Business traffic to the U.S. is still strong: Air Canada CEO
Michael Rousseau, CEO of Air Canada joins CNBC's Monica Pitrelli at the IATA AGM to discuss travel demand into the U.S, and if the carrier has made any adjustments to its flight frequencies.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
4 hours ago
- Yahoo
The Trump-Musk feud could be one of the catalysts for a coming 10% stock correction, former JPMorgan strategist says
Marko Kolanovic predicts a stock market pullback could be in the cards. Kolanovic thinks Tesla's decline on the Trump-Musk feud could be among the catalysts that spark a decline. Other problems he sees for the market include high valuations and economic uncertainty. Former JPMorgan chief market strategist Marko Kolanovic sees a stock market pullback in the cards, and the Trump-Musk feud could be one of the triggers that sets off a decline. Speaking on CNBC on Thursday, Kolanovic predicted a coming correction of 5%-10% that could be set off by a drop in Tesla's stock price. "It's a little bit of a sideshow. It's important for certain companies, and it can spill over," Kolanovic said of the president's fallout with Musk. "Tesla is one of the biggest holdings of retail investors. There's a little ecosystem of stocks around it. I think it could be a little bit of a catalyst." In a post on X on Thursday, Kolanovic pointed to popular retail stocks such as Tesla, Palantir, and Super Micro as potential triggers of a momentum crash. Tesla stock plunged 14% on Thursday as Trump responded to Musk's criticisms of the big GOP tax and budget bill. However, Kolanovic also noted that the Trump-Musk fight would be one possible catalyst for a market pullback among many. Uncertainty in the economy and the trade war are also looming problems. "We're close to all-time highs, but we still have all the problems," Kolanovic said. "We have a trade war, we have signs of an economic slowdown." Valuations are stretched, he said, with the Nasdaq close to record highs even as rates remain elevated, and Kolanovic sees warning signs in the bond market. The risk-reward tradeoff for stocks versus bonds looks unattractive, as the 10-year Treasury yield hovers around 4.4%. That means equity investors aren't getting a great return in excess of the risk-free rate. There's also the lingering concern about Fed independence, with Trump repeatedly pressuring Powell to cut interest rates. Macro risks are mounting as well. Kolanovic pointed to the weak ADP jobs report earlier this week, which reported 37,000 new jobs compared to economists' expectations of 110,000. While the May jobs report showed higher-than-expected job growth, April and March numbers saw significant downward revisions. A correction could present a potential buying opportunity, but that's only if recession risks dissipate, Kolanovic said. Read the original article on Business Insider
CNBC
5 hours ago
- CNBC
Tesla Optimus robotics vice president Milan Kovac is leaving the company
Tesla's vice president of Optimus robotics, Milan Kovac, said on Friday that he's leaving the company. In a post on X, Kovac thanked Tesla CEO Elon Musk and reminisced about his tenure, which began in 2016. "I want to thank @elonmusk from the bottom of my heart for his trust and teachings over the decade we've worked together," Kovac wrote. "Elon, you've taught me to discern signal from noise, hardcore resilience, and many fundamental principles of engineering. I am forever grateful. Tesla will win, I guarantee you that." Tesla is developing Optimus with the aim of someday selling it as a bipedal, intelligent robot capable of everything from factory work to babysitting. In a first-quarter shareholder deck, Tesla said it was on target for "builds of Optimus on our Fremont pilot production line in 2025, with wider deployment of bots doing useful work across our factories." During Tesla's 2024 annual shareholder meeting, Musk characterized himself as "pathologically optimistic," then claimed the humanoid robots would lift the company's market cap to $25 trillion at an unspecified future date. In recent weeks, Musk told CNBC's David Faber that Tesla is now training its Optimus systems to do "primitive tasks," like picking up objects, open a door or throw a ball. Competitors in the space include Boston Dynamics, Agility Robotics, Apptronik, 1X and Figure. Kovac had previously served as the company's director of Autopilot software engineering. He rose to lead the company's Optimus unit as vice president in 2022. Musk personally thanked Kovac for his "outstanding contributions" to the business. Tesla didn't respond to a request for comment.
CNBC
5 hours ago
- CNBC
Jim Cramer: Vail Resorts has potential and stock is cheap, but company needs to make some changes
CNBC's Jim Cramer on Friday offered his take on the stock of Vail Resorts, a ski resort chain whose recent earnings failed to impress Wall Street, saying he likes the company but isn't ready to go to bat for it. "I think Vail Resorts has potential here, even if I'm not willing to pound the table on this one," he said. "If you want to bet on a comeback, I think you put on a small position now, in recognition of just how cheap the stock's gotten. But I'd like to see more of a turn in the business before truly sticking my neck out for Vail." While Cramer praised the quality of Vail's portfolio of resorts across the U.S., Switzerland and Australia, he noted that the company hasn't had an easy path over the last few years. Although the stock had been a solid performer, it has "never really been able to find its footing" since its highs in 2021, he added. Vail has dealt with lower snowfall in the U.S. and decreased seasonal pass sales. Cramer also pointed out that the company had some serious operational issues earlier this year when an employee strike in Utah lead to long lines during one of the busiest times of the season. Vail posted quarterly results on Thursday, reporting a revenue miss and an earnings beat. By Friday's close, shares were down 2.89%. While pass sales decreased during the quarter, Cramer noted that they went on sale right after President Donald Trump's new tariffs went into effect in April. He theorized that some skiers may have held off on buying passes while the market was in turmoil. Vail was also able to make some "modest" improvements to its financial results, Cramer said, even with fewer skiers. Cramer also pointed out that Vail announced last week it would bring former CEO Rob Katz back to lead the company. Investors were bullish on the news, he continued, as Katz served as CEO during the entirety of Vail's "halcyon" period. While Cramer said the stock has piqued his interest down at these levels, he conceded that it may take a while to turn business around, and the company needs to make some changes. He wondered if they could consider cutting their prices, or at least keep them steady. He called the continued price hikes over the last few years "aggressive," especially with the lack of unit sales growth. "This remains a truly unique business, something that can't be replicated, and you're getting this opportunity to buy the stock at a fairly significant discount, as it's currently trading at less than 20 times this year's earnings estimates," he said. "By historical standards, that makes it pretty darned cheap. "But, man, it sure feels like Vail needs to do something to get its mojo back." Vail did not immediately respond to request for comment. Click here to download Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest
