IPOs Watch: Budget-Friendly Picks Powering Up

The S&P 500 opened lower to start the week as investors kept a close eye on the latest global trade developments, including another unexpected set of tariffs from President Donald Trump.

As of 11:23 AM ET, the Dow was up 29.79 points, or 0.0721%, at $41,347.23. The Nasdaq Composite lost -91.7 points, or -0.46%, at $20,010.91. The S&P 500 declined -22.15 points, or -0.39%, at $5,664.52. Among the 11 major S&P 500 sectors, 10 showed positive movement, with Communication Services leading the way with a 1.46% increase.

The major indexes trimmed their losses after data from the Institute for Supply Management showed stronger-than-expected service sector activity in April. This came despite growing concerns from company executives over the impact of tariffs. At its lowest point, the Dow dropped by 253.99 points, while the S&P 500 and Nasdaq both lost around 1% before rebounding.

Wall Street is now turning its focus to the Federal Reserve's two-day policy meeting, beginning Tuesday, with a rate decision expected on Wednesday.

Top Movers: Under $10 

Hyperscale Data Inc (GPUS) is up 315.33% today to trade at the current level of $5.69. This comes after announcing preliminary $25 million in revenue for Q1 2025.

22nd Century Group Inc (XXII) zoomed 17.41% in today’s trade to $1.18. This rally can be attributed to news that the company is set to release its earnings report on May 13.

In current trading, Alterity Therapeutics Ltd ADR (ATHE) stock is at $3.96 following news of a U.S. FDA Fast Track Designation award for the company's novel drug.

Ocean Power Technologies (OPTT) rose 12.19% in the early hours of today's trading to move at $0.49. The strong performance of OPTT stock came as investors were encouraged by a contract award to provide multiple Unmanned Surface Vehicles.

In the current trading session, Foremost Clean Energy Ltd (FMST) jumped 13.19% to $1.03 over a previous close of $0.91 as the company announced a warrant incentive program.

Ex-Dividends Stocks

Baker Hughes Co (BKR) 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 $0.23 per share. It has fixed May 06 as the record date for the same and will pay the actual dividend on May 16. Last year, the company distributed a total of $0.86 to its shareholders. Based on the last year's worth of payments, BKR has a trailing yield of 2.36% on the current stock price of $36.47.

Another stock that is shelling out dividends tomorrow is Weatherford International plc (WFRD), having a market capitalization of $3.19B. It will pay a dividend of $0.25 per share, the payment date of which is June 05. Currently, the stock is trading at a trailing dividend yield of 1.71%.

Shares of Amalgamated Financial Corp (AMAL) will be the talk of stock market on Tuesday as the stock will turn ex-dividend. The company's next dividend payment will be $0.14 per share, and in the last 12 months, it paid a total of $0.50 per share. Last year's total dividend payments show that AMAL has a trailing yield of 1.69% on the current share price of $29.55.

Las Vegas Sands Corp (LVS) is also set to go ex-dividend tomorrow. The next dividend payment from LVS will amount to $0.25 per share. May 06 has been designated as the record date for this dividend, with the actual payout scheduled for May 14. In the previous year, LVS distributed a total of $0.85 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for LVS stands at 2.21% based on the current stock price of $38.38.

Metlife Inc (MET) will be paying out a dividend of $0.57 per share to shareholders holding their shares as of the close of the business hours on the record date of May 06. Over the past 12 months, MET has paid out a total of $2.18 per share in dividends. Based on the total dividends paid out last year, MET boasts an impressive trailing yield of 2.80% on the current share price of $77.89.

Crypto Market Highlights

• Michael Saylor’s Strategy slowed Bitcoin purchases last week as BTC approached $100,000, while Semler Scientific increased its crypto investments. 

• Kyrgyzstan signed a memorandum of understanding with Binance to launch Binance Pay, with Bitcoin and BNB proposed for the country’s national crypto reserves. 

• Aptos' head of ecosystem, Ash Pampati, emphasized that user adoption will stem from innovations beyond recreating memecoins or NFTs, with success found in hybrid Web2.5 platforms.

• Tether AI's newly launched wallet development kit will enable self-custodial wallets for Bitcoin and USDt, supporting crypto payments.

• Indonesia’s digital ministry is investigating World (formerly Worldcoin) for alleged suspicious activity and registration violations, leading to a suspension of its registration certificates.

Most Shorted Stocks

Lucid Group Inc (LCID) was one of the most shorted stocks as of latest short interest figures, with 29.47% 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 3.6. This represents a change of 79,230,000 shares, which corresponds to a +29.19% increase in short interest. The total value of the shares held short is estimated to be around $831.16 million. The average daily volume stands at 99.25M shares, and the market capitalization of the company is $7.21B.

The Plug Power Inc with the symbol PLUG currently has a short interest of 29.43%. The short interest has changed by -16,030,000 shares. The days to cover ratio stands at 4.1. The estimated value of the shares held short is approximately $210.91 million. On an average day, 70.74M shares are traded, with the company's market capitalization totaling $780.32M.

For the stock NIO Inc ADR (NIO), the current short interest is at 10.65%. This represents a significant short interest change of -12,280,000 shares, corresponding to a short interest percentage decrease of -5.28%. The days needed to cover the short positions amount to 3.8. The approximate worth of the shares held short is $875.92 million.

With the symbol TLRY, the stock currently has a short interest of 18.70%. The short interest change is -5,550,000 shares, compared with a short interest percentage change of -3.09%. It would take approximately 4.6 days to cover all the short positions. The shares short value is estimated to be around $96.84 million. The company boasts an average daily volume of 36.21M shares, contributing to a market capitalization of $444.04M.

The stock RIVN has a current short interest of 19.16%. The short interest percentage has experienced an increase of +2.35% while there was a change of 3,340,000 shares in short interest. The ratio indicating the time required to cover short positions is 4.8. The calculated worth of the shorted shares amounts to around $2.3 billion. Trading activity averages at 30.65M shares per day, while the company's market capitalization stands at $15.18B.

Upcoming IPOs

That's it for today. Thanks for reading. Good luck out there!

Best Regards,

Stocks Telegraph Team

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