Consumer stocks are mixed in mid-day trade, with shares of
consumer staples companies in the S&P 500 rising about 0.1%.
Shares of consumer discretionary firms in the S&P 500 are down
In company news, Tesla Motors Inc (
) is up 1.7% to $105.13 a share, quickly recovering from an opening
sell-off that followed the company's saying it is recalling as many
as 1,228 of its Model S electric cars due to a problem with the
back-seat mounting bracket.
"This reduces our confidence that the left hand seat back will
be properly retained in the event of a crash," founder and CEO Elon
Musk said in a statement posted today on the TSLA website.
According to a filing with the National Highway Traffic Safety
Administration, the company estimates up to 20% of the 1,228
vehicles produced between May 10 to June 8 have welds that may not
hold in the event of a crash.
TSLA said the defect was found by an assembly line worker at its
manufacturing plant in California. There have been no customer
complaints, and the company said it is not aware of any injuries
linked to the weld defect.
In other sector news,
(+) AVHI, (+18.0%) Private-equity firm TPG agreed to make a $135
million investment in the company at a price of $14.65 per share.
The investment represents a 9.6% premium to the 30-day trailing
average closing price of AV Homes' common stock.
(-) POOL, (-6.8%) Reduces FY13 EPS guidance by $0.10 to new
range of $2.03 to $2.13 per share, trailing the Street view by at
least $0.08 per share.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.