U.S. IPO Week Ahead: Tech, Tech, And More Tech With 11 U.S. IPOs Planned For This Coming Week

11 IPOs are expected to price this week, making it another busy one, and totaling $3.4 billion in combined proceeds. A whopping six tech deals are pricing, including three from China. Chinese e-commerce giant Pinduoduo is the week's largest deal, raising $1.5 billion. US cybersecurity play Tenable should get the most attention - almost every enterprise software IPO with its profile has been a homerun. Bloom Energy's long-anticipated IPO is expected to price this week. Berry Petroleum aims to be the first E&P IPO in over a year. Biotechs are still hitting the market, with two expected to price this week.

U.S. IPO Calendar

Issuer
Business

Deal Size
Market Cap

Price Range
Shares Filed

Top
Bookrunners

Aquestive Therapeutics (AQST) Warren, NJ	$60M $362M	$14 - $16 4,000,000	BMO RBC
Drug manufacturer developing oral film formulations of CNS disease therapies.
Bloom Energy (BE) Sunnyvale, CA	$252M $1,719M	$13 - $15 18,000,000	JP Morgan Morgan Stanley
Sells clean energy power generators based on solid oxide fuel cell technology.
Aurora Mobile (JG) Guangdong, China	$114M $1,246M	$8.50 - $10.50 12,000,000	Goldman (Asia) Credit Suisse
Offers targeted mobile marketing campaigns and various app services in China.
Berry Petroleum (BRY) Bakersfield, CA	$300M $1,427M	$15 - $17 18,750,000	Goldman Wells Fargo
California-based onshore oil production company.
Cango (CANG) Shanghai, China	$138M $1,776M	$10 - $12 12,500,000	Morgan Stanley BofA ML
Online car marketplace for businesses and consumers in China.
Focus Financial Partners (FOCS) New York, NY	$600M $2,263M	$35 - $39 16,216,217	Goldman BofA ML
Operates a national network of more than 50 independent wealth managers.
Liquidia Technologies (LQDA) Morrisville, NC	$50M $175M	$10 - $12 4,545,455	Jefferies Cowen
Developing engineered formulations of therapies for PAH and pain.
Pinduoduo (PDD) Shanghai, China	$1,498M $21,932M	$16 - $19 85,600,000	Credit Suisse Goldman (Asia)
Operates an e-commerce mobile app centered on group buying in China.
Tenable Holdings (TENB) Columbia, MD	$166M $1,835M	$17 - $19 9,200,000	Morgan Stanley JP Morgan
Provides analytics-based vulnerability management software to enterprises.
Endava (DAVA) London, United Kingdom	$101M $987M	$17 - $19 5,600,000	Morgan Stanley Citi
Provides outsourced IT development services.
Opera Limited (OPRA) Oslo, Norway	$106M $1,259M	$10 - $12 9,600,000	CICC Citi
Leading provider of web browsers and digital content discovery platforms.

Aquestive Therapeutics, a drug manufacturer developing oral film formulations of CNS disease therapies, plans to raise $60 million by offering 4.0 million shares at a price range of $14.00 to $16.00. Insiders intend to purchase $20 million of the IPO (33% of deal). At the midpoint of the proposed range, Aquestive Therapeutics would command a market value of $362 million. Aquestive Therapeutics, which was founded in 2004, booked $74 million in sales over the last 12 months. The Warren, NJ-based company plans to list on the Nasdaq under the symbol AQST. BMO Capital Markets and RBC Capital Markets are the joint bookrunners on the deal.

Aurora Mobile, which offers targeted mobile marketing campaigns and various app services in China, plans to raise $114 million by offering 12.0 million shares at a price range of $8.50 to $10.50. Insiders intend to purchase $35 million of the IPO (30% of deal). At the midpoint of the proposed range, Aurora Mobile would command a market value of $1.4 billion. Aurora Mobile, which was founded in 2012, booked $379 million in sales over the last 12 months. The Guangdong, China-based company plans to list on the Nasdaq under the symbol JG. Goldman Sachs (Asia), Credit Suisse and Deutsche Bank are the joint bookrunners on the deal.

Berry Petroleum, a California-based onshore oil production company, plans to raise $300 million by offering 18.8 million shares at a price range of $15.00 to $17.00. At the midpoint of the proposed range, Berry Petroleum would command a market value of $1.4 billion. Berry Petroleum, which was founded in 1909, booked $357 million in sales over the last 12 months. The Bakersfield, CA-based company plans to list on the Nasdaq under the symbol BRY. Goldman Sachs, Wells Fargo Securities, BMO Capital Markets and Evercore ISI are the joint bookrunners on the deal.

Bloom Energy, which sells clean energy power generators based on solid oxide fuel cell technology, plans to raise $252 million by offering 18.0 million shares at a price range of $13.00 to $15.00. Insiders intend to purchase up to $50 million of the IPO (20% of deal). At the midpoint of the proposed range, Bloom would command a market value of $1.7 billion. Bloom Energy, which was founded in 2001, booked $473 million in sales over the last 12 months. The Sunnyvale, CA-based company plans to list on the NYSE under the symbol BE. JPMorgan, Morgan Stanley, Credit Suisse and KeyBanc Capital Markets are the joint bookrunners on the deal.

Cango, an online car marketplace for businesses and consumers in China, plans to raise $138 million by offering 12.5 million shares at a price range of $10.00 to $12.00. At the midpoint of the proposed range, Cango would command a market value of $1.8 billion. Cango, which was founded in 2010, booked $1.3 billion in sales over the last 12 months. The Shanghai, China-based company plans to list on the NYSE under the symbol CANG. Morgan Stanley, BofA Merrill Lynch and Goldman Sachs (Asia) are the joint bookrunners on the deal.

Endava, which provides outsourced IT development services, plans to raise $101 million by offering 5.6 million shares at a price range of $17.00 to $19.00. A corporate business partner intends to purchase $10 million of the IPO (10% of deal). At the midpoint of the proposed range, Endava would command a market value of $987 million. Endava, which was founded in 2000, booked $199 million in sales over the last 12 months. The London, United Kingdom-based company plans to list on the NYSE under the symbol DAVA. Morgan Stanley, Citi, Credit Suisse and Deutsche Bank are the joint bookrunners on the deal.

Focus Financial Partners, which operates a national network of more than 50 independent wealth managers, plans to raise $600 million by offering 16.2 million shares at a price range of $35.00 to $39.00. At the midpoint of the proposed range, it would command a market value of $2.5 billion. Focus Financial Partners, which was founded in 2004, booked $724 million in sales over the last 12 months. The New York, NY-based company plans to list on the Nasdaq under the symbol FOCS. Goldman Sachs, BofA Merrill Lynch, KKR and BMO Capital Markets are the joint bookrunners on the deal.

Liquidia Technologies, which is developing engineered formulations of therapies for PAH and pain, plans to raise $50 million by offering 4.5 million shares at a price range of $10.00 to $12.00. Insiders intend to purchase $30 million of the IPO (60% of deal). At the midpoint of the proposed range, it would command a market value of $175 million. Liquidia Technologies, which was founded in 2004, booked $7 million in sales over the last 12 months. The Morrisville, NC-based company plans to list on the Nasdaq under the symbol LQDA. Jefferies and Cowen are the joint bookrunners on the deal.

Opera Limited, a leading provider of web browsers and digital content discovery platforms, plans to raise $106 million by offering 9.6 million shares at a price range of $10.00 to $12.00. Bitmain and IDG have agreed to invest $60 million in a concurrent private placement. At the midpoint of the proposed range, it would command a market value of $1.3 billion. Opera Limited, which was founded in 1995, booked $148 million in sales over the last 12 months. The Oslo, Norway-based company plans to list on the Nasdaq under the symbol OPRA. CICC and Citi are the joint bookrunners on the deal.

Pinduoduo, which operates an e-commerce mobile app centered on group buying in China, plans to raise $1.5 billion by offering 85.6 million shares at a price range of $16.00 to $19.00. Insiders intend to purchase $500 million of the IPO (33% of deal). At the midpoint of the proposed range, Pinduoduo would command a market value of $21.9 billion. Pinduoduo, which was founded in 2015, booked $3.1 billion in sales over the last 12 months. The Shanghai, China-based company plans to list on the Nasdaq under the symbol PDD. Credit Suisse, Goldman Sachs (Asia) and CICC are the joint bookrunners on the deal.

Tenable Holdings, which provides analytics-based vulnerability management software to enterprises, plans to raise $166 million by offering 9.2 million shares at a price range of $17.00 to $19.00. Insiders intend to purchase $1.2 million of the IPO (<1% of deal). At the midpoint of the proposed range, Tenable would command a market value of $1.8 billion. Tenable, which was founded in 2002, booked $206 million in sales over the last 12 months. The Columbia, MD-based company plans to list on the Nasdaq under the symbol TENB. Morgan Stanley, JPMorgan, Allen & Company and Deutsche Bank are the joint bookrunners on the deal.

IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up 9.6% year-to-date, while the S&P 500 is up 6.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Spotify (NYSE:SPOT) and SNAP (NYSE:SNAP). The Renaissance International IPO Index is up 5.5% year-to-date, while the ACWX is up 5.4%. Renaissance Capital's International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Delivery Hero and Siemens Healthineers.

Facebook's rhetoric on misinformation doesn't match its actions

Facebook has said it finds claims that survivors of a violent tragedy are actually actors duping the public to be "abhorrent." The company has said that content with such claims violates its community standards, and has pledged to remove such posts.

But when contacted by CNN over the last week about two InfoWars videos on Facebook which strongly suggest survivors of the Parkland shooting were acting, the company chose to leave the videos online.

The videos feature InfoWars founder Alex Jones and two other InfoWars personalities making a number of insinuations. Among them were that there is "a cover up going on" related to Parkland; casting doubt on the veracity of a video that Parkland survivor David Hogg filmed while the shooting was taking place, rhetorically asking, "How set up is that?"; implying that there is something sinister about Hogg having previously visited CNN and having a father who was in the FBI; and noting that some of the Parkland students advocating for gun control have a background in drama club.

One of the videos asked in big, bold letters, "Are child actors being used to push gun control in Florida shooting?"

In a statement, a Facebook spokesperson said the company had reviewed the videos and found that neither violated its community standards. Specifically, the Facebook spokesperson said, "No survivors were alleged to be lying, acting, or pretending to be a victim of the tragic event -- nor were they accused of being paid to mislead people about their role in the tragedy." In other words, because the InfoWars personalities never explicitly accused the Parkland students of being actors, the videos were in accordance with company guidelines.

It's just one example of how Facebook's rhetoric does not seem to line up with its actions. The company has pledged to tackle the issue of false news and misinformation, but it has allowed pages like InfoWars that produce such content to remain on the platform and to escape punitive measures it says are in place to stop bad behavior.

InfoWars is an organization notorious for spreading demonstrably false information and conspiracy theories on a host of issues, including suggesting that the Sandy Hook massacre was a hoax, and that the September 11 terrorist attacks were an inside job orchestrated by the US government.

InfoWars content appears to have thrived on Facebook over the past year. InfoWars' videos have been viewed more than 92 million times, according to data from CrowdTangle, a social media analytics company owned by Facebook. The CrowdTangle data also showed that InfoWars' page received 6.86 million interactions over the past year. For context, the National Review, a reputable conservative publication with a similarly-sized Facebook audience of slightly more than one million followers, received 2.78 million interactions and slightly more than 11 million video views over the past year.

Facebook has said that, in the interest of free expression, it has chosen not to ban the posting of false content, or pages like InfoWars which traffic in misinformation. Instead, it has decided to demote false content so that it's visible to fewer people in News Feed. Additionally, when a user attempts to share a post with false misinformation on their page, Facebook says, it will also provide an alert that indicates alternative reporting exists on the matter from a more reliable source.

Additionally, Facebook has said that if a page is "repeatedly given a 'false' rating from our third-party fact checkers" the company will "remove their monetization and advertising privileges to cut off financial incentives." And, the company has said, if a page's content is repeatedly flagged by fact-checkers, it would "dramatically reduce the distribution of all their page-level or domain-level content on Facebook."

But it appears that the InfoWars' Facebook page has skirted a number of these disciplinary measures.

Facebook has failed to affix much of InfoWars' conspiratorial and false content with fact checks. A Facebook spokesperson said when a piece of content is fact-checked, it is demoted and its audience is reduced by about 80% on average.

When asked how many times Facebook has fact-checked InfoWars, which publishes frequently each day, a Facebook spokesperson provided CNN six examples of the company having done so. Facebook launched its fact-checking program in the Spring of 2017. This past Monday alone, InfoWars published 29 posts on its Facebook page. When asked in a follow-up email specifically how many times Facebook had fact-checked the page, the Facebook spokesperson did not respond.

In a video it created in May promoting its efforts to combat misinformation, Facebook specifically pointed to PizzaGate, a fringe right-wing conspiracy theory that falsely linked top members of the Hillary Clinton team to an underground child sex ring, calling it "dangerous." But multiple posts on InfoWars' Facebook page share the theory -- and do not appear to be affixed with a Facebook fact check. Nor was one added after CNN brought the posts to Facebook's attention.

That's not all.

InfoWars does not appear to be choosing to monetize its content on Facebook. But despite the company policy that allows Facebook to pull monetization, InfoWars is still allowed to monetize on Facebook if it chooses to do so, the company spokesperson told CNN.

Over the past two weeks, Facebook has suffered a public relations crisis over how it handles misinformation and false news on its platform.

The trouble started for Facebook when it invited reporters last Wednesday to its Manhattan offices to tout the various ways in which it combats misinformation. Asked at the event by CNN how they can claim to be serious about tackling the problem of misinformation online while simultaneously allowing InfoWars to maintain a page with nearly one million followers, company executives struggled to provide an answer.

On Wednesday, when Facebook CEO Mark Zuckerberg attempted to explain Facebook's position on the matter, he gave new fuel to the controversy by saying he did not know if Holocaust deniers intended to deceive others when sharing Holocaust-denying material. Zuckerberg later walked back his comments.

Hertz Global (HTZ) Stock Price Down 3.7%

Shares of Hertz Global Holdings, Inc (NYSE:HTZ) dropped 3.7% on Wednesday . The stock traded as low as $15.41 and last traded at $14.88. Approximately 4,268,603 shares changed hands during trading, an increase of 18% from the average daily volume of 3,604,642 shares. The stock had previously closed at $15.45.

HTZ has been the subject of several research analyst reports. Zacks Investment Research raised shares of Hertz Global from a “sell” rating to a “hold” rating and set a $20.00 price target for the company in a research note on Wednesday, May 9th. ValuEngine downgraded shares of Hertz Global from a “buy” rating to a “hold” rating in a research note on Friday, May 18th. Finally, Morgan Stanley lifted their price target on shares of Hertz Global from $13.00 to $15.00 and gave the company an “underweight” rating in a research note on Tuesday, June 26th. Four research analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $16.00.

Get Hertz Global alerts:

The firm has a market cap of $1.30 billion, a PE ratio of -8.96 and a beta of 0.02. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 14.77.

Hertz Global (NYSE:HTZ) last issued its quarterly earnings data on Monday, May 7th. The transportation company reported ($1.58) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.26) by ($0.32). The business had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $1.97 billion. Hertz Global had a net margin of 3.90% and a negative return on equity of 12.06%. The business’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.61) earnings per share. analysts anticipate that Hertz Global Holdings, Inc will post -1.11 EPS for the current fiscal year.

In other Hertz Global news, CFO Thomas C. Kennedy acquired 15,000 shares of the business’s stock in a transaction that occurred on Thursday, May 10th. The shares were bought at an average cost of $17.22 per share, with a total value of $258,300.00. Following the completion of the acquisition, the chief financial officer now directly owns 55,376 shares in the company, valued at approximately $953,574.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.56% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its holdings in Hertz Global by 18.3% during the first quarter. Dimensional Fund Advisors LP now owns 5,728,202 shares of the transportation company’s stock valued at $113,705,000 after buying an additional 884,967 shares during the period. Gamco Investors INC. ET AL increased its holdings in Hertz Global by 4.1% during the first quarter. Gamco Investors INC. ET AL now owns 5,011,290 shares of the transportation company’s stock valued at $99,474,000 after buying an additional 197,206 shares during the period. BlackRock Inc. increased its holdings in Hertz Global by 0.7% during the first quarter. BlackRock Inc. now owns 4,385,780 shares of the transportation company’s stock valued at $87,057,000 after buying an additional 28,444 shares during the period. Renaissance Technologies LLC increased its holdings in Hertz Global by 653.1% during the fourth quarter. Renaissance Technologies LLC now owns 1,729,800 shares of the transportation company’s stock valued at $38,229,000 after buying an additional 1,500,100 shares during the period. Finally, Neuberger Berman Group LLC increased its holdings in Hertz Global by 16.2% during the first quarter. Neuberger Berman Group LLC now owns 1,207,707 shares of the transportation company’s stock valued at $23,970,000 after buying an additional 168,603 shares during the period.

Hertz Global Company Profile

The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc, operates the Hertz, Dollar and Thrifty vehicle rental brands in approximately 9,700 corporate and franchisee locations throughout North America, Europe, The Caribbean, Latin America, Africa, the Middle East, Asia, Australia, and New Zealand.

United Natural Foods (UNFI) Earning Somewhat Favorable News Coverage, Report Finds

News articles about United Natural Foods (NASDAQ:UNFI) have been trending somewhat positive this week, Accern Sentiment Analysis reports. Accern identifies positive and negative media coverage by reviewing more than twenty million blog and news sources in real-time. Accern ranks coverage of companies on a scale of negative one to one, with scores nearest to one being the most favorable. United Natural Foods earned a news sentiment score of 0.12 on Accern’s scale. Accern also assigned media coverage about the company an impact score of 46.3652197768221 out of 100, indicating that recent media coverage is somewhat unlikely to have an impact on the stock’s share price in the next several days.

Here are some of the headlines that may have effected Accern Sentiment’s rankings:

Get United Natural Foods alerts: Can United Natural's Growth Strategies Wipe Off Cost Woes? (finance.yahoo.com) United Natural Foods Inc (UNFI) Given Average Recommendation of “Hold” by Brokerages (americanbankingnews.com) Free Post Earnings Research Report: United Natural Foods’ Sales Jumped 11.8%; Adjusted EPS Soared 35.1% (finance.yahoo.com) 4 Stocks That Will Benefit From the Weight Crisis (investorplace.com)

A number of equities research analysts have issued reports on the company. Citigroup cut their price target on United Natural Foods from $53.00 to $49.00 and set a “buy” rating for the company in a research note on Thursday, June 21st. ValuEngine upgraded United Natural Foods from a “sell” rating to a “hold” rating in a research note on Monday, June 18th. Pivotal Research cut their price target on United Natural Foods from $34.00 to $33.00 and set a “sell” rating for the company in a research note on Wednesday, June 13th. Zacks Investment Research upgraded United Natural Foods from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a research note on Friday, June 8th. Finally, BMO Capital Markets cut their price target on United Natural Foods from $50.00 to $41.00 and set a “market perform” rating for the company in a research note on Friday, June 8th. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $45.51.

Shares of United Natural Foods traded down $0.01, hitting $42.99, during midday trading on Tuesday, according to MarketBeat Ratings. 728 shares of the company traded hands, compared to its average volume of 530,642. United Natural Foods has a 52 week low of $32.52 and a 52 week high of $52.69. The company has a market capitalization of $2.15 billion, a PE ratio of 16.70, a price-to-earnings-growth ratio of 1.62 and a beta of 1.46. The company has a quick ratio of 0.95, a current ratio of 2.59 and a debt-to-equity ratio of 0.26.

United Natural Foods (NASDAQ:UNFI) last released its quarterly earnings data on Wednesday, June 6th. The company reported $1.04 EPS for the quarter, beating the consensus estimate of $0.93 by $0.11. United Natural Foods had a net margin of 1.72% and a return on equity of 9.06%. The business had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the prior year, the firm earned $0.77 EPS. The business’s revenue was up 11.8% on a year-over-year basis. sell-side analysts expect that United Natural Foods will post 3.21 earnings per share for the current year.

In related news, insider Joseph J. Traficanti sold 6,680 shares of the stock in a transaction dated Thursday, May 17th. The shares were sold at an average price of $47.11, for a total value of $314,694.80. Following the completion of the transaction, the insider now owns 9,755 shares of the company’s stock, valued at approximately $459,558.05. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Steven Spinner sold 7,500 shares of the stock in a transaction dated Monday, May 14th. The shares were sold at an average price of $45.23, for a total transaction of $339,225.00. Following the completion of the transaction, the chief executive officer now directly owns 100,633 shares of the company’s stock, valued at approximately $4,551,630.59. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by company insiders.

United Natural Foods Company Profile

United Natural Foods, Inc, together with its subsidiaries, distributes natural, organic, and specialty foods and non-food products in the United States and Canada. The company operates through three divisions: Wholesale, Retail, and Manufacturing and Branded Products. The Wholesale division offers grocery and general merchandise, produce, perishables and frozen foods, nutritional supplements and sports nutrition, bulk and foodservice products, and personal care products.

Hennessy Japan Small Cap Fund Buys Macnica Fuji Electronics Holdings Inc, KASAI KOGYO Co, Doshisha C

Investment company Hennessy Japan Small Cap Fund buys Macnica Fuji Electronics Holdings Inc, KASAI KOGYO Co, Doshisha Co, Kobe Bussan Co, Kanematsu Corp, EF-ON Inc, Nihon Flush Co, Hanwa Co, Stella Chemifa Corp, SOU Inc, sells NEC Networks & System Integration Corp, Sanko Gosei, MEC Co, Nittoku Engineering Co, Nippon Seiki Co during the 3-months ended 2018-04-30, according to the most recent filings of the investment company, Hennessy Japan Small Cap Fund. As of 2018-04-30, Hennessy Japan Small Cap Fund owns 61 stocks with a total value of $215 million. These are the details of the buys and sells.

New Purchases: 3132, 7256, 3038, 9514, 7820, 9270, 2385, Added Positions: 7483, 8020, 8078, 4109, 7581, 6622, 4733, 5288, 2412, 6750, Reduced Positions: 6951, 9037, 2384, Sold Out: 1973, 7888, 4971, 6145, 7287, 6999, 2792, 8940, 7438,

For the details of Hennessy Japan Small Cap Fund's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Hennessy+Japan+Small+Cap+Fund

These are the top 5 holdings of Hennessy Japan Small Cap FundOBIC Business Consultants Co Ltd (4733) - 73,200 shares, 2.48% of the total portfolio. Shares added by 27.53%Bellsystem24 Holdings Inc (6183) - 325,500 shares, 2.42% of the total portfolio. Shares added by 19.14%Digital Garage Inc (4819) - 148,900 shares, 2.3% of the total portfolio. Kanematsu Corp (8020) - 320,600 shares, 2.27% of the total portfolio. Shares added by 130.48%Kito Corp (6409) - 249,600 shares, 2.23% of the total portfolio. New Purchase: Macnica Fuji Electronics Holdings Inc (3132)

Hennessy Japan Small Cap Fund initiated holding in Macnica Fuji Electronics Holdings Inc. The purchase prices were between $1839 and $3270, with an estimated average price of $2321.03. The stock is now traded at around $1806.00. The impact to a portfolio due to this purchase was 2%. The holding were 252,400 shares as of 2018-04-30.

New Purchase: KASAI KOGYO Co Ltd (7256)

Hennessy Japan Small Cap Fund initiated holding in KASAI KOGYO Co Ltd. The purchase prices were between $1318 and $1768, with an estimated average price of $1463.45. The stock is now traded at around $1318.00. The impact to a portfolio due to this purchase was 1.78%. The holding were 272,900 shares as of 2018-04-30.

New Purchase: Kobe Bussan Co Ltd (3038)

Hennessy Japan Small Cap Fund initiated holding in Kobe Bussan Co Ltd. The purchase prices were between $3935 and $5320, with an estimated average price of $4591.09. The stock is now traded at around $5480.00. The impact to a portfolio due to this purchase was 1.43%. The holding were 63,800 shares as of 2018-04-30.

New Purchase: EF-ON Inc (9514)

Hennessy Japan Small Cap Fund initiated holding in EF-ON Inc. The purchase prices were between $908.33 and $1267.5, with an estimated average price of $1073.11. The stock is now traded at around $1228.00. The impact to a portfolio due to this purchase was 1.28%. The holding were 240,360 shares as of 2018-04-30.

New Purchase: Nihon Flush Co Ltd (7820)

Hennessy Japan Small Cap Fund initiated holding in Nihon Flush Co Ltd. The purchase prices were between $2298 and $2879, with an estimated average price of $2552.7. The stock is now traded at around $2444.00. The impact to a portfolio due to this purchase was 1.18%. The holding were 103,200 shares as of 2018-04-30.

New Purchase: SOU Inc (9270)

Hennessy Japan Small Cap Fund initiated holding in SOU Inc. The purchase prices were between $3900 and $7520, with an estimated average price of $5849.11. The stock is now traded at around $5650.00. The impact to a portfolio due to this purchase was 0.66%. The holding were 29,800 shares as of 2018-04-30.

Added: Doshisha Co Ltd (7483)

Hennessy Japan Small Cap Fund added to a holding in Doshisha Co Ltd by 236.64%. The purchase prices were between $2274 and $2703, with an estimated average price of $2443.22. The stock is now traded at around $2424.00. The impact to a portfolio due to this purchase was 1.53%. The holding were 200,300 shares as of 2018-04-30.

Added: Kanematsu Corp (8020)

Hennessy Japan Small Cap Fund added to a holding in Kanematsu Corp by 130.48%. The purchase prices were between $1338 and $1680, with an estimated average price of $1474.02. The stock is now traded at around $1521.00. The impact to a portfolio due to this purchase was 1.29%. The holding were 320,600 shares as of 2018-04-30.

Added: Hanwa Co Ltd (8078)

Hennessy Japan Small Cap Fund added to a holding in Hanwa Co Ltd by 66.33%. The purchase prices were between $4230 and $5480, with an estimated average price of $4652.11. The stock is now traded at around $4135.00. The impact to a portfolio due to this purchase was 0.81%. The holding were 100,300 shares as of 2018-04-30.

Added: Stella Chemifa Corp (4109)

Hennessy Japan Small Cap Fund added to a holding in Stella Chemifa Corp by 44.33%. The purchase prices were between $2574 and $3735, with an estimated average price of $3203.98. The stock is now traded at around $3595.00. The impact to a portfolio due to this purchase was 0.68%. The holding were 143,900 shares as of 2018-04-30.

Added: OBIC Business Consultants Co Ltd (4733)

Hennessy Japan Small Cap Fund added to a holding in OBIC Business Consultants Co Ltd by 27.53%. The purchase prices were between $5760 and $8020, with an estimated average price of $6628.28. The stock is now traded at around $7650.00. The impact to a portfolio due to this purchase was 0.54%. The holding were 73,200 shares as of 2018-04-30.

Added: Daihen Corp (6622)

Hennessy Japan Small Cap Fund added to a holding in Daihen Corp by 95.54%. The purchase prices were between $767 and $1059, with an estimated average price of $837.19. The stock is now traded at around $658.00. The impact to a portfolio due to this purchase was 0.54%. The holding were 307,000 shares as of 2018-04-30.

Sold Out: NEC Networks & System Integration Corp (1973)

Hennessy Japan Small Cap Fund sold out a holding in NEC Networks & System Integration Corp. The sale prices were between $2605 and $3050, with an estimated average price of $2799.13.

Sold Out: Sanko Gosei Ltd (7888)

Hennessy Japan Small Cap Fund sold out a holding in Sanko Gosei Ltd. The sale prices were between $543 and $835, with an estimated average price of $646.42.

Sold Out: MEC Co Ltd (4971)

Hennessy Japan Small Cap Fund sold out a holding in MEC Co Ltd. The sale prices were between $1621 and $2280, with an estimated average price of $1826.69.

Sold Out: Nittoku Engineering Co Ltd (6145)

Hennessy Japan Small Cap Fund sold out a holding in Nittoku Engineering Co Ltd. The sale prices were between $3640 and $5440, with an estimated average price of $4122.19.

Sold Out: Nippon Seiki Co Ltd (7287)

Hennessy Japan Small Cap Fund sold out a holding in Nippon Seiki Co Ltd. The sale prices were between $1905 and $2341, with an estimated average price of $2089.89.

Sold Out: Koa Corp (6999)

Hennessy Japan Small Cap Fund sold out a holding in Koa Corp. The sale prices were between $7.2 and $7.2, with an estimated average price of $7.2.

Reduced: Jeol Ltd (6951)

Hennessy Japan Small Cap Fund reduced to a holding in Jeol Ltd by 28.89%. The sale prices were between $613 and $990, with an estimated average price of $870.59. The stock is now traded at around $1054.00. The impact to a portfolio due to this sale was -0.61%. Hennessy Japan Small Cap Fund still held 485,000 shares as of 2018-04-30.

Here is the complete portfolio of Hennessy Japan Small Cap Fund. Also check out:

1. Hennessy Japan Small Cap Fund's Undervalued Stocks
2. Hennessy Japan Small Cap Fund's Top Growth Companies, and
3. Hennessy Japan Small Cap Fund's High Yield stocks
4. Stocks that Hennessy Japan Small Cap Fund keeps buying

Playkey (PKT) Tops 1-Day Trading Volume of $60,239.00

Playkey (CURRENCY:PKT) traded down 0% against the US dollar during the 1 day period ending at 17:00 PM ET on July 5th. One Playkey token can currently be purchased for about $0.37 or 0.00005625 BTC on popular exchanges including Lykke Exchange, HitBTC, CoinExchange and Mercatox. Over the last week, Playkey has traded 3.7% lower against the US dollar. Playkey has a market capitalization of $4.99 million and approximately $60,239.00 worth of Playkey was traded on exchanges in the last day.

Here is how related cryptocurrencies have performed over the last day:

Get Playkey alerts: XRP (XRP) traded 4.7% lower against the dollar and now trades at $0.48 or 0.00007327 BTC. Stellar (XLM) traded 5.8% lower against the dollar and now trades at $0.20 or 0.00003093 BTC. IOTA (MIOTA) traded down 7.9% against the dollar and now trades at $1.13 or 0.00017376 BTC. Tether (USDT) traded 0.3% higher against the dollar and now trades at $1.00 or 0.00015442 BTC. NEO (NEO) traded down 0.4% against the dollar and now trades at $39.81 or 0.00611913 BTC. TRON (TRX) traded down 4.9% against the dollar and now trades at $0.0377 or 0.00000579 BTC. Binance Coin (BNB) traded 2.1% lower against the dollar and now trades at $13.77 or 0.00211584 BTC. VeChain (VET) traded 9.7% lower against the dollar and now trades at $2.48 or 0.00038171 BTC. Ontology (ONT) traded 4.1% lower against the dollar and now trades at $4.95 or 0.00076143 BTC. Zilliqa (ZIL) traded down 4.2% against the dollar and now trades at $0.0836 or 0.00001285 BTC.

About Playkey

Playkey’s genesis date was November 1st, 2017. Playkey’s total supply is 19,893,268 tokens and its circulating supply is 13,631,512 tokens. Playkey’s official message board is medium.com/@playkey. Playkey’s official website is playkey.io. The Reddit community for Playkey is /r/playkey and the currency’s Github account can be viewed here. Playkey’s official Twitter account is @playkey_en.

Buying and Selling Playkey

Playkey can be purchased on the following cryptocurrency exchanges: Lykke Exchange, HitBTC, CoinExchange and Mercatox. It is usually not possible to buy alternative cryptocurrencies such as Playkey directly using U.S. dollars. Investors seeking to acquire Playkey should first buy Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as Gemini, GDAX or Coinbase. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Playkey using one of the aforementioned exchanges.

new TradingView.widget({ “height”: 400, “width”: 650, “symbol”: “PKTUSD”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

3 of the Best Marijuana Stocks to Buy in July 2018

We've been telling Money Morning readers that marijuana is one of the most explosive industries you can invest in this year.

Today, we're going to show you three of the�best marijuana stocks to buy�in July 2018.

The 4 Cannabis Stocks to Buy Now – Profits of Up to 1,000% Could Be Likely This Election Year!

But first, we want to show you why it's such an important moment for marijuana investing…

Marijuana Sales Will Soar Through 2021

Marijuana is rapidly being legalized across the United States and Canada.

That's leading to a flood of revenue coming to the companies successfully positioned to capitalize on the wave of legalization.

Sales of legal cannabis in North America are forecast to reach $24.5 billion by 2021, up from only $10 billion last year. In other words, in only four years marijuana sales throughout North America will jump a whopping 145%.

The sales will be driven by the growing legalization in the United States and Canada.

Canada will fully legalize cannabis this fall, after voting to approve it on June 7.

And more U.S. states may join Canada in 2018's election cycle. New Jersey and Arizona are among the states contemplating legalization.

But even as states move to legalize cannabis, it's still illegal under federal law. There were fears that U.S. Attorney General Jeff Sessions – a marijuana critic – would harshly enforce federal law against states that legalized cannabis.

Plus, marijuana being federally illegal keeps banks and financial services from providing cannabis companies with much-needed cash and security.

That's keeping a lid on some marijuana stocks for now, but it's not going to last…

U.S. President Donald Trump is already considering support of legislation that will protect the states that have legalized pot.

If the president does that, Sessions will have to follow suit, no matter how much he doesn't like marijuana legalization.

And it's simply a matter of time before federal law is brought into the 21st century, and marijuana is treated with a hands-off approach.

That means there's still time to get in early on the best pot stocks before they truly soar.

But there are so many cannabis stocks listed, it's tough for investors to find those worth owning. Some lists contain up to 227 different companies.

Instead, we're making it easy…

Here's our list of the three best marijuana stocks to buy…

The Best Marijuana Stocks to Buy in July 2018

Join the conversation. Click here to jump to comments…