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

1000 - Fed’s Harker speaks
1000 - Richmond Fed manufacturing index for October: Expected -17; Prior -21

Tesla Inc (TSLA)

-0.82%

On watch after Jefferies released a note on the stock late on Monday ahead of its post-market earnings report on Wednesday, October 23. The analyst raised its price target on Tesla to $195 from $165, maintaining a Hold rating, but noted that the company's "We, Robot" event lacked significant progress on technology or business models. Jefferies described the as “an imbalanced VC portfolio solely funded by an auto business under pressure” and expects Tesla's Q3 revenue to be $19.9 billion, well below the consensus estimate of $25.55 billion. Additionally, the company is offering discounts on select Model Y and Model 3 vehicles of up to $4000, according to its US website.

Crypto Stocks

-1.87%

Trading lower premarket as Bitcoin continues to pull back from $70,000, a key level which market participants expected it would claim over the weekend. The cryptocurrency, which touched $69,300 early on Monday, traded as low as $66,600 on Tuesday morning before returning to the $67,300 level. Ethereum is similarly weak, trading around $2,630 as of early Tuesday morning.

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

General Motors Co (GM)

+1.61%

Trading higher premarket following its Q3 2024 earnings report, with adjusted earnings of $2.96 per share and sales of $48.757 billion exceeding expectations of $2.43 and $44.585 billion, respectively. This report marks General Motors’ eighth straight revenue beat and ninth straight EPS beat. The company also raised its adjusted EPS guidance for 2024 from $9.50 to $10.50.

Trump Media & Technology and Phunware

+2.24%

The stocks have seen increased attention from traders in the leadup to the 2024 US Presidential election on November 5, 2024. Republican candidate Donald Trump is Trump Media’s namesake and largest shareholder. Phunware is associated with, and frequently runs in tandem with, Trump Media due to the fact that its platform was utilized as part of Trump’s 2020 re-election campaign. On Monday, Trump Media announced that its Truth+ streaming service is now available through Apple TV and iOS; separately, the Supreme Court declined to hear a suit against Trump and others put forward by Michael Cohen.

DJT, PHUN

Qualcomm Inc (QCOM)

-0.60%

On watch after unveiling its latest high-end smartphone SoC, the Snapdragon 8 Elite, featuring the new Oryon CPU with enhanced AI capabilities. The chipset is designed to deliver desktop-like performance on smartphones, improve AI tasks like speech and image recognition, and includes an AI-powered video object eraser; devices from brands like Asus, OnePlus, and Xiaomi will soon feature the chipset. This reveal was part of the company’s Qualcomm Summit, which runs until Wednesday, October 23. Separately, CEO Cristiano Amon declined to discuss the company’s rumored interest in taking over Intel during an interview with CNBC.

GE Aerospace (GE)

-5.01%

Trading sharply lower premarket following its Q3 2024 earnings report. The company reported adjusted earnings of $1.15 per share, narrowly beating estimates of $1.14, with revenue coming in at $8.9 billion and GAAP revenue coming in at $9.842 billion. GE Aerospace guided high-single-digits adjusted revenue growth for fiscal 2024, forecasting adjusted EPS between $4.20 and $4.35 and operating profit between $6.7 billion and $6.9 billion for the year.

Nano Nuclear Energy Inc (NNE)

-8.99%

Gapping down after announcing an stock offering of 1,398,602 units, with each unit consisting of one share of common stock and a 2024 B warrant to purchase up to half a share (699,301 shares in total) of common stock. The stock, which has a 9.23% short float and is 43% insider-owned, has been on watch alongside other nuclear and energy tickers since last week’s announcement that Amazon is looking to invest $500 million in nuclear power.

3M Co (MMM)

+4.01%

Trading higher premarket following its earnings report for fiscal Q3 2024. The company reported adjusted earnings of $1.98 per share and sales of $6.294 billion, exceeding expectations of $1.90 and $6.057 billion, respectively. 3M narrowed its EPS guidance for fiscal 2024 from $7.00-$7.30 to $7.20-$7.30, compared to estimates of $7.26.

SAP SE (SAP)

+3.49%

The company’s US-listed shares are trading higher following its Q3 2024 earnings report. Adjusted earnings of 1.23 euros per share narrowly beat estimates of 1.22 euros, but sales of 8.47 billion euros missed expectations of 8.479 billion euros. SAP guided non-IFRS operating profit growth of 20% to 23%, raising the midpoint of this range by 150 million euros, and reaffirmed its cloud revenue guidance of 24% to 27% year-over-year growth.

Smallcap Runners

+59.78%

On watch as a spate of smallcap runners continue to come into play on a daily basis, often with smaller floats and market caps or significant short floats. Genprex (GNPX), which began running yesterday without a news catalyst, is up over 100% premarket with a market capitalization of $3.91 million and a float of 2.43 million shares. Also gapping up are Hyzon Motors (HYZN), SRM Entertainment (SRM), TC BioPharm (TCBP), and Immunic (IMUX), among others; HYZN and SRM have floats of under 5 million shares each, and TCBP has a market capitalization of approximately $720,000.

GNPX, HYZN, SRM, TCBP, IMUX, BIVI