DOJ probes timed oil trades
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 7 May 2026
⏱️ 4 minutes
🧾️ Download transcript
Summary
Show Notes
The market’s fatal conceit?
Quantum company IonQ posts strong results
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis. |
| 0:09.8 | Good afternoon. Today is Thursday, May 7th, and I'm your host, Kim Khan. Our top story so far, |
| 0:15.4 | the Department of Justice, along with the Commodity Futures Trading Commission, is investigating a series of suspiciously timed oil |
| 0:21.5 | trades that occurred just before major announcements tied to the Iran conflict, according to ABC News. |
| 0:27.2 | Federal officials are reviewing at least four trades in which traders collectively wagered |
| 0:31.0 | more than $2.6 billion that oil prices would fall shortly before they did. |
| 0:36.0 | The timeline includes March 23rd, a $500 million short position, placed 15 minutes before |
| 0:41.5 | President Trump announced a delay to threaten strikes on Iran's power grid. |
| 0:45.9 | April 7th, a $960 million bet placed hours before a temporary ceasefire announcement. |
| 0:51.2 | April 17th, a $760 million trade placed 20 minutes before a rounds |
| 0:55.6 | foreign minister said the state of Hormuz was open. In April 21st, $430 million in |
| 1:01.2 | bets placed 15 minutes before Trump extended the ceasefire. Data from the London Stock |
| 1:05.6 | Exchange Group does not identify the traders or prove insider activity occurred, ABC reported. |
| 1:12.0 | Neither the DOJ nor CFTCC commented. The investigation follows renewed scrutiny of oil markets, as you heard yesterday, |
| 1:17.6 | after another crew's short position was placed and drew attention ahead of diplomatic headlines. |
| 1:22.6 | Among active stocks, McDonald's reported solid 2-1 results, helped by its value offerings and the introduction |
| 1:27.9 | of the higher-margin-big-Arch Burger, global comparable sales rose 3.8%, topping the 3.7% |
| 1:34.2 | consensus estimate. CEO Chris Kemsinski said the company's value leadership, breakthrough marketing, |
| 1:39.8 | and menu innovation continue to serve up what customers want. Whirlpool is tumbling after missing on both |
| 1:45.1 | the top and bottom lines. Full year revenue guidance came in light, and its EPS forecast of $3 to |
| 1:50.7 | $3.50 was well below the 473 consensus. And shares of quantum computing firm Ion Q are also under |
| 1:57.3 | pressure despite beating Q1 estimates and raising outlook in what appears to be a good but not good enough reaction. |
... |
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