CNBC Pro: Tesla or Rivian? Pros predict what 2023 will look like for both stocks
It’s been a tumultuous year for electric vehicle stocks, and two investor favorites, You’re here and Rivianwere no exception.
What will the coming year look like for both stocks? CNBC Pro spoke to analysts and scoured Wall Street research to find out.
CNBC Pro subscribers can learn more here.
—Weizhen Tan
CNBC Pro: Tech is ‘down but by no means exhausted’ — watch these stocks in 2023, fund manager says
It’s been a bad year for tech companies, and many investors are wondering when tech stocks will rebound.
Technology fund manager Jeremy Gleeson of AXA Investment Managers told CNBC Pro Talks last week that he still believes in the sector.
He explains why and names the stocks to buy.
CNBC Pro subscribers can learn more here.
—Weizhen Tan
All 11 S&P 500 sectors are down for the week and month
All 11 sectors of the S&P 500 suffered in regular trading on Wednesday, led by energy companies.
Notable declines in the energy sector include EQT, which fell 7.8%, and APA, which fell around 5.2%. The losses came alongside falling prices for West Texas Intermediate and Brent crude, as well as natural gas.
All eleven sectors limp as the week begins to wind down. They are all down for the week, led by communication services, which fell nearly 2.7%. All sectors are also negative for December, with Consumer Discretionary leading the categories lower and down around 13.3%.
The energy shines however for the fourth quarter and the year. It is up 19.6% for the last three months of the year and around 56.4% for 2022.
–Darla Mercado, Chris Hayes
Latest Cal-Maine Results Show Consumers Pay Nearly Double for a Dozen Eggs
What does inflation look like these days?
According to the latest results of Cal Maine Foodsthe country’s largest egg producer.
The average sale price for each dozen eggs reached $2.71 in the quarter ended November 2022, compared to $1.37 in the same quarter a year earlier. This increase has exceeded that of feed costs, which have increased in recent years.
Supply and demand fuel the price spike.
As avian flu hurt industry supply, Cal-Maine continued to see tremendous demand, especially for premium specialty eggs. Conventional egg volumes were actually down 2% in the quarter, while specialty eggs saw a 24% increase in volumes.
There are several reasons for this. Conventional egg prices have risen so much that they have overtaken specialty egg prices. The average price for conventional eggs at Cal-Maine last quarter was $2.88, more than 21% higher than the list price of $2.37 for specialty eggs.
So why pay for a conventional egg when you can get a cheaper specialty egg? Cal-Maine pointed out that the phenomenon has been a surprising trend of late: “Conventional egg prices outpacing specialty egg prices have occurred over the past three quarters, but are historically atypical.”
Also driving demand for specialty eggs – cage-free egg mandates in California and Massachusetts last January, as well as a trend of “more retailers moving to selling more cage-free products.”
Cal-Maine shares jumped 68% in 2022. Still, the stock was down about 5% in extended trading Wednesday.
–Robert Hum, Sarah Min
Stock futures open higher
U.S. stock futures opened higher on Wednesday night as investors head into the final trading days of 2022.
Dow Jones Industrial Average futures added 38 points, or 0.09%. S&P 500 and Nasdaq 100 futures rose 0.12% and 0.15%, respectively.
—Sarah Min
