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Apple, Penn National Gaming, Spotify, Peloton & more

Customers distance before entering an Apple Store during phase one of reopening after the COVID-19 lockdown in New York City, New York, U.S. June 17, 2020.Brendan McDermid | ReutersCheck out the companies making headlines in midday trading. Apple — Apple shares jumped more than 1.8% to a record high as investors cheered a slew of announcements from the tech giant's Worldwide Developers Conference. The company unveiled a new operating system for its flagship product, the iPhone, along with a new OS for its computers. Apple also said it would ditch Intel chips when building its new Mac computers. Several Wall Street analysts praised these announcements, with UBS even hiking its price target on the stock to $400 per share from $325 per share.Penn National Gaming — Shares of the Pennsylvania-based casino operator jumped more than 15% on Tuesday after CEO Jay Snowden said it has resumed operations in 30 of Penn National's 41 properties and has plans to open the rest in the "coming weeks," Snowden said on CNBC's "Mad Money" on Monday. Snowden was joined by Barstool Sports founder Dave Portnoy, who said Barstool's sportsbook with Penn National will be a "dominant player in the game" and an additive to the casino operator.JPMorgan, Citigroup, Citizens Financial — Several bank stocks were outperforming the broader market on Tuesday as Treasury yields moved slightly higher and economic data pointed to a growing recovery. Shares of JPMorgan Chase and Citizens Financial rose 1.4%, Read the full article

Tech IPO investing in 2019 tops S&P 500 even with Uber, Lyft plunge

Ethan Brown, founder and chief executive officer of Beyond Meat, center, celebrates with his wife Tracy Brown, center left, and guests during the company's initial public offering (IPO) at the Nasdaq MarketSite in New York, on Thursday, May 2, 2019. Based on the terrible public market performance of Uber and Lyft, you might think it's been a bad year for tech IPO investors. But if you treat every offering equally, IPOs have been a lucrative bet. Looking at a basket of 13 venture-backed tech IPOs this year, including Slack's direct listing, eight stocks are in the black. If you'd put $1 million into each of them at the IPO price, your $13 million initial investment would be worth $21.7 million — a 67% gain. That calculation follows the debut of cloud security company Cloudflare, which jumped 20% in its first trading day on Friday. If instead of putting $1 million into every IPO, you'd invested $13 million into the S&P 500 at the beginning of the year, you'd be up 20% at $15.6 million. All that helps explain why venture capitalist Bill Gurley told CNBC this week that "Silicon Valley has been on the bad end of a bad joke for about four decades now, in terms of the way the traditional IPO process works." Most of the gains come from the immediate IPO pop, meaning companies are giving away upside to new investors. There are many caveats to comparing this year's IPO investments to the S&P 500. Most notably, this methodology doesn't factor in market cap but just assumes an equal investment in every company. Also, most of the offerings haven't hit their lock-up expiration yet. In the coming months, a flood of new shares will hit the market, potentially pushing some of these stocks downward. The biggest qualification, however, is that to beat the S&P 500 with these IPOs, you'd need to have Beyond Meat, a food company backed by venture firms, in your tech portfolio. Shares of the plant-based meat alternative company are up 524% since their market debut in March and on a total dollar basis would account for 60% of the gains. The next best performer is videoconferencing company Zoom, up 120%, followed by security vendor CrowdStrike, up 91%. The biggest laggard is Lyft, down 36%, followed by Uber, which is off 26% and e-commerce company RealReal, down 15%. Slack has plunged 21% in the past seven trading days, leaving the stock 6% below the reference price for its direct listing in June. Here's a list of 13 venture-backed tech IPOs and how they've performed since hitting the market: