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- Aug -08 - ST- Midday Newsletter
Aug -08 - ST- Midday Newsletter
Unveiling Hidden Gems: Under $10 Stocks That Demand Your Attention
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Good Afternoon!
Stocks are falling today because investors are worried about the health of the banking system and the global economy. At 01:06 PM ET, the Dow was down -282.79 points, or -0.8%, at 35190.34. The Nasdaq Composite lost -179.01 points, or -1.28%, at 13815.39. The S&P 500 declined -40.57 points, or -0.9%, at 4477.87. Among the 11 major S&P 500 sectors, 10 showed negative movement, with Materials leading the way with a -1.44% decrease. Moody's downgraded the ratings of 10 smaller and midsized banks. This is because the credit rating agency is concerned about the financial strength of these banks, due to factors such as rising interest rates and the trend of people working from home, which is leaving office buildings vacant. Investors are also worried about the earnings reports of some companies. UPS, the delivery giant, reported weaker-than-expected revenue for the second quarter. The company also lowered its full-year revenue outlook. This is a sharp contrast to Monday, when the stock market had its best day since June 15.
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Top Movers: Under $10
Nuburu Inc. (BURU) is Up 31.74% today to trade at the current level of $0.77. This comes after the company announced that it has been awarded a contract by the NASA to demonstrate the feasibility of power beaming in space using the Company’s proprietary Blue Laser technology.Bright Minds Biosciences Inc. (DRUG) zoomed 50.64% in today’s trade to $4.85. This rally can be attributed to news that the company released positive results of the qEEG (Quantitative Electroencephalogram) data in Cohort 4 of its first-in-human Phase 1 study of its lead compound.In current trading, Gorilla Technology Group Inc. (GRRR) stock is at $1.94 following news that it hired Global Economics Group for due diligence, advancing in battle against illegal short selling; takes aggressive action to defend stock from manipulation.T2 Biosystems Inc. (TTOO) rose 26.15% in the early hours of today's trading to move at $0.31. The strong performance of TTOO stock came as investors were encouraged by second quarter 2023 financial results.In the current trading session, Latham Group Inc. (SWIM) jumped 17.19% to $4.47 over a previous close of $3.81 as the company reported second quarter fiscal 2023 financial results.
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Ex-Dividends Stocks
American Electric Power Company Inc. (AEP) 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 $0.83 per share. The company has fixed August 10 as the record date for the same and will pay the actual dividend on September 08. Last year, the company distributed a total of $3.32 to its shareholders. Based on the last year's worth of payments, AEP has a trailing yield of 4.14% on the current stock price of $80.22.
Another stock that is shelling out dividends tomorrow is Atlas Energy Solutions Inc. (AESI), having a market capitalization of $1.18B. It will pay a dividend of $0.2 per share, the payment date of which is August 17. Currently, the stock is trading at a trailing dividend yield of 2.92%.
Shares of Peabody Energy Corporation (BTU) will be the talk of stock market on Wednesday as the stock will turn ex-dividend. The company's next dividend payment will be $0.07 per share, and in the last 12 months, the company paid a total of $0.30 per share. Last year's total dividend payments show that BTU has a trailing yield of 1.34% on the current share price of $22.35.
Tomorrow, Crown Holdings Inc. (CCK) is also set to go ex-dividend. The next dividend payment from CCK will amount to $0.24 per share. August 10 has been designated as the record date for this dividend, with the actual payout scheduled for August 24. In the previous year, CCK distributed a total of $0.96 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for CCK stands at 1.08% based on the current stock price of $88.60.
International Business Machines Corporation (IBM) will be paying out a dividend of $1.66 per share to shareholders holding their shares as of the close of the business hours on the record date of August 10. Over the past 12 months, IBM has paid out a total of $6.64 per share in dividends. Based on the total dividends paid out last year, International Business Machines Corporation boasts an impressive trailing yield of 4.58% on the current share price of $144.99.
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Crypto Market Highlights
Bitcoin and other cryptocurrencies are not doing well. The prices have been going down for a while, and there is not much volatility in the market. This is not a good sign for traders, who may want to wait until the market becomes more active before trading. Historically, the months of August and September have not been good for Bitcoin price. In addition, the volatility in the market is at a historic low. This means they are waiting for the price to move up or down. The price of Bitcoin has been stuck between $29,000 and $30,000 for a while now. This rangebound price action cannot continue forever. The price of Bitcoin will eventually go up or down. Traders who want to make money need to be patient and wait for the market to become more active.
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Most Shorted Stocks
Revolve Group Inc. (RVLV) was one of the most shorted stocks as of Mid July, with 51.83% 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 8. This represents a change of 214215 shares, which corresponds to a -1.75% decrease in short interest. The total value of the shares held short is estimated to be around $394.04 million. The average daily volume stands at 1.44M shares, and the market capitalization of the company is $1.24B.
The Ault Alliance Inc. with the symbol AULT currently has a short interest of 49.47%. The short interest has changed by 1774133 shares. The days to cover ratio stands at 1. The estimated value of the shares held short is approximately $2.69 million. On an average day, 768.12K shares are traded, with the company's market capitalization totaling $3.42M.
For the stock Wayfair Inc. (W), the current short interest is at 47.38%, compared to the previous level of 47.77%. This represents a significant short interest change of 204653 shares, corresponding to a short interest percentage decrease of -0.82%. The days needed to cover the short positions amount to 4.55. The approximate worth of the shares held short is $4.26 billion.
With the symbol BIG, the stock currently has a short interest of 45.32%, showing a decrease from the previous level of 47.84%. The short interest change is 400707 shares, compared with a short interest percentage change of -5.27%. It would take approximately 3.97 days to cover all the short positions. The shares short value is estimated to be around $150.49 million. The company boasts an average daily volume of 2.47M shares, contributing to a market capitalization of $270.18M.
The stock ALLO has a current short interest of 44.91%, higher than the previous short interest level of 41.56%. The short interest percentage has experienced an increase of 8.07% while there was a change of 3079330 shares in short interest. The ratio indicating the time required to cover short positions is 19.79. The calculated worth of the shorted shares amounts to around $409.72 million. Trading activity averages at 2.67M shares per day, while the company's market capitalization stands at $728.30M.
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EV stocks to Watch
According to our ST Score evaluation, Honda Motor Co. Ltd. (HMC) emerges as a high-quality stock in the EV industry, attaining an impressive score of 62.0. The stock's valuation, profitability, performance, and Piotroski Score are strong. However, its growth, and financial strength are weak. Additionally, it is neutral in terms of stock sentiment, and forecast.
Our ST Score also classifies BorgWarner Inc. (BWA) as a high-quality EV stock today, presenting an AI Score of 62.0. The stock has strong fundamentals in terms of profitability, performance, growth, and Piotroski Score. However, it has weak financial strength. The value, stock sentiment, and forecast are neutral.
Another stock in the category, Tesla Inc. (TSLA) has the ST score of 60.0, which means that the stock carries the potential for higher returns. The stock is strong in profitability, growth, financial strength, and Piotroski Score but weak in value. Performance, stock sentiment, and forecast suggest a neutral outlook.
Albemarle Corporation (ALB) stock has the ST Score of 60.0 which implies that the EV company has a high probability of beating the market. The stock's strengths lie in its profitability, and growth, but its weaknesses are in its . However, it shows neutral outlook in value, performance, financial strength, stock sentiment, Piotroski Score, and forecast.
Toyota Motor Corporation (TM) currently has the ST score of 59.0, which signifies a huge upward potential. The EV stock's strong points are its profitability, performance, and Piotroski Score, while its weak points are its growth, and financial strength. The stock's value, stock sentiment, and forecast indicate a neutral outlook.
That's it for today. Thanks for reading. Good luck out there!Best Regards,Stocks Telegraph Team
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Disclaimer: Legal Stuff: Stocks featured in this newsletter are for entertainment purposes only. You should not base any investment decisions on information contained in my newsletter. Stocks featured in this newsletter may be owned by owners/operators of this website which could impact our ability to remain unbiased. Please consult a financial advisor before making any trading decisions. I may earn a small commission from links placed inside of these emails.