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The Knicks aren’t New York’s only team one step from the title for the first time since the ’90s.

Krumholtz played Bernard the Head Elf in the beloved holiday film franchise.

Krumholtz played Bernard the Head Elf in the beloved holiday film franchise.

More than 5,000 people paid thousands of dollars to catch a glimpse at the latest biohacking technologies and treatments promising to boost health, performance and longevity.

An Arizona high school graduate had part of his ear torn off and suffered a concussion when he jumped off his classmate's roof during an alcohol-fueled senior skip day party.

Lululemon Bear Market Deepens After Guidance Cut Spooks Wall Street

Lululemon tumbled in New York premarket trading as its multi-year bear market deepened, with shares on track to revisit levels last seen since 2018 after a guidance cut. 

The struggling athleticwear company now expects full-year revenue of $11 billion to $11.15 billion, below the Bloomberg Consensus estimate of $11.49 billion, while its second-quarter sales and profit forecasts also missed the mark.

Full Year Forecast (courtesy of Bloomberg):

• Sees net revenue $11 billion to $11.15 billion, saw $11.35 billion to $11.5 billion, estimates $11.49 billion (Bloomberg Consensus)

• Sees EPS $10.95 to $11.15, saw $12.10 to $12.30, estimate $12.38

Second Quarter Forecast (courtesy of Bloomberg):

• Sees net revenue $2.45 billion to $2.48 billion, estimates $2.6 billion

• Sees EPS $1.76 to $1.81, estimate $2.69

Lululemon's first-quarter results showed modest top-line growth but continued weakness in underlying demand, especially in the Americas.

EPS $1.69 vs. $2.60 y/y, estimate $1.69

Net revenue $2.47 billion, +4.3% y/y, estimate $2.44 billion

Total comp sales constant currency -2%, estimate -0.23%

• Americas comp sales in constant currency -6%, estimate -7.14%
• International Comp Sales Ex-Fx +8%, estimate +13.2%

Gross margin 54.2%, estimate 54.6%

Operating margin 11.2%, estimate 11.5%

Inventory $1.69 billion, estimate $1.8 billion

Total location count 816, estimate 818

"We experienced a solid start to 2026 as our teams executed with speed, agility, and discipline. Our work to drive improvements in North America resulted in some positive signals in the quarter, including a sequential improvement in full-price sales," Meghan Frank, Interim Co-CEO and Chief Financial Officer, wrote in a press release. 

Frank then pointed out, "More recently, we have been navigating headwinds that have led us to adjust our outlook for the full year. We have assessed the business and are taking additional actions to reposition where needed and further strengthen our product engine. We remain confident in our path forward."

The dismal forecast adds pressure on incoming CEO Heidi O'Neill to orchestrate a proper turnaround. The former Nike executive takes the helm in September with a mandate to restore Lululemon's momentum amid brand drift, market-share losses, and product-release fiascos.

Shares plunged 12% in premarket trading, tagging levels not seen since 2018. The stock is nearing double-digit territory after falling from grace, having peaked around $500 a share in late 2023.

Wall Street analyst commentary: 

Bloomberg Intelligence analyst Poonam Goyal

• "Lululemon's 1Q sales beat consensus but were still below historical standards and, coupled with weaker guidance, suggest headwinds from markdowns and tariffs"

• "Backlash from negative commentary toward the end of 1Q put downward pressure on results globally but trends have since improved"

Barclays analyst Adrienne Yih (equal weight, PT to $113 from $161 )

• While Lululemon’s 1Q earnings met expectations, its forecast for 2Q26/FY26 disappointed

• "Traffic trends weakened at the end of April and into May due to bad press and product issues"

Piper Sandler analyst Anna Andreeva (neutral, PT to $110 from $130)

• After an in-line quarter, Lululemon "saw conversion drop off into April" 

• "For 2H26, LULU expects sales trends relatively consistent with 2Q26, although lowered guidance still embeds EPS improvement

 Wall Street analysts tracked by Bloomberg are mostly neutral on the stock. 

In recent weeks, Lululemon settled a proxy fight with founder Chip Wilson, ending one of the year's top proxy battles. The deal gives Wilson two board nominees and includes a commitment to find another mutually agreed-upon director at a future date.

Wilson has been highly critical of the company as its North American sales weaken, competition from Alo and Vuori intensifies, and its market capitalization has evaporated over the last few years.

Tyler Durden Fri, 06/05/2026 - 06:55

Fifield, who dated Platner from roughly 2013 to 2015, indicated that she had been told of sexual assault claims against the Maine Senate candidate.

Graham Platner has done a better job of hiding his privileged roots than the Nazi tattoo on his chest — a move which is by design.

Darializa Avila Chevalier isn’t “interested in relitigating the politics” of social media posts she made way, way back in the mists of 2020 or 2022; that’s “the politics of the past.”

The change has been noticeable, but not always.

Chilling surveillance footage shows the suspect who allegedly murdered “Top Gun:Maverick” actor James Handy walking away from the bloody scene before returning and giving himself up to police.

Britain's Borrowing Outlook Darkens As Energy Shock Deepens

Via City AM,

• The OBR says it underestimated the fiscal damage from the 2022 energy shock and will apply those lessons to the latest Middle East-driven price surge.

• Higher oil and gas prices could increase UK borrowing through debt interest, welfare payments, and pressure on departmental budgets.

• The Bank of England has warned that a severe energy shock could push inflation above 6% and force tighter monetary policy.

Chancellor Rachel Reeves has been warned that government borrowing is set to spike as a result of the Iran war, as the Office for Budget Responsibility admitted it had underestimated the effects of the last energy price shock. 

In a review of its forecasting models, the OBR suggested it had learned lessons from Russia’s full-scale invasion of Ukraine, which led to gas prices rising by around five times. 

It said the overall impact on public finances “was to significantly increase government borrowing and debt” despite some government revenue being raised by taxes on energy companies’ profits and higher wage growth.

The surge in government borrowing was driven by a rise in debt interest costs, welfare benefits, and the maintenance of real-terms increases to departmental budgets, according to analysis. 

The OBR concluded that it would apply the lessons from its forecast review to the energy price shock caused by the Iran war in this year’s Budget. 

The analysis suggests that the OBR could take a more pessimistic view on government borrowing, with oil prices jumping by around 40 per cent since the beginning of the war in March and wholesale European gas prices doubling. 

Economists have warned that stalled peace negotiations will lead to prolonged disruption across the Strait of Hormuz, a critical global trading route for oil tankers and large ships. 

The Bank of England warned in a worst-case scenario analysis that continued disruption would push inflation above six per cent and force it to undo all interest rate cuts made in the last two years. 

OBR builds on previous analysis

In 2024, when Iran and Israel appeared to be close to an all-out war, the OBR conducted an initial analysis of what disruption could mean for UK public finances. 

The OBR then estimated that the UK government would have to borrow an average of £23.1bn more a year if there were a cut to energy supplies “comparable to the 1973 oil embargo”, City AM found. 

Economists have widely suggested that the current blockade on the Strait of Hormuz, triggered by the Iran war, is the worst global oil supply shock recorded in history. International Energy Agency chief Fatih Birol said it was more serious than supply shocks in “1973, 1979 and 2022 together”.

Under the OBR’s assumption, oil and wholesale gas prices would remain 75 per cent higher over the course of a year.

Peace talks between the US, Israel and Iran appear to be on ice after Israel restarted attacks in Lebanon against an Iranian-backed militant group. Israel then paused its attacks on Hizbollah as President Trump reportedly told Prime Minister Netanyahu, “everybody hates Israel because of this”. 

The Brent Crude Oil price fell to $85 per barrel on news of a possible return to peace negotiations, although trading prices have been volatile due to uncertainty over possible peace terms. The price climbed as high as $114 per barrel last month. 

Reeves’ package to have minimal effect

Alongside assessments of the Iran war’s impact on the UK economy, the OBR is also expected to update forecasts based on any energy support package unveiled by Reeves or any following Chancellor. 

Analysis by JP Morgan found that initial action to offer families discounts and to freeze a fuel duty hike would strip 0.2 percentage points off inflation. 

The OBR said on Tuesday it would also tweak its models for forecasting business tax receipts and local authority expenditure. 

It will also revise the link between higher unemployment and benefits. 

Economists at the independent body also hit back at Labour MPs who suggested that models for forecasting the growth effects of extra public expenditure were skewed, claiming it was “unlikely” that calculations were misguided, given that the UK economy had underperformed despite a surge in government spending. 

Tyler Durden Fri, 06/05/2026 - 06:30

Up to three times more collagen per serving than competitors.

COVID-19 caused a catastrophic breakdown of public trust. Blame the partisan health officials whose top priority was furthering their political goals.

This one has the potential to be more about the emotional trauma of losing Judge than losing actual games in his absence.

A small city in Westchester County has already figured out how to jump-start housing construction — and has managed to lower rents in the process. 

Trump Softens Red Line: 'No Reason' To Retrieve Iran's Nuclear 'Dust' As It's Effectively 'Entombed' Summary

• Trump remarks suggest the fate of Iran's stockpile of enriched uranium is no longer be the central issue it once was.
• Hezbollah chief rejects outcome of Lebanon-Israel talks, insisting that a truce must encompass whole country.
• WSJ reports that the White House intends to maintain a ceasefire with Iran unless American troops are killed; oil drops also after Trump states on TS 
• Trump lashes out after House War Powers votes passes Wednesday evening, attacking especially four Republicans who voted in favor.
• Trump downplayed Iran's attacks on US bases in Kuwait & Bahrain, saying "they were slightly provoked...so they were reciprocating."

//--> //--> US x Iran permanent peace deal by June 30, 2026?
Yes 25% · No 76%
View full market & trade on Polymarket

*  *  *

Trump Suggests Enriched Uranium No Longer a Central Issue for Him

Trump's Thursday late afternoon remarks to reporters suggested that the fate of Iran's stockpile of enriched uranium may no longer be the central issue it once was. Asked about reports that the US could attempt to seize or recover Iran's remaining nuclear material, Trump repeatedly downplayed the prospect, saying there was "no reason" to retrieve what he called Iran's nuclear "dust" because it is now effectively "entombed."

The president stressed that Washington is "not considering" any covert operation to seize Iran's uranium, adding that the US already has "powerful cameras watching Iran's uranium" and remains confident in its ability to monitor the situation. While Trump at one point boasted that America and China are the only countries capable of recovering the material and suggested "we'll get Iran's nuclear dust," his broader message now seems that the stockpile no longer represents an urgent concern. Instead, Trump framed the dispute around a much simpler objective: ensuring that Iran never obtains a nuclear weapon. He reiterated that the "main part" of any agreement would be that Iran "can't have a nuclear weapon," while adding that a broader deal could also include guarantees regarding the Strait of Hormuz remaining open to global commerce.

Expressing optimism about diplomacy, Trump again said talks with Tehran are "going well" and suggested that a successful agreement could even lead to a personal meeting with Iran's supreme leader. "I would be honored to meet the Ayatollah," he remarked, adding that if a deal is reached, Iran "won't have a nuclear weapon."

At the same time, Trump declared in an oddly stated reference that the US would ultimately prevail "on paper, or militarily." He warned that any future attack resulting in the deaths of American troops would trigger a rapid return to hostilities, while asserting that Iran's military capabilities have been severely degraded. Trump claimed Tehran has only a handful of missiles remaining, reiterated that Iran effectively has "no navy" and "no air force," and even said the US possesses photographs of sunken Iranian vessels. He further boasted that Washington had "wiped out almost all" of Iran's leadership during the conflict.

On regional tensions, Trump linked developments in Lebanon directly to the broader confrontation with Iran, saying the various fronts are "interconnected." He disclosed conversations with Israeli Prime Minister Benjamin Netanyahu regarding Lebanon and expressed hope that the country could finally enjoy "some peace." Trump also claimed that Hezbollah had contacted the United States during the crisis.

IAEA: Iran Nuclear Risk Higher than When War Began

Stating the obvious:

According to Bloomberg, the International Atomic Energy Agency (IAEA) has published a “restricted” document which reveals that the nuclear risk posed by Iran is now higher today than it was before the war began. Specifically, prior to the war, the IAEA was allowed to inspect Iranian enriched uranium, but such inspections have since largely halted. However, it should be noted that the IAEA was always only inspected where the IRGC told them they were allowed to, and many suspected that nuclear proliferation was happening behind the scenes, in facilities that were not accessible to the IAEA.

Hezbollah Rejects Outcome of Lebanon-Israel Talks: Secretary General

Hezbollah Secretary General Naim Qassem in new speech rejects the Washington-mediated conclusion to direct Lebanon-Israel talks:

Naim Qassem has warned that Israeli areas across the border will remain under threat as long as the Lebanese people and villages come under attack from the Israeli army.

He also rejected attempts to tie the group’s deployment to wider political arrangements, saying the group refuses any link between Hezbollah’s presence and a ceasefire, or Israel’s withdrawal.

Some highlights from Qassem's address:

• 'The revolution in Iran was launched from an Islamic background on the principles of resisting injustice and occupation, and it announced that it is neither Eastern nor Western"
• 'The West and America will not accept Iran as a model of righteousness and justice; rather, they want it to be subordinate to their interests and their tyranny."
• 'Thanks to Iran for helping us to regain our land and our right to confront the Israeli-American aggression despite its major confrontations"; describes direct negotiations as "absurd and humiliating" for Lebanon.
• As long as Israel is in Lebanon, resistance will continue.
• Northern Israel will remain at risk as long as Lebanese villages are being bombed.
• "We are only concerned with ending the comprehensive aggression—with a ceasefire and the withdrawal of “Israel""
• As long as the occupation exists, the resistance will continue.
• "We have not given any commitment to anyone not to resist the aggression and respond to it. And as long as the aggression continues, we will confront it with all the power we have."
• "The main objective must be the withdrawal from Lebanese territories so that the army spreads in the south of the Litani River and the liberation of the detainees"
• "We do not accept any link between the existence of the resistance, the cessation of aggression and the withdrawal of "Israel"

Iran's foreign ministry is also still insisting that the broader US-Iran ceasefire must incorporate Lebanon.

Oil Prices Fall As Trump to Maintain Iran Ceasefire Unless American Troops Are Killed

President Trump in an early Thursday morning Truth Social post has said the United States is "in the middle of my final negotiations to end the War" - while blasting the Republicans who voted the night prior to limit war powers "GRANDSTANDERS" and "unpatriotic".

Even though Iran is denying that any direct negotiations are taking place, following a big flare-up this week in new tit-for-tat fighting which involved Iran sending more missiles and drones on Gulf states, especially Kuwait, the reference to 'final negotiations' was possibly enough to get oil prices to react, with a drop in crude. There was also a report that the White House intends to maintain a ceasefire with Iran unless American troops are killed.

Trump's new apparent strategy to just wait things out with no new planned military attacks has been featured in The Wall Street Journal as follows:

President Trump has told aides privately that he would consider ending the ceasefire with Iran if Tehran kills American troops, U.S. officials said, insisting that the weekslong pause in airstrikes remains intact despite a steady stream of violent skirmishes.

The president’s reluctance to reignite the war suggests he might be willing to withstand smaller flare-ups for weeks—or even months—to avoid a broader conflict in the Middle East.

And Rubio appeared to second this in fielding questions about this week's violence:

Secretary of State Marco Rubio described the tit-for-tat attacks as purely defensive in nature and not a renewed outbreak of full-scale war. 

“They are happening in response to an Iranian action,” Rubio said in a House hearing Wednesday. “If they don’t shoot at those ships, we don’t shoot, but we have to respond.”

More evidence of Trump's apparently high tolerance for what he deems a violation of ceasefire:

Trump on Iran:

In that part of the world, a ceasefire is when you are shooting in a more moderate manner. pic.twitter.com/0mLQXf9mW8

— Clash Report (@clashreport) June 3, 2026 House War Powers Vote Wed. Evening

As for the House vote, it was seen as a rare direct rebuke of Trump and the fact that this war - which the American public was promised would be a 'short' military action of possibly a few 'days' or 'weeks' - is now approaching 100 days, and the war powers passed 215-208, with the four Republicans joining all Democrats in voting yes being Brian Fitzpatrick of Pennsylvania, Thomas Massie of Kentucky, Tom Barrett of Michigan and Warren Davidson of Ohio.

Pushing Lebanon Truce Toward Goal Line

In Lebanon, there is some remotely positive news, with Lebanon ‌and Israel ​saying had ⁠agreed ​to implement ⁠a ceasefire during talks in Washington and overseen by the US; however, once again the deal is contingent on Hezbollah agreeing to the ceasefire.

"That cease-fire is conditional on Hezbollah also stopping fighting, but in theory, the news helps to take out a key sticking point in the U.S.-Iran talks that was holding up a deal. So that’s seen oil prices reverse a run of three [days of] consecutive gains," Deutsche Bank analyst Henry Allen stated in a research note.

Trump rages at House's successful War Powers vote, which could portend a political shake-up going into this Fall's midterm elections:

Some More Latest Developments

via Al Jazeera:

• Hezbollah boss warns north Israel won’t be safe if Lebanon bombed
• Several people have been wounded in an Israeli drone attack on a vehicle after Israel and Lebanon officials agreed to halt the war during a series of meetings in Washington, DC.
• Before the truce announcement, Hezbollah said it launched a “salvo of rockets” at Israeli soldiers in southern Lebanon’s Qantara, and fired drones at troops near the strategic Beaufort Castle.
• The US House of Representatives passed a resolution to rein in President Donald Trump’s powers to attack Iran without congressional authorisation in a vote of 215 to 208.
• Overnight Israeli air strikes on an apartment block in Gaza City killed at least nine Palestinians with four children among the dead.
• Iran’s foreign policy a ‘consensus’ process but supreme leader gets final say

Tyler Durden Fri, 06/05/2026 - 06:00

"Once a Marine, always a Marine."

As the price of Bitcoin sinks once more, here's a guide to some of the trickiest crypto terms.

Alarming Supply-Chain Stress Sends Transport Cost Soaring, Fueling Inflation Fears

Nearly three weeks ago, UBS analyst Pierre Lafourcade reactivated his desk's supply-chain watch coverage after stress across global supply chains was "rising at its fastest pace since the early pandemic." That warning is now increasingly getting louder by the week, with ongoing disruptions around the Hormuz chokepoint and the resulting energy supply shock, pushing up input, freight, and other logistics costs across the global economy.

Weeks after Lafourcade's warning, which can be read here, the May 2026 Logistics Managers' Index Report showed transportation costs surging to the highest level in the index's nearly 10-year history, while transportation capacity fell and transportation utilization remained elevated.

"Supply chains have been resilient despite these ongoing disruptions. However, in the past this level of elevate cost has eventually led to significant levels of supply-driven inflation," the report stated.

Capacity is quickly contracting...

... and utilization is elevated, according to the report.

As a result, logistics costs are at "the highest level since March 2022," the report noted, adding, "This previous peak was part of a run of high logistics inflation that led to the highest U.S. inflation in 40 years."

The report warned, "Supply-driven inflation is more difficult for the Fed to combat than demand-driven inflation because higher interest rates cannot create greater supply (in some cases, they actually may hinder supply). If logistics costs remain elevated, it is likely there will be at least some inflation. Respondents seem to be predicting with this, forecasting aggregate logistics costs will increase at a rate of 253.6 over the next 12 months."

Bloomberg was the first to cover the Logistics Managers' Index Report on Thursday. This reporting only added to UBS analyst Lafourcade's mid-May report that global supply chain stress was quickly emerging, with the Global Supply Chain Stress Index rising by 1.2 standard deviations in March and April, the second-largest two-month jump since July 2020.

Our read-through is that the potential for a supply-side inflation shock feeding into the economy could create a headache for the Federal Reserve. Higher rates would be the standard cure, but monetary policy cannot create trucking capacity, reopen trade chokepoints, lower diesel prices, or fix global shipping disruptions. That raises the risk of sticky inflation even as growth slows. This is why the Trump administration is working quickly to resolve issues in the Hormuz chokepoint.

On Wednesday, the Fed's Beige Book cited mounting concern among the business community about supply and freight costs.

Tyler Durden Fri, 06/05/2026 - 05:45