoft Corp (MSFT)

-0.34%

On watch after Elon Musk filed for a court injunction to stop Microsoft-backed OpenAI from transitioning from a non-profit to a for-profit organization. The filing accuses Open AI of anti-competitive practices and misuse of sensitive information through its partnership with Microsoft, arguing that Reid Hoffman's dual roles at OpenAI and Microsoft facilitated monopolistic practices. The injunction seeks to halt OpenAI's restructuring and its collaborations with Microsoft.

Crypto Stocks

-1.24%

Several stocks in the group, especially crypto miners like Marathon Digital (MARA) and Hut 8 (HUT), are trading lower premarket in tandem with Bitcoin. The cryptocurrency, which chopped around in a tight range over the Thanksgiving weekend, reached a high of just above $98,000 on Monday morning before dropping to $95,000. Ethereum is also trading lower, breaking below the $3600 level early on Monday.

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

Trump Media & Technology Group (DJT)

+1.48%

Trading higher premarket with volume following the announcement that Trump Media board member Kashyap “Kash” Patel has been chosen by President-elect Donald Trump to lead the Federal Bureau of Investigation. This pick was praised by Trump Media CEO Devin Nunes. The stock gained 3.8% during Friday’s shortened session.

Upstart Holdings Inc (UPST)

-4.92%

Trading sharply lower premarket after being downgraded to Underweight from Neutral, citing that its current valuation of 9-times forward sales already reflects optimism about improved third-party funding in 2025. The analyst noted a significant drop in origination volume, now at one-eighth of its prior peak, compared to when the stock last traded in the high $70 range. Approximately 28% of Upstart’s float is sold short.

Chinese EVs

-0.65%

On watch as a group after reporting delivery numbers for November. ZEEKR reported a 106% year-over-year increase in deliveries, while Xpeng’s deliveries increased by 54% year-over-year; both companies are trading sharply higher premarket. Meanwhile, Li Auto and Nio are trading lower premarket after reporting comparatively smaller year-over-year increases of 18.8% and 28.9%, respectively.

XPEV, ZK, LI, NIO

Stellantis NV (STLA)

-8.64%

Gapping down following the sudden resignation of CEO Carlos Tavares. This announcement comes as the company faces faltering U.S. sales, high dealer inventories, and looming trade challenges, including proposed tariffs that could impact over 20% of earnings. The automaker recently reported a 27% Q3 revenue decline but maintained its 2024 guidance.

Taiwan Semiconductor Manufacturing Co (TSM)

+2.31%

Trading higher with volume after gaining almost 2% during Friday’s shortened session. Friday’s strength was driven by a report from Focus Taiwan suggesting that the company will be ready to produce its 2-nanometer chips in the US by 2028. The stock also benefitted from reports of softer-than-expected sanctions on China as part of the U.S. chip embargo.

AMC Entertainment Holdings Inc (AMC)

+1.41%

On watch after a record-setting holiday weekend. According to a press release, 8.8 million customers attended movies at the company’s theatres from Wednesday to Sunday, making it the “biggest and busiest” Thanksgiving weekend in AMC’s history. November 29 marked the company’s highest-attended Black Friday and its second-highest revenue day of all time. AMC has a short float of 13.4%.