Oil Futures Settle Lower

Demand for Logan Paul-Floyd Mayweather fight crashed Showtime’s servers

Floyd Mayweather didn’t knock out Logan Paul on Sunday night, but he relished something else that happened during the Showtime pay-per-view telecast.

Talking about his enduring marketability, Mayweather grinned at the postfight press conference and said, “I can make Showtime crash."

Indeed, Showtime’s servers temporarily crashed as demand for the fight surged.

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“The thing we know is there was a massive amount of demand, which we’ve seen before at Mayweather-Pacquiao and Mayweather-McGregor," Showtime spokesperson Chris DeBlasio said. “There was a massive demand, but what was the technical issue? We can’t definitively say."

In Her New Memoir, Ursula M. Burns Recounts Blazing a Trail to the Top of Xerox

By Dwight Garner

When you purchase an independently reviewed book through our site, we earn an affiliate commission.

There’s a thriving trade in what are sometimes called “executive book summaries.” These are CliffsNotes for the harried managerial class. New business books are crunched down to a few pages of bullet points, so supervisors can consume them on the run.

Majority of $4.4 million cryptocurrency ransom payment in Colonial Pipeline hack recovered

Federal authorities dealt a blow to a criminal hacking group that forced the shutdown of the Colonial Pipeline, recovering the “majority” of the $4.4 million in cryptocurrency ransom paid to restore the energy system, Justice Department officials said Monday.

Deputy Attorney General Lisa Monaco said the FBI was able to “turn the tables” on the group known as the “Darkside,” believed to be based in Russia.

At a Justice Department briefing, FBI Deputy Director Paul Abbate said investigators were able to trace the payment to a “virtual currency wallet,” and then seized more than $2 million in cryptocurrency funds.

Although it is unlikely that the hackers would ever face charges in the U.S., Monaco and Abbate said the U.S. action represented a significant strike against such groups, “depriving” them of the money they seek. 

The U.S. action also comes as President Joe Biden prepares for his first meeting with Russia President Vladimir Putin, where cybersecurity and Russia’s cyber aggression is expected to be a top subject of discussion.  

Last week, Monaco issued an extraordinary plea to the nation’s CEOs to bolster their digital systems against an expected onslaught of devastating ransomware attacks, saying the malicious hacks that shut down the Colonial Pipeline and meat supply networks were just the beginning.

Marvell Technology Q1 Results Beat Street View

Marvell Technology Inc. (MRVL), Monday reported first-quarter net loss of $88.2 million or $0.13 per share, narrower than last year’s loss of $113.0 million or $0.17 per share last year.

Adjusted earnings for the quarter was $0.29 per share, compared to a loss of $0.18 per share last year.

Revenues for the quarter rose 20% to $832.3 million from $693.6 million last year.

Analysts polled by Thomson Reuters estimated earnings of $0.27 per share on revenues of $804.12 million for the quarter.

“We began fiscal 2022 on a strong note, with stand-alone Marvell revenue growing 17% year-over-year for the first quarter. The acquisition of Inphi increases and accelerates our growth opportunity in the data center, Marvell’s largest end market by revenue,” said Matt Murphy, Marvell’s President and CEO. “Marvell’s outlook for strong revenue growth in the second quarter highlights robust demand across all our key end markets. I have never felt stronger about our prospects and believe that we are at the beginning of a multi-year growth cycle.”

Looking forward to the second quarter, the company expects revenues of $1.065 billion, plus or minus 3%, and adjusted earnings of $0.31 per share, plus or minus $0.03. Analysts currently estimate earnings of $0.30 per share on revenues of $1.04 billion.

Gold Futures Settle Higher As Dollar Slips

Gold futures settled higher on Monday, gaining for a second consecutive session, as the dollar weakened a bit.

The dollar index dropped to 89.91 around noon, losing more than 0.25%. It was last seen hovering around 89.95.

The yield on 10-year U.S. Treasury Note rose to 1.566% today, limiting gold’s uptick.

Gold futures for August ended up by $6.80 or about 0.4% at $1,898.80 an ounce. Gold futures gained about 1% on Friday.

Silver futures for July ended higher by $0.122 or 0.4% at $28.018 an ounce, while Copper futures for July shed $0.0025, settling at $4.5265 per pound.

Gold prices edged higher earlier in the session after U.S. Treasury Secretary Janet Yellen said a “slightly higher” interest rate environment would be an advantage to the economy.

Investors awaited key U.S. inflation data due later this week for more indications about the Fed’s policy outlook.

Oil Futures Settle Lower

Crude oil prices drifted lower on Monday, coming off 2-1/2-year highs, after data showed a drop in China’s crude oil imports in April.

Traders also seemed to be weighing the prospects of Iranian oil coming into the market. Iran and global powers will enter a fifth round of talks on June 10 in Vienna that could include Washington lifting economic sanctions on Iranian oil exports.

However, the downside was limited as traders continued to hope demand for energy will see a significant increase in the U.S. and Europe. In India, Delhi and Mumbai have begun to ease coronavirus restrictions.

West Texas Intermediate Crude oil futures for July ended down by $0.39 or about 0.6% at $69.23 a barrel, coming off an early high of $70.00 a barrel.

Brent crude futures shed about $0.40 or 0.6% at $71.49 a barrel.

Data from China showed crude imports during January – May 2021 rose by 2.3% year-over-year. However, imports in May totaled 9.69 million barrels a day, down from 9.86 million barrels a day in the previous month. Year-over-year, that was down as much as 14.6%.