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Jim Cramer: We saw a lot of ‘encouraging signs’ in Monday’s session

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Positive housing data and a price rebound “in some important stocks” fueled buying in the stock market Monday, CNBC’s Jim Cramer said.

The Dow Jones surged 580 points to 25,595.80 for a gain of 2.32%, the S&P 500 rose 1.47% to 3,053.24 and the tech-heavy Nasdaq climbed 1.20% to a 9,874.15 close.

“We had a lot of encouraging signs today, but keep in mind that this market loves veering from one extreme to the other,” the “Mad Money” host said.

The market clawed back much of its losses from Friday’s session when the major averages all plunged more than 2% as the blue-chip index shed 730 points against the backdrop of rising coronavirus cases in the American South and West. Stocks sold off as multiple states slowed down their reopening plans.

Texas, Florida, California and Washington halted their reopening plans as positive cases and hospitalizations have spiked. Though cases are decreasing in New Jersey, Gov. Phil Murphy on Monday postponed plans to allow indoor restaurant dining to resume Thursday, citing the spikes in other states after restaurants reopened.

“Friday felt like the end of the world; today it feels like we’re out of the woods. Tomorrow? Who the heck knows?” Cramer said.

Pending home sales set a record in May, shooting up about 44% as homebuyers reentered the market. The results helped the market reverse its negative trajectory Monday morning as the S&P bounced almost 2% off its low on the day. Investors also saw a bargain in Nike, whose stock fell almost 8% Friday coming off a poor showing in its fiscal fourth quarter, trading the stock up 2.35% on Monday, Cramer said.

Facebook stock has been reeling — dropping more than 8% on Friday — with a growing list of companies joining in an advertising boycott against the platform. A JPMorgan analyst, however, said in a Monday morning note that the boycott presents no “significant risk to numbers” outside of a near-term hit, Cramer pointed out. The stock rallied 2% to $220.64 during the session.

Additionally, Southwest caught a double upgrade from Goldman Sachs, which endorsed the airline as the best comeback opportunity, the host said. The market received another boost from Boeing‘s 737 Max progress, he added. Boeing shares spiked 14.40% on reports that the plane manufacturer would start a multiday certification test, backed by the U.S. Federal Aviation Administration, as the company attempts to return the top-selling aircraft to the sky after two fatal crashes killed hundreds of people within the past two years.

Investors continued to rotate to recovery plays on the market as bank stocks also rebounded from poor stress test results Thursday, Cramer said.

“The Cramer Covid index lagged today for a simple reason: If you believe this spike [in] infections simply isn’t an issue, well, you’d want to bail on the Covid stocks,” the host said. “I think that’s a bogus argument. Too many states are gradually shutting down again to write this off as no big deal.”

Disclosure: Cramer’s charitable trust owns shares of Facebook and Goldman Sachs.

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Source: https://www.cnbc.com/2020/06/29/jim-cramer-we-saw-a-lot-of-encouraging-signs-monday.html

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Why oil giants like Chevron and BP are investing in geothermal energy

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Miles below the Earth’s surface, there’s a source of renewable energy that could sustain all of humanity for the foreseeable future. Just 0.1% of Earth’s total heat content could meet our energy needs for 2 million years, according to ARPA-E, the government agency that funds R&D efforts for advanced energy technologies.

It’s called geothermal energy, and in some ways, it’s old news. It’s been used to heat buildings since the late 1800s and provide electricity since the 1900s. The U.S. has the most installed geothermal capacity in the world, but it still only accounts for about 0.4% of our total electricity mix. That’s because, in most places, it’s too expensive and challenging to drill geothermal wells. That could change soon, though.

Over the last few years, a number of start-ups in the geothermal space have gained traction, such as Eavor Technologies, Fervo Energy, Sage Geoystems, and GreenFire Energy. While their technologies and approaches differ, all are trying to figure out how to access the “heat beneath our feet” in geographies that have traditionally been considered too difficult to reach.

Watch the video to learn more about these company’s strategies, and why they’re partnering with major oil and gas companies, like BP and Chevron, as the potential of geothermal energy grows.

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Source: https://www.cnbc.com/2021/05/07/why-oil-giants-like-chevron-and-bp-are-investing-in-geothermal-energy.html

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Germany’s move to electric vehicles will affect thousands of workers, new study says

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The underbody of an ID.3. electric vehicle being worked on at a Volkswagen facility in Dresden, Germany, on January 29, 2021.

Matthias Rietschel | picture alliance | Getty Images

The shift to electric vehicles could affect thousands of workers in Germany over the coming years, the Munich-based Ifo Institute said Thursday.

The Ifo’s study, which was undertaken on behalf of the German Association of the Automotive Industry, illustrates some of the potential challenges ahead as governments attempt to phase out diesel and gasoline vehicles in favor of low and zero emission ones. 

In a statement issued alongside the report’s release, the research institution said an estimated 75,000 production workers in Germany’s autos sector would retire by the middle of this decade.

“But if by 2025 the production of cars powered by combustion engines declines to the extent foreseen under current emissions regulations, then the switch to electric motors will affect at least 178,000 employees,” it added.

This cohort, Ifo explained, would consist of “workers who manufacture product groups that depend directly or indirectly on the combustion engine, with 137,000 of them employed directly by the automotive industry.”

Ifo President Clemens Fuest described the “transition to electromobility” as “a major challenge, especially for automotive suppliers, where medium-sized companies are dominant.”

“It’s important to maintain highly skilled jobs in the remaining production of combustion engines and in electric vehicles without putting the brakes on structural change,” he said.

A significant transition does indeed appear to be on the horizon. Germany’s federal government wants 7 to 10 million electric vehicles to be registered in the country by the end of this decade. In January Reuters, citing Germany’s road-traffic regulator, said battery-electric vehicle sales were over 194,000 in 2020, a three-fold rise.

Looking at the bigger picture, the EU’s executive branch, the European Commission, wants at least 30 million zero-emission cars on the road by 2030 as part of its “Sustainable and Smart Mobility Strategy.”

According to the International Energy Agency, roughly 3 million new electric cars were registered last year, a record amount and a 41% rise compared to 2019.

Oliver Falck, who is director of the Ifo Center for Industrial Organization and New Technologies, sought to emphasize the systemic shift that was already taking place.

“Developments in production figures are already showing us that very different parts are needed for electric cars than for combustion engines,” he said, noting that “this transformation has yet to manifest to the same degree in headcount.”

“The transformation that can be expected in headcount won’t be fully cushioned by the retirement of the baby boomers,” he went on to explain. “Since companies are already aware of this gap, they have the opportunity to take appropriate measures in good time, such as retraining and further training.”

According to Reuters, the Ifo’s survey “did not take into account the potential creation of new jobs in EV manufacturing or battery cell production.”

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Source: https://www.cnbc.com/2021/05/07/germanys-move-to-evs-to-affect-thousands-of-workers-new-study-says-.html

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Toshiba launches a new lineup of Fire TV Edition televisions

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Toshiba has introduced new options to choose from if you’re looking to buy a new Fire TV: The manufacturer has launched a lineup of smart TVs with built-in Fire TV experience that will be available in five screen sizes. The 43-inch and the 50-inch variants are already listed on Amazon and Best Buy for $350 and $470, respectively, though they won’t be in stock until May 13th at the earliest. While the company doesn’t have a release date for them yet, Toshiba will also sell 55-, 65- and 75-inch versions of the TV in the future.

The new smart Fire TVs have thinner bezels than Toshiba’s previous models, with an extra HDMI and USB ports. They have a 4K resolution powered by the company’s Regza Engine, and they support Dolby Vision and HDR10. Since they run Amazon’s Fire OS, they have the features you’d expect from a Fire TV, including the ability to view video feeds from compatible video doorbell or other cameras on top of whatever you’re watching on the screen. 

You can use voice commands to quickly change picture and sound settings, as well. For instance, you can say “Alexa, set picture mode to movie” or “Alexa, set bass to 3.” The voice remote the TVs come with will also give you the ability to control the power and volume of compatible audio/video receivers and soundbars.

According to AFTVnews, the devices will ship with the older Fire TV interface, but they’re getting the redesigned UI this summer when it rolls out to older models. The refreshed UI comes with a new look and introduces User Profiles, so up to six members of your household can customize their experience. 

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

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Source: https://www.engadget.com/toshiba-new-fire-tv-lineup-053842934.html

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Denon, Marantz and Yamaha address 4K, 8K and 120Hz gaming issues

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Last year we started to see the first receivers roll out with HDMI 2.1 ports that could support 120Hz refresh rates and up to 8K resolution. However the early devices have had compatibility issues with other hardware — namely the Xbox Series X — and it looks like the fix will be pretty complicated. 

As Forbes and HD Guru point out, Yamaha, Denon and Marantz all sell receivers that have had these compatibility problems that gamers noticed once the new consoles started rolling out last fall. Denon and Marantz are both brands owned by Sound United, and they’re going to fix it by providing an extra hardware adapter to sit between the Xbox and their receivers. The SPK618 will “correct” the HDMI data from the Xbox so that it’s passed to your 4K/120Hz ready TV while also playing audio. Owners of affected receivers can order the box starting on May 15th by checking with Denon or Marantz.

As for Yamaha, so far it’s advised gamers to connect their consoles directly to the TV — which can have its own issues, as we’ve experienced — and use HDMI eARC functionality to feed audio back to the receiver. It also said “We will address the reported HDMI 2.1 issue via these planned future updates in order to provide customers with the best solution available.”

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

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Source: https://www.engadget.com/hdmi-2-1-xbox-series-x-receiver-issues-034534313.html

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