Dear Readers,

Stocks declined on Wednesday, influenced by rising Treasury yields. On Wednesday, the yield on the 10-year Treasury note climbed to a high of 4.657%, nearing the peak intraday level for the year.

As of 12:15 PM ET, the Dow was down -139.8 points, or -0.3631%, at $38363.9. The Nasdaq Composite lost -12.9629 points, or -0.0742%, at $17458.508. The S&P 500 declined -17.73 points, or -0.3497%, at $5052.83. Among the 11 major S&P 500 sectors, 5 showed negative movement, with Communication Services leading the way with a 2.16% decrease.

Meta Platforms and International Business Machines are scheduled to release their earnings reports after the market closes.

By week's end, nearly 46% of the S&P 500 companies are expected to have reported their earnings, as per FactSet data.

Top Movers: Under $10

BranchOut Food Inc (BOF) is up 77.78% today to trade at the current level of $2.08. This comes after the company announced its third contract with the Nation’s Largest Retailer, to total $8M in annualized revenue.

Amesite Inc (AMST) zoomed 61.00% in today’s trade to $3.22 after announcing the beta release of NurseMagic™, an innovative and proprietary app designed for nurses.

In current trading, Heart Test Laboratories Inc. (HSCS) stock is at $0.11 after announcing that its European Patent Office Application EP3834729 has been granted.

Ribbon Communications Inc (RBBN) rose 27.63% in the early hours of today's trading to move at $3.28. The company reported first-quarter 2024 financial results.

In the current trading session, Immutep Limited ADR (IMMP) jumped 15.94% to $2.91 over a previous close of $2.51 after announcing positive preliminary topline results from TACTI-003 Cohort B.

Ex-Dividends Stocks

Albertsons Companies Inc (ACI) 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 $0.12 per share. It has fixed April 26 as the record date for the same and will pay the actual dividend on May 10. Last year, the company distributed a total of $0.48 to its shareholders. Based on the last year's worth of payments, ACI has a trailing yield of 2.36% on the current stock price of $20.31.

Another stock that is shelling out dividends tomorrow is Bank Of New York Mellon Corp (BK), having a market capitalization of $43.42B. It will pay a dividend of $0.42 per share, the payment date of which is May 09. Currently, the stock is trading at a trailing dividend yield of 2.83%.

Shares of Costco Wholesale Corp (COST) will be the talk of stock market on Thursday as the stock will turn ex-dividend. The company's next dividend payment will be $1.16 per share, and in the last 12 months, it paid a total of $4.01 per share. Last year's total dividend payments show that COST has a trailing yield of 0.56% on the current share price of $722.71.

Tomorrow, Prospect Capital Corporation (PSEC) is also set to go ex-dividend tomorrow. The next dividend payment from PSEC will amount to $0.06 per share. April 26 has been designated as the record date for this dividend, with the actual payout scheduled for May 21. In the previous year, PSEC distributed a total of $0.72 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for PSEC stands at 13.12% based on the current stock price of $5.49.

Coca-Cola Consolidated Inc (COKE) will be paying out a dividend of $0.5 per share to shareholders holding their shares as of the close of the business hours on the record date of April 26. Over the past 12 months, COKE has paid out a total of $1.97 per share in dividends. Based on the total dividends paid out last year, COKE boasts an impressive trailing yield of 0.24% on the current share price of $834.83.

Crypto Market Highlights

• Chainlink's Cross-Chain Interoperability Protocol (CCIP) launches, enhancing cross-chain connectivity.

• Hong Kong approves the first spot Bitcoin and Ether exchange-traded funds (ETFs) for trading starting April 30.

• Australia hits milestone with 1,000 active crypto-fiat ATMs in operation.

• Central Bank of Nigeria denies directive on identifying crypto-related transactions, refuting the earlier report.

• US prosecutors seek 36-month jail term for Binance founder CZ Zhao for money laundering violations, sentencing on April 30.

• Worldcoin plans to increase WLD token supply by up to 19% via private sales to non-US institutions over six months.

Most Shorted Stocks

Biomea Fusion Inc (BMEA) was one of the most shorted stocks as of latest short interest figures, with 47.76% 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 13.0. This represents a change of 2040000 shares, which corresponds to a +18.21% increase in short interest. The total value of the shares held short is estimated to be around $146.3 million. The average daily volume stands at 1.05M shares, and the market capitalization of the company is $396.41M.

The Phathom Pharmaceuticals Inc with the symbol PHAT currently has a short interest of 39.95%. The short interest has changed by 210000 shares. The days to cover ratio stands at 12.0. The estimated value of the shares held short is approximately $98.3 million. On an average day, 880.92K shares are traded, with the company's market capitalization totaling $540.03M.

For the stock Upstart Holdings Inc (UPST), the current short interest is at 36.93%. This represents a significant short interest change of 210000 shares, corresponding to a short interest percentage increase of +0.77%. The days needed to cover the short positions amount to 3.8. The approximate worth of the shares held short is $626.91 million.

With the symbol MPW, the stock currently has a short interest of 48.0%. The short interest change is 9.85 million shares, compared with a short interest percentage change of 5.00%. It would take approximately 12.45 days to cover all the short positions. The shares short value is estimated to be around $45.42 million. The company boasts an average daily volume of 19.46M shares, contributing to a market capitalization of $2.76B.

The stock ZYXI has a current short interest of 31.73%. The short interest percentage has experienced a decrease of -1.37% while there was a change of -80000 shares in short interest. The ratio indicating the time required to cover short positions is 22.9. Trading activity averages at 214.83K shares per day, while the company's market capitalization stands at $364.81M.

AI Stocks to Watch

According to our ST Score evaluation, EPAM Systems Inc (EPAM) emerges as a high-quality stock in the AI industry, attaining an impressive score of 61.0. The stock's profitability, financial strength, stock sentiment, and Piotroski Score are strong. However, its value is weak. Additionally, it is neutral in terms of performance, growth, and forecast.

Our ST Score also classifies Twilio Inc (TWLO) as a high-quality AI stock today, presenting a Score of 51.0. The stock has strong fundamentals in terms of financial strength, stock sentiment, and Piotroski Score. However, it has weak profitability and growth. The value, performance, and forecast are neutral.

Another stock in the category, Microsoft Corporation (MSFT) has the ST Score of 53.0, which means that the stock carries the potential for higher returns. The stock is strong in profitability, and Piotroski Score but weak in value. Performance, growth, financial strength, stock sentiment, and forecast suggest a neutral outlook.

Alibaba Group Holding Ltd ADR (BABA) stock has the ST Score of 53.0 which implies that the AI company has a high probability of beating the market. The stock's strengths lie in its profitability, and Piotroski Score, but its weaknesses are in its growth. However, it shows neutral outlook in value, performance, financial strength, stock sentiment, and forecast.

RELX Plc ADR (RELX) currently has the ST Score of 52.0, which signifies a huge upward potential. The AI stock's strong points are its profitability, stock sentiment, and Piotroski Score, while its weak points are its value and financial strength. The stock's performance, growth, and forecast indicate a neutral outlook.

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