Midday Watchlist: EV Stocks Charging Ahead & $10 Stars

The stock market remained uncertain on Tuesday despite receiving a "just right" reading from the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS).

As of, 12:07 PM ET, the Dow was down -133.4 points, or -0.2979%, at $44648.61. The Nasdaq Composite added 3.58 points, or 0.0169%, at $21168.1721. The S&P 500 declined -10.1 points, or -0.167%, at $6037.04. Among the 11 major S&P 500 sectors, 8 showed negative movement, with Financials leading the way with a -1.24% decrease.

Job openings in October held steady at 7.7 million, slightly above the economist consensus of 7.5 million, according to FactSet. Hires and separations both remained unchanged at 5.3 million, while quits edged higher to 3.3 million. Layoffs and discharges were stable at 1.6 million.

Big Movers Today:

• Super Micro: Pulls back after sharp gains on Monday.

• Tesla: Declines as a judge once again rejects CEO Elon Musk’s pay package.

• Nippon Steel and U.S. Steel: Faces a setback after Donald Trump vowed to block the acquisition. 

Top Movers: Under $10

Cheetah Net Supply Chain Service Inc (CTNT) is up 190.36% today to trade at the current level of $5.43. This comes after the company signed definitive agreements to acquire TW & EW.

PSQ Holdings Inc (PSQH) zoomed 90.29% in today’s trade to $3.92. This rally can be attributed to news that Donald Trump Jr. is joining the Board of PSQ Holdings Inc.

In current trading, Greenwave Technology Solutions Inc (GWAV) stock is at $0.57 following securing ownership of Key Real Estate, saving $1.7M annually and boosting strategic opportunities.

Coherus Biosciences Inc (CHRS) rose 51.09% in the early hours of today's trading to move at $2.07. The company announced that it has entered into an asset purchase agreement, with Intas Pharmaceuticals Ltd. (Intas) for the divestiture of the UDENYCA franchise for up to $558.4 million.

In the current trading session, Porch Group Inc (PRCH) jumped 39.02% to $5.24 over a previous close of $3.77. The company shared details about its upcoming in-person Investor Day, scheduled for December 5, 2024, starting at 9 am Eastern in New York and virtually.

Ex-Dividends Stocks

AMKOR Technology Inc (AMKR) 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 $0.49 per share. It has fixed December 04 as the record date for the same and will pay the actual dividend on December 23. Last year, the company distributed a total of $0.32 to its shareholders. Based on the last year's worth of payments, AMKR has a trailing yield of 1.17% on the current stock price of $26.85.

Shares of Halliburton Co (HAL) will be the talk of the stock market on Wednesday as the stock will turn ex-dividend. The company's next dividend payment will be $0.17 per share, and in the last 12 months, it paid a total of $0.67 per share. Last year's total dividend payments show that HAL has a trailing yield of 2.12% on the current share price of $31.59.

Tomorrow, Schlumberger Ltd (SLB) is also set to go ex-dividend tomorrow. The next dividend payment from SLB will amount to $0.28 per share. December 04 has been designated as the record date for this dividend, with the actual payout scheduled for January 09. In the previous year, SLB distributed a total of $1.08 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for SLB stands at 2.47% based on the current stock price of $43.53.

Avnet Inc (AVT) will be paying out a dividend of $0.33 per share to shareholders holding their shares as of the close of the business hours on the record date of December 04. Over the past 12 months, AVT has paid out a total of $1.26 per share in dividends. Based on the total dividends paid out last year, AVT boasts an impressive trailing yield of 2.28% on the current share price of $55.31.

Crypto Market Highlights

• Ethereum co-founder Vitalik Buterin urged Web3 wallet developers to focus on enhancing privacy and security features in a blog post on Dec. 3.

• Cryptocurrency exchanges have seen a surge in average deposits in 2024, with Binance leading with a daily Bitcoin deposit increase of 2.77 BTC, surpassing Kraken and Coinbase.

• BlackRock’s spot Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust (IBIT), surpassed 500,000 BTC in holdings, valued at approximately $48 billion as of Dec. 2.

• The global uranium trade is set to adopt blockchain technology through Uranium.io, a decentralized platform built on the Tezos blockchain, in collaboration with Curzon Uranium and Archax.

• Franklin Templeton's tokenized funds, the Franklin Bitcoin ETF (EZBC) and the Franklin OnChain US Government Money Fund (FOBXX), have integrated a verification system using the Jiritsu network on Avalanche, as of Dec. 2.

Most Shorted Stocks

Gogo Inc (GOGO) was one of the most shorted stocks as of latest short interest figures, with 30.86% 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 15.0. This represents a change of 2330000 shares, which corresponds to a +13.91% increase in short interest. The total value of the shares held short is estimated to be around $144.24 million. The average daily volume stands at 1.30M shares, and the market capitalization of the company is $950.89M.

The Gaxos.AI Inc with the symbol GXAI currently has a short interest of 45.95%. The short interest has changed by 737900 shares. The days to cover ratio stands at 0.4. The estimated value of the shares held short is approximately $0.92 million. On an average day, 1.87M shares are traded, with the company's market capitalization totaling $3.43M.

For the stock Biomea Fusion Inc (BMEA), the current short interest is at 29.74%. This represents a significant short interest change of 930000 shares, corresponding to a short interest percentage increase of +10.97%. The days needed to cover the short positions amount to 12.1. The approximate worth of the shares held short is $68.6 million.

With the symbol ENVX, the stock currently has a short interest of 29.40%. The short interest change is -2150000 shares, compared with a short interest percentage change of -4.43%. It would take approximately 7.7 days to cover all the short positions. The shares short value is estimated to be around $95.14 million. The company boasts an average daily volume of 6.14M shares, contributing to a market capitalization of $1.91B.

The stock LOVE has a current short interest of 28.95%. The short interest percentage has experienced a decrease of -1.22% while there was a change of -50000 shares in short interest. The ratio indicating the time required to cover short positions is 13.1. The calculated worth of the shorted shares amounts to around $1.72 billion. Trading activity averages at 316.05K shares per day, while the company's market capitalization stands at $576.65M.

EV Stocks to Watch

According to our ST Score evaluation, Cirrus Logic, Inc (CRUS) emerges as a high-quality stock in the EV industry, attaining an impressive score of 62. The stock's profitability, financial strength, and Piotroski Score are strong. However, its growth are weak. Additionally, it is neutral in terms of performance, stock sentiment, and forecast.

Our ST Score also classifies Aehr Test Systems (AEHR) as a high-quality EV stock today, presenting a Score of 58. The stock has strong fundamentals in terms of profitability, financial strength, and Piotroski Score. However, it has weak performance, stock sentiment, and forecast. The growth is neutral.

Another stock in the category, BorgWarner Inc (BWA) has the ST Score of 58, which means that the stock carries the potential for higher returns. The stock is strong in profitability, performance, and Piotroski Score but weak in financial strength. Growth, stock sentiment, and forecast suggest a neutral outlook.

Hyliion Holdings Corporation (HYLN) stock has the ST Score of 56 which implies that the EV 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 profitability, stock sentiment, and forecast. However, it shows a neutral outlook in growth, and a Piotroski Score.

FREYR Battery Inc (FREY) currently has the ST Score of 54, which signifies a huge upward potential. The EV stock's strong points are its performance, and financial strength, while its weak points are its growth, stock sentiment, Piotroski Score, and forecast. The stock's profitability indicates a neutral outlook.

That's it for today. Thanks for reading. Good luck out there!

Best Regards,

Stocks Telegraph Team

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