Piper Sandler isn't buying the talk that an Iran deal is nearing, telling clients that the Strait of Hormuz will largely stay closed and oil will hit new highs. Piper Sandler said it has very little confidence that the commercial traffic through the Strait would return to even 50% of its pre-crisis levels, either next week or next month. The U.S. has been unwilling to press the fight because the scale of Iran's retaliation could have broader implications for its neighbors and may further disrupt global supply chains.

Shares tumbled 16% after the cloud security company guided for current-quarter revenue of between $875 million and $878 million, falling short of the $879 million analysts were seeking, per LSEG. However, the company’s fiscal third-quarter adjusted earnings of $1.08 per share beat forecasts of $1.01 per share, while its $850 million revenue also exceeded the $835 million consensus estimate. Shares of Palo Alto Networks and CrowdStrike both shed 2% in sympathy.

The mega cap’s shares are up 63% since the summer.  The iPhone maker’s annual Worldwide Developers Conference (WWDC) kicks off on June 8, offering another chance to impress Wall Street with its rather uneven artificial intelligence execution. The event comes during a year of change for Apple as long-time CEO Tim Cook prepares to hand over the reins in September and a big AI partnership with Alphabet’s Google gets underway. The question is: Can Apple finally deliver on a truly conversational Siri? My bet is yes.

When U.S. kamikaze drones guided by Elon Musk’s Starlink network began to make visible gains in the war against Iran, senior SpaceX officials reached a conclusion: The Pentagon should be paying more for access to their satellite Wi-Fi network. Within weeks of the United States launching its bombing campaign, SpaceX executives met ​Pentagon officials and argued the military had been paying about $5,000 for a connection per terminal while effectively using a higher tier of service worth closer to $25,000.

up from his $26.5 million cost 20 years ago. Koch, an avid wine and art collector who has had success auctioning other assets, is now betting that the ranch will attract a bidding war that will push the final sale above the opening price. Concierge Auctions, a real estate auction house that’s sold luxury properties in 35 countries, will oversee the sale, which will take place over the course of 10 days on the firm's online marketplace. Bill Koch is the younger brother of Charles Koch and the late David Koch, who are the billionaire businessmen famous for funding conservative political causes.