Sector Update: Consumer

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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 about 0.1%.

In company news, Tesla Motors Inc ( TSLA ) 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.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: TSLA

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