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. Fed decision ahead Quick takes on Club earnings 1. Fed decision ahead Stocks edged down Wednesday ahead of the Federal Reserve’s decision on interest rate increases, set for this afternoon. While markets are largely expecting another 75 basis point hike, investors are watching for any signals from the central bank it may slow the pace of rate rises next month. At the Club, we think it’s unlikely the Fed will alter its rate trajectory substantially until wage inflation and employment numbers level off. Stocks could either rally on dovish rhetoric from the Fed or fall further on a more hawkish statement following its policy meeting. The S & P 500 was down 0.45% in midday trading. 2. Quick takes on Club earnings Shares of Estee Lauder (EL) tumbled nearly 8% midmorning Wednesday, to roughly $190.6 a share, after the company slashed its earnings outlook for fiscal 2023 due to ongoing Covid-19 restrictions in China, inventory buildup in the U.S. and foreign exchange headwinds. However, the cosmetics company still beat on the top- and bottom line for its fiscal first. We remain bullish on EL and are considering taking this opportunity to add to our small position in the stock. Humana (HUM) reported a strong earnings beat on Wednesday, and we see no reason to take any action on our position. The insurance firm is exemplary of the strong, recession-proof healthcare names investors should hold in their portfolios. Shares of Devon Energy (DVN) slid more than 7% Wednesday, to around $71.77 a share after the oil-and-gas producer guided for lower-than-expected production in the fourth quarter, along with higher capex spending estimates. But we see this as an overreaction by the market, particularly given Devon late Tuesday reported better-than-expected earnings and revenue for the third quarter on the back of solid capital discipline . While we don’t plan on making any trades right now, we would consider buying back more shares if the price goes much lower. Eli Lilly (LLY) reported a jumbled third-quarter before the opening bell Tuesday, but the Club’s still incredibly bullish on the stock. Our positive outlook was bolstered by CEO David Ricks’ optimism around the company’s drug pipeline in a Tuesday interview with Jim Cramer . Jim said that he continues to believe Mounjaro, the company’s type 2 diabetes drug that’s expected to be approved to treat obesity as early as next year, could be the greatest drug of all time. (Jim Cramer’s Charitable Trust is long EL, HUM, DVN, LLY. 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.
A Tesla Model S has caught fire while charging at a Supercharger station in France. Tesla is investigating the issue, and the station is temporarily closed.
Sunday night, a fire was reported at the Tesla Supercharger station in Pontarlier, a small community in France near the border with Switzerland.
The firefighters were called, and they were able to extinguish the fire, which appeared to have originated from a Model S that was plugged into the Supercharger.
The car was supervised until this morning to ensure it didn’t reignite.
The local newspaper L’Est Republicain shared a picture of the aftermath, which shows the Tesla Model S is a total loss:
According to the local paper, Tesla sent a technician from Lyon to investigate the issue (translated from French):
A Tesla technician came from Lyon during the night to investigate the causes of the fire. The investigation is still ongoing.
Electric vehicle batteries can sometimes catch on fire, but statistically, they don’t catch on fire at a higher rate than fossil fuel-powered vehicles.
Like with fossil fuel-powered vehicle fires, most EV fires occur after a significant crash. However, it can happen that a vehicle catches on fire by itself. In those cases, it’s important to investigate and make sure to track down the cause of the fire in order to make EVs safer.
For example, this is what happened with the Chevy Bolt EV battery recall.
The first all-electric Ferrari is expected to make its first official appearance later this year. Ahead of its debut, Ferrari’s first EV was spotted testing with an updated design. Take a look at it below.
Ferrari’s first EV caught testing ahead of its official debut
Despite an expected debut later this year, Ferrari has been, for the most part, tight-lipped about its first electric car.
CEO Benedetto Vigna promises it will be “a lot of fun” to drive, as expected from a Ferrari.” Vigna explained, “People buy a Ferrari because when they buy a Ferrari, they have a lot of fun.” The first fully electric model will be no different.
Although it has taken longer than many wanted, Ferrari’s CEO promises its first EV will be built “the right way.” It will still include all the Ferrari-like sound and signature design elements but in an all-electric form.
We caught a glimpse of the upcoming EV a few times already last year as it hit the road for testing. However, the most recent sighting, courtesy of Varryx, gives us an even closer look. The new video reveals an updated prototype and new design features you can expect to see.
Despite still being covered in camouflage, you can see the prototype is wearing new headlights and body panels. It also has several wires and brackets exposed up front.
Like previous sightings, Ferrari’s first EV prototype still has fake tailpipes. As the car passes, you can hear an exhaust-like sound, hinting that a fake one like Dodge’s electric charger could be in the works.
Last summer, Ferrari opened its new e-building, where the first electric car will be built. The facility will also build e-motors, batteries, and inverters. As you can see, the first electric Ferrari will be a crossover SUV similar to the Purosangue.
The electric crossover SUV is expected to make its first official appearance later this year as a 2026 model. By 2026, Ferrari aims for EVs and plug-in hybrids (PHEVs) to account for 60% of sales.
What do you think of Ferrari’s electric crossover? Let us know in the comments. Check back soon for more leading up to its debut later this year.
Source: Varryx
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The White House announced today that President Joe Biden is banning new offshore oil and gas drilling along 625 million acres of US coastline, taking the total area of ocean he’s protected to 670 million acres.
Biden, who wraps up his term in just two weeks, has used his authority under Section 12(a) of the Outer Continental Shelf Lands Act, which allows him to withdraw any unleased areas of the Outer Continental Shelf from future offshore drilling. Biden is protecting stretches of the East and West coasts, the eastern Gulf of Mexico, and parts of Alaska’s Northern Bering Sea.
“In balancing the many uses and benefits of America’s ocean, it is clear to me that the relatively minimal fossil fuel potential in the areas I am withdrawing do not justify the environmental, public health, and economic risks that would come from new leasing and drilling,” Biden said in a statement on Monday.
Biden continued, “The Deepwater Horizon oil spill [pictured above], a man-made catastrophe that took the lives of 11 people and spilled millions of barrels of oil into the waters of the Gulf of Mexico, is a solemn reminder of the costs and risks of offshore drilling to the health and resilience of our coasts and fisheries and underscores the importance of the legal protections I am putting in place today.”
Previous presidents from both parties have used this authority to withdraw large areas from oil and gas leasing. In 2020, the Trump administration protected North Carolina through Florida for 10 years in response to wide opposition to drilling from Republicans and voters, but the protections were set to expire in 2032. Biden’s announcement now permanently protects these areas. Trump, however, says he wants to overturn Biden’s oil drilling ban “on day one.”
Joseph Gordon, campaign director for the ocean conservation group Oceana, said in a statement, “President Biden’s new protections add to this bipartisan history, including President Trump’s previous withdrawals in the southeastern United States in 2020. Our treasured coastal communities are now safeguarded for future generations.”
The oil industry currently holds more than 2,000 leases, according to a 2023 Oceana report, with 75% of that ocean acreage currently unused.
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