Raphael Stevens

In this articleUCNBC’s Jim Cramer on Wednesday revisited some of the highly anticipated IPOs of 2020.In reassessing his stances on the IPOs, or initial public offerings, the former hedge fund manager made fresh calls on the stocks after months of trading.”It’s hard not to chase these red-hot IPOs right out of the gate,” the “Mad Money” host said, “but as we saw from the class of 2020, and from Coinbase today, you’ll often get a better price if you’re patient enough to let them pull back a few days, few weeks or even months later.”Below is a round-up of his recommendations on almost a dozen of newly public stocks, and their Wednesday closing prices.nCino, $70.02: “You have got my blessing to dip into it right here, but there’s no rush and I wouldn’t put on a serious position until it retreated to the mid-$60s.”Snowflake, $229.14: “I’d love to get more bullish on Snowflake, but it’s out of step with this market— so why not wait for it to pull back … to just 50 times sales, which will put the stock at $190 where I would buy.”JFrog, $51.96: “The valuation’s a lot more reasonable at these levels, but again there’s no rush with these software stocks. I’d like it even more below $43, or 20 times sales, which is roughly in line with last month’s lows.”American Well, $17.23: “As the great reopening trade’s gone into full swing, well this thing’s lost more than two-thirds of its value. Even down here, even at $17, I’d stay away from Amwell because it’s too much of a lockdown stock.”GoodRx, $37.67: “You’ve got my blessing to speculate in this one now that it’s been knocked down to the high-$30s. Any pullback from here I am saying it’s a buying opportunity.”Asana, $33.42: “This one’s been a real rollercoaster, but I didn’t like the fundamentals last year and, you know what, I still don’t. Can’t justify paying nearly 18 times sales for a company with a 38% growth rate.”Lemonade, $88.60: “I love Lemonade, the company … but they’re losing tons of money and the stock sells for nearly 50 times sales … Can’t justify paying more than $75 for this $89 stock.”Unity Software, $101.12: “Maybe my biggest miss from the class of 2020 was Unity Software … At this point, though, you know what, I’d rather own the newly public Roblox, which is profitable, unlike Unity, and trades at a substantial discount.”Palantir, $23.70: “I think it’s too much of a black box to get a real read on the business, so be careful. I’d feel a lot more confident if it pulls back below $20.”DoorDash, $143.65: “I’m not really interested in DoorDash here. It’s a lockdown stock with too many competitors.”Airbnb, $176.43: “Airbnb will soon be hit with a big lockup expiration, meaning lots of insider selling. The stock’s currently at $175; I’d start nibbling if it came down below $157 and then back up the truck if you can get it closer to $117.”DisclaimerQuestions for Cramer? Call Cramer: 1-800-743-CNBCWant to take a deep dive into Cramer’s world? Hit him up! Mad Money Twitter – Jim Cramer Twitter – Facebook – InstagramQuestions, comments, suggestions for the “Mad Money” website? [email protected] More

In this articleFBPARRestaurant tech company Par Technology could become a dominant force after its acquisition of guest engagement platform Punchh, Panera Bread founder Ron Shaich told CNBC’s Jim Cramer on Wednesday.”This company has the potential to really dominate in enterprise-class restaurants offering what is the holy grail of technology in this industry, which is essentially unified commerce,” Shaich, who is joining Par as a board observer, said on “Mad Money.””With this acquisition, we’re bolting it together,” Shaich said. “The reality is that this is one of the most powerful opportunities that exist in restaurant technologies.”Par announced last week it would buy Punchh for $500 million. Since then, Par shares are up about 25%.The stock has gained traction in recent years as the New Hartford, New York-based company turned its attention to hiring a strong workforce and improving its enterprise product offerings, CEO Savneet Singh said in the joint interview.”Much of the last 18 months to two years has been focusing our capital allocation on software and then really rebuilding the entire management team from, you know, the likes of Google [and] Uber,” he said.The company’s latest move comes as restaurants juggle customers placing more orders through services such as Uber Eats due to the pandemic while at the same time taking some in-store orders. Shaich said Par’s platform can help restaurant operators centralize their systems.”What Par is now offering is the potential for an integrated system that’s plug and play and works far more effectively,” he said. “To have one system the heart of the system that flows throughout the restaurant. It’s what we’ve been searching for in building digital systems.”Pizza Hut, Taco Bell, White Castle and Arby’s among Par’s clients.Questions for Cramer? Call Cramer: 1-800-743-CNBCWant to take a deep dive into Cramer’s world? Hit him up! Mad Money Twitter – Jim Cramer Twitter – Facebook – InstagramQuestions, comments, suggestions for the “Mad Money” website? [email protected] More

Demonstrators wear chains while holding a sit-in inside of the Capitol building in opposition of House Bill 531 on March 8, 2021 in Atlanta, Georgia. HB531 will restrict early voting hours, remove drop boxes, and require the use of a government ID when voting by mail.Megan Varner | Getty ImagesHundreds of corporations, executives and celebrities released a statement Wednesday in opposition to “any discriminatory legislation or measures” that would restrict ballot access.Signatories include corporations such as Amazon, BlackRock and General Motors and individuals such as Berkshire Hathaway CEO Warren Buffett, actor Leonardo DiCaprio and music star Ariana Grande.The statement is the latest and largest showing of corporate backlash to GOP-backed election bills in state legislatures across the country that civil rights advocates say will make it harder for minorities to vote.Ken Chenault, former American Express CEO, and Ken Frazier, chief executive of Merck, organized the statement, according to The New York Times, which first reported on the statement. The statement appeared in print advertisements Wednesday in the Times and The Washington Post.American Airlines, Apple, Bank of America, Cisco, Facebook, Microsoft, Netflix, Starbucks, Target, Twitter and Vanguard were among dozens of corporate names to sign the statement.Celebrities to sign on included George Clooney, Queen Latifah, Demi Lovato, Lin-Manuel Miranda, Gwyneth Paltrow, Shonda Rhimes and Dwyane Wade.Law firms and nonprofits also signed the statement.Chenault and Frazier two weeks prior spearheaded a coalition of prominent Black business executives calling on corporate America to come out against voter restrictions. The move came after Georgia’s Republican governor, Brian Kemp, signed into law a sprawling election bill that opponents say disproportionately hurts Black voters.CNBC PoliticsRead more of CNBC’s politics coverage:Biden plans to withdraw U.S. forces from Afghanistan by Sept. 11, missing May deadlineHundreds of corporations, business leaders, celebs sign statement against voting restrictionsGas tax is not being considered in Biden’s infrastructure plan, White House saysGeorgia-based corporations Coca-Cola and Delta Airlines, which condemned the Georgia law as “unacceptable” after it passed, declined to sign the Wednesday statement, the Times reported. Home Depot, another company headquartered in the Peach State, also reportedly declined to sign on.Lawmakers in Georgia threatened to rescind a tax break for Delta following the corporation’s backlash to the new election law. Former President Donald Trump earlier in April called for a boycott of companies that opposed voter restrictions, including Delta, Coca-Cola and Major League Baseball, which pulled this summer’s All-Star Game out of the Atlanta area in response to the voting legislation. Senate Minority Leader Mitch McConnell last week said corporations should “stay out of politics.”Companies and business leaders are wading into the debate over voting rights as lawmakers consider election legislation at the state and local level.Nonpartisan policy institute Brennan Center for Justice tracked 361 bills with restrictive provisions introduced in 47 states across the country as of March 24.The Senate is considering a sweeping election reform bill, the For the People Act, which Democrats see as a way to combat the Republican-backed voter restrictions in state legislatures.The U.S. Chamber of Commerce released a letter Tuesday strongly opposing the For the People Act. More

View of the cabin of a Delta flight between Minneapolis and Baltimore on April 25, 2020.Sebastien Duval | AFP | Getty ImagesKeeping middle seats open on aircraft could reduce passengers’ exposure to the virus that causes Covid-19 by more than half, according to a new study published Wednesday.Researchers from the Centers for Disease Control and Prevention and the Kansas State University found in laboratory modeling that passengers’ exposure to SARS-CoV-2, which causes Covid-19, on wide-body and narrow-body planes could be reduced between 23% and 57% if airlines leave middle seats open — even if they aren’t wearing masks.The study comes after airlines have spent much of the last year touting stepped-up cleaning procedures and onboard filtration to calm travelers worried about flying during the pandemic. Travel demand has since rebounded somewhat as more of the public is vaccinated against Covid-19.CNBC Health & Science Read CNBC’s latest coverage of the Covid pandemic:CDC panel postpones decision on J&J vaccine while it investigates rare, but serious, blood-clot issue  Open middle seats could reduce Covid exposure of maskless air travelers, CDC study showsEU medicines regulator says benefits of J&J vaccine outweigh risks as it reviews rare blood clotsWhite House says U.S. is working to accelerate doses of Pfizer, Moderna Covid vaccinesU.S. airlines including JetBlue Airways and Southwest Airlines capped capacity on board their planes earlier in the pandemic but have since done away with the policy, citing hospital-grade filtration and other safety measures as limiting the risk of exposure. Delta Air Lines plans to stop blocking middle seats next month, the last U.S. airline to make the change. It paused its capacity caps during Easter weekend, though, during a staffing shortage that contributed to dozens of flight cancellations.The researchers’ study did not examine mask-wearing on flights, which became an airline and federal government policy during the pandemic.However, they cited a New Zealand case study that said “some virus aerosol is emitted from an infectious masked passenger, such that distancing could still be useful.”They used a surrogate virus to stand in for airborne SARS-CoV-2. More

24K-Production | iStock Editorial | Getty ImagesTax evasion using cryptocurrencies is “replicating” with nonfungible tokens and other new crypto-related products, according to IRS Commissioner Charles Rettig.In testimony before the Senate Finance Committee, Rettig said Tuesday the U.S. fails to collect as much as $1 trillion in taxes owed each year in part due to the explosion in cryptocurrencies, which are difficult for the agency to track and tax.Rettig said the crypto economy — now valued at over $2 trillion globally — continues to expand, specifically mentioning NFTs, as an example.”So now we have these nonfungible tokens, which are essentially collectibles in the crypto world,” Rettig said. “These are not visible items by design. The crypto world is not visible.””In the criminal context, the IRS criminal investigations, cybercrime unit has been spectacular operating in the dark web, engaging with cryptocurrency-related transactions,” Rettig added.Answering a question from Republican Sen. Rob Portman of Ohio — who said he is working on a bill to require more reporting and disclosure around crypto transactions — Rettig noted that “absolutely, reporting with respect to cryptocurrencies would be important.”Cryptocurrencies are taxed by the IRS as capital assets, not currencies. Thus, holders of the cryptocurrency are required to pay capital gains taxes if they sell their crypto for a profit or use it for a purchase. Tax experts say many crypto holders are either unaware of the requirement or avoiding the tax.Platforms such as Coinbase — which fought an IRS request for customer data in 2016 — now report some customer information to the IRS. But tax experts say clearer government regulation is needed to require more taxpayer disclosure.As a sign of how important crypto tax evasion has become to the IRS, the agency added a question to the top of the Form 1040 — the main income and tax reporting form — asking: “At any time during 2020, did you receive, sell, send, exchange or otherwise acquire any financial interest in virtual currency?”NFTs have also exploded in value and popularity in recent months, raising a whole new set of tax questions.NFT sales topped $2 billion in the first quarter in the platforms tracked by NonFungible.com. Although NFTs are purchased with crypto — usually ether — many U.S. NFT buyers are not aware they have to pay a capital gains tax when they use appreciated crypto to make a purchase. More

Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, left, speaks with Dr. David Kessler, Chief Science Officer of the White House COVID-19 response team, before a Senate Health, Education, Labor and Pensions Committee hearing on the federal coronavirus response on Capitol Hill on March 18, 2021 in Washington, DC.Susan Walsh | Getty ImagesThe House coronavirus subcommittee will hear Thursday from three top Biden administration health officials about the United States’ efforts to ramp up vaccinations as Covid cases, including those from dangerous variants, are on the rise.The hearing, which will also focus on the enduring need for people to wear masks and follow social distancing measures, is scheduled to begin at 10:30 a.m. ET. It will be livestreamed.The event comes two days after dozens of states abruptly stopped administering Johnson & Johnson’s single-dose Covid vaccine in response to the Food and Drug Administration’s recommendation that those shots be paused while it investigates cases of women who developed a rare blood-clotting disorder.Some fear that recommendation, which was issued in response to six reported blood-clot cases out of nearly 7 million J&J doses administered, could hinder the global campaign to inoculate the world out of the pandemic.The Select Subcommittee on the Coronavirus Crisis, led by House Majority Whip James Clyburn, D-S.C., is set to hear from Dr. Anthony Fauci, the nation’s top infectious disease expert, as well as Centers for Disease Control and Prevention Director Dr. Rochelle Walensky. David Kessler, a top Covid response official in President Joe Biden’s Department of Health and Human Services, is also on the witness list.Dr. Rochelle Walensky, Director for Centers for Disease Control and Prevention, listens during a hearing, with the Senate Committee on Health, Education, Labor, and Pensions, on the Covid-19 response, on Capitol Hill on March 18, 2021 in Washington, DC.Anna Moneymaker | Getty ImagesWhile the U.S. is vaccinating more people than ever, Covid cases are on the rise in more than half of its states. More than 71,000 cases per day were tallied on average in the past week, according to data from Johns Hopkins University.”It’s almost a race between getting people vaccinated and this surge that seems to want to increase,” Fauci said Wednesday on CNN.The emergence of Covid variants — such as B 1.1.7, which has recently swarmed Michigan and is now the most common strain in the U.S. — has health officials urging Americans to keep taking health precautions, despite the accelerating vaccination efforts.Meanwhile, experts say Johnson & Johnson’s recent vaccine woes could fuel vaccine skepticism.In their push for all eligible people in the U.S. to get vaccinated for Covid, officials have stressed that all available options — from Pfizer-BioNTech, Moderna and Johnson & Johnson — are safe and effective. All three have been authorized for emergency use by the FDA. The vaccines from Pfizer and Moderna require two separate doses, to be administered three to four weeks apart.But the six cases of women who developed the rare blood clots pushed the FDA to recommend pausing J&J’s shot “out of an abundance of caution.”All of the women developed the condition within about two weeks of inoculation, health officials told reporters Tuesday. One of the women died.”I think it will have an effect on hesitancy, period. Whether it should or not is a different matter,” Dr. Jeffrey Kahn, director of the Berman Institute of Bioethics at Johns Hopkins University, told CNBC.Since Johnson & Johnson’s vaccine involves only one dose, experts say the pause could also reduce vaccine access for some communities.”This vaccine was being biased to use in more austere settings, places where you couldn’t deliver two doses, you wanted to deliver one dose and be done with the vaccination schedule,” Dr. Scott Gottlieb, who sits on Pfizer’s board, told CNBC on Tuesday.— The Associated Press contributed to this report.Disclosure: Scott Gottlieb is a CNBC contributor and is a member of the boards of Pfizer, genetic testing start-up Tempus, health-care tech company Aetion Inc. and biotech company Illumina. He also serves as co-chair of Norwegian Cruise Line Holdings′ and Royal Caribbean’s “Healthy Sail Panel.” More