It was a tough, choppy week for stocks, but the oversold market gave us many opportunities to put some of our cash to work selectively. The Club added to five of our positions. The S & P 500 made another attempt early Friday to break its six-session losing streak but failed. Growing fears around the Federal Reserve keeping interest rates higher for longer and escalating tensions in the Middle East overshadowed generally positive earnings. Club Director of Portfolio Analysis Jeff Marks said Friday, “We’re still waiting for that truly ugly open before stepping up our buys.” Until then, he said to “stay opportunistic but be gradual.” That was our approach last week. Here’s a day-by-day look at each of the trades. Monday Best Buy Bought 200 more shares of Best Buy Jim Cramer’s Charitable Trust , the portfolio used by the CNBC Investing Club, owned 800 shares after the trade Best Buy’s weighting in the portfolio increased to 2% from 1.48% The Club purchased more shares of electronics retailer Best Buy on signs of improving fundamentals, specifically a rebound in personal computer sales. The PC market is embarking on an upgrade and replacement cycle, which should usher more demand for Best Buy’s offerings. Shares have been pressured since our March 27 initiation but not for anything that could ding our thesis. BBY YTD mountain Best Buy YTD Tuesday Tuesday was our busiest for trades, with adds to three companies: Oil and natural gas producer Coterra Energy , Mexican beer king Constellation Brands and Best Buy. Coterra Energy Bought 300 more shares of Coterra The portfolio held 2,900 shares after the trade Coterra’s weighting increased to 2.5% from 2.23% The Coterra trade was spurred by rising oil prices due to escalating tensions in the Mideast. The stock serves as a hedge in the portfolio against geopolitical uncertainty as Iran and Israel traded attacks by air, and the Israeli-Hamas war and Russia’s war in Ukraine continued. Coterra benefits from rising commodity prices. We know the company pivoted earlier this year to oil and lighter on nat gas, which has been under pressure. CTRA YTD mountain Coterra Energy YTD Constellation Brands Bought 25 more shares of Constellation The portfolio owned 375 shares after the trade Constellation’s weighting increased to 3.05% from 2.85% The Club added to Constellation Brands because we thought the beer maker’s stock was overly punished. Shares went on a four-session losing streak, starting one day after the company posted solid quarterly results . The pullback didn’t make sense to us. The April 11 earnings release detailed continued sales growth, along with an upbeat full-year outlook. In down markets, Constellation stock rose Thursday and Friday. STZ YTD mountain Constellation Brands (STZ) year-to-date performance Best Buy Bought 100 more shares of Best Buy The portfolio held 900 shares after this second trade of the week Best Buy’s weighting increased to 2.15% from 1.94% The Club purchased Best Buy stock for the second time in as many days — and for the third time since starting the position in late March. Wednesday Abbott Laboratories Bought 100 more shares of Abbott The portfolio owned 800 shares after the trade Abbott’s weighting increased to 2.8% from 2.45% Abbott posted stronger-than-expected quarterly earnings Wednesday, but the stock dropped 3%. We bought more on the weakness because the fiscal results indicated great things ahead for the fast-growing medtech company. We like that management raised Abbott’s full-year outlook for earnings and organic sales. ABT YTD mountain Abbott Laboratories (ABT) year-to-date performance Thursday Estee Lauder Bought 50 more shares of Estee Lauder The portfolio held 475 shares after the trade Estee Lauder’s weighting increased to 2.1% from 1.9% Estee Lauder shares have given back all of their gains since the cosmetic giant’s post-earnings advance back in February. At the time, CEO Fabrizio Freda said the firm had reached an “inflection point” and would return to profitability in the second half of 2024. On Thursday, we made a small buy of 50 shares and upgraded the stock to our buy-equivalent 1 rating — hoping we can trust management’s earlier optimism. Estee Lauder is set to report its latest quarter on May 1. EL YTD mountain Estee Lauder (EL) year-to-date performance (Jim Cramer’s Charitable Trust is long CTRA, BBY, STZ, EL, ABT. 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.
Traders work on the floor of the New York Stock Exchange on April 1, 2024.
Brendan Mcdermid | Reuters
It was a tough, choppy week for stocks, but the oversold market gave us many opportunities to put some of our cash to work selectively.
From February 2025, US Mercedes-Benz EV drivers will be able to charge their cars at over 20,000 Tesla Superchargers in the US and Canada.
Drivers based in Canada will gain access to the Tesla Supercharger network later in 2025.
Authorized Mercedes-Benz dealerships will provide a free software update for compatible vehicles to ensure smooth and easy Plug & Charge operation at Tesla Superchargers. Customers with vehicles in scope will be contacted directly to schedule their software update.
The Mercedes me Charge service will integrate drivers into the Tesla Supercharger network, enabling easy Plug & Charge functionality when they charge at Superchargers. Mercedes me Charge also offers public charging at Mercedes-Benz High-Power Charging, IONNA, Electrify America, EVGo, ChargePoint, and more.
Mercedes me Charge gives drivers charger locations, real-time charger availability, status, and pricing for all in-network charging points through both the Mercedes-Benz app and the MBUX infotainment system. Charging can also be initiated via the Mercedes-Benz app or the MBUX infotainment system.
Tesla Superchargers will be integrated into Mercedes-Benz’s “Navigation with Electric Intelligence”. This feature automatically navigates drivers to the most efficient, time-saving route, including transparent charging stops and charging times.
“The fast-growing network of charging points available in Mercedes me Charge will now expand to over 110,000 public charging points across the United States and Canada, providing Mercedes-Benz drivers with an industry-leading charging experience whenever and wherever they choose to charge,” said Franz Reiner, chairman of the board of management at Mercedes-Benz Mobility AG.
Mercedes says a North American Charging Standard NACS to CCS1 adapter for current CCS1-compatible EVs will be available at authorized Mercedes-Benz dealerships for purchase in the US for $185 in Q1 2025. Customers will be notified when adapters are available to purchase. They’ll be available from Canadian dealerships in Q2 2025, with pricing to be confirmed closer to market introduction.
The German automaker says it will introduce NACS ports in its EV lineup beginning in 2025.
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Tesla’s Model Y “Juniper” refresh has been spotted for the first time undergoing winter testing in China, in anticipation of an imminent reveal.
The refreshed Model Y has been expected for some time, and is expected to include many of the improvements of the 2023 Model 3 refresh. The headline features of that vehicle are a new front-end, more efficiency, and a quieter cabin. But there were a lot of other interior improvements as well (and one big de-provement, the deletion of steering column stalks).
And we know that it’s coming soon, because there have been plenty of sightings and leaks lately, though all have been camouflaged to hide front and rear end design changes.
And while Tesla said in 2024 that there’s no Model Y refresh coming “this year”, 2024 is over now, and there have been plenty of recent indications that the refresh is imminent.
Well, now that time has apparently come, and photos were posted today of the vehicle undergoing uncamouflaged winter testing in Northeast China.
As expected, the refresh gets rid of the “duck lips” of the previous Model Y, just as Tesla did with the Model 3 refresh, and as camouflaged photos have suggested. The rear end also matches previous leaks we’ve seen, with a sleeker rear end and use of the “TESLA” text badging rather than the Tesla logo (which is also not present on the rear of the Model 3 refresh).
The front end is a more dramatic redesign than the Model 3, though, which gained a lower nose but still retained traditional headlights. The Model Y goes further with a Cybertruck-like light bar across the whole front end, rather than the distinct headlights of the Model 3.
Social media rumors also suggested that an official unveil is imminent, so we may find out more within days. Stay tuned.
What do you think of the look of the Model Y Juniper?
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A judge has officially approved a settlement in a case brought by Tesla shareholders against board members who will now have to return stock, cash, and give up on stock options worth a total of nearly $1 billion.
Let me start this article with a quote from Tesla CEO Elon Musk:
Tesla will never settle a case where we’re in the right, and never contest a case where we’re in the wrong.
Today, Chancellor Kathaleen McCormick approved a settlement agreement between Tesla and all its board members from 2017 to 2020 and the Police and Fire Retirement System of the City of Detroit on behalf of Tesla shareholders over what the shareholders believed to be excessive compensation.
The agreement was first reported in July 2023, but it is only now being officially approved and we learn a few more details.
Shareholders believed that members of Tesla’s board were compensating themselves excessively with hundreds of millions of dollars between 2017 and 2020 when the average compensation of a board member of a S&P500 company is just north of $300,000.
Under the settlement, the board members agree to return to Tesla $277 million in cash, $459 million in stock options and to forgo $184 million worth of stock options awarded for 2021-2023.
That adds up to nearly $1 billion.
The board members include Kimbal Musk, Elon’s brother, Brad Buss, Ira Ehrenpreis, Antonio Gracias, Stephen Jurvetson, all close friends of Elon Musk and people who have financial dealings with Musk outside of Tesla, Linda Johnson Rice, Kathleen Wilson-Thompson, Hiromichi Mizuno and Larry Ellison, the co-founder of Oracle Corp and also a close friend of Musk.
As part of the settlement, Tesla or the board does not admit to any wrongdoing.
Musk didn’t take compensation as part of the board, but he is embroiled in a similar case over his own $55 billion CEO compensation package, which was rescinded by the same judge after she found that it wasn’t negotiated or presented to shareholders in good faith.
The board members who received this “excessive compensation” also happened to be the one who “negotiated” Musk’s CEO compensation package.