Market Surge: EV Stocks on the Move & $10 Breakouts

Stocks declined on Tuesday as tensions in the Middle East dampened investor optimism following a strong quarter. Crude oil surged after reports from senior White House officials indicated that Iran might be preparing to launch a missile attack on Israel. In response, the CBOE Volatility Index (VIX), Wall Street’s fear gauge, spiked above 20, signaling heightened anxiety among traders.

At 11:56 AM ET, the Dow was down -126.91 points, or -0.2998%, at $42203.25. The Nasdaq Composite lost -314.16 points, or -1.566%, at $19746.5308. The S&P 500 declined -54.27 points, or -0.9418%, at $5708.22. Among the 11 major S&P 500 sectors, 10 showed negative movement, with Information Technology leading the way with a 2.27% decrease.

This decline comes just a day after the S&P 500 and Dow hit record closes, defying the typical September slump. Attention now shifts to Friday’s nonfarm payrolls report, which could set the tone for the major indexes going forward.

Additionally, traders are closely monitoring a strike by the International Longshoremen's Association on the East and Gulf coasts, a disruption that may eventually cost the U.S. economy hundreds of millions, though consumers may not feel its impact immediately.

Top Movers: Under $10

AgEagle Aerial Systems Inc. (UAVS) is up 63.23% today to trade at the current level of $0.15. This comes after the company announced pricing of $6.5 million public offering.

Mangoceuticals Inc (MGRX) zoomed 33.81% in today’s trade to $0.32 after announcing that its highly anticipated oral Semaglutide weight loss treatment marketed and branded under the name ‘Slim,’ is now available for purchase on the Company’s website at www.MangoRx.com.

In current trading, Nano Labs Ltd (NA) stock is at $0.93 after announcing that Mr. Jianping Kong, chairman and CEO, bought 1,107,935 Class A shares of the company in September 2024 using his personal funds.

Sagimet Biosciences Inc (SGMT) rose 16.98% in the early hours of today's trading to move at $3.24 after the FDA granted Breakthrough Therapy designation to denifanstat for treating MASH with moderate to advanced liver fibrosis (F2 to F3).

In the current trading session, QuantaSing Group Ltd ADR (QSG) jumped 13.36% to $2.63 over a previous close of $2.32. The company announced that its board of directors has approved the declaration and distribution of a special dividend of US$0.067 per ordinary share.

Ex-Dividends Stocks

Comcast Corp (CMCSA) 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 $0.31 per share. It has fixed October 02 as the record date for the same and will pay the actual dividend on October 23. Last year, the company distributed a total of $1.20 to its shareholders. Based on the last year's worth of payments, CMCSA has a trailing yield of 2.90% on the current stock price of $41.41.

Shares of Republic Services, Inc. (RSG) will be the talk of stock market on Wednesday as the stock will turn ex-dividend. The company's next dividend payment will be $0.58 per share, and in the last 12 months, it paid a total of $2.14 per share. Last year's total dividend payments show that RSG has a trailing yield of 1.06% on the current share price of $201.13.

Whitestone REIT (WSR) is also set to go ex-dividend tomorrow. The next dividend payment from WSR will amount to $0.04 per share. October 02 has been designated as the record date for this dividend, with the actual payout scheduled for October 10. In the previous year, WSR distributed a total of $0.49 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for WSR stands at 3.63% based on the current stock price of $13.41.

Brixmor Property Group Inc (BRX) will be paying out a dividend of $0.27 per share to shareholders holding their shares as of the close of the business hours on the record date of October 02. Over the past 12 months, BRX has paid out a total of $1.08 per share in dividends. Based on the total dividends paid out last year, BRX boasts an impressive trailing yield of 3.86% on the current share price of $27.91.

Crypto Market Highlights

• The crypto exchange Binance has made its mobile and web app fully available to users in Argentina after registering as an official crypto service provider.

• The Bank of England and the UK financial regulator have launched a sandbox to explore the use of digital ledger technology (DLT) in financial securities.

• The European Commission has announced the regulators participating in the second cohort of its blockchain sandbox initiative.

• Ripple has received in-principle license approval from the Dubai Financial Services Authority (DFSA) to establish operations in the UAE.

• Pos Indonesia has introduced its first postage stamps featuring non-fungible token (NFT) counterparts, blending tradition with technology.

Most Shorted Stocks

Kohl's Corp. (KSS) was one of the most shorted stocks as of latest short interest figures, with 35.84% 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 6.0. This represents a change of -1280000 shares, which corresponds to a -3.16% decrease in short interest. The total value of the shares held short is estimated to be around $796.33 million. The average daily volume stands at 6.62M shares, and the market capitalization of the company is $2.26B.

The Enovix Corporation with the symbol ENVX currently has a short interest of 35.83%. The short interest has changed by 3270000 shares. The days to cover ratio stands at 8.5. The estimated value of the shares held short is approximately $458.66 million. On an average day, 5.54M shares are traded, with the company's market capitalization totaling $1.53B.

For the stock MARA Holdings Inc. (MARA), the current short interest is at 28.58%. This represents a significant short interest change of -190000 shares, corresponding to a short interest percentage decrease of -0.23%. The days needed to cover the short positions amount to 2.1. The approximate worth of the shares held short is $1.21 billion.

With the symbol CHPT, the stock currently has a short interest of 29.12%. The short interest change is 8430000 shares, compared with a short interest percentage change of +7.96%. It would take approximately 8.2 days to cover all the short positions. The shares short value is estimated to be around $106.68 million. The company boasts an average daily volume of 13.13M shares, contributing to a market capitalization of $571.50M.

The stock MVIS has a current short interest of 27.07%. The short interest percentage has experienced increase of +0.38% while there was a change of 210000 shares in short interest. The ratio indicating the time required to cover short positions is 29.4. The calculated worth of the shorted shares amounts to around $130.27 million. Trading activity averages at 1.83M shares per day, while the company's market capitalization stands at $243.60M.

EV Stocks to Watch

According to our ST Score evaluation, BorgWarner Inc (BWA) emerges as a high-quality stock in the EV industry, attaining an impressive score of 59. The stock's profitability, performance, and Piotroski Score are strong. However, its growth, and financial strength are weak. Additionally, it is neutral in terms of stock sentiment, and forecast.

Our ST Score also classifies Cirrus Logic, Inc. (CRUS) as a high-quality EV stock today, presenting a Score of 59. The stock has strong fundamentals in terms of profitability, financial strength, and Piotroski Score. However, it has weak growth. The performance, stock sentiment, and forecast are neutral.

Another stock in the category, Hyliion Holdings Corporation (HYLN) has the ST Score of 57, which means that the stock carries the potential for higher returns. The stock is strong in performance, and financial strength but weak in profitability, stock sentiment, and forecast. Growth, and piotroski score suggest a neutral outlook.

Aptiv PLC (APTV) stock has the ST Score of 54 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 53, 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