Raphael Stevens

A golf legend and a one of the PGA’s hottest young stars are teaming up to create a luxury golf community in Palm Beach County, Florida.
Hall of fame golfer Jack Nicklaus, 82, and 28-year old PGA Tour star Justin Thomas broke ground Tuesday at Panther National in Palm Beach Gardens.
Living at Panther National won’t come cheap. The estates will cost $3.5 million to $12 million depending on size and amenities.

Rendering of Panther National Clubhouse
Courtesy: Panther National

A golf legend and a one of the PGA’s hottest young stars are teaming up to create a luxury golf community in Palm Beach County, Florida.
Hall of fame golfer Jack Nicklaus, 82, and 28-year old PGA Tour star Justin Thomas broke ground Tuesday at Panther National in Palm Beach Gardens. The golfers are designing a community of high-end estates surrounded by a championship golf course set to open in late 2023. It’s the first new golf course in the area in nearly two decades.

“It’s great to see golf grow out here,” Nicklaus told CNBC. “We’re going to use everything we can over this wetlands area,” he added.
Check out the full interview with Jack Nicklaus and Justin Thomas where they discuss their latest business venture, the state of golf and PGA Tour’s newest latest competitive threat:

Panther National will be spread across 400 acres, surrounded by a 2,400 acre conservation area. The community will include 218 estates surrounding the 18-hole golf course. Properties will range in size from 4,700 square feet to as large as 10,000 square feet. Living at Panther National won’t come cheap. The estates will cost $3.5 million to $12 million depending on size and amenities.
To date, Panther National has 125 reservations. Those are refundable deposits.
It will be Thomas’ first golf course design project. He said he’s just trying to absorb as much as he can from a legend.

“I’m fascinated with golf course architecture … I’m going to learn from one of the best in the game,” Thomas said. “I’m going to sit back and listen more than anything,” he added.
As part of their plans to create an eco-friendly community, they’ve partnered with Tesla Energy to provide power wall back up systems within the estates. This will allow owners to add green features like solar panels. Each estate comes with a two or three car garage with electric charging units, space for a golf cart, an outdoor kitchen and private pool.

Jack Nicklaus and Justin Thomas broke ground on Tuesday of the golf community they are designing together in Palm Beach, Florida
Courtesy: Panther National

Some of the other amenities on the property will include a state of the art golf ball tracing technology, access to elite pros for instruction, golf simulators, a putting room and world class training facilities. Members will also have access to Panther National’s custom fitting facility and stocked clubs by all the major equipment manufactures.
“It’s our job to try to make this golf course a little different, a little more special, something that’s as interesting and something that will attract people out here … we want to create a successful mousetrap to draw the mice,” Nicklaus said.
The collaboration between Nicklaus and Thomas marks their first ever joint course design. Nicklaus has helped design over 420 golf courses worldwide through his company Nicklaus Designs.
The two golfers also addressed the growing threat of a Saudi golf league that has resurfaced into conversation recently. The upstart golf league is trying to lure some of the biggest PGA Tour stars through guaranteed money and bigger purses.
“I don’t think something like this belongs in the game of golf — the whim of an advertising agency for 40 players,” said Nicklaus. “I think [PGA Tour Commissioner] Jay Monahan is doing a great job,” he added.
Nicklaus said golf in the United States and PGA Tour are in really good shape… “basically it’s a total maverick situation that I don’t think is healthy for the game of golf.”
He pointed out the major charity component of the PGA Tour and how they raise more charitable money than any of the other sports leagues.
“They’ve got a purpose,” Nicklaus said.
Thomas, who reaffirmed his loyalty to the PGA Tour this week, says for him it’s not about the draw of big money that the Saudi league is promising.
“If I won $15 and I win the Masters and a green jacket, I’d be very content and pleased. You know, the check that I get at the end of the week is not the reason that I play major championships.”

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Tesla CEO Elon Musk, in an email exchange with CNBC, accused President Biden of ignoring his company in favor of paying more attention to legacy auto makers.
But he also sought to assure White House officials who are concerned that he would do or say something embarrassing if he were invited to speak at a White House event.
“They have nothing to worry about. I would do the right thing,” Musk said.

Joe Biden, left, and Elon Musk
Evelyn Hockstein | Reuters; Andrew Harrer | Bloomberg | Getty Images

Tesla CEO Elon Musk, in an email exchange with CNBC on Tuesday, accused President Joe Biden of ignoring his electric vehicle company in favor of paying more attention to legacy auto makers.
But he also sought to assure White House officials who are concerned that he would do or say something embarrassing if he were invited to speak at a White House event.

“They have nothing to worry about,” Musk said. “I would do the right thing.”
Musk’s comments came after CNBC contacted him regarding fresh reporting that Biden and the White House have no immediate plans to invite Musk to potential upcoming meetings with corporate leaders. The people who spoke to CNBC about how the White House regards Musk declined to be named in order to speak freely about private conversations.
“The notion of a feud is not quite right. Biden has pointedly ignored Tesla at every turn and falsely stated to the public that GM leads the electric car industry, when in fact Tesla produced over 300,000 electric vehicles last quarter and GM produced 26,” Musk said in the email.
Tesla announced in January that it produced and delivered over 300,000 vehicles globally in the fourth quarter. General Motors reported U.S. sales of 26 electric vehicles, including one Hummer pickup and 25 Bolt EV models during the fourth quarter.
GM recently announced it was extending its production halt of their Chevrolet Bolt EV until early April but it plans to resume retail sales soon. The company has said that it plans to spend $35 billion on electric and autonomous vehicles by 2025.

For the first time in his presidency, Biden in February acknowledged Tesla’s status as the nation’s largest producer of electric vehicles.
Musk and the White House have been at odds since the start of the Biden administration as the president pushes for infrastructure reform and tries to encourage vehicle companies to go green.
GM CEO Mary Barra said, standing next to Biden in January, said the company wants to invest $7 billion into Michigan to “further our EV manufacturing.” GM is headquartered in Detroit. Musk at the time responded to Barra and Biden’s comments by tweeting, “Starts with a T, Ends with an A, ESL in the middle.”
“It got to the point, hilariously, where no one in the administration was even allowed to say the word ‘Tesla’! The public outrage and media pressure about that statement forced him to admit that Tesla does in fact lead the EV industry. I wouldn’t exactly call that ‘praise,'” Musk said in the Tuesday email.
A White House spokesperson praised Tesla on Tuesday in an email to CNBC: “Tesla has done extraordinary things for electric vehicles and that’s a big part of why the whole industry now knows EVs are the future.”
The White House representative also took aim at Musk. “Tesla also benefited greatly from past EV tax credits, but unfortunately, their CEO has suggested an opposition to new EV tax credits,” the representative said.
Musk has also mocked Biden on occasion. Once he said Biden was “still sleeping,” effectively mirroring former President Donald Trump’s “Sleepy Joe” insults.
Some in the administration have privately called Musk names, such as “a–hole,” for what he has said about Biden, according to people with knowledge of the situation.
“I have nothing against Biden otherwise, apart from general concern about more deficit spending, which would apply to any president, and actively supported the Obama-Biden election,” Musk told CNBC on Tuesday.
Data from the nonpartisan Center for Responsive Politics shows Musk contributed just over $30,000 to the Democratic National Committee during the 2012 election cycle when former President Barack Obama and then Vice President Biden were fighting Republican candidate Mitt Romney for reelection. He also gave over $2,500 directly to Obama’s presidential campaign that cycle.
Musk did not give to Biden’s campaign when he ran for president in 2020. He voiced support for businessman and Democratic candidate Andrew Yang instead. He recently contributed to the Republican National Committee.
Musk, who also runs space exploration company SpaceX, has a net worth of over $220 billion, according to Forbes.

White House freeze out?

Biden and senior White House officials have privately signaled to their allies that they have no immediate plans to invite Musk to any upcoming meetings with senior executives, according to people familiar with the matter. These people declined to be named in order to speak freely about private conversations.
Musk has berated the president on Twitter, including as recently as late January after Biden met with General Motors CEO Mary Barra and Ford Motor CEO Jim Farley in a briefing with other corporate leaders to discuss the president’s Build Back Better initiative, which has stalled in Congress. Musk, in a tweet, called Biden a “damp sock puppet in human form.”
When asked at the time by CNBC about Musk’s absence, Brian Deese, Biden’s top economic advisor, said: “When it comes to electric vehicles, we want the United States to be the place where the electric vehicle revolution is driven. And where we gain more of the global export share and we’re creating more good jobs here in America. So that’s not not about any one individual company.”
Behind the scenes, the president and his team are aggravated with Musk’s criticism, according to more than half a dozen people familiar with the matter.
Biden’s advisors have privately pushed back against inviting Musk to future industry events, as they are concerned the outspoken executive will say something that could embarrass the president or the administration, according to a person familiar with the discussions.
When asked about this, Musk first replied with an email featuring two “roll on the floor laughing” emojis. Then he followed up by saying the White House shouldn’t worry about him doing anything outlandish.
A person close to the president told CNBC that there was a push to bring Musk to the table to discuss the president’s $1 trillion infrastructure package since the executive had founded a tunnel-digging firm called the Boring Company.
Some in the White House, including climate advisor Ali Zaid, believe only unionized car companies, such as GM and Ford, should be meeting with Biden and senior administration officials, some of these people explained.
The White House pushed back on this characterization.
“Ali Zaidi has met every automaker at least once – including Tesla, several many times. President Biden is focused on creating good union jobs across the country and believes firmly that every worker in every state must have a free and fair choice to join a union and the right to bargain collectively with their employer,” the spokesperson said.
Tesla is not unionized and Musk has taken on the United Auto Workers union through his Twitter account. The UAW endorsed Biden for president during the previous election fight.

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“We feel like we have a very good handle on our inflationary issues,” CEO David Gitlin said in an interview on “Mad Money.”
Gitlin said that further bolstering the corporation’s financial position is its net debt, which stands at less than $4 billion in net debt compared to $10 billion when it spun off from former parent company United Technologies in 2020.

Carrier Global CEO David Gitlin told CNBC on Tuesday that the home appliance’s company has a grasp on inflation that will allow it to pursue growth more aggressively.
“We feel like we have a very good handle on our inflationary issues. We’re 70% blocked on some of the things that we care about, like steel, aluminum, copper,” Gitlin said in an interview on “Mad Money.”

Part of the firm’s strategy includes raising prices, the executive said, but there’s also a focus on its own operations.
“We’re driving cost out of the system, and the key to drive long-term shareholder value is growth,” he later added, listing factors including increased automation hours and dual-sourcing as ways Carrier has offset inflationary pressures.
Gitlin’s appearance came after Carrier held an investor day event, which the market appeared to take positively. Shares of the Florida-based company rose 2.75% Tuesday in what was a down day for all three major U.S. stock indexes.
The market is currently experiencing intense volatility as Wall Street worries about the impacts of Russian aggression toward Ukraine. In addition, an anticipated interest rate hike in March by the Federal Reserve to control skyrocketing inflation is keeping investors on edge.
In general, Gitlin expressed confidence about Carrier’s financial position, including its debt load. He said its net debt now stands at less than $4 billion, down from around $10 billion when it spun off from former parent company United Technologies in 2020.

Carrier’s announced acquisition of Toshiba’s heating, ventilation and air conditioning segment should close soon, Gitlin said, adding that additional M&A activity could be on the horizon. The company also continues to return capital to shareholders through its dividend and buyback program, he added.
“We have an ability to now use our cash position to play offense, which is exciting,” Gitlin said. 

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It’s that time again! “Mad Money” host Jim Cramer rings the lightning round bell, which means he’s giving his answers to callers’ stock questions at rapid speed.

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Crispr Therapeutics: “They’re estimated to lose a lot of money. But more importantly, this is the kind of company right now that is so out of favor that, unless you are willing to take a beating, which I do not encourage, I think you have to take a pass on it.”

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American Airlines: “It’s losing a lot of money. We’re not recommending stocks that are losing a lot of money unless they can come to profitability … within the next year, at least.”

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Uber Technologies: “I need straight out earnings to recommend a stock on this show, because my job is to preserve wealth during a period of tremendous turbulence and then to make wealth when we have the opportunity.”

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AbbVie: “Still cheap, still got a good dividend. Large, large position for the Investing Club, and I say stay long.”

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Sirius XM: “I think it’s inexpensive. I think the problem is that used car [prices] …. have gone up so high that people aren’t buying enough cars. But it will happen. At $6 [per share], I like it.”
Disclosure: Cramer’s Charitable Trust owns shares of AbbVie.
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CNBC’s Jim Cramer on Tuesday detailed his investment approach to navigating moments of geopolitical uncertainty, as conflict brews between Russia and Ukraine.
“When you get a geopolitical-induced sell-off, you have new rules,” the “Mad Money” host said.
“You have to be ready to do some buying unless you think the event in question could be cataclysmic,” he said.

CNBC’s Jim Cramer on Tuesday detailed his investment approach to navigating moments of geopolitical uncertainty, as conflict brews between Russia and Ukraine.
Concerns about Russia’s escalating aggression toward Ukraine have weighed on Wall Street in recent days, including Tuesday’s broad declines that saw the S&P 500 close in correction territory, which is defined as more than 10% below its most recent high.

“When you get a geopolitical-induced sell-off, you have new rules. You have to be ready to do some buying unless you think the event in question could be cataclysmic,” the “Mad Money” host said. “I don’t think it will be, and if there’s something that truly goes awry, or for heaven’s sake, if there is a nuclear war … I guarantee the last thing you’ll be worried about is your portfolio.”
Cramer said it’s hard to predict what Russian President Vladimir Putin will do next, after sending troops into breakaway regions of eastern Ukraine on Monday. It’s a horrible humanitarian situation, he stressed.
For investors, Cramer said it’s important to have predetermined price levels in mind for stocks. Then, if they fall to that point, investors can be ready to buy at the more attractive level, Cramer said.
Cramer pointed to Walmart, a stock his Charitable Trust owns, to illustrate his point. When the retail giant issued strong earnings and guidance last week, he said the stock was around $133 per share. It was lower Tuesday as part of the general weakness, but shares were still at roughly $136 apiece.

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That price is “not low enough to lower our cost basis for the Trust. You always want to buy things cheaper so you can lower your basis. That’s good portfolio management,” Cramer said, explaining he believes it’s not worth being too aggressive given the significant uncertainty in the world.

“But you have to understand that you’re now getting a chance to buy some high-quality stocks well below their 52-week highs and at some levels that are genuinely cheap,” he said. “They could get even cheaper as the Ukraine situation unfolds.”
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The EPA found that Tesla violated regulations known as the National Emission Standards for Hazardous Air Pollutants for Surface Coating of Automobiles from October 2016 through September 2019 in Fremont.
During that time, the Fremont factory had multiple fires and employees previously told CNBC that months before one fire in April 2018 filters below the paint booths and exhaust systems, meant to clean and carry air into and out of the building, were visibly coated with paint and clearcoat.
Tesla will pay a penalty of $275,000 — immaterial to a business that reported $2.3 billion in net income during the fourth quarter of 2021.

An aerial view shows cars parked at the Tesla Fremont Factory in Fremont, California on February 10, 2022.
Josh Edelson | AFP | Getty Images

Tesla has reached a settlement agreement with the U.S. Environmental Protection Agency after the regulators determined Elon Musk’s electric car and solar business had violated the Clean Air Act at its vehicle assembly plant in Fremont, Calif.
According to an announcement from the EPA on Tuesday, Tesla will pay a penalty of $275,000 — immaterial to a business that reported $2.3 billion in net income during the fourth quarter of 2021.

The EPA explained that Tesla violated regulations known as the National Emission Standards for Hazardous Air Pollutants for Surface Coating of Automobiles from October 2016 through September 2019 in Fremont.
As CNBC previously reported, the paint shop at Tesla’s car plant in Fremont had multiple fires during those years. In 2018, employees told CNBC that months before one fire in April that year, filters below the paint booths and exhaust systems, meant to clean and carry air into and out of the building, were visibly coated with paint and clearcoat.
The EPA announcement on Tuesday said Tesla failed to “develop and/or implement a work practice plan to minimize hazardous air-pollutants emissions from the storage and mixing of materials used in vehicle-coating operations.”
Tesla, which bills itself as a “sustainable” company, also neglected to even measure emissions from its coating operations, and failed to collect and keep legally required records associated with its hazardous air-pollutants emission rates, according to the EPA announcement.

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