Midday Movers: Top 5 Stocks Dominating the Market!

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Dear Readers,

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On Tuesday, the stock market experienced a decline following inflation data for January that exceeded expectations, resulting in a surge in Treasury yields. This development cast uncertainty over the Federal Reserve's ability to implement multiple rate cuts this year, a critical aspect of the optimistic outlook for stocks.

The Consumer Price Index (CPI) witnessed a 0.3% increase from December to January, and on a year-over-year basis, it was up by 3.1%. This surpassed the forecasts by Dow Jones economists, who had anticipated a 0.2% monthly increase for January and a 2.9% rise from the previous year.

Excluding the more unpredictable food and energy sectors, core prices saw a 0.4% increase on a monthly basis and a 3.9% increase compared to the previous year. These figures also exceeded expectations, with economists predicting a 0.3% rise for January and a 3.7% increase from the year before.

In company-specific news, JetBlue Airways' stock surged by 13% following the announcement that activist investor Carl Icahn had acquired nearly a 10% stake in the company. Conversely, Hasbro experienced a nearly 6% drop after its fourth-quarter earnings fell short of analyst predictions. Additionally, Avis Budget Group's shares declined by 17%.

As of 11:37 AM ET, the Dow was down -407.2383 points, or -1.0497%, at $38390.14. The Nasdaq Composite lost -199.4883 points, or -1.1155%, at $17683.172. The S&P 500 declined -51.4697 points, or -1.0249%, at $4970.37. Among the 11 major S&P 500 sectors, 7 showed positive movement, with Information Technology leading the way with a 1.08% increase.

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Top Movers: Under $10

Whole Earth Brands Inc (FREE) is up 35.47% today to trade at the current level of $4.76. This comes after the company signed definitive agreement to be acquired by Affiliates of Sababa Holdings FREE, LLC.

Candel Therapeutics Inc (CADL) zoomed 36.69% in today’s trade to $1.90 after announcing that the FDA granted Fast Track Designation for CAN-3110 for the treatment of patients with recurrent high-grade glioma (HGG) to improve overall survival.

In current trading, Ault Alliance Inc (AULT) stock is at $0.54 following the declarations from the company that it currently anticipates utilizing the stock repurchase program that was previously authorized by its Board of Directors in December 2021.

LianBio ADR (LIAN) rose 17.95% in the early hours of today's trading to move at $4.76 after announcing completion of strategic review.

In the current trading session, Digital Brands Group Inc (DBGI) jumped 183.77% to $8.13 over a previous close of $2.87. The company announced that it is re-affirming its fiscal year 2024 forecast of $27 million to $30 million in revenue, $6 million to $7 million in internal free cash flow and $1.5 million to $2.0 million in ebitda.

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Ex-Dividends Stocks

CF Industries Holdings Inc (CF) 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 $0.5 per share. It has fixed February 15 as the record date for the same and will pay the actual dividend on February 29. Last year, the company distributed a total of $1.60 to its shareholders. Based on the last year's worth of payments, CF has a trailing yield of 2.08% on the current stock price of $77.19.

Another stock that is shelling out dividends tomorrow is Microsoft Corporation (MSFT), having a market capitalization of $3031.73B. It will pay a dividend of $0.75 per share, the payment date of which is March 14. Currently, the stock is trading at a trailing dividend yield of 0.68%.

Shares of Jabil Inc (JBL) will be the talk of stock market on Wednesday as the stock will turn ex-dividend. The company's next dividend payment will be $0.08 per share, and in the last 12 months, it paid a total of $0.32 per share. Last year's total dividend payments show that JBL has a trailing yield of 0.23% on the current share price of $138.25.

Kroger Co. (KR) is also set to go ex-dividend tomorrow. The next dividend payment from KR will amount to $0.29 per share. February 15 has been designated as the record date for this dividend, with the actual payout scheduled for March 01. In the previous year, KR distributed a total of $1.10 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for KR stands at 2.40% based on the current stock price of $45.76.

Lilly(Eli) & Co (LLY) will be paying out a dividend of $1.3 per share to shareholders holding their shares as of the close of the business hours on the record date of February 15. Over the past 12 months, LLY has paid out a total of $4.52 per share in dividends. Based on the total dividends paid out last year, LLY boasts an impressive trailing yield of 0.61% on the current share price of $735.55.

3 Top S&P 500 Stocks to Buy for 2024

After a rough outing in 2022, 2023 has been explosive.

In fact, since the year began, major indices, like the S&P 500 are up about 15% year to date. Heading into New Year 2024, things could get even better.

That said, here are three "no brainer" stocks to consider.

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Crypto Market Highlights

  • Solana's SOL token surpasses Binance's BNB to become the fourth-largest cryptocurrency by market capitalization.

  • Ledger and Coinbase collaborate to simplify crypto purchases and facilitate seamless transfers of assets from exchanges to self-custody.

  • The Isle of Man initiates a public consultation on the future of its crypto regulation, being a well-known offshore financial center.

  • Crypto Fear and Greed Index reaches levels not seen since Bitcoin's all-time highs, hitting 79 on Feb. 13, the highest since mid-November 2021.

  • CoinShares reports $108.5 million in annual revenue in its Q4 2023 report for the digital asset investment platform.

  • The criminal sentencing for Binance founder Changpeng "CZ" Zhao is rescheduled to April 30.

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Most Shorted Stocks

Trupanion Inc (TRUP) was one of the most shorted stocks as of latest short interest figures, with 41.25% 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 19.0. This represents a change of 490000 shares, which corresponds to a +3.95% increase in short interest. The total value of the shares held short is estimated to be around $397.24 million. The average daily volume stands at 1.52 shares, and the market capitalization of the company is $1.28B.

The Sunpower Corp with the symbol SPWR currently has a short interest of 40.15%. The short interest has changed by 5800000 shares. The days to cover ratio stands at 4.5. The estimated value of the shares held short is approximately $125.65 million. On an average day, 2.16 shares are traded, with the company's market capitalization totaling $635.68M.

For the stock C3.ai Inc (AI), the current short interest is at 32.81%. This represents a significant short interest change of 1060000 shares, corresponding to a short interest percentage increase of 2.77%. The days needed to cover the short positions amount to 4.5. The approximate worth of the shares held short is $1.15 billion.

With the symbol CUTR, the stock currently has a short interest of 34.85%. The short interest change is 780000 shares, compared with a short interest percentage change of +12.64%. It would take approximately 3.6 days to cover all the short positions. The company boasts an average daily volume of 1.37 shares, contributing to a market capitalization of $52.44M.

The stock PLUG has a current short interest of 34.07%. The short interest percentage has experienced increase of +16.14% while there was a change of 25560000 shares in short interest. The ratio indicating the time required to cover short positions is 3.9. The calculated worth of the shorted shares amounts to around $28.7 million. Trading activity averages at 1.51 shares per day, while the company's market capitalization stands at $2.50B.

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EV Stocks to Watch

According to our ST Score evaluation, Aehr Test Systems (AEHR) emerges as a high-quality stock in the EV industry, attaining an impressive score of 57.0. The stock's profitability, growth, financial strength, and stock sentiment are strong. However, its performance are weak. Additionally, it is neutral in terms of value, Piotroski Score, and forecast.

Our ST Score also classifies Aptiv PLC (APTV) as a high-quality EV stock today, presenting a Score of 54.0. The stock has strong fundamentals in terms of profitability, growth, and Piotroski Score. However, it has weak performance. The value, financial strength, stock sentiment, and forecast are neutral.

Another stock in the category, Hyliion Holdings Corporation (HYLN) has the ST Score of 53.0, which means that the stock carries the potential for higher returns. The stock is strong in performance, growth, financial strength, and stock sentiment but weak in profitability, and Piotroski Score. Value, and forecast suggest a neutral outlook.

Fluence Energy Inc (FLNC) stock has the ST Score of 54.0 which implies that the EV company has a high probability of beating the market. The stock's strengths lie in its performance, growth, financial strength, and stock sentiment, but its weaknesses are in its value, and profitability. However, it shows neutral outlook in Piotroski Score, and forecast.

Beam Global (BEEM) currently has the ST Score of 53.0, which signifies a huge upward potential. The EV stock's strong points are its performance, financial strength, and stock sentiment, while its weak points are its value, and profitability. The stock's growth, Piotroski Score, and forecast indicate a neutral outlook.

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

Best Regards,
Stocks Telegraph Team

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