Midday Flash: Upcoming IPOs & Budget Stocks Breaking Out

U.S. stocks edged higher Monday as markets turned their focus to key trade developments and the kickoff of big tech earnings this week.

As of 11:30 AM ET, the Dow was up 212 points, or 0.4781%, at $44554.2. The Nasdaq Composite added 167.89 points, or 0.73%, at $23233.37. The S&P 500 rose 35.98 points, or 0.57%, at $6332.77. Among the 11 major S&P 500 sectors, 8 showed positive movement, with Materials leading the way with a 1.41% increase.

Meanwhile, earnings season is off to an impressive start. Of the 62 S&P 500 companies that have reported so far, over 85% have exceeded expectations, according to FactSet. Early second-quarter results suggest 5% year-over-year earnings growth, based on Bank of America estimates.

Looking ahead, the major indexes could see a fresh boost as Alphabet and Tesla—two members of the “Magnificent Seven”—prepare to report. Analysts expect these megacaps to lead the second-quarter earnings surge, with projected growth of 14% for the group, compared to just 3.4% for the remaining S&P 500 companies.

Top Movers: Under $10 

SAB Biotherapeutics Inc (SABS) is up 65.76% today to trade at the current level of $4.26. This comes after the company announced an oversubscribed $175 million private placement.

Upexi Inc (UPXI) zoomed 36.18% in today’s trade to $10.19 after announcing the acquisition of 100,000 SOL, bringing its treasury holdings to 1,818,809 SOL worth $331 million.

In current trading, Veritone Inc (VERI) stock is at $2.99. The company recently announced that it has achieved “Awardable” status through the Platform One (P1) Solutions Marketplace.

reAlpha Tech Corp (AIRE) rose 196.32% in the early hours of today's trading to move at $0.56 after announcing the closing of $2 million public offering.

In the current trading session, ProMIS Neurosciences Inc (PMN) jumped 159.03% to $1.14 over a previous close of $0.44 after announcing that the U.S. Food and Drug Administration (FDA) has granted Fast Track designation to PMN310, the Company’s lead therapeutic candidate in development for the treatment of Alzheimer’s disease (AD).

Ex-Dividend Stocks

APA Corporation (APA) 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 $0.25 per share. It has fixed July 22 as the record date for the same and will pay the actual dividend on August 22. Last year, the company distributed a total of $1.00 to its shareholders. Based on last year's worth of payments, APA has a trailing yield of 5.33% on the current stock price of $18.75.

Another stock that is shelling out dividends Wednesday is Immersion Corp (IMMR), having a market capitalization of $243.62M. It will pay a dividend of $0.04 per share, the payment date of which is August 08. Currently, the stock is trading at a trailing dividend yield of 1.18%.

Shares of Concentrix Corp (CNXC) will be the talk of the stock market on Friday as the stock will turn ex-dividend. The company's next dividend payment will be $0.33 per share, and in the last 12 months, it paid a total of $1.30 per share. Last year's total dividend payments show that CNXC has a trailing yield of 2.22% on the current share price of $58.72.

Coca-Cola Consolidated Inc (COKE) is also set to go ex-dividend Friday. The next dividend payment from COKE will amount to $0.25 per share. July 25 has been designated as the record date for this dividend, with the actual payout scheduled for August 08. In the previous year, COKE distributed a total of $0.80 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for COKE stands at 0.69% based on the current stock price of $115.2.

GE HealthCare Technologies Inc (GEHC) 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 July 25. Over the past 12 months, GEHC has paid out a total of $0.13 per share in dividends. Based on the total dividends paid out last year, GEHC boasts an impressive trailing yield of 0.17% on the current share price of $75.37.

Crypto Market Highlights

• Aave's proposal to launch a centralized version of its DeFi lending protocol on Kraken’s Ink blockchain has gained strong community support.

• BitGo has filed for a U.S. IPO, signaling continued integration of the crypto sector into traditional financial markets.

• Hashed Emergent and Black Dot have introduced a model crypto law to help define India’s regulatory approach to digital assets.

• Conflux has launched the third version of its public blockchain and unveiled a new stablecoin backed by offshore Chinese yuan.

• A group of crypto researchers and market experts is planning to launch the largest yield-bearing Ether fund aimed at institutional investors.

Most Shorted Stocks

Omeros Corporation (OMER) was one of the most shorted stocks as of latest short interest figures, with 24.15% 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 13.1. This represents a change of 420000 shares, which corresponds to a +3.21% increase in short interest. The total value of the shares held short is estimated to be around $51.24 million. The average daily volume stands at 1.02M shares, and the market capitalization of the company is $222.06M.

The New Fortress Energy Inc with the symbol NFE currently has a short interest of 32.72%. The short interest has changed by 7250000 shares. The days to cover ratio stands at 4.8. The estimated value of the shares held short is approximately $257.46 million. On an average day, 12.19M shares are traded, with the company's market capitalization totaling $1.21B.

For the stock AVITA Medical Inc (RCEL), the current short interest is at 22.32%. This represents a significant short interest change of 990000 shares, corresponding to a short interest percentage increase of +22.05%. The days needed to cover the short positions amount to 19.2. The approximate worth of the shares held short is $28.88 million.

With the symbol BE, the stock currently has a short interest of 21.41%. The short interest change is -830000 shares, compared with a short interest percentage change of -1.70%. It would take approximately 7.7 days to cover all the short positions. The shares' short value is estimated to be around $143.03 million. The company boasts an average daily volume of 6.08M shares, contributing to a market capitalization of $6.06B.

The stock DNA has a current short interest of 31.50%. The short interest percentage has experienced an increase of +6.28% while there was a change of 710000 shares in short interest. The ratio indicating the time required to cover short positions is 9.0. The calculated worth of the shorted shares amounts to around $524.94 million. Trading activity averages at 1.27M shares per day, while the company's market capitalization stands at $640.93M.

Upcoming IPOs

HW Electro Co., Ltd. (HWEP) is all set for its debut on the NASDAQ exchange on July 22. The shares will be offered at a fixed price of $4.00 per share. With a total of 4,150,000 shares available, the company aims to raise approximately $16.60M through this IPO.

Carlsmed, Inc. (CARL) will be entering the market with its IPO on July 23, on the NASDAQ exchange. They are offering shares in the price range of $14.00 to $16.00. They plan to offer 6,700,000 shares, targeting a deal size of $100.50M.

Cre8 Enterprise Limited (CRE) is also scheduled to make its debut on the NASDAQ exchange on July 23. They are offering shares in the price range of $4.00 to $5.00. The IPO includes 1,525,000 shares, aiming for a deal size of $6.86M.

NIQ Global Intelligence plc (NIQ) is set to join the NYSE on July 23. They are offering shares in the price range of $20.00 to $24.00. They are offering 50,000,000 shares, with an estimated deal size of $1.10B.

Accelerant Holdings (ARX) is slated to launch its IPO on the NYSE exchange on July 24. The company plans to offer 28,947,368 shares at a price range of $18.00 to $20.00 per share. With this offering, ARX aims to raise $550.00M in gross proceeds.

That's it for today. Thanks for reading. Good luck out there!

Best Regards,

Stocks Telegraph Team

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