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

0815 - ADP employment change for October: Expected 110.5k; Prior 143k
0830 - GDP growth rate q/q (adv) for Q3: Expected 2.9%; Prior 3%
0830 - GDP price index q/q (adv) for Q3: Expected 1.9%; Prior 2.5%
1000 - Pending home sales m/m for September: Expected 1.9%; Prior 0.6%

Alphabet Inc (GOOGL)

+6.25%

Gapping up after its earnings report. GAAP earnings of $2.12 per share exceeded expectations of $1.84, and sales of $88.26 billion beat estimates of $86.312 billion. The company reported a 25% year-over-year increase in Google Cloud revenue and a 13% increase in Google Services revenue. CEO Sundar Pichai highlighted Alphabet’s “momentum” and its ongoing work and investment in AI.

Advanced Micro Devices Inc (AMD)

-7.99%

Gapping down following its earnings report. The company reported earnings of $0.92 per share, in-line with estimates, ad sales of $6.8 billion, above expectations of $6.71 billion. AMD guided Q4 2024 revenue of $7.5 billion, plus or minus $300 million, compared to estimates of $7.55 billion. Data Center revenue grew by 122% on a year-over-year basis, but gaming revenue and Embedded revenue fell by 69% and 25%, respectively.

Microsoft Corp and Meta Platforms

+2.04%

Both companies are scheduled to report earnings after the bell on Wednesday, October 30. Analysts are expected Microsoft to post earnings of $3.08 per share and revenue of $64.43 billion. For Meta, analysts are looking for earnings of $5.19 per share and $40.14 billion in revenue.

MSFT, META

Crypto Stocks

-2.58%

Trading lower as a group as Bitcoin continues to trade near all-time highs. The cryptocurrency rallied on Tuesday and reached as high as $73,500, but was unable to break through the previous high just below $74,000 that was made earlier this year. Bitcoin is trading just above $72,000 as of Wednesday morning. Separately, Coinbase is scheduled to report earnings after the bell on Wednesday, October 30.

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

Reddit Inc (RDDT)

+22.03%

Gapping up after its earnings report. The company reported GAAP earnings of $0.16 per share compared to an expected loss of $0.08 per share, and sales of $348.4 million beat expectations of $311.42 million. Reddit guided Q4 2024 revenue between $385 million and $400 million, above the expected $356.716 million, and projected adjusted EBITDA between $110 million and $125 million for the same period.

Snap Inc (SNAP)

+10.47%

Gapping up after its Q3 2024 earnings report, with adjusted earnings of $0.08 per share and sales of $1.373 billion beating estimates of $0.05 and $1.358 billion, respectively. Daily active users reached 443 million, up 9% year-over-year, while revenue rose by 15%. The company guided Q4 2024 revenue between $1.51 billion and $1.56 billion, compared to estimates of $1.558 billion, and announced a $500 million buyback program.

Chipotle Mexican Grill Inc (CMG)

-5.65%

Trading sharply lower premarket following its earnings report. Adjusted earnings of $0.27 beat estimates of $0.25, while sales of $2.79 billion missed estimates of $2.82 billion. The company reported a 6% increase in comparable store sales and a 2.7% increase in the average ticket. Chipotle also announced plans to open 315 to 345 new stores in 2025 and announced a $900 million buyback program.

Trump Media & Technology Group (DJT)

-6.46%

Trading sharply lower with volume premarket following a volatile session on Tuesday. The stock halted for volatility shortly after the session began and closed almost 9% higher. Trump Media has received a significant amount of attention from retail traders in the leadup to the US Presidential election on November 5; majority shareholder and namesake Donald Trump is the Republican candidate.

Nuclear Stocks

+4.89%

Trading higher as a group after pulling back during Tuesday’s session. The group has been on watch in recent weeks as both Alphabet and Amazon have announced investments in the energy space. NuScale (SMR) has a short float of 24.9%, while Nano Nuclear has a 11% short float and Oklo has a 15.5% short float. Additionally, HC Wainwright initiated coverage on Nano Nuclear with a Buy rating and a $50 price target.

SMR, NNE, OKLO

Eli Lilly and Co (LLY)

-9.75%

Gapping down after reporting earnings for Q3 2024, with adjusted earnings of $1.18 per share and sales of $11.44 billion missing expectations of $1.45 and $12.1 billion, respectively. The company lowered its 2024 EPS guidance from $16.10-$16.60 to $13.02-$13.52, citing in-process research and development charges taken on during the quarter; Eli Lilly also lowered the top end of its 2024 sales forecast.

ASP Isotopes Inc (ASPI)

+47.05%

Gapping up after entering into a term sheet with TerraPower to build a facility for producing a type of uranium. ASP Isotopes has a market capitalization of $384.13 million and a 24.2% short float.