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Aug - 11 - ST- Midday Newsletter
5 Energy Stocks with Potential for a Breakout!
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Good Afternoon!
On Friday, the S&P 500 moved down slightly and seemed likely to have another week where it doesn't do well. Investors were thinking about company earnings and how prices are changing. At 12:52 PM ET, the Dow was up +41.98 points, or +0.12%, at 35218.13. The Nasdaq Composite lost -108.4 points, or -0.79%, at 13629.58. The S&P 500 declined -13.05 points, or -0.29%, at 4455.78. Among the 11 major S&P 500 sectors, 6 showed positive movement, with Energy leading the way with a 1.41% increase.
The S&P 500 and the Nasdaq are expected to go down by 0.3% and 1.8% this week. Both are set to have a second week in a row where they don't do well, which hasn't happened to the Nasdaq for this long since December 2022. The Dow, which is another way to see how stocks are doing, is different. It's likely to go up by 0.6% this week.
The consumer price index for July, an important measure of inflation for both markets and the Federal Reserve, turned out to be milder than expected when compared to the previous year. Prices increased by 3.2% over the course of a year, which was slightly below the expected rate of 3.3%.
It's worth noting that the CPI reading revealed certain elements of stability. The core CPI, which focuses on prices excluding the more unpredictable costs of food and energy, went up by 4.7% compared to the previous year.
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Top Movers: Under $10
Rigetti Computing Inc. (RGTI) is up 45.73% today to trade at the current level of $2.39. This comes after the release of its second quarter 2023 results.
Airspan Networks Holdings Inc. (MIMO) zoomed 64.41% in today’s trade to $0.25. This rally can be attributed to news that Airspan Networks completed the sale of Mimosa to Reliance Jio and financing transactions.
In current trading, Evolv Technologies Holdings Inc. (EVLV) stock is at $7.38 following news that the company reported record second quarter financial results. Revenue of $19.8 million, up 119% year-over-year.
Genius Group Limited (GNS) rose 49.08% in the early hours of today's trading to move at $1.22. The strong performance of GNS stock came as investors were encouraged by the declarations that Genius Group’s annual report was filed with the SEC on June 6, 2023 and is available on the Company’s investor relations website.
In the current trading session, Tango Therapeutics Inc. (TNGX) jumped 19.11% to $7.79 over a previous close of $6.54 after announcing $80 million private placement financing.
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Ex-Dividends Stocks
Arbor Realty Trust Inc. (ABR) is about to trade ex-dividend Monday, meaning that investors who buy the stock after Monday will not be eligible for the next dividend payment. The company's next dividend payment will be $0.43 per share. The company has fixed August 15 as the record date for the same and will pay the actual dividend on August 31. Last year, the company distributed a total of $1.72 to its shareholders. Based on the last year's worth of payments, ABR has a trailing yield of 10.40% on the current stock price of $16.54.
Another stock that is shelling out dividends on Monday is AGCO Corporation (AGCO), having a market capitalization of $9.54B. It will pay a dividend of $0.29 per share, the payment date of which is September 15. Currently, the stock is trading at a trailing dividend yield of 0.90%.
Shares of Applied Industrial Technologies Inc. (AIT) will be the talk of stock market on Monday 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 AIT has a trailing yield of 0.90% on the current share price of $155.09.
On Monday, Great Ajax Corp. (AJX) is also set to go ex-dividend. The next dividend payment from AJX will amount to $0.2 per share. August 15 has been designated as the record date for this dividend, with the actual payout scheduled for August 31. In the previous year, AJX distributed a total of $0.80 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for AJX stands at 11.77% based on the current stock price of $6.80.
ALLETE Inc. (ALE) will be paying out a dividend of $0.68 per share to shareholders holding their shares as of the close of the business hours on the record date of August 15. Over the past 12 months, ALE has paid out a total of $2.71 per share in dividends. Based on the total dividends paid out last year, ALE boasts an impressive trailing yield of 4.70% on the current share price of $57.69.
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Crypto Market Highlights
The US Securities and Exchange Commission has deferred its decision on the approval of ARK Investment Management's proposed spot Bitcoin exchange-traded fund (ETF).Binance, the world's primary crypto exchange by trade volume, has supposedly sought registration under Taiwan's Money Laundering Control Act and the supervision of the Financial Supervisory Commission.Worldcoin's iris-scanning crypto project now allows unverified users to reserve their WLD tokens via the World App, streamlining the process before verifying their World ID.Visa is boldly venturing into new territory with an innovative idea: enabling the payment of on-chain gas fees through their cards. Mustafa Bedawala, a product manager at Visa, emphasized the difficulty of overseeing Ether balances in crypto wallets to handle these fees.The US Securities and Exchange Commission (SEC) has disclosed a settlement with crypto trading platform Bittrex and its co-founder, William Shihara, the former CEO, regarding their operation of an unregistered exchange.
Free Report: Three of the Top NASDAQ Stocks to Buy Under $10
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Most Shorted Stocks
Mobiquity Technologies Inc. (MOBQ) was one of the most shorted stocks as of latest short interest figures, with 67.45% 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. This represents a change of 522,018 shares, which corresponds to a 51.79% increase in short interest. The total value of the shares held short is estimated to be around $2.47 million. The average daily volume stands at 389.32K shares, and the market capitalization of the company is $3.07M.
The Bruush Oral Care Inc. with the symbol BRSH currently has a short interest of 58.21%, an increase from the previous short interest level of 2.32%. The short interest has changed by 707 shares. The days to cover ratio stands at 1. The estimated value of the shares held short is approximately $1.76 million. On an average day, 343.63K shares are traded, with the company's market capitalization totaling $1.99M.
For the stock Dillard's Inc. (DDS), the current short interest is at 43.67%, compared to the previous level of 45.49%. This represents a significant short interest change of 55,954 shares, corresponding to a short interest percentage decrease of -4.01%. The days needed to cover the short positions amount to 10.46. The approximate worth of the shares held short is $1.11 billion.
With the symbol FSR, the stock currently has a short interest of 41.50%, showing an increase from the previous level of 36.79%. The short interest change is 9,905,115 shares, compared with a short interest percentage change of 13.05%. It would take approximately 7.85 days to cover all the short positions. The shares short value is estimated to be around $1.16 billion. The company boasts an average daily volume of 9.26M shares, contributing to a market capitalization of $2.09B.
The stock BMEA has a current short interest of 38.74%, lower than the previous short interest level of 43.34%. The short interest percentage has experienced decrease of -9.52% while there was a change of 788,117 shares in short interest. The ratio indicating the time required to cover short positions is 12.8. The calculated worth of the shorted shares amounts to around $358.7 million. Trading activity averages at 836.44K shares per day, while the company's market capitalization stands at $649.80M.
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Energy Stocks to Watch
According to our ST Score evaluation, International Seaways Inc. (INSW) emerges as a high-quality stock in the Energy industry, attaining an impressive score of 71.0. The stock's valuation, profitability, growth, financial strength, and Piotroski Score are strong. Additionally, it is neutral in terms of performance, stock sentiment, and forecast.
Our ST Score also classifies Teekay Tankers Ltd. (TNK) as a high-quality Energy stock today, presenting a Score of 69.0. The stock has strong fundamentals in terms of valuation, profitability, performance, growth, financial strength, and Piotroski Score. The stock sentiment, and forecast are neutral.
Another stock in the category, Dorian LPG Ltd. (LPG) has the ST Score of 67.0, which means that the stock carries the potential for higher returns. The stock is strong in valuation, profitability, performance, financial strength, and Piotroski Score. Growth, stock sentiment, and forecast suggest a neutral outlook.
Scorpio Tankers Inc. (STNG) stock has the ST Score of 67.0 which implies that the Energy company has a high probability of beating the market. The stock's strengths lie in its valuation, profitability, growth, financial strength, and Piotroski Score. However, it shows neutral outlook in performance, stock sentiment, and forecast.
HF Sinclair Corporation (DINO) currently has the ST Score of 67.0, which signifies a huge upward potential. The Energy stock's strong points are its valuation, profitability, growth, financial strength, and Piotroski Score, while its weak points are its performance. The stock's 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.