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

1400 - Fed’s Harker speaks

Nike Inc (NKE)

+6.46%

Gapping up following the appointment of company veteran Elliott Hill as CEO and president. Current CEO John Donahoe is set to retire as of October 13 and will stay with the company in a supervisory capacity until January 2025. Hill previously served in several senior leadership roles at Nike during his 32-year tenure with the company. Analysts from Citigroup noted that the decision signifies a balanced distribution approach and continuity in innovation efforts amid recent challenges.

Trump Media & Technology Group (DJT)

-4.15%

Trading lower premarket following the expiration of the lock-up period during which major shareholders - including the company’s namesake and largest shareholder, Donald Trump - were not allowed to sell shares. The period is estimated to have expired on Thursday, September 19. Trump asserted that he has no intentions of selling his $1.7 billion stake in Trump Media & Technology, though other insiders, including major stakeholders like United Atlantic Ventures and Patrick Orlando, could offload their shares.

Megacap Tech

-0.67%

Pulling back as a group following a market-wide rally on Thursday that saw the S&P 500 and the Dow Jones Industrial Average make new all-time highs; Meta also rallied to new highs early in the session. The investor enthusiasm was interpreted as a delayed reaction to the FOMC’s somewhat-surprising decision to cut rates by 50 basis points on Wednesday.

META, NVDA, MSFT, TSLA, GOOGL, AMZN, AAPL

FedEx Corp (FDX)

-13.68%

Gapping down after a disappointing earnings report for fiscal Q1 2025, with earnings of $3.60 per share and sales of $21.6 billion missing estimates of $4.80 and $21.955 billion, respectively. The company attributed its lower results to a shift in service demand favoring deferred over priority services, alongside increased operating expenses and one fewer operating day. FedEx also lowered its revenue and EPS guidance for fiscal 2025, with its EPS forecast dropping from $18.25-$20.25 to $17.90-$18.90, and announced plans to repurchase $1.5 billion in the company’s stock over the course of the fiscal year.

Palantir Technologies Inc (PLTR)

-2.53%

On watch ahead of its addition to the S&P 500, effective as of the opening bell on September 23, with rebalances for the index set to take place at the close on Friday, September 20. Dell and Erie Indemnity are also being added to the S&P 500, while American Airlines, Etsy, and Bio-Rad Laboratories are set to be removed. The stock hit new 52-week highs during Thursday’s market-wide rally.

Chinese ADRs

+2.48%

Continuing to trade higher as a group. The Hang Seng Index and the Hang Seng Tech Index rose by 1.5% and 1.8%, respectively, during Friday’s trading session in China. Alibaba’s overseas shares hit their highest level in over a year following the company's release of new open-source AI models and text-to-video AI technology, which also led to an increase in its US-listed shares on Thursday. Separately, Xpeng’s Hang Seng-listed shares hit a 6-month high on news that the European Commission and China are intensifying efforts to avoid EU import tariffs on China-made EVs, potentially reconsidering a minimum-price agreement previously rejected by the EU.

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

Chewy Inc (CHWY)

-2.57%

Trading lower premarket after announcing a $500 million public offering by a selling stockholder affiliated with BC Partners Advisors LP. The offering includes an option for underwriters to purchase an additional $75 million of Chewy's common stock. Chewy itself will repurchase $300 million of its own shares from the selling stockholder at the offering price, which will be canceled upon completion of the transaction, while its existing $500 million share repurchase program remains unaffected.

Banzai International Inc (BNZI)

+112.89%

Gapping up after undergoing a 1-for-50 reverse split. The split was announced before the bell on Thursday, September 19, and went into effect after the closing bell of that trading session. The company has a market capitalization of $8.68 million and a short float of 3.8%.

Leafly Holdings Inc (LFLY)

+78.21%

Trading sharply higher premarket. On Thursday, the company announced that it has formed a partnership with the New York Cannabis Retail Association to prioritize the operation of legal cannabis retailers in the state. Leafly has a market capitalization of $4.6 million and a float of 2.27 million shares.