TLDR

MARKET RECAP → The Dow (DIA) closed above the key 40,000 level for the first time in history on Friday, capping off a strong week with a 1.2% gain and marking its fifth consecutive weekly rise. The S&P 500 (VOO) and the Nasdaq index (QQQ) also posted impressive performances, climbing 1.5% and 2.1% respectively, securing their longest winning streak since February.

RICHEMONT SHARES CLIMB→ 📈 Richemont shares jumped 5.31% on record sales of €20.6 billion, despite Asia-Pacific slowdown, and announced Nicolas Bos as the new CEO to steer the luxury giant through market challenges.

FIGMA'S FRESH PRICE TAG → 💸 Figma's tender offer values it at $12.5 billion, a 25% increase from 2021, despite the scrapped $20 billion Adobe (ADBE) merger, as major investors back the design tool's strong market presence.

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TODAY’S TOP NEWS

Richemont Shares Climb

📈 Record Sales Despite Challenges: Swiss luxury giant Richemont saw its shares climb ~5% after reporting record full-year sales of €20.6 billion, a 3% increase, despite a slowdown in Asia-Pacific spending. The fiscal fourth-quarter sales fell by 1% to €4.8 billion due to weakened demand in the region.

💎 CEO Transition: Alongside the strong financial performance, Richemont announced Nicolas Bos, CEO of Van Cleef & Arpels, as the new group CEO effective June 1. This leadership change comes as the company navigates a complex market environment, aiming to bolster its strategic direction and maintain growth momentum.

🌐 Sector Struggles: While Richemont thrived, other luxury brands like LVMH, Kering, and Christian Dior traded lower, reflecting broader sector pressures from tough macroeconomic conditions and geopolitical tensions. Richemont's ability to offset Asia-Pacific declines with growth in other regions highlights its resilient market strategy.

TODAY’S TOP NEWS

Figma's Fresh Price Tag

💰 Increased Valuation Amid Tender Offer: Figma, the cloud-based design tool company, announced a tender offer that values the company at $12.5 billion. This new valuation marks a 25% increase from its 2021 fundraising valuation, although it remains below Adobe's (ADBE) $20 billion acquisition bid that was called off in December 2023 due to regulatory issues.

📉 Post-Merger Cancellation: Adobe and Figma's merger was halted after regulatory scrutiny, resulting in Adobe paying Figma a $1 billion breakup fee. The current tender offer, expected to be between $600 million and $900 million, allows investors, including current and former employees, to sell their shares, with backing from major firms like A16z, Sequoia, and Kleiner Perkins.

🏢 Strong Market Presence: Figma continues to be widely used by major corporations such as Microsoft (MSFT), Google (GOOG), Oracle (ORCL), and Salesforce (CRM). Despite the market downturn affecting many cloud stocks since 2022, Figma's robust user base and strategic importance in design collaboration keep its valuation strong.

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