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

0830 - Nonfarm payrolls for October: Expected 100k; Prior 254k
0830 - Unemployment rate for October: Expected 4.1%; Prior 4.1%
0945 - Fed’s Logan speaks
0945 - S&P Global manufacturing PMI (final) for October: Expected 47.8; Prior 47.8%
1000 - ISM manufacturing PMI for October: Expected 47.6; Prior 47.2
1000 - ISM manufacturing employment for October: Expected 45; Prior 43.9
1045 - Fed’s Logan speaks

Amazon.com Inc (AMZN)

+6.59%

Gapping up following its Q3 2024 earnings report, with GAAP earnings of $1.43 per share and sales of $158.98 billion exceeding expectations of $1.14 and $157.2 billion, respectively. Sales increased by 9% year-over-year in North America and by 12% internationally, and AWS sales surged by 19% to reach $27.5 billion for the quarter. Amazon projected 7% to 11% year-over-year growth for net sales in Q4, guiding between $181.5 billion and $188.5 billion.

Apple Inc (AAPL)

-1.47%

The company reported $94.9 billion in sales for fiscal Q4 2024, above estimates of $94.56 billion, though GAAP earnings of $0.97 per share missed estimates of $1.60 due to a one-time charge related to a European tax decision; adjusted earnings of $1.64 per share beat estimates. Services revenue hit a record of $24.97 billion, up from $22.314 billion year-over-year but below estimates of $25.28 billion. Apple beat expectations for iPhone revenue but continued to struggle with sales in China.

Intel Corp (INTC)

+5.16%

Trading higher premarket after its earnings report. Sales of $13.28 billion beat estimates of $13.02 billion, but losses of $0.46 per share were larger than the estimated 2-cent loss. The company guided non-GAAP earnings of $0.12 per share for Q4, above the estimated $0.08, and guided revenue between $13.3 billion and $14.3 billion compared to estimates of $13.66 billion. Intel also highlighted its cost reduction initiatives, which it expects will lead to $3 billion in restructuring charges.

Microsoft Corp (MSFT)

+1.01%

Rebounding premarket after dropping 6% on Thursday, the stock’s worst one-day performance in two years. The company beat analyst estimates with its EPS and sales during its earnings report on Wednesday, but its revenue guidance of $68.1 billion to $69.1 billion fell short of the expected $69.83 billion. Morgan Stanley and Piper Sandler have both maintained Overweight ratings since the report, and TD Cowen has lowered its price target from $495 to $475.

Crypto Stocks

+1.34%

Trading higher as a group as Bitcoin tries to recover from a two-day selloff. The cryptocurrency eclipsed the $73,000 on Tuesday and neared all-time highs before pulling back sharply. Bitcoin is trading just above the $70,000 level as of Friday morning after falling below $69,000 earlier. Separately, crypto-related stocks like Coinbase and Riot sold off on Thursday following disappointing earnings reports.

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

The Boeing Company (BA)

+2.47%

The company’s employees will vote on a new contract proposal on Monday. The contract includes a 38% wage increase over four years and a $12,000 signing bonus, and has received backing from the machinists’ union following prior rejections. The seven-week strike by over 33,000 workers has cost Boeing an estimated $2 billion, impacting cash flow and production.

Trump Media and Technology Group (DJT)

-7.57%

Trading sharply lower with volume amid continued volatility ahead of the US Presidential election on November 5, in which majority shareholder and former US President Donald Trump is the Republican candidate. The stock, which recently recorded a seven-day green streak, dropped by 22% on Wednesday and nearly 12% on Thursday.

Wayfair Inc (W)

+13.36%

Trading higher premarket following its Q3 2024 earnings report. Earnings of $0.22 per share beat estimates of $0.13m and sales of $2.9 billion exceeded expectations of $2.876 billion. The stock has a short float of 23.5%.

Fubotv Inc (FUBO)

+1.74%

Trading higher premarket following its earnings report. The company reported $377 million in North American revenue, representing a 21% year-over-year increase, and $8.9 million in revenue for its Rest of World segment. The company guided North American revenue between $426 million and $446 million for Q4 and between $1.58 billion and $1.6 billion for fiscal 2024.

Theriva Biologics Inc (TOVX)

+45.58%

Gapping up after announcing that it has been selected as one of five finalists for the EMEA Advance Biotech Grant, presented by Merck KGaA. The stock, which has rallied in the past, has a $3.32 million market capitalization and a float of 2.22 million shares.