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Aug - 21 - ST- Midday Newsletter
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Good Afternoon!On Monday, the Dow Jones Industrial Average experienced a decline following a week of losses, as traders assessed a surge in yields to multiyear highs. Among the S&P 500 sectors, real estate and utilities fared the worst, both experiencing losses exceeding 1%. Johnson & Johnson led the Dow lower with a decrease of over 2%.In an intriguing twist, the technology sector defied the broader market trend by gaining 0.8%. Notable performances within the sector included Palo Alto Networks, which rallied by 16% on the back of earnings that surpassed expectations. Additionally, Nvidia witnessed a 4% surge ahead of its upcoming earnings report scheduled for Wednesday.These developments unfolded in the aftermath of Wall Street's weekly declines, which contributed to the ongoing late-summer slump in the market. Both the S&P 500 and Nasdaq faced their third consecutive weekly declines, while the Dow encountered its most substantial weekly decrease since March.As the week progresses, investor attention is focused on an anticipated address from Federal Reserve Chair Jerome Powell on Friday morning. This address is set to take place during the central bank's annual symposium in Jackson Hole, Wyoming.As of 12:06 PM ET, the Dow was down -208.54 points, or -0.6%, at 34292.12. The Nasdaq Composite added +64.91 points, or +0.49%, at 13355.68. The S&P 500 declined -3.69 points, or -0.08%, at 4366.02. Among the 11 major S&P 500 sectors, 9 showed negative movement, with Real Estate leading the way with a -1.55% decrease.
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Timber Pharmaceuticals Inc. (TMBR) is up 99.30% today to trade at the current level of $2.83. This comes after the announcement of Timber Pharmaceuticals' acquisition by LEO Pharma.
Selina Hospitality PLC (SLNA) zoomed 16.28% in today’s trade to $0.50, fueled by its strategic global corporate brand partnership with Globant (NYSE: GLOB).
In current trading, Skillz Inc. (SKLZ) stock is at $8.39 following news that the company’s BOD authorized $65 million share repurchase program and exploration of debt repurchased.
Gorilla Technology Group Inc. (GRRR) rose 12.43% in the early hours of today's trading to move at $1.72 after announcing that it completed contract signing and commenced execution of a multiyear, 5G Telecom and Network security project to enhance criminal investigations for a safe city with a major law enforcement agency in Taiwan.
In the current trading session, LQR House Inc. (LQR) jumped 8.27% to $1.31 over a previous close of $1.21 after announcing a significant update in its Board of Directors and reinforces its dedication to investor confidence and integrity.
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Ex-Dividends Stocks
Aflac Incorporated (AFL) 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 $0.42 per share. The company has fixed August 23 as the record date for the same and will pay the actual dividend on September 01. Last year, the company distributed a total of $1.68 to its shareholders. Based on the last year's worth of payments, AFL has a trailing yield of 2.26% on the current stock price of $74.33.
Another stock that is shelling out dividends tomorrow is Brunswick Corporation (BC), having a market capitalization of $5.70B. It will pay a dividend of $0.4 per share, the payment date of which is September 15. Currently, the stock is trading at a trailing dividend yield of 1.97%.
Shares of DHT Holdings Inc. (DHT) will be the talk of stock market on Tuesday as the stock will turn ex-dividend. The company's next dividend payment will be $0.35 per share, and in the last 12 months, the company paid a total of $1.40 per share. Last year's total dividend payments show that DHT has a trailing yield of 13.85% on the current share price of $10.11.
Dynex Capital Inc. (DX) is also set to go ex-dividend tomorrow. The next dividend payment from DX will amount to $0.13 per share. August 23 has been designated as the record date for this dividend, with the actual payout scheduled for September 01. In the previous year, DX distributed a total of $1.56 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for DX stands at 12.78% based on the current stock price of $12.21.
Ingersoll Rand Inc. (IR) will be paying out a dividend of $0.02 per share to shareholders holding their shares as of the close of the business hours on the record date of August 23. Over the past 12 months, IR has paid out a total of $0.08 per share in dividends. Based on the total dividends paid out last year, IR boasts an impressive trailing yield of 0.12% on the current share price of $66.29.
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Coinbase, the prominent cryptocurrency exchange, has opted to enhance its $150 million debt buyback initiative in response to tepid initial interest.Binance exchange users in Europe are reportedly facing issues with fiat withdrawals due to problems with SEPA transfers. Euro deposits and withdrawals via SEPA have been temporarily suspended according to Binance's customer support message.In the wake of a lackluster crypto market weekend, a $1 million Ether transfer from Ethereum co-founder Vitalik Buterin's wallet has been highlighted. Despite the transaction of 600 ETH on August 21st, the wallet still holds over 3,900 ETH worth $6.5 million, as per Etherscan.Sweden celebrates the arrival of a hydro-powered Bitcoin mining center by Genesis Digital Assets Limited (GDA), leveraging the country's renewable energy abundance. GDA's new data center taps into over 400 MW of global power generation capacity.In Kenya, the Worldcoin cryptocurrency project faces a new hurdle as the government sets up a 15-member parliamentary committee to examine the controversial asset.In Kenya, the Worldcoin cryptocurrency project faces a new hurdle as the government sets up a 15-member parliamentary committee to examine the controversial asset.
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Most Shorted Stocks
Fisker Inc. (FSR) was one of the most shorted stocks as of latest short interest figures, with 41.50%. 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 7.38. This represents a change of 75,901,602 shares. The average daily volume stands at 9.20M shares, and the market capitalization of the company is $1.93B.
The Carvana Co. with the symbol CVNA currently has a short interest of 47%. The short interest has changed by 35,682,512 shares. The days to cover ratio stands at 3.09. On an average day, 28.88M shares are traded, with the company's market capitalization totaling $7.02B.
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Upcoming IPOs
Nature Wood Group Limited (NWGL) is all set for its debut on the NASDAQ exchange on August 21. They are offering shares in the price range of $9.00 to $11.00. With a total of 915,000 shares available, the company aims to raise approximately $9.15M through this IPO.
The RoyaLand Company Ltd. (RLND) will be entering the market with its IPO on August 21, on the NASDAQ exchange. They are offering shares in the price range of $5.00 to $6.00. They plan to offer 1,250,000 shares, targeting a deal size of $6.88M.
Adlai Nortye Ltd. (ANL) is also scheduled to make its debut on the NASDAQ exchange on August 22. They are offering shares in the price range of $22.00 to $26.00. The IPO includes 3,000,000 shares, aiming for a deal size of $72.00M
Simpple Ltd. (SPPL) is set to join the NASDAQ on August 22. In total, 1,625,000 shares will be offered, which amounts to a total deal of $9.34 million.
Gamer Pakistan Inc. (GPAK) will be capturing investors' attention as they hit the NASDAQ exchange on August 23. They are offering shares in the price range of $4.00 to $5.00. A total of 1,700,000 shares will be available, with the deal size projected to reach $7.65M.
That's it for today. Thanks for reading. Good luck out there!Best Regards,Stocks Telegraph Team
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