On Thursday, the stock market experienced a decline, with the Nasdaq Composite index slipping further into correction territory. This downward trend was exacerbated as Meta, the latest tech giant to announce its quarterly results, fell short of investors' expectations.

Despite Meta, the parent company of Facebook, surpassing revenue and profit expectations for the third quarter, the company acknowledged a decline in advertising performance for the current quarter. Investors also expressed concerns about cost management, particularly in Meta's Reality Labs division, which incurred a $3.7 billion loss during the quarter. As a result, Meta's stock price declined by almost 4%.

These developments came on the heels of a challenging trading session on Wednesday, partially driven by a notable 9.5% drop in Alphabet, the parent company of Google. Alphabet's Class-A shares experienced their worst performance since March 2020 on Wednesday, primarily due to revenue figures from its Google cloud unit falling below analyst estimates.

As of 11:32 AM ET, the Dow was down -128.5703 points, or -0.3892%, at $32907.36. The Nasdaq Composite lost -194.249 points, or -1.3507%, at $14187.392. The S&P 500 declined -30.52 points, or -0.729%, at $4156.25. Among the 11 major S&P 500 sectors, 7 showed positive movement, with Real Estate leading the way with a 1.0% increase.

Top Movers: Under $5

ABVC BioPharma Inc (ABVC) is up 161.18% today to trade at the current level of $2.22 after revealing a major deal with AiBtl BioPharma (AiBtl) to license their CNS drugs for MDD and ADHD on a global scale.

PaxMedica Inc (PXMD) zoomed 47.88% in today’s trade to $0.26 after announcing the completion of a type-B meeting with the FDA.

In current trading, Mullen Automotive Inc (MULN) stock is at $0.3300 following news that the Nasdaq Hearings Panel has granted Mullen’s request to continue its listing on The Nasdaq Capital Market.

Mustang Bio Inc (MBIO) rose 18.47% in the early hours of today's trading to move at $1.86 following the FDA acceptance of IND application for MB-109, for the treatment of recurrent Glioblastoma and High-Grade Astrocytoma.

In the current trading session, ImmunityBio Inc (IBRX) jumped 22.78% to $1.94 over a previous close of $1.58 after declaring that FDA has accepted ImmunityBio’s BLA resubmission as complete and sets New PDUFA Date.

Ex-Dividends Stocks

Banco Latinoamericano De Comercio Exterior SA (BLX) 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 $0.25 per share. The company has fixed October 30 as the record date for the same and will pay the actual dividend on November 16. Last year, the company distributed a total of $1.00 to its shareholders. Based on the last year's worth of payments, BLX has a trailing yield of 4.67% on the current stock price of $21.43.

Another stock that is shelling out dividends tomorrow is Celanese Corp (CE), having a market capitalization of $12.64B. It will pay a dividend of $0.7 per share, the payment date of which is November 13. Currently, the stock is trading at a trailing dividend yield of 2.39%.

Shares of Blackstone Inc (BX) will be the talk of stock market on Friday as the stock will turn ex-dividend. The company's next dividend payment will be $0.8 per share, and in the last 12 months, the company paid a total of $3.37 per share. Last year's total dividend payments show that BX has a trailing yield of 3.60% on the current share price of $93.56.

Energy Transfer LP (ET) is also set to go ex-dividend tomorrow. The next dividend payment from ET will amount to $0.31 per share. October 30 has been designated as the record date for this dividend, with the actual payout scheduled for November 20. In the previous year, ET distributed a total of $1.25 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for ET stands at 9.16% based on the current stock price of $13.60.

Holly Energy Partners L.P. (HEP) will be paying out a dividend of $0.35 per share to shareholders holding their shares as of the close of the business hours on the record date of October 30. Over the past 12 months, HEP has paid out a total of $1.40 per share in dividends. Based on the total dividends paid out last year, HEP boasts an impressive trailing yield of 6.70% on the current share price of $20.91.

Crypto Market Highlights

Most Shorted Stocks

Faraday Future Intelligent Electric Inc (FFIE) was one of the most shorted stocks as of latest short interest figures, with 58.19% 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 2.2. This represents a change of 2960000 shares, which corresponds to a +41.75% increase in short interest. The total value of the shares held short is estimated to be around $10.95 million. The average daily volume stands at 4.70M shares, and the market capitalization of the company is $20.27M.

The Novavax, Inc. with the symbol NVAX currently has a short interest of 45.54%. The short interest has changed by -1450000 shares. The days to cover ratio stands at 4.3. The estimated value of the shares held short is approximately $269.12 million. On an average day, 9.90M shares are traded, with the company's market capitalization totaling $590.92M.

For the stock Fisker Inc (FSR), the current short interest is at 40.1%. This represents a significant short interest change of -1,234,704 shares. The days needed to cover the short positions amount to 13.16. The company sees an average daily trading volume of 2.29 million shares, and its market capitalization is currently valued at $1.74 billion.

The stock VINO has a current short interest of 44.03%. The short interest percentage has experienced increase of +476.67% while there was a change of 286000 shares in short interest. The ratio indicating the time required to cover short positions is 0.3. The calculated worth of the shorted shares amounts to around $0.31 million. Trading activity averages at 1.03M shares per day, while the company's market capitalization stands at $0.89M.

Biotech Stocks to Watch

According to our ST Score evaluation, Landos Biopharma Inc (LABP) emerges as a high-quality stock in the Biotech industry, attaining an impressive score of 57.0. The stock's valuation, financial strength, and stock sentiment are strong. However, its Piotroski Score are weak. Additionally, it is neutral in terms of profitability, performance, growth, and forecast.

Our ST Score also classifies Essa Pharma Inc (EPIX) as a high-quality Biotech stock today, presenting a Score of 54.0. The stock has strong fundamentals in terms of financial strength, and stock sentiment. However, it has weak Piotroski Score. The value, profitability, performance, growth, and forecast are neutral.

Another stock in the category, ITeos Therapeutics Inc (ITOS) has the ST Score of 54.0, which means that the stock carries the potential for higher returns. The stock is strong in valuation, profitability, financial strength, and stock sentiment but weak in growth, and Piotroski Score. Performance, and forecast suggest a neutral outlook.

Eledon Pharmaceuticals Inc (ELDN) stock has the ST Score of 54.0 which implies that the Biotech company has a high probability of beating the market. The stock's strengths lie in its valuation, growth, financial strength, and stock sentiment, but its weaknesses are in its profitability, and Piotroski Score. However, it shows neutral outlook in performance, and forecast.

AvroBio Inc (AVRO) currently has the ST Score of 53.0, which signifies a huge upward potential. The Biotech stock's strong points are its profitability, and financial strength, while its weak points are its Piotroski Score. The stock's value, performance, growth, stock sentiment, and forecast indicate a neutral outlook.