Market Rundown: AI Standouts & Budget-Friendly $10 Plays

The Dow Jones Industrial Average extended its decline on Wednesday as rising Treasury yields fueled concerns over sustained higher interest rates. At its peak, the 10-year Treasury note yield climbed to 4.25%, its highest level since July 26, putting further pressure on the major U.S. stock indexes.

As of 11:31 AM ET, the Dow was down -383.64 points, or -0.8937%, at $42541.26. The Nasdaq Composite lost -194.43 points, or -0.95%, at $20189.2106. The S&P 500 declined -44.4 points, or -0.76%, at $5806.79. Among the 11 major S&P 500 sectors, 6 showed negative movement, with Health Care leading the way with a -0.86% decrease.

Analysts have pointed to large-cap stocks as the most overvalued segment of the U.S. equity market, with many predicting a pullback in the near term as recession risks continue to loom.

In earnings news, shares of Coca-Cola dipped about 2% despite the company reporting stronger-than-expected third-quarter results. Tesla also slipped roughly 1% ahead of its highly anticipated earnings release after the market close.

Top Movers: Under $10

La Rosa Holdings Corp (LRHC) is up 136.73% today to trade at the current level of $1.16. This comes after the company reported preliminary unaudited revenue of approximately $45 million for the first nine months of 2024, a 120% increase from the same period in 2023.

AgEagle Aerial Systems Inc. (UAVS) zoomed 54.17% in today’s trade to $2.59 following the CEO's letter to shareholders, emphasizing strategic corporate actions aimed at enhancing long-term value.

In current trading, Virax Biolabs Group Ltd (VRAX) stock is at $2.70 following news that it has partnered with Europa Biosite to distribute its ImmuneSelect Research Use portfolio in the UK and Ireland via its subsidiary, Cambridge Bioscience.

Tevogen Bio Holdings Inc. (TVGN) rose 58.39% in the early hours of today's trading to move at $2.55 after announcing that its AI initiative, Tevogen AI, has partnered with Microsoft (MSFT) for Startups.

In the current trading session, DBV Technologies ADR (DBVT) jumped 54.26% to $1.08 over a previous close of $0.70 after announcing positive regulatory updates for the Viaskin® Peanut Patch in the United States and Europe.

Ex-Dividends Stocks

Riley Exploration Permian Inc. (REPX) 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 $0.38 per share. It has fixed October 24 as the record date for the same and will pay the actual dividend on November 07. Last year, the company distributed a total of $1.44 to its shareholders. Based on the last year's worth of payments, REPX has a trailing yield of 5.24% on the current stock price of $27.48.

Shares of FS Credit Opportunities Corp (FSCO) will be the talk of stock market on Thursday as the stock will turn ex-dividend. The company's next dividend payment will be $0.06 per share, and in the last 12 months, it paid a total of $0.71 per share. Last year's total dividend payments show that FSCO has a trailing yield of 10.63% on the current share price of $6.63.

Tomorrow, Carrier Global Corp (CARR) is also set to go ex-dividend tomorrow. The next dividend payment from CARR will amount to $0.19 per share. October 25 has been designated as the record date for this dividend, with the actual payout scheduled for November 18. In the previous year, CARR distributed a total of $0.76 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for CARR stands at 0.93% based on the current stock price of $80.91.

Coca-Cola Consolidated Inc (COKE) will be paying out a dividend of $2.5 per share to shareholders holding their shares as of the close of the business hours on the record date of October 25. Over the past 12 months, COKE has paid out a total of $1.99 per share in dividends. Based on the total dividends paid out last year, COKE boasts an impressive trailing yield of 0.16% on the current share price of $1282.94.

Crypto Market Highlights

• Prediction marketplace Kalshi has launched contracts for betting on international election outcomes as political wagering increases ahead of the upcoming U.S. presidential election in November. 

• The Nigerian government has dropped all charges against Binance executive Tigran Gambaryan, who had been detained for over seven months.

• Industry insiders indicate that the UK’s cryptocurrency regulation remains uncertain, failing to provide a viable alternative for companies looking to escape the EU’s Markets in Crypto-Assets Regulation (MiCA), with potential short-term shifts anticipated.

• Vietnam has unveiled its National Blockchain Strategy, announced by the Ministry of Information and Communications, detailing key objectives to enhance the country's blockchain capabilities.

• Chainlink, a decentralized oracle provider, is set to launch a new blockchain payment solution for financial institutions in collaboration with Swift, enabling banks to use Swift messages to engage with blockchain technology.

Most Shorted Stocks

CNX Resources Corp (CNX) was one of the most shorted stocks as of latest short interest figures, with 22.02% 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 12.2. This represents a change of 1020000 shares, which corresponds to a +3.32% increase in short interest. The total value of the shares held short is estimated to be around $1.13 billion. The average daily volume stands at 2.60M shares, and the market capitalization of the company is $5.37B.

The Heron Therapeutics Inc with the symbol HRTX currently has a short interest of 21.04%. The short interest has changed by -3740000 shares. The days to cover ratio stands at 14.4. The estimated value of the shares held short is approximately $57.06 million. On an average day, 2.08M shares are traded, with the company's market capitalization totaling $272.43M.

For the stock Clear Secure Inc (YOU), the current short interest is at 25.33%. This represents a significant short interest change of 2510000 shares, corresponding to a short interest percentage increase of +14.87%. The days needed to cover the short positions amount to 9.5. The approximate worth of the shares held short is $701.14 million.

With the symbol AVXL, the stock currently has a short interest of 20.78%. The short interest change is -2020000 shares, compared with a short interest percentage change of -10.30%. It would take approximately 19.5 days to cover all the short positions. The shares short value is estimated to be around $103.54 million. The company boasts an average daily volume of 825.98K shares, contributing to a market capitalization of $453.16M.

The stock VTLE has a current short interest of 33.42%. The short interest percentage has experienced increase of +3.40% while there was a change of 260000 shares in short interest. The ratio indicating the time required to cover short positions is 6.9. The calculated worth of the shorted shares amounts to around $479.33 million. Trading activity averages at 1.18M shares per day, while the company's market capitalization stands at $1.04B.

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 61. 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 Zoom Video Communications Inc (ZM) as a high-quality AI stock today, presenting a Score of 58. The stock has strong fundamentals in terms of profitability, performance, financial strength, and Piotroski Score. However, it has weak growth. The stock sentiment, and forecast are neutral.

Another stock in the category, Amazon.com Inc. (AMZN) has the ST Score of 57, which means that the stock carries the potential for higher returns. The stock is strong in profitability, performance, and Piotroski Score. Growth, financial strength, stock sentiment, and forecast suggest a neutral outlook.

Salesforce Inc (CRM) stock has the ST Score of 55 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 growth, and financial strength. However, it shows neutral outlook in stock sentiment, and forecast.

Twilio Inc (TWLO) currently has the ST Score of 54, which signifies a huge upward potential. The AI stock's strong points are its performance, financial strength, and Piotroski Score, while its weak points are its profitability, and growth. The stock's stock sentiment, and forecast indicate a neutral outlook.