Market Overview: Top AI Movers & Budget-Friendly $10 Stocks

The S&P 500 held steady on Wednesday as the market rally stalled amidst escalating tensions in the Middle East. This followed a downturn in the previous session, sparked by Iran’s missile strikes on Israel, which dampened investor sentiment and risk appetite. With Israel launching a ground operation in Lebanon and heightened tensions with Hezbollah, uncertainty is growing.

As of, 11:36 AM ET, the Dow was up 70.75 points, or 0.17%, at $42227.73. The Nasdaq Composite added 87.3223 points, or 0.4416%, at $19860.625. The S&P 500 rose 9.46 points, or 0.1657%, at $5718.2. Among the 11 major S&P 500 sectors, 8 showed positive movement, with Real Estate leading the way with a 0.89% increase.

The CBOE Volatility Index (VIX), Wall Street’s fear gauge, remained elevated above 19, signaling ongoing concern among traders.

Energy stocks outperformed once again, with the Energy Select Sector SPDR Fund (XLE) on track for its fourth consecutive day of gains.

Meanwhile, ADP’s report showed stronger-than-expected private payroll growth in September, setting the stage for Friday’s crucial nonfarm payroll report. This data could significantly influence market direction and the Federal Reserve’s next move as it considers its rate-cutting cycle.

Top Movers: Under $10

iCoreConnect Inc. (ICCT) is up 45.11% today to trade at the current level of $0.51. This comes after the company announced that it has entered into an agreement to divest its Managed Service Provider Division to The 20, LLC through an asset sale.

Joby Aviation Inc (JOBY) zoomed 18.85% in today’s trade to $5.70 following the news that Toyota will invest an additional $500 million in Joby Aviation to help with the certification and production of Joby's electric air taxi, supporting their shared vision of air mobility.

In current trading, Color Star Technology Co Ltd (ADD) stock is at $1.12. The company announced that it received a formal notification from the Nasdaq Stock Market LLC that the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2), which requires the Company’s ordinary shares to maintain a minimum bid price of $1.00 per share.t

Cardio Diagnostics Holdings Inc (CDIO) rose 16.20% in the early hours of today's trading to move at $0.24 after announcing that the Company’s PrecisionCHD and Epi+Gen CHD tests have received preliminary pricing determinations from the Centers for Medicare & Medicaid Services (CMS).

In the current trading session, BioAtla Inc (BCAB) jumped 14.45% to $1.98 over a previous close of $1.73. The company announced acceptance of an abstract for oral presentation at the upcoming Society for Melanoma Research 21st International Congress (SMR), being held from October 10–13, 2024, in New Orleans, LA.

Ex-Dividends Stocks

Progressive Corp. (PGR) 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 $0.1 per share. It has fixed October 03 as the record date for the same and will pay the actual dividend on October 11. Last year, the company distributed a total of $0.40 to its shareholders. Based on the last year's worth of payments, PGR has a trailing yield of 0.16% on the current stock price of $254.33.

Shares of Campbell Soup Co. (CPB) will be the talk of stock market on Thursday as the stock will turn ex-dividend. The company's next dividend payment will be $0.37 per share, and in the last 12 months, it paid a total of $1.48 per share. Last year's total dividend payments show that CPB has a trailing yield of 3.08% on the current share price of $48.05.

Cousins Properties Inc. (CUZ) is also set to go ex-dividend tomorrow. The next dividend payment from CUZ will amount to $0.32 per share. October 03 has been designated as the record date for this dividend, with the actual payout scheduled for October 15. In the previous year, CUZ distributed a total of $1.21 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for CUZ stands at 4.18% based on the current stock price of $29.03.

Summit State Bank (SSBI) will be paying out a dividend of $0.04 per share to shareholders holding their shares as of the close of the business hours on the record date of October 03. Over the past 12 months, SSBI has paid out a total of $0.36 per share in dividends. Based on the total dividends paid out last year, SSBI boasts an impressive trailing yield of 4.45% on the current share price of $8.09.

Crypto Market Highlights

• Bitwise has filed for the first spot XRP exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission.

• Kraken will stop supporting the privacy token Monero in the European Economic Area, halting trading and deposits from October 31, 2024.

• Taurus has partnered with Chainlink Labs to enhance institutional tokenization, focusing on data transparency, cross-chain mobility, and security.

• The Cryptocurrency Open Patent Alliance (COPA) and Unified Patents have launched a campaign against “patent trolls” targeting blockchain and crypto technology.

• Bitcoin miner Hut 8 has eliminated a $38 million loan from Anchorage Digital by converting the debt into common stock at $16.395 per share.

Most Shorted Stocks

AMC Networks Inc (AMCX) was one of the most shorted stocks as of latest short interest figures, with 35.57% 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 8.8. This represents a change of 290000 shares, which corresponds to a +2.67% increase in short interest. The total value of the shares held short is estimated to be around $94.13 million. The average daily volume stands at 1.28M shares, and the market capitalization of the company is $372.64M.

The Wheeler Real Estate Investment Trust Inc with the symbol WHLR currently has a short interest of 25.23%. The short interest has changed by -148900 shares. The days to cover ratio stands at 0.1. The estimated value of the shares held short is approximately $2.45 million. On an average day, 1.40M shares are traded, with the company's market capitalization totaling $9.65M.

For the stock Lovesac Company (LOVE), the current short interest is at 27.32%. This represents a significant short interest change of 60000 shares, corresponding to a short interest percentage increase of +1.60%. The days needed to cover the short positions amount to 14.1. The approximate worth of the shares held short is $104.94 million.

With the symbol SPCE, the stock currently has a short interest of 25.60%. The short interest change is 410000 shares, compared with a short interest percentage change of +6.38%. It would take approximately 3.7 days to cover all the short positions. The shares short value is estimated to be around $22.31 million. The company boasts an average daily volume of 1.81M shares, contributing to a market capitalization of $166.47M.

The stock EOSE has a current short interest of 24.38%. The short interest percentage has experienced increase of +1.60% while there was a change of 800000 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 $20.18 million. Trading activity averages at 7.83M shares per day, while the company's market capitalization stands at $640.38M.

AI Stocks to Watch

According to our ST Score evaluation, Taiwan Semiconductor Manufacturing ADR (TSM) emerges as a high-quality stock in the AI industry, attaining an impressive score of 57. The stock's profitability, performance, growth, and Piotroski Score are strong. However, its financial strength are weak. Additionally, it is neutral in terms of stock sentiment, and forecast.

Our ST Score also classifies Advanced Micro Devices Inc. (AMD) as a high-quality AI stock today, presenting a Score of 56. The stock has strong fundamentals in terms of performance, growth, and Piotroski Score. However, it has weak profitability. The financial strength, stock sentiment, and forecast are neutral.

Another stock in the category, Vertiv Holdings Co (VRT) has the ST Score of 56, which means that the stock carries the potential for higher returns. The stock is strong in profitability, performance, and Piotroski Score but weak in financial strength. Growth, stock sentiment, and forecast suggest a neutral outlook.

DocuSign Inc (DOCU) stock has the ST Score of 54 which implies that the AI company has a high probability of beating the market. The stock's strengths lie in its profitability, performance, and Piotroski Score, but its weaknesses are in its financial strength. However, it shows neutral outlook in growth, stock sentiment, and forecast.

Seagate Technology Holdings Plc (STX) currently has the ST Score of 54, which signifies a huge upward potential. The AI stock's strong points are its performance, and Piotroski Score. The stock's profitability, growth, financial strength, stock sentiment, and forecast indicate a neutral outlook.

Best Regards,
Stocks Telegraph Team