Any doubts investors had about
Tesla Motors appear to be in the rear view mirror. Company shares ended
yesterday at nearly $197, a new high. Tesla staged a comeback since last autumn
when a series of car fires sent its share price down sharply. CEO Leon Musk
argued fires were far less likely to happen in Teslas than in conventional gas
powered autos. Tesla is still a relatively small player in the auto industry
with fewer than 7,000 vehicle sales last quarter. But the company’s book value
of more than $22 billion reflects a very positive view Wall Street has about
the its potential.
Stock
market investors will be listening very closely to remarks by the new Chair of
the Federal Reserve Janet Yellen. She will make her first Capitol Hill
appearance today before a House panel. Yellen will deliver the Fed’s
twice-annual report to Congress. She will face questions about the economy, the
job market and the Fed’s stimulus policy.
Kraft is
removing artificial preservatives from its most popular Singles cheese product.
The change is seen as the latest sign that companies are tweaking recipes as
food labels come under greater scrutiny. The change affects Kraft’s full fat
American and white American Singles brand. Sorbic acid is being replaced by
natamycin, which Kraft says is a “natural mold inhibitor.”
General
Motors says new CEO Mary Barra will get a pay package worth $14.4 million for
2014. In recent years the average pay of top executives has been soaring.
A
multi-agency government task force looking into cyber attacks against retailers
says it has not come across evidence suggesting the attacks are a coordinated
campaign to adversely affect the U.S. economy. In a two-page report, the
National Cyber Investigative Joint Task Force says the global implications of
the retail attacks and the economic impact to private business and individual
citizens cannot be overstated.
Richard Davies Business Correspondent ABC News
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