Dear Readers,

On Thursday, the surge in technology stocks provided a significant boost to the market, propelling the Nasdaq Composite to a position that offset its earlier losses in 2024.

Following an upgrade to 'buy' from Bank of America, Apple's shares saw a 3.3% increase, with predictions suggesting the potential for an increase of over 20% in the following year. This surge set Apple on track for its most impressive performance since May 5, 2023. In tandem, the Technology Select Sector SPDR Fund (XLK) experienced a 1.6% rise, marking a record peak.

Amid this market optimism, some investors hold concerns regarding the strong labor market and solid consumer spending, as indicated by the retail sales data from December, reported on Wednesday. These economic indicators may lead to the Federal Reserve implementing fewer interest rate cuts than the market currently anticipates. Market forecasts now reflect an estimated 56% probability of a reduction in interest rates by a quarter of a percentage point come March, as per insights from the CME FedWatch Tool.

As of 11:51 AM ET, the Dow was down -25.5937 points, or -0.0687%, at $37241.08. The Nasdaq Composite added 212.4551 points, or 1.2694%, at $16948.734. The S&P 500 rose 20.8701 points, or 0.4404%, at $4760.08. Among the 11 major S&P 500 sectors, 8 showed negative movement, with Real Estate leading the way with a -0.77% decrease. 

Top Movers: Under $10

Agrify Corp (AGFY) is up 33.91% today to trade at the current level of $1.58. This comes after the company announced that it has entered into a multi-million dollar sales agreement with Ocean Deep/Golden Lake Business Park, a California-based vertically integrated cannabis operator.

Marpai Inc (MRAI) zoomed 38.51% in today’s trade to $1.17 after the company announced a securities purchase agreement.

In current trading, Bullfrog AI Holdings Inc (BFRG) stock is at $3.59 after announcing early results from its collaboration with the Lieber Institute for Brain Development (LIBD) that could revolutionize the understanding and treatment of psychiatric disorders.

American Battery Technology Company (ABAT) rose 25.03% in the early hours of today's trading to move at $3.36 after declaring upgraded Measured Resource and Indicated Resource classifications for its Tonopah Flats Lithium Project (TFLP) located in Big Smoky Valley near Tonopah, Nevada.

In the current trading session, Hoth Therapeutics Inc (HOTH) jumped 13.18% to $1.46 over a previous close of $1.29. The company announced that it has received FDA approval to expand HT-001 clinical trial to treat Severely Ill patients.

Ex-Dividends Stocks

APA Corporation (APA) 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. It has fixed January 22 as the record date for the same and will pay the actual dividend on February 22. Last year, the company distributed a total of $1.00 to its shareholders. Based on the last year's worth of payments, APA has a trailing yield of 3.28% on the current stock price of $30.46.

Another stock that is shelling out dividends tomorrow is Caterpillar Inc. (CAT), having a market capitalization of $142.37B. It will pay a dividend of $1.3 per share, the payment date of which is February 20. Currently, the stock is trading at a trailing dividend yield of 1.78%.

Shares of CVS Health Corp (CVS) will be the talk of stock market on Friday as the stock will turn ex-dividend. The company's next dividend payment will be $0.67 per share, and in the last 12 months, it paid a total of $2.35 per share. Last year's total dividend payments show that CVS has a trailing yield of 3.22% on the current share price of $73.07.

Target Corp (TGT) is also set to go ex-dividend tomorrow. The next dividend payment from TGT will amount to $1.1 per share. January 21 has been designated as the record date for this dividend, with the actual payout scheduled for March 10. In the previous year, TGT distributed a total of $4.30 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for TGT stands at 3.12% based on the current stock price of $137.52.

Colgate-Palmolive Co. (CL) will be paying out a dividend of $0.48 per share to shareholders holding their shares as of the close of the business hours on the record date of January 22. Over the past 12 months, CL has paid out a total of $1.96 per share in dividends. Based on the total dividends paid out last year, CL boasts an impressive trailing yield of 2.44% on the current share price of $80.36.

Crypto Market Highlights

Most Shorted Stocks

Lemonade Inc (LMND) was one of the most shorted stocks as of latest short interest figures, with 33.70% 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 8.4. This represents a change of 10000 shares, which corresponds to a +0.06% increase in short interest. The total value of the shares held short is estimated to be around $265.2 million. The average daily volume stands at 2.08M shares, and the market capitalization of the company is $1.11B.

The ProKidney Corp with the symbol PROK currently has a short interest of 32.49%. The short interest has changed by 210000 shares. The days to cover ratio stands at 12.9. The estimated value of the shares held short is approximately $18.02 million. On an average day, 967.46K shares are traded, with the company's market capitalization totaling $88.96M.

With the symbol IBRX, the stock currently has a short interest of 30.97%. The short interest change is 2680000 shares, compared with a short interest percentage change of +7.08%. It would take approximately 6.8 days to cover all the short positions. The company boasts an average daily volume of 6.25M shares, contributing to a market capitalization of $2.34B.

The stock BLNK has a current short interest of 29.68%. The short interest percentage has experienced increase of +2.14% while there was a change of 420000 shares in short interest. The ratio indicating the time required to cover short positions is 3.1. The calculated worth of the shorted shares amounts to around $91.58 million. Trading activity averages at 7.13M shares per day, while the company's market capitalization stands at $152.27M.

Biotech Stocks to Watch

According to our ST Score evaluation, Y-Mabs Therapeutics Inc (YMAB) emerges as a high-quality stock in the Biotech industry, attaining an impressive score of 60.0. The stock's profitability, performance, financial strength, and stock sentiment are strong. However, its value, and growth are weak. Additionally, it is neutral in terms of Piotroski Score, and forecast.

Our ST Score also classifies Theseus Pharmaceuticals Inc (THRX) as a high-quality Biotech stock today, presenting a Score of 61.0. The stock has strong fundamentals in terms of performance, financial strength, and stock sentiment. However, it has weak Piotroski Score. The value, profitability, growth, and forecast are neutral.

Another stock in the category, Jasper Therapeutics Inc (JSPR) has the ST Score of 59.0, which means that the stock carries the potential for higher returns. The stock is strong in performance, financial strength, stock sentiment, and forecast but weak in profitability, and Piotroski Score. Value, and growth suggest a neutral outlook.

IO Biotech Inc (IOBT) stock has the ST Score of 56.0 which implies that the Biotech company has a high probability of beating the market. The stock's strengths lie in its performance, financial strength, and stock sentiment, but its weaknesses are in its Piotroski Score. However, it shows neutral outlook in value, profitability, growth, and forecast.

Adma Biologics Inc (ADMA) currently has the ST Score of 59.0, which signifies a huge upward potential. The Biotech stock's strong points are its profitability, performance, growth, and stock sentiment, while its weak points are its value, and financial strength. The stock's Piotroski Score, and forecast indicate a neutral outlook.