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

The Dow Jones Industrial Average surged on Wednesday as traders anxiously awaited the Federal Reserve’s highly anticipated December interest rate decision.

As of, 11:24 AM ET, the Dow was up 118.82 points, or 0.27%, at $43568.73. The Nasdaq Composite added 17.42 points, or 0.0792%, at $22018.503. The S&P 500 rose 3.79 points, or 0.06%, at $6054.39. Among the 11 major S&P 500 sectors, 7 showed positive movement, with Utilities leading the way with a 0.47% increase.

Set for release at 2:00 p.m. ET, the Fed is widely expected to announce a quarter-point rate cut, with CME FedWatch data assigning a 95% probability. However, the market’s real focus lies in the Fed’s updated Summary of Economic Projections and Chair Jerome Powell’s press conference, where investors hope to gain insight into the central bank’s plans for 2025.

While the Fed is expected to temper expectations for additional rate cuts next year due to lingering inflation, any hawkish signals today could lead to a short-term selloff in stocks. That said, market experts, like Mayfield, remain optimistic, noting that volatility following Fed meetings typically subsides quickly.

Top Movers: Under $10

Polyrizon Ltd (PLRZ) is up 187.62% today to trade at the current level of $3.02. This comes after the company announced that it entered into a manufacturing agreement with Eurofins CDMO Amatsiaquitaine S.A.S, a leading European-based Good Manufacturing Practice (GMP) manufacturer.

Cognition Therapeutics Inc (CGTX) zoomed 94.07% in today’s trade to $0.88 after announcing positive results in phase 2 study of CT1812 in Dementia with Lewy Bodies.

In current trading, KULR Technology Group Inc (KULR) stock is at $2.12. The company regained compliance with the NYSE American Stockholders’ equity requirement.

Maris Tech Ltd (MTEK) rose 48.45% in the early hours of today's trading to move at $4.78. The company announced the successful completion of the development for its Uranus-Drones, now available as a market-ready solution for advanced unmanned aircraft systems.

In the current trading session, SINTX Technologies Inc (SINT) jumped 26.85% to $3.89 over a previous close of $3.07 after securing patent allowance for wide-ranging silicon Nitride Biomaterial Applications.

Ex-Dividends Stocks

Chemung Financial Corp (CHMG) 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 $0.31 per share. It has fixed December 19 as the record date and will pay the actual dividend on January 02. Last year, the company distributed a total of $1.24 to its shareholders. Based on the last year's worth of payments, CHMG has a trailing yield of 2.31% on the current stock price of $53.77.

Shares of Omega Flex Inc (OFLX) 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 $0.34 per share, and in the last 12 months, it paid a total of $1.34 per share. Last year's total dividend payments show that OFLX has a trailing yield of 3.03% on the current share price of $44.17.

Tomorrow, Smith & Wesson Brands Inc (SWBI) is also set to go ex-dividend tomorrow. The next dividend payment from SWBI will amount to $0.13 per share. December 19 has been designated as the record date for this dividend, with the actual payout scheduled for January 02. In the previous year, SWBI distributed a total of $0.50 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for SWBI stands at 4.55% based on the current stock price of $10.98.

UWM Holdings Corporation (UWMC) will be paying out a dividend of $0.1 per share to shareholders holding their shares as of the close of the business hours on the record date of December 19. Over the past 12 months, UWMC has paid out a total of $0.40 per share in dividends. Based on the total dividends paid out last year, UWMC boasts an impressive trailing yield of 6.64% on the current share price of $6.03.

Crypto Market Highlights

• Tokenization startup Plume Network has raised $20 million in funding to advance its real-world assets ecosystem.

• HashKey Chain, developed by Hong Kong's HashKey Group, has officially launched its Ethereum layer-2 mainnet.

• Deutsche Bank is reportedly developing its own Ethereum layer-2 blockchain using ZKsync technology to address compliance issues in regulated finance.

• Bitwise has launched a Solana staking exchange-traded product (ETP) in Europe under the ticker BSOL while awaiting approval for a Solana ETF in the US.

• An Ohio House of Representatives member has introduced a bill to create a Bitcoin fund in the state’s treasury, making Ohio the third US state to do so in the past month.

  Most Shorted Stocks

Groupon Inc (GRPN) was one of the most shorted stocks as of the latest short interest figures, with 51.74% 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 7.2. This represents a change of 370000 shares, which corresponds to a +3.47% increase in short interest. The total value of the shares held short is estimated to be around $127.06 million. The average daily volume stands at 1.53M shares, and the market capitalization of the company is $458.72M.

The Sunnova Energy International Inc with the symbol NOVA currently has a short interest of 31.28%. The short interest has changed by 1080000 shares. The days to cover ratio stands at 3.6. The estimated value of the shares held short is approximately $140.04 million. On an average day, 9.97M shares are traded, with the company's market capitalization totaling $515.43M.

For the stock ChargePoint Holdings Inc (CHPT), the current short interest is at 29.84%. This represents a significant short interest change of -10860000 shares, corresponding to a short interest percentage decrease of -8.38%. The days needed to cover the short positions amount to 9.1. The approximate worth of the shares held short is $147.29 million.

With the symbol FCEL, the stock currently has a short interest of 25.79%. The short interest change is 900000 shares, compared with a short interest percentage change of +20.74%. It would take approximately 3.7 days to cover all the short positions. The shares short value is estimated to be around $1.23 billion. The company boasts an average daily volume of 1.52M shares, contributing to a market capitalization of $210.48M.

The stock BLUE has a current short interest of 509.87%. The short interest percentage has experienced an increase of +13.59% while there was a change of 5930000 shares in short interest. The ratio indicating the time required to cover short positions is 6.5. The calculated worth of the shorted shares amounts to around $46.43 million. Trading activity averages at 407.64K shares per day, while the company's market capitalization stands at $86.16M.

AI Stocks to Watch

According to our ST Score evaluation, Sap SE ADR (SAP) emerges as a high-quality stock in the AI industry, attaining an impressive score of 57. The stock's profitability, performance, and Piotroski Score are strong. However, its growth is weak. Additionally, it is neutral in terms of financial strength, stock sentiment, and forecast.

Our ST Score also classifies EPAM Systems Inc (EPAM) as a high-quality AI stock today, presenting a Score of 55. The stock has strong fundamentals in terms of profitability, financial strength, and Piotroski Score. However, it has weak performance. The growth, stock sentiment, and forecast are neutral.

Another stock in the category, ServiceNow Inc (NOW) has the ST Score of 55, 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.

Audiocodes (AUDC) stock has the ST Score of 53 which implies that the AI company has a high probability of beating the market. The stock's strengths lie in its profitability, financial strength, and Piotroski Score, but its weaknesses are in its performance and growth. However, it shows neutral outlook in stock sentiment, and forecast.

Twilio Inc (TWLO) currently has the ST Score of 53, which signifies a huge upward potential. The AI stock's strong points are its performance, financial strength, and Piotroski Score, while its weak points are its profitability and growth. The stock's 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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