Market Pulse: Upcoming IPO’s & Hidden $10 Winners

On Monday, the Dow Jones Industrial Average and the S&P 500 reached new record highs, marking a strong start to the shortened trading week. This surge is largely attributed to investor optimism following President-elect Donald Trump's nomination of hedge fund manager Scott Bessent as Treasury Secretary.

As of 11:37 AM ET, the Dow was up 331.9 points, or 0.7493%, at $44628.42. The Nasdaq Composite added 95.2 points, or 0.4582%, at $20871.4271. The S&P 500 rose 18.6899 points, or 0.3131%, at $5988.03. Among the 11 major S&P 500 sectors, 8 showed negative movement, with Consumer Defensive leading the way with a -1.6% decrease

Investors are closely monitoring upcoming economic data, including October's Personal Consumption Expenditure (PCE) Price Index, the Federal Reserve's preferred inflation measure, set to be released on Wednesday. Additionally, minutes from the Fed's most recent policy meeting are due ahead of Thanksgiving, which could provide further insights into the central bank's economic outlook.

Top Movers: Under $10

Rigetti Computing Inc (RGTI) is up 83.05% today to trade at the current level of $3.18. This comes after the company announced the successful completion of a $100 million at-the-market equity offering.

KULR Technology Group Inc (KULR) zoomed 65.24% in today’s trade to $0.74 after reporting that it has been awarded a contract by the U.S. Navy to advance its Internal Short Circuit (ISC) technology to activate at higher temperatures.

In current trading, Office Properties Income Trust (OPI) stock is at $1.84 after announcing entry into a private exchange agreement with certain noteholders to address 2025 debt maturities.

Vast Renewables Ltd (VSTE) rose 35.45% in the early hours of today's trading to move at $2.23. The company announced that it has signed an updated funding agreement to access up to $30 million of its existing $65 million grant from the Australian Renewable Energy Agency.

In the current trading session, Brightcove Inc (BCOV) jumped 35.27% to $4.32 over a previous close of $3.19 after announcing that it has entered into a definitive agreement to be acquired by Bending Spoons, in an all-cash transaction valued at approximately $233 million.

Ex-Dividends Stocks

Johnson & Johnson (JNJ) 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 $1.24 per share. It has fixed November 26 as the record date for the same and will pay the actual dividend on December 10. Last year, the company distributed a total of $4.86 to its shareholders. Based on the last year's worth of payments, JNJ has a trailing yield of 3.11% on the current stock price of $156.21.

Shares of Voya Financial Inc (VOYA) will be the talk of the stock market on Tuesday as the stock will turn ex-dividend. The company's next dividend payment will be $0.45 per share, and in the last 12 months, it paid a total of $1.65 per share. Last year's total dividend payments show that VOYA has a trailing yield of 1.99% on the current share price of $82.85.

Tomorrow, Yum China Holdings Inc (YUMC) is also set to go ex-dividend tomorrow. The next dividend payment from YUMC will amount to $0.16 per share. November 26 has been designated as the record date for this dividend, with the actual payout scheduled for December 17. In the previous year, YUMC distributed a total of $0.61 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for YUMC stands at 1.28% based on the current stock price of $47.64.

Avista Corp (AVA) will be paying out a dividend of $0.47 per share to shareholders holding their shares as of the close of the business hours on the record date of November 26. Over the past 12 months, AVA has paid out a total of $1.88 per share in dividends. Based on the total dividends paid out last year, AVA boasts an impressive trailing yield of 4.76% on the current share price of $39.61.

Crypto Market Highlights

• A new crowdfunding platform for Bitcoin startups has been launched in the U.S., connecting crypto projects with funding opportunities, open to both accredited and non-accredited investors (disclosed on Nov. 25 by Timestamp).

• According to a Nov. 25 filing, MicroStrategy acquired 55,000 Bitcoin (BTC) for $5.4 billion between Nov. 18 and 24, at an average price of $97,862 per coin.

• Singapore Gulf Bank, a crypto-friendly digital bank, is seeking at least $50 million in funding to acquire a stablecoin payments company in 2025.

• ZA Bank, Hong Kong’s largest virtual bank, introduced a service enabling retail users to buy and sell Bitcoin and Ethereum directly using fiat.

• Stablecoin issuer Tether minted an additional $3 billion in USDt tokens on Nov. 23 on Ethereum and Tron networks, driven by rising crypto market trading volumes, particularly Bitcoin nearing the $100,000 mark.

Most Shorted Stocks

Transmedics Group Inc (TMDX) was one of the most shorted stocks as of latest short interest figures, with 25.12% 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 6.1. This represents a change of 1990000 shares, which corresponds to a +30.90% increase in short interest. The total value of the shares held short is estimated to be around $656.36 million. The average daily volume stands at 1.55M shares, and the market capitalization of the company is $2.50B.

The Novavax, Inc with the symbol NVAX currently has a short interest of 24.96%. The short interest has changed by 4260000 shares. The days to cover ratio stands at 6.6. The estimated value of the shares held short is approximately $365.82 million. On an average day, 6.33M shares are traded, with the company's market capitalization totaling $1.54B.

For the stock Upstart Holdings Inc (UPST), the current short interest is at 24.64%. This represents a significant short interest change of -2180000 shares, corresponding to a short interest percentage decrease of -8.84%. The days needed to cover the short positions amount to 2.9. The approximate worth of the shares held short is $1.73 billion.

With the symbol NKLA, the stock currently has a short interest of 26.16%. The short interest change is 1680000 shares, compared with a short interest percentage change of +12.89%. It would take approximately 4.0 days to cover all the short positions. The shares short value is estimated to be around $48.56 million. The company boasts an average daily volume of 4.31M shares, contributing to a market capitalization of $131.13M.

The stock FCEL has a current short interest of 21.51%. The short interest percentage has experienced a decrease of -96.48% while there was a change of -119950000 shares in short interest. The ratio indicating the time required to cover short positions is 4.9. The calculated worth of the shorted shares amounts to around $144.6 million. Trading activity averages at 1.23M shares per day, while the company's market capitalization stands at $209.46M.

Upcoming IPO’s

Pony AI Inc. (PONY) is all set for its debut on the NASDAQ exchange on November 26. They are offering shares in the price range of $11.00 to $13.00. With a total of 20,000,000 shares available, the company aims to raise approximately $240.00M through this IPO.

Brazil Potash Corp. (GRO) will be entering the market with its IPO on November 26, on the NYSE exchange. They are offering shares in the price range of $15.00 to $18.00. They plan to offer 2,400,000 shares, targeting a deal size of $39.60M.

Metros Development Co., Ltd. (MTRS) is also scheduled to make its debut on the NASDAQ exchange on November 26. They are offering shares in the price range of $5.50 to $6.50. The IPO includes 1,333,334 shares, aiming for a deal size of $8.00M.

FACT II Acquisition Corp. (FACT) is set to join the NASDAQ on November 26. The shares will be offered at a fixed price of $10.00 per share. They are offering 17,500,000 shares, with an estimated deal size of $175.00M.

Wing Yip Food Holdings Group Limited (WYHG) is scheduled to go public on the NASDAQ exchange on November 26. They are offering shares within the price range of $4.00 to $5.00. The company plans to offer 2,050,000 shares, targeting a total deal size of $9.23M.

That's it for today. Thanks for reading. Good luck out there!

Best Regards,

Stocks Telegraph Team

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