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On Friday, the S&P 500 experienced an uptick in value, but Wall Street appeared to be on track for a losing week, primarily due to concerns that the Federal Reserve might increase interest rates beyond initial expectations.

The decline in bond yields offered some relief to technology stocks that had been under pressure in recent trading sessions. Following two consecutive losing sessions, Apple saw an increase of over 1%. Additionally, Microsoft, Meta Platforms, and Tesla also saw gains of more than 1% each.

Despite the positive moves on Friday, the overall performance of stocks for the week remained in the red. The Dow and S&P 500 were down by 0.8% and 1%, respectively, while the Nasdaq experienced a 1.4% decrease.

Meanwhile, investors closely scrutinized the latest corporate earnings reports. DocuSign, a company specializing in e-signatures, saw a 3.5% decrease in its stock price, even though the company exceeded second-quarter estimates and provided an optimistic outlook for the third quarter. In contrast, home furnishings company RH witnessed a significant drop of 10% due to its less favorable third-quarter guidance.

As of 10:57 AM ET, the Dow was up +103.61 points, or +0.3%, at 34604.34. The Nasdaq Composite added +42.45 points, or +0.31%, at 13791.28. The S&P 500 rose +15.09 points, or +0.34%, at 4466.23. Among the 11 major S&P 500 sectors, 10 showed positive movement, with Energy leading the way with a 1.6% increase.

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Top Movers: Under $10

Biocept Inc. (BIOC) is up 75.51% today to trade at the current level of $1.48. This comes after the company announced the signing of a non-exclusive licensing agreement for CNSide™ with Plus Therapeutics, Inc. (PSTV).

ParaZero Technologies Ltd. (PRZO) zoomed 15.87% in today’s trade to $1.46 after receiving FAA's historic airworthiness Type Certification for the Airobotics Optimus-1EX system, paving the way for streamlined approvals in autonomous missions and beyond.

In current trading, AGBA Group Holding Limited (AGBA) stock is at $0.76 following the declaration of $50 million equity purchase agreement.

Lantronix, Inc. (LTRX) surged 17.00% in the early hours of today's trading to move at $4.68. The company recently reported results for Ffurth quarter of fiscal 2023.

In the current trading session, Genius Group Limited (GNS) jumped 9.51% to $1.15 over a previous close of $1.05 after providing update on outstanding convertible debt.

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Ex-Dividends Stocks

Air Lease Corporation (AL) is about to trade ex-dividend Monday, meaning that investors who buy the stock after Monday will not be eligible for the next dividend payment. The company's next dividend payment will be $0.2 per share. The company has fixed September 12 as the record date for the same and will pay the actual dividend on October 06. Last year, the company distributed a total of $0.80 to its shareholders. Based on the last year's worth of payments, AL has a trailing yield of 1.98% on the current stock price of $40.46.

Another stock that is shelling out dividends on Monday is XP Inc. (XP), having a market capitalization of $13.45B. It will pay a dividend of $0.58 per share, the payment date of which is September 25.

Shares of A-Mark Precious Metals Inc. (AMRK) will be the talk of stock market on Monday as the stock will turn ex-dividend. The company's next dividend payment will be $0.2 per share, and in the last 12 months, the company paid a total of $0.80 per share. Last year's total dividend payments show that AMRK has a trailing yield of 2.26% on the current share price of $35.33.

Pathward Financial Inc. (CASH) is also set to go ex-dividend on Monday. The next dividend payment from CASH will amount to $0.05 per share. September 12 has been designated as the record date for this dividend, with the actual payout scheduled for October 02. In the previous year, CASH distributed a total of $0.20 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for CASH stands at 0.41% based on the current stock price of $49.00.

MidCap Financial Investment Corporation (MFIC) will be paying out a dividend of $0.38 per share to shareholders holding their shares as of the close of the business hours on the record date of September 12. Over the past 12 months, MFIC has paid out a total of $1.52 per share in dividends. Based on the total dividends paid out last year, MFIC boasts an impressive trailing yield of 11.14% on the current share price of $13.64.

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Crypto Market Highlights

  • United States District Court orders Mirror Trading International (MTI) to pay $1.7 billion in restitution for a fraudulent scheme involving digital assets and forex.

  • Former CEO of Turkish crypto exchange Thodex, Faruk Fatih Özer, sentenced to 11,196 years in prison on multiple charges.

  • Monetary Authority of Singapore (MAS) reports no qualified businesses for its FinTech Regulatory Sandbox framework for cryptocurrency payment providers.

  • Ant Group unveils blockchain-focused sub-brand, ZAN, for institutional and individual Web3 developers.

  • Coinbase identifies countries outside the U.S. for operational focus due to clearer crypto regulations.

  • Binance CEO Changpeng "CZ" Zhao assures the firm's financial strength and employee retention amid market uncertainty.

  • JPMorgan plans a blockchain-based solution for cross-border transactions, pending regulatory approval in the United States.

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Most Shorted Stocks

Allogene Therapeutics Inc. (ALLO) was one of the most shorted stocks as of latest short interest figures, with 30.89% 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 12.5. This represents a change of -5140000 shares, which corresponds to a -13.56% decrease in short interest. The total value of the shares held short is estimated to be around $130.1 million. The average daily volume stands at 2.63M shares, and the market capitalization of the company is $640.01M.

The SunPower Corporation with the symbol SPWR currently has a short interest of 30.83%. The short interest has changed by 4340000 shares. The days to cover ratio stands at 4.3. The estimated value of the shares held short is approximately $172.91 million. On an average day, 6.12M shares are traded, with the company's market capitalization totaling $1.12B.

For the stock Motorsport Games Inc. (MSGM), the current short interest is at 29.80%. This represents a significant short interest change of 133400 shares, corresponding to a short interest percentage increase of +3,420.51%. The days needed to cover the short positions amount to 0.3. The approximate worth of the shares held short is $0.53 million.

The stock DM has a current short interest of 30.25%. The short interest percentage has experienced decrease of -0.28% while there was a change of -190000 shares in short interest. The ratio indicating the time required to cover short positions is 20.7. The calculated worth of the shorted shares amounts to around $24.14 million. Trading activity averages at 2.70M shares per day, while the company's market capitalization stands at $522.70M.

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Energy Stocks to Watch

According to our ST Score evaluation, HF Sinclair Corporation (DINO) emerges as a high-quality stock in the Energy industry, attaining an impressive score of 68.0. The stock's valuation, profitability, growth, financial strength, stock sentiment, and Piotroski Score are strong. However, its performance are weak. Additionally, it is neutral in terms of forecast.

Our ST Score also classifies Tenaris S.A. (TS) as a high-quality Energy stock today, presenting a Score of 67.0. The stock has strong fundamentals in terms of valuation, profitability, growth, financial strength, stock sentiment, and Piotroski Score. However, it has weak performance. The forecast are neutral.

Another stock in the category, Chord Energy Corporation (CHRD) has the ST Score of 66.0, which means that the stock carries the potential for higher returns. The stock is strong in valuation, performance, growth, financial strength, and stock sentiment. Profitability, piotroski score, and forecast suggest a neutral outlook.

PBF Energy Inc. (PBF) stock has the ST Score of 66.0 which implies that the Energy company has a high probability of beating the market. The stock's strengths lie in its valuation, profitability, stock sentiment, and Piotroski Score. However, it shows neutral outlook in performance, growth, financial strength, and forecast.

Civitas Resources Inc. (CIVI) currently has the ST Score of 65.0, which signifies a huge upward potential. The Energy stock's strong points are its performance, growth, financial strength, stock sentiment, and Piotroski Score. The stock's value, profitability, and forecast indicate a neutral outlook.

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

Best Regards,
Stocks Telegraph Team

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