Market Surge: EV Movers & $10 Breakout Opportunities

Stocks dropped for a second straight session on Tuesday as rising interest rates overshadowed what has been a strong start to the earnings season. The yield on the U.S. 10-year Treasury note briefly climbed above 4.2% for the first time in three months before retreating, fueled by cautious comments from Federal Reserve officials regarding the path of interest rate cuts.

As of 11:30 AM ET, the Dow was down -75.6602 points, or -0.1762%, at $42855.94. The Nasdaq Composite lost -40.4277 points, or -0.1986%, at $20321.04. The S&P 500 declined -14.48 points, or -0.2474%, at $5839.49. Among the 11 major S&P 500 sectors, 6 showed positive movement, with Communication Services leading the way with a 0.85% increase.

Investors are also closely watching a new wave of earnings reports this week, with major companies like Tesla and Coca-Cola set to report on Wednesday, followed by Honeywell on Thursday. So far, about 19% of companies in the S&P 500 have reported their results, with over 70% surpassing earnings estimates, according to FactSet.

October has been a hot streak for the markets, with the S&P 500 hitting record highs and extending its year-to-date gain to over 22%. However, Tuesday’s decline marks the first potential back-to-back loss for the index since early September.

Top Movers: Under $10

ENDRA Life Sciences Inc (NDRA) is up 88.46% today to trade at the current level of $0.42. This comes after the company announced the activation of a post market clinical study and first patient scanned with the TAEUS liver system at LMU University Hospital in Munich, one of the leading medical research centers in Europe.

Sangamo Therapeutics Inc (SGMO) zoomed 33.08% in today’s trade to $1.22 after announcing a successful interaction with the U.S. FDA, outlining a clear pathway for Accelerated Approval of its gene therapy candidate, isaralgagene civaparvovec (ST-920), for treating Fabry disease.

In current trading, Indaptus Therapeutics Inc (INDP) stock is at $1.82 after announcing clinical supply agreement with BeiGene to evaluate Novel Cancer Treatment Combinations.

BioVie Inc (BIVI) rose 26.05% in the early hours of today's trading to move at $3.32. The company recently announced pricing of registered direct offering and concurrent private placement priced at-the-market under Nasdaq Rules.

In the current trading session, Hyzon Motors Inc (HYZN) jumped 19.66% to $2.31 over a previous close of $1.93 after reporting that it has signed a purchase agreement for North America's first 12 hydrogen-powered refuse Fuel Cell Electric Vehicles (FCEVs) with GreenWaste®, pending Hyzon's compliance with specific commercial terms.

Ex-Dividends Stocks

Antero Midstream Corp (AM) 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 $0.23 per share. It has fixed October 23 as the record date for the same and will pay the actual dividend on November 06. Last year, the company distributed a total of $0.90 to its shareholders. Based on the last year's worth of payments, AM has a trailing yield of 5.94% on the current stock price of $15.15.

Shares of Lowe's Cos., Inc. (LOW) will be the talk of stock market on Wednesday as the stock will turn ex-dividend. The company's next dividend payment will be $1.15 per share, and in the last 12 months, it paid a total of $4.45 per share. Last year's total dividend payments show that LOW has a trailing yield of 1.65% on the current share price of $270.27.

Clorox Co. (CLX) is also set to go ex-dividend tomorrow. The next dividend payment from CLX will amount to $1.22 per share. October 23 has been designated as the record date for this dividend, with the actual payout scheduled for November 07. In the previous year, CLX distributed a total of $4.82 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for CLX stands at 3.03% based on the current stock price of $159.29.

Krispy Kreme Inc (DNUT) 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 23. Over the past 12 months, DNUT has paid out a total of $0.14 per share in dividends. Based on the total dividends paid out last year, DNUT boasts an impressive trailing yield of 1.22% on the current share price of $11.45.

Crypto Market Highlights

• Azura has launched as a new all-in-one crypto application aggregation layer, backed by prominent crypto founders.

• Liminal addressed the ongoing debt restructuring of WazirX, responding to claims of a security breach and a “disinformation campaign” from the exchange.

• The UK's Financial Conduct Authority (FCA) defended its stringent crypto regulations amid criticism that they may hinder innovation.

• Binance and Crypto.com are losing market share to smaller competitors, with Binance's spot trading volume declining from 52.5% to 39.5% year-over-year.

• Chainlink introduced new technology aimed at helping financial institutions maintain data privacy in blockchain transactions.

Most Shorted Stocks

Lemonade Inc (LMND) was one of the most shorted stocks as of latest short interest figures, with 31.47% 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 11.1. This represents a change of -640000 shares, which corresponds to a -3.81% decrease in short interest. The total value of the shares held short is estimated to be around $297.37 million. The average daily volume stands at 1.35M shares, and the market capitalization of the company is $1.31B.

The TG Therapeutics Inc with the symbol TGTX currently has a short interest of 24.93%. The short interest has changed by 4560000 shares. The days to cover ratio stands at 9.5. The estimated value of the shares held short is approximately $828.35 million. On an average day, 3.55M shares are traded, with the company's market capitalization totaling $3.73B.

For the stock Corbus Pharmaceuticals Holdings Inc (CRBP), the current short interest is at 22.28%. This represents a significant short interest change of 1340000 shares, corresponding to a short interest percentage increase of +106.35%. The days needed to cover the short positions amount to 4.2. The approximate worth of the shares held short is $45.94 million.

With the symbol ARRY, the stock currently has a short interest of 21.45%. The short interest change is 2670000 shares, compared with a short interest percentage change of +8.93%. It would take approximately 5.6 days to cover all the short positions. The shares short value is estimated to be around $17.19 million. The company boasts an average daily volume of 5.72M shares, contributing to a market capitalization of $1.00B.

The stock NVAX has a current short interest of 24.13%. The short interest percentage has experienced increase of +1.04% while there was a change of 350000 shares in short interest. The ratio indicating the time required to cover short positions is 5.0. The calculated worth of the shorted shares amounts to around $331.46 million. Trading activity averages at 6.82M shares per day, while the company's market capitalization stands at $1.63B.

EV Stocks to Watch

According to our ST Score evaluation, Cirrus Logic, Inc. (CRUS) emerges as a high-quality stock in the EV industry, attaining an impressive score of 64. The stock's profitability, performance, financial strength, and Piotroski Score are strong. However, its growth are weak. Additionally, it is neutral in terms of stock sentiment, and forecast.

Our ST Score also classifies General Motors Company (GM) as a high-quality EV stock today, presenting a Score of 58. The stock has strong fundamentals in terms of profitability, performance, and Piotroski Score. However, it has weak growth, and financial strength. The stock sentiment, and forecast are neutral.

Another stock in the category, Aehr Test Systems (AEHR) has the ST Score of 57, which means that the stock carries the potential for higher returns. The stock is strong in profitability, financial strength, and Piotroski Score but weak in performance, stock sentiment, and forecast. Growth suggest a neutral outlook.

BorgWarner Inc (BWA) stock has the ST Score of 53 which implies that the EV 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.

Li Auto Inc ADR (LI) currently has the ST Score of 52, which signifies a huge upward potential. The EV stock's strong points are its profitability, and financial strength. The stock's performance, growth, stock sentiment, Piotroski Score, and forecast indicate a neutral outlook.

Best Regards,
Stocks Telegraph Team