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Royal Caribbean Cruises will begin offering onboard internet via SpaceX’s Starlink satellite network.
The partnership is an effort to combat historically bad internet connectivity when cruise ships are at sea.
The technology will be deployed across all Royal Caribbean-owned cruises beginning immediately, with installation scheduled to be completed early next year.

Royal Caribbean International’s Anthem of the Seas cruise ship calls at Greenock port on July 22, 2021 in Greenock, Scotland.
Jeff J Mitchell | Getty Images

Royal Caribbean Cruises will begin offering onboard internet via SpaceX’s Starlink satellite network, the cruise line company announced Tuesday.
The partnership is an effort to combat historically bad internet connectivity when cruise ships are at sea. The technology will be deployed across all Royal Caribbean-owned cruises beginning immediately, with installation scheduled to be completed early next year.

“This technology will provide game-changing internet connectivity onboard our ships,” Royal Caribbean CEO Jason Liberty said in a press release. “It will improve and enable more high-bandwidth activities like video streaming as well as activities like video calls.”
Jonathan Hofeller, SpaceX’s vice president of Starlink Commercial Sales, said in a statement the company’s internet service will make Royal Caribbean cruises “even more luxurious.”
Starlink is an interconnected internet network of thousands of satellites in low Earth orbit that SpaceX envisions will deliver high-speed internet anywhere on the planet. The company has launched about 2,700 satellites to date.

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Historically, September is seasonally weak for the market and considered the worst month of the year for stocks. This year, that dynamic could be exacerbated by another expected Federal Reserve interest rate hike to fight persistently high inflation — the byproduct of which would be to tap the brakes on an already slowing economy. In a recent research note, Goldman Sachs Asset Management explained how investors are facing “inflection points,” such as macroeconomic changes, adoption of new technologies and a shift in central bank monetary policy; all of which create new investment opportunities but can also make for difficult transition periods for some companies. “As inflation continues to run high and real wages struggle to keep pace, some companies are already struggling to pass on cost increases to consumers, which may result in a reset of corporate profitability with negative implications for equity prices,” the Goldman report said. “We ideally want to hold companies that can adapt to these new conditions while staying nimble and effectively managing expenses.” We couldn’t agree more. Earnings guidance for the second half of the year is coming down as companies feel pressured by the current environment. At the Investing Club, we’ve repositioned the portfolio into higher-quality companies with great balance sheets to withstand the many of the challenges ahead. However, we must acknowledge that if the market continues lower from what looks like a losing month of August, we’re going to experience some pain. August, a historically higher month, is entering its last day Wednesday on a three-session losing streak. But as demonstrated recently, we see market downturns as opportunities to buy shares of high-quality companies at better valuations. For example, we added two stocks to the portfolio last week: coffee giant Starbucks (SBUX) and off-price retailer TJX Companies (TJX). We bought more shares of each on Monday and Tuesday. Where we are, where we’re going After falling almost 21% in the first half of 2022 — its worst start to a year since 1970 — the S & P 500 hit a bottom of 3,636 on June 17 and proceeded to rip higher to 4,325 on Aug. 16. But as of late, the index has been heading lower. In fact, it’s dropped about 8% in the past two weeks. On Friday, a market wishful for a tamer tone from the Fed, plunged after central bank chief Jerome Powell warned of “some pain” ahead as monetary policymakers grapple with stubborn inflation. Now comes September. According to data by Yardeni Research , the S & P 500’s average percent change from 1928 to 2021 has been a loss of 1% in September, the worst of any month. Over that period, September has been lower 51 of those years, the most of any month, averaging a 4.6% decline in those down years. (May and October, both lower 39 of those years, had slight worse average returns of 4.7% in their down years.) There aren’t particular reasons why September tends to be a drag on stocks. But as Jackson Square Capital’s Andrew Graham pointed out in a CNBC commentary , it’s widely thought that investors who come back from summer vacation may readjust their portfolios before the end of the year by selling positions to take some profits. Another theory has to do with corporate buybacks. Generally speaking, companies are restricted from buying back their own stock two weeks before the end of their quarter. Since many companies are October quarter end, the market loses the support of buybacks starting those last two weeks of September. Of course, history may not repeat itself. It’s worth noting that the S & P 500 from 1928 to 2021 was up 42 of those years, according to Yardeni, with an average return in positive years of 3.2%. This week, Jim Cramer highlighted analysis from market technician Larry Williams who said the market could end the year in an uptrend. When comparing the Dow Jones Industrial Average ‘s 2022 performance with previous years, Williams found that the Dow’s performance in 2014, 1962 and 1891 all showed positive trajectory that resembles 2022’s performance. When the charts are compared, they convey that the rest of the year could end in a rally. Another key event later this year for investors to watch is the midterm elections, which could impact the control of the House and Senate. There tends to be a lot of volatility heading into midterms, which is historically followed by a rally after elections regardless of outcome. According to Yardeni Research, the S & P 500 during midterm years since 1951 tends to be higher 12-months after the elections. Bottom line We obviously can’t control the market, but we can control our strategy. We have been shaping our portfolio around companies that can historically hold up in tough environments. We’ve high-graded out of names wrong for the times into some defensive sectors like health care and consumer staples; names like Johnson & Johnson (JNJ), which we bought some more of Monday. We’re also looking at downturns as opportunities to add to our high-quality tech names. On Monday, for example, we also bought more Microsoft (MSFT) and Amazon (AMZN) in the teeth of a broad tech sell-off. (Jim Cramer’s Charitable Trust is long SBUX, TJX, JNJ, MSFT and AMZN. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

Jim Cramer at the NYSE, June 30, 2022.
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Companies are betting people will want cannabis drinks as the market for legal marijuana expands.
The drinks are being marketed as an alternative to alcohol.
But experts say dosing is a concern and note the lack of research about the drinks.

Grainwave, a Belgian-Style white ale, THC infused, non-alcoholic cannabis beer at the Ceria Brewing Co. at the Keef Cola facility December 13, 2018.
Andy Cross | Denver Post | Getty Images

You can smoke it, vape it and eat it. Now as more U.S. states legalize recreational marijuana, companies are betting people will also want to drink it.
Weed-infused beverages are popping up in more places, with major drink makers including Pabst Blue Ribbon and Constellation already pushing into the market. Unlike CBD-infused drinks that have been more widely available in dozens of states, cannabis or weed drinks contain marijuana’s psychoactive component, tetrahydrocannabinol, or THC, which gets people high and is still federally prohibited in the United States.

In recent years, new emulsion technology has made it possible to mix THC into an array of beverages. Now, drink makers are betting that people who don’t want to smoke or vape marijuana or drink alcohol because of health or social reasons can find an alternative in cannabis beverages. 
And the market is getting crowded, even in its infancy, according to Amanda Reiman, vice president of public policy research at New Frontier Data, a cannabis firm that tracks consumer habits. 
“The choice for consumers was not as wide in the past but now we’ve seen dozens of companies get involved in the cannabis beverage space,” Reiman said.
Leveraging its beer and spirits manufacturing experience, Pabst Blue Ribbon has begun selling a lineup of non-alcoholic “High Seltzers.” Each 12-ounce can contains 10 milligrams of THC, which the company says “is the right amount to have a good time.” Flavors come in pineapple, mango, strawberry and lemon. They’re sold online or at dispensaries in states where medical or recreational marijuana use is allowed. 
Other beer and spirit companies to have entered this space include Anheuser-Busch, the maker of Budweiser; Constellation Brands, which makes Modelo Especial and Corona Extra; Lagunitas Brewing Company; and Ceria. The lineup of weed drinks contains varied doses of THC — generally anywhere from 2.5 milligrams to 10 milligrams – mixed only with water-based drinks. The mixing of cannabis and alcohol is prohibited in most states that allow cannabis use. 

Brightfield Group, a cannabis research agency, estimates that cannabis beverages overall will account for $1 billion in U.S. sales by 2025.

Getting into the weeds 

While beverages only represent about 1% of overall legal cannabis sales in the U.S., that just means the market has a lot of space to grow, according to Travis Tharp, the CEO of Keef Brands, which makes an array of cannabis products.
“There have been multiple false starts for anointing beverages the next big thing,” Tharp said. “But I think we’ve gotten to a point where we are showing that the year over year growth is something that is substantial.”

Keef, based in Colorado, has expanded to eight states where recreational or medical weed has been legalized, as well as Canada and Puerto Rico. Among the company’s products is a 100-milligram mocktail that Tharp compared to a hard bottle of alcohol.
“You should not drink a full bottle of this in your first serving,” Tharp said. “You wouldn’t drink a full bottle of vodka.”
There are experts who worry such higher-dose THC in drinks could pose serious health risks. Despite cannabis beverage brands often being touted for their wellness benefits or for being hangover free, there has been a lack of government-funded research about them. 
Too much of anything can be bad, doctors warn. 
“THC can increase the risk of paranoia, anxiety, and even psychosis and hallucinations,” said Charles Michael White, department head of the University of Connecticut’s School of Pharmacy. “The higher the dose, the greater the risk and severity of these adverse effects.”
White said consuming cannabis in liquid form still comes with a lot of unknowns. It falls somewhere in between inhaling cannabis, which gives an immediate high that leaves the body quickly, and eating it, which remains in the bloodstream longer for a slower, calmer high.
With cannabis beverages, he said the high can be intense and unpredictable, especially if too much of the drink is consumed in a short amount of time. 

A need for more research

Tharp added that the market for THC beverages has been hampered by a lack of research into responsible consumption, as well as few standardized policies and best practices. 
“There’s not a lot of research that can be performed on it because cannabis is a schedule one drug in the U.S.,” he said, adding that this is one of the main roadblocks keeping the industry from joining the mainstream more quickly. 
A schedule one drug is a substance that has no currently accepted medical use in the United States and has a high potential for abuse.
Reiman, of New Frontier Data, agrees. If legalized federally, she said the Food and Drug Administration would be studying and regulating THC beverages. That could put wary customers at ease and entice new ones to take a sip. 
In addition to limiting research, today’s federal cannabis prohibition means cannabis beverage makers are largely operating under a patchwork of state laws, creating a disjointed supply chain. This keeps many companies from growing in a significant way, which has led to some pulling back on their efforts in the market and others giving up completely. 
Earlier this year, Anheuser-Busch ended a partnership associated with manufacturing CBD and THC beverages, according to Hemp Today. The company said cannabis remains illegal at the federal level and that its current focus in the U.S. is on its beer category. It said it will monitor efforts to legalize cannabis as conversations with policymakers continue.
With states including New York and New Jersey formulating plans for recreational markets, there’s still potential for reaching more consumers. And as laws evolve in more mature state markets like California, there’s a push for cannabis beverages to be sold alongside alcohol at lounges, clubs, restaurants and even grocers.
Reiman said increasing social acceptance of recreational marijuana will also be what mainstreams THC beverages.  
“Consumers are looking for something that will replace an alcoholic beverage but allow them to consume it in the same manner and environment in which they’re used to consuming alcoholic beverages,” she said. 

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Donald Trump’s Truth Social is not available on the Google Play store.
The restriction means that 44% of smartphone users in the U.S. cannot download the app.
Google says that the app violates the Play store’s standards for content moderation, according to Axios.

Donald Trump’s social media app “Truth Social” in Apple’s App Store on an iPhone 12.
Christoph Dernbach | Picture Alliance | Getty Images

Truth Social, the would-be Twitter competitor created by Trump Media and Technology Group, remains unavailable on the Google Play store.
Google said the app lacks effective systems for moderating user-generated content, which violates the store’s terms of service.

“On Aug. 19, we notified Truth Social of several violations of standard policies in their current app submission and reiterated that having effective systems for moderating user-generated content is a condition of our terms of service for any app to go live on Google Play,” the tech company, which is owned by Alphabet, told CNBC in a statement Tuesday.
Axios first reported the Google statement.
The restriction means that Android users, who make up 44% of smartphone users in the U.S., can’t download the app. Google will not let the app go live until the content issues are addressed. Truth Social acknowledged Google’s concerns and said it would work on addressing these issues, according to Axios.
Trump Media and Technology Group CEO Devin Nunes told a different story. The former lawmaker, who was one of former President Donald Trump’s staunchest allies in Congress, said the decision is up to Google and not dependent on Truth Social’s policies.
“When are we going to be available on Android? Well, look, that’s up to the Google Play store. We’re waiting on them to approve us, I don’t know what’s taking so long,” Nunes said on the “Just the News Not Noise” podcast. “It sure would be nice if they would approve us.”

Google said that Nunes’ statements misrepresent the ongoing dialogue between Trump Media and the Play store. Google reiterated that Truth Social’s violations, and the steps to redress them, have been clearly communicated with the company.
Trump Media pushed back, saying Truth Social was creating a “vibrant, family-friendly environment.”
“TMTG has no desire to litigate its business matters in the public sphere, but for the record, has promptly responded to all inquiries from Google,” the company said in a press release Tuesday. “It is our belief that all Americans should have access to Truth Social no matter what devices they use. We look forward to Google approving Truth Social at their earliest convenience.”
Trump Media and Technology Group made the app available for preorder on Android in early August. It is available on Apple’s App Store. Google’s YouTube has suspended Trump’s channel. Android users can still access Truth Social through the platform’s website.
The restriction is one of several obstacles faced by the former president’s app. Truth Social was created as a “free-speech” alternative to Twitter, after Trump was banned from the platform for his tweets relating to the Jan. 6 Capitol riot. Hundreds of the president’s supporters stormed the building that day to try to block Congress from confirming Joe Biden’s victory in the 2020 presidential election.
Trump, who had about 88 million followers on Twitter, has about 4 million followers on Truth Social, where he continues to push false claims about the election. He is facing a criminal investigation over secret government records he took with him to his Mar-a-Lago home in Florida and is considering another run for the White House.
Trump Media was set to go public through a merger with Digital World Acquisition Corporation, a special-purpose acquisition company. The deadline is Sept. 8, although DWAC is pushing for a delay of up to a year. DWAC warned shareholders that a decline in the former president’s popularity could hurt the app and that, without a delay, the acquisition company may have to liquidate.
DWAC scheduled a shareholder meeting for Sept. 6, two days before the current merger deadline. Shares of the company were down more than 2% Tuesday at $24.65, far from their peak of about $97 in March.

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Home prices in June were 18% higher than during the same month last year, according to the S&P CoreLogic Case-Shiller Indices.
That’s a weaker pace than in May of this year, which showed an 19.9% annual gain.
Another report last week showed home prices fell 0.77% from June to July, the first monthly decline in nearly three years.

A “For Sale” sign outside a house in Albany, California, on Tuesday, May 31, 2022.
David Paul Morris | Bloomberg | Getty Images

Home prices in June were 18% higher than during the same month last year, according to the S&P CoreLogic Case-Shiller Indices.
That’s a weaker pace than in May of this year, which showed an 19.9% annual gain. The 10-city composite rose 17.4%, down from 19.1% in the previous month. The 20-city composite was higher 18.6% year-over-year, down from 20.5% in May.

Of the 20 cities, Tampa, Miami and Dallas saw the highest year-over-year pace in June, with increases of 35%, 33% and 28.2%, respectively. Only one of the 20 cities reported higher price increases in the year ending June 2022 versus the year ending May 2022.
“It’s important to bear in mind that deceleration and decline are two entirely different things, and that prices are still rising at a robust clip,” wrote Craig Lazzara, managing director at S&P Dow Jones Indices in a release. “June’s growth rates for all three composites are at or above the 95th percentile of historical experience. For the first six months of 2022, in fact, the National Composite is up 10.6%.”
In the last 35 years, only four complete years have witnessed increases that large, he added.
Another report last week showed home prices declined 0.77% from June to July. It was the first monthly fall in nearly three years, according to Black Knight, a mortgage software, data and analytics firm.
While the drop may seem small, it is the largest single-month decline in prices since January 2011. It is also the second-worst July performance dating back to 1991, behind the 0.9% decline in July 2010, during the Great Recession.

Home prices are softening due to rising mortgage rates, making an already expensive housing market even more so. Sales of both new and existing homes have been dropping for several months, leading some economists to call a housing recession.
“We’ve noted previously that mortgage financing has become more expensive as the Federal Reserve ratchets up interest rates, a process that continued as our June data were gathered. As the macroeconomic environment continues to be challenging, home prices may well continue to decelerate,” said Lazzara.

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Best Buy’s sales dropped by about 13% in the second fiscal quarter, as the retailer felt a pullback from inflation-weary shoppers.
The consumer electronics company had already cut its full-year forecast in July.
The retailer is seeing a noticeable shift in spending, as people go back to the office, juggle the costs of summer vacations or skip big-ticket items as they pay more for necessities.

Televisions are seen for sale at a Best Buy store in New York City.
Andrew Kelly | Reuters

Best Buy on Tuesday said sales dropped by about 13% in the second fiscal quarter, as the retailer felt a pullback from inflation-weary shoppers.
The company reaffirmed its full-year guidance. The company had cut its forecast in late July, saying it expects weaker demand for consumer electronics as people pay more for groceries and gas. It expects same-store sales to drop by about 11% for the 12-month period ended in January.

CEO Corie Barry acknowledged that the economic backdrop has become choppier.
“We are clearly operating in an uneven sales environment,” she said in a news release. The company is “focused on balancing our near-term response to difficult conditions and managing well what is in our control” as it works toward long-term growth, Barry added.
Here’s how the retailer did in the three-month period ended July 30 compared with what Wall Street was anticipating, according to a survey of analysts by Refinitiv:

Earnings per share: $1.54 adjusted vs. $1.27 expected
Revenue: $10.33 billion vs. $10.24 billion expected

Softer sales, more promotions

Best Buy’s quarter reflects a sharp change in consumer spending habits. A year ago, the retailer saw sales rise nearly 20% as shoppers bought TVs, laptops and more to sustain pandemic-fueled habits like working from home and streaming movies.
Now, however, some of those patterns have faded as people go back to the office or go on summer vacations. Some consumers are skipping over big-ticket and discretionary items as they pay more for necessities. 

Best Buy’s quarterly net income fell to $306 million, or $1.35 per share, from $734 million, or $2.90 per share, a year earlier. Excluding items, it earned $1.57 per share.
Sales online and at stores open at least 14 months, a key metric known as same-store sales, declined by 12.1% versus the year-ago period. That’s slightly better than Best Buy’s guidance, which anticipated an approximately 13% drop for the current three-month period.
Best Buy anticipates a sharper decline of same-store sales in the third quarter, Chief Financial Officer Matt Bilunas said in the company’s release Tuesday. He did not give specific guidance, but said it will be more than the 12.1% decline reported for the second quarter.
Barry said the retailer has noticed some shoppers are trying to stretch the budget. Some, especially those from lower-income households, are trading down to lower-priced TVs or timing purchases for sales events, she told investors on an earning calls. 
Still, she said, customers are willing to pay more for some brand-name items, such as smartphones and gaming hardware.
Retailers across the industry are coping with an abundance of unwanted merchandise. Walmart and Target, for instance, cut their profit forecast for the full year because they are marking down items to try to move them off shelves.
Barry said Best Buy has closely managed its merchandise to make sure it doesn’t get stuck with excess goods. At the end of the second quarter, she said, inventory was down 6% compared with the year-ago period. It was up about 16% from the same time in 2019.
Even with lower inventory levels, though, Barry said the company’s profits are under pressure as competitors discount an abundance of goods with more promotions.
As sales soften, Best Buy has paused share buybacks. It is also in the middle of a restructuring initiative, which has included layoffs of store employees.
Best Buy said it has spent $34 million on the restructuring effort, with most spent on termination benefits, and it expects more in the coming months. It did not say if that will include more layoffs.
As of Monday’s close, Best Buy shares are down about 27% so far this year. Shares closed Monday at $73.70, down less than 1%. The company’s market value is about $16.6 billion.
Read the company’s earnings release here.
This story is developing. Please check back for updates.

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Electric vehicle makers Lucid Group and Nikola are moving to raise additional funds.
Nikola said in an SEC filing that it will raise up to $400 million via an “at-the-market” stock offering.
Lucid filed a shelf registration giving it the right to issue up to $8 billion in new stock over the next 3 years.

Electric vehicle start-up Lucid on Sept. 28, 2021 said production of its first cars for customers has started at its factory in in Casa Grande, Arizona.

Electric vehicle makers Lucid Group and Nikola are moving to raise additional funds, as both companies aim to boost production amid sharply rising battery costs and new federal regulations that limit incentives for EV buyers.
Nikola said in a regulatory filing on Tuesday that it plans to issue up to $400 million worth of new stock in an “at-the-market” offering, meaning that the shares will be sold at prevailing market prices.

The Arizona-based maker of electric heavy trucks told investors during its second-quarter earnings call that it expected to raise additional funds as it works to ramp up production of its Tre electric semitrucks and moves ahead with its $144 million acquisition of battery-pack supplier Romeo Power.
Nikola had $529 million in cash remaining as of the end of June, and an additional $312 million available via an existing equity line from Tumim Stone Capital.
Separately, Lucid Group late on Monday filed a “shelf registration” to issue up to $8 billion in new stock over the next three years. A shelf registration gives the company the right to issue the stock as needed.
Lucid said in a statement that its shelf registration is intended to “provide greater flexibility” to raise additional money in the future, and that it has no immediate plans to sell any new stock.
Lucid had $4.6 billion in cash on hand as of the end of the second quarter, enough to fund its operations and capital expenses into next year, it said earlier this month.

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Chipotle Mexican Grill said Tuesday it’s testing chicken al pastor in the Denver and Indianapolis regions.
It’s the second time in less than a year that the burrito chain has tried out a new chicken option.
Chipotle aims to announce additions to its menu two to three times a year, according to CEO Brian Niccol.

Chipotle Mexican Grill is testing Chicken Al Pastor
Source: Chipotle Mexican Grill

Chipotle Mexican Grill is cranking up the heat on its grilled chicken.
The restaurant chain said Tuesday it’s testing a new chicken al pastor menu item in 94 restaurants across the Denver and Indianapolis regions.

The al pastor option is spicier than Chipotle’s standard chicken option. It’s grilled and seasoned with a marinade of the chain’s signature adobo, morita peppers, ground achiote and a splash of pineapple.
It’s the second time in less than a year that the burrito chain has tried out a new chicken option. The nationwide launch of pollo asado in March was the first time since Chipotle’s founding that it offered another variation of chicken.
Its test of pollo asado resulted in feedback and sales that were on par with those for its smoked brisket, the chain’s bestselling new menu item in recent history. Chipotle doesn’t break out sales for individual menu items, but executives called the limited-time release of pollo asado a success.
Chipotle aims to announce additions to its menu two to three times a year, CEO Brian Niccol said on the company’s latest earnings call in late July. The chain is still known for its relatively short menu, but under Niccol, it has been branching out with limited-time items that draw customers to its restaurants. Before leading Chipotle, Niccol was chief executive of Taco Bell, which is owned by Yum Brands and known for its varied menu with many rotating options.
Chipotle’s next limited-time menu addition will likely be the Garlic Guajillo Steak, which passed Chipotle’s testing stage earlier this year.
Shares of Chipotle have fallen 6% this year, giving the company a market value of $45.5 billion.

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