Market Brief: Upcoming IPOs & Under-the-Radar $10 Winners

Stocks surged to record highs on Thursday, extending the significant market rally spurred by President-elect Donald Trump’s decisive victory. Investors are now preparing for the Federal Reserve’s anticipated rate cut.

Thursday’s gains followed an impressive surge on Wednesday when the Dow shot up by 1,500 points and the S&P 500 soared 2.53%, marking its best post-election day performance in history. The bond market saw its share of volatility, with Treasury yields easing back on Thursday after a spike the day before.

Wall Street remains optimistic about a second Trump administration's impact on risk assets, supported by his proposed tax cuts. However, some concerns linger over potential inflation due to continued large government deficits and higher tariffs.

Financial stocks, which led the charge on Wednesday, took a step back on Thursday. JPMorgan Chase shares dropped nearly 4%, and American Express slid over 2%, putting some pressure on the Dow.
As of 11:57 AM ET, the Dow was up

4.8 points, or 0.011%, at $43734.74. The Nasdaq Composite added 268.46 points, or 1.2918%, at $21049.7945. The S&P 500 rose 41.25 points, or 0.6957%, at $5970.29. Among the 11 major S&P 500 sectors, 6 showed positive movement, with Consumer Defensive leading the way with a 1.68% increase.

Top Movers: Under $10

Nature's Miracle Holding Inc (NMHI) is up 118.89% today to trade at the current level of $0.21. This comes after the company announced that its 100% owned subsidiary Hydroman, Inc. will become Hydroman Electric Corporation.

Celularity Inc (CELU) zoomed 44.14% in today’s trade to $2.09 after announcing that it has increased expected net sales guidance for the full year 2024 to $54 million to $60 million, up from $50 million to $56 million previously announced in February.

In current trading, Ensysce Biosciences Inc (ENSC) stock is at $0.74 following the receiving of positive Nasdaq listing determination.

Coherus Biosciences Inc (CHRS) rose 30.41% in the early hours of today's trading to move at $0.94 after reporting third-quarter 2024 financial results.

In the current trading session, iHeartMedia Inc (IHRT) jumped 30.45% to $2.27 over a previous close of $1.74 after releasing results for 2024 third quarter.

Ex-Dividends Stocks

Apple Inc (AAPL) 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 $0.25 per share. It has fixed November 11 as the record date for the same and will pay the actual dividend on November 14. Last year, the company distributed a total of $0.98 to its shareholders. Based on the last year's worth of payments, AAPL has a trailing yield of 0.43% on the current stock price of $226.29.

Shares of Pfizer Inc (PFE) will be the talk of the stock market on Friday as the stock will turn ex-dividend. The company's next dividend payment will be $0.42 per share, and in the last 12 months, it paid a total of $1.67 per share. Last year's total dividend payments show that PFE has a trailing yield of 6.07% on the current share price of $27.50.

Wells Fargo & Co (WFC) is also set to go ex-dividend tomorrow. The next dividend payment from WFC will amount to $0.4 per share. November 08 has been designated as the record date for this dividend, with the actual payout scheduled for December 01. In the previous year, WFC distributed a total of $1.45 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for WFC stands at 2.06% based on the current stock price of $70.50.

United States Steel Corp (X) will be paying out a dividend of $0.05 per share to shareholders holding their shares as of the close of the business hours on the record date of November 11. Over the past 12 months, X has paid out a total of $0.20 per share in dividends. Based on the total dividends paid out last year, X boasts an impressive trailing yield of 0.47% on the current share price of $42.69.

Crypto Market Highlights

• France's gambling regulator is considering a ban on the cryptocurrency prediction platform Polymarket, which gained attention due to user interest in the 2024 U.S. presidential election.

• Two large Bitcoin investors (whales) are increasing their holdings, signaling rising interest in risk assets following Donald Trump's victory in the U.S. presidential election.

• The U.S. Securities and Exchange Commission (SEC) continues legal action against the cryptocurrency exchange Kraken, filing a motion to dismiss three of Kraken's defenses regarding allegations of operating without proper registration.

• The Polish Financial Supervision Authority (KNF) issued a warning about Foris DAX MT, a Malta-based company under the Crypto.com brand, citing unauthorized financial activities in Poland, urging caution for investors.

• The Ethereum Foundation launched a short-lived testnet, Mekong, to allow developers to trial future upgrades before they are deployed on the Ethereum mainnet.

Most Shorted Stocks

Lovesac Company (LOVE) was one of the most shorted stocks as of the latest short interest figures, with 28.45% 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 14.8. This represents a change of 150000 shares, which corresponds to a +3.92% increase in short interest. The total value of the shares held short is estimated to be around $122.46 million. The average daily volume stands at 272.13K shares, and the market capitalization of the company is $478.82M.

The Virgin Galactic Holdings Inc with the symbol SPCE currently has a short interest of 26.31%. The short interest has changed by -110000 shares. The days to cover ratio stands at 5.0. The estimated value of the shares held short is approximately $43.73 million. On an average day, 1.33M shares are traded, with the company's market capitalization totaling $177.17M.

For the stock Blink Charging Co (BLNK), the current short interest is at 24.66%. This represents a significant short interest change of -1250000 shares, corresponding to a short interest percentage decrease of -4.77%. The days needed to cover the short positions amount to 5.4. The approximate worth of the shares held short is $49.88 million.

With the symbol NKLA, the stock currently has a short interest of 27.85%. The short interest change is -2500000 shares, compared with a short interest percentage change of -16.10%. It would take approximately 4.4 Days to Cover days to cover all the short positions. The shares short value is estimated to be around $78.06 million. The company boasts an average daily volume of 3.64M shares, contributing to a market capitalization of $190.82M.

The stock MVIS has a current short interest of 22.58%. The short interest percentage has experienced a decrease of -7.18% while there was a change of -3790000 shares in short interest. The ratio indicating the time required to cover short positions is 26.9. The calculated worth of the shorted shares amounts to around $13.94 million. Trading activity averages at 1.70M shares per day, while the company's market capitalization stands at $232.37M.

Upcoming IPOs

Willow Lane Acquisition Corp. (WLAC) is all set for its debut on the NASDAQ exchange on November 08. The shares will be offered at a fixed price of $$10.00 per share. With a total of 11,000,000 shares available, the company aims to raise approximately $110.00M through this IPO.

zSpace, Inc. (ZSPC) will be entering the market with its IPO on November 08, on the NASDAQ exchange. They are offering shares in the price range of $4.50 to $5.50. They plan to offer 2,000,000 shares, targeting a deal size of $10.00M.

Jinxin Technology Holding Company (NAMI) is preparing to launch its IPO on the NASDAQ on November 13, with shares priced between $4.00 and $5.00. The company will be offering 1,875,000 shares, aiming to raise up to $8.44M in total funding through this offering.

Peak Resources LP (PRB) will go public on November 13 through an IPO on the NYSEAMERICAN exchange. The company is offering 4,700,000 shares in the price range of $13.00 to $15.00, aiming to raise around $65.80M.