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

0830 - Initial jobless claims: Expected 247k; Prior 241k
0845 - Fed’s Hammack speaks
0945 - S&P composite PMI flash for October: Expected 53.8; Prior 54
0945 - S&P services PMI flash for October: Expected 55; Prior 55.2
0945 - S&P manufacturing PMI flash for October: Expected 47.5; Prior 47.3
1000 - New home sales for September: Expected 720k; Prior 716k

Tesla Inc (TSLA)

+12.33%

Gapping up following a stronger-than-expected Q3 2024 earnings report. Revenue rose by 8% year-over-ear to reach $25.18 billion, though this number missed estimates of $25.37 billion, and adjusted earnings of $0.72 per share exceeded expectations of $0.58. The company also reported an 18.5% adjusted EBITDA margin for the quarter, up by 243 basis points on a year-over-year basis. Tesla guided strong Q4 deliveries and “slight growth” for FY 2024 deliveries, noting that production of new and more affordable models is still set to begin in H1 2025.

NVIDIA Corp (NVDA)

+1.07%

One of the company’s key suppliers, SK Hynix, reported record-breaking quarterly revenue of 17.5731 trillion won ($12.65 billion) driven by strong demand for AI-related memory products like high-bandwidth memory (HBM). SK Hynix expects continued growth in AI memory demand and plans to expand production of advanced DRAM and NAND products to maintain its leadership in the sector. The stock traded lower throughout Wednesday’s session; Reuters reported that CEO Jensen Huang said a design flaw with the company’s Blackwell chips was resoled with assistance from Taiwan Semiconductor.

The Boeing Company (BA)

-3.36%

Trading lower premarket after the company’s machinists’ union rejected a proposed labor deal, extending a strike that has disrupted the company’s Seattle-area production for over five weeks. Although the offer included a 35% wage increase and bonuses, workers were dissatisfied with the lack of a pension plan and sought higher pay to address rising living costs. Kelly Ortberg, the company’s new CEO, mentioned that resolving the strike is a priority during the company’s earnings call on Wednesday, October 23.

Palantir Technologies Inc (PLTR)

+1.36%

The company has entered a strategic partnership with L3Harris Technologies to enhance the U.S. Department of Defense's joint-all-domain network by combining L3Harris' sensor systems with Palantir’s AI platform. The partnership will focus on U.S. Army programs and integrating AI for advanced defense technologies, including sensors and radios, with potential internal digital transformation for L3Harris.

Crypto Stocks

+1.87%

Trading higher as a group i9n tandem with a recovery in Bitcoin. The cryptocurrency has reclaimed the $67,000 level as of Thursday morning following weakness on Wednesday, which saw it break below $66,000. Ethereum, which was also weak on Wednesday, is trading roughly 2% lower as of Thursday morning and is above the $2,500 level.

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

United Parcel Services Inc (UPS)

+7.79%

Trading sharply higher premarket after reporting earnings for Q3 2024, with adjusted earnings of $1.76 per share and sales of $22.2 billion exceeding expectations of $1.63 and $22.14 billion, respectively. For fiscal 2024, the company guided consolidated revenue around $91 billion and a non-GAAP adjusted operating margin around 9.6%.

American Airlines and Southwest

-0.85%

Both airlines reported earnings before the bell on Thursday, October 24. American Airlines posted adjusted earnings of $0.30 per share and sales of $13.6 billion, beating estimates of $0.15 and $13.471 billion, respectively. Southwest also beat estimates for earnings and revenue and announced that it has made a deal with activist investor Elliott Investment so as to avoid a proxy fight. As per the deal, Southwest will add six seats to its board of directors, and CEO Bob Jordan will be allowed to keep his position. Both companies are trading lower premarket.

AAL, LUV

International Business Machines Corp (IBM)

-4.19%

Trading sharply lower premarket following its Q3 earnings report. The company reported $14.968 billion in quarterly salers, missing estimates of $15.070 billion, and reported losses from continuing operations of $0.34 per share. CEO Arvind Krishna highlighted IBM’s 10% year-over-year growth in its software revenue segment and noted that the company’s generative AI business has grown by more than $1 billion quarter-over-quarter.

Trump Media & Technology Group and Phunware

-3.42%

Both stocks are trading lower premarket with volume, pulling back from a multi-day rally ahead of the US Presidential election on November 5; Republican candidate and former US President Donald Trump is the majority shareholder and namesake of Trump Media. Phunware, whose platform provided the basis for a mobile app used in Trump’s 2020 re-election campaign, often runs in sympathy with Trump Media and has a 6.5% short float.

DJT, PHUN

Quantum and Nuclear Stocks

+2.77%

The group has been on watch since last week, when Amazon announced plans to invest heavily in the nuclear energy space. QuantumScape is trading sharply higher premarket after its earnings report, where it met market expectations by reporting GAAP losses of $0.23 per share for Q3 2024. Many of these stocks have notable short floats; QuantumScape has a short float of 15.9%, IonQ has a 21.6% short float, and NuScale (SMR) has a short float of 26.9%.

QS, IONQ, SMR, NNE, OKLO