Global Markets Mixed; U.S. Markets Resume After Holiday
Global markets were mixed Friday after the U.S. holiday, with contract expiries adding some complexity to moves in oil.
U.S. stock futures pointed to a slightly weaker open when trading resumes, even after President Trump's delay to a decision on U.S. involvement in the Israel-Iran conflict improved risk sentiment a touch elsewhere. Oil pared recent gains, the dollar edged lower and Treasurys were pretty much flat early in Europe.
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The Verge
33 minutes ago
- The Verge
DJI ‘remains committed to the US market' as shelves go bare of drones
Is DJI exiting the US drone market? The company says no — but it would not explain to The Verge what has changed such that it can't even keep a single drone on shelves. When I walked into my local Best Buy store today, June 24th, there were zero DJI drones available to purchase. There wasn't even an empty spot for each drone to go. The entire DJI aisle had been swept clean of price tags, lockers, and products — save a handful of motorized gimbals, action cameras, a single lone RC controller, and an almost empty premium endcap spot where a flagship drone would normally go. 'We're not really carrying DJI drones anymore because of the US-China thing,' a store employee told me. Best Buy is not alone. DJI's own US webstore no longer has any drones in stock, as DroneDJ reported Monday. Despite DJI having an official presence on Amazon, all remaining drones there are sold by third parties with low or unknown quantities of stock. Nor will Best Buy's website be much more help than its physical store: As of Tuesday, its only remaining DJI drones are the last-gen Mavic 3 Pro, priced at $3,890, a refurbished version of that same Mavic 3 Pro, and a refurbished version of the 2022 DJI Avata. DJI has already released successors for both. Even Adorama and B&H, the specialty camera stores, appear to be running low on late-model DJI drones. As of Tuesday, most current-gen drones were listed as 'temporarily on backorder' or 'temporarily out of stock,' save this specific model of the DJI Air 3S, these two specific models of the DJI Flip, and some variants of the budget DJI Neo. What's going on? DJI spokesperson Daisy Kong shared the same explanation DJI's been sharing for the past eight months, accusing US Customs of unfairly scrutinizing its drone imports. Here's the latest version: DJI remains committed to the US market. As we've previously shared, DJI has been working with U.S. Customs and Border Protection (CBP) to resolve a custom-related misunderstanding. Unfortunately, this has impacted our ability to stock and import drones and parts. We understand the frustration among our customers, but remain hopeful that this will be resolved. When we asked DJI whether any other factor might be responsible — like the US's tariffs on China, or China's own export controls that have reportedly seen drone component prices triple for US buyers — the company had no further comment. Companies like DJI have been wary of blaming either country's leaders. In October 2024, DJI told its partners the 'misunderstanding' was that US Customs and Border Protection had citing the Uyghur Forced Labor Prevention Act (UFLPA) as a reason to stop DJI drones from being imported into the United States, following reports that DJI allegedly provided drones to the Chinese government so it could conduct surveillance of Uyghurs. (The Verge has not independently confirmed those reports, DJI has denied it manufactures anything in Xinjiang where China employs forced labor, and DJI is not a listed entity under the UFLPA.) It's worth noting we've only ever heard DJI's side of that story, though: to our knowledge, US Customs and Border Protection has never commented on blocking DJI's drone imports. CBP didn't respond to The Verge's request for comment last year, and it didn't immediately have a response today. Best Buy denied to The Verge that it is no longer carrying DJI drones, without offering any further explanation. A company spokesperson, responding anonymously from Best Buy's press email address, did not provide a name when we asked. If DJI did decide to proactively exit the US drone market, or if Best Buy did decide to proactively cut ties, it wouldn't be all that surprising. The company has less than six months before a de facto ban on all its new products entering the United States, unless it can convince the US government to 1) audit the company, and 2) get that audit to positively confirm that the dronemaker doesn't pose a national security threat. That's a very high bar. In February, DJI's head of public policy suggested that in the event of a US ban, DJI could continue to sell current products in the US while it offers new products elsewhere, in an interview with The Verge. But that is already happening ahead of a potential ban. In May, the company skipped the US with its most advanced drone yet, the Mavic 4 Pro. In addition to drones themselves, DJI's support website is now warning that it may take 60-90 days for repairs. And in May, we reported how DJI's back-to-back price hikes took the popular Osmo Pocket 3 camera from $519 to $799 in just two months. There, DJI was willing to say that US-China tariffs were 'among the key considerations.'
Forbes
34 minutes ago
- Forbes
Minnesota Timberwolves' $1.5 Billion Sale Approved By NBA
A $1.5 billion deal for former MLB star Alex Rodriguez and e-commerce mogul Marc Lore to purchase the Minnesota Timberwolves was approved by the NBA on Tuesday, following a yearslong dispute with former owner and billionaire Glen Taylor. Billionaire Glen Taylor backed out of an earlier agreement to sell the team, leading to a ... More months-long arbitration process. Getty Images The NBA Board of Governors unanimously approved the sale of the controlling interests in the Timberwolves and the WNBA's Minnesota Lynx from Taylor to Lore and Rodriguez, with the transaction expected to close later this week, the NBA announced. Rodriguez and Lore, the Wonder Group's chief executive, submitted a $1.5 billion bid for the Timberwolves in April 2021 with financial backing from Dyal Capital Partners, a private equity firm linked to former Google CEO Eric Schmidt. Taylor backed out of the deal in March 2024 and claimed Lore and Rodriguez missed a deadline to submit a final payment for the Timberwolves and Lynx and other terms of their agreement, though Lore and Rodriguez disputed this and said they submitted paperwork for the deal ahead of the deadline. An arbitration panel ruled in favor of Rodriguez and Lore in February, requiring Taylor to sell the franchises. Taylor has a fortune valued at $2.9 billion, making him the 1,302nd-wealthiest person in the world, according to Forbes' latest estimates. We valued the Timberwolves as the 28th-most valuable NBA franchise in October 2024, ranking 28th at a $3.1 billion valuation—more than double the amount agreed to in the 2021 deal. Surprising Fact Billionaire Michael Bloomberg reportedly agreed to join the group to purchase the Timberwolves as they invested an additional $600 million in the team in June 2024, though it's not immediately clear how much Bloomberg contributed to the investment or how much of the team he would own. A spokesperson for Bloomberg declined to comment to Forbes at the time. A deal transferring ownership of the Timberwolves and Lynx to Rodriguez and Lore follows failed rounds of mediation. Rodriguez, a three-time MLB MVP, and Lore initially purchased a 40% stake and planned to purchase an additional 40% stake by a deadline set for March 2024. Taylor released a statement just before the deadline, claiming the prospective buyers lacked the money to complete the deal and failed to meet unspecified terms of the agreement. At the time, Taylor said the Timberwolves and Lynx were 'no longer for sale,' as Rodriguez and Lore argued money to acquire the franchises was available. Forbes Timberwolves Ownership Fight Pits Alex Rodriguez Against Billionaire During Generational Playoff Run: Here's What To Know By Brian Bushard Forbes Billionaire Michael Bloomberg Reportedly Joining Timberwolves Ownership Bid With Alex Rodriguez—Amid Messy Dispute By Ty Roush
Yahoo
40 minutes ago
- Yahoo
Why KKR Stock Rocketed Almost 5% Higher Today
A top institutional investor was aiming to sell but is now backing off from that plan, according to a media report. This sharply increased confidence in the veteran investment company's stock. 10 stocks we like better than KKR › The equity of sturdy investment company KKR (NYSE: KKR) made for a fine investment all its own on Tuesday. Its stock price leaped by nearly 5% that trading session, thanks to news of a big institutional investor's reversal on a planned sale (which likely would have pushed the stock's price down). KKR's share gain easily beat the slightly over 1% advance of the S&P 500 index. That sizable investor is China Investment Corporation (CIC), the country's sovereign wealth fund. Before market open, Bloomberg, citing unidentified "people familiar with the deal," reported that CIC has canceled a planned sale of several stakes it held in U.S. investment management companies. This list included top names in the sector -- in addition to KKR, positions in Carlyle Group and TPG were to be sold. The sell-off was planned earlier this year as a move to reduce exposure to U.S. businesses. However, at present CIC is no longer interested in such a divestment. The financial news agency didn't cite any reason or reasons for this. U.S. investment bank Evercore was recruited by CIC to broker the sale, Bloomberg and another, earlier article from Reuters stated. Neither China Investment nor Evercore responded to Bloomberg's requests for comment on the matter. Similarly, KKR, Carlyle Group, and TPG haven't yet made official statements regarding it, either. A foreign investor getting cold feet about selling U.S. equities is entirely plausible; earlier this year the world grew increasingly worried that the "punitive" tariffs initially imposed by the Trump administration would damage the U.S. economy. Those concerns are fading quickly, so potential sellers like CIC might be feeling more confident about our country's growth prospects. I wouldn't buy or sell any stock purely on the basis of an institutional investor's move, so I firmly believe folks should hold or ditch KKR entirely on its fundamentals. Given that, it's a wily, veteran company that plies its trade very effectively -- and to me, therefore, is always a consideration for a buy. Before you buy stock in KKR, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and KKR wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $676,023!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $883,692!* Now, it's worth noting Stock Advisor's total average return is 793% — a market-crushing outperformance compared to 173% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 23, 2025 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends KKR. The Motley Fool has a disclosure policy. Why KKR Stock Rocketed Almost 5% Higher Today was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
