LVMH Smashes Another European Record

Luxury goods giant LVMH is the first European company to surpass $500 billion in market value. πŸ’°

The parent company’s brands include Louis Vuitton, Moet & Chandon, Hennessy, Givenchy, Bulgari, and Sephora. And its 17% rise in first-quarter sales more than doubled analyst estimates. That, plus a profit from recurring operations of 21.1 billion euros, marked its second consecutive year of record results. πŸ“ˆ

As for the driver? Higher-income consumers continue to spend despite uncertainty in the economy. Additionally, China’s Covid reopening fueled a rebound in travel by high-end spenders.

The results send $LVMUY shares to fresh all-time highs, further boosting CEO Bernard Arnault’s net worth (currently the world’s richest person). πŸ€‘

This begs the question, if LVMH is the first to pass $500 billion, what else is on the list? You can find a complete list here, but below are the top 10. πŸ‘‡

Adobe Leads Day Of Breakups

Most of today’s stories were related to hookups in the market, but we also need to touch on some major breakups. πŸ’”

The first and most prevalent news story was that Adobe and Figma have called off their $20 billion acquisition. The two companies have faced intense scrutiny from European regulators, today saying, “There is no clear path to receive necessary regulatory approvals from the European Commission and the U.K. Competition and Markets Authority.” ❌

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Chinese Smartphone Maker Unveils EV

Chinese smartphone giant Xiaomi is entering the highly competitive electric vehicle (EV) market, revealing its first electric car this weekend. πŸ‘€

The consumer electronics company unveiled its SU7 sedan, which it says it spent more than $1.4 billion to develop. The vehicle is set to roll out in China next year and is attempting to do something Faraday Future and other competitors have failed to do: create a software-focused vehicle that matches the technology people find in their phones to what’s happening in their cars.Β 

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$LUNR Reaches A “Tipping Point”

One of the top stories in the market over the last 24 hours has been Intuitive Machines’, which trades under the ticker symbol $LUNR. πŸ“»

The space exploration company’s Nova-C cargo moon lander known as “Odysseus” became the first privately developed spacecraft to land on the lunar surface. It was also the first U.S. spacecraft to soft-land on the moon in over 50 years. 🌝

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PayPal Pops Ahead Of Key Event

It’s been a rough few years for payment giant PayPal, with shares falling 85% peak-to-trough. Recently, the stock has begun to rebound with other beaten-down tech names but remains about 80% below all-time highs. In other words, it would need to nearly 5x its share price to reach those levels again. πŸ“ˆ

While that may seem a ways off, investors have recently pushed shares to their best three-day run since the end of 2022. That’s because the company promised to roll out new “customer-backed innovation” at an event next Thursday, with its new CEO Alex Chriss saying, “It is very clear what we need to do.”

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