Midday Update: Top IPO's For This Week & $10 Stocks

The US stock market edged higher on Monday as Wall Street aimed to extend last week's record-setting momentum.

As of 11:34 AM ET, the Dow was up 25.4297 points, or 0.0659%, at $38614.59. The Nasdaq Composite added 68.9375 points, or 0.3506%, at $19728.738. The S&P 500 rose 9.46 points, or 0.17%, at $5441.07. Among the 11 major S&P 500 sectors, 8 showed positive movement, with Industrials leading the way with a 0.79% increase.

Last week saw mixed results for major indexes. The blue-chip Dow recorded its third losing week in four, while the S&P and Nasdaq surged to new highs, marking their seventh positive week in the past eight.

This week, investors will evaluate the durability of the current rally and its potential continuation. Note that markets will be closed on Wednesday in observance of the Juneteenth holiday.

Additionally, investors are keeping a close watch on May retail sales data, expected on Tuesday, along with upcoming reports on home sales and housing starts later this week.

Top Movers: Under $10

Mustang Bio Inc (MBIO) is up 214.54% today to trade at the current level of $0.41. This comes after the company announced favorable efficacy and safety data from the complete Waldenstrom Macroglobulinemia Cohort of phase 1/2 clinical trial of MB-106, CD20-Targeted Autologous CAR-T Therapy.

Allego NV (ALLG) zoomed 128.33% in today’s trade to $1.68. This rally can be attributed to news that Allego and Meridiam have entered into a Transaction Framework Agreement.

In current trading, Aarons Company Inc (AAN) stock is at $9.99 following news that it has entered into a definitive agreement to be acquired by IQVentures Holdings, LLC, a leading fintech organization, for $10.10 per share in cash, or an enterprise value of approximately $504 million.

Polestar Automotive Holding UK PLC ADR (PSNY) rose 25.99% in the early hours of today's trading to move at $0.86 after reporting that it is expanding its commercial footprint and retail operations across existing and new markets, as its model line-up continues to grow.

In the current trading session, N2OFF Inc. (NITO) jumped 22.81% to $0.82 over a previous close of $0.67. The company announced that its subsidiary Save Foods Ltd. received its first purchase order from a customer in Peru, a leading grower, packer, and distributor of avocado.

Ex-Dividends Stocks

Amphenol Corp. (APH) 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 $0.11 per share. It has fixed June 18 as the record date for the same and will pay the actual dividend on July 10. Last year, the company distributed a total of $0.86 to its shareholders. Based on the last year's worth of payments, APH has a trailing yield of 1.26% on the current stock price of $68.52.

Another stock that is shelling out dividends tomorrow is Hewlett Packard Enterprise Co (HPE), having a market capitalization of $28.14B. It will pay a dividend of $0.13 per share, the payment date of which is July 18. Currently, the stock is trading at a trailing dividend yield of 1.76%.

Shares of Vistra Corp (VST) 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 $0.22 per share, and in the last 12 months, it paid a total of $0.84 per share. Last year's total dividend payments show that VST has a trailing yield of 1.00% on the current share price of $83.96.

Tomorrow, PulteGroup Inc (PHM) is also set to go ex-dividend tomorrow. The next dividend payment from PHM will amount to $0.2 per share. June 18 has been designated as the record date for this dividend, with the actual payout scheduled for July 02. In the previous year, PHM distributed a total of $0.56 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for PHM stands at 0.49% based on the current stock price of $113.50.

Ecolab, Inc. (ECL) will be paying out a dividend of $0.57 per share to shareholders holding their shares as of the close of the business hours on the record date of June 18. Over the past 12 months, ECL has paid out a total of $1.67 per share in dividends. Based on the total dividends paid out last year, ECL boasts an impressive trailing yield of 0.70% on the current share price of $240.13.

Crypto Market Highlights

• David Hirsch, head of the crypto assets division in the SEC’s enforcement division, announced his departure from the agency.
  

• Malaysia’s Inland Revenue Board (IRB) conducted "Ops Token" to address tax revenue leakage from crypto trading, involving 38 personnel from the Royal Malaysia Police and CyberSecurity Malaysia (CSM) in raids across 10 locations in Klang Valley.
  

• The maximal extractible value (MEV) sandwich bot "arsc" has extracted around $30 million from Solana users over the last two months through MEV attacks.
  

• Corporate adoption and trust in the cryptocurrency industry remain in the early stages, despite the approval of the first spot of Bitcoin exchange-traded funds (ETFs) in the U.S., marking a significant milestone for the industry.
  

• American rapper Waka Flocka Flame, real name Juaquin James Malphurs, launched his FLOCKA cryptocurrency on June 17, immediately followed by insider trading allegations.

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Most Shorted Stocks

Kaival Brands Innovations Group Inc (KAVL) was one of the most shorted stocks as of latest short interest figures, with 31.81% 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 0.1. This represents a change of 244200 shares, which corresponds to a +1,004.94% increase in short interest. The total value of the shares held short is estimated to be around $1.15 million. The average daily volume stands at 3.66M shares, and the market capitalization of the company is $12.30M.

The Vital Energy Inc. with the symbol VTLE currently has a short interest of 31.55%. The short interest has changed by -650000 shares. The days to cover ratio stands at 8.3. The estimated value of the shares held short is approximately $279.7 million. On an average day, 834.30K shares are traded, with the company's market capitalization totaling $1.52B.

For the stock Kohl's Corp. (KSS), the current short interest is at 31.24%. This represents a significant short interest change of -2580000 shares, corresponding to a short interest percentage decrease of -7.04%. The days needed to cover the short positions amount to 5.4. The approximate worth of the shares held short is $723.73 million.

With the symbol AI, the stock currently has a short interest of 25.28%. The short interest change is -3620000 shares, compared with a short interest percentage change of -10.50%. It would take approximately 5.6 days to cover all the short positions. The shares short value is estimated to be around $965.09 million. The company boasts an average daily volume of 5.61M shares, contributing to a market capitalization of $3.46B.

The stock LCID has a current short interest of 29.73%. The short interest percentage has experienced a decrease of -0.96% while there was a change of -2440000 shares in short interest. The ratio indicating the time required to cover short positions is 6.1. The calculated worth of the shorted shares amounts to around $79.0 million. Trading activity averages at 24.07M shares per day, while the company's market capitalization stands at $5.91B.

Upcoming IPO's

Flag Ship Acquisition Corporation (FSHP) is all set for its debut on the NASDAQ exchange on June 18. They are offering shares at a fixed price of $10.00. With a total of 6,000,000 shares available, the company aims to raise approximately $60.00M through this IPO.

WORK Medical Technology Group LTD (WOK) will be entering the market with its IPO on June 26, on the NASDAQ exchange. They are offering shares at a fixed price of $4.00. They plan to offer 2,000,000 shares, targeting a deal size of $8.00M.

Best Regards,
Stocks Telegraph Team