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Sep - 06 - ST- Midday Newsletter
Navigating the Noon: Must-Watch AI Stocks Today!
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Good Afternoon!On Wednesday, the stock market experienced a decline, extending the sluggish start to September, driven by growing concerns about the Federal Reserve's potential interest rate hikes. This downward trend was further exacerbated by a significant increase in Treasury yields, which continued to exert pressure on risk assets. The yield on the 2-year Treasury note surged by more than 6 basis points, surpassing the 5% threshold.The surge in Treasury yields on Wednesday was concurrent with the release of stronger-than-expected economic data, intensifying concerns about the possibility of additional rate hikes. Recent reports on both the services and manufacturing sectors of the U.S. economy indicated that prices were trending unfavorably.As of 11:30 AM ET, the Dow was down -206.07 points, or -0.59%, at 34435.9. The Nasdaq Composite lost -144.02 points, or -1.03%, at 13876.93. The S&P 500 declined -34.89 points, or -0.78%, at 4461.94. Among the 11 major S&P 500 sectors, 10 showed negative movement, with Technology leading the way with a -1.34% decrease. The stock market's performance today followed a session characterized by a decline, during which oil prices soared to their highest level since November. This surge was attributed to Saudi Arabia and Russia's decision to extend their voluntary supply cuts, which had a notable impact on the energy market.
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Top Movers: Under $10
Palisade Bio Inc. (PALI) is up 136.18% today to trade at the current level of $1.63 following the company's recent declaration of a licensing agreement with Giiant Pharma, Inc.
FOXO Technologies Inc. (FOXO) zoomed 34.97% in today’s trade to $0.19. The reason behind this rally is the recent announcement of an agreement between FOXO and Atrio Insurance.
In current trading, iCoreConnect Inc. (ICCT) stock is at $9.04 following the declaration of new version of its iCoreExchange Encrypted HIPAA Email and referral network.
Trevena Inc. (TRVN) rose 6.68% in the early hours of today's trading to move at $0.93. The company has shared the exciting news of receiving a $15 million tranche as part of its non-dilutive ex-US royalty-based financing, also known as the R-Bridge Financing.
In the current trading session, Applied Therapeutics Inc. (APLT) jumped 15.08% to $1.45 over a previous close of $1.26. The company is pleased to report the successful outcome of its recent pre-New Drug Application meeting with the Food and Drug Administration (FDA) regarding the govorestat (AT-007) Galactosemia program.
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Ex-Dividends Stocks
AAON Inc. (AAON) 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 $0.08 per share. The company has fixed September 08 as the record date for the same and will pay the actual dividend on September 29. Last year, the company distributed a total of $0.32 to its shareholders. Based on the last year's worth of payments, AAON has a trailing yield of 0.49% on the current stock price of $65.08.
Another stock that is shelling out dividends tomorrow is Automatic Data Processing Inc. (ADP), having a market capitalization of $102.94B. It will pay a dividend of $1.25 per share, the payment date of which is October 01. Currently, the stock is trading at a trailing dividend yield of 1.99%.
Shares of BlackRock Inc. (BLK) will be the talk of stock market on Thursday as the stock will turn ex-dividend. The company's next dividend payment will be $5 per share, and in the last 12 months, the company paid a total of $20.00 per share. Last year's total dividend payments show that BLK has a trailing yield of 2.89% on the current share price of $692.41.
Fidelity National Information Services Inc. (FIS) is also set to go ex-dividend tomorrow. The next dividend payment from FIS will amount to $0.52 per share. September 08 has been designated as the record date for this dividend, with the actual payout scheduled for September 22. In the previous year, FIS distributed a total of $2.08 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for FIS stands at 3.75% based on the current stock price of $55.46.
Gold Fields Limited (GFI) will be paying out a dividend of $0.14 per share to shareholders holding their shares as of the close of the business hours on the record date of September 08. Over the past 12 months, GFI has paid out a total of $0.41 per share in dividends. Based on the total dividends paid out last year, GFI boasts an impressive trailing yield of 3.33% on the current share price of $12.33.
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Crypto Market Highlights
SBI Remit, a subsidiary of Japanese financial holding company SBI Group, partners with Ripple and SBI Ripple Asia to offer XRP remittance service in Southeast Asian countries.
Coinbase introduces crypto lending service for institutional investors in the United States to tap into crypto lending market opportunities.
dYdX, a decentralized exchange platform, plans to migrate to the interchain network Cosmos and offer a purely decentralized order book exchange.
Grayscale informs the SEC that it has no legal basis to block the conversion of its Bitcoin fund into a spot exchange-traded fund (ETF).
Coinbase's Ethereum layer-2 network, Base, experiences its first major outage since the public launch, with block production stalled for about 45 minutes on September 5.
MetaMask cryptocurrency wallet launches a feature enabling users to sell Ether for fiat currency.
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Most Shorted Stocks
Carvana Co. (CVNA) was one of the most shorted stocks as of latest short interest figures, with 18.34% 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 1.2. This represents a change of -930000 shares, which corresponds to a -2.61% decrease in short interest. The total value of the shares held short is estimated to be around $1.72 billion. The average daily volume stands at 26.74M shares, and the market capitalization of the company is $9.31B.
The Lucid Group Inc. with the symbol LCID currently has a short interest of 37.89%. The short interest has changed by 7100000 shares. The days to cover ratio stands at 4.0. The estimated value of the shares held short is approximately $1.17 billion. On an average day, 46.67M shares are traded, with the company's market capitalization totaling $13.74B.
For the stock ProKidney Corp. (PROK), the current short interest is at 37.57%. This represents a significant short interest change of 40000 shares, corresponding to a short interest percentage increase of +0.63%. The days needed to cover the short positions amount to 18.8. The approximate worth of the shares held short is $52.97 million.
The stock UPST has a current short interest of 32.39%. The short interest percentage has experienced decrease of -0.09% while there was a change of -20000 shares in short interest. The ratio indicating the time required to cover short positions is 1.9. The calculated worth of the shorted shares amounts to around $503.52 million. Trading activity averages at 10.80M shares per day, while the company's market capitalization stands at $2.67B.
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AI Stocks to Watch
According to our ST Score evaluation, ANSYS Inc. (ANSS) emerges as a high-quality stock in the AI industry, attaining an impressive score of 66.0. The stock's profitability, performance, growth, stock sentiment, and Piotroski Score are strong. However, its value are weak. Additionally, it is neutral in terms of financial strength, and forecast.
Our ST Score also classifies Apple Inc. (AAPL) as a high-quality AI stock today, presenting a Score of 63.0. The stock has strong fundamentals in terms of profitability, performance, growth, stock sentiment, and Piotroski Score. However, it has weak value, and financial strength. The forecast are neutral.
Another stock in the category, ServiceNow Inc. (NOW) has the ST Score of 62.0, which means that the stock carries the potential for higher returns. The stock is strong in profitability, performance, growth, stock sentiment, and Piotroski Score but weak in value, and financial strength. Forecast suggest a neutral outlook.
Microsoft Corporation (MSFT) stock has the ST Score of 62.0 which implies that the AI company has a high probability of beating the market. The stock's strengths lie in its profitability, performance, growth, stock sentiment, and Piotroski Score, but its weaknesses are in its value. However, it shows neutral outlook in financial strength, and forecast.
Accenture plc (ACN) currently has the ST Score of 61.0, which signifies a huge upward potential. The AI stock's strong points are its profitability, performance, growth, and Piotroski Score, while its weak points are its value. The stock's financial strength, 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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