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☆ An $18 million Ferrari leads record classic-car auction at Amelia Island. See all 10 top sellers
▼ + stars: | 2023-03-08 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

Wealthy car collectors spent a record amount at the classic-car auctions at Amelia Island over the weekend, suggesting the market remains strong despite recession fears and falling stocks. Total sales at the Amelia Island auction reached $178.4 million — a record for the event, topping the 2016 record of $140 million, according to classic-car insurance and events company Hagerty. Over 390 cars sold, at an average price of $455,293, up from $435,939. The most expensive car sold at Amelia Island was a 1962 Ferrari 250 GT SWB California Spider, sold at Gooding & Company for $18 million — setting a record for a car sold at the Amelia Island auctions. Here are the top 10 cars sold by value at the Amelia Island auctions, according to Hagerty.

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☆ I've tested 19 electric cars. There are 4 huge reasons you should consider buying one.
▼ + stars: | 2023-03-01 | by ( Tim Levin | ) www.businessinsider.com time to read: +4 min

I've driven electric cars from Tesla, Audi, Porsche, Hyundai, Kia, Volkswagen, Rivian, and more. EVs are quick, fun, and quietThe 2022 Kia EV6 GT-Line. Tim Levin/InsiderAlmost all EVs, from budget Chevys to sporty Audis, have more pep in their step than comparable gas cars. The 2022 Kia EV6. Tim Levin/InsiderSince electric cars lack bulky components like an engine and transmission, automakers enjoy lots of flexibility to add extra interior room for people and stuff.

☆ Buy this little-known biotech stock set to rally nearly 60% as use of gene therapy grows, Goldman Sachs says
▼ + stars: | 2023-02-28 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Shares of Krystal Biotech can rally nearly 60% as use of its gene therapy to treat cases of herpes simplex virus mount, Goldman Sachs said. Given the promising outlook for the treatment, Kumar raised Goldman's peak global unadjusted sales expectations to $1.2 billion from $1.5 billion. He also expects a rapid launch of the therapy, anticipating 25% and 48% peak penetration in 2024 and 2025. Along with the upgrade, Kumar upped the Wall Street firm's price target to $124 from $79, suggesting that shares could potentially rally about 59%. KRYS YTD mountain Krystal Biotech shares so far this year — CNBC's Michael Bloom contributed reporting

☆ Bentley to end production of ultra-performance 12-cylinder engine as it transitions to EVs
▼ + stars: | 2023-02-21 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

A staff member checks a Bentayga SUV on the Bentley production line at their factory in Crewe, Britain, December 7, 2022. Bentley Motors plans to end production of its 12-cylinder engine next April as the famed luxury carmaker transitions to electric vehicles. Bentley said the upgraded engine will only be used in 18 Bentley Baturs — handcrafted two-seat performance cars that start at about $2 million. Production of the W12 engine will be replaced with expanded assembly of V8 and V6 hybrid engines, according to the company. Bentley says it has produced more than 100,000 of the W12 engines since the assembly began in 2003.

☆ Driving electric SUVs from Tesla, Kia, and Hyundai showed me why the Korean brands are gaining on Elon Musk
▼ + stars: | 2023-02-18 | by ( Tim Levin | ) www.businessinsider.com time to read: +4 min

The Kia EV6 and Hyundai Ioniq 5 are some of the trendiest new electric vehicles challenging Tesla. The trendy Korean SUVs are stylish, fun, and technologically advanced — and are making trouble for Tesla's Model Y. The 2022 Hyundai Ioniq 5. The 2022 Kia EV6. The Tesla Model Y. Tim Levin/InsiderPlus, they drive greatThe Model Y accelerates like nobody's business and takes turns like a sports car.

☆ Kia's new electric SUV is the stylish, super-quick competitor of Elon Musk's nightmares — but it has one big downside
▼ + stars: | 2023-02-16 | by ( Tim Levin | ) www.businessinsider.com time to read: +4 min

The 2023 EV6 GT Kia lent me came out to roughly $63,000, including a destination fee. The 2023 Kia EV6 GT. The 2023 Kia EV6 GT. The 2023 Kia EV6 GT. Our impressionsThe 2023 Kia EV6 GT is a unique, adrenaline-inducing ball of energy that makes you feel outrageously cool while behind the wheel.

☆ Kanye West's ex-lawyers finally found him after months of trying to tell him they quit
▼ + stars: | 2023-02-06 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +4 min

Lawyers who represented Ye — aka Kanye West — finally found him after months of trying. After months of searching, attorneys at Greenberg Traurig LLP, the firm that represented West for everything from contract disputes to employment lawsuits, tracked Ye down and told him they quit. He was found at a location "primarily used by persons and entities not affiliated with Ye or his businesses," according to lawyers for Greenberg Traurig. He stopped responding to texts from Greenberg Traurig, the lawyers wrote in a series of court filings, asking for repeated extensions for the deadline to track him down. While the service may mark the end for Greenberg Traurig, it's only the beginning for Ye, whose legal risks couldn't get much higher.

☆ Did investors learn nothing from last year’s market meltdown?
▼ + stars: | 2023-02-05 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +6 min

Shares of movie theater chain AMC (AMC) have soared nearly 65% so far in 2023, and AMC (AMC)’s companion preferred stock (which trades under the ticker APE as a nod to the nickname AMC (AMC) fans have given themselves on social media) has more than doubled. So did investors learn nothing from last year’s market meltdown? I don’t agree with this market rally in meme stocks,” said Erik Ristuben, chief investment strategist with Russell Investments. Another strategist agrees this recent rally for meme stocks and other speculative bets may not end well. If they’re upbeat about spending, that could keep the rally in consumer stocks going.

☆ Confessions of 20-somethings who live at home and splash out on cars, designer handbags, and nightclubs instead
▼ + stars: | 2023-02-04 | by ( Dan Latu | Kelsey Neubauer | ) www.businessinsider.com time to read: +9 min

They're also spending the money they would have spent on rent on pricey goods and travel. Courtesy of Julia MachajProfession: EngineerIf she weren't living with her parents she'd live in: Stamford, Connecticut, where the rent starts at $1,875, according to Rent.com. Courtesy of Jonathan BranchProfession: AccountantIf he wasn't living with his parents he'd live in: Arlington, Virginia, where rent starts at $1,999, according to Rent.com. He's spent money on: $700 Sony camera and $800 lensesJonathan Branch recently turned 30, but spent his twenties living at home in Fairfax, Virginia. Courtesy of Gabby BeckfordProfession: Travel influencerIf she weren't living with her parents she'd live in: Seattle, Washington, where rent starts at $1,560, according to Rent.com.

☆ A flurry of earnings reports, Fed rate hike, signs of a bull market
▼ + stars: | 2023-02-04 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Earnings season continues next week, with Club holdings Linde (LIN), Emerson Electric (EMR) and Walt Disney (DIS) all set to report. Similarly, shares of Meta Platforms (META) have surged over 20% since CEO Mark Zuckerberg reassured investors Wednesday evening that 2023 would be the technology giant's "year of efficiency." The bull case is further supported by continued signs inflation is easing, a still-robust job market and the breadth of market-buying activity since the start of the year. Lastly on Wednesday, the Fed's Federal Open Market Committee raised the federal funds rate by 25 basis points, in line with expectations. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Ford CEO Jim Farley's frustration builds as he vows to transform the automaker
▼ + stars: | 2023-02-03 | by ( Phil Lebeau | ) www.cnbc.com time to read: +4 min

In this article F Follow your favorite stocks CREATE FREE ACCOUNTwatch nowFord CEO Jim Farley is frustrated. In short, Farley wants Ford to become a far more efficient company, and he needs it to happen quickly. Ford workers produce the electric F-150 Lightning pickup on Dec. 13, 2022, at the automaker's Ford Rouge Electric Vehicle Center. Farley said the answer is not simply cutting jobs, which has historically been the way automakers have cut costs. Will this new push to cut costs hurt Ford's growth in production and sales of electric vehicles?

☆ Ford and General Motors enter a new phase of uncertainty on prices and demand
▼ + stars: | 2023-01-30 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

At least, General Motors and Ford Motor likely will be doing that this week as they report fourth-quarter results and 2023 guidance, with Wall Street watching for signs of weakening consumer demand and a tougher pricing landscape. Either issue would mean lower profits this year for the automakers, which are expected to report relatively solid fourth-quarter results over subdued year-ago earnings. Automakers have reported record results in recent years amid the tight supply of new vehicles and resilient consumer demand. Ford on Monday cut the starting prices on its electric Mustang Mach-E, weeks after EV industry leader Tesla slashed its own prices. GM is scheduled to report its results Tuesday before markets open, followed by Ford after the bell Thursday.

☆ Ford boosts production of Mach-E and drops prices to compete with Tesla
▼ + stars: | 2023-01-30 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —Ford is boosting production of its popular Mustang Mach-E electric SUV and dropping its sticker price weeks after Tesla dropped prices of its vehicles. it has since been joined in the electric Ford lineup by the workhorse Ford F-150 Lightning. Tesla announced price cuts of as much as 20% on its electric vehicles earlier this month, after raising prices in 2022. Ford announced last summer that it was increasing production of the Mach-E as it added capacity for more battery production. Customers who complete the transaction for their Mach-E after today’s announcement will pay the new lower price, Ford said.

[1/4] Ford Mustang Mach-E GT is seen during the Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. The move comes as electric vehicle manufacturers are feeling pressure from Tesla's price cut to respond. "Ford just cut Mustang EV prices in response to Tesla’s price cut. "Tesla’s price cut was a major blow to the prospects of competing EV models and the Mustang Mach-E directly competes with Tesla’s Model Y," said Garrett Nelson, an analyst at CFRA Research. Ford said existing Mustang Mach-E customers awaiting delivery of vehicles will automatically receive the price cut.

☆ Ford’s EV price cuts could pressure profitability, a headwind the automaker needs to address
▼ + stars: | 2023-01-30 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

Ford Motor (F) confirmed Monday what Jim Cramer has been speculating for weeks: Price cuts on its electric vehicles following similar moves by Tesla (TSLA). Depending on the models, Ford's price reduction "hurts our decision to own Ford," Jim said Monday after the automaker said the move will make some Mach-E trims unprofitable. Last year, Ford announced a split of its EV and internal combustion engine units into separate businesses — called Ford Model e and Ford Blue, respectively — aiming to increase efficiencies unique to each and maximize profits. F 1Y mountain Ford (F) 1 year performance The Club's take With investors concerned about margin pressure due to the price cuts, we'll be looking for messaging on Ford's next steps to address the problem. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Ford hits back at Tesla's price cuts by lopping nearly $6,000 off the Mustang Mach-E
▼ + stars: | 2023-01-30 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

The price reductions for the Mustang Mach-E vary by trim level and performance package. At the highest end, the Mach-E GT with extended range now goes for $63,995, a $5,900 reduction from the previous price. Elon Musk's long-term play on the price cuts, which Deutsche Bank estimates could cost the company $7 billion in profits this year, could protect its customer base amid rising competition and increase its market share. Gjaja would not say how the price cuts impact Mach-E's profitability, only saying it would vary by trim level. Ford CEO Jim Farley has publicly set his sights on Tesla, vowing last spring to unseat Musk's car company as the top seller of electric vehicles.

☆ Why Auto Marketing Looks Poised for Growth in 2023
▼ + stars: | 2023-01-27 | by ( Megan Graham | ) www.wsj.com time to read: +5 min

A year like that might typically drive auto marketing off a cliff. “We haven’t taken our foot off the accelerator, because we do see the transformation of EVs occurring,” Mr. Wager said. “You don’t put a vehicle in the Super Bowl to sell 20,000 vehicles—that doesn’t make any sense,” Mr. Wager said. “You wouldn’t put it on television normally, unless you’re creating the halo of the electrification of the brand,” Mr. Wager said. Kia will be at the Super Bowl again this year, this time advertising its Telluride SUV.

Companies Goodyear Tire & Rubber Co FollowJan 25 (Reuters) - The U.S. Justice Department is investigating Goodyear Tire & Rubber Co (GT.O) for its handling of a recalled tire that has been linked to eight deaths and dozens of injuries, the Wall Street Journal reported, citing people with knowledge of the matter and documents reviewed by the newspaper. "We cooperated fully with the National Highway Traffic Safety Administration's (NHTSA) review of the G159 275/70R22.5 tire, which concluded in June, 2022," the company said in an emailed statement to Reuters. In June last year, Goodyear said it would recall 173,000 G159 tires used on recreational vehicles because of the potential of catastrophic tread separations. However, the company said in October that it did not believe its tires were defective. Reporting by Aishwarya Nair in Bengaluru, additional reporting by Priyamvada C; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ I drove electric SUVs from Kia, Hyundai, and Tesla — and I see why the Korean brands are gaining on Elon Musk
▼ + stars: | 2023-01-18 | by ( Tim Levin | ) www.businessinsider.com time to read: +4 min

☆ Call us back, Ye! Kanye West changed his number and now lawyers say they can't get in touch with him.
▼ + stars: | 2023-01-17 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +4 min

Lawyers who repped Ye aka Kanye West still can't reach him, they said in court filings. The rapper, who goes by Ye, changed the phone number he used to communicate with his lawyers. In Friday's filing, the lawyers say that Ye changed his phone number. The lawyers at Greenberg Traurig aren't the only ones having trouble getting in touch with Ye. In the Friday filing, the lawyers at Greenberg Traurig said they have spoken to the lawyers for Thomas St. John about their shared predicament.

☆ Why some cars from the 1990s are soaring in value
▼ + stars: | 2023-01-16 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +8 min

CNN —Not that long ago, cars from the 1990s were just used cars. In addition to insuring collectible cars, Hagerty also owns the auction company Broad Arrow. Values for 1990s-era collectible cars have risen by an average of 78% over the past three years, “which is huge,” Rabold said. Cars from the ’90s have at least some modern comfort and safety features, and even relatively inexpensive cars can have respectable power and performance. We’re talking about “collectible” cars.

☆ Singapore 2022 bunker fuel sales dip 4.3% y/y to 47.9 mln tonnes
▼ + stars: | 2023-01-13 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +2 min

SINGAPORE, Jan 13 (Reuters) - Sales of marine fuel in Singapore, including sales of liquefied natural gas and biofuels, fell 4.3% year-on-year to 47.9 million tonnes in 2022, official data showed on Friday. Bunkering sales of low-sulphur fuel oils (LSFO) were down 8.3% from the previous year to 30.1 million tonnes in 2022, Reuters calculations based on data from the Maritime and Port Authority of Singapore (MPA) showed. Total high-sulphur fuel oil (HSFO) sales for bunkering were up 6.2% from the previous year to 13.7 million tonnes in 2022, while sales of marine gasoils (MGO) dipped 6.2% to 3.8 million tonnes in 2022. Bunker sales of biofuel blends reached 140,000 tonnes with more than 90 biofuel bunkering operations completed in Singapore, surpassing bunker sales of liquefied natural gas (LNG) which totalled 16,000 tonnes, the MPA said. A total of 577.7 million tonnes of cargo was handled in 2022, with vessel arrival tonnage hitting 2.83 billion gross tonnage (GT).

☆ I've driven 19 electric cars. Here are 4 reasons you should consider buying one (that have nothing to do with the environment).
▼ + stars: | 2023-01-10 | by ( Tim Levin | ) www.businessinsider.com time to read: +4 min

☆ Stocks making the biggest moves midday: Bed Bath & Beyond, Coinbase, Virgin Orbit and more
▼ + stars: | 2023-01-10 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Discovery — Shares of the media company jumped more than 6% after Bank of America added the stock to the "US1" list. Coinbase — Shares jumped almost 6% after the cryptocurrency exchange shared plans to trim its workforce by 20%. Bed Bath & Beyond — The retailer jumped nearly 19%. Frontline — Shares of the shipping company jumped 26% after Frontline announced that it was terminating a deal to combine with Euronav. Agilent Technologies — Shares rose more than 4% a day after the company announced a $2 billion share repurchase program.

☆ Fed-up Tesla owners say they're so sick of Elon Musk's antics that they're ditching their cars
▼ + stars: | 2023-01-07 | by ( Tim Levin | ) www.businessinsider.com time to read: +5 min

Some Tesla owners are done with the electric-car brand over Elon Musk's antics. We spoke to three Tesla owners who say Musk has made them rethink their relationship with the brand. Perkowitz is one of many Tesla owners rethinking their allegiance to the brand as Elon Musk becomes an increasingly erratic and polarizing figure online. "Elon was a really good reason to buy the car," Perkowitz told Insider. "I've been kind of stalling waiting for Elon to come to his senses and say something that makes sense," Perkowitz said.

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