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Market has already decided the winner of the electric vehicle race, trader says

The stock market has already picked a winner in the race to mass electric-vehicle production, one market analyst says. Tesla's lofty valuation — 137 times forward price-to-earnings as of Tuesday's close — speaks volumes about where investors are placing their bets as legacy auto manufacturers rush to develop their own EV projects, TradingAnalysis.com founder Todd Gordon told CNBC's "Trading Nation" on Tuesday. UBS Global Research weighed in on the competition in a Tuesday note, saying Volkswagen, General Motors and Hyundai were "likely to emerge as best EV re-rating stories." The firm also cut its price target on Tesla's stock to $660 from $730 and upped its targets for GM and Ford. Ford is having its best year since 2009, and GM its best since 2013. Tesla is having its worst year since 2016. The legacy automakers "will certainly gain market share in the near term on Tesla," Gordon said. "But if you look at the billions of miles

Detroit automakers lift mask mandates for fully vaccinated workers

Ford started resuming vehicle production in the U.S. on May 18, 2020 with new coronavirus safety protocols such as health assessments, personal protective equipment and facility modifications to increase social distancing. Ford DETROIT — Leaders of the Detroit automakers and the United Auto Workers union have agreed to make face masks optional for employees who are fully vaccinated against Covid -19. Workers for the companies, including non-salaried employees, won't have to show proof of vaccination, according to officials with the UAW and General Motors, Ford Motor and Stellantis (formerly Fiat Chrysler). The Tuesday announcement comes after a task force between the companies and the union reviewed medical experts' reports, Centers for Disease Control and Prevention guidelines and Occupational Safety and Health Administration standards on how to safely work through the pandemic. The UAW and automakers last month lifted some Covid-19 protocols but not the masks,

Coldwell Banker CEO says investors snatching up homes is not a driving force in hot housing market

Institutional investors rushing in to buy properties is not a main reason for the ultra-hot U.S. housing market, Coldwell Banker CEO Ryan Gorman told CNBC on Tuesday. In an interview on "The Exchange," the real estate executive acknowledged the potential for institutional buyers to add further pressure on prices, as they look for potential hedges against inflation, for example. "Today, though, it's a very, very small percentage of the overall market," said Gorman, whose company, Coldwell Banker, is part of Realogy Holdings Corp. "Yes, cash offers are very high, but the vast majority of cash offers — even in multiple-offer situations — are coming from individuals who are looking to occupy the home and own the home just as they would any other." In the first quarter, investor home purchases rose on a year-over-year basis for the first time since the start of the Covid pandemic, according to a May report from real estate brokerage Redfin. Gorman sai

Elon Musk calls rocket launch regulations 'broken' after aircraft delays SpaceX launch

SpaceX was seconds away from launching its 20th mission of this year Tuesday when the countdown was halted due to an aircraft entering the launch range, delaying the mission by at least a day. Elon Musk took to Twitter to voice his frustration about the delay, reiterating prior criticisms he has made about regulations around the business of launching rockets. "An aircraft entered the 'keep out zone', which is unreasonably gigantic," Musk wrote in a tweet. "There is simply no way that humanity can become a spacefaring civilization without major regulatory reform. The current regulatory system is broken," he added. Musk has ratcheted up his criticism of launch regulations this year, with SpaceX firing off Falcon 9 rockets at a blistering pace – with launches going up an average of every nine days – and also flying multiple development tests of its Starship prototype rockets. After a Starship test was delayed in January, Musk similarly criticized the Fede

Shaq shoots down LeBron's comments about why so many NBA players were injured this year

Shaquille O'Neal Scott Mlyn | CNBC Shaquille O'Neal is firing back at Lebron James over his criticism of the league and its schedule this year. In an interview with CNBC, the former Lakers star and TNT broadcaster said he thinks players need to stop complaining about the busy playing schedule this season. "When you're living in a world where 40 million people have been laid off and I'm making $200 million, you won't get no complaining from me," O'Neal said. "I'd play back to back to back to back to back," he added. "I'm not knocking what anybody said, but me personally, I don't complain and make excuses because real people are working their tail off and all we gotta do is train two hours a day, and then play a game for two hours at night and make a lot of money...So my thought process is a little different." O'Neal's comments come after James' criticism that the schedule was at fault for the plet

United Airlines expects to hire 25,000 people by 2026 after massive jetliner order

United Airlines pilots wearing protective masks walk inside a terminal at San Francisco International Airport (SFO) in San Francisco, California, on Monday, Aug. 31, 2020. David Paul Morris | Bloomberg | Getty Images United Airlines plans to add 25,000 union jobs by 2026, a hiring spree aimed at supporting a massive jetliner order it announced Tuesday as the industry's worst-ever crisis starts to fade. United has about 68,000 unionized workers currently, the airline said. The new jobs would be a more than 36% increase. The airline is planning to add 500 jets in the coming years, including 270 Boeing and Airbus planes it announced on Tuesday, along with new interiors that have seat-back screens, larger overhead bins and other amenities. The jobs will be focused at United's major hubs like those at Newark, where it will add 5,000 positions, as many as 4,000 at San Francisco, 3,000 in each Washington Dulles, Chicago, Denver and Los Angeles. United and other carriers

Walmart unveils low-price insulin as more patients with diabetes struggle to pay for drug

A diabetic draws insulin from vial. CNBC | Adam Isaak Walmart said Tuesday it will offer a less expensive version of insulin that could better fit into the budgets of millions of Americans who don't have health insurance or struggle to pay for the lifesaving diabetes drug. Starting this week, the retailer will sell an exclusive private-label version of analog insulin, ReliOn NovoLog, to adults and children who have a prescription. The drug will be available at its membership-based Sam's Club in mid-July. The insulin will cost about $73 for a vial or about $86 for a package of prefilled insulin pens. The insulin is the latest addition to Walmart's private brand of diabetes products, ReliOn. It already sells a low-price version of insulin for about $25 as part of the line, but that is an older formulation that some doctors and advocates say is not as effective at managing blood sugar swings as newer versions of insulin, called analogs. With the move, Walmart will

Abu Dhabi will bar unvaccinated people from nearly all public places, schools

DUBAI, United Arab Emirates — Abu Dhabi will deny entry into nearly all public spaces, as well as schools, to people who are unvaccinated against the coronavirus, the emirate's government announced late Monday night. The oil-rich United Arab Emirates announced its consideration of the plan in April, but did not impose the restrictions. Now, they are set to be enacted in its capital of 1.5 million people beginning on Aug. 20. "The Abu Dhabi Emergency, Crisis and Disasters Committee has approved allowing only those vaccinated to enter some public places, after vaccinating 93 per cent of target groups in the emirate and to preserve public health," a tweet from the Abu Dhabi media office read. The entry restrictions will apply to shopping centers, restaurants, cafes, gyms, recreational facilities, sports activities and all other retail businesses that aren't within shopping centers or malls. An exception will remain for entry to "essential" businesses like