Midday Watchlist: Biotech Leaders & Rising $10 Stars

Stocks climbed on Thursday, powered by semiconductor gains and strong economic data that helped ease fears of a potential recession.

As of 11:30 AM ET, the Dow was up 168.77 points, or 0.3918%, at $43246.48. The Nasdaq Composite added 92.39 points, or 0.458%, at $20266.4396. The S&P 500 rose 18.03 points, or 0.3086%, at $5860.51. Among the 11 major S&P 500 sectors, 9 showed negative movement, with Utilities leading the way with a -1.3% decrease.

Chip stocks were the standout performers, bouncing back from recent declines. Nvidia, the leading name in artificial intelligence, surged 3% to hit a new all-time high. The rally was fueled by strong third-quarter results from Taiwan Semiconductor (TSMC), a key supplier for Nvidia and other chipmakers. TSMC shares soared 13% after the company raised its revenue forecast for the year’s final quarter, and AMD also benefited, rising 1%.

Economic data added to the market’s momentum. September’s retail sales showed that consumer spending remained solid, with a 0.4% increase, surpassing expectations of 0.3%. Excluding autos, sales jumped 0.5%, exceeding the 0.1% forecast. Additionally, jobless claims for the week ending October 12 came in lower than anticipated, providing further confidence in the economy’s resilience.

Top Movers: Under $10

Nuzee Inc (NUZE) is up 338.20% today to trade at the current level of $1.56. This comes after the company announced that it has moved its U.S. operations from California to Florida, and in order to develop its global business, the Company has established offices in Singapore, Hong Kong, Mainland China and other regions.

Oriental Rise Holdings Limited (ORIS) zoomed 105.25% in today’s trade to $8.21 following the announcement of its initial public offering (IPO) price.

In current trading, Nixxy Inc. (NIXX) stock is at $4.47 after announcing that it signed a letter of intent to acquire a privately held wholesale gifts business as part of its ongoing strategy to utilize data to disrupt specific old-line industry sectors.

Tevogen Bio Holdings Inc. (TVGN) rose 54.78% in the early hours of today's trading to move at $1.61 after announcing its top-line revenue forecast for its oncology pipeline, projecting $1 billion in revenue in its launch year and a cumulative 5-year estimate of between $10 billion and $14 billion.

In the current trading session, Nexalin Technology Inc (NXL) jumped 23.80% to $1.30 over a previous close of $1.05. The company announced that its Deep Intracranial Frequency Stimulation (DIFS) technology improved memory and cognitive function in patients with mild Alzheimer's disease during a clinical trial.

Ex-Dividends Stocks

Acuity Brands, Inc. (AYI) 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 $0.15 per share. It has fixed October 18 as the record date for the same and will pay the actual dividend on November 01. Last year, the company distributed a total of $0.58 to its shareholders. Based on the last year's worth of payments, AYI has a trailing yield of 0.19% on the current stock price of $304.21.

Shares of Franklin Street Properties Corp. (FSP) will be the talk of stock market on Friday as the stock will turn ex-dividend. The company's next dividend payment will be $0.01 per share, and in the last 12 months, it paid a total of $0.03 per share. Last year's total dividend payments show that FSP has a trailing yield of 1.73% on the current share price of $1.74.

Owens Corning (OC) is also set to go ex-dividend tomorrow. The next dividend payment from OC will amount to $0.6 per share. October 18 has been designated as the record date for this dividend, with the actual payout scheduled for November 04. In the previous year, OC distributed a total of $2.32 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for OC stands at 1.23% based on the current stock price of $189.04.

Procter & Gamble Co. (PG) will be paying out a dividend of $1.01 per share to shareholders holding their shares as of the close of the business hours on the record date of October 18. Over the past 12 months, PG has paid out a total of $3.89 per share in dividends. Based on the total dividends paid out last year, PG boasts an impressive trailing yield of 2.26% on the current share price of $172.01.

Crypto Market Highlights

• Decentralized vacation rental platform Dtravel joins the nonprofit Fetch.ai Foundation and launches the first AI-powered travel agent for developers on the Fetch.ai marketplace.

• Cryptocurrency exchange Kraken introduces a tokenized version of Bitcoin representing its BTC holdings.

• Ireland is set to draft "urgent" cryptocurrency regulations in response to upcoming EU Anti-Money Laundering and terror financing standards.

• Hong Kong police arrested 27 individuals in a bust of an alleged scam center using AI deepfakes for a crypto romance investment scam, defrauding victims of over $46 million. 

• A political action committee supporting former President Donald Trump has raised $7.5 million in cryptocurrency for his presidential campaign.

Most Shorted Stocks

Spirit Airlines Inc (SAVE) was one of the most shorted stocks as of latest short interest figures, with 33.02% 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 6.8. This represents a change of 4100000 shares, which corresponds to a +12.97% increase in short interest. The total value of the shares held short is estimated to be around $56.79 million. The average daily volume stands at 5.23M shares, and the market capitalization of the company is $173.59M.

The Wheeler Real Estate Investment Trust Inc with the symbol WHLR currently has a short interest of 32.42%. The short interest has changed by 44700 shares. The days to cover ratio stands at 0.1. The estimated value of the shares held short is approximately $2.08 million. On an average day, 1.97M shares are traded, with the company's market capitalization totaling $10.05M.

For the stock Wolfspeed Inc (WOLF), the current short interest is at 31.16%. This represents a significant short interest change of 3850000 shares, corresponding to a short interest percentage increase of +10.95%. The days needed to cover the short positions amount to 4.8. The approximate worth of the shares held short is $632.58 million.

With the symbol NKLA, the stock currently has a short interest of 33.20%. The short interest change is 820000 shares, compared with a short interest percentage change of +5.57%. It would take approximately 5.2 days to cover all the short positions. The shares short value is estimated to be around $151.32 million. The company boasts an average daily volume of 2.84M shares, contributing to a market capitalization of $196.33M.

The stock SEEL has a current short interest of 29.73%. The short interest percentage has experienced increase of +46.19% while there was a change of 54000 shares in short interest. The ratio indicating the time required to cover short positions is 0.3. The calculated worth of the shorted shares amounts to around $15.53 million. Trading activity averages at 556.14K shares per day, while the company's market capitalization stands at $0.58M.

Biotech Stocks to Watch

According to our ST Score evaluation, Krystal Biotech Inc (KRYS) emerges as a high-quality stock in the Biotech industry, attaining an impressive score of 66. The stock's profitability, performance, growth, financial strength, and Piotroski Score are strong. Additionally, it is neutral in terms of stock sentiment, and forecast.

Our ST Score also classifies Coya Therapeutics Inc (COYA) as a high-quality Biotech stock today, presenting a Score of 61. The stock has strong fundamentals in terms of profitability, performance, and financial strength. However, it has weak growth. The stock sentiment, Piotroski Score, and forecast are neutral.

Another stock in the category, DiaMedica Therapeutics Inc (DMAC) has the ST Score of 61, which means that the stock carries the potential for higher returns. The stock is strong in profitability, performance, and financial strength but weak in growth. Stock sentiment, piotroski score, and forecast suggest a neutral outlook.

Belite Bio Inc ADR (BLTE) stock has the ST Score of 59 which implies that the Biotech company has a high probability of beating the market. The stock's strengths lie in its performance, and financial strength, but its weaknesses are in its growth, and Piotroski Score. However, it shows neutral outlook in profitability, stock sentiment, and forecast.

Genfit ADR (GNFT) currently has the ST Score of 60, which signifies a huge upward potential. The Biotech stock's strong points are its profitability, performance, and Piotroski Score, while its weak points are its financial strength. The stock's growth, stock sentiment, and forecast indicate a neutral outlook.

Best Regards,
Stocks Telegraph Team