Microsoft co-founder Bill Gates said on Wednesday that he “never victimised anyone”, as he faced questioning from US lawmakers over his ties to late sex offender Jeffrey Epstein. Gates, one of the world’s richest men and a leading philanthropist, was appearing before the House Oversight Committee for a transcribed interview about the disgraced financier, who died in a New York jail cell in 2019 wh...
Microsoft co-founder Bill Gates said on Wednesday that he “never victimised anyone”, as he faced questioning from US lawmakers over his ties to late sex offender Jeffrey Epstein. Gates, one of the world’s richest men and a leading philanthropist, was appearing before the House Oversight Committee for a transcribed interview about the disgraced financier, who died in a New York jail cell in 2019 while awaiting trial on sex-trafficking charges involving underage girls. “I never witnessed nor had...
Wirestock Ferrari N.V. ( RACE ) is off to a rocky start with the Luce electric vehicle, with social media posts and industry reviews mocking the design for looking like much less expensive EVs like the Nissan Leaf and the numerous Chinese EV models. Adding to the negative sentiment, former Ferrari CEO Luca Cordero di Montezemolo voiced concern for the brand's legacy and dramatically called for str...
Wirestock Ferrari N.V. ( RACE ) is off to a rocky start with the Luce electric vehicle, with social media posts and industry reviews mocking the design for looking like much less expensive EVs like the Nissan Leaf and the numerous Chinese EV models. Adding to the negative sentiment, former Ferrari CEO Luca Cordero di Montezemolo voiced concern for the brand's legacy and dramatically called for stripping the iconic prancing horse logo off the Luce. However, Vigna thinks the early reaction to the Luce EV will be overcome. "If you see it and try it, you immediately understand it was not copied and it has nothing to share with other EVs you have seen," Ferrari ( RACE ) CEO Benedetto Vigna said at a recent auto conference. The negative start for Luce in China is a disappointment because Ferrari ( RACE ) was banking on solid demand from wealthy Chinese buyers to help reverse a sales slump in the region. Notably, Ferrari's ( RACE ) import volume was 21% for the first four months of the year, according to data from the China Passenger Car Association. Luce's quad motors generate 1,036 horsepower and 730 lb-ft of torque, resulting in acceleration from 0 to 60 mph in 2.5 seconds. Its 122 kWh battery pack, which is integrated into the body of the vehicle, also supports up to 329 miles of range. Other features include rear-hinged back doors, a floating wing mounted on its hood, amplified revving sounds in performance mode, and a large pivoting touchscreen that integrates manual buttons on the center display. The Luce is Ferrari's ( RACE ) first-ever five-seat vehicle. Shares of Ferrari ( RACE ) fell 2.2% on Wednesday to back below $350.00. The 52-week high for the auto stock is $519.10. More on Ferrari Drifting In The Same Lane: The Convergence Of Porsche And Ferrari Ferrari: Luce EV Fears Keep Open A Luxury-Compounder Entry Point Of The Makers Of New Electric Supercars, BYD Shares Are Preferable To Ferrari's Ferrari backlash: Lamborghini CEO says canceling its EV plan was 'the...
Manager keen to spend more time with family Ipswich chair Mark Ashton ‘gutted’ by decision Kieran McKenna has stepped down as Ipswich’s manager after four and a half years in charge of the Suffolk club, who will return to the Premier League next season . The 40-year-old will take a break from management and is understood not to have a position lined up. McKenna had been linked with the vacant job ...
Manager keen to spend more time with family Ipswich chair Mark Ashton ‘gutted’ by decision Kieran McKenna has stepped down as Ipswich’s manager after four and a half years in charge of the Suffolk club, who will return to the Premier League next season . The 40-year-old will take a break from management and is understood not to have a position lined up. McKenna had been linked with the vacant job at Fulham, who held an interest in him, but his departure is linked with a desire to recharge and spend more time with his family. Continue reading...
A cycle of threat, detente and deadlock repeats itself wearisomely as the president’s war in Iran drags on US politics live – latest updates As the story of the US-Iran war is written direct to social media, Donald Trump may be the genre’s premier unreliable narrator. Since the war began, Trump has again and again threatened Iran with fearsome consequences if Tehran doesn’t come to the table and s...
A cycle of threat, detente and deadlock repeats itself wearisomely as the president’s war in Iran drags on US politics live – latest updates As the story of the US-Iran war is written direct to social media, Donald Trump may be the genre’s premier unreliable narrator. Since the war began, Trump has again and again threatened Iran with fearsome consequences if Tehran doesn’t come to the table and sign a peace deal that the US president said was imminent weeks ago. And he has also repeatedly claimed that an Iran deal is “close” – without any result. (A CNN tally put the number of times he’s claimed it at 38.) Continue reading...
SpaceX fever is spreading fast as investors rush into the record-breaking IPO. But before it became a global powerhouse, SpaceX was a startup fighting for survival. TrueCar founder and longtime Elon Musk adviser Scott Painter shares insight into Musk's entrepreneurial journey and SpaceX's early days on 'Bloomberg: Open Interest.' (Source: Bloomberg)
SpaceX fever is spreading fast as investors rush into the record-breaking IPO. But before it became a global powerhouse, SpaceX was a startup fighting for survival. TrueCar founder and longtime Elon Musk adviser Scott Painter shares insight into Musk's entrepreneurial journey and SpaceX's early days on 'Bloomberg: Open Interest.' (Source: Bloomberg)
While markets watch the Strait of Hormuz, strong demand for coal, infrastructure materials, and other commodities continues to support dry bulk shipping. Stamatis Tsantanis, CEO of Seanergy Maritime and United Maritime, discusses the global demand outlook on 'Bloomberg Open Interest.' (Source: Bloomberg)
While markets watch the Strait of Hormuz, strong demand for coal, infrastructure materials, and other commodities continues to support dry bulk shipping. Stamatis Tsantanis, CEO of Seanergy Maritime and United Maritime, discusses the global demand outlook on 'Bloomberg Open Interest.' (Source: Bloomberg)
Goldman Breaks Down Build America 250 Impact On Construction Stocks The Build America 250 bill is a proposed transportation infrastructure funding package covering federal projects between 2027 and 2031 and would succeed the Biden-era Infrastructure Investment and Jobs Act, which expires in the coming months. Goldman analysts, led by Ben Rada Martin, stated that the Build America 250 bill has clea...
Goldman Breaks Down Build America 250 Impact On Construction Stocks The Build America 250 bill is a proposed transportation infrastructure funding package covering federal projects between 2027 and 2031 and would succeed the Biden-era Infrastructure Investment and Jobs Act, which expires in the coming months. Goldman analysts, led by Ben Rada Martin, stated that the Build America 250 bill has cleared House committee approval with limited amendments, providing greater clarity around $580 billion for highways, bridges, and other transportation infrastructure. One main point from the Goldman note is that Build America 250 is not another IIJA-style boom. For the Federal Highway Administration, Martin sees only about an 8% nominal increase relative to IIJA levels, after IIJA delivered a more than 50% federal funding uplift. Martin pointed out that bridge funding jumped by about 29%, while rail and transit programs face reductions. He expects public highway spending to grow by 6% in 2026 and 5% in 2027, though much of that reflects inflation rather than real volume growth. After adjusting for construction cost inflation, he expects flat-to-slightly negative volume trends. " Nominal uplift, with a mix shift to bridges, transit sees cuts: We go through the 1,000-page draft document and amendments to date, with the recent bill implying a broad continuation in spending with a category mix shift toward bridges (+29%), while rail and transit administrations see cuts," Martin wrote in a note published on Monday. Highways in detail - Limited expansion, especially net of inflation Goldman's prediction model indicates that public construction should continue to grow, but at a slower pace after a very strong 2021 to 2025 period. Martin said the stock impact of the Build America 250 bill on construction-linked companies is viewed as neutral to slightly negative. Engineering and Construction - Neutral/Mix: US (GVA, AECOM, J): We view the bill as broadly net neutral for GVA (diversifie...
Check out some of the companies making the biggest moves midday: Trucking companies — Freight stocks sold off in reaction to Amazon saying it will open its less-than-truckload shipping services to companies outside its own network, posing a threat to industry incumbents. FedEx Freight Holding and Old Dominion Freight Line both slumped 5%; XPO dropped 4%; and Saia and ArcBest each fell 3%. Amazon i...
Check out some of the companies making the biggest moves midday: Trucking companies — Freight stocks sold off in reaction to Amazon saying it will open its less-than-truckload shipping services to companies outside its own network, posing a threat to industry incumbents. FedEx Freight Holding and Old Dominion Freight Line both slumped 5%; XPO dropped 4%; and Saia and ArcBest each fell 3%. Amazon itself dipped 2%. Super Micro Computer — The AI server maker plunged 18% after setting plans to raise $7 billion through the sale of equity- and equity-linked securities to help cover the cost of hardware component purchases. Chip stocks — Semiconductor companies continued their recent decline, with Micron Technology dropping 4%, Advanced Micro Devices falling almost 5% and Broadcom shedding 5%. Devon Energy — The oil and gas explorer rallied more than 6% after Evercore ISI raised Devon to outperform after what it called the company's "better-than-expected mid-month update." Devon management on Tuesday updated investors on its outlook following the purchase of Coterra Energy in early May for about $58 billion. Cracker Barrel — The Southern country-themed restaurant chain soared 24% after raising its full-year revenue and adjusted EBITDA guidance. Cracker Barrel also reported fiscal third-quarter earnings of 29 cents per share on $797.4 million in revenue, topping expectations. Analysts polled by FactSet had expected a loss of 48 cents per share and revenue of $776.7 million. Casey's General Stores — The convenience store and gas station chain surged 14%. Casey's posted better-than-expected fiscal fourth-quarter results, FactSet said, helped by rising fuel margins and prepared food and dispensed beverage sales ahead of last year. Fiscal 2027 EBITDA was forecast to grow 8%-10%. Gambling stocks — DraftKings climbed 5%, Rush Street Interactive rose more than 4%, Flutter Entertainment and SGHC Ltd. added 3% and Penn Entertainment advanced nearly 3%. DraftKings management told a J...
Matthew Troke/iStock Editorial via Getty Images Previously, marked BAE Systems ( BAESY ) ( BAESF ) a buy, and that call has not worked out well. My investment thesis largely hinged on increased tension following the eruption of the conflict in the Middle East coupled with increasing demand for defense systems in Europe . That thesis has not worked out, and the stock is now down 17.5% since my last...
Matthew Troke/iStock Editorial via Getty Images Previously, marked BAE Systems ( BAESY ) ( BAESF ) a buy, and that call has not worked out well. My investment thesis largely hinged on increased tension following the eruption of the conflict in the Middle East coupled with increasing demand for defense systems in Europe . That thesis has not worked out, and the stock is now down 17.5% since my last report. However, we note that since I initiated coverage, the stock price has climbed 160%, which is double the performance of the S&P 500 since then. So, I am not extremely concerned about being wrong on my prior rating, but it is required to assess whether there is any appreciable upside from here or whether the stock should be downgraded. BAE Systems Books More Than £4 Billion In Orders BAE Systems is one of the companies that does not report each quarter. Every six months, there is a detailed financial report, and for the first and third quarters, there are trading updates. In those trading updates, we get some insights into how the company performs. Unless there is any major disruption in the quarter, the first and third quarters typically do not include any changes to the full-year guidance. Outperformance during the quarter usually also does not result in a guidance revision in the trading update. Most often these pieces read more like “things are going as planned and we booked orders in the quarter.” The Q1 2026 trading update also followed that line with the business performing in line with expectations, and BAE Systems expects to reach its full-year targets, meaning 7%-9% sales growth and underlying EBIT to grow 9%-11%, showing a margin improvement with free cash flow generation higher than £1.3 billion. In the air domain, BAE Systems received a £2.5 billion order for training, support equipment, and services in support of Turkey’s purchase of the 20 Eurofighter Typhoons in October 2025. MBDA, which is owned by Airbus ( EADSF ), BAE Systems, and Leonardo S.p.a. (...
A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox. Commercial real estate is final...
A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox. Commercial real estate is finally flush with cash, seeing record levels of lending activity. That's the finding of a new credit index provided exclusively to CNBC's Property Play by JLL, the global commercial real estate services and investment management firm. JLL tracks the number of lenders quoting and the average winning loan-to-value, or LTV, rates going back to 2019. Global credit activity among lenders as well as overall competitiveness of loan terms reached an all-time high in April, driven by both strong refinance demand and large loan placements, JLL found. There was a near-record number of distinct lenders active across all capital sources, from banks to private investors to family offices. As a result, LTV rates are rising. In addition to growing bank appetite, there has been a lot of credit fund activity over the past five years, where investors in private funds, or LPs, have put money into credit vehicles. Government agencies have also been more active in multifamily real estate, and insurance companies are now expanding their real estate exposure. "It's because those groups can earn a bigger spread by investing in real estate versus something else," said Lauro Ferroni, JLL's head of capital markets research for the Americas. "It can be more lucrative for them. That's No. 1. No. 2 is just that they want to diversify their allocations across different buckets, especially in different economic cycles." Data centers are driving much of the activity as the massive build-out fuels the real estate industry as well as the broader economy. That is driven broadly by artificial intelligence. "When it...
We Are/DigitalVision via Getty Images Introduction MNTN, Inc. ( MNTN ) is down more than 60% over the past year. However, the decline is partly the result of the IPO premium disappearing rather than a collapse in the underlying business. MNTN priced its May 2025 IPO at $16, but the shares closed above $26 on their first trading day and are now trading around $9.19. Growth has since slowed from the...
We Are/DigitalVision via Getty Images Introduction MNTN, Inc. ( MNTN ) is down more than 60% over the past year. However, the decline is partly the result of the IPO premium disappearing rather than a collapse in the underlying business. MNTN priced its May 2025 IPO at $16, but the shares closed above $26 on their first trading day and are now trading around $9.19. Growth has since slowed from the unusually high rates reported around the listing, while investors remain skeptical about cash conversion, dilution, and the durability of recent margin gains. Still, revenue is growing above 20%, active customers increased sharply, existing customers are spending more, margins are expanding, and the company has moved into GAAP profitability. The balance sheet is also unusually strong with no borrowings at the end of the first quarter. The valuation now looks disconnected from that operating performance. Performance TV Growth Remains Strong MNTN operates a self-service connected-TV advertising platform aimed mainly at small and midsized businesses. The company tries to make television advertising work more like paid search or social advertising. Customers select a budget, audience, and target outcome, upload creative, and then measure the resulting campaign performance. Traditional television advertising has historically been difficult for smaller businesses to access. Production costs can be high, targeting is less precise, and measuring direct returns is more complicated than on digital platforms. MNTN attempts to remove those obstacles through automated media buying, targeting, and campaign measurement. The latest customer figures suggest that the platform is gaining traction. MNTN ended Q1 with 3,874 active Performance TV customers measured over the trailing 12 months, an increase of 46% from the previous year. The company’s expansion rate also remained above 115%, meaning existing customers spent at least 15% more than the same customer group one year earlier. That com...
Hispanolistic The May Consumer Price Index report, released early Wednesday, revealed more than just a hotter headline number—inflation is spreading across a wider range of categories. Data highlighted by SoFi Chief Market Strategist Liz Thomas shows the share of CPI components running at a 4% or higher month-over-month annualized pace increased again in May. While still well below the worst level...
Hispanolistic The May Consumer Price Index report, released early Wednesday, revealed more than just a hotter headline number—inflation is spreading across a wider range of categories. Data highlighted by SoFi Chief Market Strategist Liz Thomas shows the share of CPI components running at a 4% or higher month-over-month annualized pace increased again in May. While still well below the worst levels seen during the 2022 inflation shock, the direction is concerning: fewer categories are sitting in benign territory, and more are drifting back into uncomfortable ranges. The numbers tell the story clearly. Headline inflation rose to 4.2% year over year in May, up from 3.8% in April. Core inflation held steadier at 2.9% vs. 2.8% in the prior month. For the Federal Reserve, the key issue is breadth. A one-off energy ( USO ) ( BNO ) ( UNG ) ( BOIL ) spike can be dismissed as transitory. But, when a wider set of categories starts reaccelerating, it becomes much harder to look through—and potentially harder to control without more aggressive policy action. Liz Thomas More on the U.S. Economy Downside Risks Rise As Tech Volatility Spikes Markets Rebounding After Friday's Rout Inflation Signal With 87% Hit Rate Is Flashing Again Hedge funds go max short Fed-cut hopes - BBG European stocks tick higher with ECB decision in focus
Vitalij Sova Bitcoin ( BTC-USD ) is attempting a short-term recovery after fresh U.S. inflation data and shifting Fed expectations brought buyers back into risk assets. The May CPI print came at +0.5% M/M and +4.2% Y/Y, matching estimates. Core CPI rose +0.2% vs. +0.3% expected and stayed at +2.9% Y/Y, slightly easing from last month. Even though inflation remains above the Fed’s 2% target, softer...
Vitalij Sova Bitcoin ( BTC-USD ) is attempting a short-term recovery after fresh U.S. inflation data and shifting Fed expectations brought buyers back into risk assets. The May CPI print came at +0.5% M/M and +4.2% Y/Y, matching estimates. Core CPI rose +0.2% vs. +0.3% expected and stayed at +2.9% Y/Y, slightly easing from last month. Even though inflation remains above the Fed’s 2% target, softer core pressure briefly improved liquidity sentiment. As per the CME FedWatch tool , markets are now pricing a 96.2% probability that the Federal Reserve will keep rates unchanged at 3.50%–3.75% in the June 17, 2026, FOMC meeting, with only a 3.8% chance of a cut. Following the data, Bitcoin rebounded from the ~$60K zone to ~$62K, gaining roughly +2.28% after a prior monthly drop of nearly -23%. The move reflects short-covering and dip-buying rather than a full trend reversal, as macro conditions remain neutral to tight. The reaction shows BTC is still highly sensitive to real-rate expectations and inflation surprises, especially when liquidity outlooks are stable but not easing. Now looking at the technical chart, Bitcoin is still in a broader downtrend from the $72K area, now consolidating between $60K support and $64K resistance. However, momentum indicators are improving, with RSI recovering near the 59 level and MACD turning upward, but volume is still mixed, so confirmation above $64K is important for confirmation of any stronger upside move. More on Bitcoin USD AI Isn't The Only Thing Killing Bitcoin... Reality Is Bitcoin Cut In Half Whale's Insight: Bitcoin's Liquidity Trap: Will ETF Outflows And SpaceX IPO Push BTC Lower? Bitcoin is seeing ‘one of the best bear markets’ now – ProCap Financial Weekly ETFs: Six of 11 sectors record outflows; materials sector leads inflows
Ole_CNX/iStock via Getty Images Listen below or on the go on Apple Podcasts and Spotify May core inflation rose less than expected . (0:15) Super Micro slumps as it seeks up to $7B for server capacity . (1:12) Amazon broadens freight service beyond its network facilities nationwide. (1:51) This is an abridged transcript of the podcast: Our top story so far, inflation continued to move higher in Ma...
Ole_CNX/iStock via Getty Images Listen below or on the go on Apple Podcasts and Spotify May core inflation rose less than expected . (0:15) Super Micro slumps as it seeks up to $7B for server capacity . (1:12) Amazon broadens freight service beyond its network facilities nationwide. (1:51) This is an abridged transcript of the podcast: Our top story so far, inflation continued to move higher in May, but not by as much as markets had feared. The Consumer Price Index rose 4.2% from a year ago , matching expectations and accelerating from April's 3.8% pace. On a monthly basis, prices increased 0.5%. Energy accounted for more than 60% of the monthly increase, rising 3.9%, while shelter gained 0.3% and food prices rose 0.2%. Core CPI, which excludes food and energy, rose 0.2% in May, below expectations for a 0.3% increase. That left the annual core inflation rate at 2.9%, up slightly from 2.8% in April. While both headline and core inflation remain above the Fed's 2% target, Harvard economist Jason Furman said declines in shelter and core goods prices were encouraging and that the report contained little that would force the Fed to raise rates anytime soon. Following the report, fed funds futures modestly reduced the odds of a rate hike later this year. Among active stocks, Supermicro ( SMCI ) is plunging after unveiling plans for up to $7B in equity and equity-linked financing to help fund purchases of components needed to fulfill demand for its AI servers. The proposal includes public offerings and an at-the-market stock sale program that could begin as early as the third quarter. Pfizer ( PFE ) was upgraded by RBC Capital Markets to Sector Perform from Underperform after an 11% pullback from its 2026 highs. RBC said the stock's risk-reward profile now appears more balanced. And Chewy ( CHWY ) is moving higher after first-quarter results came in better than investors feared. The company said consumer spending on pets remained resilient despite a more challenging econom...
Shares of Palo Alto Networks ( PANW ) rose around 2% to $265.73 in the afternoon trading on Wednesday, on track to end a six-session losing streak. The stock has fallen around 12.34% between June 2 and June 9, compared to a 2.94% decline in the S&P 500 over the same period. Shares have declined despite Palo Alto Networks reporting quarterly earnings and revenue above expectations, raising its outl...
Shares of Palo Alto Networks ( PANW ) rose around 2% to $265.73 in the afternoon trading on Wednesday, on track to end a six-session losing streak. The stock has fallen around 12.34% between June 2 and June 9, compared to a 2.94% decline in the S&P 500 over the same period. Shares have declined despite Palo Alto Networks reporting quarterly earnings and revenue above expectations, raising its outlook, issuing stronger-than-expected guidance, and outlining longer-term profitability targets. The company also reported strong year-on-year growth across its business segments, while analysts remained broadly positive following the results. According to Seeking Alpha’s Quant rating system, PANW is rated a Hold with a score of 3.43 out of 5, with an A in terms of profitability but a D- in terms of valuation. While a recent analysis said Palo Alto Networks remains well positioned for long-term growth, supported by strong organic expansion in its next-generation security business, growing demand for its AI-related products, and an increase in contracted future revenue. The note argued that the stock's valuation does not fully reflect the company's long-term targets, adding that "buying at today’s prices means buying the 2030 ARR at 12x," and noting that "as long as the new organic flow holds up as it is doing, the plan practically sustains itself." On Wall Street, analysts are bullish , with 44 out of 55 analysts rating the stock with a buy or higher, 10 suggesting to hold, and one of them recommending a sell or lower. Shares have gained around 28% over the past month and remain up around 42.5% year to date. More on Palo Alto Networks Palo Alto Networks: The Market Is Pricing 2030 At 12x Palo Alto Networks: Q4 Organic Revenue Growth Decelerates; M&A Optimism Is Already Priced In (Rating Downgrade) Palo Alto Networks: Strong AI Security Story, But The Stock Has Run Too Far What’s next for Palo Alto Networks after its Q3 earnings beat and guidance raise? Earnings Scoreboard: 10...