Midday Update: EV stocks to Watch & $10 Deals

The S&P 500 rebounded on Tuesday after Monday’s losses, with investors focusing on oil prices and bond yields. Technology stocks led the rally, with Nvidia climbing 4%, and Apple, Meta Platforms, Tesla, and Microsoft each gaining over 1%.

As of 11:41 AM ET, the Dow was up 48.5 points, or 0.1156%, at $42002.75. The Nasdaq Composite added 219.19 points, or 1.11%, at $20019.9302. The S&P 500 rose 42.8198 points, or 0.7517%, at $5738.76. Among the 11 major S&P 500 sectors, 9 showed positive movement, with Consumer Defensive leading the way with a 1.01% increase.

Market volatility has increased this month, driven by concerns over the escalating conflict in the Middle East and rising bond yields. On Tuesday, the 10-year Treasury yield hit its highest level since August 1st, adding pressure to the markets.

While the market ended last week on a high note after a blockbuster jobs report, optimism has faded this week. Investors are reconsidering the likelihood of aggressive interest rate cuts from the Federal Reserve, given the continued strength in the labor market, which contributed to Monday’s losses across major indexes.

Top Movers: Under $10

Laser Photonics Corp (LASE) is up 53.24% today to trade at the current level of $6.62. This comes after the company provided shareholder update.

Nuburu Inc (BURU) zoomed 45.25% in today’s trade to $0.65. This rally can be attributed to news that Liqueous LP, announced a comprehensive $65 million financing program for Nuburu Inc. (BURU).

In current trading, Bio-Path Holdings Inc (BPTH) stock is at $1.18 after announcing the initiation of a therapeutic program to develop BP1001-A for the treatment of obesity and related metabolic diseases.

Expion360 Inc (XPON) rose 4.39% in the early hours of today's trading to move at $0.04 after announcing 1-For-100 reverse stock split.

In the current trading session, Alternus Clean Energy Inc (ALCE) jumped 19.41% to $0.18 over a previous close of $0.15 after announcing that on October 3, 2024, it sold Solis Bond Company DAC, its Irish subsidiary, along with its Romanian subsidiaries, to Solis Trustee Special Vehicle Limited for €1.00. This sale was part of the company’s efforts to improve its balance sheet.

Ex-Dividends Stocks

American Tower Corp. (AMT) 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 $1.62 per share. It has fixed October 09 as the record date for the same and will pay the actual dividend on October 25. Last year, the company distributed a total of $6.56 to its shareholders. Based on the last year's worth of payments, AMT has a trailing yield of 2.92% on the current stock price of $225.02.

Shares of Mastercard Incorporated (MA) will be the talk of stock market on Wednesday as the stock will turn ex-dividend. The company's next dividend payment will be $0.66 per share, and in the last 12 months, it paid a total of $2.55 per share. Last year's total dividend payments show that MA has a trailing yield of 0.52% on the current share price of $493.49.

Johnson Outdoors Inc (JOUT) is also set to go ex-dividend tomorrow. The next dividend payment from JOUT will amount to $0.33 per share. October 09 has been designated as the record date for this dividend, with the actual payout scheduled for October 23. In the previous year, JOUT distributed a total of $1.32 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for JOUT stands at 3.88% based on the current stock price of $34.04.

Kite Realty Group Trust (KRG) will be paying out a dividend of $0.26 per share to shareholders holding their shares as of the close of the business hours on the record date of October 09. Over the past 12 months, KRG has paid out a total of $0.97 per share in dividends. Based on the total dividends paid out last year, KRG boasts an impressive trailing yield of 3.77% on the current share price of $25.64.

Crypto Market Highlights

• Crypto.com is initiating legal action against the U.S. securities regulator to safeguard the future of the crypto industry in the country.

• Alchemy Pay is integrating its virtual cards with Samsung Pay, expanding cryptocurrency payment options.

• South Korea's government will implement foreign exchange regulations on cross-border transactions involving dollar-pegged stablecoins.

• Bison, a trading platform owned by Böerse Stuttgart Group, has launched an insured staking service for Ethereum users. 

• RedStone Oracles has introduced staking oracles specifically designed for Bitcoin staking.

  Most Shorted Stocks

Iovance Biotherapeutics Inc (IOVA) was one of the most shorted stocks as of latest short interest figures, with 24.40% 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 8.9 This represents a change of 2600000 shares, which corresponds to a +4.51% increase in short interest. The total value of the shares held short is estimated to be around $611.94 million. The average daily volume stands at 6.26M shares, and the market capitalization of the company is $3.08B.

The TG Therapeutics Inc with the symbol TGTX currently has a short interest of 21.63%. The short interest has changed by 330000 shares. The days to cover ratio stands at 8.2 The estimated value of the shares held short is approximately $646.04 million. On an average day, 3.66M shares are traded, with the company's market capitalization totaling $3.35B.

For the stock Rekor Systems Inc (REKR), the current short interest is at 19.69%. This represents a significant short interest change of 1330000 shares, corresponding to a short interest percentage increase of +8.59%. The days needed to cover the short positions amount to 14.6 The approximate worth of the shares held short is $18.83 million.

With the symbol VERV, the stock currently has a short interest of 25.40%. The short interest change is -460000 shares, compared with a short interest percentage change of -2.82%. It would take approximately 11.2 days to cover all the short positions. The shares short value is estimated to be around $78.5 million. The company boasts an average daily volume of 1.40M shares, contributing to a market capitalization of $395.18M.

The stock MED has a current short interest of 19.32%. The short interest percentage has experienced decrease of -0.97% while there was a change of -20000 shares in short interest. The ratio indicating the time required to cover short positions is 6.2 The calculated worth of the shorted shares amounts to around $292.8 million. Trading activity averages at 279.86K shares per day, while the company's market capitalization stands at $201.84M.

EV Stocks to Watch

According to our ST Score evaluation, Li Auto Inc ADR (LI) emerges as a high-quality stock in the EV industry, attaining an impressive score of 55. The stock's profitability, performance, and financial strength are strong. Additionally, it is neutral in terms of growth, stock sentiment, Piotroski Score, and forecast.

Our ST Score also classifies Enersys (ENS) as a high-quality EV stock today, presenting a Score of 52. The stock has strong fundamentals in terms of profitability, performance, and Piotroski Score. However, it has weak growth. The financial strength, stock sentiment, and forecast are neutral.

Another stock in the category, Skyworks Solutions, Inc. (SWKS) has the ST Score of 52, which means that the stock carries the potential for higher returns. The stock is strong in profitability, financial strength, and Piotroski Score but weak in performance, and growth. Stock sentiment, and forecast suggest a neutral outlook.

Aptiv PLC (APTV) stock has the ST Score of 51 which implies that the EV company has a high probability of beating the market. The stock's strengths lie in its profitability, and Piotroski Score, but its weaknesses are in its financial strength. However, it shows neutral outlook in performance, growth, stock sentiment, and forecast.

Blink Charging Co (BLNK) currently has the ST Score of 51, which signifies a huge upward potential. The EV stock's strong points are its growth, and financial strength, while its weak points are its profitability, and performance. The stock's stock sentiment, Piotroski Score, and forecast indicate a neutral outlook.

Best Regards,
Stocks Telegraph Team