S&P 500 retreats from record high 📉

The market took a breather on Thursday after America's benchmark index closed at a new record high on Wednesday.                                                                                                                                                                                                                                                                                                                                                                                                                 May 16, 2024 | [Read Online]( Good Afternoon! Hey, everyone. It's Adam from Elite Trade Club. Here’s what moved the market today. Markets 📈 Stocks reversed course after a record-setting performance by the S&P 500 on Wednesday. U.S. indexes posted modest declines on the trading session. - DJIA [-0.1%] - S&P 500 [-0.2%] - Nasdaq [-0.2%] - Russell 2K [-0.6%] [Must-See: Elon's New Invention is Absolutely Insane]( When you [click here and see what Elon Musk’s new invention does](… And how it works… You will NOT believe it. You'll tell yourself this is just science fiction. But Elon just tested this in a real human… And the result was mind-blowing. [Get all the Details Here]( » Want an Ad-Free Experience + Top Growth Stock Picks? [Upgrade Now!]( Market-Moving News 🔎 Courtesy of CNBC.com (©2024 CNBC) 💰Figma's Valuation Soars Amid Adobe Fallout Following Adobe's abandoned acquisition bid, cloud-based design tool company Figma announces a tender offer allowing investors, including current and former employees, to sell shares at a valuation of $12.5 billion. While this marks a 25% increase from the 2021 fundraising valuation, it falls short of Adobe's $20 billion acquisition offer in 2022, which was terminated due to regulatory concerns. Tender Offer 💰 Figma anticipates the tender size to range between $600 million and $900 million, with backing from over 25 investors, including A16z, Sequoia, and Kleiner Perkins. This move underscores investor confidence in Figma's growth potential and market positioning. Market Presence 🌐 Figma boasts a widespread user base, with tens of thousands of employees at tech giants like Microsoft, Google, Oracle, and Salesforce leveraging its software. Notably, Microsoft's substantial investment in Figma's deployment underscores its significance within the industry. Financial Evolution 📉 Figma's valuation trajectory reflects the evolving landscape of tech financing, characterized by fluctuations in market sentiment. Despite facing challenges stemming from the 2022 market downturn, Figma's resilience and strategic initiatives position it for continued growth and innovation. Acquisition Fallout 🛑 While Adobe initially pursued Figma as a strategic addition to its portfolio, regulatory hurdles led to the deal's dissolution in December. Notably, Adobe agreed to pay Figma a $1 billion breakup fee, underscoring the complexities of M&A transactions in the tech sector. Top Winners and Losers 🔥 Lucy Scientific [LSDI] $1.59 (+211%) surged after a sell-off in Wednesday’s session. Faraday Futures [FFIE] $1.65 (+134%) continued to rally in an epic “meme stock” short squeeze that has driven shares up by 3,000% over the last four sessions. Jiade [JDZG] $8.32 (+104%) rallied a day after completing its NASDAQ IPO. Gamestop [GME] $27.67 (30.0%) continued to pullback after a “meme stock” rally earlier in the week. Siyata Mobile [SYTA] $2.54 (27.0%) published its Q1 financial results and announced the resignation of its chairman in a Form 6-K filing. Rekor Systems [REKR] $1.38 (24.1%) posted weaker-than-expected earnings & revenues on its Q1 financial report in Wednesday’s after market. That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback from our members! Thanks for reading. I'll see you at the next open! Best Regards, — Adam G. Elite Trade Club Text ELITESTOCKS to 47121 or [click here]( to get our alerts on your mobile device, and never miss another fast-moving stock! P.S. Just like this newsletter, it's 100% free*, and you can stop at any time by replying STOP. [Sign Up for Mobile Alerts Now]( [Privacy Policy]( | [Advertiser Disclosure]( [tw]( [ig]( [yt]( [tk]( *Standard message/carrier rates may apply. Legal Stuff: Stocks featured in this newsletter are for entertainment purposes only. You should not base any investment decisions on information contained in my newsletter. Stocks featured in this newsletter may be owned by owners/operators of this website, which could impact our ability to remain unbiased. Please consult a financial advisor before making any trading decisions. I may earn a small commission from links placed inside these emails. [Privacy Policy]( | [Terms of Service]( Update your email preferences or unsubscribe [here]( © 2024 Elite Trade Media LLC 1969 Alafaya Tr., Suite #247 Orlando, Florida 32828, United States of America [[beehiiv logo]Powered by beehiiv](