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Aug - 18 - ST- Midday Newsletter
5 Energy Stocks Showing Signs of Potential Breakout Momentum
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Good Afternoon!Equities exhibited little change on Friday, extending the declines seen throughout this week, as Wall Street's challenges in August persist.The Dow Jones Industrial Average is en route to experiencing its most challenging week since March, with a decrease of 2.6%. Simultaneously, the S&P 500 is approaching its third consecutive week of losses, a sequence not observed since February. Similarly, the Nasdaq Composite is poised for its third straight week of decline, marking its first such occurrence since December.During Thursday's trading session, the yield on the 10-year U.S. Treasury reached its highest level since October 2022. This upward trajectory followed the publication of minutes from the Federal Reserve's July meeting, which hinted at the possibility of further interest rate hikes due to lingering inflation concerns.However, on Friday, yields started to recede from their peak levels. The yield on the 10-year Treasury dropped by more than 7 basis points to 4.231%.As of 11:40 AM ET, the Dow was down -16.61 points, or -0.05%, at 34458.22. The Nasdaq Composite lost -106.91 points, or -0.8%, at 13210.02. The S&P 500 declined -15.42 points, or -0.35%, at 4354.94. Among the 11 major S&P 500 sectors, 6 showed negative movement, with Communication Services leading the way with a -1.55% decrease.
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Chicken Soup for the Soul Entertainment Inc. (CSSE) is up 10.44% today to trade at the current level of $0.47. This comes after the company announced timing of regular monthly dividend for September for Series A Cumulative Redeemable Perpetual Preferred Stock.
Neptune Wellness Solutions Inc. (NEPT) zoomed 88.75% in today’s trade to $0.26. The company recently reported fiscal first quarter 2024 financial results.
In current trading, Asensus Surgical Inc. (ASXC) stock is at $0.31 after providing a positive update on both recent accomplishments and the company's projected outlook for the coming year.
Pieris Pharmaceuticals Inc. (PIRS) rose 10.96% in the early hours of today's trading to move at $0.28. The strong performance of PIRS stock came as investors were encouraged by the declaratation from the company that it has achieved an undisclosed milestone payment from Boston Pharmaceuticals.
In the current trading session, Praxis Precision Medicines Inc. (PRAX) jumped 6.71% to $1.43 over a previous close of $1.34. Praxis Precision Medicines is a clinical-stage biopharmaceutical company translating insights from genetic epilepsies into the development of therapies for CNS disorders characterized by neuronal excitation-inhibition imbalance.
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Ex-Dividends Stocks
TechnipFMC plc (FTI) 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 $0.05 per share. The company has fixed August 22 as the record date for the same and will pay the actual dividend on September 06. Last year, the company distributed a total of $0.20 to its shareholders. Based on the last year's worth of payments, FTI has a trailing yield of 1.10% on the current stock price of $18.22.
Another stock that is shelling out dividends on Monday is Gerdau S.A. (GGB), having a market capitalization of $8.91B. It will pay a dividend of $0.09 per share, the payment date of which is September 06. Currently, the stock is trading at a trailing dividend yield of 12.38%.
Shares of Microchip Technology Incorporated (MCHP) will be the talk of stock market on Monday as the stock will turn ex-dividend. The company's next dividend payment will be $0.41 per share, and in the last 12 months, the company paid a total of $1.64 per share. Last year's total dividend payments show that MCHP has a trailing yield of 2.08% on the current share price of $78.82.
Pitney Bowes Inc. (PBI) is also set to go ex-dividend on Monday. The next dividend payment from PBI will amount to $0.05 per share. August 22 has been designated as the record date for this dividend, with the actual payout scheduled for September 08. In the previous year, PBI distributed a total of $0.20 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for PBI stands at 5.68% based on the current stock price of $3.52.
Prudential Financial Inc. (PRU) will be paying out a dividend of $1.25 per share to shareholders holding their shares as of the close of the business hours on the record date of August 22. Over the past 12 months, PRU has paid out a total of $5.00 per share in dividends. Based on the total dividends paid out last year, PRU boasts an impressive trailing yield of 5.37% on the current share price of $93.16.
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Crypto Market Highlights
Bitcoin's value fell by around 9% since last Thursday amid a broader market sell-off. Elon Musk's Space X selling off cryptocurrency contributed to investor concerns, resulting in a $1 billion cryptocurrency drainage in 24 hours, with Bitcoin accounting for nearly half the losses.The crypto market's abrupt decline caused losses for traders. The culprits behind the $600 million BNB Smart Chain theft have been pinpointed through blockchain data.Securitize acquires Onramp Invest, a cryptocurrency fund manager with $40 billion in assets. This expands access to private market alternative assets for investors.Just before the market downturn, a prominent holder of a significant Ether reserve strategically liquidated $41 million worth of the cryptocurrency, sidestepping a potential loss of $5 million.Cypher Protocol, a decentralized futures exchange operating on the Solana blockchain, has successfully halted $600,000 worth of cryptocurrency that was pilfered during a security breach on August 7th.
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Most Shorted Stocks
C3.ai Inc. (AI) was one of the most shorted stocks as of latest short interest figures, with 30.97% 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 1.56. This represents a change of 2,039,416 shares, which corresponds to a -6.22% decrease in short interest. The total value of the shares held short is estimated to be around $2.99 billion. The average daily volume stands at 29.02M shares, and the market capitalization of the company is $3.50B.
The Sprouts Farmers Market Inc. with the symbol SFM currently has a short interest of 30.68%, a decrease from the previous short interest level of 30.81%. The short interest has changed by 405,496 shares. The days to cover ratio stands at 12.96. The estimated value of the shares held short is approximately $2.41 billion. On an average day, 1.58M shares are traded, with the company's market capitalization totaling $3.87B.
For the stock bluebird bio Inc. (BLUE), the current short interest is at 30.45%, compared to the previous level of 26.94%. This represents a significant short interest change of 3,473,401 shares, corresponding to a short interest percentage increase of 13.69%. The days needed to cover the short positions amount to 4.39. The approximate worth of the shares held short is $351.37 million.
With the symbol TUP, the stock currently has a short interest of 30.53%, showing an increase from the previous level of 27.06%. The short interest change is 1,244,631 shares, compared with a short interest percentage change of 12.84%. It would take approximately 1 days to cover all the short positions. The shares short value is estimated to be around $94.92 million. The company boasts an average daily volume of 21.39M shares, contributing to a market capitalization of $128.71M.
The stock APRN has a current short interest of 30.00%, higher than the previous short interest level of 26.86%. The short interest percentage has experienced an increase of 11.69% while there was a change of 126,796 shares in short interest. The ratio indicating the time required to cover short positions is 4.23. The calculated worth of the shorted shares amounts to around $31.5 million. Trading activity averages at 849.49K shares per day, while the company's market capitalization stands at $41.70M.
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Energy Stocks to Watch
According to our ST Score evaluation, Par Pacific Holdings Inc. (PARR) emerges as a high-quality stock in the Energy industry, attaining an impressive score of 67.0. The stock's valuation, profitability, growth, and Piotroski Score are strong. Additionally, it is neutral in terms of performance, financial strength, stock sentiment, and forecast.
Our ST Score also classifies Tenaris S.A. (TS) as a high-quality Energy stock today, presenting a Score of 67.0. The stock has strong fundamentals in terms of valuation, profitability, growth, financial strength, and Piotroski Score. However, it has weak performance. The stock sentiment, and forecast are neutral.
Another stock in the category, Teekay Corporation (TK) has the ST Score of 67.0, which means that the stock carries the potential for higher returns. The stock is strong in valuation, performance, financial strength, stock sentiment, and Piotroski Score. Profitability, growth, and forecast suggest a neutral outlook.
Civitas Resources Inc. (CIVI) stock has the ST Score of 65.0 which implies that the Energy company has a high probability of beating the market. The stock's strengths lie in its performance, growth, financial strength, stock sentiment, and Piotroski Score. However, it shows neutral outlook in value, profitability, and forecast.
PBF Energy Inc. (PBF) currently has the ST Score of 64.0, which signifies a huge upward potential. The Energy stock's strong points are its valuation, profitability, and Piotroski Score. The stock's performance, growth, 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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