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

0830 - Durable goods orders m/m for September: Expected -1%; Prior 0%
0830 - Core durable goods m/m for September: Expected -0.1%; Prior 0.5%
1000 - UMich consumer sentiment (final) for October: Expected 69.1; Prior 68.9
1000 - UMich 5-yr inflation (final) for October: Expected 3%; Prior 3%
1000 - UMich 1-yr inflation (final) for October: Expected 2.9%; Prior 2.9%
1100 - Fed’s Collins speaks

Tesla Inc (TSLA)

-1.95%

Trading lower premarket with volume following a 22% rally on Thursday, the stock’s best one-day performance since 2013. This surge added nearly $150 billion to the company’s market value, boosting CEO Elon Musk’s net worth by $33.5 billion in a single day. The increase was fueled by Tesla’s announcement of its highest quarterly profit since mid-2023, supported by promising sales growth projections and the Cybertruck’s contribution to quarterly profitability.

Apple Inc (AAPL)

-0.94%

Trading lower premarket after being downgraded from Sector Weight to Underweight by KeyBanc. The analyst attributed the downgrade to concerns over iPhone sales, citing data that the iPhone SE may cannibalize iPhone 16 demand and predicting limited growth in upgrade rates in the U.S. Keybanc also noted that Apple's current valuation—23 times forward earnings—is historically high compared to both its three-year average and the Nasdaq, suggesting the stock may be overvalued relative to peers. Separately, a report from the International Data Corporation indicated that Apple is once again one of the top five smartphone vendors in China in Q3, securing a second-place spot after being absent from the rankings in Q2.

Meta Platforms Inc (META)

+0.61%

Trading higher premarket following a price target increase from $600 to $675 by Bernstein. The analyst note, in which Bernstein says that Meta’s stock is “set-it-and-forget-it”, was released on Thursday but is being circulated on social media Friday morning. Earlier this week, Bernstein maintained its Buy rating and $600 price target on the stock.

Chinese ADRs

+1.77%

Rebounding as a group following a pullback on Thursday, after the IMF downgraded China’s 2024 growth forecast to 4.8% due to consumer confidence issues and property market weaknesses. Institutions like UBS, Goldman Sachs, and Nomura raised their 2024 growth forecasts close to 5% after recent stimulus measures, projecting that China could meet its growth target. Separately, EVs are on watch after a meeting between a trade official for the European Commission and the Chinese Minister of Commerce, with both parties agreeing to continue technical negotiations on alternatives to tariffs on China-made EVs; additional tariffs are set to start next week.

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

Capri Holdings Ltd (CPRI)

-46.20%

Gapping down after a judge blocked its pending merger with Tapestry (TPR), siding with the FTC's argument that combining the two largest U.S. handbag makers would harm competition and drive up prices. Tapestry contended that the merger was essential to compete with European luxury brands, but the judge sided with the FTC's concerns over potential price impacts on consumers. Tapestry is trading sharply higher as a result of the verdict.

DexCom Inc (DXCM)

-4.82%

Trading lower premarket following its earnings report. The company reported adjusted earnings of $0.45 per share, beating estimates of $0.43, and sales of $994.2 million exceeded expectations of $990.71 million. DexCom also reaffirmed its 2024 sales guidance of $4 billion to $4.05 billion, compared to estimates of $4.013 billion, and announced the retirement of executive vice president and CCO Teri Lawver.

SoFi Technologies Inc (SOFI)

+3.79%

Trading higher premarket after gaining almost 5% by Thursday’s close. The stock, which receives consistent attention from retail investors, has a short float of 17.8%. SoFi is scheduled to report earnings report the bell on Tuesday, October 29.

Spirit Airlines Inc (SAVE)

+7.85%

Trading sharply higher premarket after providing several financial and performance updates after the bell on Thursday. The company guided a year-over-year capacity decrease in the mid-teens for fiscal 2025 and a 20% decrease in capacity for Q4 2024. Spirit also announced plans to implement $80 million in annualized cost reductions starting in early 2025.

Faraday Future Intelligent Electric Inc (FFIE)

+30.50%

Gapping up after announcing a partnership with the UAE’s Master Investment Group, led by Sheikh Abdulla Al Qassimi, to strategically expand operations in Ras Al Khaimah, UAE. This partnership supports Faraday Future's goals of regional growth and aims to strengthen its global business presence, potentially including UAE-based manufacturing. The stock rallies semi-frequently and has a $22.08 million market cap.

Safe & Green Holdings Corp (SGBX)

+76.19%

A previous small-cap runner gapping up on no apparent catalyst. The stock has a market capitalization of $2.13 million and a float of 1.52 million shares, 5.4% of which are sold short.