Market Flash: Leading Up Coming IPOs & $10 Movers

Investors are on the edge of their seats as the Federal Reserve's highly anticipated policy meeting kicks off this week. Expectations are high that central bankers will cut interest rates for the first time since 2020. On Monday, the S&P 500 inched lower, while the Dow Jones Industrial Average defied the trend by rising to a new all-time high.

As of 12:11 PM ET, the Dow was up 89.0391 points, or 0.2151%, at $41482.82. The Nasdaq Composite lost -168.45 points, or -0.8632%, at $19346.1352. The S&P 500 declined -9.3398 points, or -0.166%, at $5616.68. Among the 11 major S&P 500 sectors, 7 showed negative movement, with Consumer Defensive leading the way with a -1.44% decrease.

The Federal Reserve is meeting on Tuesday and Wednesday, with widespread anticipation of a rate cut—the first since it began its hiking cycle in March 2022. Such a move would be pivotal, as investors are hopeful that lower borrowing costs will boost corporate earnings and stimulate economic growth.

Currently, the overnight lending rate stands at 5.25% to 5.5%. According to the CME Group's FedWatch tool, which analyzes fed funds futures data, there's a 63% chance the central bank will cut rates by 50 basis points this week.

In sector news, financials and energy stocks outperformed the broader market on Monday, each adding 0.9%. Meanwhile, the information technology sector slipped 0.7%, marking the largest sector loss of the day.

Top Movers: Under $10

NuCana plc ADR (NCNA) is up 153.15% today to trade at the current level of $6.43. This comes after the company presented final data from the Phase 2 NuTide:701 study at the ESMO Congress on NUC-7738 in combination with Merck & Co Inc's (MRK) Keytruda (pembrolizumab) for metastatic melanoma who were refractory to or had relapsed on prior PD-1 inhibitor therapy.

REE Automotive Ltd (REE) zoomed 38.95% in today’s trade to $4.12 after announcing global manufacturing agreement with leading automotive supplier Motherson Group Making Strategic Investment in a $45.35 million registered direct offering Led By M&G.

In current trading, Coffee Holding Co Inc (JVA) stock is at $2.70 after reportinf an approximately 19% increase in net sales during third quarter of 2024.

Zentalis Pharmaceuticals Inc (ZNTL) rose 24.01% in the early hours of today's trading to move at $4.02. The FDA lifted the partial clinical hold on studies of Zentalis Pharmaceuticals, Inc.’s (ZNTL) azenosertib, the company’s novel, selective, and orally bioavailable inhibitor of WEE1.

In the current trading session, Complete Solaria Inc. (CSLR) jumped 17.70% to $2.46 over a previous close of $2.09 after announcing that SunPower (SPWRQ) has determined Complete Solar to be the prevailing bidder for the assets of SunPower pursuant to the Asset Purchase Agreement previously filed with the Bankruptcy Court.

Ex-Dividends Stocks

Huntington Bancshares, Inc. (HBAN) 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 $0.15 per share. It has fixed September 17 as the record date for the same and will pay the actual dividend on October 01. Last year, the company distributed a total of $0.62 to its shareholders. Based on the last year's worth of payments, HBAN has a trailing yield of 4.25% on the current stock price of $14.60.

Shares of PulteGroup Inc (PHM) will be the talk of stock market on Tuesday as the stock will turn ex-dividend. The company's next dividend payment will be $0.2 per share, and in the last 12 months, it paid a total of $0.76 per share. Last year's total dividend payments show that PHM has a trailing yield of 0.54% on the current share price of $139.72.

Ecolab, Inc. (ECL) is also set to go ex-dividend tomorrow. The next dividend payment from ECL will amount to $0.57 per share. September 17 has been designated as the record date for this dividend, with the actual payout scheduled for October 15. In the previous year, ECL distributed a total of $2.24 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for ECL stands at 0.89% based on the current stock price of $251.96.

Source Capital, Inc. (SOR) will be paying out a dividend of $0.21 per share to shareholders holding their shares as of the close of the business hours on the record date of September 17. Over the past 12 months, SOR has paid out a total of $2.49 per share in dividends. Based on the total dividends paid out last year, SOR boasts an impressive trailing yield of 5.65% on the current share price of $44.09.

Crypto Market Highlights

• Velar has launched the world's first Bitcoin perpetual swaps decentralized exchange (DEX) in beta, aiming to enhance the utility of the cryptocurrency.

• Tether’s US dollar-denominated stablecoin now dominates two-thirds of the stablecoin market following widespread adoption.

• Crypto companies are providing token airdrops to aid victims of Typhoon Yagi in Vietnam, where the death toll has surpassed 250.

• Bybit has obtained a provisional license in Dubai, marking a significant regulatory milestone two years after establishing its headquarters there.

• Hedera has joined the Linux Foundation’s newly established decentralized trust initiative as a founding premier member.

Most Shorted Stocks

Nikola Corp (NKLA) was one of the most shorted stocks as of latest short interest figures, with 29.92% 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 4.0. This represents a change of 3050000 shares, which corresponds to a +28.21% increase in short interest. The total value of the shares held short is estimated to be around $71.38 million. The average daily volume stands at 3.50M shares, and the market capitalization of the company is $260.48M.

The Lemonade Inc with the symbol LMND currently has a short interest of 32.96%. The short interest has changed by 200000 shares. The days to cover ratio stands at 11.0. The estimated value of the shares held short is approximately $305.93 million. On an average day, 1.55M shares are traded, with the company's market capitalization totaling $1.28B.

For the stock Plug Power Inc (PLUG), the current short interest is at 28.39%. This represents a significant short interest change of 20270000 shares, corresponding to a short interest percentage increase of +8.83%. The days needed to cover the short positions amount to 6.9. The approximate worth of the shares held short is $479.56 million.

With the symbol OPK, the stock currently has a short interest of 29.93%. The short interest change is 6820000 shares, compared with a short interest percentage change of +7.52%. It would take approximately 30.5 days to cover all the short positions. The shares short value is estimated to be around $399.63 million. The company boasts an average daily volume of 3.15M shares, contributing to a market capitalization of $1.12B.

The stock SEDG has a current short interest of 30.12%. The short interest percentage has experienced decrease of -8.68% while there was a change of -1640000 shares in short interest. The ratio indicating the time required to cover short positions is 3.6. The calculated worth of the shorted shares amounts to around $2.08 billion. Trading activity averages at 4.87M shares per day, while the company's market capitalization stands at $1.22B.

Upcoming IPOs

Flewber Global Inc. (FLAI) is all set for its debut on the NASDAQ exchange on Sep 16, 2024. The shares will be offered in a price range of $4.00 to $5.00 per share. With a total of 1,675,000 shares available, the company aims to raise approximately $7.54M through this IPO.

Kairos Pharma, Ltd. (KAPA) will be entering the market with its IPO on Sep 16, 2024, on the NYSEAMERICAN exchange. They are offering shares at the fix price of $4.00. They plan to offer 1,550,000 shares, targeting a deal size of $6.20M.

Cuprina Holdings (Cayman) Limited (CUPR) is also scheduled to make its debut on the NASDAQ exchange on September 13. They are offering shares in the price range of $4.00 to $4.50. The IPO includes 3,750,000 shares, aiming for a deal size of $15.94M.

Best Regards,
Stocks Telegraph Team