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Copper futures hit a record high on Wednesday as demand for the base metal stays strong amid a rush to build data centers and the continued electrification of the global economy. It is integral to manufacturing electric vehicles, power grids and wind turbines, especially as the global economy electrifies. The International Energy Agency is expecting power demand from data centers to more than double to over 1000 terawatt-hours (TWh) in 2026 from 460 TWh in 2022. Copper production growth forecast for 2024 has been cut to 0.5% compared with a 3.7% growth estimated by ICSG last October 2023. Anglo American, a major producer, said it would cut copper output in 2024 and 2025 as it seeks to cut costs.
Persons: ICSG Organizations: Aurubis, Bank of America, International Energy Agency, Study, Quantum Minerals, Citi, London Metals Exchange Locations: Hamburg, Germany
That may have impacted the ship’s operations when it left the port a day later, she said. “Switching breakers is not unusual but may have affected operations the very next day on the accident voyage,” Homendy said. The NTSB report found that the Dali had experienced two blackouts a day earlier while still moored in the port. The NTSB report details the frantic efforts of those on the Dali to stop the ship and warn those on the bridge of potential disaster. “He ran north and made it to the nearest surviving span before the rest of the bridge collapsed,” the report states.
Persons: Dali, Francis Scott Key, Jennifer Homendy, ” Homendy, Homendy, Peter Gautier, William H, Shailen Bhatt, Gautier, Graham, Bhatt, Organizations: CNN, National Transportation Safety, NTSB, Committee, Transportation, Hyundai, Coast Guard, Army Corps of Engineers, Federal, Administration Locations: Port of Baltimore, Homendy, El Salvador, Mexico, Guatemala, Honduras
Now, she told me, blue-collar work is an oasis in the fake-email-job desert, with a newfound social cachet. In a survey conducted in late 2021, 67% of blue-collar workers said they believed the pandemic changed how people viewed their jobs, and 75% of white-collar workers agreed. AdvertisementNow, the economy is adding blue-collar jobs at a rapid clip. There is a tendency — particularly among white-collar workers — to look at blue-collar work through rose-colored glasses, to romanticize the hard work and skills it requires. The labor market hasn't completely reversed course; blue-collar jobs may be booming, but a bachelor's degree is still often a prerequisite for roles with high pay and numerous benefits.
Persons: Alyssa DeOliveira, didn't, DeOliveira, Chris Collins, Collins, Steven Kurutz, influencers, Eames, Bernie Sanders, Elise Gould, she's, it's, moratoriums —, Gould, Frankie Giambrone, Giambrone, Biden, Lael Brainard, Scott Gove, Michael Kaye, Gove, there's, he's, Sam Pillar, Jeff Goldalian Organizations: Walmart, UPS, Business, The New York Times, Economic, Bureau of Labor Statistics, National Economic Council, Teamsters Union, United Auto Workers, Teamsters Locations: Boston, Tennessee, New York City
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. The Club stock is trading around $328 per share Tuesday, so it's hardly been a steep pullback thus far. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a 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.
Persons: Jim Cramer, Tuesday's, Jerome Powell, James Saccaro, Stanley Black, Decker, Jim Cramer's, Don Allan, Jim, Eaton, We'll Organizations: CNBC, Bank of, GE Healthcare, Eaton Corp, Nvidia, Costco, Walmart, Target, Amazon, Jim Cramer's Charitable Locations: Amsterdam, U.S, China, Europe, America
Investigators recounted the crew’s desperate efforts to restore electrical power and halt the ship’s drift toward the bridge. They described how one of eight maintenance workers still on the bridge that night managed to sprint to safety moments before the bridge collapsed. The 985-foot-long vessel departed the Port of Baltimore around 1 a.m. on March 26 and traveled along a heavily used shipping channel that would take it under the Francis Scott Key Bridge. But as it approached the bridge, the power went out on the vessel and alarms blared. Transportation officials have been re-examining structural protection systems on bridges, which in some cases are missing or flawed, that are supposed to deflect wayward ships away from bridge piers.
Persons: Francis Scott Key Organizations: Investigators, Transportation Locations: Port of Baltimore
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. tariffs on China: How significant they are depends on 'a lot of layers,' China Beige Book saysLeland Miller, CEO of the research firm, discusses U.S. President Joe Biden's plan to quadruple tariffs on Chinese electric vehicles and says, "you can have 100% tariffs on electrical vehicles, but there's also zero Chinese electrical vehicles coming into the United States right now."
Persons: Leland Miller, Joe Biden's, there's Locations: China, United States
Federal officials will provide up to $120 million in grants to Polar Semiconductor to help the company expand its chip manufacturing facility in Minnesota, the Biden administration announced on Monday, the latest in a string of awards meant to strengthen the U.S. supply of semiconductors. Commerce Department officials said the grant would help Polar upgrade technology and double production capacity at its facility in Bloomington, Minn., within two years. The company produces chips that are critical for cars, defense systems and electrical grids, federal officials said. “We are making taxpayer dollars go as far as possible while crowding in private and state investment to create jobs, secure our supply chains and bolster manufacturing in Minnesota,” said Laurie Locascio, the under secretary of commerce for standards and technology. The law gave the Commerce Department $39 billion to distribute to companies to incentivize the construction and expansion of new plants in the United States.
Persons: Biden, , Laurie Locascio Organizations: Polar Semiconductor, Commerce, Commerce Department Locations: Minnesota, Bloomington, Minn, United States
Read previewThis as-told-to essay is based on a conversation with Lexis Czumak-Abreu, a 27-year-old electrician in New York state. But now I work as an electrician. I did an apprenticeship with an electrician company in 2015 and kept up electrician jobs on the side when I needed money for my family. I became a full-time electrician instead of continuing in medicineI could no longer work as a personal trainer under the COVID-19 restrictions. I'm happy where I am and excited to move into working with even higher voltage in the future.
Persons: , Lexis, Abreu, I'm, I've, haven't Organizations: Service, Business Locations: New York
Teddy was the youngest person in the country to get a brain implant to help. Teddy didn't smile at us or reach for objects, but at first, his doctors weren't concerned that he wasn't meeting milestones. Teddy has seen a reduction in his seizures since receiving the brain implant. Courtesy Children's NebraskaI knew if we didn't do something, I worried Teddy would dieI knew the doctor was right. Yet the treatment we were considering, a brain implant called responsive neurostimulation (RNS), was only approved for adults.
Persons: Liz Bronson's, Teddy, Lennox, Gastaut, , Liz Bronson, Teddy didn't, weren't, Doctors, I'd, they're, he's, It's Organizations: Service, Children's Nebraska Locations: Children's Nebraska, Omaha, Nebraska, Children's, Los Angeles
The PEG ratio, as referenced in the question, takes the price-to-earnings ratio and divides it by a company's projected long-term earnings growth rate. As a general rule, a PEG ratio of 1 or lower indicates you're getting future growth at a good value. That's what the PEG ratio attempts to capture. Keep in mind that we also collect a dividend to compensate us for any lack of earnings growth. These factors outweigh the PEG ratio in our view and are our primary focus right now when it comes to valuing Abbott.
Persons: Jim Cramer, Marcia, Abbott, It's, that's, Eaton, That's, Jim Organizations: Abbott Labs, NEC, Abbott, CNBC Locations: Eaton, Washington, Cramer's
Inside Tesla's chaotic month of brutal layoffs
  + stars: | 2024-05-11 | by ( Grace Kay | ) www.businessinsider.com   time to read: +6 min
Several executives at the company have departed and Tesla workers say morale is flagging. AdvertisementTesla faces headwindsAhead of the layoffs, Tesla's delivery numbers slumped, falling below Wall Street's estimates. AdvertisementMore on the EV slowdown:The cuts commenceBefore Musk notified staff of the mass layoff, workers had been wary of impending cuts. Tesla workers hadn't seen such a deep cut since 2022 when Tesla slashed 10% of its salaried staff. In the weeks that followed, Musk cut Tesla's US advertising team and reportedly chose to slash Tesla's entire Supercharging team, as well as its vehicle programs and new product introduction team.
Persons: , Elon, Musk, Tesla, Elon Musk, Omar Marques, they'd, Tesla's, he'd, Justin Sullivan, Tom Zhu Organizations: Service, Business, Tesla, Musk, Bloomberg, Getty Locations: Tesla, Berlin, China —, Fremont, California, China
Business: Sensata Technologies is an industrial technology company that develops, manufactures and sells sensors, electrical protection components and other products. Activist Commentary: Elliott is a very successful and astute activist investor. Elliott often watches companies for many years before investing and has an extensive stable of impressive board candidates. At the same time, Sensata also noted that Elliott settled for a board seat for Phillip Eyler (president and CEO of Gentherm), effective on July 1. As Sensata sensors are used in both combustion and electric vehicles, the current trend to hybrid gives the company a sort of 2-for-1 demand for its products.
Persons: Elliott, Jeff Cote, Martha Sullivan, Sensata, Phillip Eyler, Russell, Sullivan, Eyler, Ken Squire Organizations: Sensata Technologies, Xirgo Technologies, SmartWitness Holdings, 13D Locations: COOs, Cote, Sensata
Night skies in many parts of the Northern Hemisphere are expected to bloom again on Saturday night with the vivid colors of the northern lights, or aurora borealis, as a powerful geomagnetic storm caused by a hyperactive sun persists through the weekend. The National Oceanic and Atmospheric Administration, which monitors space weather, said in an update on Saturday that it continued to observe solar activity that could lead to periods of “severe-extreme” geomagnetic storms. Major power utilities had largely prepared their electrical grids for the solar storm, and their customers were unaffected. For most people, the solar storm was a gift: It caused ribbons of pink, purple and green light across night skies of much of the United States, Canada and Europe. Where evening skies are clear on Saturday, the lights can be expected again.
Organizations: Northern, Atmospheric Administration Locations: United States, Canada, Europe
When the energized particles from coronal mass ejections reach Earth’s magnetic field, they interact with gases in the atmosphere to create different colored light in the sky. The Space Weather Prediction Center tracked multiple strong flares emitting from a large cluster of sunspots on the solar surface since Wednesday. Alex Kormann/Star Tribune/Getty ImagesThe effects of geomagnetic stormsWhen directed at Earth, these ejections can cause geomagnetic storms, or major disturbances of Earth’s magnetic field. So far, researchers have obseverd only three severe geomagnetic storms during the current solar cycle, which began in December 2019, according to the center. The storms also affect flight patterns of commercial airlines, which are instructed to stay away from Earth’s poles during geomagnetic storms due to loss of communication or navigation capabilities.
Persons: Wolf, Alex Kormann Organizations: CNN, National Oceanic, Prediction, National Weather Service, Star Tribune, Getty Locations: Alabama, Northern California, New Mexico , Missouri, North Carolina, California, United States, England, United Kingdom, Cloquet, Minnesota, Sweden, South Africa, Quebec
At least one Doomsday plane is on alert 24/7 at a US military base somewhere in the world, the Air Force says. On Friday, a spokesperson for the Colorado-based Sierra Nevada confirmed the purchase of the Korean Air jets but would not give any further details. A Korean Air Boeing 747-800 landing at Rome Fiumicino airport. Earlier this week, Korean Air announced the $675 million sale of five of its aircraft to Sierra Nevada. Korean Air had nine 747-800 passenger jets in its fleet as of October 2023, according to its website.
Persons: Fabrizio Gandolfo, Yoonjung Seo Organizations: South Korea CNN, Boeing, South Korean, Korean, Sierra Nevada Corporation, US Air Force’s, Pentagon, Joint Chiefs, Air Force, US Department of Homeland Security, Korean Air, Korean Air Boeing, Sierra Nevada, Airborne Operations Center, Defense, Dayton International Airport Locations: Seoul, South Korea, Asia, United States, Colorado, Sierra Nevada, Rome Fiumicino, Ohio, Dayton
Read previewFor the first time in nearly 20 years, the National Oceanic and Atmospheric Administration has forecasted a "severe" G4 geomagnetic storm to hit this Friday, dazzling states across the northern US with aurora. G4 storms are the second-strongest type of geomagnetic storm. "If geomagnetic storms were hurricanes, 'severe' would be category 4," according to SpaceWeather.com. Solar storms happen when the sun shoots powerful explosions of highly-energized and magnetic plasma called coronal mass ejections toward Earth. Also, a severe storm might disrupt GPS, so it's best to have a written record and directions to important locations, like hospitals.
Persons: , Matt Owens, Owens, George Lepp, Alex Young, NASA Goddard's, it's, Young Organizations: Service, National Oceanic, Atmospheric Administration, Business, University of Reading, NASA, NOAA, Northern, NASA Goddard's Heliophysics Locations: Sweden, South Africa, Michigan, New York, Pennsylvania
NOAA’s severe space weather watch suggests the storm could trigger numerous effects for life on Earth, possibly affecting the power grid as well as satellite and high frequency radio communications. Moreover, the changes to the ionosphere can block or degrade radio transmissions trying to pass through the atmosphere to reach satellites. And they can also prevent radio transmissions from successfully bouncing off the ionosphere — which some radio operators normally do to increase the range of their signals. The Cybersecurity and Infrastructure Security Agency outlined a similar report in a 2021 presentation on space weather, finding that line-of-sight radio transmissions are generally not affected by space weather except in specific situations. The largest known geomagnetic storm in history, known as the Carrington Event of 1859, caused telegraph stations to spark and catch fire.
Persons: Washington CNN — Buckle, “ SWPC, Ashley Strickland Organizations: Washington CNN, Oceanic, Atmospheric Administration, Communications, NOAA, Prediction, Federal Emergency Management Agency, Infrastructure Security Agency Locations: Xinjiang Uygur Autonomous Region, China, Quebec, Canada, Sweden, South Africa
New York CNN —The first test subject for Neuralink, Elon Musk’s brain chip implant startup, has developed a problem just a few weeks after it was inserted. But the company said it was able to make the implant more sensitive to increase its performance even further. About a month after the operation, Musk said Arbaugh could control a computer mouse with his brain after having the chip implanted. Like existing brain-machine interfaces, the company’s implant would collect electrical signals sent out by the brain and interpret them as actions. Before Neuralink’s brain implants hit the broader market, they’ll need broader regulatory approval.
Persons: Elon, Noland, ” Neuralink, Musk, Stephen Hawking, ” Musk, Neuralink, – CNN’s Clare Duffy Organizations: New, New York CNN, Neuralink, Consumers, Drug, Wall Street Locations: New York
Steve Albini, a rock musician and revered audio engineer who played a singular role in the development of the sound of alternative rock music in the 1980s, the ’90s and beyond — recording acclaimed albums by Nirvana, PJ Harvey, Pixies and hundreds of others — while becoming an outspoken critic of the music industry, died on Tuesday at his home in Chicago. The cause was a heart attack, according to Taylor Hales of Electrical Audio, the studio in Chicago that Mr. Albini founded in 1997. With a sharp vision for how a band should be recorded, and an even sharper tongue for anything he deemed mediocre or compromised, Mr. Albini was one of rock’s most acerbic wits. In the 1990s, when his work as a recording engineer — he scoffed at being called a “producer” — was in highest demand, however, Mr. Albini made no apology for accepting big checks for recording major-label bands. But those bands did so at their own risk; in those days Mr. Albini was also known for ridiculing the bands he recorded after the fact.
Persons: Steve Albini, Nirvana, PJ Harvey, Taylor Hales, Albini, , ” — Locations: Chicago
Volkswagen Group CEO Pablo Di Si: EV segment is slowing down
  + stars: | 2024-05-06 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVolkswagen Group CEO Pablo Di Si: EV segment is slowing downPablo Di Si, Volkswagen Group CEO, joins CNBC’s ‘Power Lunch’ to discuss electrical vehicles sales in the US and Europe, consumer infrastructure, renewable energy, and more.
Persons: Pablo Di Si Organizations: Volkswagen, Volkswagen Group Locations: Europe
Elon Musk is tightening his grip on Tesla
  + stars: | 2024-05-06 | by ( Geoff Weiss | ) www.businessinsider.com   time to read: +2 min
Top Tesla exec Tom Zhu has been redeployed to China, Electrek reports. Several other top execs have left Elon Musk's company. Musk is consolidating power at Tesla as a vote over his $47 billion pay package looms. AdvertisementOne of Tesla's top executives has been reassigned to China in another sign that Elon Musk is tightening his grip on the electric carmaker. Prior to the move, Zhu had assumed more responsibilities at Tesla as Musk was increasingly occupied by X, according to Electrek.
Persons: Tom Zhu, , Elon, Elon Musk —, Zhu, Musk, Zhu —, Tesla, Drew Baglino, Rohan Patel, That's Organizations: Elon Musk's, Service, China, X, Reuters, North, Business, Street Locations: China, Shanghai, Delaware
The company sent out another round of layoff notices on Sunday night, according to impacted workers who posted about the cuts on social media. The latest round of cuts mean that employees at the company are entering their fourth straight week of layoff notices. At least seven Tesla workers took to LinkedIn to say they'd received layoff notices on Sunday. "After watching my team gradually slimmed down week after week since mid-April, I received the dreaded 'Hello Employee' email this Sunday afternoon," one Tesla worker wrote on LinkedIn. Another worker shared a screenshot of her layoff email on LinkedIn that showed her last day of work would be May 5.
Persons: , Elon Musk, they'd, Tesla, Elon, Musk, Tesla's, Drew Baglino, Rohan Patel, Patel, TechCrunch he'd Organizations: Service, LinkedIn, Business, Workers, BI, TechCrunch Locations: California, Texas
According to an April 28 report from Goldman Sachs, the demand for power from AI data centers is expected to increase by 160% between 2023 and 2030. The report states that the rate of demand growth expected in the next five years has not been witnessed since the beginning of the century. AdvertisementFluence Energy (FLNC) provides clean energy storage that can serve as a power supply backup source if data centers experience outages. NextEra Energy (NEE) is a US energy company already providing power to data centers and demand from its electricity supply is expected to grow. nVent Electric (NVT) is an electrical parts supplier that provides liquid cooling, enclosures, power distribution, and cable management for data centers.
Persons: , Goldman Sachs, Goldman, it's, Kinder Morgan Organizations: Service, Real, Business, Microsoft, Fluence, Google, GE, NextEra Energy, Co, Georgia Power, Xcel Energy, Cameco Corporation, EQT Corp, Caterpillar, Eaton Corporation, MYR Locations: US, Canadian
Invigorating growth is critical: When the economy expands, it improves standards of living, promotes innovation and makes households wealthier. Economic growth in Spain and France was stronger than expected last year. But the US is outperforming mainly for one key reason: Robust productivity growth. Productivity growth came in well below expectations in the first three months of the year, according to Labor Department data released last week. A “course correction” isn’t an even stronger US economy: Economic policymakers around the world need to address a range of key issues.
Persons: ” Kristalina Georgieva, ” Georgieva, ” Stephen Gallagher, Gallagher, , , Hande Atay Alam, Recep Tayyip Erdogan, Israel Katz, John Williams, Neel Kashkari, Lisa Cook, Krispy Kreme, John’s, Austan Goolsbee Organizations: Washington CNN, Monetary, IMF, European Central Bank, Labor Department, Societe Generale, CNN, Reuters, Palantir Technologies, Tyson Foods, Marriott Worldwide, New York Fed, Disney, UBS, Duke Energy, Suncor, Bros, Minneapolis, Toyota, Uber, Anheuser, Busch InBev, Airbnb, Fox Corporation, News Corporation, Duolingo, Icahn Enterprises, New York Times Company, AMC Entertainment, Honda, Warner Bros Discovery, Warner Music Group, Hyatt, Hilton, Bank of England, US Labor Department, United Kingdom’s, National Statistics, University of Michigan, . Chicago Fed, China’s National Bureau of Statistics Locations: Europe, China, United States, Spain, France, Russia, Ukraine, Turkey, Israel, Gaza, Olesya, “ Turkey, Lyft, TripAdvisor
The industrial-focused names in the Club's portfolio wrapped up a pretty solid earnings season last week, but their stocks were largely not rewarded. AI spending First, a surge in AI investments was welcomed news for Eaton, DuPont and Linde. "Everything was about as perfect as you can get this quarter," Jim Cramer said after the print. LIN YTD mountain Linde (LIN) year-to-date performance Linde posted mixed a quarterly Thursday — an earnings beat but a revenue miss. Destocking Destocking, or whittling down excess inventory, was important at Stanley Black & Decker, DuPont, and Honeywell.
Persons: toolmaker Stanley Black, Linde, DuPont, Eaton, Craig Arnold, Jim Cramer, Ed Breen, Jim, Sanjiv Lamba, Stanley Black, Decker, Wall, SWK, destocking, Vimal Kapur, Kapur, Lamba, Matthew White, Price, we're, Jim Cramer's Organizations: Honeywell, Eaton, DuPont, Linde, Electrical, workloads, Club, de Nemours, Management, LIN, The, Stanley, Supply, Technologies, CNBC, Power Locations: Eaton, U.S, Pleasanton , California
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