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

0830 - Housing starts for September: Expected 1.35M; Prior 1.356M
0830 - Building permits for September: Expected 1.46M; Prior 1.47M
0930 - Fed’s Bostic speaks
1000 - Fed’s Kashkari speaks
1210 - Fed’s Waller speaks
1230 - Fed’s Bostic speaks

Netflix Inc (NFLX)

+6.67%

Trading sharply higher premarket after reporting Q3 2024 earnings, with adjusted earnings of $5.40 per share and sales of $9.825 billion beating estimates of $5.12 and $9.769 billion, respectively. Paid streaming memberships grew by 14.4% across the globe on a year-over-year basis and ad-supported memberships grew by 35% quarter-over-quarter, though average revenue per user (ARPU) was flat year-over-year. The company guided earnings of $4.23 per share and revenue of $10.128 billion for Q4, noting that they expect a quarter-over-quarter increase in paid net additions.

Apple Inc (AAPL)

+1.83%

Sales of the new iPhone models in China have risen 20% in the first three weeks after their launch compared to the performance of the new 2023 models during the same period, according to data from research firm Counterpoint. The iPhone 16 Pro and Pro Max models have seen a 44% increase in sales compared to their 2023 counterparts. However, overall iPhone unit sales in China declined 2% year-on-year due to weaker demand for older models and increased competition from Huawei's Mate and Pura series.

Tesla Inc (TSLA)

-0.58%

Trading marginally lower premarket after the U.S. National Highway Traffic Safety Administration (NHTSA) announced that it is investigating nearly 2.4 million Tesla vehicles. The agency has identified four crashes linked to the Full Self-Driving (FSD) system, which occurred in conditions of reduced roadway visibility caused by sun glare, fog, or dust. One of these incidents involved a fatal pedestrian crash, prompting the investigation to assess FSD's ability to detect and respond in such conditions.

Chinese ADRs

+5.56%

Trading sharply higher as a group following a strong session for Chinese stocks overseas, with the CSI 300 Index closing 3.6% higher. The rally was driven by comments from President Xi Jinping emphasizing the importance technology development and supportive central bank measures, such as specialized re-lending and liquidity facilities. Separately, China reported GDP growth of 4.6% for Q3 2024, exceeding expectations of 4.5% but marking the country’s slowest GDP growth since early 2023.

BABA, BIDU, JD, PDD, BILI, LI, XPEV, NIO, ZK

Intel Corp (INTC)

+0.89%

On watch after CNBC reported that the company is considering selling a minority stake in its Altera unit, valued at around $17 billion, to raise several billion dollars. Intel initially acquired the unit for $16.7 billion in 2015. This move comes as Intel faces a 50% drop in its stock price and aims to fund its semiconductor fabrication ambitions while seeking strategic or private equity investors.

Crypto Stocks

+2.21%

Trading higher as a group in tandem with Bitcoin, which reached as high as $68,350 on Friday morning and is currently trading above $67,800. The asset is recovering from minor weakness during Thursday’s session, when it fell below the $67,000 level. Ethereum, which has been consolidative for the last four days, is trading above $2,600 as of Friday morning.

MSTR, MARA, COIN, IBIT, ETHE, IBIT, RIOT, CLSK, HUT

CVS Health Corp

-12.89%

Gapping down after announcing several changes to its executive suite and providing lower-than-expected guidance for Q3 2024. Karen Lynch has been replaced as the company’s CEO, effective Thursday, October 17, and company executive David Joyner has been announced as her successor; Roger Farah, the company’s chairman, has been appointed its executive chairman. CVS also guided adjusted earnings between $1.05 and $1.10 per share for Q3 2024, well below analyst estimates of $1.70.

American Express Co (AXP)

-4.12%

Trading lower premarket following its Q3 2024 earnings report. The company reported earnings of $3.49 per share, above estimates of $3.28, though sales of $16.636 billion missed estimates of $16.669 billion. American Express raised its guidance for fiscal 2024 to $13.75-$14.05 from its previous range of $13.30 to $13.80.

Low-Float Runners

+35.17%

Several smallcap stocks with low floats are rallying premarket. Stocks like Pineapple Energy (PEGY) and Tenon Medical (TNON) have floats of less than one million shares, while stocks including Jiade Limited (JDZG), Akanda Corp (AKAN), and Mangoceuticals (MGRX) have floats under 2 million shares. Several of these tickers have rallied in the past.

PEGY, TNON, JDZG, AKAN, MGRX, VTAK, DRUG, SOBR