Phototreat/iStock via Getty Images Shares of Alibaba ( BABA ) and Baidu ( BIDU ) slipped into the red after the U.S. Department of Defense included the two within a list of Chinese military companies (CMC) operating in the U.S. This list has been expanded more liberally to now include entities subject to the "direction or control of a greater number of Chinese administrative bodies and their affil...
Phototreat/iStock via Getty Images Shares of Alibaba ( BABA ) and Baidu ( BIDU ) slipped into the red after the U.S. Department of Defense included the two within a list of Chinese military companies (CMC) operating in the U.S. This list has been expanded more liberally to now include entities subject to the "direction or control of a greater number of Chinese administrative bodies and their affiliates," versus the prior distinction of being a company "owned or controlled by the People’s Liberation Army or other organization subordinate to the Central Military Commission of the CCP." Therefore, under the new criteria, the Deputy Secretary of Defense has determined that Alibaba ( BABA ) and Baidu ( BIDU ) qualify for designation as Chinese military companies as they are “indirectly affiliated with State-Owned Assets Supervision and Administration Commission (SASAC) of the State Council and are a military-civil fusion contributor to the Chinese defense industrial base because they are affiliated with the Ministry of Industry and Information Technology (MIIT)” of the Chinese government. As a company named on the DoD list under Section 1260H, Alibaba ( BABA ) and Baidu ( BIDU ) can face DoD procurement bans, investment restrictions, and supply chain exclusions. This can include heightened trade scrutiny and additional challenges in obtaining licenses for U.S. technology. U.S. tech and merchandising companies can also be forced to divest or sever ties with companies listed as CMC to maintain their own federal contracts. Beginning June 30, 2026, the DoD will implement an “entity prohibition” that precludes the department from contracting directly with any CMC or any entity subject to the control of a CMC. On June 30, 2027, this prohibition will extend downwards through the supply chain, prohibiting the DoD from acquiring goods or services that include those sourced from a CMC or entities subject to their control. More on Alibaba, Baidu Baidu: The AI Re-Rating Has Begun Ba...
Combination showing Former FTX CEO, Sam Bankman-Fried (L) and President Donald J. Trump. Reuters | Getty Images Sam Bankman-Fried has formally submitted a request for a presidential pardon, according to information listed on the U.S. Department of Justice Office of the Pardon Attorney website. The cofounder of the now defunct FTX crypto exchange is currently serving a 25-year federal prison senten...
Combination showing Former FTX CEO, Sam Bankman-Fried (L) and President Donald J. Trump. Reuters | Getty Images Sam Bankman-Fried has formally submitted a request for a presidential pardon, according to information listed on the U.S. Department of Justice Office of the Pardon Attorney website. The cofounder of the now defunct FTX crypto exchange is currently serving a 25-year federal prison sentence after he was found guilty of orchestrating a massive fraud scheme that misused billions of dollars in customer funds at FTX and its affiliated trading firm, Alameda Research. The exact date of the filing isn't clear but DOJ records indicate the request for "pardon after completion of sentence" was submitted in 2026 and is pending. President Trump said in a January interview with the New York Times that he has "no intention of pardoning" several high-profile people including Bankman-Fried. Trump has issued 147 pardons and commutations so far in his second term, according to the Department of Justice, including all of the Jan. 6-related cases . During his first term, he granted 238 pardons and commutations in total. Neither the White House nor the Justice Department responded to a request for comment. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Prices for a key nitrogen fertilizer have dropped dramatically, giving up all of the soaring gains as the conflict in Iran upended global supply chains for the crop nutrient. Prices for granular urea in New Orleans dropped to $453.50 per short ton, the lowest level since Feb. 6, according to Friday data from Bloomberg Green Markets. That’s down 36% from mid-April, when markets spiked to the highes...
Prices for a key nitrogen fertilizer have dropped dramatically, giving up all of the soaring gains as the conflict in Iran upended global supply chains for the crop nutrient. Prices for granular urea in New Orleans dropped to $453.50 per short ton, the lowest level since Feb. 6, according to Friday data from Bloomberg Green Markets. That’s down 36% from mid-April, when markets spiked to the highest levels since 2022. Urea is the most common form of nitrogen fertilizer, the class of crop nutrients that faced the most immediate price reaction to the US’s attacks on Iran and the ensuing blockage of the Strait of Hormuz. Nearly half of the world’s urea exports come from countries affected by the conflict, according to the Fertilizer Institute . The drop in demand comes as US farmers have largely finished applying fertilizers for the spring planting season. Meanwhile, the US and Iran are trying to reach a deal to reopen the Strait of Hormuz. Oversupply and weak demand have been pressuring urea prices in the US, Bloomberg Intelligence analysts Daniel Cole and Alexis Maxwell said last week . Domestic prices have in some cases fallen below that of more import-reliant countries like Brazil, potentially encouraging exports. A benchmark in Egypt also plunged to the lowest level since Feb. 27, right before the war began, according to Bloomberg Green Markets. Still, prices of $580 a metric ton (about $640 per short ton) are significantly higher than the US market. Nitrogen fertilizer makers including CF Industries Holdings Inc. and Nutrien Ltd. saw a first-quarter sales windfall from the spike in prices. Shares in the companies had surged, but are now down about 20% from their respective mid-March peaks.
Nostal6ie/iStock via Getty Images ITT Inc. ( ITT ) had already been doing well for itself on the back of multiple self-help initiatives, including share-gaining new product introductions, but an upturn in short-cycle markets and a sizable accretive acquisition late in 2025 have added more wind to the company’s sails in 2026. When I last wrote about ITT in December of 2025, I was concerned about th...
Nostal6ie/iStock via Getty Images ITT Inc. ( ITT ) had already been doing well for itself on the back of multiple self-help initiatives, including share-gaining new product introductions, but an upturn in short-cycle markets and a sizable accretive acquisition late in 2025 have added more wind to the company’s sails in 2026. When I last wrote about ITT in December of 2025, I was concerned about the rising valuations for quality flow control companies but thought that self-help could offset at least some of that risk. Since then, ITT shares are up about 6%, lagging the broader industrial space by about eight points. Comparables like Crane ( CR ), Flowserve ( FLS ), Parker-Hannifin ( PH ), Sulzer ( SUZRY ), and Weir ( WEGRY ) have likewise lagged. ITT is a case where I like, and believe in, the business for the long term, but I do have short-term valuation and sentiment concerns. I wouldn’t necessarily say that the Street has bailed out and moved on, but valuation is demanding and rewards the business for the quality and growth potential present. That said, investments in top companies have a way of working out over the long term, and I’m reluctant to sell out of a winner that is executing well and still leveraged to improving markets and growth opportunities. Another Beat-And-Raise Quarter ITT did its part to keep sentiment positive with a stronger than expected first quarter and better guidance for the remainder of the year. While there are some areas of weakness in process end-markets, short-cycle markets are healthy, and the company continues to gain share in areas like brakes while also leveraging growth opportunities in aerospace and defense. Revenue rose 11% in organic terms this quarter, beating by about 10%. While that sounds impressive, and ITT did beat on an organic basis, the real underlying beat looks to be more on the order of 5% to 7%, with the rest coming from the unpredictability of the SPX FLOW contribution, as that deal closed during the quarter and...
A San Diego police department is facing a lawsuit after jailing a man for a month based on a Flock camera alert that cops allegedly should have known, based on the timestamp, did not depict the car that they were looking for. Last November, Hugo Parra was arrested on felony charges after San Diego police relied on Flock data and a witness statement to wrongly connect him to an attempted carjacking...
A San Diego police department is facing a lawsuit after jailing a man for a month based on a Flock camera alert that cops allegedly should have known, based on the timestamp, did not depict the car that they were looking for. Last November, Hugo Parra was arrested on felony charges after San Diego police relied on Flock data and a witness statement to wrongly connect him to an attempted carjacking at gunpoint, the Times of San Diego reported . Cops were looking for a red Alfa Romeo car with tinted windows and a man wearing a gray hoodie, and Parra happened to be wearing a white hoodie while riding in a friend's car that roughly matched the vehicle description. Although Flock cameras can capture license plate data, cops did not have even a partial plate to help them verify if the car was involved in a violent crime. But the Flock data cops used to justify the arrest actually showed that Parra was five miles away at the time of the crime, Parra's attorney, Alex Coolman, told the Times of San Diego. Rather than arrest him, cops could have used that data, as well as Parra's cellphone location data, to corroborate Parra's statement that he was innocent, Coolman said. Read full article Comments
Get a jump start on the US trading day with Matt Miller and Dani Burger on "Bloomberg Open Interest." Markets look past Iran tensions as Mike Wilson and Jensen Huang bolster the bull case. Apple eyes an AI-powered reset. Intel surges on reports Google will tap it for millions of AI chips. Plus, SpaceX counts down to the biggest IPO ever, and Ross Hamilton joins Bloomberg Open Interest to says the ...
Get a jump start on the US trading day with Matt Miller and Dani Burger on "Bloomberg Open Interest." Markets look past Iran tensions as Mike Wilson and Jensen Huang bolster the bull case. Apple eyes an AI-powered reset. Intel surges on reports Google will tap it for millions of AI chips. Plus, SpaceX counts down to the biggest IPO ever, and Ross Hamilton joins Bloomberg Open Interest to says the space economy is already powering life on Earth. And Al Rabil joins with his 20-year real estate super cycle call. (Source: Bloomberg)
July WTI crude oil (CLN26 ) today is up +1.31 (+1.45%), and July RBOB gasoline (RBN26 ) is up +0.0450 (+1.48%). Crude oil prices are moving sharply higher today amid a flare-up in hostilities between Iran and Israel that threatens to derail a truce and complicate negotiations to end the...
July WTI crude oil (CLN26 ) today is up +1.31 (+1.45%), and July RBOB gasoline (RBN26 ) is up +0.0450 (+1.48%). Crude oil prices are moving sharply higher today amid a flare-up in hostilities between Iran and Israel that threatens to derail a truce and complicate negotiations to end the...
July arabica coffee (KCN26 ) today is down -0.90 (-0.37%), and July ICE robusta coffee (RMN26 ) is up +20 (+0.60%). Coffee prices are mixed today as the ongoing harvest in Brazil is weighing on prices. Weakness in the Brazilian real (^USDBRL ) is also negative for coffee prices as...
July arabica coffee (KCN26 ) today is down -0.90 (-0.37%), and July ICE robusta coffee (RMN26 ) is up +20 (+0.60%). Coffee prices are mixed today as the ongoing harvest in Brazil is weighing on prices. Weakness in the Brazilian real (^USDBRL ) is also negative for coffee prices as...