Dear Readers,

U.S. stock markets hovered around the break-even point on Wednesday, with investors focusing squarely on the upcoming release of Nvidia's earnings report.

As of 12:00 PM ET, the Dow was down -76.207 points, or -0.1911%, at $39796.78. The Nasdaq Composite added 35.77 points, or 0.1911%, at $18749.5682. The S&P 500 declined -5.08 points, or -0.0955%, at $5316.34. Among the 11 major S&P 500 sectors, 6 showed positive movement, with Energy leading the way with a 3.04% increase.

Market participants will scrutinize the details of the report to gauge if the tech sector's strong performance this year will persist. The Nasdaq Composite, known for its technology stocks, has soared by 12% to all-time highs so far this year.

Contrary to expectations, April saw a surprising drop in existing home sales, suggesting a potential slowdown in the real estate market. Economists surveyed by Dow Jones had forecasted a rise in home sales for the month.

Additionally, traders are keenly awaiting the release of the minutes from the most recent Federal Open Market Committee meeting. Both the S&P 500 and Nasdaq are emerging from sessions where records were set, while the Dow posted a modest increase.

Top Movers: Under $10

Akoustis Technologies Inc (AKTS) is up 184.60% today to trade at the current level of $0.39. This comes after the company announced the final release to manufacturing of design updates across its product portfolio.

Sunpower Corp (SPWR) zoomed 27.42% in today’s trade to $3.49 after announcing that it will now be offering Tesla Powerwall 3 as part of its curated portfolio of high quality and affordable solar and storage products.

In current trading, FREYR Battery Inc. (FREY) stock is at $2.48. The company has provided an update this morning on the Company’s operational progress at the Customer Qualification Plant in Mo i Rana, Norway.

Petco Health and Wellness Co Inc (WOOF) rose 27.55% in the early hours of today's trading to move at $3.12 after announcing its first quarter 2024 financial results.

In the current trading session, Siyata Mobile Inc (SYTA) jumped 7.08% to $2.57 over a previous close of $2.40 after announcing the expansion of its relationship with luxury resort property, Baha Mar Resorts located in Nassau, Bahamas.

Ex-Dividends Stocks

Cummins Inc. (CMI) 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 $1.68 per share. It has fixed May 24 as the record date for the same and will pay the actual dividend on June 06. Last year, the company distributed a total of $5.04 to its shareholders. Based on the last year's worth of payments, CMI has a trailing yield of 1.76% on the current stock price of $286.79.

Another stock that is shelling out dividends tomorrow is DHT Holdings Inc (DHT), having a market capitalization of $2.00B. It will pay a dividend of $0.29 per share, the payment date of which is May 31. Currently, the stock is trading at a trailing dividend yield of 6.11%.

Shares of Hecla Mining Co. (HL) will be the talk of stock market on Thursday as the stock will turn ex-dividend. The company's next dividend payment will be $0.01 per share, and in the last 12 months, it paid a total of $0.01 per share. Last year's total dividend payments show that HL has a trailing yield of 0.13% on the current share price of $5.99.

Tomorrow, International Paper Co. (IP) is also set to go ex-dividend tomorrow. The next dividend payment from IP will amount to $0.46 per share. May 24 has been designated as the record date for this dividend, with the actual payout scheduled for June 14. In the previous year, IP distributed a total of $1.85 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for IP stands at 4.48% based on the current stock price of $41.29.

Marriott International, Inc. (MAR) will be paying out a dividend of $0.63 per share to shareholders holding their shares as of the close of the business hours on the record date of May 24. Over the past 12 months, MAR has paid out a total of $2.08 per share in dividends. Based on the total dividends paid out last year, MAR boasts an impressive trailing yield of 0.87% on the current share price of $238.04.

Crypto Market Highlights

• Bitcoin and Ethereum-based exchange-traded products (ETPs) will debut on the London Stock Exchange (LSE) following approval by the UK’s Financial Conduct Authority (FCA) on May 22.

• Bullish sentiment for Bitcoin is rising due to increasing inflows into spot BTC exchange-traded funds (ETFs) and favorable trading conditions. Bitfinex researchers suggest Bitcoin's price has stabilized around the $60,000 mark based on weekly market analysis.

• Nigeria’s National Information Technology Development Agency (NITDA) has restructured the National Blockchain Policy Steering Committee (NBPSC) to reassess the policies for implementing the country’s National Blockchain Policy.

• Speculation is growing about the possible approval of a spot Ether exchange-traded fund (ETF) in the US on May 23. Global investment manager VanEck's ETF has been listed by the Depository Trust and Clearing Corporation (DTCC) under the ticker symbol “ETHV.”

• Hong Kong’s Office of the Privacy Commissioner for Personal Data (PCPD) has concluded its inquiry into the Worldcoin project, finding that its operations in Hong Kong violated the Personal Data (Privacy) Ordinance (PDPO).

Most Shorted Stocks

Faraday Future Intelligent Electric Inc (FFIE) was one of the most shorted stocks as of latest short interest figures, with 85.7% 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 1. This represents a change of 12,208,467 shares, which corresponds to a 50.58% increase in short interest. The total value of the shares held short is estimated to be around $13.55 million. The average daily volume stands at 138.50M shares, and the market capitalization of the company is $46.52M.

The Smart for Life Inc with the symbol SMFL currently has a short interest of 46.7%. The short interest has changed by -79,422 shares. The days to cover ratio stands at 1. The estimated value of the shares held short is approximately $237,464. On an average day, 812.86K shares are traded, with the company's market capitalization totaling $0.77M.

For the stock Medifast Inc (MED), the current short interest is at 43.3%. This represents a significant short interest change of 129,419 shares, corresponding to a short interest percentage increase of 4.32%. The days needed to cover the short positions amount to 6.29. The approximate worth of the shares held short is $3.23 million.

With the symbol CYCC, the stock currently has a short interest of 25.4%. The short interest change is 312,655 shares. It would take approximately 1 day to cover all the short positions. The shares short value is estimated to be around $1.19 million. The company boasts an average daily volume of 803.80K shares, contributing to a market capitalization of $3.20M.

The stock SAVE has a current short interest of 26.8%. The short interest percentage has experienced an increase of 5.70% while there was a change of 1,572,233 shares in short interest. The ratio indicating the time required to cover short positions is 5.1. The calculated worth of the shorted shares amounts to around $6 million. Trading activity averages at 6.95M shares per day, while the company's market capitalization stands at $421.57M.

AI Stocks to Watch

According to our ST Score evaluation, Twilio Inc (TWLO) emerges as a high-quality stock in the AI industry, attaining an impressive score of 53.0. The stock's financial strength, stock sentiment, and Piotroski Score are strong. However, its profitability is weak. Additionally, it is neutral in terms of value, performance, growth, and forecast.

Our ST Score also classifies Ansys Inc. (ANSS) as a high-quality AI stock today, presenting a Score of 47.0. The stock has strong fundamentals in terms of profitability. However, it has weak value and growth. The performance, financial strength, stock sentiment, Piotroski Score, and forecast are neutral.

Another stock in the category, Meta Platforms Inc (META) has the ST Score of 54.0, which means that the stock carries the potential for higher returns. The stock is strong in profitability, and Piotroski Score but weak in value, and financial strength. Performance, growth, stock sentiment, and forecast suggest a neutral outlook.

ZoomInfo Technologies Inc. (ZI) stock has the ST Score of 52.0 which implies that the AI company has a high probability of beating the market. The stock's strengths lie in its profitability, stock sentiment, and Piotroski Score, but its weaknesses are in its growth, and financial strength. However, it shows a neutral outlook in value, performance, and forecast.

Vertiv Holdings Co (VRT) currently has the ST Score of 48.0, which signifies a huge upward potential. The AI stock's strong points are its profitability, and growth, while its weak points are its value and financial strength. The stock's performance, stock sentiment, Piotroski Score, and forecast indicate a neutral outlook.

Best Regards,
Stocks Telegraph Team

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