Dear Readers,

Stocks edged higher on Friday after the Dow Jones Industrial Average experienced its worst session in over a year.

At 12:18 PM ET, the Dow was up 116.31 points, or 0.2977%, at $39181.58. The Nasdaq Composite added 198.21 points, or 1.0643%, at $18821.5938. The S&P 500 rose 40.6201 points, or 0.7711%, at $5308.46. Among the 11 major S&P 500 sectors, 9 showed positive movement, with Energy leading the way with a 3.39% increase.

Despite a surge in a prominent artificial intelligence company, the three major indices ended Thursday lower. The Dow recorded its steepest decline since March 2023. The Dow is on track to end a five-week winning streak, and the S&P 500 is poised to break a four-week positive streak.

Concerns about the Fed maintaining current interest rates this summer overshadowed Nvidia's impressive report. Following robust economic and labor data, Goldman Sachs has postponed its forecast for the Fed's first rate cut from July to September.

Top Movers: Under $10

Innovative Eyewear Inc (LUCY) is up 213.44% today to trade at the current level of $0.58. Company announced its financial results for the first quarter of 2024 on May 14, 2024.

Akanda Corp (AKAN) zoomed 63.16% in today’s trade to $3.90. This rally can be attributed to news that Akanda recently announced stock Consolidation.

In current trading, Netcapital Inc (NCPL) stock is at $0.24 following news that Netcapital pursues Broker-Dealer license to increase potential revenue generation

Onconetix Inc (ONCO) rose 35.08% in the early hours of today's trading to move at $0.19.

In the current trading session, Nuburu Inc (BURU) jumped 25.38% to $0.17 over a previous close of $0.14 as NUBURU recently enters medical device market with order from european eanufacturer

Ex-Dividends Stocks

Enact Holdings Inc (ACT) is about to trade ex-dividend Monday, 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 $0.18 per share. The company has fixed May 29 as the record date for the same and will pay the actual dividend on June 13. Last year, the company distributed a total of $0.64 to its shareholders. Based on the last year's worth of payments, ACT has a trailing yield of 2.06% on the current stock price of $31.11.

Another stock that is shelling out dividends on Monday is Barnes Group Inc. (B), having a market capitalization of $2.05B. It will pay a dividend of $0.16 per share, the payment date of which is June 10. Currently, the stock is trading at a trailing dividend yield of 1.58%.

Shares of Constellation Energy Corporation (CEG) will be the talk of stock market on Monday as the stock will turn ex-dividend. The company's next dividend payment will be $0.35 per share, and in the last 12 months, the company paid a total of $0.92 per share. Last year's total dividend payments show that CEG has a trailing yield of 0.39% on the current share price of $233.51.

Tomorrow, Electronic Arts, Inc. (EA) is also set to go ex-dividend on Monday. The next dividend payment from EA will amount to $0.19 per share. May 29 has been designated as the record date for this dividend, with the actual payout scheduled for June 19. In the previous year, EA distributed a total of $0.76 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for EA stands at 0.56% based on the current stock price of $135.43.

Most Shorted Stocks

Allogene Therapeutics Inc (ALLO) was one of the most shorted stocks as of latest short interest figures, with 32.03% 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 15.5 Days to Cover. This represents a change of 2510000 shares, which corresponds to a +8.00% increase in short interest. The total value of the shares held short is estimated to be around $86.37 million. The average daily volume stands at 2.34M shares, and the market capitalization of the company is $531.47M.

The IGM Biosciences Inc with the symbol IGMS currently has a short interest of 29.87%. The short interest has changed by 990000 shares. The days to cover ratio stands at 21.6 Days to Cover. The estimated value of the shares held short is approximately $62.77 million. On an average day, 309.26K shares are traded, with the company's market capitalization totaling $593.74M.

For the stock Irobot Corp (IRBT), the current short interest is at 30.65%. This represents a significant short interest change of 330000 shares, corresponding to a short interest percentage increase of +4.07%%. The days needed to cover the short positions amount to 3.9 Days to Cover. The approximate worth of the shares held short is $84.06 million.

With the symbol ABIO, the stock currently has a short interest of 30.24%. The short interest change is -1560000 shares, compared with a short interest percentage change of -27.56%%. It would take approximately 2.9 Days to Cover days to cover all the short positions. The shares short value is estimated to be around $29.29 million. The company boasts an average daily volume of 1.45M shares, contributing to a market capitalization of $50.38M.

The stock UPST has a current short interest of 32.76%. The short interest percentage has experienced decrease of -6.73%% while there was a change of -1750000 shares in short interest. The ratio indicating the time required to cover short positions is 4.2 Days to Cover. The calculated worth of the shorted shares amounts to around $95.65 million. Trading activity averages at 4.95M shares per day, while the company's market capitalization stands at $2.05B.

Biotech Stocks to Watch

According to our ST Score evaluation, Imperial Petroleum Inc (IMPP) emerges as a high-quality stock in the Energy industry, attaining an impressive score of 55.0. The stock's valuation, and financial strength are strong. However, its growth are weak. Additionally, it is neutral in terms of profitability, performance, stock sentiment, Piotroski Score, and forecast.

Our ST Score also classifies Dorian LPG Ltd (LPG) as a high-quality Energy stock today, presenting a Score of 66.0. The stock has strong fundamentals in terms of valuation, profitability, and financial strength. The performance, growth, stock sentiment, Piotroski Score, and forecast are neutral.

Another stock in the category, Scorpio Tankers Inc (STNG) has the ST Score of 67.0, which means that the stock carries the potential for higher returns. The stock is strong in valuation, profitability, financial strength, stock sentiment, and Piotroski Score. Performance, growth, and forecast suggest a neutral outlook.

Teekay Corp (TK) stock has the ST Score of 67.0 which implies that the Energy company has a high probability of beating the market. The stock's strengths lie in its valuation, financial strength, stock sentiment, and Piotroski Score. However, it shows neutral outlook in profitability, performance, growth, and forecast.

Frontline Plc (FRO) currently has the ST Score of 54.0, which signifies a huge upward potential. The Energy stock's strong points are its . The stock's value, profitability, performance, growth, financial strength, stock sentiment, Piotroski Score, and forecast indicate a neutral outlook.

Best Regards,
Stocks Telegraph Team

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