Market Surge: Up Coming IPOs & $10 Breakouts

The S&P 500 climbed to a new record high on Monday as investors eagerly awaited the next wave of corporate earnings to see if the market can maintain its upward momentum.

So far, 30 S&P 500 companies have reported earnings, surpassing consensus estimates by an average of 5%, according to Bank of America. This is an improvement over the 3% beat seen at the same time last quarter, though Bernstein expects year-over-year earnings per share growth to be “much lower” than the previous quarter.

Despite these new highs, investor anxiety lingers, with concerns surrounding the upcoming closely contested U.S. presidential election, rising Treasury yields, uncertainty over Federal Reserve policy, and escalating geopolitical risks in the Middle East.

As of 11:24 AM ET, the Dow was up 96.2 points, or 0.22%, at $42960.07. The Nasdaq Composite added 110.12 points, or 0.5432%, at $20382.0956. The S&P 500 rose 35.35 points, or 0.6079%, at $5850.39. Among the 11 major S&P 500 sectors, 6 showed positive movement, with Utilities leading the way with a 0.48% increase.

Top Movers: Under $10

Tevogen Bio Holdings Inc. (TVGN) is up 202.95% today to trade at the current level of $1.15. This comes after the company announced updates on its growing therapeutic pipeline, designed to meet the high unmet needs of cancer patients.

Inventiva ADR (IVA) zoomed 29.15% in today’s trade to $2.44 after announcing financing of up to €348 million to advance the NATiV3 Phase 3 MASH study

In current trading, B. Riley Financial Inc (RILY) stock is at $5.45 following the signing of a definitive agreement with Oaktree Capital Management, L.P. to establish a partnership in Great American Holdings, LLC, a newly formed holding company.

Sify Technologies Limited ADR (SIFY) rose 21.60% in the early hours of today's trading to move at $4.11. The company recently announced the appointment of Ms. Padmaja Chunduru as Director on the Board.

In the current trading session, iPower Inc (IPW) jumped 17.30% to $1.87 over a previous close of $1.59 after announcing the expansion of SuperSuite’s U.S. sales channels with its launch on AliExpress.

Ex-Dividends Stocks

ARMOUR Residential REIT Inc (ARR) 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 $0.24 per share. It has fixed October 15 as the record date for the same and will pay the actual dividend on October 30. Last year, the company distributed a total of $3.36 to its shareholders. Based on the last year's worth of payments, ARR has a trailing yield of 17.04% on the current stock price of $19.72.

Shares of Freeport-McMoRan Inc (FCX) will be the talk of stock market on Tuesday as the stock will turn ex-dividend. The company's next dividend payment will be $0.15 per share, and in the last 12 months, it paid a total of $0.30 per share. Last year's total dividend payments show that FCX has a trailing yield of 0.62% on the current share price of $48.53.

Source Capital, Inc. (SOR) is also set to go ex-dividend tomorrow. The next dividend payment from SOR will amount to $0.21 per share. November 14 has been designated as the record date for this dividend, with the actual payout scheduled for November 29. In the previous year, SOR distributed a total of $2.49 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for SOR stands at 5.65% based on the current stock price of $44.15.

Sabine Royalty Trust (SBR) will be paying out a dividend of $0.44 per share to shareholders holding their shares as of the close of the business hours on the record date of October 15. Over the past 12 months, SBR has paid out a total of $6.33 per share in dividends. Based on the total dividends paid out last year, SBR boasts an impressive trailing yield of 10.00% on the current share price of $63.33.

Crypto Market Highlights

• DeFi Edge has blocked all deposits to its strategy contracts from its user interface as of Oct. 14, leaving users seeking alternatives.

• The Central Bank of the UAE has granted in-principle approval to AED Stablecoin under its Payment Token Service Regulation framework.

• Samara Asset Group is looking to boost its Bitcoin holdings using proceeds from a €30 million ($32.8 million) bond issuance.

• The Avalanche Foundation plans to repurchase 1.97 million Avalanche tokens sold to the Luna Foundation Guard in April 2022.

• Sui token's recent 120% rally to $2.25 has raised allegations of insider selling among cryptocurrency investors.

  Most Shorted Stocks

ImmunityBio Inc (IBRX) was one of the most shorted stocks as of latest short interest figures, with 33.02% 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 19.2. This represents a change of 1940000 shares, which corresponds to a +3.82% increase in short interest. The total value of the shares held short is estimated to be around $192.81 million. The average daily volume stands at 2.78M shares, and the market capitalization of the company is $2.55B.

The Faraday Future Intelligent Electric Inc with the symbol FFIE currently has a short interest of 35.36%. The short interest has changed by 840000 shares. The days to cover ratio stands at 0.5. The estimated value of the shares held short is approximately $10.53 million. On an average day, 9.88M shares are traded, with the company's market capitalization totaling $26.61M.

For the stock AST SpaceMobile Inc (ASTS), the current short interest is at 29.76%. This represents a significant short interest change of 2890000 shares, corresponding to a short interest percentage increase of +7.47%. The days needed to cover the short positions amount to 2.5. The approximate worth of the shares held short is $1.04 billion.

With the symbol TRUP, the stock currently has a short interest of 34.86%. The short interest change is -720000 shares, compared with a short interest percentage change of -6.47%. It would take approximately 16.2 days to cover all the short positions. The shares short value is estimated to be around $2.06 billion. The company boasts an average daily volume of 643.56K shares, contributing to a market capitalization of $2.09B.

The stock NOVA has a current short interest of 36.78%. The short interest percentage has experienced increase of +2.87% while there was a change of 1050000 shares in short interest. The ratio indicating the time required to cover short positions is 6.1. The calculated worth of the shorted shares amounts to around $66.87 million. Trading activity averages at 6.20M shares per day, while the company's market capitalization stands at $802.85M.

Upcoming IPOs

Samfine Creation Holdings Group Limited (SFHG) is all set for its debut on the NASDAQ exchange on October 15. They are offering shares in the price range of $4.00 to $5.00. With a total of 2,000,000 shares available, the company aims to raise approximately $9.00M through this IPO.

FBS Global Limited (FBGL) will be entering the market with its IPO on October 15, on the NASDAQ exchange. They are offering shares in the price range of $4.50 to $5.00. They plan to offer 2,250,000 shares, targeting a deal size of $10.69M.

HUHUTECH International Group Inc. (HUHU) is also scheduled to make its debut on the NASDAQ exchange on October 16. They are offering shares in the price range of $4.00 to $6.00. The IPO includes 1,250,000 shares, aiming for a deal size of $6.25M.

SAG Holdings Limited (SAG) is set to join the NASDAQ on October 16. The shares will be offered at a fixed price of $8.00 per share. They are offering 1,000,000 shares, with an estimated deal size of $8.00M.

PTL Limited (PTLE) is preparing to launch its IPO on the NASDAQ exchange on October 17. The company plans to offer shares priced between $4.00 and $6.00. With a total of 1,250,000 shares up for grabs, PTLE aims to raise approximately $6.25M from this initial public offering.

Best Regards,
Stocks Telegraph Team