Dear Readers,

Stocks surged on Friday after a weaker-than-anticipated April jobs report fueled optimism that the Federal Reserve might soon initiate interest rate cuts.

According to the Bureau of Labor Statistics, the nonfarm payrolls report revealed an increase of 175,000 jobs in April, falling short of economists' expectations of 240,000 jobs. The unemployment rate slightly rose to 3.9% from the previous month's 3.8%. Additionally, wage growth was lower than forecasted, which could be interpreted as a positive indicator for controlling inflation.

Following the labor market update, interest rates declined, with the 10-year yield dropping below 4.5%. Federal Reserve Chair Jerome Powell's remarks during Wednesday's meeting, stating the central bank's readiness to intervene if unemployment rates rise, further influenced the market.

As a result of Friday's developments, major indices are poised to conclude the week with gains. The Dow and Nasdaq have climbed by 1.1% and 1.4%, respectively, while the S&P has seen a 0.5% increase.

As of 12:10 PM ET, the Dow was up 449.77 points, or 1.18%, at $38675.44. The Nasdaq Composite added 345.36 points, or 1.9688%, at $17886.9038. The S&P 500 rose 60.27 points, or 1.19%, at $5124.46. Among the 11 major S&P 500 sectors, 7 showed positive movement, with Utilities leading the way with a 1.9% increase.

Top Movers: Under $10

Beneficient (BENF) is up 434.90% today to trade at the current level of $10.27. This comes after the company announced that it has received notice from The Nasdaq Stock Market LLC that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2).

Safe & Green Holdings Corp (SGBX) zoomed 133.77% in today’s trade to $6.85 after announcing that its subsidiary, SG Echo, is preparing to deliver its inaugural sustainable modular unit to a prominent quick-service restaurant customer in the Pacific Northwest.

In current trading, WideOpenWest Inc (WOW) stock is at $4.91 following the receipt of an unsolicited non-binding preliminary proposal from DigitalBridge Investments, LLC and various Crestview entities to purchase all of the outstanding shares of WOW! that Crestview does not currently own for $4.80 per share in cash.

Ardelyx Inc (ARDX) rose 28.65% in the early hours of today's trading to move at $8.73 after reporting Q1 2024 financial results.

In the current trading session, Origin Materials Inc (ORGN) jumped 18.28% to $1.18 over a previous close of $1.00. The company announced a strategic partnership with IMDvista to produce the world’s first PET cap and closure manufacturing system.

Ex-Dividends Stocks

Firstenergy Corp. (FE) is about to trade ex-dividend Monday, meaning that investors who buy the stock after Monday will not be eligible for the next dividend payment. The company's next dividend payment will be $0.42 per share. It has fixed May 07 as the record date for the same and will pay the actual dividend on June 01. Last year, the company distributed a total of $1.60 to its shareholders. Based on the last year's worth of payments, FE has a trailing yield of 4.11% on the current stock price of $38.91.

Another stock that is shelling out dividends on Monday is HBT Financial Inc (HBT), having a market capitalization of $612.23M. It will pay a dividend of $0.19 per share, the payment date of which is May 14. Currently, the stock is trading at a trailing dividend yield of 3.62%.

Shares of Intel Corp. (INTC) will be the talk of the stock market on Monday as the stock will turn ex-dividend. The company's next dividend payment will be $0.12 per share, and in the last 12 months, it paid a total of $0.50 per share. Last year's total dividend payments show that INTC has a trailing yield of 1.62% on the current share price of $30.88.

Las Vegas Sands Corp (LVS) is also set to go ex-dividend on Monday. The next dividend payment from LVS will amount to $0.2 per share. May 07 has been designated as the record date for this dividend, with the actual payout scheduled for May 15. In the previous year, LVS distributed a total of $0.60 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for LVS stands at 1.28% based on the current stock price of $46.78.

Metlife Inc (MET) will be paying out a dividend of $0.55 per share to shareholders holding their shares as of the close of the business hours on the record date of May 07. Over the past 12 months, MET has paid out a total of $2.08 per share in dividends. Based on the total dividends paid out last year, MET boasts an impressive trailing yield of 2.96% on the current share price of $70.18.

Crypto Market Highlights

• Crypto and blockchain startups witness a surge in venture capital investment after three consecutive quarters of decline.

• Investors inject $2.49 billion across 603 deals in Q1 2024, marking a 29% increase in funding and a 68% rise in deal count.

• An unknown trader loses $68 million in Wrapped Bitcoin (WBTC) in a single transaction in an address-poisoning scam.

• Over $3.1 billion worth of vested crypto assets set to be released in May, with projects like Sui and Pyth Network unlocking over $1 billion each.

• Nigerian Securities and Exchange Commission (SEC) director to meet local and international crypto exchanges to discuss crypto status in Nigeria.

• Dutch authorities arrest suspect tied to ZKasino online gambling platform scam for fraud, embezzlement, and money laundering.

• Nigerian fintech platforms warn users against crypto transactions or face heavy sanctions, including account blocking.

• Former FTX Digital Markets co-chief executive agrees to transfer $5.9 million property in the Bahamas as part of plea deal in criminal case.

Most Shorted Stocks

C3.ai Inc (AI) was one of the most shorted stocks as of latest short interest figures, with 27.04% 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 4.5. This represents a change of 1160000 shares, which corresponds to a +3.64% increase in short interest. The total value of the shares held short is estimated to be around $797.61 million. The average daily volume stands at 7.32M shares, and the market capitalization of the company is $2.95B.

The Desktop Metal Inc with the symbol DM currently has a short interest of 31.75%. The short interest has changed by -190000 shares. The days to cover ratio stands at 18.7. The estimated value of the shares held short is approximately $54.61 million. On an average day, 3.24M shares are traded, with the company's market capitalization totaling $277.31M.

With the symbol GES, the stock currently has a short interest of 31.28%. The short interest change is 970000 shares, compared with a short interest percentage change of +12.85%. It would take approximately 6.6 days to cover all the short positions. The company boasts an average daily volume of 1.42M shares, contributing to a market capitalization of $1.42B.

The stock LAZR has a current short interest of 20.21%. The short interest percentage has experienced an increase of +3.84% while there was a change of 3150000 shares in short interest. The ratio indicating the time required to cover short positions is 10.9. The calculated worth of the shorted shares amounts to around $14.14 million. Trading activity averages at 7.72M shares per day, while the company's market capitalization stands at $698.48M.

Energy Stocks to Watch

According to our ST Score evaluation, Dorian LPG Ltd (LPG) emerges as a high-quality stock in the Energy industry, attaining an impressive score of 68.0. The stock's valuation, profitability, growth, financial strength, stock sentiment, and Piotroski Score are strong. Additionally, it is neutral in terms of performance, and forecast.

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

Another stock in the category, Teekay Corp (TK) has the ST Score of 65.0, which means that the stock carries the potential for higher returns. The stock is strong in valuation, financial strength, and Piotroski Score. Profitability, performance, growth, stock sentiment, and forecast suggest a neutral outlook.

Teekay Tankers Ltd (TNK) stock has the ST Score of 64.0 which implies that the Energy company has a high probability of beating the market. The stock's strengths lie in its valuation, profitability, financial strength, and Piotroski Score, but its weaknesses are in its growth. However, it shows a neutral outlook in performance, stock sentiment, and forecast.

Tenaris S.A. ADR (TS) currently has the ST Score of 59.0, which signifies a huge upward potential. The Energy stock's strong points are its profitability, financial strength, and Piotroski Score, while its weak points are its growth, and forecast. The stock's value, performance, and stock sentiment indicate a neutral outlook.