Dear Readers,

On Tuesday, the U.S. stock market saw a decline, continuing the trend of challenges in 2024.

As of 11:49 AM ET, the Dow was down -209.0312 points, or -0.5547%, at $37473.98. The Nasdaq Composite lost -16.0312 points, or -0.0963%, at $16633.844. The S&P 500 declined -12.7803 points, or -0.2683%, at $4750.76. Among the 11 major S&P 500 sectors, 7 showed positive movement, with Communication Services leading the way with a 0.77% increase. 

This downturn was noted despite the previous day's positive performance in the equity market, where both the S&P 500 and the Nasdaq Composite experienced a rally, particularly the large-cap technology stocks which saw a recovery from the previous week's falls. Notably, Nvidia's stock prices soared, hitting a record high.

In the coming days, investors will closely examine two significant reports on inflation that could provide insights into potential interest rate cuts by the Federal Reserve. The consumer price index for December is scheduled to be made public on Thursday, with the producer price index announcement set for Friday.

Top Movers: Under $10

Cutera Inc (CUTR) is up 43.77% today to trade at the current level of $4.73. This comes after the company announced certain preliminary, unaudited financial results for the year ended December 31, 2023.

Sonoma Pharmaceuticals Inc. (SNOA) zoomed 20.83% in today’s trade to $0.22 after announcing an agreement with NovaBay Pharmaceuticals, Inc. (NBY) for the sale and marketing of Avenova®-branded products by Sonoma in the European Union.

In current trading, Ngm Biopharmaceuticals Inc (NGM) stock is at $1.43 after reporting encouraging new data from an ongoing Phase 1 Part 1b study evaluating NGM707, a dual ILT2/ILT4 antagonist antibody product candidate, in combination with KEYTRUDA® (pembrolizumab).

Novabay Pharmaceuticals Inc (NBY) rose 6.67% in the early hours of today's trading to move at $0.19 after securing a deal with Sonoma Pharmaceuticals, Inc. (SNOA) for Sonoma to sell and market Avenova® products in the European Union.

In the current trading session, Cardio Diagnostics Holdings Inc (CDIO) jumped 13.35% to $2.85 over a previous close of $2.51. The company announced the grant of a patent in India.

Ex-Dividends Stocks

Oracle Corp. (ORCL) 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 $0.4 per share. It has fixed January 11 as the record date for the same and will pay the actual dividend on January 25. Last year, the company distributed a total of $1.44 to its shareholders. Based on the last year's worth of payments, ORCL has a trailing yield of 1.39% on the current stock price of $103.92.

Another stock that is shelling out dividends tomorrow is Johnson Outdoors Inc (JOUT), having a market capitalization of $494.22M. It will pay a dividend of $0.33 per share, the payment date of which is January 25. Currently, the stock is trading at a trailing dividend yield of 2.59%.

Shares of Eagle Bancorp Inc (MD) (EGBN) will be the talk of stock market on Wednesday as the stock will turn ex-dividend. The company's next dividend payment will be $0.45 per share, and in the last 12 months, it paid a total of $1.80 per share. Last year's total dividend payments show that EGBN has a trailing yield of 6.20% on the current share price of $29.02.

Eagle Point Credit Company Inc. (ECC) is also set to go ex-dividend tomorrow. The next dividend payment from ECC will amount to $0.02 per share. January 11 has been designated as the record date for this dividend, with the actual payout scheduled for January 31. In the previous year, ECC distributed a total of $1.66 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for ECC stands at 16.45% based on the current stock price of $10.11.

Arcosa Inc (ACA) will be paying out a dividend of $0.05 per share to shareholders holding their shares as of the close of the business hours on the record date of January 12. Over the past 12 months, ACA has paid out a total of $0.20 per share in dividends. Based on the total dividends paid out last year, ACA boasts an impressive trailing yield of 0.26% on the current share price of $77.85.

Crypto Market Highlights

Most Shorted Stocks

ChargePoint Holdings Inc (CHPT) was one of the most shorted stocks as of latest short interest figures, with 27.33% 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 4.4. This represents a change of -8120000 shares, which corresponds to a -8.36% decrease in short interest. The total value of the shares held short is estimated to be around $196.76 million. The average daily volume stands at 20.81M shares, and the market capitalization of the company is $923.85M.

The Luminar Technologies Inc with the symbol LAZR currently has a short interest of 17.42%. The short interest has changed by -5900000 shares. The days to cover ratio stands at 10.3. The estimated value of the shares held short is approximately $242.27 million. On an average day, 7.07M shares are traded, with the company's market capitalization totaling $1.39B.

For the stock Lucid Group Inc (LCID), the current short interest is at 27.28%. This represents a significant short interest change of -6710000 shares, corresponding to a short interest percentage decrease of -2.74%. The days needed to cover the short positions amount to 7.4. The approximate worth of the shares held short is $863.48 million.

With the symbol CMPO, the stock currently has a short interest of 23.50%. The short interest change is 80000 shares, compared with a short interest percentage change of +2.20%. It would take approximately 38.8 days to cover all the short positions. The shares short value is estimated to be around $1.22 billion. The company boasts an average daily volume of 101.04K shares, contributing to a market capitalization of $97.54M.

The stock WIRE has a current short interest of 26.85%. The short interest percentage has experienced decrease of -2.68% while there was a change of -110000 shares in short interest. The ratio indicating the time required to cover short positions is 18.6. The calculated worth of the shorted shares amounts to around $777.73 million. Trading activity averages at 213.21K shares per day, while the company's market capitalization stands at $3.31B.

EV Stocks to Watch

According to our ST Score evaluation, General Motors Company (GM) emerges as a high-quality stock in the EV industry, attaining an impressive score of 62.0. The stock's valuation, profitability, performance, stock sentiment, and Piotroski Score are strong. However, its growth, and financial strength are weak. Additionally, it is neutral in terms of forecast.

Our ST Score also classifies Enersys (ENS) as a high-quality EV stock today, presenting a Score of 60.0. The stock has strong fundamentals in terms of profitability, performance, stock sentiment, and Piotroski Score. However, it has weak financial strength. The value, growth, and forecast are neutral.

Another stock in the category, Ford Motor Co. (F) has the ST Score of 57.0, which means that the stock carries the potential for higher returns. The stock is strong in valuation, profitability, performance, stock sentiment, and Piotroski Score but weak in growth, and financial strength. Forecast suggest a neutral outlook.

BorgWarner Inc (BWA) stock has the ST Score of 56.0 which implies that the EV company has a high probability of beating the market. The stock's strengths lie in its profitability, and Piotroski Score. However, it shows neutral outlook in value, performance, growth, financial strength, stock sentiment, and forecast.

QuantumScape Corp (QS) currently has the ST Score of 54.0, which signifies a huge upward potential. The EV stock's strong points are its performance, financial strength, and stock sentiment, while its weak points are its profitability, and Piotroski Score. The stock's value, growth, and forecast indicate a neutral outlook.