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☆ US energy firm payouts to oil investors top exploration spending for first time
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

The outlook for stronger energy prices has not changed the focus on investor returns from the U.S. industry, according to the report's authors, Ernst & Young LLP. Last year's investor payouts were up substantially - 214% over 2021 and more than sevenfold over 2020 levels, the report said. Money spent on finding and tapping oil and gas also rose, but as a much slower pace. Returns benefited from strong oil and gas pricing and a cost-consciousness that emerged after energy prices collapsed three years ago. Profit per barrel last year hit $32 compared to about $10 in 2014, when energy prices were about the same level as today, EY said.

Persons: Liz Hampton, Ernst, Young, Money, Bruce, EY, Gary McWilliams, David Gregorio Our Organizations: REUTERS, Rights, U.S, Young LLP, DiamondBack Energy, Natural Resources, ConocoPhillips, Thomson Locations: Midland, Odessa, Texas, U.S

☆ Electric cars are breaking sales records, but here’s why they’re not replacing gas cars anytime soon
▼ + stars: | 2023-08-20 | by ( Christopher Hickey | ) edition.cnn.com time to read: +5 min

More shoppers are choosing electric vehicles so far this year than ever, according to vehicle sales data from Cox Automotive. While EV sales have been growing healthily for the past couple of years, that trend has accelerated this year. The electric vehicle market is entering into a transition period, she said. The average electric vehicle price in July was $53,469, according to Kelley Blue Book, versus an average price of $48,334 across all vehicles. But the number of charging stations still lags behind what is needed to support a wider-scale adoption of electric vehicles.

Persons: Cox, That’s, ”, Stephanie Valdez, Streaty, Chevrolet Bolt, Rivian, BEV, “ We’ve, ” Valdez, Price, Kelley, “ Organizations: Cox Automotive, EV, Streaty, CNN, Alliance for Automotive Innovation, Tesla, Volkswagen, Valdez, US Energy, Ford, EV considerers, US Department of Energy, Alliance, Automotive, Quarterly, California Energy Commission, AAI, District of Columbia, California Air Resources Board Locations: Valdez, California

☆ Neymar joins Saudi club Al-Hilal from PSG in two-year deal
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +4 min

Saudi Professional League (SPL) club Al-Hilal announced that Neymar had signed a contract until 2025, with the Brazilian saying, "I am here in Saudi Arabia, I am Hilali" in a video on the team's social media accounts. "I love winning and scoring goals, and I plan to continue doing that in Saudi Arabia and with Al-Hilal." He scored 118 goals in 173 appearances for the Paris club and won numerous trophies, including five Ligue 1 titles. Neymar won the Champions League with Barcelona in 2015 but had to settle for a runners-up medal in the 2020 final, which PSG lost to Bayern Munich. SAUDI TRANSFERSThe most successful club in Saudi Arabia and Asia, Al-Hilal have won 66 trophies and hold the record for number of league and Asian Champions League titles with 18 and four respectively.

Persons: Al Hilal's, Neymar, Fahd bin Saad Al, Al, Nasser Al, Khelaifi, Germain, We've, Pele, Hilal, Cristiano Ronaldo, Nassr, Ittihad, Karim Benzema, Riyad Mahrez, Edouard Mendy, Roberto Firmino, Kylian Mbappe, Lionel Messi, Angelica Medina, Aadi Nair, Anita Kobylinska, Ken Ferris Organizations: Soccer, Al, Saudi Pro League, REUTERS Acquire, Saudi, Paris St Germain, Champions League, L'Equipe, Saudi Professional League, PSG, Paris, Ligue, Barcelona, Bayern Munich, Paris Saint, Confederations, SAUDI, Asian Champions League, Saudi Public Investment Fund, Qatar, French, Real Madrid, UEFA Champions, France, Argentine, Major League Soccer's Inter Miami, Thomson Locations: Al Hilal, Paris, France, Hilal, Brazil, Saudi Arabia, Europe, Al, Barcelona, Asia, Riyadh, Ittihad, Ahli, Portugal, Real

☆ This chart shows how exposed each of our 35 stocks is to China's struggling economy
▼ + stars: | 2023-08-15 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

The chart below is meant to provide a high level view of the revenue exposure each of the 35 companies in our portfolio has to the world's second-largest economy. First, a couple caveats: Our energy exploration and production stocks Coterra Energy (CTRA) and Pioneer Natural Resources (PXD) screen as having zero revenue exposure outside of the United States. Nvidia (NVDA) is another stock where the direct revenue exposure can be misleading. That makes the 60% revenue exposure to the Asia-Pacific region more concerning, even as mainland China realized organic sales growth during the quarter. As a result, total sales, services sales and wearables, home and accessories sales all set June quarter records in Greater China.

Persons: Estee Lauder, WYNN, Estee Lauder We're, wouldn't, Jim Cramer's, Jim Cramer, Jim Organizations: Coterra Energy, Natural Resources, Nvidia, Devices, AMD, Apple, Wynn Resorts, Wynn, Macau, Starbucks, Management, Jim Cramer's Charitable, CNBC, Vcg, Visual China, Getty Locations: China, Asia, Pacific, Taiwan, Macau, United States, U.S, Japan, Greater China, India, Jiangxi Province

☆ What we can learn from Simone Biles’ mental health break
▼ + stars: | 2023-08-09 | by ( Madeline Holcombe | ) edition.cnn.com time to read: +7 min

CNN —A mental health break seems to have done the trick for champion gymnast Simone Biles. Stacy Revere/Getty ImagesCNN: What can we learn from Simone Biles’ mental health break? There are people who, for their mental health, need to learn to build what’s called frustration tolerance skills. What is good for their mental health, what might be most productive, is learning to stay engaged and overcome feelings of discomfort. CNN: How do you know whether you need a mental health break?

Persons: Simone Biles, “, ” Biles, Chloe Carmichael, Biles, Stacy Revere, she’s, Carmichael, we’re, overdoing, you’re, you’ve, It’s, “ I’m, I’m Organizations: CNN, CNBC, Tokyo, Getty Locations: Hoffman Estates , Illinois, Chloe Carmichael , New York City, overdiscipline

☆ Under Biden, US oil production is poised to break Trump-era records
▼ + stars: | 2023-08-09 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

And yet, on his watch, US oil production is poised to shatter all-time records set during the Trump administration. If anything, the outlook for US oil production has brightened recently – in large part because oil prices have rebounded from recession fears and drillers have become more efficient. Climate vs. inflationWhen and if the oil production record falls, don’t expect any fireworks from the White House. Last week, Saudi Arabia vowed to extend its oil production cut for at least another month. It’s also true that domestic oil production -— unlike prices -— has been slow to recover from the Covid-19 crash.

Persons: Joe Biden, Trump, It’s, Biden, ”, Hunter Kornfeind, it’s, Mike Pence, Joe Biden’s, Pence, Barack Obama, “, Matt Smith, ” Biden, That’s, Kornfeind Organizations: New York CNN Business, Rapidan Energy, drillers, US Energy Information Administration, Strategic Petroleum Reserve, EIA, Exxon, Rapidan Energy Group, American Petroleum Institute, Biden, CNN, “ Locations: Saudi Arabia, Texas, Americas, Russia

☆ Strathcona buys rival to go public, create Canada's 5th biggest oil company
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

It did not say when the combined company will start trading. Pipestone Energy has a market capitalization of $756.83 million, according to Refinitiv Eikon data. Pipestone shareholders will receive about 9.05% of the pro forma equity in the amalgamated company, with existing Strathcona shareholders owning the rest. Including debt, the combined company will have a market capitalization of C$11.5 billion. Calgary, Alberta-based Strathcona was formed in 2020 by the merger of two Waterous Energy Fund-backed companies, Strath and Cona.

Persons: Strathcona, Rob Morgan, Juby Babu, Savio D'Souza, Rashmi Organizations: Strathcona Resources, Pipestone Energy Corp, Strathcona, Pipestone Energy, Energy, Thomson Locations: Strathcona, Calgary , Alberta, Bengaluru

☆ Incandescent light bulb ban: What you need to know
▼ + stars: | 2023-08-01 | by ( David Goldman | ) edition.cnn.com time to read: +3 min

New York CNN —America’s ban on incandescent light bulbs, 16 years in the making, is finally a reality. That effectively outlaws the manufacture and sale of common incandescent bulbs, the kind you screw into the vast majority of light sockets in your home. That’s because traditional incandescent bulbs provide just 15 lumens per watt, according to light bulb manufacturer Philips. Not all incandescent light bulbs are banned as part of the new rule, according to the Department of Energy. The ban caps off a decades-long bipartisan effort to ban incandescent bulbs that started in the Bush administration.

Persons: New York CNN —, Trump, Biden, Joe Biden’s, Bush, Donald Trump’s, Obama, Republicans “, CNN’s Ella Nilsen Organizations: New, New York CNN, Joe Biden’s Department of Energy, Philips, Department of Energy, Energy Department, US Energy Information Administration, Republicans Locations: New York

☆ Céline Boutier dominates Evian Championship to become first Frenchwoman to win a major on home soil
▼ + stars: | 2023-07-30 | by ( Jack Bantock | ) edition.cnn.com time to read: +6 min

Evian-les-Bains CNN —Céline Boutier realized a long-held dream for herself and her country on Sunday, cruising to her first major title at the Evian Championship to become the first Frenchwoman to win the tournament. “It honestly has been my biggest dream ever since I started watching golf,” Boutier said during her winner’s interview. Mexico’s Gaby Lopez and Norway’s Celine Borge carded final round 68’s to register their best major finishes in tied-third. The final women’s major of the year, the Women’s Open, tees off at Walton Heath in Surrey, England on August 9. Stuart Franklin/Getty ImagesHomecomingEven as her driver kept landing her in trouble, Boutier continuously rebounded to keep the door firmly closed.

Persons: Bains CNN — Céline Boutier, Brooke Henderson, Catherine Lacoste –, Patricia Meunier, Boutier, ” Boutier, Stuart Franklin, Canada’s Henderson, Mexico’s Gaby Lopez, Norway’s Celine Borge, Lim Kim, Yuka Saso, Hataoka, Rose Zhang, Brooke M, Henderson, France –, soundtracked, Hataoka bogeyed, parring, –, snuffed Organizations: Evian, les, Bains CNN, Evian Championship, Golf Club, US, Chevron, Getty, South, Nasa, Walton Heath, Solheim, Europe, BAINS, Golf, CNN Locations: Evian, –, France, Surrey, England, Andalucia, Spain, EVIAN, FRANCE, Canada, Bains

☆ The FBI surveilled J. Robert Oppenheimer for months on one man's suggestion. During the surveillance, interviewees alleged he was feeding nuclear secrets to the Soviet Union.
▼ + stars: | 2023-07-29 | by ( Sebastian Cahill | ) www.businessinsider.com time to read: +4 min

The FBI watched J. Robert Oppenheimer for months after he helped make the WWII-ending atomic bomb. Reports from the FBI show Oppenheimer was accused of Communism and spreading information to Russia. During the investigation, though, Pitzer said he had new doubts about Oppenheimer's loyalty to the country, due to his initial reservations about the development of the H-bomb. The Atomic Heritage Foundation does consider Oppenheimer likely to have held communist sympathies, but maintains that information in the report was exaggerated. At the end of the inquest, Oppenheimer's top-level security clearances were revoked, a devastating blow to the scientist.

Persons: Robert Oppenheimer, Oppenheimer, J, Christopher Nolan's, Edgar Hoover, Lewis Strauss, Hoover, Strauss, Kenneth Pitzer, Pitzer, Ward Evans, Jean Tatlock, Bernard Peters, Oppenheimer's, Jennifer Granholm, Granholm, AHF Organizations: FBI, Congress, Service, US Atomic Energy, Los Alamos National Laboratory, UC, Loyola University , Chicago, Atomic Energy, German Communist Party, Atomic Heritage Foundation, USA, US, Department of Energy, DOE Locations: Russia, Wall, Silicon, Soviet Union, UC Berkeley's

☆ Wind and solar are propping up the Texas power grid amid a brutally long heat wave
▼ + stars: | 2023-07-28 | by ( Ella Nilsen | ) edition.cnn.com time to read: +4 min

Thank wind and solar, energy experts say. “The thermal plants have bounced up and down,” Lewin told CNN, saying thermal plant outages during heatwaves have been high by Texas grid manager ERCOT’s own standards. The state is also rapidly installing battery storage, to store wind and solar energy when the sun isn’t shining and wind isn’t blowing. “I think what they’re leaving out is the intermittency of the thermal plants, they continue to neglect that,” Lewin said. That’s not to say renewables are a panacea, but the point is thermal plants are also not a panacea.”

Persons: ” Michael Webber, “, Doug Lewin, Webber, ” Lewin, ERCOT’s, Mark Felix, ”, ERCOT, Lewin, that’s Organizations: CNN, Texas, “ Renewables, University of Texas, Energy Information Administration, Renewables, Energy, US Energy Information Administration, Lone Star Locations: Austin, Texas, Hill County , Texas, AFP, Gulf of Mexico

The team is pumping between 4,000 and 5,000 barrels of oil every hour, and has so far transferred more than 120,000 barrels to the replacement vessel carrying the offloaded oil, Gressly said. A potential spill from this vessel would be enough to make it the fifth largest oil spill from a tanker in history, a UN website said. The Red Sea is a vital strategic waterway for global trade. Video Ad Feedback Oil being removed from tanker near Yemen in Red Sea 02:29 - Source: CNNAfter The Safer is emptied, it must then be cleaned to ensure no oil residue is left, Gressly said. The Red Sea fisheries in Yemen could be “almost completely wiped out,” Rehkopf added.

Persons: CNN —, –, Yemen David Gressly, SMIT, Gressly, Bab, ” Gressly, “, ” David Rehkopf, ” Rehkopf, that’s, ”, Ahmed Nagi, ” Nagi, Nagi Organizations: CNN, United, Endeavor, UN, Yemen’s, HSA, FSO, Exxon, US Energy Information Administration, Systems, Stanford University School of Medicine, Stanford University, Group Locations: Yemen, United Nations, Suez, Red, Alaska, Africa, Asia, Persian, Saudi, Stanford University School of Medicine . Yemen, Saudi Arabia, Eritrea, Brussels, Yemeni, Hodeidah

☆ Lightning Round: Walk away from AT&T, says Jim Cramer
▼ + stars: | 2023-07-24 | by ( Jim Cramer | ) 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 EmailLightning Round: Walk away from AT&T, says Jim Cramer'Mad Money' host Jim Cramer weighs in on stocks including: Seres Therapeutics, AT&T, Centrus Energy, Genius Sports, Enovix, Verizon and SLB.

Persons: Jim Cramer Organizations: Seres Therapeutics, Centrus Energy, Genius, Verizon

☆ Cramer's Lightning Round: Walk away from AT&T
▼ + stars: | 2023-07-24 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

Stock Chart Icon Stock chart icon Seres Therapeutics' year-to-date stock performance. Stock Chart Icon Stock chart icon AT&T's year-to-date stock performance. Stock Chart Icon Stock chart icon Centrus Energy's year-to-date stock performance. Stock Chart Icon Stock chart icon Enovix's year-to-date stock performance. Stock Chart Icon Stock chart icon Verizon's year-to-date stock performance.

Persons: it's, Centrus, I've, that's, It's Organizations: Therapeutics, Seres Therapeutics, Centrus, Verizon, Mobile, Schlumberger Locations: Southern, Haliburton, SLB

☆ Sam Altman's vision for the future of currency is here — and it involves scanning your eyeballs through an 'orb'
▼ + stars: | 2023-07-24 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

OpenAI boss Sam Altman has a new toy for the world: an eyeball-scanning "orb." On Monday, Altman launched his new project, Worldcoin, to counter the challenges posed by AI. ChatGPT creator Sam Altman is ready to bring his new creation to the world: a future version of currency that involves scanning your eyeballs through an "orb." The Worldcoin orb has been a particular point of focus online. "Visit the Orb or the Orb will visit you…" he posted.

Persons: Sam Altman, Altman, Worldcoin, Alex Blania, Jack Dorsey, Block Organizations: Twitter

☆ Exxon’s carbon-capture deal is pale shade of green
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

The oil titan’s $4.9 billion all-stock deal for Denbury (DEN.N) unveiled on Thursday provides a financially and strategically judicious way to capture and move carbon dioxide. The $89.75 a share is also lower than where Denbury was trading before Bloomberg reported news of a possible deal in October. Denbury says that 28% of it is “blue oil” that produces negative scope 3 emissions. Showcasing an evolving mindset while helping extract more oil is just the pale green hue that suits Exxon. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Darren Woods, Denbury, Robert Cyran, Jeffrey Goldfarb, Sharon Lam Organizations: YORK, Reuters, Exxon Mobil, Exxon, Denbury, Bloomberg, Twitter, Thomson

☆ Are sports drinks good or bad for you? A medical analyst explains
▼ + stars: | 2023-07-11 | by ( Katia Hetter | ) edition.cnn.com time to read: +10 min

Dr. Leana Wen: It’s important to distinguish between sports drinks and energy drinks. There are also energy drinks that are often, and unfortunately, confused with sports drinks. Those consuming energy drinks instead of sports drinks or water may become dehydrated. This could be because of confusion between sports drinks and energy drinks, so people should be careful to choose the beverage that’s appropriate for their purpose. And really distinguish between sports drinks that replenish electrolytes and fluids versus energy drinks.

Persons: Chuck Schumer, Schumer, Leana Wen, Wen, I’d Organizations: CNN, US Food and Drug Administration, Prime Energy, Red Bulls, George Washington University Milken Institute School of Public Health, Energy, US Centers for Disease Control, American Academy of Pediatrics, The American Academy of Pediatrics, Getty, Endurance

☆ Power shutoffs: Sweltering Americans have fewer protections this summer
▼ + stars: | 2023-07-11 | by ( Tami Luhby | ) edition.cnn.com time to read: +6 min

Despite the growing concern of heat-related illnesses and climate change, people have far fewer protections from power shutoffs during the summer than they do in the winter. The Low Income Home Energy Assistance Program, known as LIHEAP, has about $6 billion in funds for fiscal 2023, which runs through September. The association is calling on Congress to provide an additional $3 billion for cooling assistance this summer, which would help about 6 million households. And it is asking utilities to voluntarily suspend shutoffs this summer for those behind on their bills. Florida Power & Light, for instance, has a longstanding policy that it won’t disconnect customers if it’s 95 degrees or higher.

Persons: David Konisky, ”, Konisky, Mark Wolfe, That’s, Wolfe, it’s, Bianca Soriano, Soriano Organizations: New, New York CNN, National Weather Service, Center for Energy, National Energy Assistance, Association, Energy, Indiana University, Centers for Disease Control, Income, Energy Assistance, Lawmakers, US Energy Information Administration, Louisiana —, Florida, Customers Locations: New York, United States, Washington, DC, Delaware, Nevada, Colorado , Missouri, New Jersey, Texas, Louisiana, Florida

☆ A Centuries-Long Manhunt Stretches Across Mexico and Beyond
▼ + stars: | 2023-07-11 | by ( Randy Boyagoda | ) www.nytimes.com time to read: +2 min

NOT EVEN THE DEAD, by Juan Gómez Bárcena. Translated by Katie Whittemore. His latest book, splendidly translated by Katie Whittemore, only adds to his standing, thanks to its successful blend of ambitious literary dynamism with contemporary social and political commentary. And so, like an anti-Quixote, he sets off on his quest without fanfare, heading north, expecting to be home in a few weeks. Never mind that no one can tell Juan what his quarry really looks like.

Persons: Juan Gómez Bárcena, Katie Whittemore, We’ll, Cormac McCarthy, Juan Gómez Bárcena’s, Roberto Bolaño, Joseph Conrad, —, “, Juan, Juan de Toñanes, Juan the, Quixote Organizations: Spanish Locations: Lima, Spain, Puebla, United States, Spanish, Mexico

☆ Blur Wembley: Britpop veterans raise their game as they emerge as a true stadium band
▼ + stars: | 2023-07-10 | by ( Peter Wilkinson | ) edition.cnn.com time to read: +2 min

Blur quite simply knock it out of Wembley’s capacious park, playing a superbly varied setlist of both hits from their mid-1990s heyday, and more reflective album tracks. Singer Damon Albarn was at times emotional -- a measure of how much the achievement of playing Wembley means to him and the band. The 10 p.m. curfew means a wistful “The Universal” echoes in people’s heads as they make their way home. Blur limit their outings such that fans appreciate them all the more when they do tour. A full Wembley crowd of all ages shows that they’re likely to retain their place in a new generation of hearts – just as Springsteen, McCartney and Elton have done – for years to come.

Persons: Europe’s, Damon Albarn, ” Albarn, Alex James, Graham Coxon, Singer Damon Albarn, Ian West, Albarn, Coxon, James, Dave Rowntree, –, Springsteen, McCartney, Elton Organizations: London CNN, Wembley, “, Blur, Gospel Choir, Gorillaz Locations: Europe

☆ What to know about nuclear power in the US
▼ + stars: | 2023-07-06 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +8 min

Those developments, which might give anyone pause about the future of nuclear power, are counteracted by other headlines. The question of nuclear energy splits governmentsGermany made the decision to decommission all of its nuclear plants after disasters like Chernobyl and Fukushima. Nuclear power in the USAs of 2022, about 18% of US electricity is generated by nuclear power, according to the US Energy Information Administration. First, be very carefulI talked to one nuclear expert who said the US should be slow and methodical about nuclear power and another who argued there are multiple, public misperceptions about nuclear power that should be corrected. The more circumspect voice is Rodney Ewing, a Stanford University professor and expert on nuclear waste who was chairman of a federal review of nuclear waste procedures.

Persons: CNN’s Clare Sebastian, Larry, Joe Biden, Rodney Ewing, ”, I’ve, ” Ewing, “, David Ruzic –, Ruzic, we’ve, ” Ruzic, “ It’s, it’s, Ewing Organizations: CNN, International Atomic Energy Agency, US Energy Information Administration, FirstEnergy Corp, Department of Energy, Stanford University, Bulletin, Atomic Scientists, University of Illinois, Lawmakers Locations: Russia, Ukraine, Europe’s, Japan, Georgia, Germany, Fukushima, France, CNN’s, China, Tennessee, California, Illinois

☆ There's a lot of talk about hydrogen's potential. But transportation costs represent a big challenge
▼ + stars: | 2023-07-04 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +5 min

In the world of business, multinationals from Iberdrola to Siemens Energy are also looking to make plays in green hydrogen. The DOE adds that more research is required to "analyze the trade-offs between the hydrogen production options and the hydrogen delivery options when considered together as a system." "You produce the hydrogen, the green hydrogen, and then you would synthesize it into ammonia with nitrogen," he said. Despite some clearly big obstacles, partnerships and programs related to the supply and distribution of green hydrogen are starting to take shape. Elsewhere, German firm Enertrag says it's been "operating a tanker and transport trailer to deliver large quantities of green hydrogen to customers" since 2021.

Persons: Angel Garcia, Olaf Scholz, Murray Douglas, Wood Mackenzie, Douglas, Wood Mackenzie's Douglas, —, Jorgo Chatzimarkakis, Chatzimarkakis, Enertrag, it's, Cepsa Organizations: Bloomberg, Getty, Siemens Energy, International Energy Agency, CNBC, U.S . Department of Energy, DOE, Octopus Energy, Port Locations: Spain, German, Australia, North Africa, Madrid, Rotterdam, Europe

☆ The credit crunch is getting worse and bankruptcies are on the rise
▼ + stars: | 2023-07-03 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

David Tesher: Before we were forecasting a short and shallow recession, but we no longer think there’s going to be a recession. Hard decisions are being made, and that’s going to feed back into corporate growth prospects. As economic conditions slow, credit is becoming tighter and companies are defaulting at a faster pace than they have. So yes, some corporations are distressed, but this isn’t something affecting the entire market, which is what you’d associate with a broad credit crunch. Big Tech is back with a vengeanceLast year was rough for tech companies: Tech stocks fell more than 30% in 2022, while the overall market dropped 20%.

Persons: Banks, Bell, David Tesher, we’re, We’re, There’s, reevaluation, it’s, Meta, Wedbush’s Daniel Ives, Liz Ann Sonders, Charles Schwab, ”, Megan Horneman, Matt Egan, John LaForge Organizations: CNN Business, Bell, CNN, P, Big Tech, Tech, Apple, Nvidia, Microsoft, Verdence Capital Advisors, Nasdaq, Dow Jones, AAA, That’s, US Energy Information Administration, Wells, Investment Institute

☆ Fourth of July gas prices take almost unprecedented plunge
▼ + stars: | 2023-06-30 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

During the week ending June 26, the average gas price was $3.57 a gallon, according to the US Energy Information Administration. Although pump prices have retreated from last year’s record highs, gas prices were cheaper in the summer of 2021 and certainly in 2020 when Covid-19 shut down large swaths of the economy. Pump prices plunge in Ohio, CaliforniaStill, over the past 12 months, gas prices are down in all 50 states, according to AAA. Washington recently replaced California with the unwanted distinction of having America’s most expensive gas prices. Why gas prices are downThe tumble in gas prices is an undeniable positive for consumers.

Persons: John LaForge, ”, Patrick De Haan, De Haan, “, ” Wells Fargo’s LaForge, LaForge, Wagner, Vladimir Putin’s, GasBuddy’s De Haan Organizations: New, New York CNN, AAA, That’s, US Energy Information Administration, Wells, Investment Institute, Drivers Locations: New York, Covid, Ohio , California, Indiana, Ohio, California, Illinois, Washington, Ukraine, Russia

☆ Fund manager makes bold call that oil prices will double, picks stocks to cash in
▼ + stars: | 2023-06-28 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Bill Smead, chief investment officer at Smead Capital Management, has a bold market call: that oil prices could soar more than 100% in the next few years. The group expects global oil demand to hit 110 million barrels a day in about 20 years , pushing the world's energy demand up by 23%. Others have also taken a bullish stance on oil prices over recent weeks. Nevertheless, it said: "We believe that, at some point in the coming weeks, market fundamentals will drive the oil market. Nuttall likes Cenovus Energy and MEG Energy .

Persons: Bill Smead, Smead, CNBC's, Brent, Eric Nuttall, Nuttall, Warren Buffett, – CNBC's Ying Shan Lee Organizations: Smead Capital Management, OPEC, Ninepoint Partners, Saudi, Rystad Energy, Energy, Fund, Occidental Petroleum, Devon Energy, Cenovus, MEG Energy Locations: United States, Saudi Arabia, Europe

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