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This year in auto stocks wasn’t just about Elon Musk and Tesla.
The automaker with the lowest decline was Ferrari.
Many once-promising EV startups were among the biggest losers.

The Ferrari SP38 seen at Goodwood Festival of Speed 2022 on June 23rd in Chichester, England.
Martyn Lucy | Getty Images

This year wasn’t about which auto manufacturer stock performed the best. It was about which stock managed to escape the worst of the year’s selling pressure.
After significant growth in auto stocks in 2021, this year proved daunting with the EV startup bubble popping, low vehicle inventories and rising interest rates. That was in addition to fears of a recession and overall “demand destruction” for industry sales.

Many of the world’s largest automakers performed well financially this year, but it wasn’t enough to offset the outside economic concerns that their most profitable days may be behind them.
“We are preparing for a challenging FY23 outlook for auto earnings on demand decline (higher rates), deflation (lower price/mix) and unfavorable changes in the supply/demand balance for EVs,” Morgan Stanley analyst Adam Jonas wrote in an investor note earlier this month.
The FactSet Automotive Index, which includes automakers and aftermarket parts, is off about 38% so far this year, as of Tuesday’s close. All major automakers and EV startups experienced double-digit declines this year – partially or completely offsetting their gains in 2021.
Many once-promising EV startups were among the biggest losers, as some ran into capital troubles or couldn’t scale production as quickly as anticipated. Rivian, Lucid, Canoo and Nikola experienced 76% declines or more year to date.
Traditional automakers were able to temper their stock declines better than the EV startups. But America’s largest automakers – General Motors and Ford Motor – both experienced declines of more than 40%, barring any surprise rally to end the year. Others such as Stellantis, Nissan, Toyota and Volkswagen have declined more than 25%.

Ferrari wins by losing the least

The company with the smallest decline was Ferrari, which year to date is only down by about 18% − making it the year’s best-performing automaker stock.
What drove that performance? For starters, the storied maker of high-end sports cars isn’t like other automakers: it’s expected to sell roughly 13,000 of its jewel-like sports cars by year’s end − fewer than giants like General Motors sell in a day. But those coveted cars go out the door at an average selling price of around $322,000 each, according to FactSet estimates.
Even at those prices, the waiting list for a Ferrari is long. The company limits its annual production to preserve its pricing power and exclusivity, a happy situation that gives Ferrari exceptionally strong profit margins and ensures that its factory isn’t likely to be idled anytime soon.
Most Ferrari models were sold out for the year by early November, CEO Benedetto Vigna said during Ferrari’s third-quarter earnings call, and he anticipates no problem with demand in 2023 – no matter how the world’s economies behave.
Vigna has good reasons for that view. Ferrari has several new models on the way to keep that waiting list long, including its first SUV-like vehicle, a sleek V12-powered four-door called the Purosangue that starts at about $400,000 in the U.S. Even at that price – and even for a four-door Ferrari – demand is brisk. Although Ferarri won’t even begin shipping the Purosangue for a few months yet, the company temporarily stopped taking orders last month after it sold out the first two years of production.
“The company’s focus on the unique quality and performance of its vehicles is unwavering, and has driven a track record of resilient financial performance, as well as significant intangible brand value and a true luxury status,” BofA Securities analyst John Murphy told investors in a Dec. 13 note, reiterating a buy rating on Ferrari and a $285 price target.

The Tesla story

Then there’s Tesla, which has proven to be one of the best automotive stocks for investors in recent years thanks to its tech-like valuation from Wall Street. Shares of the EV maker have plummeted more than 68% year to date.
Much of the decline in Tesla shares has come since CEO Elon Musk acquired social media platform Twitter. The stock is down more than 50% since the deal closed Oct. 27.
“We believe increasing negative sentiment on Twitter could linger long term, limiting its financial performance and become an ongoing overhang on TSLA,” Oppenheimer analyst Colin Rusch wrote in a note this month downgrading shares to perform from outperform.
Wall Street analysts expect 2023 to be another choppy year for automotive stocks. Here’s how legacy automakers, as well as top emerging EV startups, have performed this year.

Ferrari (RACE): -18%
Stellantis (STLA): -25%
Toyota (TM): -26%
Nissan (NSANY): -35%
General Motors (GM): -43%
VW (VWAGY): -46%
Ford (F): -46%
Fisker (FSR): -57%
Tesla (TSLA): -68%
Nio (NIO): -68%
Lordstown (RIDE): -69%
Nikola (NKLA): -75%
Rivian (RIVN): -82%
Lucid (LCID): -83%
Canoo (GOEV): -86%

– CNBC’s Michael Bloom contributed to this report.

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The Office for National Statistics reported that between June and August 2022, around 2.5 million people cited long-term sickness as the main reason for economic inactivity, an increase of around half a million since 2019.
In its report last month, the ONS said a range of factors could be behind the recent spike, including National Health Service waiting lists that are at record highs, an aging population and the effects of long Covid.

A queue of ambulances outside the Royal London Hospital emergency department on Nov. 24, 2022, in London. In the U.K., the number of “economically inactive” people — those neither working nor looking for a job — between the ages of 16 and 64 rose by more than 630,000 since 2019.
Leon Neal/Getty Images

LONDON — Along with sky-high inflation and energy costs, a Brexit-related trade tailspin and a recession in progress, the U.K. economy is being hammered by record numbers of workers reporting long-term sickness.
The Office for National Statistics reported that between June and August 2022, around 2.5 million people cited long-term sickness as the main reason for economic inactivity, an increase of around half a million since 2019.

The number of “economically inactive” people — those neither working nor looking for a job — between the ages of 16 and 64 has risen by more than 630,000 since 2019. Unlike other major economies, recent U.K. data shows no sign that these lost workers are returning to the labor market, even as inflation and energy costs exert huge pressure on household finances.
The U.K. avoided mass job losses during the Covid-19 pandemic as the government’s furlough program subsidized businesses to retain workers. But since lockdown measures were lifted, the country has seen a labor market exodus of unique proportions among advanced economies.
In its report last month, the ONS said a range of factors could be behind the recent spike, including National Health Service waiting lists that are at record highs, an aging population and the effects of long Covid.
“Younger people have also seen some of the largest relative increases, and some industries such as wholesale and retail are affected to a greater extent than others,” the ONS said.
Though the effects of the issues mentioned above haven’t been quantified, the report suggested the increase has been driven by “other health problems or disabilities,” “mental illness and nervous disorders,” and “problems connected with [the] back or neck.”

Legacy of austerity

Jonathan Portes, professor of economics and public policy at King’s College London, told CNBC the scale of the labor market depletion is likely a combination of long Covid; other pandemic-related health issues such as mental illness; and the current crisis in the NHS.
On top of that, he noted that factors that hurt public health directly — such as increased waiting time for treatment — could have a knock-on effect: people may have to leave the workforce to care for sick relatives.
“It’s worth remembering the U.K. has been here before, arguably at least twice. In the early 1990s, the U.K. saw a sharp recovery, with falling unemployment, after ‘Black Wednesday,’ but it also saw a large, and lasting, rise in the number of people claiming incapacity-related benefits,” Portes said, adding that not working is generally bad for both health and employability.

“The government clearly isn’t doing very much about this. Apart from resolving the crisis in the NHS, the other key policy area is support for sick and disabled people to get back to work, and there’s not nearly enough happening on this — instead the government is harassing people on Universal Credit with penalties and sanctions which we know don’t help much.”
In his recent Autumn Statement, Finance Minister Jeremy Hunt announced that the government will ask more than 600,000 people receiving Universal Credit — a means-tested social security payment to low-income or unemployed households — to meet with a “work coach” in order to establish plans to increase hours and earnings.
Hunt also announced a review of the issues preventing reentry into the job market and committed £280 million ($340.3 million) to “crack down on benefit fraud and errors” over the next two years.
Although the pandemic has greatly worsened the health crisis leaving a hole in the U.K. economy, the rise in long-term sickness claims actually began in 2019, and economists see several possible reasons why the country has been uniquely vulnerable.

Portes suggested that the government’s austerity policies — a decade of sweeping public spending cuts implemented after former Prime Minister David Cameron took office in 2010 and aimed at reining in the national debt — had a significant part to play in leaving the U.K. exposed.
“The U.K. was particularly vulnerable because of austerity — NHS waiting lists were rising sharply, and performance/satisfaction was falling sharply, well before the pandemic,” Portes said.
“And support for those on incapacity and disability benefits was hollowed out in the early 2010s. More broadly, austerity has led to a sharper gradient in health outcomes by income/class.”

Inequality and surging waiting lists

That’s borne out in the national data: The ONS estimates that between 2018 and 2020, males living in the most deprived areas of England on average live 9.7 years fewer than those in the least deprived areas, with the gap at 7.9 years for females.
The ONS noted that both sexes saw “statistically significant increases in the inequality in life expectancy at birth since 2015 to 2017.”
In the aftermath of the pandemic, NHS waiting lists grew at the fastest rate since records began in August 2007, a recent House of Commons report highlighted, with more than 7 million patients on the waiting list for consultant-led hospital treatment in England as of September.
However, the report noted that this isn’t a recent phenomenon, and the waiting list has been growing rapidly since 2012.

“Before the pandemic, in December 2019, the waiting list was over 4.5 million – almost two million higher than it had been in December 2012, a 74% increase,” it said.
“In other words, while the rise in waiting lists has been accelerated by the pandemic, it was also taking place for several years before the pandemic.”
Former Bank of England policymaker Michael Saunders, now a senior policy advisor at Oxford Economics, also told CNBC that the U.K. has been particularly badly affected by Covid in terms of severity, and that some of this may have been the result of the country’s higher rates of preexisting health conditions — such as obesity — which may have been exacerbated by Covid.
“The U.K. is a relatively unequal country, so that may be part of the reason why even if we’ve had the same Covid wave as other countries, we might get a bigger effect on public health, because if you like you have a greater tail of people who would be worst affected by it,” he added.
Saunders suggested that any growth strategy from the government should include measures to address these health-care challenges, which are now inextricable from the labor participation rate and the wider economy.
“It’s not just a health issue, it’s an economic issue. It’s important in both ways. I think it’s important enough as a health issue, but it merits extra importance because of the effects on potential output which then feed through to these other economic problems.”

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“There are mounting concerns in the international community on the ongoing COVID-19 surges in China and the lack of transparent data,” U.S. officials said.
Japan announced it will require a negative Covid test for travelers arriving from mainland China starting Dec. 30.
Taiwan will also test arrivals from mainland China starting Jan. 1, the government said in a statement

For more than two years, overseas travelers have had to quarantine upon arrival in China because of Covid restrictions. Pictured here at Beijing International Airport on June 18, 2022, are passengers waiting to be taken to quarantine-designated destinations.
Leo Ramirez | Afp | Getty Images

The U.S. government is considering imposing new Covid rules for travelers from China, officials said, citing concerns over virus-related data released by the Chinese government.
“There are mounting concerns in the international community on the ongoing COVID-19 surges in China and the lack of transparent data, including viral genomic sequence data, being reported from the PRC,” officials said in a statement late Tuesday.

“Without this data, it is becoming increasingly difficult for public health officials to ensure that they will be able to identify any potential new variants and take prompt measures to reduce the spread,” the officials said.

Read more about China from CNBC Pro

“The U.S. is following the science and advice of public health experts, consulting with partners, and considering taking similar steps we can take to protect the American people,” the officials said.
The officials pointed to measures taken by Japan and Malaysia – adding that India and the World Health Organization have also expressed their concern about the situation in China.

Japan to require negative test

The U.S. officials’ comments come after Japan’s recent measures which require a negative Covid test for travelers arriving from mainland China from Dec. 30 – as China faces a sharp surge in infections nationwide following an abrupt reopening.
Travelers from China without a valid vaccination certificate will also be required to take a pre-departure test, the notice from Japan’s health ministry added. The measures will not apply to those traveling from Hong Kong and Macao, according to the notice.

When asked for comment on Japan’s measures, the Chinese Ministry of Foreign Affairs emphasized a need for a “science-based” measures, without elaborating further.
“The current COVID situation in the world continues to call for a science-based response approach and joint effort to ensure safe cross-border travel, keep global industrial and supply chains stable, and restore world economic growth,” deputy director-general Wang Wenbin told reporters in a Tuesday briefing.

Taiwan to follow

Taiwan will also conduct Covid tests on visitors arriving from mainland China, the Centers for Disease Control said in a notice, citing concern over the recent surge in infections and emerging new variants of the virus.
All passengers arriving on direct flights from China and some by boat will be required to undergo a PCR test, the notice said, adding that the measures will take into effect on Jan. 1 and remain in place for a month.
Visitors that test positive will have the option of home isolation, the notice said.
— CNBC’s Evelyn Cheng contributed to this report.

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A Supreme Court decision will keep in place for now a controversial Trump-era rule that allows the U.S. to deport migrants at the Mexican border as a public health measure in response to the pandemic.
The court voted 5-4 on Tuesday to grant an emergency request by 19 Republican state attorneys general who sought to intervene in defense of the policy.
Conservative Justice Neil Gorsuch joined the court’s three liberals in voting against the stay request.

Asylum seeking migrants from Central America sit next to a vehicle that was stopped by police after crossing the Rio Grande into Eagle Pass, Texas from Mexico along U.S. Route 90, in Hondo, Texas, U.S., June 1, 2022. 
Shannon Stapleton | Reuters

A Supreme Court decision will keep in place for now a controversial Trump-era rule that allows the U.S. to deport migrants at the Mexican border as a public health measure in response to the pandemic.
The court voted 5-4 on Tuesday to grant an emergency request by 19 Republican state attorneys general who sought to intervene in defense of the policy. It also agreed to hear oral arguments in February and rule on whether the states can intervene, with a decision due by the end of June. The policy will remain in place at least until that ruling is issued.

“Title 42 is a public health measure, not an immigration enforcement measure, and it should not be extended indefinitely,” the White House said in a statement. “To truly fix our broken immigration system, we need Congress to pass comprehensive immigration reform measures like the ones President Biden proposed on his first day in office.”
Conservative Justice Neil Gorsuch joined the three liberals on the court in voting against the stay request. The brief court order said that while the administration cannot set aside the Title 42 policy, the decision “does not prevent the federal government from taking any action with respect to that policy.”
More than 2 million people have been deported at the southern border under the policy since 2020.
In November, a federal district court in Washington, D.C., had ordered the Department of Homeland Security to end the policy Dec. 21, criticizing the deportations as arbitrary. But Republican-led states intervened in the case and successfully petitioned the high court to block that lower court ruling. Chief Justice John Roberts temporarily blocked the Biden administration earlier this month from ending the controversial policy.
The deportation policy originated with the Trump administration. In March 2020, the Centers for Disease Control and Prevention used a provision under the Public Health Services Act, or Title 42, to prohibit migrants from crossing into the U.S. from Mexico or Canada due to the risk of them spreading Covid-19. The deportation policy is often referred to simply as Title 42.

But human rights groups and dozens of health experts fiercely criticized the policy as a way for the federal government to carry out arbitrary mass deportations at the southern border under the guise of public health.
The White House continued the policy until April 2022, when the CDC said it was longer necessary to prevent the spread of Covid. The CDC and DHS had planned for the policy to end in May, but Republican states sued and got a federal court in Louisiana to block the Biden administration from ending the deportations at that time as well.
Republicans and some Democrats argue that ending the policy will lead to a major increase in migration at the southern border that communities there are unequipped to deal with. El Paso, Texas, declared a state of emergency on Saturday in response to a recent increase in migrants crossing the border.

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The IRS has issued a one-year delay for the 1099-K tax reporting rule, requiring payment services to issue the form for business transfers of more than $600.
“It’s massively welcome,” said Albert Campo, a certified public accountant and president of AJC Accounting Services.
However, regardless of whether you receive 1099-Ks, you still must report business income on your tax return.

Hispanolistic | E+ | Getty Images

If you’re worried about getting a tax form from payment apps like Venmo or PayPal, you’re now less likely to receive one for 2022 — thanks to a change from the IRS.
The agency on Friday announced a one-year delay for a new tax reporting rule, requiring payment services to issue Form 1099-K for business transfers over $600, and many tax experts have applauded the change.

Before 2022, taxpayers and the IRS received 1099-Ks when payments crossed a threshold of more than 200 transactions worth an aggregate above $20,000.
While a single transfer from 2022 could have triggered the form, the IRS has delayed the timeline by one year “to help smooth the transition,” acting IRS commissioner Doug O’Donnell said in a statement.
More from Personal Finance:IRS delays tax reporting change for 1099-K on Venmo, Paypal business paymentsFrom ‘quiet quitting’ to ‘loud layoffs,’ will career trends continue in 2023?Travel abroad is set to surge in 2023 as Americans eye trips to Asia, Europe
“It’s massively welcome,” said Albert Campo, a certified public accountant and president of AJC Accounting Services in Manalapan, New Jersey.
He said the one-year delay for the federal 1099-K tax reporting change gives taxpayers more time to prepare. But “there definitely needs to be more guidance from the IRS,” Campo said. 

‘The IRS decided a transition period was necessary’

While the agency says personal transfers won’t trigger 1099-Ks, experts say some filers may receive the form by mistake, reporting personal payments as income, which may be difficult to correct.
“With little guidance available to the public and a significant increase in the burden on the electronic payment networks, the IRS decided a transition period was necessary,” national taxpayer advocate Erin Collins said in a blog post on Tuesday.
She said the postponement should give taxpayers more time to “familiarize themselves with the rules” and “properly identify personal versus business payments” to avoid future 1099-K reporting errors.

Although many tax professionals welcomed Friday’s announcement, the American Institute of Certified Public Accountants is still pushing Congress for reform.  
“While the AICPA is grateful to the commissioner for this reprieve, we urge Congress to strongly consider previous recommendations to raise the threshold, possibly in accordance with the present-day cost-of-living levels,” group president and CEO Barry Melancon said in a statement on Friday.

You must report business income, even with no 1099-K

Regardless of whether you receive 1099-Ks, you still must report business income on your tax return, Collins said, urging filers to track earnings from all sources and keep personal and business accounts separate for payment apps.
What’s more, the 1099-K reporting delay only applies to your federal taxes, Campo said, as some states already have lower reporting thresholds.
If you’ve started a side business, it’s critical to save your expense receipts for any deductions you take to reduce your tax liability, which you’ll need in the case of an audit. “The IRS is eventually going to pick up on these things,” he said.

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Electric vehicle maker Nio lowered its expectations for fourth quarter deliveries.
The Chinese company now expects to deliver roughly 39,000 vehicles after projecting between 43,000 to 48,000 vehicles.
Nio cited Covid-induced supply chain disruptions.

Chinese electric car company Nio delivered more than 5,000 cars in April despite Covid restrictions in some parts of China, albeit down sharply from nearly 10,000 vehicle deliveries in March.
Future Publishing | Future Publishing | Getty Images

Chinese electric vehicle maker Nio Inc. lowered its fourth quarter outlook for deliveries, citing supply chain disruptions stemming from Covid outbreaks.
Nio now projects that it will deliver between 38,500 to 39,500 electric vehicles in the fourth quarter of 2022, down from its initial estimate of 43,000 to 48,000 vehicles, according to a press release on Tuesday.

The company’s stock fell more than 8% Tuesday.
The company cited supply chain disruptions due to Covid outbreaks in major Chinese cities, which slowed down operations in December. As a result, Nio customers have faced delivery delays and registration issues. The company said in November that it aimed to shorten customer wait times.
Despite posting losses, Nio’s third quarter was strong for production and sales. The company reported a 33% increase in revenue from the previous year and continued to project high demand for its new models.
Last week, Nio launched two new electric SUV models, the EC7 and the ES8. The new models will start shipping in May and June, according to the company.

Nio shares

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State of Freight

Forward Air CEO Tom Schmitt described fourth quarter demand as “unusually slow” in an interview with CNBC’s Frank Holland.
The logistics CEO says that weak demand may last a few quarters of 2023 as much inventory already has moved into warehouses domestically.
With China’s shift in some Covid policies, Lunar New Year and the overall economy should be moving back closer to the pre-pandemic normal, but “we’re not there yet,” he said.

Forward Air shares are delivering on something few companies have as the year draws to a close. The stock is beating the Dow Jones Transportation Average and the S&P 500 in the fourth quarter.
The trucking and logistics company, which counts Home Depot and Delta Air Lines among its customers, receives 30% of its revenue from e-commerce, 40% from industrial trucking, and 30% from specialty trucking for high-value services including live events and health-care equipment.

Forward Air CEO Tom Schmitt recently spoke with CNBC’s Frank Holland about the holiday shipping season, the volume his customers are expecting for Lunar New Year, and the supply chain, trucking, and pricing outlook for 2023. Watch the video above for his predictions.
Below are a few of the highlights from the conversation.
Fourth quarter weakness will extend into 2023
Schmitt described the fourth quarter as “unusually slow,” and he said that wasn’t a surprise amid consensus view that it would not be a “very pronounced” peak season.
The issue: amid weaker demand, a lot of inventory was already shipped from Asia to North America, and already sitting in warehouses closer to the consumer.
This situation won’t end with the close of 2022. “The first few months of next year there is consensus there will be slowness,” Schmitt said. “It will be like that for the next quarter or two.”

Shippers make less, Peloton helps explain why
Forward Air is in a high-value niche, handling shipping for concert tours and medical equipment, and higher rates can be achieved in these areas with lower to no margin for error on delivery times, he said, but throughout the logistics space there is less profit right now as a function of overall shipment trends.
He gave the example of heavy treadmills sold during the e-commerce boom, and which in recent history came in orders of seven but are now down to three “because others are already sitting in warehouses,” he said.
All companies in the shipping sector will be dealing with margin pressure over next quarter or two, he said, simply because there are fewer pieces per shipment.
The freight company is raising rates, with its annual increase set for 5.9% in February 2023. Schmitt said spot rates are down and that “transactional softness” will remain, but contract will continue to be strong.
China trade outlook
While China’s trade economy will rebound, but it will take time, with inventories still adjusting downward from gluts already shipped and less coming in before the logistics industry will get to a more normalized rate, ” the seven treadmills vs. three starting to kick in again,” Schmitt said.
His outlook for Lunar New Year sales is similar, with signs that China will “start living in a post-Covid economy,” albeit with some forms of safety practices at an enhanced level. “But I expect more normal … closer to pre-pandemic with this year Lunar New Year, but we’re not there yet,” Schmitt said. More

China’s latest move to roll back its zero-Covid policy by scrapping quarantine restrictions for international travelers is the last leg of recovery we’ve been waiting for to help bolster Club holdings that have been weighed down by three years of stringent pandemic rules. Club names with significant China exposure were trading higher on the news Tuesday. Casino giant Wynn Resorts (WYNN) climbed more than 5%, cosmetics firm Estee Lauder (EL) rose more than 3% and industrial giant Honeywell (HON) ticked up 0.54% in midday trading. Wynn’s 2 properties in the special administrative region of Macao, China, had generated roughly 70% of the company’s total revenue pre-Covid-19. Estee Lauder relies on China for more than a third of total sales. And Honeywell, whose diverse range of industrial products include airplane cockpits and engines, is a significant supplier to what had been one of the fastest-growing passenger air markets in the world. Both Wynn and Estee Lauder are down more than 30% year-to-date, while Honeywell has risen more than 3% this year. Chinese authorities have dramatically scaled back draconian Covid restrictions over the past month that all but shut down the world’s second-largest economy since the onset of the pandemic in early 2020. On Monday, Beijing said international travelers will no longer need to quarantine upon arrival in the mainland from Jan. 8. That comes days after Macao lifted quarantine restrictions for visitors. The Club take China’s latest move to reopen its economy should be a catalyst for multiple Club holdings. While there are concerns that 2023 will be a down year for corporate earnings at large, companies with significant operations in China will likely have a different story to tell. For Estee Lauder, a leader in luxury skin care, makeup and fragrances, China represents a key driver of growth. The lifting of quarantine restrictions should lead to more duty-free airport sales for the cosmetics giant, especially in the touristy Hainan region, known as the Hawaii of China. Estee Lauder, like Club holding Starbucks (SBUX), is also poised to benefit from China abandoning strict lockdowns to combat Covid outbreaks, allowing more consumers to regularly shop in person. Relaxed quarantine restrictions should also boost the aerospace industry, which still hasn’t fully recovered from the pandemic. An uptick in international flights would be a tailwind to Honeywell, whose aerospace segment is one of its higher revenue- and margin performers. Wynn, meanwhile, is a large beneficiary of China’s reopening news given its outsized exposure to the country through its Macao casinos. This should allow Wynn to improve its earnings and execute on growth in the region. (Jim Cramer’s Charitable Trust is long EL, WYNN, HON, SBUX. 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.

People use their smartphones to take photographs outside The Wynn Macau casino resort, operated by Wynn Resorts Ltd., in Macao, China, on Tuesday, Jan. 30, 2018.
Billy H.C. Kwok | Bloomberg | Getty Images

China’s latest move to roll back its zero-Covid policy by scrapping quarantine restrictions for international travelers is the last leg of recovery we’ve been waiting for to help bolster Club holdings that have been weighed down by three years of stringent pandemic rules. More