CNBC Pro: Tesla or Rivian?Here’s What the Pros Predict About Two Stocks in 2023
It’s been a tumultuous year for electric vehicle stocks, and two of investors’ favorite stocks, tesla with Rivian,not excluded.
What will the year ahead look like for these two stocks? CNBC Pro spoke to analysts and scoured Wall Street research to find out.
CNBC Pro subscribers can read more here.
— Tan Weizhen
CNBC Pro: Tech stocks ‘down but never out’ – Fund managers say these stocks to watch in 2023
It’s been a bad year for tech companies, and many investors have been wondering when tech stocks will bounce back.
Jeremy Gleeson, a technology fund manager at AXA Investment Managers, told CNBC Pro Talks last week that he still believes in the sector.
He explains why and lists stocks to buy.
CNBC Pro subscribers can read more here.
— Tan Weizhen
All 11 S&P 500 sectors are down for the week and month
The 11 S&P 500 sectors were dragged down by energy companies in regular trading on Wednesday.
Notable losers in the energy sector included EQT, down 7.8 percent, and APA, down about 5.2 percent. The losses were accompanied by falls in West Texas Intermediate and Brent crude, as well as natural gas prices.
As the week began to wind down, eleven industries were all staggering forward. They were both down nearly 2.7 percent for the week, dragged down by communications services. All sectors also underperformed in December, led by the consumer discretionary sector, which lost about 13.3%
However, the energy shines through in the fourth quarter and for the full year. Up 19.6% in the final three months of the year and about 56.4% in 2022.
–Darla Mercado, Chris Hayes
New Cal-Maine Results Show Consumers Are Paying Nearly Twice as Much for a Dozen of Eggs
What does inflation look like these days?
Consumers are paying about twice as much for a dozen eggs as they were a year ago, in part due to increased demand for specialty eggs, according to California Maine Foodsthe country’s largest egg producer.
The average selling price for a dozen eggs hit $2.71 in the quarter ended November 2022, up from $1.37 a year earlier. That growth outpaced the growth in feed costs, which have been soaring in recent years.
Supply and demand drive prices soaring.
While bird flu has hurt industrial supplies, California-Maine continues to see great demand — especially for high-quality specialty eggs. Sales of conventional eggs actually fell 2% in the quarter, while sales of specialty eggs surged 24%.
There are several reasons for this. Prices for conventional eggs have risen so much that they have surpassed prices for specialty eggs. Cal-Maine’s average price for conventional eggs was $2.88 last quarter, more than 21% above the prevailing price of $2.37 for specialty eggs.
So why pay for conventional eggs when you can get specialty eggs cheaper? Cal-Maine noted that this phenomenon is a surprising trend of late: “The past three quarters have seen conventional egg prices outpace specialty egg prices, but it is historically atypical.”
Also driving demand for specialty eggs — cage-free egg mandates in California and Massachusetts last January, and a trend of “more retailers shifting to sell more cage-free products.”
Cal-Maine stock is up 68% in 2022. Still, the stock was down about 5% in extended trading on Wednesday.
— Robert Hamm, Sarah Min
Stock futures open higher
U.S. stock futures opened higher Wednesday night as investors headed into the final trading day of 2022.
Dow Jones Industrial Average futures rose 38 points, or 0.09%. S&P 500 and Nasdaq 100 futures were up 0.12% and 0.15%, respectively.
——Saramin