On the Horizon: 5 Electric Vehicle Titans Poised for Takeoff!

Stocks experienced a decline on Tuesday, with a close watch on surging Treasury yields, marking a 16-year high.

The market reached its lowest point of the session as yields continued to rise after the release of the August job openings survey, indicating a persistently tight job market with 9.6 million open positions during the month. This figure exceeded the 8.8 million jobs anticipated by economists polled by Dow Jones.

The 10-year Treasury yield surged to 4.756%, marking its highest level since August 15, 2007, while the 30-year Treasury yield rose to 4.891%, the highest seen since October 17, 2007.

Concerns among investors about the potential for prolonged higher interest rates have grown, with apprehensions that stricter monetary policies could potentially lead to an economic downturn. Consequently, Treasury yields have reached levels not witnessed in over a decade.

As of 11:43 AM ET, the Dow was down -414.0508 points, or -1.2384%, at $33019.3. The Nasdaq Composite lost -250.3486 points, or -1.6873%, at $14587.221. The S&P 500 declined -61.71 points, or -1.439%, at $4226.68. Among the 11 major S&P 500 sectors, 10 showed negative movement, with Financials leading the way with a -1.58% decrease.

Top Movers: Under $10

Alx Oncology Holdings Inc (ALXO) is up 50.52% today to trade at the current level of $7.24. This comes after the company released positive interim phase 2 ASPEN-06 clinical trial results of Evorpacept for the treatment of Advanced HER2-Positive Gastric Cancer.

SciSparc Ltd (SPRC) zoomed 36.41% in today’s trade to $5.02. This rally can be attributed to news that The European Patent Office has granted it a new patent - European Application No. 16786064.2, title: Combinations of Cannabinoids and N-Acylethanolamines.

In current trading, Clean Energy Fuels Corp (CLNE) stock is at $3.85 as Raymond James raises its rating to Strong Buy and sets an ambitious $6 price target.

Nano X Imaging Ltd (NNOX) rose 9.19% in the early hours of today's trading to move at $7.36 after announcing strategic manufacturing agreement with Varex Imaging Corporation to advance the Nanox.ARC Medical Imaging System.

In the current trading session, Esports Entertainment Group Inc (GMBL) jumped 7.22% to $0.11 over a previous close of $0.10 after declaring its latest strategic expansion within the online gaming industry. The Company is integrating a sportsbook supplied by Delasport to its customers on Vie.bet.

Ex-Dividends Stocks

Erie Indemnity Co. (ERIE) 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 $1.19 per share. The company has fixed October 05 as the record date for the same and will pay the actual dividend on October 20. Last year, the company distributed a total of $4.82 to its shareholders. Based on the last year's worth of payments, ERIE has a trailing yield of 1.66% on the current stock price of $290.85.

Another stock that is shelling out dividends tomorrow is Progressive Corp. (PGR), having a market capitalization of $81.46B. It will pay a dividend of $0.1 per share, the payment date of which is October 13. Currently, the stock is trading at a trailing dividend yield of 0.31%.

Shares of Simpson Manufacturing Co. Inc. (SSD) will be the talk of stock market on Wednesday as the stock will turn ex-dividend. The company's next dividend payment will be $0.27 per share, and in the last 12 months, the company paid a total of $1.06 per share. Last year's total dividend payments show that SSD has a trailing yield of 0.72% on the current share price of $147.15.

Wabash National Corp. (WNC) is also set to go ex-dividend tomorrow. The next dividend payment from WNC will amount to $0.08 per share. October 05 has been designated as the record date for this dividend, with the actual payout scheduled for October 26. In the previous year, WNC distributed a total of $0.32 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for WNC stands at 1.54% based on the current stock price of $20.72.

ChampionX Corp. (CHX) will be paying out a dividend of $0.09 per share to shareholders holding their shares as of the close of the business hours on the record date of October 06. Over the past 12 months, CHX has paid out a total of $0.33 per share in dividends. Based on the total dividends paid out last year, CHX boasts an impressive trailing yield of 0.94% on the current share price of $34.67.

Crypto Market Highlights

Most Shorted Stocks

Enovix Corporation (ENVX) was one of the most shorted stocks as of latest short interest figures, with 30.95% 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 6.1. This represents a change of 1960000 shares, which corresponds to a +5.16% increase in short interest. The total value of the shares held short is estimated to be around $404.69 million. The average daily volume stands at 5.86M shares, and the market capitalization of the company is $1.62B.

The Desktop Metal Inc with the symbol DM currently has a short interest of 30.79%. The short interest has changed by 770000 shares. The days to cover ratio stands at 28.9. The estimated value of the shares held short is approximately $97.08 million. On an average day, 2.35M shares are traded, with the company's market capitalization totaling $455.60M.

For the stock Trupanion Inc (TRUP), the current short interest is at 30.7%. This represents a significant short interest change of -126,143 shares. The days needed to cover the short positions amount to 23.58. The daily trading volume hovers around 869.64K shares, with the company boasting a market capitalization of $1.08 billion.

The stock BLNK has a current short interest of 31.27%. The short interest percentage has experienced increase of +10.51% while there was a change of 1680000 shares in short interest. The ratio indicating the time required to cover short positions is 8.2. Trading activity averages at 2.21M shares per day, while the company's market capitalization stands at $194.82M.

EV Stocks to Watch

According to our ST Score evaluation, ST Microelectronics (STM) emerges as a high-quality stock in the EV industry, attaining an impressive score of 59.0. The stock's profitability, stock sentiment, and Piotroski Score are strong. Additionally, it is neutral in terms of value, performance, growth, financial strength, and forecast.

Our ST Score also classifies Albemarle Corp. (ALB) as a high-quality EV stock today, presenting a Score of 56.0. The stock has strong fundamentals in terms of valuation, profitability, and growth. The performance, financial strength, stock sentiment, Piotroski Score, and forecast are neutral.

Another stock in the category, Cirrus Logic Inc. (CRUS) has the ST Score of 57.0, which means that the stock carries the potential for higher returns. The stock is strong in profitability, financial strength, stock sentiment, and Piotroski Score but weak in growth. Value, performance, and forecast suggest a neutral outlook.

Honda Motor ADR (HMC) stock has the ST Score of 55.0 which implies that the EV company has a high probability of beating the market. The stock's strengths lie in its profitability, stock sentiment, and Piotroski Score, but its weaknesses are in its growth, and financial strength. However, it shows neutral outlook in value, performance, and forecast.

Aehr Test Systems (AEHR) currently has the ST Score of 55.0, which signifies a huge upward potential. The EV stock's strong points are its profitability, growth, financial strength, and stock sentiment, while its weak points are its value. The stock's performance, Piotroski Score, and forecast indicate a neutral outlook.

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