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- Aug - 22 - ST- Midday Newsletter
Aug - 22 - ST- Midday Newsletter
Market Spotlight: Revealing Uncharted Opportunities in Today's Trade!
The Newsheater daily Mid-Day newsletter is powered by Stocks Telegraph
Good Afternoon!On Tuesday, the S&P 500 and Nasdaq Composite showed a lack of definitive movement, in contrast to the previous session's momentum that had dwindled.Driving the ascent of the S&P 500 were the communication services and consumer discretionary sectors, outperforming and propelling the index higher.In the preceding session, the Nasdaq secured its most substantial monthly gain by climbing 1.6%, accompanied by the S&P 500's nearly 0.7% increase. These achievements marked a rebound from a four-day decline for both benchmarks, with the Nasdaq achieving its most substantial single-day surge since August. In contrast, the Dow experienced a minor setback of 0.1%.Remarkably, despite the yield on the 10-year Treasury reaching its highest level since November 2007, both the broader market index and the tech-focused Nasdaq managed to secure gains. This is noteworthy given that tech shares typically face challenges in a high-rate environment. The parallel rise with yields on Monday caught the attention of Wall Street. On Tuesday, yields experienced a slight easing.As of 11:34 AM ET, the Dow was down -79.97 points, or -0.23%, at 34383.72. The Nasdaq Composite added +47.37 points, or +0.35%, at 13544.96. The S&P 500 rose +1.62 points, or +0.04%, at 4401.39. Among the 11 major S&P 500 sectors, 6 showed positive movement, with Communication Services leading the way with a 0.73% increase.
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Top Movers: Under $10
Fulcrum Therapeutics Inc. (FULC) is up 53.32% today to trade at the current level of $6.01. This comes after FDA lifted clinical hold on FTX-6058, offering hope for sickle-cell disease treatment.
AMTD Digital Inc. (HKD) zoomed 40.31% in today’s trade to $7.02 following approval of US$30 million share repurchase plan from BOD.
In current trading, Sidus Space Inc. (SIDU) stock is at $0.19 following announcement of strategic takeover of Exo-Space, bolstering its position in space AI tech.
Novavax Inc. (NVAX) rose 17.60% in the early hours of today's trading to move at $9.49 on positive update: The company updated COVID-19 vaccine shows promising response against "Eris" subvariant.
In the current trading session, Borqs Technologies Inc. (BRQS) jumped 12.82% to $0.18 over a previous close of $0.16 as CFIUS grants extension, boosting investor confidence in Borqs Technologies' strategic divestment plans for subsidiary Holu Hou Energy.
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Ex-Dividends Stocks
Applied Materials Inc. (AMAT) 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 $0.32 per share. The company has fixed August 24 as the record date for the same and will pay the actual dividend on September 14. Last year, the company distributed a total of $1.28 to its shareholders. Based on the last year's worth of payments, AMAT has a trailing yield of 0.85% on the current stock price of $149.85.
Another stock that is shelling out dividends tomorrow is Cogent Communications Holdings Inc. (CCOI), having a market capitalization of $3.47B. It will pay a dividend of $0.94 per share, the payment date of which is September 08. Currently, the stock is trading at a trailing dividend yield of 5.47%.
Shares of Discover Financial Services (DFS) will be the talk of stock market on Wednesday as the stock will turn ex-dividend. The company's next dividend payment will be $0.7 per share, and in the last 12 months, the company paid a total of $2.80 per share. Last year's total dividend payments show that DFS has a trailing yield of 3.10% on the current share price of $90.34.
First BanCorp. (FBP) is also set to go ex-dividend tomorrow. The next dividend payment from FBP will amount to $0.14 per share. August 24 has been designated as the record date for this dividend, with the actual payout scheduled for September 08. In the previous year, FBP distributed a total of $0.56 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for FBP stands at 4.09% based on the current stock price of $13.68.
Hecla Mining Company (HL) will be paying out a dividend of $0.01 per share to shareholders holding their shares as of the close of the business hours on the record date of August 24. Over the past 12 months, HL has paid out a total of $0.02 per share in dividends. Based on the total dividends paid out last year, HL boasts an impressive trailing yield of 0.58% on the current share price of $3.98.
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Crypto Market Highlights
Chinese official sentenced to life for $329 million Bitcoin mining operation and corruption.
Binance Labs invests in ZK-proof-powered infrastructure by Delphinus Lab.
Cheongju, South Korea, plans to seize cryptocurrency from tax delinquents.
Oman unveils second cryptocurrency mining center within 10 months.
Komainu, backed by Nomura, CoinShares, and Ledger, obtains operating license from Dubai's VARA.
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Most Shorted Stocks
Lucid Group Inc. (LCID) was one of the most shorted stocks as of latest short interest figures, with 15.90% 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 3.64. This represents a change of 16,604,680 shares, which corresponds to a 9.9% increase in short interest. The total value of the shares held short is estimated to be around $7.05 billion. The average daily volume stands at 48.53M shares, and the market capitalization of the company is $13.99B.
The Lovesac Company with the symbol LOVE currently has a short interest of 31.17%, a decrease from the previous short interest level of 31.66%. The short interest has changed by 68,473 shares. The days to cover ratio stands at 19.23. The estimated value of the shares held short is approximately $321.01 million. On an average day, 374.41K shares are traded, with the company's market capitalization totaling $339.10M.
For the stock Lemonade Inc. (LMND), the current short interest is at 30.73%, compared to the previous level of 29.52%. This represents a significant short interest change of 668,046 shares, corresponding to a short interest percentage increase of 4.51%. The days needed to cover the short positions amount to 7.6. The approximate worth of the shares held short is $676.68 million.
With the symbol DM, the stock currently has a short interest of 24.50%, showing a decrease from the previous level of 24.78%. The short interest change is 424,066 shares, compared with a short interest percentage change of -0.62%. It would take approximately 34.94 days to cover all the short positions. The shares short value is estimated to be around $422.31 million. The company boasts an average daily volume of 3.40M shares, contributing to a market capitalization of $484.75M.
The stock LAZR has a current short interest of 24.30%, higher than the previous short interest level of 23.48%. The short interest percentage has experienced an increase of 6.94% while there was a change of 4,475,521 shares in short interest. The ratio indicating the time required to cover short positions is 10.03. The calculated worth of the shorted shares amounts to around $1.64 billion. Trading activity averages at 7.07M shares per day, while the company's market capitalization stands at $2.10B.
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EV Stocks to Watch
According to our ST Score evaluation, EnerSys (ENS) emerges as a high-quality stock in the EV industry, attaining an impressive score of 51.0. The stock's profitability, performance, and Piotroski Score are strong. However, its value, and financial strength are weak. Additionally, it is neutral in terms of growth, stock sentiment, and forecast.
Our ST Score also classifies STMicroelectronics N.V. (STM) as a high-quality EV stock today, presenting a Score of 55.0. The stock has strong fundamentals in terms of profitability, and growth. However, it has weak financial strength. The value, performance, stock sentiment, Piotroski Score, and forecast are neutral.
Another stock in the category, Cirrus Logic Inc. (CRUS) has the ST Score of 55.0, which means that the stock carries the potential for higher returns. The stock is strong in profitability, financial strength, stock sentiment, and Piotroski Score but weak in performance, and growth. Value, and forecast suggest a neutral outlook.
Ford Motor Company (F) stock has the ST Score of 50.0 which implies that the EV company has a high probability of beating the market. The stock's strengths lie in its profitability, and Piotroski Score, but its weaknesses are in its growth, and financial strength. However, it shows neutral outlook in value, performance, stock sentiment, and forecast.
Teck Resources Limited (TECK) currently has the ST Score of 50.0, which signifies a huge upward potential. The EV stock's strong points are its profitability, and performance, while its weak points are its financial strength. The stock's value, growth, stock sentiment, Piotroski Score, 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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