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Powering Up Your Portfolio: 5 Hot Energy Stocks to Watch Now!
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U.S. stock market enjoys a modest rebound on Friday, but it is still on track for its worst week in six months. The primary reason for this downturn has been concerns surrounding the possibility of another interest rate increase in 2023 and the potential delay in the easing of monetary policies. These concerns led to a drop of more than 1% in the three major stock indexes on Thursday.
As of 11:32 AM ET, the Dow was up 56.7188 points, or 0.1665%, at $34127.14. The Nasdaq Composite added 147.1553 points, or 1.0014%, at $14841.398. The S&P 500 rose 23.8599 points, or 0.551%, at $4353.86. Among the 11 major S&P 500 sectors, 6 showed positive movement, with Communication Services leading the way with a 0.39% increase.
Wall Street is under pressure as bond yields soar to their highest levels in over a decade. This upward trend in yields has been ongoing for several months and intensified this week following the Federal Reserve's announcement that it may not reduce its main interest rate as significantly in 2024 as investors had initially anticipated. The federal funds rate has reached its highest point since 2001, putting downward pressure on investment prices and undermining efforts to combat high inflation.
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Top Movers: Under $10
MicroAlgo Inc. (MLGO) is up 39.22% today to trade at the current level of $5.51 following the revelation of their innovative knowledge-enhanced backtracking search algorithm, leveraging advanced evolutionary computational methods for its development.
Turbo Energy, S.A. (TURB) zoomed 2.60% in today’s trade to $5.13 after the company began trading on Nasdaq under the symbol 'TURB’.
In current trading, WiMi Hologram Cloud Inc. (WIMI) stock is at $0.86 after unveiling its cloud computing-based holographic data compression algorithm.
indie Semiconductor Inc. (INDI) rose 8.60% in the early hours of today's trading to move at $6.76 on news of warrant exchange offer and consent solicitation.
In the current trading session, Mondee Holdings Inc. (MOND) jumped 19.97% to $4.18 over a previous close of $3.48. The company recently declared that its BOD has approved an inaugural share repurchase program of Up to $30 million.
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Ex-Dividends Stocks
Calavo Growers Inc. (CVGW) is about to trade ex-dividend Tuesday, meaning that investors who buy the stock after Tuesday will not be eligible for the next dividend payment. The company's next dividend payment will be $0.1 per share. The company has fixed September 27 as the record date for the same and will pay the actual dividend on October 11. Last year, the company distributed a total of $0.40 to its shareholders. Based on the last year's worth of payments, CVGW has a trailing yield of 1.48% on the current stock price of $27.01.
Another stock that is shelling out dividends on Monday is Bank7 Corp. (BSVN), having a market capitalization of $215.55M. It will pay a dividend of $0.21 per share, the payment date of which is October 10. Currently, the stock is trading at a trailing dividend yield of 3.52%.
Shares of Logitech International S.A. (LOGI) will be the talk of stock market on Monday as the stock will turn ex-dividend. The company's next dividend payment will be $1.19 per share, and in the last 12 months, the company paid a total of $1.24 per share. Last year's total dividend payments show that LOGI has a trailing yield of 1.74% on the current share price of $71.03.
Seagate Technology Holdings plc (STX) is also set to go ex-dividend on Monday. The next dividend payment from STX will amount to $0.7 per share. September 26 has been designated as the record date for this dividend, with the actual payout scheduled for October 10. In the previous year, STX distributed a total of $2.80 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for STX stands at 4.18% based on the current stock price of $66.92.
JOYY Inc. (YY) will be paying out a dividend of $0.2 per share to shareholders holding their shares as of the close of the business hours on the record date of September 26. Over the past 12 months, YY has paid out a total of $0.80 per share in dividends. Based on the total dividends paid out last year, YY boasts an impressive trailing yield of 2.00% on the current share price of $40.01.
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Crypto Market Highlights
Bybit suspends services to the UK due to impending FCA rules.
CoinShares launches hedge fund division in the US amid tough crypto regulations.
FTX files lawsuit against former Salameda employees.
Binance and CEO CZ seek dismissal of SEC lawsuit.
Uniswap partners with DoDAO to launch an educational platform.
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Most Shorted Stocks
CNX Resources Corporation (CNX) was one of the most shorted stocks as of latest short interest figures, with 19.42% 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 10.7. This represents a change of -570000 shares, which corresponds to a -1.84% decrease in short interest. The total value of the shares held short is estimated to be around $656.29 million. The average daily volume stands at 2.77M shares, and the market capitalization of the company is $3.55B.
The scPharmaceuticals Inc. with the symbol SCPH currently has a short interest of 28.49%. The short interest has changed by -30000 shares. The days to cover ratio stands at 16.7. The estimated value of the shares held short is approximately $46.37 million. On an average day, 368.07K shares are traded, with the company's market capitalization totaling $252.35M.
For the stock TG Therapeutics Inc. (TGTX), the current short interest is at 20.42%. This represents a significant short interest change of 450000 shares, corresponding to a short interest percentage increase of +1.64%. The days needed to cover the short positions amount to 5.8. The approximate worth of the shares held short is $262.64 million.
The stock AAOI has a current short interest of 17.79%. The short interest percentage has experienced decrease of -2.95% while there was a change of -180000 shares in short interest. The ratio indicating the time required to cover short positions is 1.4. Trading activity averages at 4.25M shares per day, while the company's market capitalization stands at $349.94M.
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Energy Stocks to Watch
According to our ST Score evaluation, PrimeEnergy Resources Corporation (PNRG) emerges as a high-quality stock in the Energy industry, attaining an impressive score of 61.0. The stock's performance, financial strength, stock sentiment, and forecast are strong. However, its growth are weak. Additionally, it is neutral in terms of value, profitability, and Piotroski Score.
Our ST Score also classifies Cheniere Energy Inc. (LNG) as a high-quality Energy stock today, presenting a Score of 61.0. The stock has strong fundamentals in terms of valuation, profitability, growth, and Piotroski Score. However, it has weak financial strength. The performance, stock sentiment, and forecast are neutral.
Another stock in the category, Frontline plc (FRO) has the ST Score of 61.0, which means that the stock carries the potential for higher returns. The stock is strong in profitability, performance, financial strength, and Piotroski Score. Value, growth, stock sentiment, and forecast suggest a neutral outlook.
Liberty Energy Inc. (LBRT) stock has the ST Score of 61.0 which implies that the Energy company has a high probability of beating the market. The stock's strengths lie in its valuation, profitability, growth, and Piotroski Score, but its weaknesses are in its performance. However, it shows neutral outlook in financial strength, stock sentiment, and forecast.
EQT Corporation (EQT) currently has the ST Score of 58.0, which signifies a huge upward potential. The Energy stock's strong points are its valuation, performance, growth, and Piotroski Score. The stock's profitability, financial strength, 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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