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Aug -08 - ST- Midday Newsletter
Penny for Your Thoughts: Top 4 Mid-Day Movers Under $10
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Good Morning!
Stocks were going up in the middle of the day on Monday, starting the week off with gains after a series of losses. At 12:54 PM ET, the Dow was up +362.43 points, or +1.03%, at 35428.05. The Nasdaq Composite added +32.51 points, or +0.23%, at 13941.75. The S&P 500 rose +30.67 points, or +0.68%, at 4508.7. Among the 11 major S&P 500 sectors, 10 showed positive movement, with Communication Services leading the way with a 1.58% increase. The focus this week is on the consumer-price index (CPI), which will be released on Thursday. The CPI is a measure of inflation, and it will be important for the Federal Reserve to decide whether to raise interest rates again this year. The producer-price index (PPI) and consumer sentiment will be released on Friday. The PPI is a measure of inflation for businesses, and consumer sentiment is a measure of how confident people are about the economy.
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Top Movers: Under $10
Nektar Therapeutics (NKTR) zoomed 87.76% in today’s trade to $1.00. This rally can be attributed to news that the company released promising new and corrected Rezpegaldesleukin efficacy data which were previously reported in 2022 and incorrectly calculated by former collaborator Eli Lilly & Company. Oxbridge Re Holdings Limited (OXBR) is up 17.80% today to trade at the current level of $1.55. This comes after the launch of DynoFlight, a carbon offset transaction platform built for both commercial and private aviation operators. In current trading, Missfresh Limited (MF) stock is at $28.78 following news that it entered into a share transfer agreement with Freshking Limited, a British Virgin Islands company wholly owned by Mr. Zheng Xu. ParaZero Technologies Ltd. (PRZO) rose 39.60% in the early hours of today's trading to move at $2.08. The strong performance of PRZO stock came as investors were encouraged by declaration from the company that it has received a second order for its custom safety system for drones by one of the world’s largest automotive manufacturers. In the current trading session, Poseida Therapeutics Inc. (PSTX) jumped 32.52% to $2.16 over a previous close of $1.63 after announcing a $50 million strategic investment by Astellas.
3 AI Stocks Set to Soar in 2023
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Ex-Dividends Stocks
ArcBest Corporation (ARCB) is about to trade ex-dividend tomorrow, meaning that investors who buy the stock after tomorrow will not be eligible for the next dividend payment. The company's next dividend payment will be $0.12 per share. The company has fixed August 09 as the record date for the same and will pay the actual dividend on August 23. Last year, the company distributed a total of $0.48 to its shareholders. Based on the last year's worth of payments, ARCB has a trailing yield of 0.42% on the current stock price of $114.39. Another stock that is shelling out dividends tomorrow is Princeton Bancorp Inc. (BPRN), having a market capitalization of $189.66M. It will pay a dividend of $0.3 per share, the payment date of which is August 31. Currently, the stock is trading at a trailing dividend yield of 3.97%. Shares of Brown & Brown Inc. (BRO) will be the talk of stock market on Tuesday as the stock will turn ex-dividend. The company's next dividend payment will be $0.12 per share, and in the last 12 months, the company paid a total of $0.46 per share. Last year's total dividend payments show that BRO has a trailing yield of 0.65% on the current share price of $70.88. Tomorrow, Saba Capital Income & Opportunities Fund (BRW) is also set to go ex-dividend. The next dividend payment from BRW will amount to $0.09 per share. August 09 has been designated as the record date for this dividend, with the actual payout scheduled for August 31. In the previous year, BRW distributed a total of $1.05 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for BRW stands at 13.07% based on the current stock price of $8.02. Colony Bankcorp Inc. (CBAN) will be paying out a dividend of $0.11 per share to shareholders holding their shares as of the close of the business hours on the record date of August 09. Over the past 12 months, CBAN has paid out a total of $0.44 per share in dividends. Based on the total dividends paid out last year, Colony Bankcorp Inc. boasts an impressive trailing yield of 3.91% on the current share price of $11.24.
Free Report: Three of the Top NASDAQ Stocks to Buy Under $10
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Crypto Market Highlights
Bitcoin's price failed to stay above $29,000 on Monday. It fell below $28,700 after the U.S. stock market opened. This is because there was a lot of selling pressure on Bitcoin. The price of Bitcoin had been trading sideways over the weekend, but it started to fall on Monday. Traders and analysts were expecting this to happen, and they were right. The price of Bitcoin is now close to its lowest point in August. It is not clear if the price will go down even further, but it is definitely not a good time to buy Bitcoin right now. Elsewhere in crypto market, PayPal launched a new stablecoin called PayPal USD (PYUSD). This means that PayPal is now offering a digital currency that is backed by US dollars. MakerDAO's new crypto lending platform Spark Protocol has been criticized by some crypto privacy advocates. This is because Spark Protocol blocks VPN users from accessing its website. Coinbase's chief legal officer says that the US Securities and Exchange Commission (SEC) has overstepped its boundaries in suing the exchange. Coinbase is arguing that the SEC does not have the authority to regulate cryptocurrency exchanges.
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Most Shorted Stocks
Hall of Fame Resort & Entertainment Company (HOFV) was one of the most shorted stocks as of Mid July, with 79.11% short interest. The days to cover ratio, a measure of how long it would take for all the short positions to be covered based on average trading volume, is 20.61. This represents a change of 3831 shares, which corresponds to a 1.14% increase in short interest. The total value of the shares held short is estimated to be around $4.29 million. The average daily volume stands at 20.58K shares, and the market capitalization of the company is $56.22M. The Betterware de Mexico S.A.P.I. de C.V. with the symbol BWMX currently has a short interest of 74.88%, an increase from the previous short interest level of 65.66%. The short interest has changed by 6693 shares. The days to cover ratio stands at 3.05. The estimated value of the shares held short is approximately $1.11 million. On an average day, 28.44K shares are traded, with the company's market capitalization totaling $565.53M. For the stock Carvana Co. (CVNA), the current short interest is at 56.96%, compared to the previous level of 59.70%. This represents a significant short interest change of 1701933 shares, corresponding to a short interest percentage decrease of -4.1%. The days needed to cover the short positions amount to 1.19. The approximate worth of the shares held short is $3.04 billion With the symbol CXAI, the stock currently has a short interest of 56.19%. The short interest change is 128507 shares, compared with a short interest percentage change of -18.89%. It would take approximately 1.13 days to cover all the short positions. The shares short value is estimated to be around $6.59 million. The company boasts an average daily volume of 1.32M shares, contributing to a market capitalization of $94.37M. The stock NVAX has a current short interest of 55.22%, higher than the previous short interest level of 54.86%. The short interest percentage has experienced an increase of 0.66% while there was a change of 240666 shares in short interest. The ratio indicating the time required to cover short positions is 4.66. The calculated worth of the shorted shares amounts to around $489.6 million. Trading activity averages at 6.26M shares per day, while the company's market capitalization stands at $649.52M.
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Upcoming IPOs
Fitell Corporation (FTEL) is all set for its debut on the NASDAQ exchange on August 08. They are offering shares in the price range of $5.00 to $6.00. With a total of 3,000,000 shares available, the company aims to raise approximately $16.50M through this IPO. LQR House Inc. (LQR) will be entering the market with its IPO on August 09, on the NASDAQ exchange. They are offering shares in the price range of $4.00 to $6.00. They plan to offer 1,000,000 shares, targeting a deal size of $5.00M. Vitro Biopharma, Inc. (VTRO) is also scheduled to make its debut on the NYSEAMERICAN exchange on August 09. They are offering shares in the price range of $5.00 to $6.00. The IPO includes 1,818,181 shares, aiming for a deal size of $10.00M Gamer Pakistan Inc. (GPAK) is set to join the NASDAQ on August 10. They are offering shares in the price range of $4.00 to $5.00. They are offering 1,700,000 shares, with an estimated deal size of $7.65M. Nature Wood Group Limited (NWGL) will be capturing investors' attention as they hit the NASDAQ exchange on August 11. They are offering shares in the price range of $9.00 to $11.00. A total of 915,000 shares will be available, with the deal size projected to reach $9.15M.
That's it for today. Thanks for reading. Good luck out there!Best Regards,Stocks Telegraph Team
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