Midday Update: High-Potential $10 Stocks & Hot IPOs

Stocks are on the rise Monday, recovering from a decline at the end of last week.

As of 11:32 AM ET, the Dow was up 389.27 points, or 0.9943%, at $39539.61. The Nasdaq Composite lost -81.541 points, or -0.4139%, at $19618.89. The S&P 500 rose 15.1299 points, or 0.2769%, at $5479.75. Among the 11 major S&P 500 sectors, 7 showed positive movement, with Energy leading the way with a 1.95% increase.

The market is buoyed by optimism that artificial intelligence advancements will boost corporate profits, especially for Nvidia, which has been a major driver of gains over the past year.

Expectations that the Federal Reserve might cut interest rates later this year are also providing support. Investors are looking ahead to Friday's release of the core personal consumption expenditures index, the Fed’s preferred measure of inflation.

Bond yields remained relatively stable. The benchmark 10-year Treasury note yield stands at 4.251%, while the two-year yield is at 4.738%.

Top Movers: Under $10

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 June 25 as the record date for the same and will pay the actual dividend on July 02. Last year, the company distributed a total of $0.24 to its shareholders. Based on the last year's worth of payments, STM has a trailing yield of 0.59% on the current stock price of $40.72.

Another stock that is shelling out dividends tomorrow is Arcos Dorados Holdings Inc (ARCO), having a market capitalization of $1.90B. It will pay a dividend of $0.06 per share, the payment date of which is December 27. Currently, the stock is trading at a trailing dividend yield of 1.66%.

Shares of BRT Apartments Corp (BRT) will be the talk of the stock market on Tuesday as the stock will turn ex-dividend. The company's next dividend payment will be $0.25 per share, and in the last 12 months, it paid a total of $0.75 per share. Last year's total dividend payments show that BRT has a trailing yield of 4.18% on the current share price of $17.94.

Tomorrow, First Guaranty Bancshares Inc (FGBI) is also set to go ex-dividend tomorrow. The next dividend payment from FGBI will amount to $0.16 per share. June 25 has been designated as the record date for this dividend, with the actual payout scheduled for June 28. In the previous year, FGBI distributed a total of $0.48 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for FGBI stands at 5.36% based on the current stock price of $8.95.

Heartland Express, Inc. (HTLD) will be paying out a dividend of $0.02 per share to shareholders holding their shares as of the close of the business hours on the record date of June 25. Over the past 12 months, HTLD has paid out a total of $0.06 per share in dividends. Based on the total dividends paid out last year, HTLD boasts an impressive trailing yield of 0.50% on the current share price of $11.95.

Crypto Market Highlights

• Bitcoin (BTC) saw over $122 million in leveraged long positions liquidated as its price fell below $61,000, risking a drop below $60,000.

• Coatue Management will invest $150 million in Bitcoin miner Hut 8 Corp through a convertible note, as the AI boom attracts more investors.

• Tether is halting the issuance of new USDT tokens on the Eos and Algorand blockchains starting June 24.

• CoinShares International has announced the sale of its FTX claim, expecting a 116% recovery rate net of broker fees.

• The Open Network (TON), a Telegram-linked blockchain platform, is experiencing increased phishing attacks, according to a blockchain security expert.

• The Korea Institute of Finance advised against South Korea approving spot crypto ETFs, citing that global examples show losses outweigh benefits.

Most Shorted Stocks

Childrens Place Inc (PLCE) was one of the most shorted stocks as of the latest short interest figures, with 55.31% 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 2.5. This represents a change of -310000 shares, which corresponds to a -10.26% decrease in short interest. The total value of the shares held short is estimated to be around $21.57 million. The average daily volume stands at 1.14M shares, and the market capitalization of the company is $101.17M.

The B. Riley Financial Inc with the symbol RILY currently has a short interest of 50.67%. The short interest has changed by -290000 shares. The days to cover ratio stands at 6.6. The estimated value of the shares held short is approximately $162.9 million. On an average day, 1.14M shares are traded, with the company's market capitalization totaling $620.85M.

For the stock Maxeon Solar Technologies Ltd (MAXN), the current short interest is at 45.95%. This represents a significant short interest change of 840000 shares, corresponding to a short interest percentage increase of +5.81%. The days needed to cover the short positions amount to 4.2. The approximate worth of the shares held short is $15.76 million.

With the symbol PHAT, the stock currently has a short interest of 44.10%. The short interest change is 150000 shares, compared with a short interest percentage change of +1.23%. It would take approximately 18.8 days to cover all the short positions. The shares short value is estimated to be around $169.52 million. The company boasts an average daily volume of 646.88K shares, contributing to a market capitalization of $648.62M.

The stock BMEA has a current short interest of 42.88%. The short interest percentage has experienced a decrease of -9.21% while there was a change of -1210000 shares in short interest. The ratio indicating the time required to cover short positions is 9.8. The calculated worth of the shorted shares amounts to around $64.86 million. Trading activity averages at 1.28M shares per day, while the company's market capitalization stands at $189.04M.

Upcoming IPOs

WORK Medical Technology Group LTD (WOK) is all set for its debut on the NASDAQ exchange on June 26. The shares will be offered at a fixed price of $4.00 per share. With a total of 2,000,000 shares available, the company aims to raise approximately $8.00M through this IPO.

WEBTOON Entertainment Inc. (WBTN) will be entering the market with its IPO on June 27, on the NASDAQ exchange. They are offering shares in the price range of $18.00 to $21.00. They plan to offer 15,000,000 shares, targeting a deal size of $292.50M.

Tamboran Resources Corporation (TBN) is also scheduled to make its debut on the NYSE exchange on June 27. They are offering shares in the price range of $24.00 to $27.00. The IPO includes 6,500,000 shares, aiming for a deal size of $165.75M.

OS Therapies Incorporated (OSTX) is set to join the NYSEAMERICAN on June 27. The shares will be offered at a fixed price of $4.00 per share. They are offering 2,000,000 shares, with an estimated deal size of $8.00M.

LandBridge Company LLC (LB) is gearing up for its IPO on the NYSE exchange, slated for June 28. The shares will be offered in a price range of $19.00 to $22.00. With a total of 14,500,000 shares available, the company aims to raise approximately $297.25M through this offering.

Best Regards,
Stocks Telegraph Team