Noon Surge: AI Stock Stars & Must-See $10 Picks

The S&P 500 and Nasdaq Composite hit fresh record highs this Wednesday, powered by strong performances in tech stocks following upbeat earnings reports from Salesforce and Marvell Technology.

As of 11:28 AM ET, the Dow was up 258.65 points, or 0.5786%, at $44964.19. The Nasdaq Composite added 203.38 points, or 0.958%, at $21432.7008. The S&P 500 rose 24.56 points, or 0.406%, at $6074.43. Among the 11 major S&P 500 sectors, 8 showed positive movement, with Consumer Cyclical leading the way with a 0.81% increase.

Investors remain focused on labor market updates ahead of Friday’s jobs report, which is expected to show a gain of 214,000 positions in November. However, the ADP private payroll report released earlier today indicated slower growth, with companies adding just 146,000 jobs—falling short of the 163,000 expected.

This data could influence the Federal Reserve's next policy decisions. Later today, all eyes will be on Chair Jerome Powell’s moderated discussion in New York for potential insights into the central bank’s approach.

Top Movers: Under $10

CN Energy Group Inc (CNEY) is up 88.85% today to trade at the current level of $0.60. This comes after the company received NASDAQ minimum bid price requirement extension.

Cross Country Healthcares, Inc (CCRN) zoomed 62.05% in today’s trade to $18.08 after the company inked a deal to be acquired by Aya Healthcare for $18.61 per share in an all-cash transaction valued at around $615 million.

In current trading, SRM Entertainment Inc (SRM) stock is at $1.22 after announcing that its online sales on Amazon have surged by over 417% since September.

Fusion Fuel Green Ltd (HTOO) rose 80.25% in the early hours of today's trading to move at $0.57. The company will host an Investor Update Presentation on Thursday, December 12, 2024, to discuss its recently announced transaction, introduce its group businesses, and share strategic plans and targets for the future.

In the current trading session, Heron Therapeutics Inc (HRTX) jumped 38.14% to $1.63 over a previous close of $1.18 after announcing that the U.S. District Court for the District of Delaware ruled in Heron's favor in the Company's patent litigation against Fresenius Kabi USA, LLC with respect to CINVANTI injectable emulsion.

Ex-Dividends Stocks

Blackrock Inc (BLK) 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 $5.1 per share. It has fixed December 05 as the record date for the same and will pay the actual dividend on December 23. Last year, the company distributed a total of $20.30 to its shareholders. Based on the last year's worth of payments, BLK has a trailing yield of 1.98% on the current stock price of $1024.08.

Shares of Mosaic Company (MOS) will be the talk of the stock market on Thursday as the stock will turn ex-dividend. The company's next dividend payment will be $0.21 per share, and in the last 12 months, it paid a total of $0.83 per share. Last year's total dividend payments show that MOS has a trailing yield of 3.09% on the current share price of $26.86.

Noble Corp Plc (NE) is also set to go ex-dividend tomorrow. The next dividend payment from NE will amount to $0.5 per share. December 05 has been designated as the record date for this dividend, with the actual payout scheduled for December 19. In the previous year, NE distributed a total of $1.30 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for NE stands at 3.90% based on the current stock price of $33.34.

Qualcomm, Inc (QCOM) will be paying out a dividend of $0.85 per share to shareholders holding their shares as of the close of the business hours on the record date of December 05. Over the past 12 months, QCOM has paid out a total of $3.30 per share in dividends. Based on the total dividends paid out last year, QCOM boasts an impressive trailing yield of 2.02% on the current share price of $163.52.

Crypto Market Highlights

• David Brend, convicted of conspiracy to commit wire fraud for promoting cryptocurrency mining and trading firm IcomTech, has been sentenced to 10 years in prison.

• Uphold, a global cryptocurrency broker expands self-custodial wallet capabilities with a new crypto off-ramp solution supporting 232 cryptocurrencies through its payment platform, Topper.

• El Salvador’s digital asset issuer NexBridge successfully closed a $30 million public issuance backed by U.S. Treasury bills.

• Bitcoin mining firm Hut 8 Corp. files motion to dismiss a class-action lawsuit from shareholders, claiming the lawsuit was driven by a short-seller report alleging overpayment for a troubled company.

• The cryptocurrency market stabilized after South Korea’s President Yoon Suk Yeol withdrew a martial law declaration, which was rejected by about 190 lawmakers.

•  Digital asset manager Grayscale Investments files with the SEC to launch a spot Solana exchange-traded fund (ETF), potentially trading under the ticker GSOL on the New York Stock Exchange.

Most Shorted Stocks

Upstart Holdings Inc (UPST) was one of the most shorted stocks as of latest short interest figures, with 24.43% 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 2.8. This represents a change of -190000 shares, which corresponds to a -0.85% decrease in short interest. The total value of the shares held short is estimated to be around $1.64 billion. The average daily volume stands at 7.97M shares, and the market capitalization of the company is $6.73B.

The Cassava Sciences Inc with the symbol SAVA currently has a short interest of 37.58%. The short interest has changed by -490000 shares. The days to cover ratio stands at 4.9. The estimated value of the shares held short is approximately $56.77 million. On an average day, 4.58M shares are traded, with the company's market capitalization totaling $151.07M.

For the stock Solaredge Technologies Inc (SEDG), the current short interest is at 33.48%. This represents a significant short interest change of 240000 shares, corresponding to a short interest percentage increase of +1.25%. The days needed to cover the short positions amount to 4.2. The approximate worth of the shares held short is $270.82 million.

With the symbol ABR, the stock currently has a short interest of 32.68%. The short interest change is 2270000 shares, compared with a short interest percentage change of +3.82%. It would take approximately 25.0 days to cover all the short positions. The shares short value is estimated to be around $275.48 million. The company boasts an average daily volume of 2.45M shares, contributing to a market capitalization of $2.68B.

The stock CHRS has a current short interest of 28.68%. The short interest percentage has experienced an increase of +4.86% while there was a change of 1530000 shares in short interest. The ratio indicating the time required to cover short positions is 11.7. The calculated worth of the shorted shares amounts to around $118.35 million. Trading activity averages at 4.73M shares per day, while the company's market capitalization stands at $221.20M.

AI Stocks to Watch

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

Our ST Score also classifies Arista Networks Inc (ANET) as a high-quality AI stock today, presenting a Score of 61. The stock has strong fundamentals in terms of profitability, performance, financial strength, and Piotroski Score. The growth, stock sentiment, and forecast are neutral.

Another stock in the category, Taiwan Semiconductor Manufacturing ADR (TSM) has the ST Score of 60, which means that the stock carries the potential for higher returns. The stock is strong in profitability, performance, growth, and Piotroski Score. Financial strength, stock sentiment, and forecast suggest a neutral outlook.

Digital Realty Trust Inc (DLR) stock has the ST Score of 57 which implies that the AI company has a high probability of beating the market. The stock's strengths lie in its profitability, performance, and Piotroski Score, but its weaknesses are in its financial strength. However, it shows a neutral outlook in growth, stock sentiment, and forecast.

Zoom Communications Inc (ZM) currently has the ST Score of 57, which signifies a huge upward potential. The AI stock's strong points are its profitability, performance, financial strength, and Piotroski Score. The stock's growth, stock sentiment, 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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