Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Wednesday’s key moments. Stocks rise despite hot inflation report We’re buying more shares of EL Quick mentions: PG, PXD, AMZN 1. Stocks rise despite hot inflation report Stocks rose on Wednesday despite a greater-than-expected increase in September producer prices. Investors are looking ahead to Thursday’s release of the September consumer price index. A hot number won’t mean much, since investors are expecting it, but cooler data will be significant, Jim Cramer said. The S & P 500 and the Nasdaq closed lower Tuesday for their fifth straight session. Jim attributed the Nasdaq’s losing streak to the continued poor performance of semiconductor stocks and the rise of “boring” defensive stocks like PepsiCo (PEP), which reported a quarterly earnings beat . Drug stocks including Johnson & Johnson (JNJ), AbbVie (ABBV) and Eli Lilly (LLY) have also bucked the trend of market declines recently, reaffirming our decision to decrease our exposure to semis and beef-up the kind of names that won’t be so sensitive to the economy. 2. We’re buying more shares of EL To that end, we’re adding to our position in Estee Lauder (EL). Shares were little changed Wednesday as China continued to struggle with Covid restrictions. However, we know that lockdowns there won’t last forever, which means that its travel retail segment will eventually recover. In addition, luxury goods giant LVMH beat top line expectations in its latest quarter , and the readthrough to EL is great — whether its strength in prestige beauty or travel retail getting a little better. LVMH also owns Sephora, which carries prestige beauty brands like Estee Lauder, which is another good sign for the Club stock. 3. Quick mentions: PG, PXD, AMZN Atlantic Equities upgraded Kimberly Clark, the maker of Huggies and Kleenex, to overweight. This move should help Procter & Gamble (PG), since the company is also in the consumer staples space but is a better business and stock than Kimberly Clark. Citi downgraded Pioneer Natural Resources (PXD) to hold, citing a reduction in efficiency and as the company’s capital expenditures outweigh its production volume growth. We are interested in buying back some shares of the company when it pulls back a bit, perhaps at $225. Amazon ‘s (AMZN) second Prime Day of the year failed to increase sales in its early hours, according to a Bloomberg report. However, we still believe that Amazon is a buy because Prime membership sign-ups have been up recently due to its Prime Video offerings. We are also fans of Amazon Web Services, its cloud computing business. (Jim Cramer’s Charitable Trust is long AMZN, ABBV, EL, JNJ, LLY, PG, PXD. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
An aerial view of Chevron crews attempting to extinguish a large fire and explosion that occurred at Chevron Refinery in El Segundo Thursday, Oct. 2, 2025.
Allen J. Schaben | Los Angeles Times | Getty Images
A huge fire broke out on Thursday night at a Chevron jet fuel production unit in California, one of the largest refineries on the U.S. west coast, following reports of an explosion.
No injuries were reported from the incident at the El Segundo plant, Chevron said on Friday, with the U.S. energy major’s fire department personnel and emergency services “actively responding” to the situation.
It was not immediately clear what caused the blaze.
“All refinery personnel and contractors have been accounted for and there are no injuries,” Chevron said in a statement, according to NBC.
“No evacuation orders for area residents have been put in place by emergency response agencies monitoring the incident, and no exceedances have been detected by the facilities fence line monitoring system,” the company added.
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What looks to be Tesla’s long-rumored “more affordable model” has been spotted testing on a highway, without any camouflage. But before you get too excited, it’s just a Model Y with some cheaper parts – and a price that’s not much different than we’ve seen on other Teslas.
For many years, Tesla had planned to build a much more affordable vehicle, starting around $25k. This vehicle was nicknamed the “Model 2,” and would have offered the most affordable entry point into the EV market, at least in the West.
In its place, Tesla started offering vague promises about “more affordable models,” starting in its Q1 report in April 2024. Tesla later specified that these would enter production in the first half of 2025.
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The language Tesla used suggested that the cheaper vehicles would be new models, which means more than one model, and not just based on a current Tesla model. But we reported that this was unlikely to be the case, and that the new models would just be a stripped-down Model Y.
We first saw the “more affordable” Model Y out and about in Chinese spy shots, which included exterior videos and even a peek at the interior. However, in those spy shots, the front and rear of the vehicle were covered with camouflage, suggesting that there would be some changes in those areas Tesla didn’t want to leak yet.
Tesla doesn’t seem to mind those leaks anymore (especially after a low-res website leak), as a Model Y was spotted driving on the highway with no camouflage whatsoever, offering a look into what Tesla was hiding underneath those covers.
The pictures were posted to reddit by Fantastic_Train_7270, and show a Model Y with Florida manufacturer plates.
The nicely clear front end photos show that the car is missing the front light bar that was added with the Juniper refresh, instead reverting to separate headlights – though both are quite narrow, like the headlights on the Juniper.
The rear end is also missing its light bar, instead replaced by a horizontal black line. The line does not have the “T E S L A” badging, as the Juniper refresh has.
The model also has new aerodynamic wheels, which should help add a little range (and may make up for a smaller battery pack, though we don’t have information yet on whether battery size is part of the decontenting associated with the “more affordable” model).
Other than the lack of light bars, the front and rear look quite similar to the Juniper refresh. However, one concerning detail is that the rear trunk lid does not seem to fit snugly into the place it’s supposed to fit, instead encroaching onto the top of the plastic rear fascia.
We don’t know what might have caused this, but we do know that we’ve seen Model Ys with poor color matching on body panels before – but that’s a lot less of a problem than a body panel that seems to be misaligned by the better part of an inch, visible from a longish distance shot on a highway.
Of course, it’s just a prototype, but this is also the reason prototypes have camouflage, so the public can’t see fiddly bits like this ahead of release.
While these photos don’t show us anything of the interior, information from a recent software update gives us some hints as to what has been removed. In addition to removing the glass roof, coat hooks and 8″ rear screen (as could be seen in the Chinese spy shots), the software update suggests that the Model Y will have no ambient LED lights, single-axis seat controls, and simpler air vents.
The fact that this vehicle was spotted without camouflage, alongside the fact that this vehicle has shown up in recent software updates, suggests that release may be imminent. We had expected that it might be released in China first as has been the case with some other Tesla models lately, but the vehicle’s presence on US roads means that it might see a release here soon too.
And if it is releasing soon, it would be at an important time. Tesla just had its first positive sales quarter in some time, but that was primarily due to the expiration of the $7,500 US EV tax credit, which pulled forward demand. That means Teslas are now going to be $7,500 more expensive for US buyers, as of yesterday. So anything Tesla can do to cut prices will be a big deal.
We don’t know for certain how much cheaper the “more affordable” Model Y will be, but estimates (and a leak) suggest a base price of $40k – so, a savings of $5k over the current $45k base price, or $2,500 under the current base price of the Model 3, neither of which are as low as the lowest prices we’ve seen Teslas sell for before. Quite a far shout from the actually affordable $25,000 car we were all promised for so long.
Also, that price would still be a $2,500 price increase compared to the deal which was available just two days ago, before tax credit expiry. And Tesla has its own CEO to thank for that price hike, given he unwisely spent $200 million campaigning for the anti-EV forces that are now making his company’s products less affordable.
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On today’s surprising episode of Quick Charge, Tesla had its first good sales quarter in a while as the EV tax credit expiration spiked demand, but a number of big shareholders still want Elon gone! Press play to find out why!
We’re also highlighting new EV deals from BMW and Jeep – but it’s not all rosy news for Stellantis’ EV fans. The eagerly anticipated, ultra-fast Banshee edition may never see the light of day.
Today’s episode is brought to you by Climate XChange, a nonpartisan, nonprofit organization working to help states pass effective, equitable climate policies. The nonprofit just kicked off its 10th annual EV raffle, where participants have multiple opportunities to win their dream EV.
New episodes of Quick Charge are recorded, usually, Monday through Thursday (most weeks, anyway). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.
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