Market Brief: Top AI Stocks & $10 Movers

Stocks were mixed in volatile trading on Tuesday after retail sales growth fell short of expectations.

As of 11:40 AM ET, the Dow was up 2.85 points, or 0.0073%, at $38780.96. The Nasdaq Composite lost -21.8066 points, or -0.1096%, at $19880.941. The S&P 500 rose 4.7603 points, or 0.087%, at $5477.99. Among the 11 major S&P 500 sectors, 6 showed positive movement, with Energy leading the way with a 0.98% increase.

Sales increased by just 0.1% in May compared to the previous month, below the forecasted 0.3% rise. This news caused treasury yields to drop as investors anticipated possible Federal Reserve rate cuts.

Today, six Federal Reserve officials are set to speak, providing potential insights into the Fed's future actions. Markets will be closed on Wednesday in observance of the Juneteenth holiday

Top Movers: Under $10

Reliance Global Group Inc (RELI) is up 294.37% today to trade at the current level of $0.88. This comes after the company provided an update on the pending acquisition of Spetner Associates.

La Rosa Holdings Corp (LRHC) zoomed 104.84% in today’s trade to $2.13 after announcing plans to acquire controlling interest in Red Door Title.

In current trading, Comtech Telecommunications Corp. (CMTL) stock is at $3.34 following the declaration of third-quarter fiscal 2024 results and entered into new $222.0 million credit facility.

Mesa Air Group Inc. (MESA) rose 23.89% in the early hours of today's trading to move at $1.40. The company reported second-quarter fiscal 2024 results

In the current trading session, Aethlon Medical Inc (AEMD) jumped 13.18% to $0.73 over a previous close of $0.64 following the receipt of ethics committee approval for Hemopurifier® Cancer Trial.

Ex-Dividends Stocks

Best Buy Co. Inc. (BBY) 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 $0.94 per share. It has fixed June 20 as the record date for the same and will pay the actual dividend on July 11. Last year, the company distributed a total of $2.78 to its shareholders. Based on the last year's worth of payments, BBY has a trailing yield of 3.02% on the current stock price of $91.99.

Another stock that is shelling out dividends tomorrow is Synovus Financial Corp. (SNV), having a market capitalization of $5.46B. It will pay a dividend of $0.38 per share, the payment date of which is July 01. Currently, the stock is trading at a trailing dividend yield of 3.06%.

Shares of Seagate Technology Holdings Plc (STX) 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 $0.7 per share, and in the last 12 months, it paid a total of $2.80 per share. Last year's total dividend payments show that STX has a trailing yield of 2.61% on the current share price of $107.16.

Tootsie Roll Industries, Inc. (TR) is also set to go ex-dividend tomorrow. The next dividend payment from TR will amount to $0.09 per share. June 20 has been designated as the record date for this dividend, with the actual payout scheduled for July 08. In the previous year, TR distributed a total of $0.26 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for TR stands at 0.91% based on the current stock price of $28.57.

Academy Sports and Outdoors Inc (ASO) will be paying out a dividend of $0.11 per share to shareholders holding their shares as of the close of the business hours on the record date of June 20. Over the past 12 months, ASO has paid out a total of $0.29 per share in dividends. Based on the total dividends paid out last year, ASO boasts an impressive trailing yield of 0.54% on the current share price of $53.87.

Crypto Market Highlights

• Ronin announces the upcoming launch of Ronin zkEVM, a ZK Ethereum Virtual Machine layer-2 chain using a Sky Mavis-modified Polygon CDK.

• Philippe Meyer of BBVA states that adding Bitcoin and Ether to investor portfolios will significantly improve ROI.

• Solana gaming studio Mirror World Labs raises $12 million in Series A funding led by Bitkraft, Galaxy Interactive, Big Brain Holdings, and others to develop its gaming rollup, Sonic.

• Bitcoin network surpasses Ronin blockchain in all-time NFT sales rankings, now holding the third-highest record.

• Uphold informs European users it will end support for six stablecoins from July 1 to comply with the EU’s MiCA regulation.

• National Bank of Ethiopia prepares proclamations for economic reform, including a framework for a central bank digital currency (CBDC).

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Most Shorted Stocks

ProKidney Corp (PROK) was one of the most shorted stocks as of the latest short interest figures, with 22.95% 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 12.3. This represents a change of 430000 shares, which corresponds to a +4.35% increase in short interest. The total value of the shares held short is estimated to be around $30.34 million. The average daily volume stands at 954.53K shares, and the market capitalization of the company is $187.92M.

The Zynex Inc with the symbol ZYXI currently has a short interest of 33.16%. The short interest has changed by -120000 shares. The days to cover ratio stands at 43.6. The estimated value of the shares held short is approximately $52.92 million. On an average day, 125.57K shares are traded, with the company's market capitalization totaling $295.55M.

For the stock Verve Therapeutics Inc (VERV), the current short interest is at 31.28%. This represents a significant short interest change of 1120000 shares, corresponding to a short interest percentage increase of +6.37%. The days needed to cover the short positions amount to 13.4. The approximate worth of the shares held short is $97.1 million.

With the symbol NVAX, the stock currently has a short interest of 27.22%. The short interest change is -7080000 shares, compared with a short interest percentage change of -15.63%. It would take approximately 2.7 days to cover all the short positions. The shares short value is estimated to be around $245.85 million. The company boasts an average daily volume of 14.73M shares, contributing to a market capitalization of $1.84B.

The stock AAOI has a current short interest of 26.32%. The short interest percentage has experienced an increase of +3.64% while there was a change of 360000 shares in short interest. The ratio indicating the time required to cover short positions is 5.6. The calculated worth of the shorted shares amounts to around $387.83 million. Trading activity averages at 1.79M shares per day, while the company's market capitalization stands at $395.13M.

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 60.0. The stock's profitability, financial strength, and Piotroski Score are strong. However, its growth is weak. Additionally, it is neutral in terms of value, performance, stock sentiment, and forecast.

Our ST Score also classifies Li Auto Inc ADR (LI) as a high-quality EV stock today, presenting a Score of 58.0. The stock has strong fundamentals in terms of profitability, and financial strength. The value, performance, growth, stock sentiment, Piotroski Score, and forecast are neutral.

Another stock in the category, BorgWarner Inc (BWA) has the ST Score of 53.0, which means that the stock carries the potential for higher returns. The stock is strong in profitability, and Piotroski Score but weak in growth. Value, performance, financial strength, stock sentiment, and forecast suggest a neutral outlook.

Aptiv PLC (APTV) stock has the ST Score of 57.0 which implies that the EV company has a high probability of beating the market. The stock's strengths lie in its profitability and growth. However, it shows a neutral outlook in value, performance, financial strength, stock sentiment, Piotroski Score, and forecast.

Skyworks Solutions, Inc. (SWKS) currently has the ST Score of 56.0, which signifies a huge upward potential. The EV stock's strong points are its valuation, profitability, financial strength, and stock sentiment, while its weak points are its growth. The stock's performance, Piotroski Score, and forecast indicate a neutral outlook.

Best Regards,
Stocks Telegraph Team