Dear Readers,

The S&P 500 slipped on Friday as investors took profits from Nvidia and continued this week’s market breather, despite the Federal Reserve’s preferred inflation measure aligning largely with expectations.

Nevertheless, May is shaping up to be a winning month, with each of the major benchmarks set for a sixth positive month in seven. The Dow is up 0.9% this month, the S&P 500 has risen by almost 3.5%, and the tech-heavy Nasdaq Composite has gained 5.7%.

At 11:21 AM ET, the Dow was up 37.8906 points, or 0.0994%, at $38149.37. The Nasdaq Composite lost -237.51 points, or -1.28%, at $18301.156. The S&P 500 declined -26.2798 points, or -0.502%, at $5209.2. Among the 11 major S&P 500 sectors, 10 showed negative movement, with Utilities leading the way with a -3.54% decrease.

Closely watched economic data released Friday morning mostly matched forecasts. The core personal consumption expenditures (PCE) price index increased by 0.2% in April, aligning with economists' expectations polled by Dow Jones. On an annualized basis, core PCE rose 2.8%, slightly above the anticipated 2.7% increase.

Top Movers: Under $10

Calidi Biotherapeutics Inc (CLDI) is up 60.59% today to trade at the current level of $0.41.

Sobr Safe Inc (SOBR) zoomed 52.44% in today’s trade to $0.46. This rally can be attributed to news that SOBR Safe, is participating in two national awareness opportunities this week: West Coast Symposium on Addictive Disorders and Lytham Partners Spring Investor Conference.

In current trading, OneMedNet Corp. (ONMD) stock is at $2.53 following news that OneMedNet Corporation has entered into a non-exclusive three (3)-year Master Services Agreement (“MSA”) with an

Mullen Automotive Inc (MULN) is up 14.49% today to trade at the current level of $4.47. This comes after Mullen Automotive, announced a new key hire in support of its European commercial electric vehicles’ sales operations, in a move to solidify its position to capture a growing share of the European EV market for commercial applications.

Canoo Inc (GOEV) zoomed 12.44% in today’s trade to $2.35. This rally can be attributed to news that GEOV will be added to the Russell 3000 index at the 2024 Russell indexes annual reconstitution.

In current trading, Brand Engagement Network Inc (BNAI) stock is at $3.60 following news that Brand Engagement Network’s Co-CEO Paul Chang will present at the Maxim Group’s 2024 Virtual Tech Conference (Charting the Course: Navigating the Intersection of TMT and Business in the AI Era).

XChange Tec.Inc. ADR (XHG) rose 88.49% in the early hours of today's trading to move at $1.31. The strong performance of XHG stock came as investors were encouraged by XChange Tec.Inc (XHG) heavy trading as it takes over where FLJ Group left off. XChange Tec.Inc was a subsidiary of FLJ Group that underwent a governance restructuring last week. This saw it adopt the Second Amended and Restated Memorandum of Association and Fourth Amended and Restated Articles of Association on May 21.

In the current trading session, Polestar Automotive Holding UK PLC ADR (PSNY) jumped 10.52% to $0.83 over a previous close of $0.75 as Polestar announced that it expects to file its Annual Report for 2023 on Form 20-F and publish its preliminary unaudited financial and operational results for the first quarter of 2024 by the end of June.

Ex-Dividends Stocks

Avangrid Inc (AGR) is about to trade ex-dividend Monday, meaning that investors who buy the stock after that will not be eligible for the next dividend payment. The company's next dividend payment will be $0.44 per share. The company has fixed June 03 as the record date for the same and will pay the actual dividend on July 01. Last year, the company distributed a total of $1.76 to its shareholders. Based on the last year's worth of payments, AGR has a trailing yield of 4.89% on the current stock price of $35.98.

Another stock that is shelling out dividends on Monday is Bruker Corp (BRKR), having a market capitalization of $9.59B. It will pay a dividend of $0.05 per share, the payment date of which is June 17. Currently, the stock is trading at a trailing dividend yield of 0.30%.

Shares of Group 1 Automotive, Inc. (GPI) will be the talk of stock market on Monday as the stock will turn ex-dividend. The company's next dividend payment will be $0.47 per share, and in the last 12 months, the company paid a total of $1.82 per share. Last year's total dividend payments show that GPI has a trailing yield of 0.59% on the current share price of $307.74.

HighPeak Energy Inc (HPK) is also set to go ex-dividend on Monday. The next dividend payment from HPK will amount to $0.04 per share. June 03 has been designated as the record date for this dividend, with the actual payout scheduled for June 25. In the previous year, HPK distributed a total of $0.09 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for HPK stands at 0.57% based on the current stock price of $15.79.

McDonald's Corp (MCD) will be paying out a dividend of $1.67 per share to shareholders holding their shares as of the close of the business hours on the record date of June 03. Over the past 12 months, MCD has paid out a total of $6.38 per share in dividends. Based on the total dividends paid out last year, MCD boasts an impressive trailing yield of 2.50% on the current share price of $254.94.

Crypto Market Highlights

• Restaking platforms are experiencing a surge in popularity as traders pursue higher returns in the crypto market. This trend underscores a growing appetite for alternative investment strategies within the cryptocurrency space.

• Cybersecurity expert Joe Grand successfully gained access to a long-dormant Bitcoin wallet containing approximately $3 million worth of the cryptocurrency. The achievement underscores the ongoing challenges and opportunities in digital asset security and management.

• A former Deutsche Bank investment banker has been sentenced to 41 months in prison for his involvement in a cryptocurrency fraud scheme. The case highlights the legal ramifications faced by financial professionals engaging in illicit activities within the burgeoning crypto market.

• $18 billion worth of cryptocurrency has been shifted to new re-staking platforms, raising concerns about the potential risks associated with these platforms. Investors are drawn to higher yields but may be exposing themselves to heightened risks in the rapidly evolving crypto ecosystem.

• Elon Musk has advised former President Donald Trump on cryptocurrency, highlighting the sway of billionaires in shaping policy decisions. Musk's consultation with Trump underscores the growing significance of influential figures in navigating the complexities of digital currency regulation.

Most Shorted Stocks

Petco Health and Wellness Co Inc (WOOF) was one of the most shorted stocks as of latest short interest figures, with 12.08% 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 5.8 Days to Cover. This represents a change of -230000 shares, which corresponds to a -0.82% decrease in short interest. The total value of the shares held short is estimated to be around $100.2 million. The average daily volume stands at 5.20M shares, and the market capitalization of the company is $963.78M.

The EVgo Inc with the symbol EVGO has a short interest of 34,937,852 shares, which represents 35.13% of its total float. This high short interest suggests that a significant number of investors are betting against the company's stock price increasing. On an average day, 3.26M shares are traded, with the company's market capitalization totaling $215.64M.

For the stock Medical Properties Trust Inc (MPW), the current short interest is at 7.3 million shares. It represents a noteworthy 34.60% of the total float. A price increase for VTLE could trigger short squeeze activity, especially if accompanied by positive company developments.

With the symbol CRK, the stock’s short interest is 28,623,315 shares, representing 34.74% of its float. This level of short interest suggests that a sizable portion of investors are bearish on CRK's stock price. The company boasts an average daily volume of 3.73M shares, contributing to a market capitalization of $3.44B.

The stock VTLE has a current short interest of 34.60%. The short interest percentage has experienced decrease of -7.05% while there was a change of -560000 shares in short interest. The ratio indicating the time required to cover short positions is 9.6 Days to Cover. Trading activity averages at 777.11K shares per day, while the company's market capitalization stands at $1.77B.

Energy Stocks to Watch

According to our ST Score evaluation, Seadrill Ltd. (SDRL) emerges as a high-quality stock in the Energy industry, attaining an impressive score of 57.0. The stock's profitability, and financial strength are strong. Additionally, it is neutral in terms of value, performance, growth, stock sentiment, Piotroski Score, and forecast.

Our ST Score also classifies Dorian LPG Ltd (LPG) as a high-quality Energy stock today, presenting a Score of 67.0. The stock has strong fundamentals in terms of valuation, profitability, financial strength, and Piotroski Score. The performance, growth, stock sentiment, and forecast are neutral.

Another stock in the category, Tenaris S.A. ADR (TS) has the ST Score of 60.0, which means that the stock carries the potential for higher returns. The stock is strong in profitability, financial strength, and Piotroski Score but weak in growth. Value, performance, stock sentiment, and forecast suggest a neutral outlook.

Geospace Technologies Corp (GEOS) stock has the ST Score of 60.0 which implies that the Energy company has a high probability of beating the market. The stock's strengths lie in its valuation, profitability, and financial strength. However, it shows neutral outlook in performance, growth, stock sentiment, Piotroski Score, and forecast.

Dorchester Minerals LP (DMLP) currently has the ST Score of 62.0, which signifies a huge upward potential. The Energy stock's strong points are its profitability, performance, financial strength, and stock sentiment, while its weak points are its value, and growth. The stock's Piotroski Score, and forecast indicate a neutral outlook.

Best Regards,
Stocks Telegraph Team