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

0830 - Initial jobless claims: Expected 221k; Prior 218k
0945 - S&P composite PMI (final) for September: Expected 54.4; Prior 54.4
0945 - S&P services PMI (final) for September: Expected 55.4; Prior 55.4
1000 - ISM services PMI for September: Expected 51.7; Prior 51.5
1000 - Factory orders m/m for August: Expected 0.1%; Prior 5%
1040 - Feds Bostic and Kashkari speak

Semiconductors

+0.35%

On watch after President Biden signed legislation exempting certain U.S. chip manufacturing facilities from federal environmental reviews, aiming to accelerate projects supported by the $52.7 billion CHIPS Act. Companies who have benefited from the CHIPS Act include Intel, Micron, and Taiwan Semiconductor. Proponents of this new legislation emphasize compliance with existing regulations and stress commitment to environmental standards. Nvidia has gained more than 1% premarket, while several other chip stocks are relatively flat.

INTC, MU, TSM, AMD, NVDA, SMCI, MRVL, AVGO

Apple Inc (AAPL)

-0.54%

Trading lower premarket after an SEC filing revealed that CEO Tim Cook is looking to sell 223,986 Apple shares, the value of which would exceed $50 million. Cook is also set to receive 219,502 additional shares that will vest between 2027 and 2029, depending on performance. Cook's stock sale occurs amid significant company developments, including the transition of CFO Luca Maestri and the upcoming AI-enabled iPhone 16, which analysts believe could push Apple's valuation beyond $4 trillion.

Chinese ADRs

-3.57%

Pulling back as a group following a multi-week rally for both US-listed and overseas shares. The stocks began rallying after talks of a stimulus from China on Tuesday, September 24. Both the CSI300 and Hang Seng indices netted their best performances in years earlier this week, with the Hang Seng Index clinching a 13-day green streak as of Wednesday’s overseas session. The Hang Seng Index and Hang Seng Tech Index dropped by 1.5% and 3.5%, respectively, during Thursday’s trading session.

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

Auto Stocks

-1.06%

Trading lower as a group as market participants digest Q3 delivery numbers from various car companies. Chief among them is Tesla, which reported deliveries of 462,890 vehicles on Wednesday; the consensus estimate was 463,310 vehicles, though some analysts had expected Tesla to deliver as many as 472,000 vehicles during the quarter and Tesla’s own consensus estimate was 461,978. US-listed shares of Stellantis are also sharply lower after the company reported a 20% year-over-year drop in Q3 sales on Wednesday.

TSLA, STLA, F, GM, RIVN, LCID, MULN

Alphabet and NuScale Power

-0.39%

Alphabet exploring the use of nuclear power to supply electricity to its data centers as part of its efforts to meet the growing energy needs of its AI projects, as indicated by CEO Sundar Pichai during an interview with Nikkei. Alphabet is also boosting investments in solar and thermal power while significantly increasing capital expenditure, which rose by 90% year-over-year to $13.1 billion in the April-June quarter. NuScale Power, which is in the modular reactor space, is trading sharply higher premarket, while Alphabet is trading marginally lower.

GOOGL, SMR

Levi Strauss & Co (LEVI)

-11.59%

Gapping down after reporting Q3 2024 earnings. Adjusted earnings of $0.33 per share exceeded expectations of $0.31, but sales of $1.516 billion fell short of the estimated $1.55 billion. Net revenues for its direct-to-consumer business grew by 10% and gross margins from 55.6% to 60% on a year-over-year basis, though operating margins dropped from 2.3% to 2%. The company guided FY24 adjusted earnings at the midpoint between $1.17 and $1.27 per share, compared to analyst estimates of $1.25, and announced that it is considering the strategic sale of its Dockers brand.

Hims & Hers Health Inc (HIMS)

-8.76%

Gapping down after the FDA announced that the shortages of Eli Lilly's Zepbound and Mounjaro drugs had ended. The telehealth provider had been selling compounded versions of these drugs during the supply shortage. Approximately 15.3% of the stock’s float is sold short.

AMTD Digital Inc (HKD)

+38.80%

Gapping up on no apparent catalyst, though the stock is receiving a glut of social media attention premarket. AMTD Digital has a market capitalization of $106.82 million and a float of 27.3 million shares, with roughly 2.2% of those shares being sold short.

Worksport Ltd (WKSP)

0.00%

On watch after expanding its sales to U.S. Federal Government Agencies by supplying its flagship Made-in-USA AL3 Tonneau Covers for fleet purchases, targeting an estimated 2 million pickup trucks nationwide. Spearheaded by former U.S. Ambassador Ned Siegel, the company plans to leverage its government relationships to introduce its upcoming clean-tech nano-grid products, including the SOLIS Solar Tonneau Cover and COR Portable Energy System.