Apple Vision Pro -- The Headset -- June 5, 2023

Locator: 44844AAPL.  

We live in a very small apartment.

We are in the process of (again) minimizing "stuff" in the apartment which allows even more "living space."

We have no television sets. We have three monitors.

One of our three monitors is a 27-inch Apple monitor.

The new Apple headset / Apple Vision Pro will / might eliminate the need for that 27" monitor. 

This might explain why Apple has not made a big deal about releasing larger displays.

I doubt most folks will see this / understand this.

Yeah, this is a must-have.  

$3,650 / (365 *2) = $5.00 / day = one Starbucks visit per day.

Toto: we're not in Kansas any more.

****************

Bob Iger shares the stage with Tim Cook.

Amazing.

Disney 100 + Apple Vision Pro.

Let's see if Bob Iger will actually wear / model the headset. If not ....

 

Noncompete Agreements -- To End In 2024 -- If Biden's FTC Has Its Way -- June 5, 2023

Locator: 44843MISC.  

ICYMI, from Bloomberg:

COMPANIES THAT USE noncompete agreements to limit workers’ future employment prospects can expect greater legal scrutiny now that a second federal agency has marked the restrictive covenants as enforcement targets. 

National Labor Relations Board General Counsel Jennifer Abruzzo said this week that noncompete pacts violate federal labor law, with narrow exceptions. 

Her statement isn’t binding precedent. 

But the problem for private employers subject to the labor board’s authority is the immediacy of the enforcement threat. 

The Federal Trade Commission is developing a rule that would ban noncompete agreements economy-wide, with the commission eyeing April 2024 for a vote on a final rule. By contrast, employees can now file an unfair labor practice charge with the labor board, which begins the enforcement process. 

THE FTC WILL LIKELY have to prevail in court in order to enforce a regulatory ban on noncompetes. The US Chamber of Commerce and other business groups have vowed to fight a final rule in court.

Market Opening -- June 5, 2023

Locator: 44842INV.  

At the open: AAPL, #2 among equities trending. Up about 1% -- should open at an all time high.

• in anticipation of the WWDC later today
• flirting with 185; that was a target some months ago
• target of 200 has been suggested
• Yahoo!Finance one-yr target: $180.80.
• watch for profit-taking during / after keynote speech today; it's almost predictable
• having said that, this is going to be the first time a lot of folks see a really, really quality presentation on AI/VR headsets.
  
• short note here.

Oil:

• finally some movement to the upside
• finally, in a month of Sundays, as they say, WTI opened higher / in the green on a Monday morning
• thank you, Saudi Arabia

Two stocks Warren Buffett bought. The Motley Fool, June 3, 2023. Link here. Two very, very important data points:

Ford Sales -- Mixed But Better -- But EVs A Debacle -- May, 2023

Locator: 44841FORD. 
Locator: 44841EVS.  

 Updates

June 6, 2023: link here. But do you ever see anyone hauling anything in an F-150?

Original Post

GM:

Link here.

Ford -- all vehicles:

• y/y: up 10.7%
• y/y: from 154,461 to 170,933

Ford -- by vehicle:

• trucks: point of strength (again)
• up 31.6%; 98,000 units
• F-Series: 42.7% gain y/y
• F-150: soared nearly 50%; 
• the redesigned Super Duty, recently launched, up 33.9%
• F-150 Lightning (EV): 1,707 for the month
• SUVs: down nearly 10% in May
• up: Bronco Sport, redesigned Escape, Expedition
  
• down: EcoSport, Bronco, Mach-#, Edge, Explorer
  
• ICEs: up 11.1% in May
• hybrids: up 20.5%
• EVs DOWN 13% year-over-year
• ramping up plant production: Mustang Mach-E, F-150 Lightning.

Note: it's my understanding that for an EV to qualify for tax credits, it must be built in the US --

Mach-E production was down at Ford's Cuautitlan plant in Mexico for several weeks earlier this year while the company prepared to increase production there to 130,000 units this year. Mach-E output has risen steadily the last few months, according to production data released Friday, with more than 13,600 units assembled in May. Year to date, the plant has produced more than 33,000 Mach-Es.

Others, y/y:

• Honda: up 58.2%
• Hyundai: up 18%
• Toyota: 6%+

Cox Automotive estimate:

• y/y for the industry: 20.3%
• results higher than Cox estimate (but not reported in the article?)

Glut of new cars starting to be reported by US dealers. I was off by a year. I thought we would see this last summer. 

Ticker, one year:

Bud:

BRK-B:

******************************
Tesla China

Link here.

U.S. automaker Tesla Inc delivered 77,695 China-made electric vehicles in May, a 2.4% jump from April.

On a yearly basis, sales rose 142% in May from 32,165 vehicles in the same month of 2022 when Shanghai, where its factory is located, was still subject to COVID-19 containment measures that impacted production.

Chinese rival BYD Co Ltd with its Dynasty and Ocean series of EVs and petrol-electric hybrid vehicles, logged sales of 239,092 vehicle in May, up 14% from April.

Recession Update -- Pushed To The Right -- Now Forecast For Sometime In 2028 -- June 6, 2023

Locator: 44840B.

Winning? Link here.

Does “Sleepy Joe” have a messaging problem? Maybe. The real test will be whether Biden’s approval ratings improve as inflation drops during the next 12 months and Americans feel less ravaged by rising prices.

As for the recession everybody seems to be worried about, it still isn’t here, yet Biden hasn’t been able to talk up the national mood. He must wonder how many more problems he needs to solve to get a little love from voters.

GDPNow, link here. 

Liz, link here -- jobs data "not yet signaling a recession."

Charlie Munger: we're in a mild recession.