Midday Report: EV Stocks to Watch & $10 High-Growth Picks

The S&P 500 climbed solidly on Tuesday as traders awaited the outcome of a high-stakes U.S. presidential election, which could have a lasting impact on where stocks finish the year. Historical data from CNBC suggests that, while major indexes tend to gain between Election Day and year-end, they often experience volatility immediately following the election. Ongoing uncertainty about the results could add to near-term market shakiness.

At 11:27 AM ET, the Dow was up 308.9102 points, or 0.7391%, at $42103.51. The Nasdaq Composite added 204.38 points, or 1.02%, at $20167.9854. The S&P 500 rose 53.6699 points, or 0.9395%, at $5766.36. Among the 11 major S&P 500 sectors, 11 showed positive movement, with Consumer Cyclical leading the way with a 1.18% increase.

In addition to the election, investors are watching for the Federal Reserve’s November rate decision on Thursday, along with insights from Chair Jerome Powell on the path of future policy moves. The CME Group’s FedWatch Tool indicates a 98% likelihood of a quarter-point rate cut, following September’s half-point reduction.

Year-to-date, the S&P 500 has already surged over 19%, approaching its record high and marking an exceptionally strong performance heading into an election.

Top Movers: Under $10

Bionomics Ltd. ADR (BNOX) is up 128.25% today to trade at the current level of $0.44. This comes after BNOX announced that it received a milestone payment of AUS$1M from Carina Biotech for BNC101, one of their partnered legacy oncology programs.

Zoomcar Holdings Inc (ZCAR) zoomed 98.88% in today’s trade to $8.01. This rally can be attributed to the company announcement of a major expansion in its customer support efforts, doubling its customer support team to ensure faster, more efficient assistance for both Hosts and Guests on its platform.

In current trading, Vimeo Inc (VMEO) stock is at $6.84 following news that Company posted its third quarter 2024 shareholder letter on the investor relations section of its website at https://www.vimeo.com/investors.

Agrify Corp (AGFY) rose 33.12% in the early hours of today's trading to move at $4.18. The strong performance arrived following the news that company’s board of directors has approved a $20 million convertible secured note of which $10M will be drawn upon at closing, from a wholly-owned subsidiary of Green Thumb Industries Inc.

In the current trading session, ZyVersa Therapeutics Inc (ZVSA) jumped 32.97% to $2.42 over a previous close of $1.82 as company highlighted data from an article published in the peer-reviewed International Journal of Nanomedicine titled Small Intestinal Endocrine Cell Derived Exosomal ACE2 Protects Islet β-Cell Function by Inhibiting the Activation of NLRP3 Inflammasome and Reducing β-Cell Pyroptosis.

Ex-Dividends Stocks

Archrock Inc (AROC) 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 $0.17 per share. The company has fixed November 06 as the record date for the same and will pay the actual dividend on November 13. Last year, the company distributed a total of $0.65 to its shareholders. Based on the last year's worth of payments, AROC has a trailing yield of 3.19% on the current stock price of $20.39.

Shares of Brown & Brown, Inc (BRO) will be the talk of stock market on Wednesday as the stock will turn ex-dividend. The company's next dividend payment will be $0.15 per share, and in the last 12 months, the company paid a total of $0.39 per share. Last year's total dividend payments show that BRO has a trailing yield of 0.37% on the current share price of $106.53.

Tomorrow, WisdomTree Inc (WT) is also set to go ex-dividend tomorrow. The next dividend payment from WT will amount to $0.03 per share. November 06 has been designated as the record date for this dividend, with the actual payout scheduled for November 20. In the previous year, WT distributed a total of $0.12 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for WT stands at 1.16% based on the current stock price of $10.38.

Southern Copper Corporation (SCCO) will be paying out a dividend of $0.7 per share to shareholders holding their shares as of the close of the business hours on the record date of November 06. Over the past 12 months, SCCO has paid out a total of $2.36 per share in dividends. Based on the total dividends paid out last year, SCCO boasts an impressive trailing yield of 2.08% on the current share price of $113.44.

Crypto Market Highlights

• Data from cryptocurrency analytics firm Spot On Chain reveals that wallets linked to the now-defunct Mt. Gox exchange moved over $2 billion worth of Bitcoin to three new addresses earlier this Tuesday.

• Sheetz has partnered with digital payment company Flexa to accept cryptocurrencies for in-store purchases at all locations, allowing customers to use popular cryptocurrencies like Bitcoin, Ether, and Litecoin, as well as stablecoins such as USD Coin.

• Deutsche Telekom’s technology subsidiary, MMS, has collaborated with traditional banking institution Bankhaus Metzler to launch an innovative Bitcoin mining initiative utilizing excess renewable energy in Germany.

• A UK pension fund has made history by becoming the first in the country to include Bitcoin (BTC) in its investment portfolio. In a press release on Monday, pension advisory firm Cartwright announced a recommendation for a 3% Bitcoin allocation for an undisclosed client, highlighting the digital currency's strong long-term performance.

• On Monday, Bitcoin exchange-traded funds experienced significant outflows totaling $580 million, marking the largest single-day withdrawal recorded to date, according to data from Bianco Research.

Most Shorted Stocks

AST SpaceMobile Inc (ASTS) was one of the most shorted stocks as of latest short interest figures, with 34.67% 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 2.2 Days to Cover. This represents a change of -2850000 shares, which corresponds to a -6.86% decrease in short interest. The total value of the shares held short is estimated to be around $918.2 million. The average daily volume stands at 16.65M shares, and the market capitalization of the company is $6.71B.

For the stock Spirit Airlines Inc (SAVE), the current short interest is at 33.89%. This represents a significant short interest change of 940000 shares, corresponding to a short interest percentage increase of +2.63%%. The days needed to cover the short positions amount to 4.6 Days to Cover. The approximate worth of the shares held short is $90.92 million.

With the symbol ALT, the stock currently has a short interest of 31.28%. The short interest change is -170000 shares, compared with a short interest percentage change of -0.76%%. It would take approximately 10.1 Days to Cover days to cover all the short positions. The shares short value is estimated to be around $247.46 million. The company boasts an average daily volume of 2.18M shares, contributing to a market capitalization of $479.73M.

The stock VITL has a current short interest of 33.59%. The short interest percentage has experienced increase of +13.29%% while there was a change of 1130000 shares in short interest. The ratio indicating the time required to cover short positions is 9.0 Days to Cover. The calculated worth of the shorted shares amounts to around $770.27 million. Trading activity averages at 1.05M shares per day, while the company's market capitalization stands at $1.49B.

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 59. The stock's profitability, financial strength, and Piotroski Score are strong. However, its performance, stock sentiment, and forecast are weak. Additionally, it is neutral in terms of growth.

Our ST Score also classifies Alphabet Inc (GOOG) as a high-quality EV stock today, presenting a Score of 57. The stock has strong fundamentals in terms of profitability, performance, financial strength, and Piotroski Score. However, it has weak growth. The stock sentiment, and forecast are neutral.

Another stock in the category, Enersys (ENS) has the ST Score of 54, which means that the stock carries the potential for higher returns. The stock is strong in profitability, and Piotroski Score but weak in growth. Performance, financial strength, stock sentiment, and forecast suggest a neutral outlook.

General Motors Company (GM) stock has the ST Score of 57 which implies that the EV company has a high probability of beating the market. The stock's strengths lie in its profitability, performance, and Piotroski Score, but its weaknesses are in its growth, and financial strength. However, it shows neutral outlook in stock sentiment, and forecast.

Teck Resources Ltd (TECK) currently has the ST Score of 55, which signifies a huge upward potential. The EV stock's strong points are its profitability, and Piotroski Score, while its weak points are its growth. The stock's performance, financial strength, stock sentiment, and forecast indicate a neutral outlook.