Latest news with #JeenahMoon
The Star
2 days ago
- Business
- The Star
Figma aims at $13.7 billion valuation as tech IPOs bounce back
FILE PHOTO: People walk past the New York Stock Exchange (NYSE) in New York City, U.S., July 11, 2025. Picture taken through glass. REUTERS/Jeenah Moon/File Photo (Reuters) -Figma is targeting a valuation of $13.65 billion in its U.S. initial public offering, as the cloud-based design software firm prepares for a debut that could inject fresh momentum into a tech listings market already roaring back to life. The San Francisco-based company, along with some investors, is eyeing proceeds of up to $1.03 billion through a sale of nearly 37 million shares priced between $25 and $28 each, it said on Monday. The listing could be a major milestone for Figma, coming more than a year after its $20 billion sale to Adobe was terminated due to regulatory hurdles in Europe and the UK. While investors have been eager for new share sales for months, the uncertainty sparked by President Donald Trump's tariffs kept a major recovery in check. However, an equities rally and a bunch of strong debuts recently are helping lift the overhang. Figma will start trading close on the heels of stablecoin giant Circle, which debuted with eye-popping gains last month and has continued surging since. As a major technology player that appears supportive of bitcoin, Figma has already draw attention on social media discussion. The company had around $70 million invested in Bitwise's bitcoin exchange-traded fund as of March 31 and intends to allocate a further $30 million to bitcoin, its filing showed. Figma is a cloud-based design platform that allows users to collaboratively create and edit apps, websites and software interfaces. Its customers include ServiceNow, Workday and SAP. Its revenue rose 46% in the first three months of 2025, while net income jumped three-fold. "Figma's product is its primary marketing engine. Its collaborative nature fosters viral, bottoms-up adoption, leading to a best-in-class sales efficiency," said Tomasz Tunguz, founder of venture capital firm Theory Ventures. The company has also signaled it may take "big swings" with M&A, with co-founder and CEO Dylan Field saying it is prepared to "make decisions that may not seem immediately rational." Figma expects to list on the New York Stock Exchange under the symbol "FIG". Morgan Stanley, Goldman Sachs, Allen & Co and J.P. Morgan are among the underwriters for the offering. (Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber)
Straits Times
4 days ago
- Business
- Straits Times
After stock market's torrid run, earnings misses face punishment
A Wall Street plate is seen on a street vendor stall outside the New York Stock Exchange (NYSE) in New York City, U.S., July 11, 2025. REUTERS/Jeenah Moon NEW YORK – The second-quarter earnings season is off to a ripping start, with consumer strength powering resilient corporate profits. In the stock market, however, the reaction has been fairly quiet, an ominous sign that much of the good news is priced in – and investors are punishing disappointments. Take financials, which reported blockbuster numbers this week that failed to juice their shares. 'Financials have crushed 2Q earnings expectations with a 94.4 per cent per cent beat rate so far, yet stocks saw only muted reactions as investors largely anticipated the results,' Bloomberg Intelligence strategists Gina Martin Adams and Michael Casper wrote in a July 18 note. Similarly, streaming platform Netflix exceeded outlooks in every major metric, and United Airlines Holdings was upbeat about travel demand gaining steam. Yet, investors largely reacted to these numbers with a collective shrug. Netflix closed down over 5 per cent on July 18 despite its strong performance. 'With stock valuations where they are, all the good news is priced into the market now,' said Mr Greg Taylor, chief investment officer at PenderFund Capital Management. What's more, the market is penalising results that fall short of expectations by the most in nearly three years, data compiled by Bloomberg Intelligence shows. 'The margin of error here is small,' said Mr Michael Arone, chief investment strategist at State Street Investment Management. 'When the valuations are high and you miss, the punishment is more severe.' Combined profit and revenue beats, on the other hand, are being rewarded by only the most in a year. Top stories Swipe. Select. Stay informed. Singapore Tampines regional centre set to get more homes, offices and public amenities Multimedia How to make the most out of small homes in Singapore Life US tech CEO Andy Byron resigns after viral Coldplay 'kiss cam' video Asia From toy to threat: 'Killer kites' bring chaos to Indonesian airspace Opinion I thought I was a 'chill' parent. Then came P1 registration Singapore 'God and government are the only things beyond our control,' says Group CEO Business Me and My Money: He overcomes a $100k setback to build a thriving online tuition business Asia At least 34 killed as tourist boat capsizes in Vietnam's Halong Bay 'At an index level, good earnings are not likely the broad market catalyst investors are waiting for,' said Mr Julian Emanuel, chief equity and quantitative strategist at Evercore ISI. The S&P 500 Index closed near an all-time high on July 18, after notching seven new records in just 15 sessions. The equities benchmark is trading at 22 times expected 12-month profits and is fast approaching the level it hit in February, before April 2 when President Donald Trump unleashed his global tariffs that weighed on sentiment. This week, investors will get results from a slew of Big Tech giants including Alphabet and Tesla, industrial behemoth Honeywell International, chemicals maker Dow, defense contractors Lockheed Martin and Northrop Grumman, and auto manufacturer General Motors, among many others. Big US banks delivered an earnings bonanza based on record-breaking trading revenues, as the volatility sparked by Trump's tariff offensive ignited market activity at some of Wall Street's biggest firms. Still, the share moves were underwhelming. Goldman Sachs Group equities traders posted the largest revenue haul in Wall Street history, but the company's shares rose less than 1 per cent on the day it reported earnings. Even worse, Morgan Stanley's net revenue topped estimates and the shares closed down 1.3 per cent. And JPMorgan Chase & Co.'s stock traders notched their best second quarter ever, while fixed-income trading trounced expectations, yet the stock dropped 0.7 per cent. Still, market pros noted that the powerful bank earnings offer an encouraging indication for the overall economy. 'Banks can only be healthy when the economy is strong,' said Mr Mark Malek, chief investment officer at Siebert. 'So their earnings along with their commentary serve as a broader benchmark on economic health.' The durability of the US consumer has been a major question for investors and economists, especially in the face of still-high inflation, elevated interest rates and continued uncertainty about the new US trade regime. The initial signs are encouraging based on earnings from airlines to PepsiCo Inc. to Netflix to jeans-maker Levi Strauss & Co. 'The consumer remains strong,' Mr Malek said. 'That is paramount.' Travel in the US is recovering with the approval of Trump's tax cut and spending package and negotiators appearing to make progress in tariff discussions, Delta Air Lines Inc. Chief Executive Officer Ed Bastian said. PepsiCo's North American business improved and it saw strong growth in international markets. Netflix raised its full-year forecast. And Levi Strauss said it expects sales growth to outweigh the impact of Trump's tariffs. Retail sales figures on Thursday offered proof of this continued strength. Commerce Department data showed the value of retail purchases, not adjusted for inflation, increased 0.6% after declines in the prior two months, exceeding nearly all estimates in a Bloomberg survey of economists. 'So far it has been a thumbs up from earnings,' Malek said. 'While a big tariff-driven breakdown may still lurk in the shadows, the harbinger has not shown up yet.' Shares of PepsiCo and Delta have been the stark outliers this quarter, bringing in big gains after strong results. Both stocks were lagging the broader market significantly this year ahead of the numbers. With so many uncertainties still lingering – especially on tariffs, economic growth, inflation and the Federal Reserve's rate-cut plan – corporate outlooks will play a significant role in shaping investor confidence from here. 'The biggest question facing S&P 500 earnings is who bears the tariff bill,' said Mr Dec Mullarkey, managing director at Sun Life Investment Management. Second-quarter earnings estimates for the S&P 500 have been drastically reduced this year, with analysts expecting profits to rise 3.3 per cent from a year ago as of the last close, down from the 9.5 per cent growth expected at the beginning of the year. 'The bar is low,' said Ms Irene Tunkel, chief US equity strategist at BCA Research. 'Companies will likely clear it, but that's no longer enough. With valuations stretched, investors want strong guidance, and earnings misses will be punished fast.'
The Star
6 days ago
- Business
- The Star
South Korea wins UK appeal over arbitration ruling in Samsung merger case
FILE PHOTO: Samsung Galaxy Z Fold 7 phones are displayed during an event in New York, U.S., July 8, 2025. REUTERS/Jeenah Moon/File Photo LONDON (Reuters) -South Korea on Thursday won its latest appeal in its dispute with U.S. hedge fund Elliott over the 2015 merger of two affiliates of Samsung, shortly after the electronics group's Chairman Jay Y. Lee was cleared by South Korea's top court. The South Korean government was ordered to pay Elliott around $100 million by the Netherlands-based Permanent Court of Arbitration in 2023. Elliott had sued over the role played by South Korea's National Pension Service in approving the $8 billion merger between Samsung C&T, in which Elliott was a minority stakeholder, and Cheil Industries. South Korea sought to challenge the tribunal's decision at London's High Court, arguing the tribunal did not have jurisdiction under a free trade agreement with the U.S., but its case was rejected last year. The Court of Appeal, however, allowed South Korea's appeal and sent the case back to the High Court, to decide the challenge to the arbitration tribunal's jurisdiction. Its ruling came hours after Lee was ultimately cleared of accounting fraud and stock manipulation over the 2015 merger between Samsung C&T and Cheil Industries. South Korea's Supreme Court upheld the dismissal of prosecutors' appeal against a Seoul court's 2024 decision to clear Lee, removing a long-running legal risk for the head of the country's biggest company Samsung Electronics. (Reporting by Sam Tobin, Editing by Paul Sandle)
CNBC
14-07-2025
- Business
- CNBC
Stock futures are little changed as investors await bank earnings, inflation reading: Live updates
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., July 10, 2025. Jeenah Moon | Reuters U.S. stock futures were little changed Monday night following a winning session for the major averages, as investors await big bank earnings and a key inflation reading. Dow Jones Industrial Average futures fell by 47 points, or 0.1%. S&P 500 futures and Nasdaq 100 futures dipped 0.08% and 0.05%, respectively. Wall Street is coming off a positive session Monday, with stocks managing to eke out a gain even after President Donald Trump threatened a 30% tariff on the European Union and Mexico starting Aug. 1. The Dow Jones Industrial Average rose 88 points, or 0.2%. The S&P 500 gained 0.1%, while the Nasdaq Composite climbed about 0.3%. "You're at the point where the president is talking again about higher tariff rates. That's going to take the effective tariff rate up even higher than we currently anticipated to be," Dan Greenhaus, chief strategist at Solus Alternative Asset Management, told CNBC's "Closing Bell" on Monday. "So, my argument would be, while we determine exactly what that level is going to be, after a truly historic rally off the lows, some breather is is in order." Still, investors are hoping that a second-quarter earnings season that comes in better than expected will boost a stock market that's at all-time highs. Expectations are low heading into the season. The S&P 500 is projected to post earnings growth of 4.3% on a year-over-year basis, according to FactSet data. The big banks are set to kick off the season this week, with JPMorgan Chase, Wells Fargo and Citigroup among the companies on Tuesday set to deliver quarterly reports. On Wednesday, Bank of America , Goldman Sachs and Morgan Stanley will also release results. Investors are also awaiting the June consumer price index, which is expected to show a 0.3% monthly increase and a 2.7% headline reading, according to Dow Jones consensus estimates. Any upside surprise in last month's numbers could spook a market that has yet to see any tariff impact on inflation.
Straits Times
14-07-2025
- Sport
- Straits Times
Club World Cup serves as 2026 dry run amid heat and pitch concerns
Soccer Football - FIFA Club World Cup - Final - Chelsea v Paris St Germain - MetLife Stadium, East Rutherford, New Jersey, U.S. - July 13, 2025 Chelsea's Reece James lifts the trophy as he celebrates with teammates after winning the FIFA Club World Cup REUTERS/Jeenah Moon NEW YORK - The inaugural 32-team Club World Cup wrapped up on Sunday with plenty of lessons learned for organisers FIFA, with the tournament in the United States, won by Chelsea, acting as a preview of the 2026 World Cup. A record 48 teams will descend on co-hosts United States, Canada and Mexico next year for the quadrennial spectacle, with 104 matches on the schedule, up from just 64 the last time the tournament was held in 2022 in Qatar. In anticipation, FIFA expanded the Club World Cup this year to more than four times its original size with 32 teams, in a format that mimicked what fans can expect next year. "It's a dry run for FIFA," said Alan Rothenberg, the former president of U.S. Soccer who was responsible for overseeing the World Cup the last time it was held in the U.S., in 1994. "There were some mistakes early on and some issues early on but presumably they have now learned their lesson on how to stage a tournament in multiple cities in this vast country of ours. So I think it's going to make it a lot smoother from here on out for '26 because they now have experience." Organisers faced criticism from players, fans and coaches for a range of issues from pitch conditions to scheduling to heat, with some games played to packed stands and others to sparse crowds baking in temperatures of 85 degrees Fahrenheit (29°C) and higher. Global players' union FIFPRO said the heat, in particular, should "serve as a wake-up call", with organisers pressured to schedule matches earlier in the day to accommodate the extraordinary scale of the tournament. Top stories Swipe. Select. Stay informed. 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"Every criticism that we receive is a source for us to study, to analyse, to see what we can do better," FIFA President Gianni Infantino told reporters ahead of the final. "Of course, the heat is definitely an issue. It's an issue all over the world." Infantino said that the tournament in 2026 would use stadiums with roofs and climate control to accommodate more of the daytime games. Of the 16 World Cup stadiums, Atlanta, Dallas, Houston and Vancouver have roofs. "We need to look at what we can do better. We introduced cooling breaks. It's obviously very important we water the pitch. We can see how we can do things better in America as well as in Canada for next year, in Vancouver," said Infantino. FIFA is taking greater operational control over the 2026 tournament compared to previous editions, said Rothenberg, who is now chairman of Premier Partnerships, a division of Playfly Sports. "I don't think they did (Club World Cup) as an experiment but it turns out to be a great experience for FIFA going forward," said Rothenberg, whose forthcoming book "The Big Bounce" explores soccer's popularity in the U.S. 'HISTORIC EVENT' Global soccer's governing body has put boots on the ground in the U.S. in preparation for the World Cup, setting up field offices in Miami and at New York's Trump Tower. U.S. President Donald Trump was on hand to deliver the trophy at MetLife Stadium on Sunday to Chelsea, after the Premier League side thrashed Paris St Germain 3-0 in front of an enthusiastic crowd. From January until the end of next year's tournament, FIFA will maintain a 485,000 square-foot broadcast centre in Dallas. A smaller version was used in the parking lot at MetLife Stadium in New Jersey for the Club World Cup. "This is not a test run - we're going to have a lot of learnings from '25 but this is a historic event for us," Oscar Sanchez, head of host broadcast production, told reporters. "It's massive - but 2026 is humongous." MetLife Stadium, which hosted Sunday's final, is set to host the 2026 World Cup's showpiece, with ongoing research to optimise pitch conditions in East Rutherford, New Jersey. Despite efforts, including transporting Bermuda grass overnight in refrigerated trucks, Club World Cup venues received criticism from coaches and players for pitch quality. "We'll report post this tournament and take lessons forward to 2026," said Blair Christensen, pitch venue manager. "These guys here that work on the pitch with me they are far sharper and better than they were 35 days ago and we'll take that forward to next year as well." REUTERS
