Beyond Meat and Zoom Video Top the List of Best 2019 IPOs - Barron's

Photograph by Drew Angerer/Getty Images

The IPO market has been humming in 2019, and we’ve still got more than a quarter to go—a period which should include some high profile issues, including closely scrutinized WeWork and fast-growing Peloton.

The year to date has included some huge winners—a dozen newly public stocks have posted IPO gains of better than 85%. Here’s a quick look at the year’s top four IPOs.

Beyond Meat

The producer of plant-based meat-substitutes went public in May at $25 a share and has been on a remarkable tear since. The company sold more stock to the public market in August at $160 a share, more than six times the IPO price. The stock has benefited from a combination of strong buzz and excellent financial performance. For the second quarter, Beyond Meat (BYND) posted revenue of $67.3 million, up 287% from a year earlier, with $6.9 million in positive adjusted Ebitda, or earnings before interest, taxes, depreciation, and amortization, compared with a loss on that basis a year earlier. The company sees full-year revenue of better than $240 million, which would be up 170% from the previous year. Investors are responding to the growth. Beyond Meant shares now trade at close to 40 times projected revenue.

Turning Point Therapeutics

An April 17 IPO at $18 a share, Turning Point (TPTX) shares have surged to $54, tripling from their public market debut. The San Diego-based oncology company is developing targeted treatments for solid tumors. Throughout the year, the company has been providing some positive incremental data on its lead compound, repotrectinib, for non-small cell lung cancer patients.

CrowdStrike Holdings

CrowdStrike (CRWD), which makes cloud-based enterprise security software, went public in June at $34 a share, and now trades at close to $81, up 139% since its debut. The company posted impressive results for its fiscal first quarter ended April 30, with 103% revenue growth. CrowdStrike’s story strikes multiple hot buttons: the cloud, security, and edge computing. The company says it provides “the only endpoint protection platform built from the ground up to stop breaches.” As with Beyond Meat, investors here show a willingness to pay up for high growth: the stock trades for almost 40 times forward revenue.

Zoom Video Communications (ZM)

Zoom’s (ZM) big run up in the public market has become everyone’s example of investor interest in fast-growing enterprise tech businesses. The San Jose-based provider of videoconference services has proved particularly popular with technology clients. Growing revenue at more than 100% and already profitable, Zoom went public in April at $36 a share and immediately started, well, zooming. Zoom traded as high as $107 before settling back into the low 90s, with a gain since the IPO of more than 150%. With triple-digit growth, investors will follow companies anywhere—in Zoom’s case, to a valuation of more than 46 times forward revenues.

Write to Eric J. Savitz at eric.savitz@barrons.com

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2019-09-03 09:30:00Z
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Chinese stocks close at best level since July while yuan briefly slumps to a record low - CNN

The Shanghai Composite Index (SHCOMP) ended up 0.2% at 2,930.15, the best close since July 31. It extended a 1.3% rally on Monday. Infrastructure, shipbuilding and consumer electronics stocks continued to lead the market higher after promising economic data on Monday showed China's manufacturing sector expanded to a five-month high.

Japan's Nikkei (N225) closed up by less than 0.1%.

But Hong Kong's Hang Seng (HSI) finished down 0.4%, following slight weakness Monday. Last month, the Hang Seng recorded a 7.4% drop — one of the worst among major global indexes. The index has been weighed down by escalating US-China trade tensions as well as intensifying protests in the city.

South Korea's Kospi (KOSPI) fell 0.2%.

The Chinese yuan touched a record low in offshore trading early Tuesday morning — it briefly hit 7.196 yuan per one US dollar, the lowest since it began trading outside of mainland China in 2010. It's now trading a bit higher at 7.184 per dollar, which is slightly stronger than Monday.

So far this year, the yuan has lost about 4.6% against the dollar in offshore trading, where the currency trades more freely.

The onshore yuan, meanwhile, was trading at around 7.179 per dollar Tuesday. It has also fallen around 4.4% this year.

Here's what is happening elsewhere at about 4:30 p.m. Hong Kong time:

• The Reserve Bank of Australia left its cash rate unchanged at 1%. The decision was expected. "The outlook for the global economy remains reasonable," though risks remain, said the central bank's governor, Philip Lowe, in a statement. Australia's S&P/ASX 200 index was down about 0.1%.
• Xiaomi, which is the world's fourth largest smartphone manufacturer, jumped 4.2% in Hong Kong after it announced a share buyback plan of up to 12 billion Hong Kong dollars ($1.5 billion).
• South Korea revised its estimate for GDP growth for the second quarter on Tuesday. Its GDP expanded by 1% in the quarter compared with the first quarter, which is slightly lower than a previous estimate, the Bank of Korea said.
• US markets were closed Monday because of the Labor Day holiday.

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https://www.cnn.com/2019/09/02/investing/asian-market-latest/index.html

2019-09-03 09:11:00Z
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Armed Group Rushes Popeye's After Discovering Chicken Sandwich Is Sold Out - HuffPost

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2019-09-03 07:44:00Z
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People with gun demand Popeyes chicken sandwiches in SE Houston - KTRK-TV

HOUSTON, Texas (KTRK) -- An armed group of people rushed the door of a Popeyes Chicken restaurant in southeast Houston Monday night demanding chicken sandwiches.

Houston police were called to the restaurant on Scott Street and Corder just after 9 p.m.

Employees told ABC13 a mob of two women, three men and a baby were told at the drive-thru that the chicken sandwiches were sold out, but that apparently triggered the would-be customers. That is when police said they tried to get inside the restaurant.

One man had a gun, but a restaurant worker was able to lock them out. All the while, the group left the baby inside their black SUV.

No injuries were reported, and police are working on a description of the suspects.

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2019-09-03 06:37:55Z
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US-China tariffs hit: How global stocks are responding - Fox Business

Investors wondering how the new U.S. and China tariffs would affect the global stock market got a mixed message Monday.

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U.S. markets were closed for the Labor Day holiday, but other markets globally opened with slight upticks.

European markets were up slightly in early trading. London's FTSE 100 rose 0.9% to 7,274.50 and France's CAC 40 added 0.1% to 5,487.74. Germany's DAX was 10 points higher at 11,949.88.

In Asia, the Shanghai Composite Index gained 1.3% to 2,924.11 while Tokyo's Nikkei 225 shed 0.4% to 20,620.19. Hong Kong's Hang Seng lost 0.4% to 25,626.55.

Seoul's Kospi ended 1 point higher at 1,969.19 and Sydney's S&P-ASX 200 retreated 0.4% to 6,579.40. New Zealand and Taiwan gained while Southeast Asia markets retreated.

A new round of tariffs hit Sunday when the U.S. began taxing $112 billion in Chinese imports at 15%. China hit back by taxing certain U.S. imports at 10% and 5%.

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This round of U.S. tariffs is expected to send prices higher for some consumer goods, like footwear, clothing and textiles. President Trump had previously spared clothing and shoes from tariffs.

“The bottom line is that, for the first time, Trump’s trade war is likely to directly raise prices for a lot of household budget items like clothing, shoes, toys, and consumer electronics,” PIIE senior fellow Chad Brown wrote in a report.

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If the U.S. and China cannot come to an agreement on trade, more tariffs are expected to hit Dec. 15.

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The Associated Press and FOX Business' Megan Henney contributed to this report.

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2019-09-02 11:18:59Z
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Argentina imposes currency controls as its economic crisis deepens - CNBC

A woman walks with an Argentinian flag during a march in support of President Mauricio Macri on August 24, 2019 in Buenos Aires, Argentina.

Ricardo Ceppi | Getty Images News | Getty Images

Argentina's government has imposed currency controls in a bid to stabilize financial markets, as Latin America's third-largest economy faces a deepening economic crisis.

The temporary measures, announced on Sunday, allow the government to restrict foreign currency purchases following a sharp drop in the super-sensitive peso.

All companies must now request permission from Argentina's central bank to sell pesos and buy foreign currency to make transfers abroad.

In an official bulletin issued on Sunday, the government said currency controls were necessary "to ensure the normal functioning of the economy."

The latest move follows the surprise announcement on Wednesday that Argentina would seek to defer payments on roughly $100 billion of debt, which credit rating agency S&P classified as a default under its own criteria.

The measures — which will remain in place until the end of the year — constitute a startling turnabout for President Mauricio Macri.

Shortly after starting his term in December 2015, the embattled leader of South America's second-largest country abruptly removed strict capital controls that had been in place since 2011.

Macri's government and the central bank are trying to shore up confidence in financial markets ahead of the presidential election on October 27.

IMF doesn't want to be the one that 'pulled the plug'

Recession-hit Argentina has been struggling with a financial crisis, which was exacerbated by the president's stunning defeat in a recent primary poll.

In a vote seen by many as a key gauge for the first round of Argentina's presidential election at the end of October, business-friendly Macri lost by a far greater margin than expected to the opposition ticket of center-left Alberto Fernandez and populist ex-leader Cristina Fernandez de Kirchner.

The peso fell to a record low last month, after the primary result cast serious doubt over the center-right incumbent's re-election chances.

Argentina's currency, seen by some as a guide for the country's economy, closed at around 59.49 per U.S. dollar on Friday. The peso has fallen more than 30% since the August 11 primary vote.

Market participants had expected some form of capital controls from Argentina's government. However, some are concerned the move could jeopardize the International Monetary Fund's (IMF) latest disbursement of its historic $57 billion bailout program.

James Athey, senior investment manager at Aberdeen Standard Investments, told CNBC's "Squawk Box Europe" that he still believes the IMF will deliver another $5.4 billion tranche to Argentina later this month.

"Essentially, the IMF doesn't want to be the one that pulled the plug."

Athey argued credit rating agencies had the same problem when it comes to Argentina, with many of them "rushing" to downgrade the country to junk status in recent weeks.

"Realistically, the underlying health of the situation, I don't think it has changed that dramatically. What has happened is that prices of some of the external assets have changed and given the facade that things are dramatically worse… They were always pretty bad."

"So, I don't think the IMF wants to be the one that says: 'No, you can't have that last bit of money'. But, $5 billion at this stage is really throwing a few pennies into the wishing well," Athey said.

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2019-09-02 08:10:06Z
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Asian markets mixed as US-China tariffs take effect - CNN

China's Shanghai Composite Index (SHCOMP) rallied 1.3% to close the day higher. It was lifted by defense and infrastructure stocks. Newly released economic figures were also unexpectedly positive.

The shipbuilding and aerospace industries were the best performers on the market. China has said it will showcase new equipment and weaponry at a military parade meant to celebrate the 70th anniversary of the founding of the People's Republic of China on October 1.

The defense sector is expected to outperform the broader Shanghai Composite Index this month, according to analysts at China Galaxy Securities, an investment firm.

Infrastructure shares also jumped. New private survey data released Monday showed China's manufacturing sector expanded in August to a five-month high.

The data, released by the media group Caixin, suggests that strong infrastructure spending is propping up factory activity in China, according to Julian Evans-Pritchard, senior China economist at Capital Economics.

But long-term concerns remain an issue as exports continue to struggle.

The latest round of tariffs that the United States and China imposed on each other went into effect Sunday — a round that came as concerns about slowing global growth are building and fear of recession stalks several major economies. Investors and executives around the world are also waiting to see when the two economic superpowers will come back to the negotiating table.

The outlook for global demand is still cloudy, Evans-Pritchard wrote in a research note.

Over the weekend, government figures showed a contraction in the manufacturing industry.

The manufacturing indexes are consistent with a slowdown in year-on-year economic growth, he said, adding that Chinese authorities will have "little choice" but to ease policy in the coming months to offset the tariff impact.

Among other major indexes, Hong Kong's Hang Seng Index (HSI) lost 0.4%, while Japan's Nikkei (N225) also fell 0.4%.

South Korea's Kospi (KOSPI) ticked up by less than 0.1%.

Here are the other big moves at 4:15 p.m. Hong Kong time:

• Newly released factory activity from Japan pointed to a continued downturn in the country's manufacturing sector. "The sector was plagued by production cutbacks and flagging demand, which have been the trends so far in 2019," said Joe Hayes, an economist at IHS Markit, in a note. "Softer growth across Asia, particularly in China, was reported to have dented export opportunities."
• South Korea's manufacturing activity contracted in August at a slower pace than it did in July, according to data released Monday.
• The yuan weakened in both onshore and offshore trading. The Chinese central bank fixed the yuan at 7.0883 per one US dollar on Monday, slightly weaker from Friday's 7.0879.

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2019-09-02 08:23:00Z
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