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Farnborough Airshow

Airline executives at Britain’s Farnborough International Airshow are betting on the use of so-called sustainable aviation fuels to reduce their climate impact.
“My view on this is we should be going as fast as we can to introduce sustainable aviation fuels now, to ramp up this industry now,” Airbus CEO Guillaume Faury said at the air show.
Campaigners are urging them to “get real,” however, dismissing the plans as “completely unrealistic” on current growth pathways.

One of the ways that the sector is seeking to replace conventional fossil jet fuel is by exploring the use of sustainable aviation fuels, or SAF.
Justin Tallis | Afp | Getty Images

FARNBOROUGH, England — Airline executives at Britain’s Farnborough International Airshow are betting on the use of so-called sustainable aviation fuels to reduce their climate impact, saying the technology is already available and can eventually be scaled up to help the industry reach net-zero emissions by 2050.
Campaigners are urging them to “get real,” however, dismissing the plans as “completely unrealistic” on current growth pathways. Instead, demand management measures are seen as the most effective way for the aviation industry to reduce its near-term climate impact.

That comes as leaders in the aerospace and defense industry gather in extreme heat at the Farnborough International Airshow, the U.K.’s first major air show since the beginning of the Covid pandemic.
The five-day trade exhibition, which began on Monday, has seen thousands of attendees gather in southern England to discuss the future of aviation.
Compared with other sectors, aviation is a relatively small contributor to global greenhouse gas emissions. However, it is recognized as one of the fastest-growing — and the number of flights is expected to grow at an alarming rate over the coming decades.

If aviation is to align itself with the landmark Paris climate accord and curb global heating, the industry will need to move away from fossil fuels completely in the long term.

One of the ways that the sector is seeking to replace conventional fossil jet fuel is by exploring the use of sustainable aviation fuels, or SAF.
Chris Raymond, chief sustainability officer at Boeing, believes SAF will be a “necessary component” in helping the industry get to net-zero emissions by the middle of the century. “It’s not a bridge,” Raymond said at a press briefing on Monday. “SAF is required. It’s SAF and whatever else we can do.”
Reflecting on Boeing’s outlook for SAF through to 2050, Raymond said, “These pathways to make these fuels will get better and cleaner as there’s more renewable electricity [and] as the hydrogen source becomes more renewable because we’re making it more often with electrolysis and renewable energy grids.”
“This is a spectrum that is driving great innovation right now — and it is all SAF,” Raymond said. “Think of it as the early days of SAF all the way to the hypothetical pure [power-to-liquid) SAF, made with nothing but green hydrogen from renewable electricity and direct air carbon capture.”

Not all alternative fuels are created equal

Sustainable aviation fuels, or SAF, are energy sources “made from renewable raw material,” according to aircraft maker Airbus. It says the most common feedstocks “are crops based or used cooking oil and animal fat.”
There are major concerns in some quarters that increased uptake of SAF could, among other things, result in substantial deforestation and create a squeeze on crops crucial to food production.
“The main thing to bear in mind that is not all SAF are created equal, and their sustainability fully depends on the sustainably of the feedstock that they are made from. With SAF, the devil is really in [the details],” Matteo Mirolo, aviation policy officer at Transport & Environment, told CNBC via telephone.
“The first thing that we’re looking for, and I’m especially thinking about airlines, is a recognition that the credibility of their SAF plans depends on making the right choices when it comes to the kind of SAF or the kind of feedstock that they are made from,” Mirolo said.

European lawmakers narrowly voted earlier this month to bar the use of controversial biofuel feedstocks from the EU’s aviation fuel green mandate, known as ReFuelEU. The decision was welcomed as a positive step toward decarbonizing the sector and improving the credibility of the bloc’s climate plans.
“My view on this is we should be going as fast as we can to introduce sustainable aviation fuels now, to ramp up this industry now. This is really a very good opportunity to reduce carbon emissions at the beginning of the 30-year tranche we are talking about,” Airbus CEO Guillaume Faury said Monday at a panel at the Farnborough International Airshow.
Faury said the initial pivot to sustainable aviation fuels would likely rely mainly on bio-based aviation fuels, but that they would eventually be replaced by “more sophisticated” power-to-liquid fuels, or e-fuels.
“Probably in the long run — in many decades — we will find a very optimized way of sustainable energy but in the transition, the fast way is to use the SAF, and they are available now,” Faury said.

Huge increase in emissions ‘just not viable’

Norman Baker, campaigns and policy advisor at Campaign for Better Transport, was unequivocal in his message to airline executives betting on SAF to reach net-zero emissions by 2050.
“They need to get real,” Baker told CNBC via telephone. “I don’t believe SAF are sustainable. It is a term used by the industry just like when tobacco companies talked about low-tar cigarettes.”
One of the core problems of relying on SAF to reduce the climate impact of aviation in long term, campaigners say, is that it allows the industry to continue growing at rates incompatible with the deepening climate crisis.
“Even if alternative fuels do develop as planned, and even if the prices do drop and availability increases, the idea that they are going to be available to allow the industry to carry on its current growth pathway is completely unrealistic,” Alethea Warrington, campaigner at climate charity Possible, told CNBC via telephone.
“It is just not viable to have a huge increase in emissions now and hope that you can magically fix this in a couple of decades’ time,” Warrington said. “It is just not going to work.” More

1. Finding cheaper flights

Those who are strategic about saving spend 23% less on flights than those who aren’t, according to a survey of budget travelers by the booking site VacationRenter. 
Top strategies include booking with a budget carrier (52%), sticking to one carry-on bag (48%), using credit card points or rewards (39%) and tracking ticket prices (28%), it said.

One in three respondents said they use apps to save money on flights. One such app, Skyscanner, lets users set price alerts, search flexible flight dates and nearby airports, and mix and match airlines to find the best rates, according to its website.
Fewer are willing to sacrifice comfort and convenience by booking “red-eye” flights (25%) or choosing an airport that is farther away (16%).

Price alerts on apps like Skyscanner check fares so travelers don’t have to, notifying them when fares go up or down.
The Good Brigade | Digitalvision | Getty Images

Having flexible travel dates is one of the top ways to score a flight deal, according to the travel app Hopper, which said departing on a Wednesday instead of a Friday saves around $35 on average.
The same tactic works for hotel stays, says Hopper. Checking into a hotel for a two-night stay on a Thursday, rather than a Friday or Saturday, can shave an average of $60 off the bill, it said.
Another tactic is to watch for new routes or new airline services that enter local airports. When an airline adds a new route, competition among carriers can cause airfares to fall, according to Hopper. Airlines often launch promotions to get the word out too, it said.
That’s what happened when Frontier Airlines started services from Chicago Midway International Airport this summer, said Hayley Berg, Hopper’s lead economist. 
“Airfare from Chicago to Tampa dropped from an average of $278 per ticket to just over $100 per ticket for departures after April 26, when Frontier’s service began,” she said. “Fares for later dates recovered back to [about] $187 ticket, still nearly $100 less than prior to Frontier’s launch.”
To learn about new fares and services, travelers can “sign up for newsletters from your local airport, or airlines,” said Berg. Also, “keep an eye out for press releases and signage at your local airport advertising new services.” 

2. Consider a cruise

Travelers typically have strong feelings about cruising. But steeply discounted cruise fares may be enough to convince staunch naysayers.
Since the start of the pandemic, some travel costs have increased by more than 50%, according to a Visa Business and Economic Insights’ travel report published in June.
But cruise fares have largely remained unchanged, according to the report.

Four-night cruises on Carnival Cruise Line in August traveling from Los Angeles to Mexico can be booked for $26 a night, according to the booking site Priceline.com. Rates include onboard meals but exclude taxes and government fees. Once these fees are added in, the cost for two people is $456 — or about $57 per person per night.
Similar deals can be found on cruises to the Bahamas, Turks and Caicos and Cayman Islands. Summer cruises on Norwegian Cruise Line to Alaska start at $58 on Priceline, exclusive of fees.
In Europe, a four-night cruise to Croatia and Israel starts at $70 per night, while travelers in Asia can cruise from Singapore to Penang, Malaysia for $80 per night, according to Priceline.
In addition to discounted fares, cruise lines are tossing out other deals to entice passengers back to the seas. Royal Caribbean is letting kids sail for free on select cruises, while Celebrity Cruises is providing onboard credits and savings of up to $500 on airfare, according to both companies’ websites.

3. Book into new hotels

Seeking out hotel openings is another way to save money.
The Standard, Bangkok Mahanakhon, slated to open in Bangkok on July 29, is giving a 25% discount on its best available rates for those who book by Aug. 31 through its “Start with a Bang” promo.
To celebrate its launch, the Royal Uno All Inclusive Resort & Spa is discounting rates by 25% and giving guests $500 in resort credits, according to a company representative. The resort opened in Cancun, Mexico last month, according to a company representative.

New hotels often accept reservations before official opening dates that come with discounted rates and other savings available to early bookers.
Peter Cade | Stone | Getty Images

This strategy is not without risks, however, as new hotels can incur opening delays. Cancun’s Royal Uno hotel told CNBC that two of its restaurants, plus the spa and the gym, haven’t opened yet but that “management mentioned they will be open late summer.”
This happened to New Zealander Debbie Wong, who booked a vacation at a luxury hotel in Cambodia that was scheduled to open in early 2019.
“We had booked months before but as we got closer to the dates, they said they were not ready to open,” she said.
Because the trip coincided with the Lunar New Year, other hotels in the area were fully booked, said Wong.
“They then agreed to let us stay for free, with free spa treatments,” she said. “It was 200 staff for just us, another couple and some people from [the hotel’s] headquarters.”
Wong said she believes part of the reason the hotel agreed to this arrangement was that she had stayed at the brand’s sister properties in the past.
“It was the most amazing trip we’ve ever had,” she added.

4. Get the gas covered

Some hotels are directly addressing travelers’ transportation pain points by offsetting rising gasoline rates.
New York’s Crowne Plaza HY36, San Antonio’s Hotel Valencia Riverwalk and the Little America hotel in Flagstaff, Arizona, have stays that include a $50 gas card, while guests who stay at Tennessee’s Graduate Nashville can get up to $100 off their bills by showing their gas receipts at check-in.

Today’s sky-high prices are more likely than not a temporary reaction to an extreme surge in demand.

Willis Orlando
Scott’s Cheap Flights

5. Delay summer plans

The tip that surfaced the most in CNBC’s search for money-saving strategies was delaying plans to the end of summer or the beginning of fall — the so-called “shoulder season.”   
Travelers who book summer plans in the last two weeks of August can save an average of $120 per flight, according to Hopper.
Those with international plans who push their plans into fall stand to save even more, according to the email subscription service Scott’s Cheap Flights. The company directly compared flights to Europe, the Caribbean and Mexico to show how much travelers stand to save by delaying trips to the fall.

“It’s easy to look at sky-high summer fares and assume that the days of cheap flights are over,” said Willis Orlando, the company’s senior product operations specialist.
His response: “Not so fast.”
“Today’s sky-high prices are more likely than not a temporary reaction to an extreme surge in demand,” he said. And that’s why “there’s never been a better time to be flexible with your plans and travel in shoulder season.” More

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Toyota, along with three other partners, is to work on the development of light-duty fuel cell electric trucks.
While the company is well known for its hybrid and hydrogen fuel cell vehicles, it is also attempting to make headway in the increasingly competitive battery-electric market.
This week also saw Suzuki, Daihatsu, Toyota and CJPT announce plans to introduce battery electric mini-commercial vehicles to the market

A Toyota Mirai hydrogen fuel cell vehicle photographed in Berlin, Germany, in August 2021. The Japanese automotive giant started working on the development of fuel-cell vehicles back in 1992.
Krisztian Bocsi | Bloomberg | Getty Images

Automotive giant Toyota, along with three other partners, will work on the development of light-duty fuel cell electric trucks with a view to rolling them out in Japan next year.
In a statement Tuesday, Toyota said it would collaborate with Isuzu, Hino Motors and Commercial Japan Partnership Technologies Corporation on the project. Both Isuzu and Hino carried the same statement as Toyota on their respective websites.

One potential use case for the fuel cell vehicles could be in the supermarket and convenience store sector, where Toyota said light-duty trucks were “required to drive long distances over extended hours to perform multiple delivery operations in one day.”
The company also listed fast refueling as a requirement for vehicles operating in this segment.
“The use of FC [fuel cell] technology, which runs on high energy density hydrogen and has zero CO2 emissions while driving, is considered effective under such operating conditions,” it added.
According to the company, an introduction to the market is slated for after January 2023, with light duty fuel-cell trucks used at distribution sites in Fukushima Prefecture and other projects in Tokyo.
Hino Motors is part of the Toyota Group, while CJPT was established by Isuzu, Toyota and Hino in 2021.

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Toyota started working on the development of fuel-cell vehicles — where hydrogen from a tank mixes with oxygen, producing electricity — back in 1992.
In 2014, it launched the Mirai, a hydrogen fuel cell sedan. The business says its fuel cell vehicles emit “nothing but water from the tailpipe.”
Alongside the Mirai, Toyota has had a hand in the development of larger hydrogen fuel cell vehicles. These include a bus called the Sora and prototypes of heavy-duty trucks. Alongside fuel cells, Toyota is looking at using hydrogen in internal combustion engines.

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Tuesday also saw Suzuki, Daihatsu, Toyota and CJPT announce plans to introduce battery electric mini-commercial vehicles to the market in the 2023 fiscal year.
“The mini-commercial van BEV [battery electric vehicle] developed by these four companies will be used by partners in social implementation projects in Fukushima Prefecture and Tokyo,” the announcement said.
Daihatsu is a subsidiary of Toyota. As of March 31, 2022, Toyota had a 4.9% shareholding in Suzuki.
While Toyota is well known for its hybrid and hydrogen fuel cell vehicles, it is also attempting to make headway in the increasingly competitive battery-electric market, where firms like Tesla and Volkswagen are jostling for position.
This has not been without its challenges. In June 2022, Toyota issued a safety recall for more than 2,000 of its all-electric SUV, the bZ4X. More

Novak Djokovic during the Men’s Singles Final match on day fourteen of The Championships Wimbledon 2022 in London, England on July 10, 2022 in London, England. Novak Djokovic’s hopes of playing in the US Open suffered another blow after the tournament said it would respect the United States government’s rules on the Covid-19 vaccine.
Julian Finney | Getty Images Sport | Getty Images

Novak Djokovic’s hopes of playing in the US Open suffered another blow after the tournament said it would respect the United States government’s rules on the Covid-19 vaccine.
The 35-year-old – a three-time champion at Flushing Meadows – was named on the entry list for the final Grand Slam of the year on Wednesday, but that is routine, rather than an indication that he will be allowed to play.

He was listed in the field for the final Grand Slam of the year alongside British pair Andy Murray and Emma Raducanu, who is hoping to defend the title she won as a qualifier last year.
Six-time winner Serena Williams will also be in the field hoping to equal Margaret Court’s all-time record of 24 Grand Slam titles at the age of 40.
Djokovic, who would be aiming to join Rafael Nadal at the top of the all-time men’s list on 22 with victory in New York looks unlikely to play though, despite having earlier spoken of his hopes for a reprieve.

The U.S. requires non-citizens to be fully vaccinated against coronavirus to enter, meaning Djokovic, who has made it repeatedly clear that he will not take the vaccine, will not be allowed entry.
A statement from the US Open, which does not have its own vaccination rules, read: “Per the Grand Slam Rule Book, all eligible players are automatically entered into the men’s and women’s singles main draw fields based on ranking 42 days prior to the first Monday of the event.”The US Open does not have a vaccination mandate in place for players, but it will respect the U.S. government’s position regarding travel into the country for unvaccinated non-U.S. citizens.”

Djokovic’s stance already cost him the chance to compete in the Australian Open earlier this year and it looks likely to do so again.

While Djokovic is highly unlikely to be in New York, another former champion will be after Williams was named on the entry list.
Williams, a six-time winner, signaled her intent to contest her home Grand Slam after signing up to play the bulk of the US hard-court swing, including events in Toronto and Cincinnati.
Great Britain’s Kyle Edmund is also set to enter his first singles event at a grand slam in two years.
The 27-year-old’s career has been derailed by a knee injury but he made his comeback at Wimbledon, playing in the mixed doubles.
And he has used his protected ranking of 48 to ensure, health pending, he will be included in the main draw.
Petition for Djokovic to play
Almost 12,000 people have now signed an online petition calling for the United States Tennis Association (USTA) to work with the country’s government to allow Djokovic to compete in the US Open despite his refusal to take the Covid-19 vaccine.
“There is absolutely no reason at this stage of the pandemic to not allow Djokovic to play at the US Open 2022,” said the change.org petition, which was launched on June 21.
“(The) US Government and USTA must work together to allow him to play… MAKE IT HAPPEN, USTA!”
The Serb, who retained his Wimbledon crown with a win over Australia’s Nick Kyrgios earlier this month, in February said he was prepared to miss Grand Slam tournaments rather than take the Covid-19 vaccine.
The main draw at the US Open begins on August 29.
Williams, Raducanu named in star-studded field for Cincinnati Open
Ahead of the US Open, Williams is set to take part in the Western and Southern Open in Cincinnati next month with her protected ranking, organizers of the US Open tune-up tournament said on Tuesday.
She will be joined by Raducanu, who will be using the event to prepare for her defense of her Grand Slam crown at Flushing Meadows, where she won her maiden major title last year.
Williams, who returned to the Tour after a year out last month, fell in the first round at Wimbledon but has shown she is not yet ready to hang up her racket even though she is two months shy of her 41st birthday.
The 23-time Grand Slam champion is also set to play at the National Bank Open in Toronto from August 6-14 after she elected to use her protected ranking to enter the main draw.
Williams, the oldest player in the men’s and women’s fields this year, has won the tournament in Cincinnati twice in her career in 2014 and 2015 while she was runner-up in 2013.

The August 13-21 tournament will be headlined by Daniil Medvedev and Iga Swiatek.
Former women’s champions in the field include Victoria Azarenka, Madison Keys, Garbine Muguruza and Karolina Pliskova.
Other Grand slam champions in the women’s draw include Raducanu, Naomi Osaka, Simona Halep, Bianca Andreescu, Jelena Ostapenko, Barbora Krejcikova, Angelique Kerber, Petra Kvitova and newly-crowned Wimbledon champion Elena Rybakina.
Djokovic and Nadal, who have won 43 majors between them, will headline the men’s field which also includes former champions Alexander Zverev – who missed Wimbledon with injury – Grigor Dimitrov and Marin Cilic.

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President Joe Biden announced new executive steps to combat climate change on Wednesday, a move that comes as Democrats urge the administration to issue a climate-emergency declaration amid stalled negotiations over major environmental legislation in Washington.
The initiatives include providing $2.3 billion in funding for a program that helps communities prepare for disasters by expanding flood control and retrofitting buildings, as well as leveraging funding to help low-income families cover heating and cooling costs.
The president also is directing the Department of the Interior to propose new offshore wind areas in the Gulf of Mexico, a plan that could power more than 3 million homes and advance the transition to clean energy.

President Joe Biden announced new executive steps to combat climate change on Wednesday, but fell short of issuing a climate-emergency declaration as some Democrats have called for amid stalled negotiations over major environmental legislation in Washington.
“Since Congress is not acting as it should … this is an emergency and I will look at it that way,” Biden said. “As president, I’ll use my executive powers to combat the climate crisis in the absence of executive action.”

The initiatives include providing $2.3 billion in funding for a program that helps communities prepare for disasters by expanding flood control and retrofitting buildings, as well as leveraging funding to help low-income families cover heating and cooling costs.

U.S. President Joe Biden delivers remarks on climate change and renewable energy at the site of the former Brayton Point Power Station in Somerset, Massachusetts, U.S. July 20, 2022. 
Jonathan Ernst | Reuters

The president also is directing the Department of the Interior to propose new offshore wind areas in the Gulf of Mexico, a plan that could power more than 3 million homes and help the administration reach its goal to deploy 30 gigawatts of offshore wind by 2030. Biden is ordering the Interior secretary to advance wind energy development in the waters off the mid- and southern Atlantic Coast and Florida’s Gulf Coast.
The president announced the initiatives during a speech at a former coal-fired plant in Somerset, Massachusetts. The plant will host a cable-manufacturing facility to support the offshore wind industry.
The orders come as the White House struggles to salvage Biden’s aggressive climate agenda after talks with West Virginia Sen. Joe Manchin stalled last week. Manchin, a centrist who holds the swing vote in the 50-50 Senate, told Democratic officials that he won’t support major climate provisions in the reconciliation bill, diminishing hopes of Congress passing any major climate legislation this summer.
The administration also faced an additional setback for its climate agenda after a major Supreme Court ruling last month limited the federal government’s authority to impose regulations to cut carbon emissions from power plants.

More from CNBC Climate:

Without Manchin’s support on the bill, the president must rely primarily on executive orders to address climate change, which can be overturned by future administrations. Some executive actions could limit emissions from fossil fuel production on federal lands and waters and bolster electric vehicle usage.
Democrats and environmental groups had been calling on the president to issue an emergency declaration that would unlock federal resources to address climate change. Such a declaration could provide the administration with a legal authority to stop some oil and gas drilling or other fossil fuel plans and shift funds to clean energy projects.
Sens. Jeff Merkley, D-Ore. and Bernie Sanders, I-Vt. were joined by seven Democratic legislators in an effort to urge Biden on Wednesday to immediately decare a climate emergency to unlock the powers of the National Emergency Act (NEA) and pursue regulatory and administrative actions to curb emissions.
“Declaring the climate crisis a national emergency under the NEA would unlock powers to rebuild a better economy with significant, concrete actions,” the senators wrote in the letter. “Under the NEA, you could redirect spending to build out renewable energy systems on military bases, implement large-scale clean transportation solutions and finance distributed energy projects to boost climate resiliency.”
Biden has vowed to slash U.S. greenhouse gas emissions by 50% to 52% by the end of the decade and reach net-zero emissions by 2050. But without major climate legislation, the country is on track to miss the president’s target, according to an analysis by the independent research firm Rhodium Group.
“A historic climate-emergency declaration is exactly what we need from Biden to match the scale and urgency of this crisis,” said Jean Su, Energy Justice program director at the Center for Biological Diversity. “By unlocking crucial climate powers, Biden can put Manchin’s gaslighting behind us and get busy getting us off fossil fuels and building the renewable-energy powerhouse we desperately need.”  

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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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Canopy Growth Corp: “Canopy will be great once we [nationally legalize] cannabis. I don’t know if it’s going to happen in my lifetime, that’s the problem.”

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Starwood Property Trust Inc: “Remember when the stock fell to the teens, and [CEO Barry Sternlicht] came on and said, ‘don’t worry about it, we’re going to deliver’? … I am a believer that that man is a man of his word.”

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Mattel and Elon Musk’s SpaceX have inked a multiyear licensing deal for a line of toys inspired by the space venture.
The toy company expects to begin releasing the SpaceX product line in 2023.
The partnership comes after Mattel sent two Barbie dolls into space as part of a collaboration with the International Space Station National Lab.

The company’s Cargo Dragon spacecraft rolls out to the launchpad in Florida atop a Falcon 9 rocket.

Mattel inked a multiyear deal with Elon Musk’s SpaceX to create a line of toys inspired by the space venture, the companies announced Wednesday.
“As space exploration advances more quickly than ever before, we are thrilled to work with SpaceX and help spark limitless play patterns for the space explorer in every kid,” said Nick Karamanos, Mattel’s senior vice president of entertainment partnerships, in a news release.

Financial terms of deal were not disclosed.
The El Segundo, California-based toy company expects to begin releasing the SpaceX product line in 2023. The partnership was announced ahead of the anniversary of when humans first landed on the moon’s surface in 1969.
SpaceX has long sold merchandise through its own website, but those items have typically been limited to shirts, jackets and other accessories such as hats and bags.
With Mattel’s help, SpaceX can delve into ventures such as plush, dolls or building sets with a veteran toy manufacturer. The collectors market has become a lucrative space for Mattel and other companies including Hasbro and Funko, so exclusive licensing deals for specific pop culture brands with notable fan bases has become increasingly important.
This isn’t the first time Mattel and Musk have linked up to create toys. In early 2020, Mattel created two remote-controlled vehicles based on Tesla’s Cybertruck.

This new partnership comes just months after Mattel sent two Barbie dolls into space as part of a collaboration with the International Space Station National Lab to encourage girls to consider aerospace, engineering and STEM careers.
The toy company, which has undergone a revitalization under CEO Ynon Kreiz over the last four years, has made a number of strategic license agreements to bolster its business. In January, Mattel announced that it recouped the lucrative Disney princess license from rival Hasbro and will start selling toys based on beloved princess characters from the “House of Mouse,” such as Anna, Elsa and Merida, in 2023.
Mattel declined to comment further, as it is set to report second-quarter earnings after the bell Thursday.
A representative for SpaceX also did not immediately respond to a request for comment.

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CNBC’s Jim Cramer on Wednesday advised investors to buy stock of companies that are adjusting their hiring efforts to fit the economic environment.
“It is still ridiculous that anyone is freaking out over these stories, still. These stories about a hiring slowdown, as unfortunate as they are,” the “Mad Money” host said.

CNBC’s Jim Cramer on Wednesday advised investors to buy stock of companies that are adjusting their hiring efforts to fit the economic environment.
“If you want to invest with profligate companies, be my guest. I want to invest in well-run companies … with very smart CEOs. That means buying the stocks of those companies that think twice about continuing to hire in this environment,” he said.

The “Mad Money” host’s comments come after Google said in an email to employees that it will pause hiring for two weeks, according to The Information. Parent-company Alphabet said last week in a memo to employees that it plans to slow down the pace of hiring through next year, citing economic headwinds.
Shares of Alphabet closed slightly up on Wednesday.
“It is still ridiculous that anyone is freaking out over these stories, still. These stories about a hiring slowdown, as unfortunate as they are. … When you hear ‘Fed-mandated slowdown,’ that means less hiring and more layoffs,” he said.
The Federal Reserve has increased interest rates this year to tamp down skyrocketing inflation, sparking fears about a looming recession. The Fed’s next meeting will take place later this month, and investors expect a 75- or 100-basis point rate hike after June’s red-hot inflation numbers.
Cramer told investors that instead of nervously eying large companies and their hiring moves, they should focus on taking a long-term strategy for their portfolios.

“Take long-term positions in what you like or simply buy a very good index fund in terms of the low cost, and hold it. That’s been the best form of investing and it’s one that historically handily beats inflation,” he said.
Disclosure: Cramer’s Charitable Trust owns shares of Alphabet.

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