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

1300 - Fed’s Bowman speaks
1350 - Fed’s Kashkari speaks
1500 - Consumer credit change for August: Expected $12B; Prior $25.45B
1800 - Fed’s Bostic speaks
1830 - Fed’s Musalem speaks

Apple Inc (AAPL)

-1.27%

Trading lower premarket after Jefferies downgraded its rating for the stock from Buy to Hold. The analyst attributed the downgrade to overestimated market expectations for the upcoming iPhone 16 and 17 models and a heavy reliance on iPhone sales, which made up 52% of Apple's revenue in 2023. Jefferies analysts believe initial demand for the iPhone 16 will be weaker than expected, with minimal growth, and argue that significant AI advancements in smartphones are still 2-3 years away. Mizuho also issued a mixed note on Apple on Friday evening, calling the stock an attractive long-term investment despite current concerns over declining iPhone sales and suggesting that negative sentiment is already priced in.

Amazon.com Inc (AMZN)

-1.83%

Trading lower premarket after receiving a downgrade from Wells Fargo. The analyst lowered its rating on Amazon’s stock from Equal Weight from Overweight and lowered its price target from $225 to $183, citing challenges such as investments in Project Kuiper, pressure from Fulfillment by Amazon (FBA) fees, and slowing advertising contributions that may limit operating income growth through 2027. Wells Fargo noted that while Amazon Web Services remains strong, it is insufficient to drive positive earnings revisions in the near term, with margin expansion unlikely until after July 2025.

Chinese ADRs

+3.38%

Continuing to push higher as a group, even as global fund managers and strategists from firms like Invesco, JPMorgan, and HSBC voice their skepticism of the rally. Some of the concerns cited by these firms include overvaluation and the need for Beijing to deliver on its stimulus promises. Trading in mainland China is set to reopen on Tuesday following a week-long holiday, and the China National Development and Reform Commission has scheduled a press conference on economic policy implementation for the same day. Separately, Alibaba has been upgraded to Outperform from Neutral by Macquarie.

BABA, BIDU, PDD, JD, BILI, FUTU, DADA, LI, NIO, XPEV, ZK, TIGR, TAL

Pfizer Inc (PFE)

+3.39%

Trading sharply higher premarket after the Wall Street Journal reported that activist investor Starboard Value has acquired a $1 billion stake in Pfizer and is seeking to drive a turnaround at the company. Their strategy potentially involves former Pfizer executives Ian Read and Frank D’Amelio. Starboard is reportedly critical of current CEO Albert Bourla's leadership due a perceived lack of cost discipline and a heavy reliance on acquisitions. Pfizer’s stock is trading 30% lower than in 2019 despite its pandemic success.

Crypto Stocks

+1.24%

Trading higher as a group in tandem with Bitcoin, which pushed above the $62,000 level on Sunday. After briefly touching the $64,000 level on Monday morning, the cryptocurrency has pulled back to just below $63,000. Ethereum also pushed higher on Monday morning to rest above the $2,450 level.

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

Trump Media & Technology Group (DJT)

+0.91%

On watch after Tesla CEO Elon Musk attended a Pennsylvania rally in support of Donald Trump, the company’s majority shareholder and the Republican candidate for President of the United States. The election is just under a month away and will take place on Tuesday, November 5.

Hims & Hers Health Inc (HIMS)

+5.49%

Trading higher premarket ahead of its addition to the S&P SmallCap 600, announced via a press release on Friday evening. The company is set to replace Vector Group, which is being acquired by JT Group, as of the opening bell on Wednesday, October 9.

Rocket Lab USA Inc (RKLB)

+1.01%

Trading higher premarket with volume after announcing that it has been selected by NASA to conduct a study on retrieving rock samples from Mars and returning them to Earth. The mission is aimed at advancing humanity's understanding of the planet and addressing key solar system exploration goals. This project could help determine whether life ever existed on Mars and pave the way for future human exploration of the Red Planet. Rocket Lab has a market capitalization of $4.87 billion and a short float of roughly 18.8%.

Scholar Rock Holding Corp (SRRK)

+201.89%

Gapping up after announcing positive topline results from its Phase 3 SAPPHIRE clinical trial, which evaluated apitegromab in patients with spinal muscular atrophy (SMA). The study successfully met its primary efficacy and safety endpoint. The stock has a market capitalization of $593.82 million and a 25.4% short float.

Duckhorn Portfolio Inc (NAPA)

+101.48%

Gapping up following its Q4 2024 earnings report. Adjusted earnings of $0.14 per share and sales of $107.395 million exceeded expectations of $0.10 and $106.547 million, respectively. The company also announced that it will be going private following a $1.95 billion acquisition by Butterfly Equity.