CNBC Pro: Tesla or Rivian? Pro Predicts What 2023 Will Look Like for Two Stocks
It’s been a tumultuous year for electric vehicle stocks, and two of our favorite investors are: Tesla When Rivianis no exception.
What’s the outlook for both stocks going forward?
CNBC Pro subscribers can read more here.
— Tan Weizhen
CNBC Pro: Tech Is ‘Down, But It’s Never Out’ — Beware of These Stocks in 2023, Fund Managers Say
It’s been a bad year for tech companies, and many investors have wondered when tech stocks will rebound.
AXA Investment Managers tech fund manager Jeremy Gleeson said on CNBC Pro Talks last week that he still believes in the sector.
He explains why and gives stocks to buy.
CNBC Pro subscribers can read more here.
— Tan Weizhen
All 11 S&P 500 Sectors Fall Weekly and Monthly
Eleven sectors of the S&P 500 fell during normal trading on Wednesday, dragged by energy companies.
Notable declines in the energy sector included EQT, down 7.8%, and APA, down about 5.2%. The losses came along with lower prices for West Texas intermediates and Brent crude oil, as well as natural gas.
Eleven sectors are limping as the week begins to wind down. It’s all down this week, down nearly 2.7%, dragged down by telecom services. All sectors were negative again in December, with consumer discretion leading the category downwards, down around 13.3%
But the energy in the fourth quarter and full year is shining. It has risen 19.6% in the last three months of this year and is up around 56.4% in 2022.
–Darla Mercado, Chris Hayes
According to Cal-Maine’s latest results, consumers are paying almost twice as much for 12 eggs.
What’s up with inflation these days?
Consumers are paying nearly twice as much for a dozen eggs as they did a year ago, according to the latest research. Carmain Foodsthe country’s largest egg producer.
The average selling price per 12 eggs for the quarter ended November 2022 reached $2.71, up from $1.37 in the same period last year. This increase outpaces rising feed costs that have surged in recent years.
Supply and demand are driving prices higher.
While bird flu has hit industry supplies, the state of Carmain continues to see huge demand, especially for its premium specialty eggs. Conventional egg volumes actually fell 2% in the quarter, while special egg volumes surged 24%.
There are several reasons for this. The price of conventional eggs has skyrocketed, surpassing the price of specialty eggs.The average price of conventional eggs in the latest quarter on Cal-Maine was $2.88, compared to the current price of specialty eggs of $2.37. more than 21% higher than
So why pay for conventional eggs when you can get specialty eggs that are cheaper?
Demand for specialty eggs has also increased, with California and Massachusetts mandating cage-free eggs last January and a trend “more and more retailers are shifting to selling cage-free products.” It is rising.
Cal-Maine shares surged 68% in 2022, but fell about 5% in extended trading on Wednesday.
— Robert Hamm, Sarah Min
Stock futures open higher
US stock futures opened higher Wednesday night as investors head into the final trading day of 2022.
Dow Jones Industrial Average futures added 38 points, or 0.09%. S&P 500 and Nasdaq 100 futures were up 0.12% and 0.15% respectively.
— Sara Min
