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.
Slate Auto, a new EV startup backed by Jeff Bezos, has poached a key Tesla manufacturing leader to build its electric pickup truck factory in Indiana.
Napoleon Reyes is a US Marine from Indiana who got a degree in mechanical engineering from Purdue after leaving the force.
He then worked a few years at Subaru and Wabash before joining Tesla’s manufacturing team at the Fremont Factory in 2020.
There, he became part of the Model Y production ramp and was quickly promoted to lead the Model Y General Assembly in Fremont in 2022.
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Reyes led Model Y GA, one of the most critical parts of vehicle manufacturing, for more than a year before being promoted again to lead new pilot processes at the factory.
Most recently, he led the launch of the general assembly line for the Model Y refresh.
The new engineering manager announced this week that he is leaving Tesla to join Slate:
A bit late on the post but after nearly 5 years working at Tesla in Fremont, I made the difficult decision to leave the Company and move closer to home with my family. It was an incredible experience being part of multiple line expansions and multiple Model Y program launches. Leading and managing the Model Y Refresh launch for GA in Fremont this year tested me professionally however we ultimately succeeded due to our amazing cross functional team collaboration. It’s been an absolute pleasure working with such great people, and I will forever be proud and thankful for everything we accomplished together.
I will be taking on a new role as Senior Manager, Plant Vehicle Engineering at Slate Auto in Warsaw, In.
The company raised over $700 million through two rounds of investments from several different investors, including Jeff Bezos. It is currently raising more, which basically guarantees that it will be able to reach production.
The startup acquired a former printing plant in Warsaw, Indiana. It is currently converting to manufacture its electric pickup with a team from legacy automakers and also several former engineers and leaders from Tesla.
Rich Schmidt, an early Tesla manufacturing director, is the head of manufacturing.
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Genesis is preparing to shake things up with its most luxurious SUV yet, the GV90. Thanks to a new patent filing, we are getting a detailed look at how its Rolls-Royce-style coach doors will work.
New patent reveals Genesis GV90 coach door system
When Genesis first unveiled the full-size SUV at the NY Auto Show last March, it wasn’t the stunning design or advanced tech that caught everyone’s attention. It was the coach doors.
Although we were worried it wouldn’t make it to the production model, like many concepts, the Genesis GV90 will be offered with coach doors.
The ultra-luxe electric SUV was first caught with coach doors earlier this year on a car carrier in South Korea. Just last month, the GV90 was spotted in California with a hinge at the rear to open the coach doors.
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After several new patents were filed with the United States Patent and Trademark Office for new door latching devices, we are getting a sneak peek at how they are expected to work.
The patents, titled “Cinching Device For Door Latches in Vehicle,” and “Door Latch Device for Vehicles,” give a pretty detailed explanation of how the Genesis GV90’s coach doors will operate. The “Door Latch Device” uses a door striker on the lower side of the door, which is opened or closed by a hinge unit.
Unlike traditional doors, which use the B-pillar for support, the device is attached directly to the door itself, allowing for hinge-like movement.
The cinching device works in a similar way. It’s also attached to the door and part of the vehicle. However, unlike most of its kind, Genesis found a way to use a single cinching device to control multiple units. Again, the device is used for B-pillarless doors that swing open.
Genesis already said that B-pillarless coach doors are now feasible in production vehicles. The patent reveals a glimpse into how the luxury automaker could make it a reality.
Genesis Neolun ultra-luxury electric SUV concept (Source: Genesis)
Although the Genesis GV90 is expected to be offered with coach doors, they will likely not be standard. Other variants, with traditional door handles, have also been spotted testing in the US and South Korea.
Genesis is expected to launch the GV90 in mid-2026. It will be built at Hyundai’s Ulsan plant in South Korea. The flagship Genesis SUV is scheduled to debut on Hyundai’s new eM platform, which the company said will “provide 50% improvement in driving range.” It will also be loaded with the latest technology, software, connectivity, and Level 3 or higher autonomous driving capabilities.
In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the launch of the Tesla Model YL, more Tesla probes and lawsuits, new Nissan Leaf pricing, and more.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:
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Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:
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