Dear Readers,

The Nasdaq Composite experienced a slight decline on Tuesday, retreating from the record highs achieved in the previous session, as Nvidia's stock dipped ahead of its crucial earnings report. The tech-focused index dropped by 0.2%. Meanwhile, the Dow Jones Industrial Average increased by 61 points or 0.15%, and the S&P 500 saw a minor rise.

These movements followed a mixed day on Wall Street, during which the Nasdaq set new intraday and closing records, while the Dow fell due to significant drops in JPMorgan Chase shares. Traders are now focusing on remarks from Federal Reserve officials. Fed Governor Christopher Waller expressed that he needs to see "several months" of favorable inflation data before considering rate cuts. Additionally, Richmond Fed President Tom Barkin and Atlanta Fed President Raphael Bostic are scheduled to speak.

As of 12:41 PM ET, the Dow was up 21.05 points, or 0.0529%, at $39827.83. The Nasdaq Composite added 4.75 points, or 0.03%, at $18678.9325. The S&P 500 rose 2.4 points, or 0.05%, at $5310.52. Among the 11 major S&P 500 sectors, 7 showed positive movement, with Energy leading the way with a 1.39% increase.

Top Movers: Under $10

MGO Global Inc (MGOL) is up 352.33% today to trade at the current level of $1.04. This comes after the company released the first quarter of 2024 earnings report.

Mangoceuticals Inc (MGRX) zoomed 174.70% in today’s trade to $0.69 after announcing the development of proprietary oral formulations of Semaglutide (“Slim”) and Tirzepatide (“Trim”) to aid in weight management.

In current trading, Biodexa Pharmaceuticals Plc ADR (BDRX) stock is at $2.33 following news that results of a Phase 2 clinical trial of eRapa in Familial Adenomatous Polyposis (“FAP”) (NCT04230499) are scheduled for presentation at the prestigious 2024 Digestive Disease Week annual meeting in Washington D.C.

Xylo Technologies Ltd. ADR (XYLO) rose 24.92% in the early hours of today's trading to move at $2.39 following the signing of LOI to acquire a leading AI Technology Company based in Germany.

In the current trading session, Mobile health Network Solutions (MNDR) jumped 24.35% to $2.40 over a previous close of $1.93. The company announced that for the first six months of fiscal 2024 ended December 31, 2023, it had revenue of approximately $6.6 million, approximately a 120% improvement on revenue of $3.0 million for the same period in fiscal 2023.

Ex-Dividends Stocks

Applied Materials Inc. (AMAT) 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 May 23 as the record date for the same and will pay the actual dividend on June 13. Last year, the company distributed a total of $1.28 to its shareholders. Based on the last year's worth of payments, AMAT has a trailing yield of 0.59% on the current stock price of $218.26.

Another stock that is shelling out dividends tomorrow is Discover Financial Services (DFS), having a market capitalization of $31.22B. It will pay a dividend of $0.7 per share, the payment date of which is June 06. Currently, the stock is trading at a trailing dividend yield of 2.25%.

Shares of Dynex Capital, Inc. (DX) will be the talk of the stock market on Wednesday as the stock will turn ex-dividend. The company's next dividend payment will be $0.13 per share, and in the last 12 months, it paid a total of $1.02 per share. Last year's total dividend payments show that DX has a trailing yield of 8.12% on the current share price of $12.51.

Pitney Bowes, Inc. (PBI) is also set to go ex-dividend tomorrow. The next dividend payment from PBI will amount to $0.05 per share. May 23 has been designated as the record date for this dividend, with the actual payout scheduled for June 07. In the previous year, PBI distributed a total of $0.20 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for PBI stands at 3.83% based on the current stock price of $5.22.

SBA Communications Corp (SBAC) will be paying out a dividend of $0.98 per share to shareholders holding their shares as of the close of the business hours on the record date of May 23. Over the past 12 months, SBAC has paid out a total of $3.53 per share in dividends. Based on the total dividends paid out last year, SBAC boasts an impressive trailing yield of 1.79% on the current share price of $197.22.

Crypto Market Highlights

• The United States Securities and Exchange Commission (SEC) reportedly reached out to major U.S. exchanges to update their applications for listing and trading spot Ether exchange-traded funds from asset managers.

• Standard Chartered expects the United States Securities and Exchange Commission (SEC) to approve spot Ether exchange-traded funds (ETFs) by May 24.

• Crypto firms in North America are targeting the storage of digital assets for institutional clients, with Taurus and Fireblocks expanding their custodial business in the region.

• Blockchain investigator ZachXBT shared seven wallet addresses containing 891.13 Bitcoin, linked to the North Korean hacking group Lazarus, following research that led to $3.8 million in digital assets being frozen.

• The number of crypto exchanges seeking operational licenses in Hong Kong is decreasing, with three exchanges recently withdrawing their applications from the Securities and Futures Commission of Hong Kong (SFC).

• Fidelity filed an amended S-1 application with the United States Securities and Exchange Commission (SEC) for its spot Ether exchange-traded fund (ETF).

Most Shorted Stocks

Virgin Galactic Holdings Inc (SPCE) was one of the most shorted stocks as of the latest short interest figures, with 26.7% 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 3.84. This represents a change of 10,544,956 shares, which corresponds to a 10.66% increase in short interest. The total value of the shares held short is estimated to be around $10.24 million. The average daily volume stands at 17.05M shares, and the market capitalization of the company is $399.51M.

The ChargePoint Holdings Inc with the symbol CHPT currently has a short interest of 26.7%. The short interest has changed by -1,811,706 shares. The days to cover ratio stands at 9.58. The estimated value of the shares held short is approximately $3.09 million. On an average day, 13.27M shares are traded, with the company's market capitalization totaling $734.53M.

For the stock Plug Power Inc (PLUG), the current short interest is at 25.9%. This represents a significant short interest change of 5,991,827 shares, corresponding to a short interest percentage increase of 3.23%. The days needed to cover the short positions amount to 7.11. The approximate worth of the shares held short is $18.54 million.

With the symbol SMMT, the stock currently has a short interest of 28.1%. The short interest change is 499,674 shares, compared with a short interest percentage change of 2.18%. It would take approximately 16.44 days to cover all the short positions. The shares short value is estimated to be around $2.24 million. The company boasts an average daily volume of 2.16M shares, contributing to a market capitalization of $3.09B.

EV Stocks to Watch

According to our ST Score evaluation, Alphabet Inc (GOOG) emerges as a high-quality stock in the EV industry, attaining an impressive score of 57.0. The stock's profitability and Piotroski Score are strong. However, its value is weak. Additionally, it is neutral in terms of performance, growth, financial strength, stock sentiment, and forecast.

Our ST Score also classifies Lithium Americas Corp (NewCo) (LAC) as a high-quality EV stock today, presenting a Score of 56.0. The stock has strong fundamentals in terms of financial strength, and stock sentiment. However, it has a weak forecast. The value, profitability, performance, growth, and Piotroski Score are neutral.

Another stock in the category, Honda Motor ADR (HMC) has the ST Score of 51.0, which means that the stock carries the potential for higher returns. The stock is strong in valuation, and profitability but weak in growth, and financial strength. Performance, stock sentiment, piotroski score, and forecast suggest a neutral outlook.

Tesla Inc (TSLA) stock has the ST Score of 50.0 which implies that the EV company has a high probability of beating the market. The stock's strengths lie in its profitability, and financial strength, but its weaknesses are in its value. However, it shows a neutral outlook in performance, growth, stock sentiment, Piotroski Score, and forecast.

Xos Inc (XOS) currently has the ST Score of 51.0, which signifies a huge upward potential. The EV stock's strong points are its growth, financial strength, and stock sentiment, while its weak points are its profitability. The stock's value, performance, Piotroski Score, and forecast indicate a neutral outlook.