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Alibaba, AUS Merchant Services to Pay $600 Million to Resolve US Allegations Over Illegal Product Sales

Alibaba Group Holding (BABA) and its US-based payment processor, AUS Merchant Services, agreed to pay a combined $600 million to resolve US allegations over illegal product sales on the company's e-commerce platforms, the US Department of Justice said Wednesday.The department alleged Alibaba failed to prevent about 80,000 transactions involving illegal pharmaceuticals, controlled substances, listed chemicals and pharmaceutical equipment imported into the country through Alibaba.com and AliExpress between 2016 and 2024.AUS also admitted shortcomings in its anti-money laundering controls that failed to prevent payments tied to some prohibited sales, the report said.Alibaba will pay a $125 million criminal penalty and forfeit $200 million, while AUS will pay an $85 million penalty and forfeit $190 million. Both companies also agreed to strengthen compliance programs and continue cooperating with US authorities.Price: $98.34, Change: $+2.35, Percent Change: +2.45%

$BABA

Wire35d ago

Robinhood Markets Reportedly Launches Perpetual Futures Linked With Commodities

Robinhood Markets (HOOD) launched perpetual futures with no expiry date tied to commodities like gold, silver, and crude oil, as well as exchange-traded funds, and currencies in Europe, multiple media outlets reported Wednesday.European traders can now transact perpetual futures, which feature leverage of up to 10 times, according to the media outlets.The company will also launch cryptocurrency offerings in the United Kingdom soon, according to Bloomberg.Price: $108.33, Change: $+8.05, Percent Change: +8.03%

$HOOD

Sectors35d ago

Sector Update: Consumer

Consumer stocks were mixed late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) fractionally lower and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 1%.In corporate news, General Motors' (GM) US vehicle sales fell year over year in Q2, with the carmaker attributing the decline in part to a smaller electric vehicle market. GM shares were down 1.8%.

$GM

Sectors35d ago

Sector Update: Tech

Tech stocks were lower late Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 2.1% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 3.6%.The Philadelphia Semiconductor index slumped 5.5%.In corporate news, Apple (AAPL) received a warning from Russia's anti-monopoly watchdog to address alleged discriminatory practices against Russian search engines and software, and failure to remedy the violations by July 15 could result in a fine of up to 4 billion roubles ($51.6 million), Reuters reported. Apple shares were up 1.8%.

$AAPL

Wire35d ago

NIKE Recovery Path Likely to be Elongated, Oppenheimer Says

NIKE's (NKE) Q4 results and commentary imply progress inrepositioning, with trends still suggesting an elongated recovery trajectory, Oppenheimer said in a note Wednesday.The report said it's best for shorter-term-oriented clients to stay on the sidelines, awaiting clearer evidence of a turnaround."We look upon outperform-rated Dick's Sporting Goods (DKS) as the best means to play improving product innovation at NKE," the report said.The note pointed to indication from the firm that World Cup-related demand is tracking well, but a now more-challenged macro backdrop is impacting sales trends in the US and abroad.The firm will host an investor event in mid-November, it added.Price: $42.38, Change: $+1.33, Percent Change: +3.23%

$NKE

Wire35d ago

New Era Energy & Digital Taps Charlie Nelson as Chair, CEO; Names New President, COO

New Era Energy & Digital (NUAI) appointed new executives, including Charlie Nelson, currently president and chief operating officer, as chairman and chief executive, effective immediately, the company said Wednesday.Nelson succeeds E. Will Gray II, who will move off the board into the role of president of the Permian, the company said.New Era named Ted Warner as president, in addition to his current role as chief financial officer.Jose Rodriguez, who previously held data center and infrastructure leadership roles at Microsoft (MSFT), TikTok and Amazon (AMZN) Web Services, was appointed as chief operating officer, the company said.Price: $5.38, Change: $-1.01, Percent Change: -15.75%

$AMZN$MSFT$NUAI

Wire35d ago

Stellantis US Sales Rise 5% in H1 2026

Stellantis (STLA) said Wednesday its total US sales for H1 2026 increased 5%, with momentum continuing in Q2 with the brands' total sales up 6% and June sales rising 10% year over year.The company sold 634,187 vehicles in H1.Total Ram pickup sales and ProMaster retail sales increased 14% and 6% versus Q2 2025, respectively. Jeep Wrangler retail sales were up 11% versus Q1 2026.Chrysler reported its highest total quarterly sales volume for Pacifica since Q3 2023.Dodge Durango achieved the highest Q2 retail sales volume since 2021, and Charger sales increased 33% compared to Q2 last year.Alfa Romeo Giulia and Tonale sales rose 6% and 8%, respectively, over Q1 2026, and Fiat 500e retail sales increased 17% versus Q1 2026.Price: $5.84, Change: $+0.09, Percent Change: +1.66%

$STLA

Wire35d ago

Market Chatter: Apple Receives Warning From Russia Over Alleged Discrimination Against Local Apps

Apple (AAPL) received a warning from Russia's anti-monopoly watchdog to address alleged discriminatory practices against Russian search engines and software, and failure to remedy the violations by July 15 could result in a fine of up to 4 billion roubles ($51.6 million), Reuters reported Wednesday.The company must ensure that Russian software, including search engines and the Max messenger, is pre-installed on its devices, the report said, citing the Federal Antimonopoly Service.Apple did not immediately respond to a request for comment by.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $294.81, Change: $+5.44, Percent Change: +1.88%

$AAPL

Treasury35d ago

US Treasury Closing Levels

3:00 Wednesday vs 3:00 Tuesday2yr 99-29+ vs 99-31; 4.164% vs 4.137%5yr 99-16+ vs 99-23; 4.232% vs 4.186%10yr 99-06 vs 99-20+; 4.475% vs 4.418%30yr 100-16 vs 101-16; 4.966% vs 4.901%2/10 30.701 bps vs 28.048 bps5/30 73.276 bps vs 71.430 bps

US Markets35d ago

General Motors Second-Quarter US Vehicle Sales Drop Annually

General Motors' (GM) US vehicle sales fell year over year in the second quarter, with the automaker attributing the decline in part to a smaller electric vehicle market.Sales decreased 4.2% annually to 714,896 vehicles in the June quarter. The company said Wednesday the performance reflected a smaller EV market, discontinued vehicles and "some" inventory constraints. Sales fell across key brands, led by a 19% slump in Cadillac, while Buick saw a 7.5% drop.GM shares were down 2.1% in afternoon trade, bringing its year-to-date losses to 7.3%.In the year through June, GM's overall vehicle deliveries in the US have fallen 6.8% year over year to about 1.34 million units, with Cadillac and Buick logging declines of more than 20% each."Our business is performing well, and customer demand is resilient, especially for our trucks and (sport-utility vehicles)," said Duncan Aldred, GM president of North America.Separately, GM and Micron Technology (MU) said they signed a deal to secure supply of memory and storage platforms "critical" to the automaker's vehicle production in the long term."As demand for memory and storage continues to grow, we are investing to extend supply availability, expand capacity and align more closely with our customers to improve supply predictability across the automotive ecosystem," Micron Chief Executive Sanjay Mehrotra said in a statement.The two companies continue to collaborate on future memory and storage technology requirements key for upcoming vehicles, they said."Our expanded collaboration with Micron strengthens our access to critical memory technologies while enabling deeper integration across our vehicle platforms, supporting both performance and long-term reliability," GM CEO Mary Barra said.In April, GM raised its full-year earnings outlook and trimmed its tariff-hit forecast, as the company reported an unexpected year-over-year increase in its first-quarter bottom-line.Price: $75.47, Change: $-1.61, Percent Change: -2.09%

$GM$MU

Oil & Energy35d ago

Market Chatter: Oil Transit Through Strait of Hormuz Tops 10 Million b/d

Oil shipments through the Strait of Hormuz have climbed above 10 million barrels per day as expanded US military support reassured commercial shippers and accelerated traffic through the key waterway, Bloomberg reported Wednesday, citing a US official.The official said President Donald Trump's interim accord with Iran helped drive the recovery, while Tehran's diminished ability to interfere with vessel movements encouraged operators to return. The official said US air and naval forces also steered more traffic toward the southern shipping lane near Oman.The report also said US officials want to turn the temporary shipping arrangement into a lasting framework before the 60-day negotiation window closes while keeping commercial vessels moving freely.The White House did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Wire35d ago

Norwegian Cruise Faces Limited Prospects for Near-Term Progress, UBS Says

Norwegian Cruise Line (NCLH) is unlikely to see meaningful near-term progress as heavy bookings limit the company's ability to adjust itineraries or pricing, UBS Securities said Tuesday in a note.The company's recently announced marketing leadership change is unlikely to influence near-term promotional activity, including efforts tied to Norwegian's new Caribbean water park opening Sept. 4, the note said.UBS said Norwegian's early-May guidance cut reflected more than geopolitical pressures, noting that softer European demand also remains a risk, even though the company has less exposure to the region than peers.Norwegian expects current issues to weigh on H1 2027 and said it is too early to assess demand for 2027 European sailings, the note said.UBS maintained its neutral rating on Norwegian Cruise stock and its $17 price target.Price: $20.85, Change: $-0.27, Percent Change: -1.26%

$NCLH

Commodities35d ago

Market Chatter: Russia Turns to India for Gasoline Imports as Fuel Shortages Mount

Russia has begun seaborne gasoline imports from India as fuel shortages spread across the country following Ukrainian strikes on energy infrastructure, Reuters reported on Wednesday, citing industry sources.It said at least 60,000 metric tons have been shipped, with two tankers carrying 30,000 mt to 40,000 mt each.Russia is planning to import up to 400,000 mt monthly, with increased supply from Belarus boosting deliveries. Fuel shortages have led to rationing, queues, and record prices.The Russian and Indian energy ministries did not immediately respond to' requests for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Insider Trading35d ago

Farmers & Merchants Bancorp Insider Sold Shares Worth $273,390, According to a Recent SEC Filing

Andrew J Briggs, Director, on June 29, 2026, sold 9,000 shares in Farmers & Merchants Bancorp (FMAO) for $273,390. Following the Form 4 filing with the SEC, Briggs has control over a total of 147,550 common shares of the company, with 147,550 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/792966/000119312526292196/xslF345X05/ownership.xmlPrice: $31.35, Change: $+0.77, Percent Change: +2.52%

$FMAO

Insider Trading35d ago

Yum Brands Insider Sold Shares Worth $962,680, According to a Recent SEC Filing

Aaron Powell, CEO, Pizza Hut, on July 01, 2026, sold 6,001 shares in Yum Brands (YUM) for $962,680. Following the Form 4 filing with the SEC, Powell has control over a total of 12,003 common shares of the company, with 12,003 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1041061/000104106126000145/xslF345X05/form4.xmlPrice: $160.90, Change: $+1.04, Percent Change: +0.65%

$YUM

Wire35d ago

American Financial Keeps Quarterly Dividend at $0.88 a Share, Payable July 24 to Holders of Record July 15

$AFG

Oil & Energy35d ago

US Oil Update: Futures Slide as Peace Talk Hopes Offset Bullish Crude Stock Draw

Crude futures fell in midday trading on Wednesday as markets balanced signs of progress in US-Iran peace negotiations in Doha with supply disruption fears, while a draw in US crude stockpiles further pressured the market.Front-month West Texas Intermediate crude futures slipped 1.8% to $68.24 per barrel, while Brent futures dropped 2.3% to $71.27/bbl.US commercial crude oil inventories decreased by 3.8 million barrels to 408.4 mmbbls in the week ended June 26, the Energy Information Administration said in its weekly report on Wednesday. The decline is less than Macquarie's forecast of a 5.5-mmbbl draw for the week ending June 26.Soojin Kim, research analyst at MUFG, said oil prices stabilized after recording their sharpest quarterly decline since the pandemic as improving prospects for a lasting US-Iran agreement continued to ease supply concerns.President Trump said on Wednesday that the US was getting along very well with Iran and that peace negotiations in Qatar went well. Trump told reporters that the two sides had very constructive meetings, "and we'll see how it develops," adding that crude prices have come down significantly, now at about $68/bbl.The technical talks in Qatar come after an exchange of military strikes between the US and Iran over the weekend, which threatened to jeopardize a 60-day truce between the two countries.US special envoy Steve Witkoff and Trump's son-in-law, Jared Kushner, held positive talks in Doha to ease tensions in the Middle East and held technical talks as the two sides seek to reach an agreement on the flow of shipping through the Strait of Hormuz.Iran's Deputy Foreign Minister Kazem Gharibabadi led a delegation of representatives from Iran's foreign ministry, central bank and agriculture ministry, meeting Qatar's prime minister, Sheikh Mohammed bin Abdulrahman Al Thani and holding talks with mediators, according to local media.Gharibabadi reportedly said that working groups for the follow-up of the MoU's implementation and for negotiations towards a final agreement have been set up, "but no talks have yet taken place within these frameworks."Kim said progress in indirect negotiations has supported a gradual recovery in shipping through the Strait of Hormuz, while Iranian exports have increased following the easing of maritime restrictions.Meanwhile, tanker traffic through the Hormuz has started to recover, with Vice President J D Vance reportedly saying that oil flows through the strategic waterway had returned to pre-war levels.The Strait recorded 34 verified crossings on June 30, according to MarineTraffic, with traffic evenly balanced at 17 vessels in each direction.However, route visibility remained "fragmented," with vessels using Iranian, Omani, International Maritime Organization, and dark or unknown routes, according to MarineTraffic.OPEC+ countries are set to agree on a further output hike from August, when the cartel meets on Sunday, adding supply at a time of falling prices amid the gradual reopening of the Strait of Hormuz.

Wire35d ago

Salesforce Shares Rise After Guggenheim Upgrade

Salesforce (CRM) shares rose 5% in Wednesday trading after Guggenheim upgraded the stock to buy from neutral with a price target of $228.Trading volume stood at 8.1 million shares, compared with a daily average of 15.3 million.Price: $164.45, Change: $+7.79, Percent Change: +4.97%

$CRM

Wire35d ago

Update: NN Enters Securities Purchase Agreement for $75 Million PIPE Financing; Shares Rise

(Updates with the latest stock movement in the headline and the first paragraph.)NN (NNBR) shares were up more than 2% in Wednesday trading after the company said it has entered into a securities purchase agreement for a private investment in public equity financing expected to generate $75 million in gross proceeds.Under the agreement, NN said it will issue 24.5 million shares at $3.06 per share.The company said it plans to use the net proceeds from the offering, which is expected to close on or about Thursday, for working capital, general corporate purposes, and potential balance sheet optimization.Price: $3.67, Change: $+0.08, Percent Change: +2.09%

$NNBR

US Markets35d ago

Update: US Equities Mixed as Traders Parse Labor Data, Warsh Remarks

(Updates with latest market prices and developments.)US benchmark equity indexes were mixed intraday as traders parsed fresh labor market data ahead of a key jobs report due out Thursday and comments from Federal Reserve Chair Kevin Warsh.The Dow Jones Industrial Average was up 0.4% at 52,512.9 after midday Wednesday. The index hit new all-time highs in the past two days. The S&P 500 rose 0.1% to 7,510 intraday Wednesday, while the Nasdaq Composite fell 0.2% to 26,170.6.Among sectors, communication services paced the gainers, while utilities and technology were leading the laggards.In economic news, employment in the US private sector increased less than expected in June, according to ADP (ADP) data released Wednesday, a day before the Bureau of Labor Statistics is scheduled to release its widely watched nonfarm payrolls report."The pace of hiring is telling a story of both supply and demand. We know it's taking people longer to find work, but there also are signs of labor supply constraints in certain industries," ADP Chief Economist Nela Richardson said. "For now, the overall effect is a slowdown in job creation."Separately, Challenger Gray & Christmas said American employers announced 45,849 layoffs last month, down 53% from May and 4% from a year earlier. The reading marked the lowest monthly total since December 2025.The US economy is projected to have added 115,000 jobs in June, according to a Bloomberg-compiled survey. The monthly nonfarm payrolls report, which is usually released on a Friday, will be published on Thursday as US stock and bond markets will be closed Friday for the Independence Day holiday.Warsh, speaking at a European Central Bank forum Wednesday, said inflation risks had eased."Inflation risks have come down," The New York Times quoted Warsh as saying during the event in Portugal.Warsh reiterated commitment to price stability."If people thought this central bank was going to be comfortable with an inflation objective above 2%, they would be disappointed," Warsh said, as reported by Reuters.The US manufacturing sector continued to expand last month, though the pace of growth moderated as higher raw material costs kept input inflation elevated, separate surveys by the Institute for Supply Management and S&P Global (SPGI) showed.US Treasury yields were higher intraday, with the two-year yield up 2.1 basis points at 4.16% and the 10-year yield up 4.5 basis points at 4.47%.West Texas Intermediate crude oil was down 1.8% at $68.28 a barrel intraday, while Brent fell 2.3% to $71.27.In company news, Meta Platforms (META) is building a cloud infrastructure business to sell access to AI computing power and models, setting up a new area of competition with Amazon (AMZN) Web Services, Microsoft (MSFT) Azure, and Alphabet's (GOOG, GOOGL) Google Cloud, Bloomberg reported.Meta shares were up 9.7% intraday, the third-top gainer on the S&P 500, while Microsoft rose 3.9%, the second-best performer on the Dow. Amazon was up 2.4% and Alphabet's class A shares added 0.5%.Nike (NKE) advanced 2.1%, after the sportswear giant reported fourth-quarter results late Tuesday. The company's latest quarterly results and sales guidance indicate a "choppy" turnaround for the sportswear company amid continued headwinds in China, BofA Securities said.Gold was up 1.1% at $4,083.60 per troy ounce, while silver advanced 1% to $60.51 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADP$AMZN$GOOG$GOOGL$META$MSFT$NKE$SPGI

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US Markets35d ago

Update: US Equities Mixed as Traders Parse Labor Data, Warsh Remarks

Dow JonesNasdaq CompositeS&P 500$ADP$AMZN$GOOG$GOOGL$META$MSFT$NKE$SPGI