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

0945 - S&P Global manufacturing PMI (final) for September: Expected 47; Prior 47.9
1000 - JOLTS job openings for August: Expected 7.65M; Prior 7.673M
1000 - ISM manufacturing PMI for September: Expected 47.5; Prior 47.2
1000 - Construction spending m/m for August: Expected 02%; Prior -0.3%
1100 - Feds Bostic and Cook speak
1815 - Feds Bostic, Barkin, and Collins speak

Apple Inc (AAPL)

-1.29%

Trading lower premarket following a note from Barclays in which the firm suggests Apple may have cut iPhone 16 production by 3 million units for the December quarter. Barclays suggests that this potential production cut indicates weaker-than-expected demand, particularly in the U.S. and China. Shorter wait times and a 15% year-over-year sales decline in the first week of iPhone 16 sales suggest a softer start to the product cycle, according to the analyst, with macroeconomic pressures and delayed AI rollouts contributing to diminished enthusiasm.

Alphabet and Meta

+1.02%

Trading higher as a pair after each company received positive analyst coverage from Pivotal Research. The firm initiated coverage on both stocks with a Buy rating, assigning a $215 price target to Alphabet and a $780 price target to Meta. Pivotal Research cited Alphabet’s dominant search business and strong AI platform as key competitive advantages. In their note on Meta, the analyst noted the company’s strong revenue growth outlook, increased user engagement, and potential cost efficiencies, particularly in Reality Labs.

GOOGL, META

Amazon.com Inc (AMZN)

-0.29%

Trading slightly lower premarket after being removed from RBC Capital Markets’ “Top 30 Global Ideas List”. Amazon, which underperformed the broader Top 30 list in Q3 2024, is one of seven stocks being removed; eight stocks, including Pinterest, have been added to the list in turn. RBC analysts noted that they still see long-term value in the company, particularly in its AWS division, but chose to prioritize other higher-conviction ideas. Amazon was also removed from Goldman’s Americas Conviction Buy List, another list to which Pinterest has been added.

Tesla Inc (TSLA)

+0.50%

On watch after being added to Wells Fargo’s Q4 2024 Tactical Ideas list, which features the firm’s top 10 long and short ideas for each quarter. Wells Fargo maintained an Underweight rating and a $120 price target on the stock, expressing skepticism about the anticipated Robotaxi. The firm forecasts declining delivery growth and reduced impact from price cuts, contributing to a projected 400bps year-over-year drop in Tesla's 2024 auto gross margin excluding credits.

Chinese EVs

+3.35%

Trading higher as a group following the release of September delivery numbers. Li Auto’s September deliveries increased by 48.9% year-over-year, Xpeng’s increased by 39%, Nio’s increased by 35.4%, and Zeekr’s increased by 77% year-over-year. Furthermore, Li Auto reported a 45.4% increase in Q3 deliveries on a year-over-year basis.

LI, XPEV, NIO, ZK

Crypto Stocks

+1.15%

Trading higher as a group in tandem with marginal early gains for Bitcoin. The cryptocurrency began trading above $65,500 on Monday and closed just below $63,500, and is near the $63,750 level as of Tuesday morning. Despite Monday’s selloff, Bitcoin still netted its best-ever performance in the month of September, which has traditionally been a weaker month for the asset.

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

Trump Media & Technology Group (DJT)

+5.41%

Trading sharply higher premarket after announcing that its custom-built content delivery network (CDN) is now operational across multiple U.S. sites, with plans for additional data centers soon. The CDN supports Truth Social and aims to expand TV streaming capabilities, with a stand-alone app release planned. The stock is further on watch ahead of the 2024 US Vice Presidential Debate, scheduled for the evening of Tuesday, October 1.

ZIM Integrated Shipping Services Ltd (ZIM)

-5.24%

On watch after the expiration of the contract between the International Longshoremen’s Association and the US Maritime Alliance as of Tuesday at 12 AM, which has resulted in thousands of dockworkers going on strike. The stock reached 52-week highs on Monday after Jefferies analysts highlighted its strong leverage to a tighter market ahead of the strike, which will impact the East Coast and Gulf of Mexico port strike. ZIM Integrated Shipping has a short float of 16.9%.

BriaCell Therapeutics (BCTX)

+14.52%

Gapping up after reporting the complete resolution of a brain metastasis in a patient treated with Bria-IMT™ and an immune checkpoint inhibitor in its Phase 2 study. The patient, who had previously failed eight cancer regimens, showed no detectable disease after 11 months of treatment and has continued to experience significant tumor reduction and a sustained drop in tumor markers. BriaCell has a short float of 6.7%.