Midday Insights: Upcoming IPOs & $10 Stock Opportunities

The S&P 500 climbed on Monday as traders looked to extend last week’s momentum, fueled by the Federal Reserve’s recent interest rate cut. Wall Street wrapped up the previous week with significant gains after the Fed slashed rates by 50 basis points, marking its first cut in four years. While markets experienced some volatility post-announcement, stocks surged in the days that followed.

As of 11:24 AM ET, the Dow was up 54.5391 points, or 0.1297%, at $42117.9. The Nasdaq Composite added 47.6 points, or 0.2405%, at $19839.0845. The S&P 500 rose 15.7402 points, or 0.276%, at $5718.29. Among the 11 major S&P 500 sectors, 6 showed negative movement, with Utilities leading the way with a -1.65% decrease

By Friday, the Dow reached an all-time high, closing above 42,000, while all major indexes posted gains of over 1% for the week. The S&P 500 also hit new records. Monday’s session saw investors digest fresh economic data, including a 15-month low in U.S. PMI manufacturing activity for August.

Top Movers: Under $10

Kaival Brands Innovations Group Inc (KAVL) is up 150.43% today to trade at the current level of $1.45. This follows the announcement of a merger between Kavial Brands and Delta Corp Holdings Limited. Both will become wholly owned subsidiaries of a new holding company based in the Cayman Islands.

Amprius Technologies Inc (AMPX) zoomed 21.48% in today’s trade to $1.08 after announcing that it has received two contracts to supply 40 Ah high-performance cells for Light Electric Vehicle applications.

In current trading, Uxin Ltd ADR (UXIN) stock is at $2.11 after announcing its unaudited financial results for the first quarter ended June 30, 2024.

SolarBank Corporation (SUUN) rose 25.75% in the early hours of today's trading to move at $4.19. The company announced that it intends to develop a 5.4 MW DC ground-mount solar power project known as the Boyle project on a site located in Broome County, New York.

In the current trading session, Signing Day Sports Inc (SGN) jumped 20.65% to $0.31 over a previous close of $0.26. The company updated its financial status and plans to acquire Swifty Global, expecting improved growth and efficiency for both companies.

Ex-Dividends Stocks

ST Microelectronics (STM) 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 $0.08 per share. It has fixed September 24 as the record date for the same and will pay the actual dividend on October 01. Last year, the company distributed a total of $0.27 to its shareholders. Based on the last year's worth of payments, STM has a trailing yield of 0.98% on the current stock price of $27.67.

Shares of Guardion Health Sciences Inc (GHSI) will be the talk of stock market on Tuesday as the stock will turn ex-dividend. The company's next dividend payment will be $5 per share.

Tomorrow, Arcos Dorados Holdings Inc (ARCO) is also set to go ex-dividend tomorrow. The next dividend payment from ARCO will amount to $0.06 per share. September 24 has been designated as the record date for this dividend, with the actual payout scheduled for September 27. In the previous year, ARCO distributed a total of $0.21 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for ARCO stands at 2.53% based on the current stock price of $8.29.

Equity Residential Properties Trust (EQR) will be paying out a dividend of $0.68 per share to shareholders holding their shares as of the close of the business hours on the record date of September 24. Over the past 12 months, EQR has paid out a total of $2.68 per share in dividends. Based on the total dividends paid out last year, EQR boasts an impressive trailing yield of 3.46% on the current share price of $77.29.

Crypto Market Highlights

• Bitcoin may see a significant rally by the end of 2024, according to the latest 10x Research report.

• Despite China's cryptocurrency ban, Chinese miners still dominate the Bitcoin network, controlling over 55% of the mining pools, as noted by CryptoQuant's Ki Young Ju.

• BlackRock has filed an amendment for its Bitcoin ETF, addressing investor concerns by requiring Bitcoin withdrawals from Coinbase within 12 hours, per a SEC filing on Sept. 16.

• A wallet in The Open Network (TON) ecosystem will now support crypto assets on the Tron blockchain.

• Australian regulators are reportedly set to extend licensing requirements for cryptocurrency exchanges beyond just digital currencies, as reported by The Australian Financial Review (AFR).

Most Shorted Stocks

BioCardia Inc. (BCDA) was one of the most shorted stocks as of latest short interest figures, with 84.33% 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 2.3. This represents a change of 1765100 shares, which corresponds to a +2,719.72% increase in short interest. The total value of the shares held short is estimated to be around $4.5 million. The average daily volume stands at 835.60K shares, and the market capitalization of the company is $8.63M.

The Innovative Eyewear Inc with the symbol LUCY currently has a short interest of 67.42%. The short interest has changed by 777500 shares. The days to cover ratio stands at 0.4. The estimated value of the shares held short is approximately $7.19 million. On an average day, 1.94M shares are traded, with the company's market capitalization totaling $13.72M.

For the stock Microvision Inc. (MVIS), the current short interest is at 26.97%. This represents a significant short interest change of 840000 shares, corresponding to a short interest percentage increase of +1.53%. The days needed to cover the short positions amount to 26.0. The approximate worth of the shares held short is $59.64 million.

With the symbol HRTX, the stock currently has a short interest of 23.84%. The short interest change is -40000 shares, compared with a short interest percentage change of -0.11%. It would take approximately 15.5 days to cover all the short positions. The shares short value is estimated to be around $108.69 million. The company boasts an average daily volume of 2.45M shares, contributing to a market capitalization of $295.00M.

The stock CAPR has a current short interest of 23.36%. The short interest percentage has experienced increase of +6.71% while there was a change of 470000 shares in short interest. The ratio indicating the time required to cover short positions is 19.5. The calculated worth of the shorted shares amounts to around $183.91 million. Trading activity averages at 408.62K shares per day, while the company's market capitalization stands at $166.60M.

Upcoming IPOs

Wellchange Holdings Company Limited (WCT) is all set for its debut on the NASDAQ exchange on September 25. 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 September 25, 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.

BKV Corporation (BKV) is also scheduled to make its debut on the NYSE exchange on September 26. They are offering shares in the price range of $19.00 to $21.00. The IPO includes 15,000,000 shares, aiming for a deal size of $300.00M.

BioAge Labs, Inc. (BIOA) is set to join the NASDAQ on September 26. They are offering shares in the price range of $17.00 to $19.00. They are offering 7,500,000 shares, with an estimated deal size of $135.00M.

Guardian Pharmacy Services, Inc. (GRDN) is preparing to launch its IPO on the NYSE exchange on September 26. The company plans to offer shares priced between $14.00 and $16.00. With a total of 1,012,500 shares available, GreenTech aims to raise approximately $15.19M in this offering.

Best Regards,
Stocks Telegraph Team