EV Power Push: Midday Gainers & $10 Picks Accelerating

The S&P 500 edged higher Tuesday, building on June’s modest gains despite rising concerns over economic growth and lingering uncertainty around U.S. trade policy. Investors remained cautious as they awaited clarity on potential trade agreements.

As of 11:20 AM ET, the Dow was up 67.33 points, or 0.1592%, at $42372.81. The Nasdaq Composite added 124.67 points, or 0.58%, at $21616.42. The S&P 500 rose 19.34 points, or 0.33%, at $5955.28. Among the 11 major S&P 500 sectors, 6 showed positive movement, with Energy leading the way with a 2.45% increase.

The market's movement followed a downgrade in the U.S. growth outlook from the Organization for Economic Co-operation and Development (OECD), which now forecasts the economy will expand by just 1.6% this year, down from a previous estimate of 2.2%.

Treasury yields slipped as investors sought safety, with the benchmark 10-year yield falling 4 basis points to 4.418%.

Top Movers: Under $10 

NewGenIvf Group Ltd (NIVF) is up 137.21% today to trade at the current level of $4.08. This comes after the company announced plans to invest US$30 million in staking the digital asset Solana, marking a substantial expansion of the company’s digital asset investment strategy.

ReShape Lifesciences Inc (RSLS) zoomed 32.96% in today’s trade to $5.73 after announcing that its Quality Management System and all medical devices sold in Europe and the UK are now certified under EU MDR 2017/745 and UKCA standards.

In current trading, Traws Pharma Inc (TRAW) stock is at $1.99 after announcing publication of compelling efficacy data in RDEB SCC patients treated with Legacy Oncology Drug Rigosertib.

Classover Holdings Inc (KIDZ) rose 35.75% in the early hours of today's trading to move at $5.05. The company entered into a securities purchase agreement with Solana Growth Ventures for the issuance of up to $500 million in senior secured convertible notes, advancing its strategic initiative to build a Solana-based treasury reserve.

In the current trading session, Rekor Systems Inc (REKR) jumped 35.91% to $1.50 over a previous close of $1.10 after announcing that it has been selected for a multi-year statewide contract by the Texas Department of Transportation (TxDOT).

Ex-Dividends Stocks

Analog Devices Inc (ADI) 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 $0.99 per share. It has fixed June 04 as the record date for the same and will pay the actual dividend on June 18. Last year, the company distributed a total of $3.75 to its shareholders. Based on last year's worth of payments, ADI has a trailing yield of 1.72% on the current stock price of $217.43.

Another stock that is shelling out dividends tomorrow is Avnet Inc (AVT), having a market capitalization of $4.22B. It will pay a dividend of $0.33 per share, the payment date of which is June 18. Currently, the stock is trading at a trailing dividend yield of 2.58%.

Shares of Orange County Bancorp Inc (OBT) will be the talk of the stock market on Wednesday as the stock will turn ex-dividend. The company's next dividend payment will be $0.13 per share, and in the last 12 months, it paid a total of $0.48 per share. Last year's total dividend payments show that OBT has a trailing yield of 1.92% on the current share price of $25.25.

Old Dominion Freight Line, Inc (ODFL) is also set to go ex-dividend tomorrow. The next dividend payment from ODFL will amount to $0.28 per share. June 04 has been designated as the record date for this dividend, with the actual payout scheduled for June 18. In the previous year, ODFL distributed a total of $1.06 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for ODFL stands at 0.65% based on the current stock price of $162.24.

Phibro Animal Health Corp (PAHC) will be paying out a dividend of $0.12 per share to shareholders holding their shares as of the close of the business hours on the record date of June 04. Over the past 12 months, PAHC has paid out a total of $0.48 per share in dividends. Based on the total dividends paid out last year, PAHC boasts an impressive trailing yield of 1.97% on the current share price of $24.38.

Crypto Market Highlights

• Cango produced nearly $100.5 million worth of Bitcoin in two months after fully shifting to crypto mining, the company announced on June 3. 

• Mara Holdings significantly increased its Bitcoin production in May, overcoming rising mining difficulty and hashrate.

• Tether transferred 37,229.69 BTC (approx. $3.9 billion) to addresses tied to Twenty One Capital, a new Bitcoin-native financial platform led by Strike CEO Jack Mallers.

• Malikie Innovations filed lawsuits against Marathon Digital and Core Scientific, alleging infringement of Elliptic Curve Cryptography (ECC) patents used in Bitcoin.

• Texas Rep. Brandon Gill is under scrutiny for late disclosures of up to $500,000 in Bitcoin purchases, potentially violating federal law.

 Most Shorted Stocks

Beyond Meat Inc (BYND) was one of the most shorted stocks as of the latest short interest figures, with 49.94% 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 11.7. This represents a change of -350000 shares, which corresponds to a -1.16% decrease in short interest. The total value of the shares held short is estimated to be around $96.12 million. The average daily volume stands at 2.31M shares, and the market capitalization of the company is $247.39M.

The Quoin Pharmaceuticals Ltd ADR with the symbol QNRX currently has a short interest of 4.63%. The short interest has changed by 206200 shares. The days to cover ratio stands at 0.6. The estimated value of the shares held short is approximately $1.94 million. On an average day, 283.65K shares are traded, with the company's market capitalization totaling $5.07M.

For the stock Innovative Eyewear Inc (LUCY), the current short interest is at 70.67%. This represents a significant short interest change of 873600 shares, corresponding to a short interest percentage increase of +468.67%. The days needed to cover the short positions amount to 1.0. The approximate worth of the shares held short is $3.24 million.

With the symbol ABR, the stock currently has a short interest of 32.74%. The short interest change is 1280000 shares, compared with a short interest percentage change of +2.20%. It would take approximately 13.7 days to cover all the short positions. The shares short value is estimated to be around $10.21 million. The company boasts an average daily volume of 4.16M shares, contributing to a market capitalization of $1.85B.

The stock SEDG has a current short interest of 31.34%. The short interest percentage has experienced a decrease of -4.60% while there was a change of -870000 shares in short interest. The ratio indicating the time required to cover short positions is 4.2. The calculated worth of the shorted shares amounts to around $1.07 billion. Trading activity averages at 4.24M shares per day, while the company's market capitalization stands at $1.07B.

EV Stocks to Watch

According to our ST Score evaluation, Cirrus Logic, Inc (CRUS) emerges as a high-quality stock in the EV industry, attaining an impressive score of 59. The stock's profitability, financial strength, and Piotroski Score are strong. However, its growth is weak. Additionally, it is neutral in terms of performance, stock sentiment, and forecast.

Our ST Score also classifies Honda Motor ADR (HMC) as a high-quality EV stock today, presenting a Score of 58. The stock has strong fundamentals in terms of profitability, performance, financial strength, and Piotroski Score. However, it has weak growth. The stock sentiment, and forecast are neutral.

Another stock in the category, Li Auto Inc ADR (LI) has the ST Score of 58, which means that the stock carries the potential for higher returns. The stock is strong in profitability, performance, financial strength, and Piotroski Score. Growth, stock sentiment, and forecast suggest a neutral outlook.

BorgWarner Inc (BWA) stock has the ST Score of 57 which implies that the EV company has a high probability of beating the market. The stock's strengths lie in its profitability, performance, and Piotroski Score, but its weaknesses are in its growth and financial strength. However, it shows neutral outlook in stock sentiment, and forecast.

Teck Resources Ltd (TECK) currently has the ST Score of 57, which signifies a huge upward potential. The EV stock's strong points are its profitability, financial strength, and Piotroski Score, while its weak points are its performance. The stock's growth, 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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