Midday Breakdown: Must-Watch Upcoming IPOs & $10 Deals

U.S. stocks edged lower on Monday as Treasury yields climbed to their highest levels since the summer. After a period of record gains fueled by optimism that interest rates were on the way down, the market is now reacting to Friday’s unexpectedly strong jobs report, which renewed hopes that the Federal Reserve can manage a soft landing for the economy.

As of, 11:58 AM ET, the Dow was down -218.42 points, or -0.5157%, at $42134.34. The Nasdaq Composite lost -73.2461 points, or -0.3656%, at $19961.771. The S&P 500 declined -19.01 points, or -0.3305%, at $5732.05. Among the 11 major S&P 500 sectors, 6 showed positive movement, with Energy leading the way with a 0.34% increase.

Goldman Sachs economist David Mericle revised his recession forecast, lowering the probability to just 15% from 20%, citing robust hiring figures. However, the strength of the jobs report also led traders to scale back expectations for significant interest rate cuts from the Fed, pushing the 10-year Treasury yield back above 4% for the first time since August.

Bank stocks saw modest gains on Monday, extending Friday’s rise as the strong jobs data sparked optimism that consumers will continue borrowing and repaying loans as the economy strengthens.

Top Movers: Under $10

Ambow Education Holding Ltd ADR (AMBO) is up 37.37% today to trade at the current level of $1.69. This comes after the company announced that it has entered into a $1.3 million non-exclusive, annually renewable licensing agreement with Inspiring Futures Pte. LTD.

Algorhythm Holdings Inc. (RIME) zoomed 51.87% in today’s trade to $0.70 after announcing that it has been awarded a service contract with a leading global beverage, food, and snack company.

In current trading, Arcadium Lithium PLC (ALTM) stock is at $4.02 following the confirmation from the company that it has been approached by Rio Tinto regarding a potential acquisition of Arcadium Lithium by Rio Tinto.

Cerence Inc (CRNC) rose 26.87% in the early hours of today's trading to move at $3.40. The company announced that Brian Krzanich has been appointed Chief Executive Officer and a member of the Board of Directors, effective immediately.

In the current trading session, MYT Netherlands Parent BV ADR (MYTE) jumped 21.58% to $5.24 over a previous close of $4.31 after announing a binding agreements with Richemont (SWX:CFR) for the acquisition of 100% of the share capital of YNAP by Mytheresa.

Ex-Dividends Stocks

A-Mark Precious Metals Inc (AMRK) 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. Last year, the company distributed a total of $0.80 to its shareholders. Based on the last year's worth of payments, AMRK has a trailing yield of 1.90% on the current stock price of $42.15.

Shares of Main Street Capital Corporation (MAIN) will be the talk of stock market on Tuesday as the stock will turn ex-dividend. The company's next dividend payment will be $0.24 per share, and in the last 12 months, it paid a total of $2.84 per share. Last year's total dividend payments show that MAIN has a trailing yield of 5.54% on the current share price of $51.19.

Tomorrow, Roper Technologies Inc (ROP) is also set to go ex-dividend tomorrow. In the previous year, ROP distributed a total of $2.93 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for ROP stands at 0.54% based on the current stock price of $540.67.

Tootsie Roll Industries, Inc. (TR) will be paying out a dividend of $0.09 per share to shareholders holding their shares as of the close of the business hours on the record date of October 08. Over the past 12 months, TR has paid out a total of $0.35 per share in dividends. Based on the total dividends paid out last year, TR boasts an impressive trailing yield of 1.20% on the current share price of $29.25.

Crypto Market Highlights

• A U.S. government agency issued a warning about Trinity ransomware, which extorts cryptocurrency from victims to prevent data leaks through various attack vectors.

• Crypto exchange Crypto.com has teamed up with 21.co to offer Bitcoin liquidity for 21.co Wrapped Bitcoin (21BTC) customers.

• A wallet drainer on The Open Network (TON) announced its shutdown and redirected users to an alternative crypto-draining service.

• On its 10th anniversary, stablecoin issuer Tether revealed plans to release a documentary highlighting USDT's role in combating inflation.

• The United Arab Emirates will amend value-added tax (VAT) regulations to exempt transfers and conversions of digital assets, including cryptocurrency.

Most Shorted Stocks

Intuitive Machines Inc (LUNR) was one of the most shorted stocks as of latest short interest figures, with 23.67% 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 1.0. This represents a change of -630000 shares, which corresponds to a -4.69% decrease in short interest. The total value of the shares held short is estimated to be around $94.01 million. The average daily volume stands at 13.59M shares, and the market capitalization of the company is $462.46M.

The CNX Resources Corp with the symbol CNX currently has a short interest of 21.32%. The short interest has changed by -680000 shares. The days to cover ratio stands at 12.0. The estimated value of the shares held short is approximately $1.06 billion. On an average day, 2.61M shares are traded, with the company's market capitalization totaling $5.19B.

For the stock C3.ai Inc (AI), the current short interest is at 20.43%. This represents a significant short interest change of -2840000 shares, corresponding to a short interest percentage decrease of -10.02%. The days needed to cover the short positions amount to 6.7. The approximate worth of the shares held short is $609.96 million.

With the symbol ARRY, the stock currently has a short interest of 19.69%. The short interest change is 800000 shares, compared with a short interest percentage change of +2.75%. It would take approximately 5.0 days to cover all the short positions. The shares short value is estimated to be around $165.75 million. The company boasts an average daily volume of 5.79M shares, contributing to a market capitalization of $987.55M.

The stock ESPR has a current short interest of 19.62%. The short interest percentage has experienced decrease of -5.81% while there was a change of -2350000 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 $62.17 million. Trading activity averages at 4.36M shares per day, while the company's market capitalization stands at $408.14M.

Upcoming IPOs

SKK Holdings Limited (SKK) is all set for its debut on the NASDAQ exchange on October 08. They are offering shares in the price range of $4.00 to $5.00. With a total of 2,500,000 shares available, the company aims to raise approximately $11.25M through this IPO.

PTL Limited (PTLE) will be entering the market with its IPO on October 08, on the NASDAQ exchange. They are offering shares in the price range of $4.00 to $6.00. They plan to offer 1,250,000 shares, targeting a deal size of $6.25M.

KinderCare Learning Companies, Inc. (KLC) is also scheduled to make its debut on the NYSE exchange on October 09. They are offering shares in the price range of $23.00 to $27.00. The IPO includes 24,000,000 shares, aiming for a deal size of $600.00M.

SAG Holdings Limited (SAG) is set to join the NASDAQ on October 09. 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.

Moove Lubricants Holdings (MOOV) is poised to launch its IPO on the NYSE exchange on October 10. The company is offering shares priced between $14.50 and $17.50. With 25,000,000 shares on the table, Moove Lubricants aims to secure approximately $400.00M in total funding.

Best Regards,
Stocks Telegraph Team