Stocks on a Budget: Mid-Day Movers Below $10!

On Monday, the S&P 500 exhibited minimal changes as investors kept a keen eye on the forthcoming Federal Reserve policy decision. Simultaneously, West Texas Intermediate (WTI) and Brent crude oil prices reached their highest levels since November. Notably, WTI has surged by nearly 30% in the third quarter, putting it on track for its most substantial price increase since the first quarter of 2022.

This uptrend in oil prices positively impacted the energy sector during the trading session, with the S&P 500's energy sector gaining approximately 1%. Marathon and Valero emerged as the sector leaders in terms of stock performance.

In contrast, both the S&P 500 and the Nasdaq had concluded the prior trading week with losses, marking their second consecutive week of decline. In contrast, the Dow managed to finish the week with a modest 0.1% gain.

As of 11:33 AM ET, the Dow was up 67.5508 points, or 0.1951%, at $34685.79. The Nasdaq Composite added 48.0195 points, or 0.3159%, at $15250.418. The S&P 500 rose 10.8901 points, or 0.2447%, at $4461.21. Among the 11 major S&P 500 sectors, 7 showed negative movement, with Consumer Defensive leading the way with a -0.44% decrease.

Top Movers: Under $10

Avinger Inc. (AVGR) is up 75.82% today to trade at the current level of $7.27. This comes after the company announced full commercial launch of its Tigereye® ST next generation image-guided chronic total occlusion (CTO) crossing system.

Nikola Corporation (NKLA) zoomed 16.39% in today’s trade to $1.38.The company announced the appointment of Mary Chan as Chief Operating Officer (COO), effective October 9, 2023.

In current trading, Hyliion Holdings Corp. (HYLN) stock is at $1.34. Hyliion Holdings Corp. and Cummins Inc. secure Dual Executive Order from CARB for groundbreaking Hypertruck ERX powertrain.

FSD Pharma Inc. (HUGE) rose 8.67% in the early hours of today's trading to move at $1.63 after announcing interim results from First-in-Human Clinical trial of Lucid-MS (Lucid-21-302) for Multiple Sclerosis; The report shows compound to be safe and well tolerated.

In the current trading session, T2 Biosystems Inc. (TTOO) jumped 33.48% to $0.37 over a previous close of $0.28. The company recently reported that it issued inducement awards to four new employees.

Ex-Dividends Stocks

Bank First Corporation (BFC) 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 $0.3 per share. The company has fixed September 20 as the record date for the same and will pay the actual dividend on October 04. Last year, the company distributed a total of $1.20 to its shareholders. Based on the last year's worth of payments, BFC has a trailing yield of 1.54% on the current stock price of $78.12.

Another stock that is shelling out dividends tomorrow is Elme Communities (ELME), having a market capitalization of $1.30B. It will pay a dividend of $0.18 per share, the payment date of which is October 04. Currently, the stock is trading at a trailing dividend yield of 4.86%.

Shares of Main Street Capital Corporation (MAIN) will be the talk of stock market on Tuesday as the stock will turn ex-dividend. The company's next dividend payment will be $0.28 per share, and in the last 12 months, the company paid a total of $2.82 per share. Last year's total dividend payments show that MAIN has a trailing yield of 6.85% on the current share price of $41.16.

Restaurant Brands International Inc. (QSR) is also set to go ex-dividend tomorrow. The next dividend payment from QSR will amount to $0.55 per share. September 20 has been designated as the record date for this dividend, with the actual payout scheduled for October 04. In the previous year, QSR distributed a total of $2.20 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for QSR stands at 3.18% based on the current stock price of $69.26.

Vistra Corp. (VST) will be paying out a dividend of $0.21 per share to shareholders holding their shares as of the close of the business hours on the record date of September 20. Over the past 12 months, VST has paid out a total of $0.82 per share in dividends. Based on the total dividends paid out last year, VST boasts an impressive trailing yield of 2.46% on the current share price of $33.44.

Crypto Market Highlights

Most Shorted Stocks

MicroVision Inc. (MVIS) was one of the most shorted stocks as of latest short interest figures, with 22.60% 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 10.0. This represents a change of 1490000 shares, which corresponds to a +3.64% increase in short interest. The total value of the shares held short is estimated to be around $94.19 million. The average daily volume stands at 3.11M shares, and the market capitalization of the company is $429.99M.

The Arbor Realty Trust Inc. with the symbol ABR currently has a short interest of 22.42%. The short interest has changed by -650000 shares. The days to cover ratio stands at 10.1. The estimated value of the shares held short is approximately $670.37 million. On an average day, 4.18M shares are traded, with the company's market capitalization totaling $2.96B.

For the stock Faraday Future Intelligent Electric Inc. (FFIE), the current short interest is at 22.1%. This represents a significant short interest change of -282,665,610 shares. The days needed to cover the short positions amount to 2.26. The company experiences an average daily trading volume of 2.35M shares, and its market capitalization is valued at $89.28M.

The stock PLCE has a current short interest of 22.82%. The short interest percentage has experienced increase of +1.93% while there was a change of 50000 shares in short interest. The ratio indicating the time required to cover short positions is 4.0. Trading activity averages at 632.73K shares per day, while the company's market capitalization stands at $320.78M.

Upcoming IPOs

Maplebear (Instacart) Inc. (CART) is all set for its debut on the NASDAQ exchange on September 19. They are offering shares in the price range of $28.00 to $30.00. With a total of 22,000,000 shares available, the company aims to raise approximately $638.00M through this IPO.

Davis Commodities Limited (DTCK) will be entering the market with its IPO on September 19, on the NYSEAMERICAN exchange. They are offering shares in the price range of $4.00 to $4.50. They plan to offer 1,087,500 shares, targeting a deal size of $4.62M.

Klaviyo, Inc. (KVYO) is also scheduled to make its debut on the NYSE exchange on September 20. They are offering shares in the price range of $27.00 to $29.00. The IPO includes 19,200,000 shares, aiming for a deal size of $537.60M.

Global Mofy Metaverse Limited (GMM) is set to join the NASDAQ on September 21. They are offering shares in the price range of $4.50 to $5.50. They are offering 1,200,000 shares, with an estimated deal size of $6.00M.

Gamer Pakistan Inc. (GPAK) will be capturing investors' attention as they hit the NASDAQ exchange on September 21. They are offering shares in the price range of $4.00 to $5.00. A total of 1,700,000 shares will be available, with the deal size projected to reach $7.65M.