3 Hot New Stocks on Wall Street

Wall Street is watching for Uber's IPO, too

by Karee Venema

Published on May 2, 2019 at 2:51 PM
Updated on May 2, 2019 at 2:55 PM

The broader stock market is taking a hit this afternoon, but not all of the day's action is to the downside. Among some of the hottest stocks today are vegan burger specialist Beyond Meat Inc (NASDAQ:BYND), medical device maker TransMedics Group, Inc. (NASDAQ:TMDX), and online medical marketplace So-Young International Inc. (NASDAQ:SY), as each make their public trading debut.

Beyond Meat priced its initial public offering (IPO) at $25 per share, suggesting a $1.46 billion market cap. BYND stock opened at $46 per share shortly after lunchtime, before climbing all the way up to $63.43 around 12:40 p.m. ET. After being halted for volatility, the equity was last seen trading up 172% at $68.06.

TransMedics set its IPO at $16 per share, which was expected to raise more than $91 million for the Massachusetts-based firm. TMDX shares opened at $20.25 per share mid-morning, rallying as high as $22.76. At last check, the security is up 36.9% at $21.90.

China's So-Young International priced its U.S.-listed stock at $13.80 per share, bringing the total offering size to $179.4 million. SY debuted at $16.50 per share earlier, rising to an intraday high of $19.98 minutes later. With just about 90 minutes left in today's trading, SY is up 32.2% at $18.25.

Today's post-IPO price action for these three stocks echoes a recent trend. Ahead of rival Uber's upcoming IPO, the shares of ride-sharing service LYFT Inc (NASDAQ:LYFT) started strong. The stock has since retreated from its March 29 record high of $88.60, last seen trading at $59.76 -- well below its $72 per-share IPO -- but options traders at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) have initiated 1.54 long calls for each put over the last 10 sessions. The June 100 call is home to peak open interest of 11,423, with Trade-Alert pointing to mostly buy-to-open activity here.

Elsewhere social media stock Pinterest Inc (NYSE:PINS) opened at $23.75 on April 18, after the company priced its IPO at $19. The shares have pulled back from their April 30 all-time peak at $35.29 -- down 5.4% at $29.53. PINS options traders have been skeptical of the stock, and today, appear to be buying to open the May 25 put. This front-month option expires on Friday, May 17, one day after Pinterest reports earnings the evening of Thursday, May 16.

 


START YOUR SATURDAY SMARTER.


The best of Schaeffer's market analysis in a 5-minute weekly read.


 
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


16-Hour "Jump Trades" Unlock New Profit Potential
Click to continue to advertiser's site.
Why Dermira, Menlo Therapeutics are Red-Hot Today
The broader stock market is much lower this afternoon, though
Banks, Blue Chips Kick Off Earnings Season
Dow earnings are expected to come in droves again next week
16-Hour "Jump Trades" Unlock New Profit Potential
Click to continue to advertiser's site.