Business

On december 2nd America’s Bureau of Labour Statistics (BLS) reported that the number of workers on non-farm payrolls rose by 263,000 in November, fewer than the 284,000 in October but hardly a sign of wide-reaching retrenchment. The country’s labour market remains awkwardly tight, with 1.7 job openings for every unemployed American in October, the latest figure available. Many businesses are still contending with staffing shortages in factories and restaurants.Meanwhile, in a seemingly parallel universe, American technology firms have shed 88,000 workers this year, according to Crunchbase, a data provider. On November 30th DoorDash, a food-delivery business, joined the firing frenzy, announcing it would lay off 1,250 workers, 6% of its total workforce. Banks have also been showing staff the door. On December 1st Wells Fargo, an American lender, reportedly cut hundreds from its mortgage division. Barclays, a British one, let go of around 200 workers last month. Wall Street stalwarts, including Goldman Sachs and Citigroup, have also made cuts. Retail titans such as Amazon and Walmart have trimmed corporate headcounts, but not jobs in warehouses and supermarkets. All this has prompted much hand-wringing about a “white-collar recession” (or, given the cohort’s sartorial tastes, a Patagonia-vest downturn). In an inversion of the usual pattern, this argument goes, the axe is now falling mostly at the top of the corporate pecking order; the boss of one big consulting firm talks of the hollowing out of middle management. So just how worried should America’s white-collar set be?On the surface, there is plenty of room for axe-swinging. In recent decades America’s economy has become ever more top-heavy. Managerial and professional occupations now make up 44% of total employment, up from 34% in 2000 according to the BLS (see chart 1). Partly that reflects faster growth in industries like tech and finance. But even within industries the share of white-collar jobs has grown: in manufacturing it has risen to 35% today from 29% in 2002; in retail it has gone up to 15%, from 12% two decades ago. Automation and offshoring have meant fewer technicians and cashiers but lots more business analysts and systems architects.As the rush of layoffs suggests, some of those workers have found themselves in the crosshairs. Still, talk of a white-collar recession seems overblown. For one thing, desk-jockeying jobs remain plentiful. Payrolls in finance are roughly at pre-pandemic levels. The tech industry employs 10% more staff today than in January 2020, according to the Computing Technology Industry Association (CompTIA). Even after Meta, a social-media giant, loses the 11,000 workers it laid off last month, it will still employ nearly 70% more than it did before the pandemic. Sacked techies should not find it hard to get work. Lots of old-economy firms would love to get their hands on their skills. Walmart, despite its corporate layoffs, is continuing to snatch up data scientists and other hypernumerate types. Already 59% of tech professionals work outside the tech industry, according to CompTIA. On the whole, demand for highly paid white-collar professionals is as voracious as ever. Unemployment rates for business and financial professionals, technologists and managers are even lower than America’s overall rate of 3.7%, and have fallen further over the past 12 months (see chart 2).Demographic changes will mean that rich-world companies find it increasingly difficult to recruit workers of all types, regardless of the colour of their collars. In America the share of the population aged between 20 and 64 tipped from 60% in 2010 to 59% in 2020, and by 2030 will fall to 56%, according to estimates from the World Bank. In Britain and the euro area the share is expected to fall from 58% to 56%, and 59% to 56%, respectively, between 2020 and 2030. Younger generations are now more likely to be studying and less likely to be working during their early 20s, adding to the squeeze on labour supply.Falling immigration compounds the problem. In 2019 net migration into America—the difference between immigrants and emigrants—was 595,000, the lowest in over a decade, thanks in part to the policies and rhetoric of Donald Trump’s administration. The pandemic pushed it down further, to 247,000 in the year to June 2021. In Germany immigration surged in the mid-2010s as the country opened its doors to Syrian and other refugees, but fell in subsequent years. A temporary spike from Ukrainian refugees this year will not be enough to resolve persistent labour shortages in many areas. Britain’s government, meanwhile, has declared itself “fully committed” to bringing net migration down.Barring big changes to immigration or retirement ages, in the coming years firms will have to shift their focus to doing more with less. For the agile project managers and programmers who can help engineer such productivity enhancements, the good times may just be getting started. ■ More

Disney’s board and CEO Bob Iger are aiming to find his next successor over the next two years.
There are several internal and external candidates who could take over the role.
Here is a look at some of the top contenders to be Disney’s next CEO.

Bob Iger, CEO, The Walt Disney Company
Scott Mlyn | CNBC

Disney reappointed Bob Iger as its chief executive recently, abruptly replacing his hand-picked successor Bob Chapek, and giving Iger an early goal — find a new replacement during the next two years.
Iger’s attention has quickly turned to the other part of his mandate from the board — the immediate challenges facing Disney’s business, such as the company’s reorganization, cost structure and the future growth of its streaming business. But that hasn’t quelled speculation about who his successor could be.

Media industry executives and company observers are putting together a roster of potential candidates Iger and the board will likely consider in deciding whom to groom for the role next. The pool of possibilities include former Disney executives who were previously considered the future of the Mouse House before being passed over for Chapek, a few internal rising stars and some sleeper picks who are either close to the creative community or already have ties to the company.
Another possibility some consider is that Iger, whose return was applauded by Wall Street and employees, sticks around longer than his two-year contract.
Here’s a look at some of the people who could be next in line to lead Disney.

Calling up from the bench 

Dana Walden, Chairman of Entertainment, Walt Disney Television speaks onstage during the 25th anniversary of UCLA Jonsson Cancer Center Foundation’s “Taste for a Cure” event at Fairmont Century Plaza on April 29, 2022 in Los Angeles, California.
Rich Polk | Getty Images

Before calling Iger, Disney’s board considered a few internal candidates to replace Chapek, but ultimately decided they were too new to take on the various pressures on the company, CNBC previously reported.
One of the candidates considered was Dana Walden, said people familiar with the matter who were not authorized to speak publicly on the topic. She is the head of general entertainment content and in charge of creating original entertainment and news programming for Disney’s streaming platforms, broadcast and cable networks.

Walden’s been known to have a hands-on role with content creators. In Iger’s first memo to employees following his reinstatement, he mentioned Walden as among the top lieutenants who would work with him on Disney’s new structure, which would put “more decision-making back in the hands of our creative teams and rationalizes costs.” 
“Disney will likely choose a successor that leads with talent relationship capabilities,” said Eric Schiffer, CEO and chairman of Patriarch Organization and Reputation Management Consultants. “The downfall of Chapek is he maimed Hollywood relationships.” 
One of the notable missteps made by Chapek during his quick turn as CEO was his handling of Scarlett Johansson’s pay dispute.
Walden took on her role in June after her boss, Peter Rice, was ousted after clashing with Chapek. Like Rice, Walden came to Disney in 2019 as part of the company’s acquisition of 21st Century Fox’s assets. 
When she was promoted, Chapek had called Walden “a dynamic, collaborative leader and cultural force who in just three years has transformed our television business into a content powerhouse.” At the time, Disney’s board had put its support behind Chapek. Still, Walden lacks experience on business decisions, and has focused her time on the creative side.
Meanwhile, Rice may be interested in returning to the company in some capacity and has remained in contact with Iger, people close to the matter said.

Alan Bergman, Chairman, Walt Disney Studios Content
The Walt Disney Company via Getty Images

Alan Bergman, who’s been with Disney for more than 25 years, is another potential candidate, the people have said. He is the chairman of Disney’s studio content and spearheaded the integration of Iger’s acquisitions into Disney’s overall content pipeline. He also was mentioned in Iger’s first memo.
In addition, Bergman has rapport with many creatives in Hollywood. Disney relies on those relationships, and he might have a softer hand in dealing with talent and agents than what was seen with the Chapek and Johansson dispute. Unlike other top executives at Disney, however, Bergman doesn’t have experience in many other divisions and has focused much of his career on studio content.
Another Disney insider floated as a possible candidate has been Josh D’Amaro, people familiar with the company have said. 
D’Amaro is head of Disney’s parks, experiences and products, the same position Chapek held before becoming CEO. His long track record at the company — he began his career at Disney in 1998 and his positions have mostly centered around resorts — could bode well for him. 
As does his charisma. D’Amaro is generally well-liked by his peers and the cast members at the parks and considered a strong leader. While there have been complaints by guests at Disney’s domestic parks that prices are steep and the ticket-reservation system is flawed, few have blamed D’Amaro. Instead, Chapek has taken the brunt of criticism, with guests and analysts assuming the former CEO was responsible for setting strict guidelines for driving more revenue at the parks and resorts.
Still, D’Amaro doesn’t have the creative experience that Iger is often lauded for. His resume is concentrated on the resorts and parks businesses.
Rebecca Campbell, who’s currently in charge of Disney’s international content and operations, is another candidate that Iger may favor, people familiar with the matter said.
The executive, who has worked in various divisions of the company after starting on the local TV side in 1997, is also well-liked. However, while she also has experience running the streaming business in Disney+’s earlier days, she was removed from the position and may not have the hands-on business experience to make the tough decisions facing the company’s media business.
If Campbell or Walden were to ascend to the CEO position, it would be the first time Disney had a woman in the top job.
A dark horse candidate from within the organization would be Sean Bailey, the president of Disney Studios, one observer said. Bailey, who’s maintained a relationship with Iger, is well-liked by the creative community.

Outside possibilities

Kevin Mayer, co-founder and co-chief executive officer of Candle Media, chairman of DAZN Group, speaks at the Milken Institute Asia Summit in Singapore, on Thursday, Sept. 29, 2022.
Bryan van der Beek | Bloomberg | Getty Images

Kevin Mayer and Tom Staggs were former Disney executives who were also in the running for the job before Iger settled on Chapek in early 2020. 
Both left the company after being passed over. Many had pegged Mayer in particular as the likely successor. His name has once again floated back to the top of the list.
“This problem didn’t have to happen,” Engine Gaming and Media Executive Chairman Tom Rogers said on CNBC recently, ticking off the attributes needed for someone in this role, such as understanding the media business, a streaming track record, ability to build up franchise content and being a deal-maker. 
“They had that person, it was Kevin Mayer,” said Rogers, the former president of NBC Cable. “They still have that person, he’s still the right choice. The board made a mistake, I hope they don’t make that mistake again.” 
Mayer had been Disney’s longtime head of strategy, and was involved in deals like the 21st Century Fox acquisition. 
Before Mayer left, he had one of the most important jobs at the company — developing and launching Disney+. Since leaving Disney, he had a short stint as CEO of TikTok and later joined billionaire Len Blavatnik’s investment firm Access Industries and became chairman of sports streamer DAZN.
Mayer and Staggs also run the entertainment startup Candle Media, where they’ve flexed their M&A experience with recent deals like Reese Witherspoon’s Hello Sunshine and children’s content maker CoComelon.
For Mayer or Staggs to return to Disney, Iger would likely have to acquire Candle Media. Mayer has outstanding obligations to acquired companies and has no interest in leaving his current job, according to people familiar with the matter. It’s possible Iger could see CoComelon as a good intellectual property fit for Disney+, although Iger said at a town hall Monday he isn’t interested in any mergers or acquisitions for Disney in the near future.
Somewhat outside of the Disney bubble, Mattel CEO Ynon Kreiz could be another contender, the Disney observer noted. Kreiz has sold two companies to Disney: Fox Kids Europe, which sold a majority stake to Disney in 2001, and Maker Studios in 2012.

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Companies across the U.S., including several startups, are developing electric air taxis that aim to take cars off the road and put people in the sky.
Commercial airlines are investing in this type of technology to make trips to and from the airport shorter and faster for consumers.
The potential market size largely depends on how close companies can get eVTOLs to where consumers are.

A VoloCity air taxi by Volocopter is pictured at Pontoise airfield in Cormeilles-en-Vexin, near Paris, France, November 10, 2022. 
Benoit Tessier | Reuters

A world with flying vehicles, like the 1960s sitcom The Jetsons, might be closer than you think.
Companies across the U.S., including several startups, are developing electric air taxis that aim to take cars off the road and put people in the sky.

Commercial airlines, specifically, are investing in this type of technology to make trips to and from the airport shorter and faster for consumers.
In October, Delta Air Lines joined the list of airlines backing EV technology startups, with a $60 million investment in Joby Aviation, a company developing electric vertical takeoff and landing aircraft (eVTOLs), intended to operate as an air taxi service.
In 2021, when Joby announced its plan to launch its Uber-like air taxis by 2024, it generated criticism from industry analysts on the ability to launch by that date. But Delta’s investment in Joby is a five-year partnership to operate eVTOLs exclusively in Delta’s network.
United Airlines is also partnering with a Swedish-based startup, Heart Aerospace, to have electric aircraft flying regional routes by 2030, adding to two other eVTOL investments from the airline. One is for $15 million with Eve Air Mobility for 200 aircraft, and another for $10 million with Archer Aviation for 100 eVTOLs.
American Airlines invested $25 million in Vertical Aerospace, a U.K.-based company, with an order for 50 aircraft.

Air taxis could hit markets in the 2030s

While major airlines enter agreements with global startups, it’s important to remember these are conditional. It depends on the certification of these aircraft and how fast companies can manufacture them, said Savanthi Syth, managing director of equity research, covering global airlines and mobility at Raymond James.
Once these aircraft get certified and start ramping up production, Syth said the potential market size largely depends on how close companies can get eVTOLs to where consumers are.
“Initially, eVTOLs are supposed to replace your personal car,” Syth said. “But it’s going to be different for people, based on where eVTOLs are going to be.”
Companies envision eVTOLs using existing infrastructure to operate, such as creating “vertistops,” where aircraft land on top of buildings in urban areas to charge between short distances, or “vertiports,” which utilize regional airports to charge between longer distances, roughly over 100 miles.
If companies can put vertistops and vertiports close to consumers in residential areas, then the market size could be large, Syth said.
“We think that you’ll see small amounts of [eVTOL] operations starting in the 2025 timeframe, with certifications hopefully happening in 2024,” Syth said. “But for you to see a lot of aircraft flying overhead, it’s probably going to be more likely into the 2030s.”

Airlines benefit from eVTOL investments

While airlines face cost and availability challenges in becoming more sustainable, investments in eVTOLs is one effort where airlines can try to offset carbon emissions, said Beau Roy, senior managing director at FTI Consulting, who specializes in the aviation industry.
“Airlines don’t have a lot of [sustainable] choices. The biggest option is sustainable aviation fuel, but, last year, maybe one out of every 1,000 gallons of jet fuel could be found as SAF,” Roy said. “Airlines are getting aggressive with where else they can invest.”
While eVTOLs initially offer airlines an addition to their ESG portfolio, they also provide them the ability to capitalize on replacing long car drives with a flight option for consumers.
“An interesting use-case [of eVTOLs] is thinking about getting people out of cars for the 100-, 200-, or 300-mile trips that we take,” Roy said. “Close to 200 million trips per year are in cars for 100- to 500-mile distances.”
Roy said airlines are not only taking cars off the road for the benefit of the environment, but they’re opening the door for consumers to pay for a faster and more efficient alternative to cars.
“Airlines are looking at, ‘How do we get the cost and ease of use more widely available to people?'” Roy said. “If it’s cheap enough and the time savings is significant enough, people will change their behavior and get out of cars.”
Flying out of regional airports from smaller towns is not largely seen across the country anymore, Roy said. Most traffic occurs at the major airports, so airlines can take advantage of emerging tech like eVTOLs and existing regional airports for industry growth.

Launching in major cities, but still hurdles to clear

Delta and Joby are planning for eVTOLs to hit major cities, like New York City and Los Angeles, for its initial launch.
Ranjan Goswami, senior vice president of customer experience design at Delta, said the company set its sights on NYC and LA because of the prolific congestion and traffic in these dense metropolitan areas, and because of how prominent Delta is in these markets.
“The big cities are where you have the best-use cases and the most people to utilize [an eVTOL] service,” Goswami said. “It’s also where you have economies of scale to, ultimately, help bring the cost reachable to more people.”
Goswami said getting to and from the airport are some of the most stressful parts of traveling, and eVTOLs will alleviate that experience.
“We’re not going to talk to the market right now about price points, but we believe it needs to be an accessible price point,” Goswami said. “Unlike helicopters, which are so expensive, the goal is to make [eVTOLs] reachable and affordable to the traveling public.”
While Roy says he’s optimistic about seeing eVTOLs in the next decade, these air taxis will not launch as quickly as startups and airlines might hope.
In addition to getting these aircraft produced and then certified, Roy said utilizing existing infrastructure to accommodate eVTOLs is also a hurdle.
If eVTOLs land on rooftops, Roy said, there’s a lot of construction and new infrastructure that goes into converting roofs into vertistops. With eVTOLs operating on electric batteries, these buildings must also generate substantial power and electricity for charging stations.
“These aircraft are going to work, and the FAA [Federal Aviation Administration] will do their job to make sure they work,” said Roy. “It’s just going to take a while to get from where we are today to where we’ll need to be.” More

Delta and its pilots’ union have been in tense negotiations for years.
Pilots across the industry have been pushing airlines for big raises and scheduling improvements.
The “agreement-in-principle” still needs union approval and ratification by pilots before it is implemented.

A pilot walks past the windows at the newly renovated Delta terminal D at LaGuardia Airport in New York March 6, 2021.
Timothy A. Clary | AFP | Getty Images

Delta Air Lines and its pilots’ union have reached a preliminary agreement for raises topping 30% over four years, a milestone deal that could sharply drive up aviators’ pay across the industry.
Pilots’ unions and airlines across the U.S. have been in tense negotiations for months if not years, as crews seek more compensation and better schedules.

Delta pilots voted in October to authorize a strike if a deal wasn’t reached, while pilots at several airlines have picketed this year demanding contract improvements. Delta and the union were edging toward a deal in mid-November, CNBC reported.
Unions have complained about grueling schedules as travel snapped back from a pandemic slump. Delta and other U.S. carriers are profitable again, but a shortage of trained pilots has hampered carriers’ recovery and contributed to higher airfare. It also gives pilots more power in contract negotiations. Labor and fuel are airlines’ top two expenses.
The “agreement-in-principle” Delta reached with the Air Line Pilots Association is equal to $7.2 billion in cumulative value over four years, the union told members in an email late Friday. About a quarter of that is tied to quality-of-life improvements.
The agreement includes an 18% increase on the day the contract is signed, then a 5% increase one year later and two 4% raises in each of the following years. It also includes a one-time payment of 4% of 2020 and 2021 pay each, plus 14% of 2022 pay.
“We are pleased to have reached an agreement in principle for a new pilot contract, one that recognizes the contributions of our pilots to Delta’s success,” a Delta spokesman said in an emailed statement.

Attempts at deals at American Airlines and United Airlines have so far failed but Delta’s agreement could push talks along.
“We will take other carriers’ ratified agreements, including United’s, into account and update our pay proposals quickly when details are known,” American’s CEO Robert Isom said in a video message to pilots in June.
The Delta agreement said pay rates will exceed United’s and American’s pay by at least 1% over the course of the agreement, which still needs union and pilot approval.

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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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Paramount Group Inc: “It is very inexpensive, but at the same time, I don’t like office real estate. So, I am torn on it.”

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Uranium Energy Corp: “There are no consistent brands right now in this country for nuclear power. It has too many enemies.”

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Extreme Networks Inc: “I think it’s a very good networking company. … Let it cool off a little, and then you can do some buying.”

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Super Micro Computer Inc: “It seems too good to be true, which means we have to … figure out exactly what that company does.”

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Nvidia Corp: “I think [their inventory buildup] goes through and is done and is flushed by the first weeks of January, and will be in better shape.”

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Barrick Gold Corp: “It’s got a good yield, but the problem is, is that the dollar’s got to get weaker. And in that case, if the chart is good, you can be a buyer.”
Disclaimer: Cramer’s Charitable Trust owns shares of Nvidia.

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Monday – Friday, 6:00 – 7:00 PM ET

CNBC’s Jim Cramer on Friday offered investors a list of clothing stocks that he believes will see upside as workers continue returning to the office.
“After the huge run in the apparel stocks, I recommend ringing the register on the lower quality ones, so that you can swap into something better,” he said.

CNBC’s Jim Cramer on Friday offered investors a list of clothing stocks that he believes will see upside as workers continue returning to the office.
“After the huge run in the apparel stocks, I recommend ringing the register on the lower quality ones, so that you can swap into something better,” he said.

Shares of PVH, the parent of Calvin Klein and Tommy Hilfiger, surged on Thursday after the company reported better-than-expected results for its latest quarter and strong quarterly guidance. 
Other apparel companies including Abercrombie & Fitch and American Eagle also delivered upside surprises this week, sending their stock higher.
Here are Cramer’s favorite apparel stock picks:

PVH

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Cramer said he likes PVH because it’s holding steady in a tough economic environment, and expects the company’s performance to get stronger when macroeconomic headwinds including the strong U.S. dollar, the Federal Reserve’s aggressive interest rate increases and China’s Covid restrictions eventually wind down.

“Given that the stock’s currently selling for less than nine times earnings, you’ve got my blessing to own it if you believe something can go right here,” he said.

Ralph Lauren

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Cramer praised Ralph Lauren’s pricing power and its handle on expenses. He added that he expects tailwinds from the continued reopening of the economy and return to the office.

“People need nicer clothes if they’re not going to be stuck at home all the time,” he said.

Lululemon Athletica

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Lululemon has a stamp of approval from Cramer, who has praised its management and loyal customer base.

He said that he expects investors to be “downright ecstatic” when Lululemon reports its quarterly results next week. 

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Monday – Friday, 6:00 – 7:00 PM ET

CNBC’s Jim Cramer on Friday told investors that stocks could see another strong week of trading, given the right economic conditions.
He also previewed next week’s slate of earnings.

CNBC’s Jim Cramer on Friday told investors that stocks could see another strong week of trading, given the right economic conditions.
“As the year winds down, the holidays will become more and more of a focus. Right now, the forecast is cloudy – too many cross currents. But if the job market stays strong and inflation stays tame, we could be in for still one more very good week,” he said.

related investing news

Jim Cramer’s Investing Club meeting Friday: Hot jobs report, Marvell earnings read through

7 hours ago

Stocks closed up for the week on Friday, marking the first time since October the three major indexes saw consecutive weekly gains. 
Markets were volatile this week as investors digested Federal Reserve Chair Jerome Powell’s indication that the central bank could start slowing down its pace of interest rate hikes soon and the hot wage and labor data.
Cramer said that he has his eye on the producer price index and University of Michigan Consumer Sentiment Index reports set to release next week, and is worried that sentiment might be too cold.
“Right about now, we need a boost, a big boost, if only to save Christmas for retail,” he said.
He also previewed next week’s slate of earnings. All earnings and revenue estimates are courtesy of FactSet.

Tuesday: AutoZone, Toll Brothers, SentinelOne 
AutoZone

Q1 2023 earnings release at 6:55 a.m. ET; conference call at 10 a.m. ET
Projected EPS: $25.3
Projected revenue; $3.86 billion

He said the stock’s been a favorite of his for years.
Toll Brothers

Q4 2022 earnings release at 4:30 p.m. ET; conference call on Wednesday at 8:30 a.m. ET
Projected EPS: $4.01
Projected revenue: $3.17 billion

While it’s generally advised not to buy housing stocks going into a tightening cycle that could set off a recession, Powell’s recent remarks could make the stock an interesting investment, Cramer said.
SentinelOne

Q3 2023 earnings release after the close; conference call at 5 p.m. ET
Projected loss: loss of 11 cents per share
Projected revenue: $180 million

He said he’s unsure when the stock will bottom.
Wednesday: Campbell Soup, Ollie’s Bargain Outlet Holdings, Brown-Forman, Lowe’s
Campbell Soup

Q1 2023 earnings release at 7:30 a.m. ET; conference call at 8 a.m. ET
Projected EPS: 88 cents
Projected revenue: $2.45 billion

He said that the company has been “reinvented” by CEO Mark Clouse.
Ollie’s Bargain Outlet Holdings

Q3 2022 earnings release before the bell; conference call at 8:30 a.m. ET
Projected EPS: 40 cents
Projected revenue: $429 million

The company is a “terrific” bargain store, meaning its quarter should have standout results, Cramer said.
Brown-Forman

Q2 2023 earnings release at 8 a.m. ET; conference call at 10 a.m. ET
Projected EPS: 55 cents
Projected revenue: $1.08 billion

Cramer pointed out that liquor sales tend to do well in a recession, which is good news for the Jack Daniel’s distiller.
Thursday: Broadcom: Costco, Lululemon Athletica
Broadcom

Q4 2022 earnings release at 4:15 p.m. ET; conference call at 5 p.m. ET
Projected EPS: $10.3
Projected revenue: $8.90 billion

The semiconductor company will report great earnings even though cloud growth is slowing, Cramer predicted.
Costco

Q1 2023 earnings release at 4:15 p.m. ET; conference call at 5 p.m. ET
Projected EPS: $3.12
Projected revenue; $58.36 billion

While the retailer’s quarter will likely be solid, the better bargain stock is TJX, he said.
Lululemon Athletica

Q3 2022 earnings release at 4:05 p.m. ET; conference call at 4:30 p.m. ET
Projected EPS: $1.96
Projected revenue: $1.81 billion

Cramer said he’s betting Lululemon will beat Wall Street expectations in its latest quarter.
Disclaimer: Cramer’s Charitable Trust owns shares of Costco and TJX.

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Ford topped South Korean automaker Hyundai to achieve the goal, but it remains a distant second to industry leader Tesla.
Tesla has dominated U.S. EV sales, but its market share is decreasing as new electric vehicles enter the market.
Ford reported its EV sales as part of its November results, which were off 7.8% from a year earlier.

Ford F-150 Lightning pickup trucks sit on the production line at the Ford Rouge Electric Vehicle Center on April 26, 2022 in Dearborn, Michigan.
Bill Pugliano | Getty Images

DETROIT – Ford Motor said Friday that it has achieved CEO Jim Farley’s goal of becoming the second best-selling automaker of electric vehicles in the U.S.
The Detroit automaker, citing third-party industry data, narrowly topped Hyundai/Kia to hit the goal. Tesla remains the industry leader by a wide margin, but has been losing market share as more EVs enter the market.

Ford said its share of the electric vehicle segment was 7.4% through November, up from 5.7% a year earlier.
Ford reported sales of 53,752 all-electric vehicles in the U.S. through November. Tesla, which does not break out domestic results, reported global deliveries of more than 908,000 EVs through the third quarter.
Hyundai’s sales do not include the Nexo hydrogen fuel cell vehicle. The company says with that vehicle, it slightly outsold Ford in battery- and fuel cell-powered vehicles of 54,043 units through November.
The sales come after the South Korean automaker lost incentives that gave buyers of its EVs tax credits of up to $7,500 under the Biden administration’s Inflation Reduction Act, which took effect in August. Vehicles such as Ford’s EVs that are produced in North America still qualify for the credit.
Hyundai Motor CEO Jaehoon “Jay” Chang, in an exclusive interview with CNBC, described the loss of incentives as concerning and a “very challenging issue.”

Tesla has long-dominated U.S. EV sales. But with more EVs becoming available, S&P Global Mobility reported its market share of new registered electric vehicles in the U.S. stood at 65% through the third quarter, down from 71% last year and 79% in 2020.
Holding onto the No. 2 spot − a goal Farley previously announced Ford would achieve by 2023 − may prove challenging. General Motors CEO Mary Barra has said the company plans to top Tesla in EV sales by mid-decade, as America’s largest automaker plans to significantly step up EV production in the coming years.
GM does not report monthly sales. Through the third quarter of this year, it reported sales of less than 23,000 EVs.
Ford reported its EV sales as part of its November results, which overall were down 7.8% from a year earlier. The company reported U.S. vehicle sales last month of 146,364 units – its second-worst overall total since June. Its EV sales were up from a year ago, when sales volume was very limited.
Ford, citing retail orders, said demand for its vehicles remains strong. It did not give a reason for the November sales declines, but the company and other automakers continue to battle through supply chain problems.
Sales of Ford’s profitable F-Series pickups were only 55,169 in November – off 8.7% from a year earlier. They are now off 12.8% for the year following reported parts problems with the vehicles.
Sales of all Ford’s vehicles, including its luxury Lincoln brand, totaled less than 1.7 million units through November, a 2.7% decrease from a year earlier.
– CNBC’s Phil LeBeau contributed to this report.
Correction: Hyundai Motor’s total electric vehicle sales were 54,043 units through November, including its fuel-cell vehicle. A previous version of this article misstated that number, citing third-party data.

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