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Aug - 10 - ST- Midday Newsletter
Midday Marvels: Unearthing the Potential of Under $10 Stocks
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Good Afternoon!
U.S. stocks rose on Thursday after a report showed that inflation remained relatively subdued last month. The gains were muted, however, as investors remained cautious ahead of the release of other economic data later in the week.
The S&P 500 has had a rough start to August, declining six of the last seven sessions. However, both the S&P 500 and Dow managed to recover from earlier losses on Thursday, as investors fought to avoid a second straight weekly decline.
In July, consumer prices in the U.S. increased by 0.2% according to both headline and core measurements, where the core measurement excludes the prices of food and energy. These results aligned with the predictions made by economists.
Inflation numbers have buoyed traders, who now expect the Federal Reserve to stop tightening monetary policy in 2023 and even start cutting interest rates early next year.
At 12:41 PM ET, the Dow was up +137.62 points, or +0.39%, at 35260.98. The Nasdaq Composite added +61.55 points, or +0.45%, at 13783.57. The S&P 500 rose +15.91 points, or +0.36%, at 4483.62. Among the 11 major S&P 500 sectors, 10 showed positive movement, with Communication Services leading the way with a 1.04% increase.
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Top Movers: Under $10
Edible Garden AG Incorporated (EDBL) is up 37.77% today to trade at the current level of $1.66. This comes after they announced a 41.4% year-over-year growth in revenue for the second quarter this year.
Holley Inc. (HLLY) zoomed 19.73% in today’s trade to $7.43. This rally can be attributed to news that the company revealed its Q2 2023 performance report.
In current trading, Lumen Technologies Inc. (LUMN) stock is at $1.93 following news of Lumen® Data Protect, a cutting-edge data security solution backed by the company's global fiber network.
LQR House Inc. (LQR) rose 15.60% in the early hours of today's trading to move at $5.78. The strong performance of LQR stock came as investors were encouraged by the announcement of pricing for LQR House Inc.'s inaugural public offering.
In the current trading session, MacroGenics Inc. (MGNX) jumped 27.11% to $6.33 over a previous close of $4.98 after MacroGenics' promising update on corporate advancements and Q2 2023 financial results, reinforcing its commitment to pioneering cancer-fighting antibody therapies.
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Ex-Dividends Stocks
Apple Inc. (AAPL) 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 $0.24 per share. The company has fixed August 14 as the record date for the same and will pay the actual dividend on August 17. Last year, the company distributed a total of $0.96 to its shareholders. Based on the last year's worth of payments, AAPL has a trailing yield of 0.54% on the current stock price of $178.06.
Another stock that is shelling out dividends tomorrow is Allison Transmission Holdings Inc. (ALSN), having a market capitalization of $5.30B. It will pay a dividend of $0.23 per share, the payment date of which is August 31. Currently, the stock is trading at a trailing dividend yield of 1.57%.
Shares of Bloomin' Brands Inc. (BLMN) will be the talk of stock market on Friday as the stock will turn ex-dividend. The company's next dividend payment will be $0.24 per share, and in the last 12 months, the company paid a total of $0.96 per share. Last year's total dividend payments show that BLMN has a trailing yield of 3.67% on the current share price of $26.15.
Tomorrow, Constellation Energy Corporation (CEG) is also set to go ex-dividend. The next dividend payment from CEG will amount to $0.28 per share. August 14 has been designated as the record date for this dividend, with the actual payout scheduled for September 08. In the previous year, CEG distributed a total of $1.13 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for CEG stands at 1.06% based on the current stock price of $106.09.
Delek US Holdings Inc. (DK) will be paying out a dividend of $0.23 per share to shareholders holding their shares as of the close of the business hours on the record date of August 14. Over the past 12 months, DK has paid out a total of $0.92 per share in dividends. Based on the total dividends paid out last year, DK boasts an impressive trailing yield of 3.33% on the current share price of $27.64.
What a Bargain... 4 "Cheap Stocks"
It can be challenging to discover a bargain in the stock market.
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Crypto Market Highlights
Stablecoins are at the center of a dollar-based revolution and could be key to maintaining the U.S. dollar's global dominance, says a recent opinion piece in The Wall Street Journal.
The Bank for International Settlements (BIS) has formed a task force with Ripple, a blockchain-based payment network, to enhance cross-border payment connections and accessibility.
Indian citizens could soon use cryptocurrency tokens to digitally sign documents, as part of a project led by the Ministry of Electronics and Information Technology to create a national web browser.
France is updating crypto regulations to match the European MiCA framework next year. The AMF, France's financial authority, is also revising registration for digital asset providers to improve processes.
The SEC's claim of authority over cryptocurrencies, based on a court ruling, could impact its defense against dismissal motions. The SEC's recent filing in the case against crypto miner Green United also hints at its approach to the Coinbase lawsuit.
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Most Shorted Stocks
BioXcel Therapeutics Inc. (BTAI) was one of the most shorted stocks, with 94.94% 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 5.96. This represents a change of 1,634,149 shares, which corresponds to a -18.84% decrease in short interest. The total value of the shares held short is estimated to be around $56.35 million. The average daily volume stands at 2.69M shares, and the market capitalization of the company is $227.77M.
The Lottery.com Inc. with the symbol LTRY currently has a short interest of 78.26%, a decrease from the previous short interest level of 4.22%. The short interest has changed by 107,681 shares. The days to cover ratio stands at 2.01. The estimated value of the shares held short is approximately $8.47 million. On an average day, 115.23K shares are traded, with the company's market capitalization totaling $15.68M.
For the stock Hall of Fame Resort & Entertainment Company (HOFV), the current short interest is at 78.08%, compared to the previous level of 79.11%. This represents a significant short interest change of 4,444 shares, corresponding to a short interest percentage decrease of -1.31%. The days needed to cover the short positions amount to 20.19. The approximate worth of the shares held short is $3.66 million.
With the symbol ADIL, the stock currently has a short interest of 76.06%, showing a decrease from the previous level of 5.34%. The short interest change is 599,229 shares, compared with a short interest percentage change of -41.79%. It would take approximately 1.56 days to cover all the short positions. The shares short value is estimated to be around $5.05 million. The company boasts an average daily volume of 104.14K shares, contributing to a market capitalization of $5.67M.
The stock NCMI has a current short interest of 68.16%, lower than the previous short interest level of 7.41%. The short interest percentage has experienced decrease of -7.96% while there was a change of 517,418 shares in short interest. The ratio indicating the time required to cover short positions is 8.22. The calculated worth of the shorted shares amounts to around $32.37 million. Trading activity averages at 174.13K shares per day, while the company's market capitalization stands at $642.74M.
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Biotech Stocks to Watch
According to our ST Score evaluation, Ocuphire Pharma Inc. (OCUP) emerges as a high-quality stock in the Biotech industry, attaining an impressive score of 57.0. The stock's valuation, profitability, performance, growth, and financial strength are strong. Additionally, it is neutral in terms of stock sentiment, and forecast.
Our ST Score also classifies Zymeworks Inc. (ZYME) as a high-quality Biotech stock today, presenting an AI Score of 64.0. The stock has strong fundamentals in terms of valuation, profitability, performance, growth, and Piotroski Score. The financial strength, stock sentiment, and forecast are neutral.
Another stock in the category, Immatics N.V. (IMTX) has the ST Score of 63.0, which means that the stock carries the potential for higher returns. The stock is strong in profitability, performance, and stock sentiment but weak in financial strength. Value, growth, piotroski score, and forecast suggest a neutral outlook.
Savara Inc. (SVRA) stock has the ST Score of 55.0 which implies that the Biotech company has a high probability of beating the market. The stock's strengths lie in its performance, growth, financial strength, and stock sentiment. However, it shows neutral outlook in value, profitability, and forecast.
LianBio (LIAN) currently has the ST Score of 55.0, which signifies a huge upward potential. The Biotech stock's strong points are its performance, financial strength, and stock sentiment. The stock's value, profitability, growth, 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.